Citi's report indicates that while domestic tourist trips and industry revenue during the May Day Golden Week showed slight year-on-year growth, the overall data is not very encouraging. The decline in per capita spending and the potential impact of spring breaks on travel demand suggest a mixed outlook. Despite this, the bank maintains a Buy rating on Trip.com and TONGCHENGTRAVEL, believing that hotel operations remain healthy, although air ticket bookings may be weak due to rising prices.
