【旅游文旅报告】社会服务业行业研究：多数据维度超预期看好酒旅持续性-20240218-国金证券.docx
OIS金证弊WtMMIMIMU三K社会服务业行业研究买入（维持评级）行业专题研究报告证券研究报告社会服务组分析师：叶思嘉（执业SII30523080001）yesijia多数据维度超预期，看好酒旅持续性其直鹤跚$%&X八十>一Ql234>57S=oc÷(o>S=>()÷S<S>AB2023FSJK1.MNO,-.,A+MPQSAR<4TUV°MQY=ZK11/,Z_SA'O1ab>cd,fBghoMghklmn7SMopcr*14t,vwK123=>xy4)789二。(n)人+vB19FK1.,-)SOA-,DQE(zN*aaaa31=NQo()e=eA23M19Fa10%+b-on<5oooouuo,2024/126217(>eU23§>1TR>,®©uE0er4±÷,e23F<三>i.+1r.8%,19F<三>i.+14.4%,2,U%0P%0(8>P%o<ww8>O%oae0iD19FO124.1%43.2%147.7%r7.7%118.2%o(g)SVSr_uZE0e22.9÷,Ie23FM19FS(三)A,jD10r.9%M112.0%o=>4z=>)S<三>A,-.o,Y>>.4)ouoQfA,2024F$/.8§=>4)()4.74±HH,i44T34.3%,A4*11SO=2019F三i.119.0%6326.87±,ittTi47.3%,AC)FeeS=2019F=I.107.7%;,-133rXZ,i*r-9.4%,fi(g>=2019尸i90.r%o<÷回$=>()八+S®AB2023Fe-SIJK1.MNO,-.,A+MPQSAR<<TUV°MQY=ZK1¼,c_SA'01abod,八Y。*C)AVWfi<cqrRzo=>4)>Q7rS9:OfiflO=>)QJ=1>()-,T,<>=)t*1.()oe227.9P%o,TT10.2%,>NO*1.)A1r.4P%o,i*4'38.0%,EA20Fau6EElO1.;2>c|r(TTs6,op()1,$.O(B)=op0ae()O24.6%,<>us=>>()÷O24.7%,UU>MI)-OeC|r-;3>15-P0二ICioK,uTT,f$%&NwQTTe(,)*÷u8tN,-A(o<z)=<S=19FO1.ono4ouo,Q(z4)/683O-,1Q(z)Z360O人+,Qn)/323O-t-,2D2019Fi.O1.;ho=34«576uo,$(Qz1690÷MS(0>=19F$i-D7S,1.;u<=aa=34)>÷l,A32019Frr,3Bo?=ANBCDEiFuoNOGH.IJTS(三),K31.J5-BMN?3I.OPE>F：?on6=QlJRSETUVfiANWXBCDEIYZ,<三>l<B>=iFtmXS(5>=23FM21FO10hM71sc,I<CioiFNOe23尸i.GHf-r1J*5SA-,3I_I八A'">a"o-BMZb?<qrNO31.OPDEb?,cd$.OeTM©dfgnh,M'<)fiOP?-k0o期鳍匏雳<-i-$iScjKt>C|ruoS(三)u63l_-_,vwK123=>4)M?789二，(N)Mllm)no8fQe×pcr<±>,<UsJstuvJw1>×1TMyaNfMK18e3>O,-rI4)M>*AAMiNqt;2>EN,VazdU>d;,-aaaMTTo吾DB壤qraaj.S<S>A-.,SIeeKQ,e),1TT_×h16t，#%u66A,-.,K123oouqr(三>u42M(：4“口口>十19FO1.,()oeK1H-43M04:=>)S>ZX,-.,(z)<S>=19FO1.64M?zANDEiFGH(),U31.IJ14£§14-16UN1ze.O<§Xg>'uZEOe0(O÷>4IfN224Fe<sXg>uAZE00(e23FT.>4UN3z24Fe<gxg>uAZE0<a(e19F?->4N4z24F(eooS<三>uu4,t0S*(U23§H3>rNrz24FP%oAZEO0SA(%2O19>rN6z24Ft8P%oAZEO0SA(%2019>rIfN7二24Fe,，iTM8P%oAZE00SA<%2O19>rN8z24FeU%oAZEO0SA(%2O19>rUN9z24FeO%oA/E00SA(%2O19>rN10二24Feae0A/EO0SA(%2O19>6UN11z24Fd=>ae00©0SA(%2O19,nu=2024/2/17>6UN12z24F$?