Galaxy Securities said that the Qingming holiday travel consumption maintained a relatively rapid increase, especially the increase in per capita travel expenditure, which mainly reflects two facts: 1) travel consumption has indeed had good demand resilience; 2) travel consumption data for New Year's Day, Spring Festival, and Qingming have all maintained good growth since this year, reflecting a decline in 2H23 travel consumption data. This should have been affected by 1H23 residents choosing to travel in retaliation, leading to uneven distribution of demand between quarters. Based on the above analysis, we believe that benefiting from the good performance of the Qingming holiday travel consumption data, the market may give more optimistic growth expectations for May 1st and summer. Based on this, we recommend focusing on two main lines of investment: (1) OTA: the absolute beneficiaries of the boom in tourism, we recommend focusing on Ctrip and Tongcheng travel; (2) companies with innovative and iterative product and model capabilities recommend Tianmu Lake and Sante Ropeway; and we recommend focusing on MGM China and Sands China Co., Ltd.