The Zhitong Finance App learned that Haitong International released a research report saying that for the first time in 23 years, the recovery of passenger tickets for the Qingming holiday season surpassed the same period in 19 years. At the same time, people's desire to travel and consumption resilience have been better repaired. They are concerned about the gradual upward trend in the price center starting in the second quarter, and the sustainability of company-level profit and consumption expectations; it is preferable to select targets for undervaluation and marginal improvement in prosperity. Focus on: China Free Press (601888.SH), Jinjiang Hotel (600754.SH), Songcheng Performing Arts (300144.SZ), etc.

Haitong International's main views are as follows:

Domestic tourism revenue recovered to 112.7% in '19, and passenger numbers surpassed the same period in '19.

According to the Voice of Culture and Tourism website, ① The total number of visitors to Qingming in 2024 was 119 million, recovering to 111.5% in 2019; tourism revenue was 53.95 billion yuan, recovering to 112.7% in 2019. ② There were approximately 2,033 million inbound and outbound tours, close to the same period in 2019, of which 99.2/10.41 million were outbound/inbound. ③ The 23 National Day/24 New Year's Day/24 Spring Festival/24 Qingming customer orders each recovered to 98%/97%/91%/101% in 2019, with a significant increase over the previous month. The travel market continues to recover, and we are optimistic about the number of travelers and customer order consumption performance in the domestic travel market during the 2Q May 1st and Dragon Boat Festival holidays.

Passenger transport across the country sent 753 million passengers, an increase of 21% over the same period in '19.

According to CCTV News, citing the Ministry of Transport, ① National railways, highways, waterways, and civil aviation are expected to send 753 million passengers during the three-day holiday period, +56% over the same period last year, and +21% compared to 19 years. ② Railways/highways/waterways/civil aviation sent 4974/69519/280/ 5.1 million passengers respectively, +75%/55%/85%/24% year over year, +21%/+22%/-50%/+2% year over year 19. ③ There have been structural changes in travel methods. The number of non-commercial passenger car travelers on highways and national and provincial highways reached 592 million, +35% over the same period in 2019, accounting for 79% of the total number of people. Self-driving has become the main mode of travel.

Scenic spots: Some mountain-type scenic spots have seen a slight increase over 2019.

① Huangshan: A total of 75,000 visitors were received during the holiday season, +11% over the same period in 19 years. ② Mount Jiuhua: The entire mountain received a total of 110,500 visitors, +7% compared with 19 years, and tourism revenue of 110 million yuan, +10% compared with 19 years. ③ Huashan: On average, it receives more than 15,000 visitors per day, -30% compared to 2019. The main reason is that the scenic area implemented current restrictions at the end of '23. ④ Song Cheng Performing Arts: A total of 98 vacations, an average of 33 shows in a single day, +81% over the same period in 23 years.

Provinces and cities: Travel data has increased significantly.

① Sichuan: The 865 A-level scenic spots included in the statistics in the province received a total of 10.786 million visitors and achieved ticket revenue of about 100 million yuan, +35.8% and +89.5% year-on-year, respectively; +36.2% and +27.3% over the same period last year. ② Henan: Received a total of 19.069 million visitors, +9.9% year-on-year, +32.7% year-on-year; tourism revenue was 11.25 billion yuan, +20.6% year-on-year, and +26.2% year-on-year. ③ Hangzhou: The various scenic spots received a total of 3.94 million visitors, with a total of about 3.05 million visitors from abroad, or +39.8% over the same period last year. ④ Guangdong: 150 key scenic spots received 4,523 million visitors, +1.8% over the same period in 2019.

Retail & Catering: Key monitoring data all achieved varying degrees of growth.

① Beijing: Passenger traffic in 60 key business districts reached 21.68 million, +4.4% year over year; service consumption amount +7.9% year over year; key monitoring restaurant companies' turnover +13.4%. ② Nanjing: The 139 commercial and trade enterprises monitored had sales of 590 million yuan, with a comparable caliber of +20.0% over the same period last year. ③ Hunan: The 336 retail and 64 catering companies monitored achieved total retail sales of 630 million yuan, of which the restaurant industry had sales of 3.36 million yuan, +12.4% over the same period last year.

OTA: Outdoors, flower viewing, and some emerging destinations have become hot spots.

① Tongcheng: The popularity of Nanjing and Suzhou was +29% and +25%, respectively; new influencer destinations such as Kaifeng and Tianshui were +3 times and +5 times the same. China's major cultural mountains are favored by outdoor enthusiasts, and Mount Taishan's popularity is +82% month-on-month. ② Ctrip: Ticket orders for mountain attractions +770% compared to the same period, ticket orders for flower viewing attractions +391% compared to the same period, and the popularity of searches for park attractions +30%. Domestic local tour and surrounding tour orders were +211% and 350%, respectively; benefiting from the tradition of returning home to sacrifice ancestors, country tour orders were +239% year-on-year.

③ Meituan: The average daily consumption during the Qingming holiday increased 39% year on year, with Beijing cultural tourism orders +170% year on year; leisure and play methods such as picking farmhouses and camping are sought after by young people everywhere, and Meituan's transaction volume increased by more than 180% year on year. ④ Flying Pig: Domestic hotel bookings +159%, route tour bookings +164% year over year, ticket bookings for popular attractions +200% year over year, outbound travel bookings increased nearly 200% year over year, outbound hotel bookings increased 200% year over year; train ticket bookings for homecoming and family visits +200% year over year.

Industry risk tips:

There are risks that recovery falls short of expectations, macroeconomic downside risks, and increased risk of market competition.