CITIC Securities pointed out that during the Dragon Boat Festival holiday, the number of domestic tourism trips and total tourism spending both increased by 6.3% and 8.1% respectively compared to the previous year. The passenger flow continued to grow steadily, and the per capita consumption increased compared to the previous year, but there is still a gap compared to the pre-pandemic period. Overall, it meets expectations. In terms of the structure of tourism, short-distance self-driving tours around the city are the main tourist activities, and third- and fourth-tier cities with beautiful scenery and high cost performance are popular with tourists. The number of outbound tourists continues to grow. We are bullish on the resilience of experiential consumer demand and entertainment consumer demand, and recommend continuing to pay attention to the performance of subsequent summer and National Day holiday travel. In terms of investment recommendations, outbound demand comes before domestic leisure demand, which comes before domestic business travel demand, which comes before domestic daily optional demand. We recommend allocating resources to online travel agencies, scenic spots, and gambling, and paying attention to industry data turning points in duty-free, hotels, human resources, and dining.