CITIC Securities: High prosperity in the tourism market, hotel sector outperforms expectations.

The research report from CITIC Securities pointed out that the "longest Spring Festival in history" combined with suitable weather conditions has made the tourism market during the Spring Festival holiday season very hot. The extremely long holiday has led to a trend of "returning home first, then traveling" or multi-destination travel. Hotel RevPAR growth exceeded expectations, duty-free shopping on islands is prosperous, and many scenic areas have issued notices of visitor number restrictions. Looking ahead to the whole year, the service industry consumption is being actively promoted by policies, and tourism travel as an important scene of service consumption, we are optimistic about its demand-side growth exceeding expectations and we value industry allocation opportunities.