Oriental Securities: The May Day holiday is expected to be stable with growth, self-driving tours and lower-tier cities have highlights.

Oriental Securities released a research report stating that during the May Day holiday, civil aviation travel remained stable and improved. In terms of self-driving, the overall rental car booking volume during the holiday increased by over 75% compared to the same period last year. Several cities in Zhejiang, Shandong, Hunan, Hainan, Yunnan, Liaoning, Gansu, Xinjiang, and other provinces have primary and secondary school spring break and May Day holidays combined, forming a 7-8 day "Golden Week". The holiday catalyzes clearly, with strong certainty in the performance of the travel industry chain. It is recommended to focus on leading companies in specific sub-sectors: 1) scenic area sector, focusing on famous mountains and rivers with scarce resources, or those with high growth in the first quarter report. 2) chain hotel sector: leading companies with light asset expansion, continued sink or densification. 3) Beneficial to national network-type formats, pay attention to related OTA targets.