CICC: Services consumption work plan released, optimistic about the release of tourism demand.

Zhongjin Bank releases a research report stating that the "Work Plan for Accelerating the Cultivation of New Growth Points for Service Consumption" was issued, focusing on the supply side to cultivate new growth points for service consumption through a systematic policy combination. The bank predicts that this policy will directly benefit industries such as cultural tourism, sports events, and leisure services, further promoting the integration of business, tourism, cultural, sports, and health industries. The prosperity of Spring Festival bookings and policy stimulation will continue, and the improvement of inbound tourism facilities will drive incremental deposits and improve supply quality. Zhongjin's main points are as follows: Industry Overview On January 29, 2026, the General Office of the State Council issued the "Work Plan for Accelerating the Cultivation of New Growth Points for Service Consumption" (referred to as the "Work Plan"), aiming to optimize and expand service supply, promote the quality and benefit of service consumption to the people, and provide strong support for high-quality economic development. Focus on the supply side to cultivate new growth points for service consumption through a systematic policy combination. The "Work Plan" proposes three supporting policies: firstly, focusing on key areas such as transportation services (including developing specialized tourism lines, innovating cruise consumption, promoting the high-quality development of yacht consumption, etc.), household services, residential services, automotive aftermarket services (including further promoting the development of self-driving tours, etc.), and inbound consumption. Strengthen efforts from optimizing service supply, promoting pilot projects, innovating consumption scenes, strengthening talent training, etc., to stimulate development vitality; secondly, focusing on potential areas such as performance services, sports event services, emotional and experiential services, etc., starting from improving incentive mechanisms, optimizing safety management, cultivating high-quality brands, building platform carriers, etc., to nurture development momentum; thirdly, by improving standard systems, strengthening credit building, enhancing financial support (such as supporting the issuance of REITs for consumption infrastructure projects), etc., to strengthen support and guarantee for cultivating new growth points for service consumption. The bank predicts that this policy will directly benefit industries such as cultural tourism, sports events, and leisure services, further promoting the integration of business, tourism, cultural, sports, and health industries. Specifically, the transformation of railway tourism, the development of cruise yachts, etc., will broaden cultural and tourism consumption scenes, and leading companies in high-quality tourism and performing arts are expected to benefit from market expansion and product innovation; facilitation of inbound consumption, development of performances, sports events, emotional and experiential services are expected to drive auxiliary consumption such as hotels and catering; optimization of performance approvals, and pilot projects for automotive aftermarket services, will provide policy support for the scale and professional development of related service sectors. The current policy to promote consumption in cultural tourism is beginning to show results, such as Henan issuing 130 million yuan in cultural tourism accommodation vouchers, driving nearly 500 million yuan in consumption. Positive outlook for the release of leisure tourism demand, with attention to the smoothing of holidays (Spring and Autumn holidays, extended Spring Festival, encouragement of 2.5-day vacation mode in many areas) and the driving effect of upgrading quality supply. 1) The prosperity of Spring Festival bookings and policy stimulation continues, with Fliggy showing a year-on-year increase of over 30% for Spring Festival holiday travel/hotel bookings as of 1/29, and Hanglv showing a 22% year-on-year increase in daily average flight booking volume for Spring Festival as of 1/21; the Ministry of Culture and Tourism has launched a series of consumption month activities, with expectations of organizing approximately 30,000 cultural and tourism consumption activities and distributing over 360 million yuan in consumption vouchers and subsidies; 2) Inbound tourism continues to grow rapidly, according to the Immigration Administration, in 2025, there were 82 million inbound tourists and 30.08 million visa-free inbound tourists (year-on-year increases of 26.4% and 49.5% respectively); the bank predicts that the improvement of supporting facilities will drive incremental deposits and improve supply quality. Risks Macroeconomic fluctuations, policy risks, lower than expected consumer willingness, market competition risks.