Core Insights - The recent National Day and Mid-Autumn Festival holiday has seen a significant shift towards deep travel experiences, with travelers willing to spend more on immersive activities [1][2][3] Group 1: Travel Trends - Long-distance travel and deep experiences have become the main trends during the holiday, with domestic long-distance travel orders increasing by 3 percentage points compared to last year [1] - Popular long-distance destinations include cities like Beijing, Chengdu, and Shanghai, with orders for places like Urumqi and Lhasa seeing nearly 30% growth [2] - The average spending per trip has risen by 14.6% on platforms like Fliggy, indicating a willingness to invest in travel experiences [1][6] Group 2: Demographic Shifts - The 95 post-90s generation has become the largest group of travelers, accounting for nearly a quarter of bookings, while the post-2005 generation is also showing significant growth in independent travel [6] - University students have increased their flight bookings by 63%, with international flight bookings rising by 110% [3] Group 3: Experience Over Sightseeing - Travelers are increasingly seeking emotional and experiential value from their trips, moving away from traditional sightseeing to local culinary and cultural experiences [3][5] - The search volume for "must-eat" and "must-do" lists has surged, with increases of 96% and 145% respectively since September [4][5] Group 4: Spending Behavior - Tourists are more inclined to spend on comfort and convenience, with significant growth in bookings for private car rentals and high-end travel options [5][6] - The trend of "paying for experiences" is evident, with travelers prioritizing emotional satisfaction and immersive experiences over mere sightseeing [6]

Core Insights - The report highlights resilient growth in travel demand during the National Day holiday, with a projected year-on-year increase of 6.2% in cross-regional mobility from October 1 to 8, 2024, surpassing the pre-holiday forecast of 3.2% [4][24] - The consumer services sector underperformed the broader market in September, with the A-share consumer services sector declining by 2.69%, lagging behind the CSI 300 by 5.89 percentage points [4][5] - The report emphasizes the importance of policy support for service consumption, with various measures aimed at enhancing service sector growth and consumer spending [24][25] Subsector Insights Travel Chain Sector - The travel chain sector is expected to benefit from a shift towards experience-driven consumption, with a focus on hotel and retail experiences as the market enters a low season in Q4 [4][24] - Notable performance was observed in specific regions and segments, such as a 22% increase in visitor numbers to Changbai Mountain from October 1 to 3 and significant sales at duty-free stores in Sanya [4][24] - The report suggests monitoring the recovery of the duty-free sector and the hotel industry as supply and demand dynamics stabilize [4][24] Chain Dining Sector - The dining sector shows signs of stabilization, with leading brands in tea and fast food performing well despite concerns over the expansion capabilities of traditional dining models [4][24] - The report recommends focusing on high-quality dining leaders that have adjusted their business models to enhance growth potential [4][24] Education and Human Services Sector - The education sector is poised for growth as external uncertainties diminish, with increased demand for vocational training and educational services [4][24] - The report highlights the potential of AI in education, with ongoing advancements in educational technology expected to drive growth [4][24] Investment Recommendations - The report suggests a diversified investment strategy, recommending companies such as Trip.com, Atour, Tongcheng Travel, BOSS Zhipin, and others in the consumer services sector [4][24]

Core Insights - The report from Tongcheng Travel highlights a significant increase in long-distance travel during the 2025 National Day and Mid-Autumn Festival holidays, driven by both family visits and tourism demands [1][2] - Domestic air travel for segments over 3200 kilometers saw a 14% year-on-year increase, with Xinjiang emerging as a popular starting and destination point for these long-haul flights [2] - The trend of combining air and rail travel is growing, with over 30% of users opting for mixed travel methods during the holiday [3] Domestic Travel Trends - Domestic hotel bookings increased by over 65% year-on-year, with long-stay bookings (2 days or more) rising by over 52% [4] - Non-first-tier cities saw a nearly 90% increase in high-quality hotel bookings, significantly outpacing the overall growth in hotel reservations [5] - The search interest for popular scenic spots and theme parks in smaller cities has surged, with notable increases in bookings for family-friendly attractions [8] Transportation Developments - The introduction of new high-speed rail and highway projects has enhanced travel efficiency and connectivity to popular tourist destinations [7] - The combination of free highway access for small vehicles and various cultural tourism activities has stimulated domestic travel spending [7] International Travel Insights - There was a nearly 100% year-on-year increase in long-distance group tours abroad, particularly from non-first-tier cities, with European tours seeing a 140% rise [10] - The demand for high-quality group travel products has led to a 30% increase in the availability of premium options [10] - International hotel bookings for destinations in the Middle East, Africa, and Central Asia have shown significant growth, with Saudi Arabia and Egypt being among the fastest-growing markets [10]

