国信证券：国内县域旅游订单增速好于平台整体五一出境游恢复有望提速

智通财经04-30

智通财经APP获悉，国信证券发布研报称，今年以来，假期旅游在回补需求过后仍维持良好增速，消费复苏渐进与旅游景气持续在一定程度上说明居民支出预算的结构性调整，背后是更深层次的精神满足追求。对于即将来临的五一假期，尽管去年基数不低，但考虑当下居民出游意愿仍高，且仍有下沉与出境等结构性亮点，整体表现仍然值得期待。考虑OTA作为出行贝塔有望直接受益于旅游高景气，同时结合市场对行业龙头竞争壁垒的重新认知，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2431816783?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-04-30 10:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2431816783","market":"us","top_or_hot":-1,"title":"国信证券：国内县域旅游订单增速好于平台整体 五一出境游恢复有望提速","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国信证券发布研报称，今年以来，假期旅游在回补需求过后仍维持良好增速，消费复苏渐进与旅游景气持续在一定程度上说明居民支出预算的结构性调整，背后是更深层次的精神满足追求。对于即将来临的五一假期，尽管去年基数不低，但考虑当下居民出游意愿仍高，且仍有下沉与出境等结构性亮点，整体表现仍然值得期待。考虑OTA作为出行贝塔有望直接受益于旅游高景气，同时结合市场对行业龙头竞争壁垒的重新认知，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1116064.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国信证券：国内县域旅游订单增速好于平台整体 五一出境游恢复有望提速</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国信证券：国内县域旅游订单增速好于平台整体 五一出境游恢复有望提速\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-30 10:41 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1116064.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国信证券发布研报称，今年以来，假期旅游在回补需求过后仍维持良好增速，消费复苏渐进与旅游景气持续在一定程度上说明居民支出预算的结构性调整，背后是更深层次的精神满足追求。对于即将来临的五一假期，尽管去年基数不低，但考虑当下居民出游意愿仍高，且仍有下沉与出境等结构性亮点，整体表现仍然值得期待。考虑OTA作为出行贝塔有望直接受益于旅游高景气，同时结合市场对行业龙头竞争壁垒的重新认知，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1116064.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGXZ90724238.SGD","symbol_name":"UNITED ASIA \"A\" (SGD) INC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1116064.html","article_id":"2431816783","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2431816783","pubTimestamp":1714444883,"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"结构上，国内下沉县域旅游延续强势渗透，出境恢复有望提速国内县域旅游订单预计好于大盘：根据携程平台，五一假期国内长途游订单量占比达到56%，下沉小众城市旅游表现突出。国信证券分析，国际航班运力的恢复、票价的回落、多国免签利好、请三休九的拼假模式，均为出境人次恢复提速提供基础。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","BK0276":"资本市场","002736":"国信证券","BK1516":"腾讯概念","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","09961":"携程集团—S","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","BK0028":"国家队","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","BK1604":"节假日概念","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","BK1588":"回港中概股","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","SG9999001051.SGD":"United Asia Fund SGD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","00780":"同程旅行","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","BK1164":"酒店、度假村与豪华游轮","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1587":"次新股","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","BK0188":"融资融券","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0823426308.USD":"法巴中国股票基金","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","BK0183":"MSCI概念","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)"},"translate_title":"Guosen Securities: The growth rate of domestic county-level tourism orders is better than that of the platform as a whole, and the recovery of outbound travel on May Day is expected to","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002736":1,"00780":0.9,"09961":0.9},"content_text":"智通财经APP获悉，国信证券发布研报称，今年以来，假期旅游在回补需求过后仍维持良好增速，消费复苏渐进与旅游景气持续在一定程度上说明居民支出预算的结构性调整，背后是更深层次的精神满足追求。对于即将来临的五一假期，尽管去年基数不低，但考虑当下居民出游意愿仍高，且仍有下沉与出境等结构性亮点，整体表现仍然值得期待。考虑OTA作为出行贝塔有望直接受益于旅游高景气，同时结合市场对行业龙头竞争壁垒的重新认知，以及港股资金情绪边际变化。继续重点推荐携程集团-S(09961)、同程旅行(00780)。国信证券主要观点如下：2023年五一黄金周迎国内出行高峰，2024年在高基数背景下有望平稳增长回顾去年，年初到五一国内出行恢复程度逐步向上，五一黄金周国内人次与总收入分别恢复至2019年同期的119%/101%，达到复苏高峰。今年来看，我们参考航空及铁路旅客预测数据，整体仍有望维持平稳增长，消费者出行意愿仍然良好。其中航班管家预计五一黄金周民航日均旅客运输量预计较2019年上升约15.6%，同比2023提升约11.0%;长三角铁路、广铁集团、铁路北京局均预计五一假期旅客运输量同比增长约3%，平稳增长。假期机票票价预计同比略回落，预计系航司量价平衡结果，客座率提高有望利好预订平台截止4月17日，航班管家预计2024年五一假期经济舱平均票价(含油)同比2019年提升21.7%，但同比2023年下降5.1%。考虑去年五一是疫后恢复高峰，我们分析这一定程度上影响航司与消费者的心理预期，航司运力与定价均相对积极。今年春节后出行转淡，预计航司在运力投放与定价上更注重效率指标，比如航班管家统计的五一假期日均航班量同比提升3.3%，低于旅客量预计增长。由于OTA目前的机票销售佣金率已经不再是票面价格的提成，而是相对固定的服务费，国信证券认为这种更均衡的保量模式反而对OTA是更有利，不仅有利于机票业务的增长，而且对于酒店等其它交叉销售形成利好。结构上，国内下沉县域旅游延续强势渗透，出境恢复有望提速国内县域旅游订单预计好于大盘：根据携程平台，五一假期国内长途游订单量占比达到56%，下沉小众城市旅游表现突出。根据携程平台，今年五一假期县域市场酒店预订订单同比增长68%、景区门票订单同比增长151%，增速高于全国大盘。国信证券分析，在部分高线城市消费者追求性价比以及旅游大众渗透率提升的趋势下，去年以来低线城市旅游消费热点此起彼伏，地方文旅单位借力当地美食玩乐、文化习俗、热门题材概念等发展全渠道营销并打造网红目的地，以不断改善的交通设施网络为基础，吸引全国流量。出境游改善具备良好的条件：据国家移民管理局预测，今年五一假期全国口岸日均出入境人员较去年同期增长40.5%。国信证券分析，国际航班运力的恢复(从去年五一恢复至3-4提升至今年7-8成)、票价的回落(假期国际航线票价同比降幅8-30%不等)、多国免签利好、请三休九的拼假模式，均为出境人次恢复提速提供基础。","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/2431816783"}

国信证券：国内县域旅游订单增速好于平台整体 五一出境游恢复有望提速

精彩评论

国信证券：国内县域旅游订单增速好于平台整体五一出境游恢复有望提速