未知机构：兴证社服坚定看好出行产业链调整即是布局良机今天市场-20260128

Summary of Conference Call Notes Industry Overview - The focus is on the travel and tourism industry, particularly the outbound travel chain, which is expected to see significant investment opportunities in 2026 due to favorable policy developments and market conditions [1][2]. Key Points and Arguments - Recent market fluctuations are noted, with significant declines observed, particularly in the month leading up to major holidays, which is considered a normal market behavior [1][2]. - New policies in regions like Jiangsu and Chongqing promoting spring and autumn breaks for schools are expected to enhance the industry's outlook [1][2]. - The upcoming longest Spring Festival in history is anticipated to drive double-digit growth in bookings on travel platforms such as Hanglv Zongheng and various travel agencies [1][2]. - The current market adjustment is viewed as an opportune moment for investment in the travel sector [1][2]. Core Recommendations - Recommended companies in the tourism sector include: - Scenic spots: Shaanxi Tourism, Three Gorges Tourism, Huangshan Tourism, Jiuhua Tourism [2]. - Hotel sector: Jinjiang Hotels, Shouqi Hotels, Huazhu, Atour [2]. - Sales data for duty-free shops: China Duty Free Group, Zhuhai Duty Free [2]. Additional Important Insights - The overall sentiment is optimistic regarding the recovery and growth of the travel industry, with expectations of policy catalysts that could further enhance market conditions [1][2].