【券商聚焦】中信证券:旅游市场高景气 酒店板块超预期

金吾财讯
Feb 24

金吾财讯 | 中信证券表示,今年春节假期为9天连休,为“史上最长春节”,并且春节期间气温偏高,气象条件总体适宜旅游出行。超长假期催生出“先返乡、后出游”或多地游的多段式旅行。酒店量价齐升趋势明显,RevPAR增长超预期。离岛免税景气度高,三亚增长好于海口。景区整体客流强劲,多地景区发布限流公告。展望2026年,服务业消费是政策重要支持方向,其中泛出行场景将持续受益。需求端,K型复苏趋势预期依旧,同时泛中端消费龙头低基数效应显现,出海需求从试点探索走向规模化复制。供给端,常态化供给创新保障情绪价值溢价,政策引导起到积极助推作用,Al赋能效率提升和成本优化。推荐三条主线:一是休闲出行场景中的优质标的;二是顺周期休闲板块中经营稳健、具备成长性的龙头;三是景气回升中需求弹性斜率较高的博彩公司和现制饮品头部品牌。此外,OTA板块关注后续政策监管落地情况,人力资源板块关注商务需求回暖节奏及AI应用催化。

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