The relationship between supply and demand of scenic spots is expected to be gradually improved. Since the reform and opening up, China’s vacation system has experienced the transformation from single and double holidays to golden week, and then to the flexible annual vacation system. The residents’ legal holidays and vacation hours have gradually increased, and the tourism demand has also achieved rapid growth. The increase and decentralization of holiday time will smooth the peak and valley of the number of tourists in the light and peak seasons of popular scenic spots, which is expected to reduce the unnecessary investment of scenic spots in order to meet the demand of concentrated outbreak of long holidays. The difference between light and peak seasons of scenic spots is expected to gradually narrow, and the relationship between supply and demand of scenic spots may be gradually optimized.
The epidemic restricted inter provincial travel, and the relief policy was gradually implemented. After the outbreak of covid-19 epidemic, the Ministry of culture and tourism asked national travel agencies and OTAs to suspend the operation of team tourism and “air ticket + Hotel” tourism products. Covid-19 scattered epidemic repeatedly led to restrictions on cross provincial travel. The government has repeatedly issued relief and assistance policies, and the performance of scenic spots may be at the bottom.
The scenic spot explores the secondary consumption scene. Since 2018, the State Council has issued three policies to guide the rationalization of tickets for state-owned scenic spots, forcing traditional scenic spots that rely on ticket economy to carry out digital transformation and explore the growth space of secondary consumption. The popularity of blockchain technology and meta universe has provided development space for the scenic spots to build digital cultural tourism products. Since 2022, many scenic spots such as Huangshan, Taishan and Datang never night city have launched digital cultural tourism collections on the digital collection platform. The Palace Museum has broadened the source of revenue through cultural and creative products, and the secondary consumption space of natural scenic spots has gradually opened up. The application of digital technologies such as AR and VR breaks the physical restrictions of natural scenic spots, allows natural scenic spots to increase cultural experience projects, strengthen tourist experience, empower natural scenic spots and attract tourists to revisit without changing the original natural tourism resources.
Investment strategy. Maintain the industry’s prudent recommendation rating and focus on the leading digital transformation process. In recent years, China’s holiday system has been gradually optimized, and residents’ vacation time has gradually increased. The implementation of annual leave system and flexible leave system is expected to promote tourism travel. Under the impact of covid-19 epidemic, the resilience of residents’ tourism demand appears. With the support of relief and assistance policies, the performance of the scenic spot may be bottomed out. Since 2018, policies have guided state-owned scenic spots to reduce tickets and forced scenic spots to explore other consumption scenarios. With the empowerment of digital technologies such as AR and VR, traditional scenic spots have gradually explored secondary consumption scenarios through meta universe and digital cultural tourism collections, innovated cultural tourism experience and expanded the consumption potential of scenic spots. Maintain the investment rating of “prudent recommendation” for the scenic spot industry. It is recommended to focus on the leading listed companies Xi’An Qujiang Cultural Tourism Co.Ltd(600706) ( Xi’An Qujiang Cultural Tourism Co.Ltd(600706) ), Huangshan Tourism Development Co.Ltd(600054) ( Huangshan Tourism Development Co.Ltd(600054) ), Zhang Jia Jie Tourism Group Co.Ltd(000430) ( Zhang Jia Jie Tourism Group Co.Ltd(000430) ), which have steadily promoted the digital transformation of the scenic spot industry and expanded the growth space. It is recommended to recommend the leading artificial scenic spot companies Songcheng Performance Development Co.Ltd(300144) ( Songcheng Performance Development Co.Ltd(300144) ) with replicability and rapid performance recovery after the epidemic is controlled, It is suggested to pay attention to Jiangsu Tianmu Lake Tourism Co.Ltd(603136) ( Jiangsu Tianmu Lake Tourism Co.Ltd(603136) ) with leading management ability, Changbai Mountain Tourism Co.Ltd(603099) ( Changbai Mountain Tourism Co.Ltd(603099) ) with scarce and unique resources, Emei Shan Tourism Company Limited(000888) ( Emei Shan Tourism Company Limited(000888) ), etc.
Risk warning. Repeated covid-19 epidemic, less than expected covid-19 drug research and development, macroeconomic downturn, changes in industrial policies, and less than expected effects of emerging consumer projects.
