Overall tourism market: the bottom stabilized. Compared with the Spring Festival in 21 years, the number of tourists decreased by 2% in 22 years. However, if we consider that Beijing, Shenzhen, Henan, Shaanxi, Zhejiang and other important tourist sources are affected, and the scenic spot adopts more strict control over tourists in medium and high-risk areas, the overall data can still stabilize, indicating that the marginal impact of the epidemic has weakened significantly. At present, the provinces, cities and scenic spots that have published comparable data also show a relatively consistent bottom stabilization trend. It showed a dot like rebound in some areas.
Outlying islands tax exemption: in line with expectations. From January 31 to February 6, 444000 inbound and outbound passengers from Haikou Meilan Airport, an increase of 88.74% over last year’s golden week; Sanya Phoenix Airport has 459400 inbound and outbound passengers, an increase of 35.92% over last year’s golden week; From January 30 to February 5, the total sales of 10 outlying island duty-free stores in the province were 1.983 billion yuan, an increase of 32.2% year-on-year during the golden week. Among them, the tax-free sales volume was 1.82 billion yuan, a year-on-year increase of 34.02% during the golden week; The number of duty-free items purchased was 1651700, an increase of 44.89% over the golden week. The discount and bonus points of most aromatherapy brands in China free decreased, and the strategic focus began to transition from 7.5% off for three pieces to 8.5% off for one piece.
Cultural tourism NFT: the initiation and rapid development of new trends. Since January, the cultural tourism NFT market has developed rapidly, and the total issuance scale this year has exceeded 30 million yuan. During the Spring Festival, the cultural tourism NFT market continues to be popular. Cultural tourism NFT accounts for 64% of the total amount of digital collections issued during the Spring Festival, becoming the core category, and showing strong market competitiveness at key nodes such as new year’s Eve, first day of the Lunar New Year and fifth day of the lunar new year, demonstrating the natural attribute of NFT combined with culture and IP. Due to the large profit margin of digital collections, if the current situation is maintained and the volume continues, it may bring actual performance increment to the scenic spot. We believe that NFT has opened the second growth space for the IP operation of scenic spots, which is expected to bring new imagination space to scenic spots and tourism.
At present, we believe that the core investment logic of the tourism sector is “repair + growth”. Restoration refers to the restoration of the original business with the weakening of the marginal impact of the epidemic and the adjustment of policies. At present, the stabilization of the overall market and the rebound of some markets have begun to catalyze the “repair market”. The marginal impact of the epidemic is weakening. Under this logic, priority should be given to scenic spots, hotels and catering. Growth refers to the germination of new growth momentum and new logic. Cultural tourism IP assets such as scenic spots are expected to expand new growth space through the digital collection market. At present, they have shown signs, and the “growth market” is expected to be brewing. This logic will give priority to the objects of cultural and tourism scenic spots with strong IP attributes, such as Qujiang, Huangshan, Emeishan, Zhang Jia Jie Tourism Group Co.Ltd(000430) , China Cyts Tours Holding Co.Ltd(600138) , Guilin Tourism Corporation Limited(000978) , Songcheng Performance Development Co.Ltd(300144) .
Risk warning: uncertainty of technology development, business model and market demand; Macroeconomic fluctuations; Epidemic deterioration
