In "The Big Banks," China International Capital Corporation: Strong performance in mainland tourism benefits Hainan's tourism retail industry and online travel platforms

The research report from Bank of China International indicates that official data from the mainland shows strong tourism performance during the New Year holiday in 2026, with the average daily number of cross-border trips increasing by 28.6% year-on-year. The bank believes this trend is a continuation from 2025, where consumers tend to incorporate more travel as part of experiential consumption.

The bank expects that in the short term, Hainan's tourism retail industry will significantly benefit, while Chinese online travel platforms will be long-term structural winners, as outbound tourism is becoming more convenient despite some regional frictions currently.

Looking ahead to 2026, the bank remains optimistic about Trip.com Group (09961.HK), expecting its overseas business to be a highlight, setting a target price of HKD 638 for Trip.com’s Hong Kong shares and USD 82 for Trip.com’s U.S. shares (TCOM.US); meanwhile, H World (01179.HK), as a leader in the hotel industry, continues to achieve structural improvements, with a target price of HKD 39.8 for H World’s Hong Kong shares and USD 50.7 for H World’s U.S. shares (HTHT.US).

At the same time, the bank is also optimistic about CTG DUTY-FREE (1880.HK), leveraging its solid market position in Hainan, expecting the company's earnings in 2026 to be a key growth driver, with a target price of HKD 81. All the above stocks are rated as "Buy."