CITIC Securities: The Pan-travel industry is expected to become an important driver of boosting consumption and driving growth.

CITIC Securities research report indicates that during the "14th Five-Year Plan" period, policies will focus on service consumption as a strategic priority to expand domestic demand, aiming to promote high-quality, diversified, and convenient development of life service industry, deepen the integration of commerce, travel, culture, and sports, create immersive, interactive experience economy and new consumer scenes, and comprehensively enhance the quality and experience of service consumption. The overall travel sector, as an important scene for experiencing the economy, will continue to benefit and is expected to become an important driving force for boosting consumption and promoting growth. Three main themes are recommended: high-quality targets in hotels and scenic spots in the leisure travel scene; steady-operating and growth-oriented catering and duty-free leaders in the pro-cyclical leisure sector; casino companies and top brands in the beverage industry with high demand elasticity in the improving economic environment; attention should be paid to the online travel agencies (OTA) and exhibition sectors.