In "Major Banks," China International Capital Corporation (CICC): Leisure and tourism demand is being released, optimistic about Luckin Coffee, Atour, and CTG DUTY-FREE

CICC published a research report indicating that there has been a steady growth in personnel movement during the first week of the 2026 Spring Festival travel season, and the performance of hotel and flight bookings during the 2026 Spring Festival holiday is promising. They are optimistic about the release of leisure travel demand during the longest Spring Festival period. Additionally, against the backdrop of a stabilizing demand in the social service industry (such as duty-free) and a slowing competitive landscape on the supply side (such as hotels, coffee, and some restaurants), they continue to favor high-quality leading enterprises that can achieve price stabilization or same-store recovery.

The bank is optimistic about the release of leisure travel demand during the longest Spring Festival period. According to data from the Ministry of Transport and the bank's calculations, the volume of cross-regional personnel movement in the first 7 days before the Spring Festival (February 2 to 7) is expected to grow by about 2.3% year-on-year. Flight Butler estimates that the civil aviation passenger transport volume during the 40 days of the 2026 Spring Festival is expected to increase by 5.3% year-on-year. According to TravelSky, as of January 29, the average daily booking volume for Spring Festival flight tickets has increased by 16% year-on-year, with a slight growth in inbound and outbound ticket bookings.

In terms of hotels, hotel bookings during the 2026 Spring Festival holiday are expected to grow year-on-year; the 2025 Spring Festival serves as a low base. According to data from Qunar, as of January 14, hotel bookings in popular cities for the 2026 Spring Festival have increased by 70% year-on-year.

In the restaurant sector, the Spring Festival peak season is expected to boost dining consumption. The Ministry of Commerce and others have issued the "2026 'Happy Shopping New Spring' Special Event Plan," suggesting attention to the performance of certain restaurant brands during the Spring Festival (the overall turnover rate of HAIDILAO from New Year's Eve to the seventh day of the new year in 2025 decreased by about 5% year-on-year; YUM China saw a slight year-on-year increase in same-store sales during the 2025 Spring Festival), as well as activities like the "Thousand Questions" free meal card during the holiday period, which may drive the consumption of freshly made beverages and dining.

The bank recommends Luckin Coffee, Atour (ATAT.US), Gu Ming (01364.HK), Huazhu (HTHT.US), CTG DUTY-FREE (01880.HK), Mixue (02097.HK), and YUM China (09987.HK); they suggest paying attention to HAIDILAO (06862.HK), Jiu Mao Jiu (09922.HK), Green Tea (06831.HK), Little Vegetable Garden (00999.HK), Dashihua (01405.HK), Cha Baidao (02555.HK), and Shaanxi Tourism (603402.SH)