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中信证券：展望来年 建议重点关注出境需求的继续释放

CITIC Securities: Looking ahead to next year, suggestions focus on continued release of outbound demand

Moomoo 24/7 ·  Sep 17, 2023 20:51
According to the CITIC Securities Research Report, it is expected that the recovery rate of domestic air ticket and hotel bookings during the 11th holiday season will increase further compared to the summer season. Air passenger traffic will increase by 20% compared to the same period before the epidemic, and the recovery in travel product prices will remain resilient. Residents are paying more attention to travel experience consumption. The demand for travel, which has been suppressed in the past few years, has been released and is clearly rigid. On the exit side, it is expected that in 2024, with visas and transportation capacity to recover further, overall outbound demand is expected to recover or even exceed pre-pandemic levels. The market is worried that the current boom in travel recovery is mainly driven by the release of the previous backlog of demand, and that it may fall in the coming year. CITIC Securities believes that overall demand is expected to remain stable. Currently, although the social services industry has excellent data, valuations have declined ahead of schedule due to concerns about subsequent trends, and there is some support. Looking ahead to next year, it is recommended to focus on the continued release of outbound demand and allocation opportunities where valuations fall back to a low level. Segment recommendations rank: OTA, hotels, gaming, tax exemption, restaurants, and scenic spots.
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