Core Insights - The overall hotel booking enthusiasm in China during the National Day and Mid-Autumn Festival holiday increased by over 65% year-on-year, with bookings for stays of two days or more rising by over 52% [1] - The trend of "Beng County Travel" and reverse tourism has boosted the booking enthusiasm for high-quality hotels in non-first-tier cities, which saw a year-on-year increase of over 90% [1] - The booking heat for hotels in over 30 districts and counties grew by more than 100% year-on-year, with the highest growth observed in specific locations [1] Summary by Categories Hotel Booking Trends - Domestic hotel bookings during the holiday period saw a significant increase, with a 65% rise in overall bookings and a 52% increase for stays of two days or more [1] - Users booking hotels in two or more cities increased by over 20% year-on-year [1] Non-First-Tier City Performance - High-quality hotel bookings in non-first-tier cities surged by over 90%, surpassing the overall growth rate for high-quality hotels in the country [1] - The top five non-first-tier cities for high-quality hotel bookings were Hangzhou, Chengdu, Chongqing, Xi'an, and Changsha [1] District and County Insights - More than 30 district and county destinations experienced hotel booking growth exceeding 100% year-on-year [1] - The five districts with the highest booking growth were Pingtan County in Fuzhou, Horgos City in Ili Kazakh Autonomous Prefecture, Keshiketeng Banner in Chifeng, Liuba County in Hanzhong, and Dongtou District in Wenzhou [1] Accommodation Type Trends - The booking enthusiasm for two-bedroom or larger homestays increased by 140% on the platform during the holiday, reflecting the family reunion atmosphere of the Mid-Autumn Festival [1]

Core Insights - The report from Tongcheng Travel indicates a significant trend in long-distance interprovincial and international travel during the National Day and Mid-Autumn Festival holidays, characterized by longer distances, more diverse activities, and higher quality experiences [1] Group 1: Travel Trends - The proportion of users booking trips to two or more cities simultaneously increased by over 20% year-on-year [1] - The demand for domestic hotel bookings for stays of two days or more rose by over 52% compared to the previous year [1] - The booking interest in high-quality hotels in non-first-tier cities surged by over 90% year-on-year [1] Group 2: Spending Patterns - Users from non-first-tier cities showed a spending increase of over 33% on domestic and outbound group travel products compared to the previous year [1]

Group 1 - The core viewpoint of the articles highlights a significant increase in travel demand during the National Day and Mid-Autumn Festival holiday, with a notable rise in multi-city bookings and hotel stays [1][3] - Users booking two or more cities increased by over 20% year-on-year, while the demand for domestic hotels for stays of two days or more surged by over 52% [1] - High-quality hotel bookings in non-first-tier cities saw an impressive growth of over 90% [1] Group 2 - The long-distance travel demand has notably increased, with over 20% of domestic flight bookings falling into the distance categories of 400-800 kilometers, 800-1200 kilometers, and over 3200 kilometers [1] - Flights over 3200 kilometers experienced a year-on-year growth of 14%, making it the fastest-growing segment among all flight distances [1] - Xinjiang emerged as a popular starting and destination point for flights exceeding 3200 kilometers [1] Group 3 - The trend of using intelligent transfer solutions, such as air-to-air and air-to-rail transfers, is gaining traction, allowing users to enjoy more cost-effective tickets and the opportunity to explore transfer cities [3] - Some "air-to-air transfer" tickets were found to be over 30% cheaper than direct flight tickets during the holiday [3] - The top five domestic transfer routes during the holiday included Beijing-Shanghai-Shenzhen, Beijing-Shanghai-Chengdu, Harbin-Beijing-Guangzhou, Beijing-Shanghai-Chongqing, and Urumqi-Chengdu-Guangzhou [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 同程旅行控股有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00780 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | 本月底法定/註 ...

