The domestic tourist numbers and revenue recovery data are slightly better than expected. We continue to be optimistic about the rational prosperity of domestic tourism and restaurants. There is still plenty of room for outbound travel to be released as supply recovers. Looking ahead to 2024, the travel chain repair will continue. Currently, the sector is in the stage of bottoming expectations and valuations, so we recommend active attention. In terms of sub-industry ranking, hotel > travel > catering, the outbound travel sector in tourism has outstanding room to release compensatory demand. Individual stocks focus on recommending Yaduo Hotel, Tongqinglou, Dashi Co., Ltd., Haidilao, and focus on Ctrip.
国金证券：持续看好国内旅游、餐饮理性繁荣
Guojin Securities: Continuing to be optimistic about the rational prosperity of domestic tourism and catering
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