China Securities Co.,Ltd. Research Reports pointed out that with the increase in holidays in 2025, it is expected to be Bullish for marginal improvement in Consumer. There is considerable recovery elasticity in outbound and inbound tourism, and the average spending per customer is still showing a positive trend. By the third quarter of 2024, the number of tourists is expected to reach basically the same level as in 2019. Currently, high-quality scenic spots align with the demand side which has high safety and good competition dynamics, with limited quality supply, dividend and Shareholder returns are gradually improving. It is anticipated that stimulus policies for holiday and travel consumption will continue to be introduced, and the overall certainty for the sector is gradually being recognized, thus still recommended for close attention. Inbound and outbound tourism is expected to benefit continuously from policy and supply boosts throughout the year, focusing on recovery elasticity. The promotion of updating travel equipment such as cable cars, amusement equipment, and performing arts equipment is expected to facilitate the rapid development of low-altitude tourism and ice and snow tourism modes. In 2023, the recovery of visitor flow at famous scenic spots has been excellent, with some scenic spots already achieving significant growth compared to the same period in 2019. This trend is expected to persist in 2024 due to the essential nature of tourism demand, and currently, the quality supply within the country is still relatively scarce. High potential up-and-coming destinations with comprehensive operational capabilities, accurate positioning, and reasonable marketing are likely to gradually emerge from obscurity.