---
title: "\"Large Banks\" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL"
description: "HSBC's research report indicates that tourism demand during this year's Lunar New Year holiday in mainland China is strong, with the number of travelers reaching 596 million and tourism consumption ex"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276974863.md"
published_at: "2026-02-26T02:48:11.000Z"
---

# "Large Banks" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL

> HSBC's research report indicates that tourism demand during this year's Lunar New Year holiday in mainland China is strong, with the number of travelers reaching 596 million and tourism consumption exceeding 800 billion RMB. The average daily air passenger volume increased by 7.3%, and air capacity grew by 4.6%. Trip.com and TONGCHENGTRAVEL both received "Buy" ratings, with target prices of $90 and HKD 26, respectively. Air China and China Southern Airlines were rated as "Reduce," with target prices of HKD 4.3 and HKD 3.3

HSBC's research report indicates that this year's nine-day Lunar New Year holiday in mainland China is the longest on record. Official data shows that during this period, domestic travel reached 596 million trips, with total tourism consumption exceeding 800 billion yuan (the same below), and per capita consumption was 1,348 yuan, roughly flat year-on-year, and up 8.9% compared to 2019.

During this period, the average daily air passenger volume increased by 7.3%, and air capacity grew by 4.6%, reflecting further improvement in load factors, with domestic and international route capacities increasing by 4.6% and 3.3%, respectively. Driven by increased long-distance travel and improved load factors, the average ticket price for domestic routes reached 1,027 yuan, up 6.6% year-on-year and 7.6% compared to 2019.

The bank has given Trip.com (TCOM.US) a "Buy" rating with a target price of $90, believing it will benefit from the growth in long-distance and cross-border travel. Similarly, Tongcheng (00780.HK) also received a "Buy" rating with a target price of 26 Hong Kong dollars, based on its robust growth prospects and profit margin recovery in the domestic lower-tier market.

In terms of shipping stocks, the bank has given China National Aviation (00753.HK) and China Southern Airlines (01055.HK) a "Reduce" rating, as their stock prices have risen by 2% to 26% over the past three months, making valuations expensive. Additionally, the normalization of ticket prices after the holiday and rising oil prices may bring adverse factors; target prices are set at 4.3 Hong Kong dollars and 3.3 Hong Kong dollars, respectively

### Related Stocks

- [09961.HK - TRIP.COM-S](https://longbridge.com/en/quote/09961.HK.md)
- [00780.HK - TONGCHENGTRAVEL](https://longbridge.com/en/quote/00780.HK.md)
- [TCOM.US - Trip.com](https://longbridge.com/en/quote/TCOM.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.