1、2024年11月12日，国务院发布《关于修改<全国年节及纪念日放假办法>的决定》，自2025年起，全体公民放假天数增加2天，其中春节、劳动节各增加1天；可合理安排统一放假调休，结合落实带薪年休假等制度，实际形成较长假期；除个别特殊情形外，法定节假日假期前后连续工作一般不超过6天。In 2023, the number of holiday travelers in China since May 1st all exceeded the same period in 2019. The total number of holidaymakers reached 33% throughout the year, which is also a significant increase of about 27% compared to 2019. It is expected that the “peak season is stronger” trend will continue.
The Zhitong Finance App learned that Guoxin Securities released a research report saying that the extension of the Spring Festival will help people make reasonable arrangements for family visits and travel. Refer to the 2024 Spring Festival “Homecoming + Travel” multi-stage itinerary to drive an extension of the peak of travel. At the same time, vacation optimization helps office workers to work more conveniently, thus encouraging medium- to long-distance travel and flexible off-peak travel. Overall, the new holiday plan responds positively to public calls to optimize holiday arrangements. It is also a reflection of the country's use of service consumption as an important gripper for expanding domestic demand, and is expected to positively drive the relevant travel industry chain and local consumption.
Matters:
1. On November 12, 2024, the State Council issued the “Decision on Amendments<全国年节及纪念日放假办法>”. Starting in 2025, the number of vacation days for all citizens will be increased by 2 days, including 1 day each for Spring Festival and Labor Day; unified holidays can be reasonably arranged, combined with the implementation of paid annual leave and other systems, to actually form longer vacations; with the exception of some special circumstances, continuous work before and after statutory holidays is generally no more than 6 days.
2. The General Office of the State Council issued the “Notice Concerning the Arrangement of Certain Holidays in 2025”. In 2025, there will be 1 day holiday on New Year's Day, 8 days off for the Spring Festival, 2 days off, Ching Ming Festival and Dragon Boat Festival for 3 days, 5 days off for Labor Day, 1 day off, National Day Mid-Autumn Festival holiday for 8 days and 2 days off.
The main views of Guoxin Securities are as follows:
China's holiday system has been gradually optimized in line with changes in the economic and social environment. Starting in 2025, the number of statutory holidays will be increased to 13 days.
China began implementing a double holiday system in 1995; in 1999, the Golden Week system was implemented; in 2008, May 1st was changed to a short holiday to promote traditional Chinese culture, and three new short holidays, Qingming, Dragon Boat Festival, and Mid-Autumn Festival, and the total number of vacation days changed from 10 days to 11 days; starting in 2014, the Spring Festival Golden Week was changed from New Year's Eve to the beginning; at the same time, the short holiday period on Wednesday was not adjusted, and Tuesday and Thursday were adjusted; from 2025, the statutory holidays were increased from 3 days to 5 days; from 2025, the statutory holidays were increased to 13 days, and the New Year's Eve vacation was re-included and reduce the one-day five-day adjustment Rest. At the same time, it is clearly stated that, with the exception of some special circumstances, continuous work before and after statutory holidays generally does not exceed 6 days.
Starting in 2023, the peak holiday season will be stronger, and the implementation of optimized holidays is of practical significance in expanding domestic demand.
Due to changes in the external environment, family spending is more focused on family fun, while individuals use leisure trips to pursue spiritual relaxation. In 2023, the number of holiday travelers in China since May 1st all exceeded the same period in 2019. The total number of holidaymakers reached 33% throughout the year, which is also a significant increase of about 27% compared to 2019. It is expected that the “peak season is stronger” trend will continue. The further extension of statutory holidays after a lapse of 17 years is of practical significance in the current consumption environment. It can also be seen as a sign that the country is using the service industry as an important gripper for expanding domestic demand, which helps to raise market expectations for a subsequent increase in domestic demand promotion policies.
The extension of the Spring Festival holiday is expected to consolidate multiple travel models, and the reduction in May Day vacations will facilitate long-distance travel for office workers.
In the past, the Spring Festival holiday was generally 7 days, and New Year's Eve could be held for 8 days on Friday (such as 2024); from 2025, the Spring Festival will be 8 days off, and New Year's Eve can be held for 9 days on Friday (such as 2027). The extension of the Spring Festival will help people make reasonable arrangements for family visits and travel. Refer to the 2024 Spring Festival “Homecoming + Travel” multi-stage itinerary to prolong the peak of travel. At the same time, vacation optimization helps office workers to work more conveniently, thus encouraging medium- to long-distance travel and flexible off-peak travel.
Investment advice:
Taking into account certainty and periodicity, it is recommended to configure TRIP.COM-S (09961), Meituan-W (03690), Yum Sheng China (09987), Haidilao (06862), Changbaishan (603099.SH), Mount Emei A (000888.SZ), Tongcheng Travel (00780), Huazhu Group-S (01179), First Travel Hotel (600258.SH), etc.
Risk warning: Systemic risks such as macropolitical economy, policy risks, consumption recovery falling short of expectations, increased industry competition, and underperformance of new asset-heavy projects.
