According to a report from Goldman Sachs, travel industry experts have indicated that the overall travel demand remained robust during the recent Golden Week. During this period, the average daily rate (ADR) and revenue per available room (RevPar) for hotels saw positive growth, with an overall industry increase in the mid to high single digits. However, experts expect that increased supply from hotel franchises will continue to exert pressure, particularly in the mid to high-end segments. In terms of competition among online travel platforms, the environment remains moderate. Smaller or newly established operators lack supply chain and scale advantages, limiting their competition to specific niche markets.

Regarding industry preferences, Goldman Sachs maintains a positive outlook on the hotel sector, particularly for <01179>华住集团-SHWORLD-S and <01928>金沙中国有限公司SANDS CHINA LTD, anticipating that the slowdown in competition among online travel platforms and hotel supply growth will lead to sustained improvements in RevPar. Additionally, the firm believes the Macau gaming industry will benefit from wealth effects and a low base for total gambling revenue, expressing a favorable view of <00027>银河娱乐GALAXY ENT.

In light of recent market concerns regarding a potential decline in short-term gaming revenue and EBITDA that has led to stock price corrections, the firm suggests that the market's reaction may be somewhat excessive. Goldman Sachs also recommends buying shares of <601111>中国国航Air China Limited and <09961>携程集团TCOM.US, as both are expected to benefit from recent demand for long-haul outbound travel and better-than-expected ticket prices.