The Zhitong Finance App learned that GF Securities released a research report saying that various scenic spots are actively preparing and are focusing on improving the tourist experience in terms of passenger flow carrying capacity, capacity arrangement, logistics guarantee, etc., to ensure the quality of play. Some scenic spots, such as Changbai Mountain and Jiuhua Mountain, will also benefit from increased passenger traffic due to improvements in external traffic. Judging from this year's hot spots, local cultural tourism departments such as Harbin and Tianshui are actively promoting the cities and scenic spots under their jurisdiction to attract more traffic on social media platforms. It is recommended to continue to pay attention to the introduction of travel sector policies, changes in passenger traffic in various scenic spots, and weather conditions on important holidays. We are about to enter June. After the Dragon Boat Festival holiday, the peak summer season will follow. The travel sector will soon experience a peak in passenger traffic in June-August. The degree of recovery of group visitors this year was significantly higher than last year. The proportion of groups and outings returned to normal. Targeted customized products such as silver hair tours, research tours, and corporate tours were very popular, further boosting the industry's prosperity.

Focus on: Changbai Mountain (603099.SH) and Dalian Shengya (600593.SH), which account for relatively high summer passenger traffic; Jiuhua Tourism (603199.SH), Sante Ropeway (002159.SZ), Huangshan Tourism (); Songcheng Performing Arts (300144.SZ), which has a logic of offsite expansion; and related policies on inbound and outbound travel are being strengthened. With the restoration of international passenger flights and destination supply chains, the outbound travel market is recovering at an accelerated pace. 600054.SH

The main views of GF Securities are as follows:

The 2024 May Day holiday tourism performance was outstanding. The number and income of domestic travelers exceeded the same period in '19

According to estimates from the Ministry of Culture and Tourism's data center, the total number of domestic travel trips during the 2024-May 1st holiday was 295 million, up 7.6% year on year, up 28.2% from the same period in 2019 according to comparable standards; the total travel expenses of domestic tourists were 166.89 billion yuan, up 12.7% year on year, and 13.5% compared to the same period in 2019 according to comparable standards. According to calculations, the unit price for May Day customers was 566 yuan/person, up 4.7% year on year, and recovered to about 94% in the same period in '19. If reversed on a comparable scale, the unit price for May Day customers recovered to about 106% for the same period in '19. According to the Ministry of Transport, from May 1 to 5, the total number of people moving across regions is expected to be about 1.36 billion, with an average daily turnover of over 270 million, an increase of 24.1% over the same period in 2019.

By scenic area, according to the official account released by Jilin, the Changbai Mountain Scenic Area received visitors and revenue increased by 119% and 221%, respectively, over the same period last year. According to the Songcheng Entertainment website, during the May Day holiday, the 12 Ancient Feelings performed a total of 305 shows, 127% in the same period in 2023 and 187% in the same period in 2019; the total number of visitors received was 119% in the same period in 2023 and 138% in the same period in 2019; total revenue was 128% for the same period in 2023 and 140% for the same period in 2019. According to the Huangshan Cultural Tourism website, during the “May 1st” period, Huangshan Scenic Area received 129,700 visitors, while Mount Jiuhua received 179,800 visitors. According to the official account of China Ropeway, during the 2024 May Day festival, Huashan Sante Ropeway received a total of 56,000 visitors.

The peak summer season is approaching, pay attention to changes in passenger flow in various scenic spots

According to GF Securities, it is currently in the low season for scenic spots after the May 1st holiday. Judging from the holiday travel performance after 2023, the number of scenic spots in the cultural tourism market is gradually increasing, showing a more obvious trend. Overall passenger flow and customer unit prices during the May 1st period performed excellently against the backdrop of a 23-year high base. Popular scenic spots such as Changbai Mountain, Songcheng, and Jiuhua Mountain all surpassed the industry's performance. We are about to enter June. After the Dragon Boat Festival holiday, the tourist sector will soon experience a peak in passenger traffic in June-August. The degree of recovery of group visitors this year was significantly higher than last year. The proportion of groups and outings returned to normal. Targeted customized products such as silver hair tours, research tours, and corporate tours were very popular, further boosting the industry's prosperity.

Risk warning: risk of macroeconomic and tourism sentiment fluctuations; risk of changes in pricing policies; risk of increased industry competition.