Galaxy Securities: Long holiday empowerment, platform and duty-free track welcoming dividends

Galaxy Securities research report stated that the 2026 Spring Festival holiday is known as the "strongest Spring Festival holiday in history". Overall, the Spring Festival travel market is showing high prosperity, with domestic and international travel demand fully released. OTA platforms, as the core entrance for travel bookings, are comprehensively handling various types of bookings for domestic and outbound travel such as flights, hotels, and tourism products. Pre-holiday bookings have significantly increased compared to the previous year, benefiting platform revenue and profit growth. Leading companies in the duty-free industry are benefiting from expectations of the closure of duty-free shops in Hainan and the increase in popularity of Hainan tourism. The extended stay of tourists is driving growth in duty-free consumption, simultaneously realizing performance dividends.