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中信证券:配置基本面确定性强的OTA板块

CITIC SEC: Allocate to the OTA Sector with strong fundamental certainty.

Breakings ·  Jan 22 08:25

CITIC SEC stated that during the Spring Festival in 2025, the expected increase in travel consumption is high in certainty, although there is still a price gap which is showing convergence. According to the Ministry of Transportation and Flight Butler, the passenger volumes for Railroads and civil aviation during the Spring Festival travel season are expected to increase by 5.5% and 10.9% respectively, both reaching historic highs, laying a foundation for the consumer sentiment of travel during the Spring Festival. In 2025, taking into account the rebound in demand expectations under policy transmission and the positive promotion of industry supply improvements, attention should be paid to price turning points during the process of supply-demand pattern rebalancing, recommending allocation to the OTA Sector with strong fundamental certainty, along with cyclical hotel, human resources, and high-quality stocks in Dining, scenic spots, and Gambling that are expected to gradually greet operational turning points, while also paying attention to the data trends in the duty-free sector.

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