金吾财讯 | 中信证券表示，蛇年春节假期国内出游数据表现总体符合预期。北上冰雪游、南下避寒游、非遗年味游成为春节旅游热门主题，出境游增长趋势维持，入境游增速亮眼。在较高基数之下，景区客流保持韧性，酒店价格压力仍存。整体来看，居民休闲游消费需求韧性再次得到验证，有望增强市场对全年服务消费持续增长的信心。
展望2025年，兼顾政策传导下的需求预期回升、以及行业供给改善的正向促进，关注供需格局再平衡过程中的价格拐点，推荐配置基本面确定性强的OTA板块，顺周期有望逐步迎来经营拐点的酒店、人力资源，以及餐饮、景区、博彩中的优质个股，关注免税板块数据趋势。
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