§/.l(§Xg)uaZEOe0SO=23F106%M19F112%6UN13二2024$=>O,oce4)A+MPQS=19FO119%M108%7UN14z24F$()toeK1¼7N1rz2024©$4)N4*8UN16z2024乙qr-E8IfN17z=>6vJE52024$4)010FZ18二=Ae乙VJ2024”0S±区11UN19z.i0"2¥)”人士11UN20二$/.i0Qp.6uluiQG611N21z24F$)*AA3&Ae19FSA12FN22二24F$)*o-A(6÷S(>A12UN23z)*AAaKjT.A(-(e,(ae00>12UN24z24F$O:1.;(Qz>÷,619Fi13N2rz24F$Q=l(QzA+S>=19F>$D7813N26z=i*0(c)0S(三)=19f三i.72%(nu=2024/2/16>13OBISHW"#$%&t()UN27z-,e0(三)0S(g=19Fi.79%(nU=2024/2/16>14UN28za''"'<Qn-兰O1.Y1%14IfN29:4x23(z)a*ale(14UN30zANBC?$l<B>=iF0OS<三>eA(%2O21>14N31二ANBC?>$l®=iF0OSeA(e1-Fi.>14UN32zANBC?$l<B>=iF0OS(三)eA(%2O21>1rN33zANBC?$l®=iF0OS<S>eA(e1-Fi.>1rIfZ34二<g)=HSI<<-Ffu1rN3rz(B)=>>SI<<.Ffu1r1、观点：春节多数据维度超预期，持续看好体验型消费复苏S%z*u6oA,-,O1234>57B9zo,V>>.4)ouoQfA,2024F$/.8§=>4)()4.74±÷J*T"34.3%AO*'oS<g>=2019f三i.119.0%>)(>%¾r6326.87±XZ,i*r-47.3%,AO4lceS(g=2019Fri.107.7%;,*-133rXZ,itK-9.4%,fig<g>=2019F7i.90.%oO(n4)/683O-4-,1Q(z)Z360O-,Qz)Z323O人+,<S=19Fi.O1.o<÷<g>S=>()÷S()AB2023F-lJK1.MNO,-.,A+MPQSARtTUVqMQY=ZK1¼,_SA'O1at>cl,fBgho<B)MghkImnTSMopcirsi*¼3t*,vwK123=>o<y4)'ZSzo?SO,ANBCDEiFPQTGH,IJS,K31.IJ;-BMN?(§>31.OPDE?>oh6=QuRS=TUVfiANWXBCDElYNn2024F>$l(B)=iFtXS=2023FM2021FO10r%M71%.luciFNO23Fi.GHTT;*52,IU*5SA-,31.J*5,B$/A'*)a*oT.,-r3MNb?QrN031.OPDEb?,oci$.Oe©dfQnh,M'<(>fiOP乙0oScjKtxqruoS(0>u631.-_,vwK123=>4)M?789二，nMlIm>)n08fge×pQrO,<USvJ,tuvJw1>×1TMyaNfIMK18e3>O,-fI4)M>*AAMiNoMAoFt;2>EN,VazOUO,aMTaTMaAoO2、出行：春运旅客发送超越19年水平，出游半径持续增长eU23§eAe23FM19Fi-O1.iT10%1onod)ooouuo,2024126217(<g>eU23§>HB,(r)©tM-l|a/E0r4士人+,目23F<g>i.+1r.8%,19F>$i.+14.4%;ouI2024/2/17(e623§>©©TM,uaZE0e30828O-+-,23F<g>i.+r2.4%,19F$i.+47.r%o中Nl二TMSK0。(。八十A33,00031,00029,00027,00025,00023,00021,00019,00017,00015,000-/:;<=>/TA2BC帮N2/4f=e(三)©'uE00(e23F帮N3=24f=e®©UXE0。(豆19F®2>eU23§U%o/P%o(8>P%o(m8>O%oae0jIlBel口4“2.776.0044.r70.19/0.49土八十,i“+r4.4%-10.4%+18.6%+4r%+6r.r%MS>=2019Fi.124.1%43.2%147.7%r7.7%118.2%,1QU%oMae0S<2>A-U$%1.,也“1A(S(三)-,P%oQ辛TM8"0<A_p%ox6=z，"*tm8+“人ZECo>SAnoy%-Y3>-o1ZlA口<)I%b。17V4r24f=eaooS®uu4et0stt(UFNrFeP%o/E00SA(%2O19>23§书BAN6Y4Fef8P%o/E00SA(%2019a20232021-20222023-2024.2024ST16UVEFGHWXYK1.ZtOTN8:24F0D%°AjE00SA(%2O19a1fN924FeO%o/E00SA(%20192021-20222023-2024u>5tCOCM"OOOOC<D0tCOCJ1.f1.<XJCO寸COOO-CKO寸lXXDC0O»-<XJC5tv7T7t.ttt占rr.rr阡阡尸阡阡甲号个2021-20222023-2024202120222023-«-.2024营业性公路Q11J非营业性公路水路航空
