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

25 February 2026 | 6:28AM HKT Equity Research CHINA TRAVEL & LEISURE CNY wrap-up: Healthy travel data led by hotels and airlines. Hainan DFS and Macau GGR slightly disappointing On the back of improving consumption sentiment benefiting from the buoyant stock market in recent months, coupled with a longer holiday period (9 vs. 8 days last year), we believe investors generally anticipated healthy travel demand over these past Chinese New Year holidays on Feb 15-23. The data we gathered from government sources ...