银河证券：清明旅游收入增长反超人次五一及暑期旺季景气可期

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智通财经APP获悉，银河证券发布研究报告称，清明假期旅游消费维持较快增长，尤其是人均旅游支出提升，主要反映两个事实：1)旅游消费确实具备良好的需求韧性;2)今年以来元旦、春节、清明旅游消费数据均保持良好增长，反映2H23旅游消费数据回落，应是受1H23居民选择报复性出游，导致需求在季度之间分布不均影响。基于以上分析，该行认为受益于此次清明假期旅游消费数据的良好表现，市场或将给予五一及暑期更乐观的...

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The May Day and summer peak season can be expected","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01928":0.9,"02282":0.9,"09961":0.9,"00780":0.9},"content_text":"智通财经APP获悉，银河证券发布研究报告称，清明假期旅游消费维持较快增长，尤其是人均旅游支出提升，主要反映两个事实：1)旅游消费确实具备良好的需求韧性;2)今年以来元旦、春节、清明旅游消费数据均保持良好增长，反映2H23旅游消费数据回落，应是受1H23居民选择报复性出游，导致需求在季度之间分布不均影响。基于以上分析，该行认为受益于此次清明假期旅游消费数据的良好表现，市场或将给予五一及暑期更乐观的增长预期。建议聚焦两条投资主线：(1)OTA：旅游高景气的绝对受益者，建议关注携程集团-S(09961)、同程旅行(00780);(2)产品与模式具备创新迭代能力的公司，推荐天目湖(603136.SH)、三特索道(002159.SZ)，建议关注美高梅中国(02282)、金沙中国有限公司(01928)。银河证券观点如下：假期出行人次继续维持较好增长。据文旅部数据，清明假期3天，国内旅游出游1.19亿人次，较2019年+11.5%;国内游客出游花费539.5亿元，较2019年+12.7%。从交通部数据看，4.4-4.6日全社会跨区域人员流动量7.5亿人次，日均同比+56.1%，较2019年+20.9%。其中：1)铁路：日均1658.1万人次，比2023年同期日均增长75.3%，比2019年同期日均增长20.7%;2)公路：日均23173万人次，比2023年同期日均增长55.1%，比2019年同期日均增长21.8%;3)民航日均170.1万人次，比2023年同期日均增长23.6%，比2019年同期日均增长1.7%。环比春节，虽然清明短途出行占比高，但居民旅游消费力提升显著。1)与春节对比，清明假期旅游人次恢复率虽然环比有所回落(较19年：清明+11.5% VS 春节+19%)，但旅游收入增长环比加速(较19年：清明+12.7% VS 春节+7.7%)，且人均旅游消费为2019年同期的101.5%，环比春节提升10pct;2)从交通数据看，由于清明假期时间较短，居民出游以短途为主，因此铁路、公路人次较19年仍保持20%以上增长，民航客运量则较春节显著回落(较19年：清明+1.7% VS 春节+20%)。国内山岳景区增长强劲，出境游复苏加速。1)国内游：据携程数据，山岳类景区清明假期门票订单量同比增长770%。上市景区公司中，九华山假期3天共接待游客11.05万人次，按可比口径同比增长120.82%，旅游收入10962.94万元，按可比口径同比增长92.36%。2)出境游：出入境达到518.9万人次，日均173万人次，较去年同期增长69.6%。其中，香港：3月28日-4月4日，香港出入境日均约98万人次/同比+46%;澳门：假期三日各口岸有140.54万人次出入境，预计可比口径较2019年日均同比+10%。风险提示：宏观经济持续下行的风险;自然灾害、天气等不可控事项的风险。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426130437"}

银河证券：清明旅游收入增长反超人次 五一及暑期旺季景气可期

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银河证券：清明旅游收入增长反超人次五一及暑期旺季景气可期