未知机构：当前节点推荐旅游板块近期埋伏春节的资金兑现科技周期板块的虹吸-20260228

Summary of the Conference Call on the Tourism Sector Industry Overview - The tourism sector is currently recommended for investment due to recent price corrections influenced by profit-taking ahead of the Spring Festival and capital shifts towards technology sectors [1][3]. Key Points and Arguments - Notable tourism stocks such as Shaanxi Tourism, Three Gorges Tourism, and Jiuhua Tourism have experienced declines of 16%, 16%, and 12% respectively from their peak [2][4]. - Historical context shows that the current adjustments are nearing the levels observed around September 19 last year, with Three Gorges and Jiuhua's gains from that date narrowing to 13% and -1% respectively [2][4]. - Upcoming events such as the Two Sessions and multiple holidays in April (Qingming, Spring Break, and Labor Day) present a favorable environment for gradual investment in the tourism sector [2][4]. Policy and Economic Context - The Central Economic Work Conference has prioritized "domestic demand-led, expanding consumption" as the primary task for economic work in 2026, indicating strong governmental support for the service consumption sector [4]. - A recent government plan emphasizes service consumption as a core driver for expanding domestic demand, with the Two Sessions serving as a critical window for policy implementation [4]. - Service consumption growth has consistently outpaced goods consumption since Q4 2025, with promising data from the Spring Festival travel indicating a robust recovery in the tourism sector [4]. Valuation Insights - The current valuation of the tourism sector is considered low, making it an attractive investment opportunity [5]. - According to Wind's consensus estimates, Jiuhua and Shaanxi Tourism are projected to have P/E ratios of 17X and 21X for 2026, while Three Gorges Tourism is expected to have a P/E of 15X following the deployment of four provincial cruise ships [6]. Investment Recommendations - Shaanxi Tourism: A newly listed stock and the only provincial state-owned tourism platform, with a focus on top-tier performances and cableway operations, projected P/E of 21X for 2026 [7]. - Jiuhua Tourism: Known for its Buddhist mountain IP with strong customer retention, located in Anhui's Chizhou, benefiting from the Spring and Autumn holidays, projected P/E of 17X for 2026 [7]. - Three Gorges Tourism: Focused on the silver economy and inbound tourism (with over 50% of visitors aged 60+), and a scarcity of provincial cruise supply, expected to grow with a mid-term P/E of 15X [7].