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Tourism Industry Recovery Summary

Key Developments

• COVID-19 Recovery: China's tourism industry has shown robust resurgence in 2023, driven by policy supports such as the resumption of outbound group tourism. After three years of pent-up demand, domestic tourism has surpassed 2019 levels in key metrics.
• Market Statistics: Data from the Ministry of Culture and Tourism indicates that during the 2023 May Day holiday, domestic tourism reached 27.4 billion person-trips, a 708.3% year-on-year increase, and revenue hit 148.056 billion yuan, up 128.9%. Overall 2023 is expected to see tourism volume and income recover to 90% and 80% of 2019 levels.
• Policy Impact: The release of third batch of outbound destinations (138 countries included) in August 2023 boosted tourism demand. This, combined with consumption incentives, led to increased travel, with average trip distances exceeding 180 km.

Investment Recommendations

• Focus on companies with high market share and expansion potential:
  • Hotel Sector: Target firms like Jinjiang Hotel and Shoudu Hotel, which showed RevPAR and occupancy rate recoveries above 70% compared to 2019.
  • Attraction and Resort Sector: Companies such as Mount Huangshan Tourism and Songcheng Entertainment are recommended due to strong客流recovery and new projects.
  • Tourism Services: Consider China Youth Travel Service for its growing outbound tourism business.
• Key Financial Indicators: Most recommended companies exhibit positive revenue and profit growth trends in 2023, based on historical data and projections (e.g., same-store sales increases).

Risk Factors

• Potential policy changes or slower consumer confidence recovery could affect market growth.
• Hotel industry face risks from supply-demand shifts and external events.

This summary is based on the provided report from Yundadi Securities Research Institute, highlighting the positive outlook for China's tourism sector with targeted investment opportunities.