中国旅游：春节假期总结 -酒店和航空引领健康出行数据，海南离岛免税及澳门博彩毛收入略不及预期-China Travel & Leisure_ CNY wrap-up_ Healthy travel data led by hotels and airlines. Hainan DFS and Macau GGR slightly disappointing

Summary of Key Points from the Conference Call Industry Overview - Industry: Travel and Leisure in China, focusing on hotels, airlines, and duty-free sales - Period: Chinese New Year holidays from February 15-23, 2026 Core Insights and Arguments - Travel Demand: Strong travel demand was anticipated due to improved consumer sentiment and a longer holiday period, with domestic tourist numbers reaching 596 million, a +19% year-over-year (yoy) increase, and tourism revenue growing to RMB 803 billion, also +19% yoy [1][13] - Per-Tourist Spending: Average spending per tourist remained stable at RMB 1,348, indicating consistent consumer behavior [13] - Outbound Travel: Outbound travel saw a total of 4.8 million Chinese residents traveling abroad, marking a +24% yoy increase, with notable growth in destinations like Vietnam (+38%) and Korea (+13%) due to reduced travel to Japan [1][13] - Air Passenger Traffic: Air passenger traffic grew +7% yoy, surpassing the Civil Aviation Administration of China (CAAC) guidance of +5% [6][16] - Airfare Trends: Domestic airfare increased by +7% yoy, while international airfare rose by approximately +15% yoy, reflecting a tight flight capacity [6][9] - Hotel Performance: The hotel industry maintained positive revenue per available room (RevPAR) growth, driven by average daily rates (ADR) [6][11] - Duty-Free Sales: Hainan's duty-free sales growth slowed to +15% yoy during the holiday, down from +45% in January, attributed to a decline in per-shopper spending [6][11] - Macau Gaming Revenue: Macau's gross gaming revenue (GGR) grew by approximately +5% yoy to MOP 786 million per day, below expectations due to a lower-than-normal VIP win rate [6][12] Additional Important Insights - Cultural Experiences: Cultural tourism is gaining popularity, with significant increases in bookings for cultural performances and AI-driven travel services [7] - Skiing and Ice Sports: Interest in skiing and ice sports is driving long-haul travel demand, particularly to European countries, boosted by the upcoming 2026 Winter Olympics [7] - Retail Recovery in Hong Kong: Hong Kong experienced a healthy growth in inbound tourist arrivals (+12% yoy), supporting retail recovery, especially in high-end categories like jewelry and watches [12] - Market Reactions: Share prices of leisure and travel companies remained stable, with exceptions for CTGDF (-10%) and TCOM (-5%) due to specific concerns [8] Conclusion The travel and leisure industry in China is showing robust growth, driven by increased domestic and outbound travel, positive consumer sentiment, and a recovery in retail sales, particularly in high-end markets. However, challenges remain in specific areas such as duty-free sales and Macau's gaming revenue, which require close monitoring.