Wanlian Securities: Spring Festival tourism market running at high level, consumer potential effectively released.

Wanlian Securities released a research report stating that according to the data center of the Ministry of Culture and Tourism, during the 9-day Chinese New Year holiday, there were 5.96 billion domestic trips, with a total expenditure of 8034.83 billion yuan, averaging 1348.13 yuan per person. This is roughly the same as last year. The daily average trips during the Chinese New Year holiday were 66.22 million, an increase of 5.74% compared to last year, with a daily expenditure of 89.276 billion yuan, an increase of 5.50% compared to last year, maintaining steady growth in the context of high domestic tourism. Driven by the long holiday period, tourists are extending their stay and spending more, leading to effective release of per capita consumption potential. The key points of Wanlian Securities are as follows: The long holiday period is driving multiple trips, leading to a flourishing tourism market. This year's Chinese New Year holiday was the first 9-day long holiday, with a significant trend of segmented and staggered travel. Various types of tourism products are blooming, promoting overall travel market with a high level of enthusiasm. In terms of domestic travel, during the holiday, there were 66.22 million daily trips, an increase of 5.74% compared to last year, with a daily expenditure of 89.276 billion yuan, an increase of 5.50% compared to last year, maintaining steady growth in the high domestic tourism market. For cross-border travel, the growth rate of inbound and outbound flows continues to rise, with a total of 17.796 million inbound and outbound trips during the Chinese New Year holiday, an increase of 10.1% per day compared to last year. Among them, the daily growth rates for mainland residents, residents of Hong Kong, Macao, and Taiwan, and foreigners were 10.2%, 8%, and 21.8% respectively. The continuous release of visa-free policy dividends led to a daily increase of 28.5% in the number of inbound foreigners under the visa-free policy compared to last year. Tourism consumption potential is effectively released, with a multiplier effect becoming evident. Compared to last year when the number of tourists recovered first and spending was relatively under pressure, this year's Chinese New Year holiday witnessed a significant optimization in tourism market structure. In the midst of the long holiday period, tourists are extending their stay and spending depth, leading to effective release of per capita consumption potential.