金吾财讯 | 华泰证券研报指，五一消费延续回暖态势，多数省市假期消费稳健增长，以旧换新及情绪价值消费表现亮眼。旅游方面，受益于促消费政策、天气回暖等多元催化，出游意愿同比继续提升。小众融合游、亲子携宠游、银发游等成为主流趋势，文旅消费从需求增长向品质升级转型，多个景区接待人次同比有所提升。另外，离境退税政策升级为入境游市场增添新动力。酒店免税餐饮方面，受益于下沉市场旅游热和质价比需求提升，五一假期酒店业恢复“量价齐升”。以餐饮为代表的本地消费呈现明显假日效应。此外，海南积极开展各类消费券促销活动、叠加退税政策红利，该行预计离岛免税销售额同比降幅有望继续收窄。伴随提振消费政策陆续落地，该行继续看好2025年大消费板块的基本面逐步向好与龙头估值重估行情，推荐四条投资主线：1）国货崛起下的新消费投资机遇；2）高成长性的情绪消费赛道；3）蓬勃发展的银发经济；4）AI+消费。
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