Tongcheng Travel (0780.HK) has been on a hot streak, with its stock price rising for 6 consecutive days, resulting in an increase of over 15%. The company is currently trading at HK$14.48, reaching a three-month high and boasting a total market value of HK$37.2 billion.
The surge in stock price comes on the heels of the company’s “2024 Spring Festival Travel Trend Forecast Report,” which indicates a significant increase in search popularity for air tickets departing between February 8 and February 17. The search popularity for international air tickets has nearly increased 7 times year-on-year, surpassing the levels seen in 2019. Harbin has emerged as the most sought-after tourist destination for the upcoming Spring Festival holiday, while Southeast Asian and East Asian countries remain popular outbound travel destinations.
CITIC Securities has expressed optimism for the tourism market in 2024, foreseeing stable demand for domestic tourism and a clear recovery trend for outbound tourism. The financial community believes that favorable visa policies and the extended Spring Festival holiday will likely lead to better-than-expected performance in the Spring Festival outbound tourism market.
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