Core Insights - The 2025 National Day and Mid-Autumn Festival "Super Golden Week" has commenced with a record expected passenger flow of over 340 million nationwide on October 1, marking a historical peak [1] Group 1: Travel Trends - Family travel has become the dominant force, with 43% of travelers being family groups, an increase of 3 percentage points from last year [4] - The demand for self-driving trips is also surging, with car rental orders on the platform increasing by 80% year-on-year [6] - The average rental period for cars has extended from 3.7 days last year to 4.8 days this year [11] Group 2: Regional Performance - Guangdong has shown significant growth in tourism orders, with an overall increase of 27% year-on-year, and specific cities like Guangzhou and Shenzhen seeing increases of 25% and 39% respectively [2] - Cross-province travel accounted for 53% of total travel, with Guangdong-Hong Kong-Macau travel at 15% and outbound travel at 32% [2] Group 3: Cultural and Educational Tourism - There is a notable increase in museum visits, with the Palace Museum's visitor index rising by 146.28% compared to normal days [17] - Customized travel orders have increased by over 40%, indicating a preference for local experiences and cultural immersion [18] Group 4: Cross-Border Travel - The outbound and inbound tourism markets are recovering simultaneously, with Guangdong playing a pivotal role as a hub for cross-border travel [19] - On the first day of the holiday, the number of foreign travelers flying into China increased by 40% year-on-year [19] Group 5: Smart Travel Solutions - The use of AI for travel planning has surged, with the travel assistant's peak access volume increasing nearly threefold compared to normal days [15] - Over 30% of inquiries are related to avoiding congested routes and discovering lesser-known destinations [15] Group 6: Economic Impact - The overall tourism consumption is transitioning from scale expansion to quality enhancement, with a significant increase in hotel occupancy rates in popular cities [21] - The average price of domestic flights is expected to drop by over 30% during the holiday period, further stimulating the holiday economy [21]

Core Insights - The National Day holiday travel data indicates a significant increase in domestic travel, with self-driving trips peaking on October 1, leading to severe congestion on major highways and popular tourist attractions [1][2][4] Traffic Congestion - On October 1, the average congestion on national highways reached 2,193.62 kilometers, a 30.11% increase compared to the same period last year, peaking at 6,566.82 kilometers late on September 30 [2] - The top congested highway segments included Jiangsu Changzhou, Guangdong Qingyuan, and Liaoning Dalian, with congestion levels reaching over 31 kilometers in some areas [3] Hotel and Travel Demand - There was a notable increase in hotel bookings from September 27 to 30, with a year-on-year growth of over 30%, driven by travelers taking extended leave [4] - Popular tourist cities such as Chengdu, Shanghai, and Beijing saw significant early occupancy rates, indicating a trend of "holiday stitching" among consumers [4] AI and Travel Planning - The demand for AI-driven travel planning surged, with the DeepTrip platform experiencing a peak in hourly visits nearly three times higher than usual and a 6.5-fold increase in inquiries on October 1 [5] - Over 30% of the inquiries were related to avoiding congested routes and finding less crowded destinations [5] Tourist Attractions and Museums - The demand for transportation around popular tourist sites increased over threefold, with some areas experiencing a tenfold rise in congestion [8] - Major museums like the Forbidden City saw a 146.28% increase in visitor numbers compared to regular days, with many popular museums fully booked until mid-autumn [9][10] Local and Nearby Travel - Local leisure and nearby vacation activities saw a significant uptick, with core urban areas like Beijing, Shanghai, and Guangzhou experiencing over 100% growth in local travel interest [11] - The core business districts in cities such as Shenyang and Changchun also reported substantial increases in foot traffic, indicating a strong preference for local experiences during the holiday [11]

Core Insights - The collaboration between Tongcheng Travel and Baidu Maps revealed significant travel trends during the National Day holiday, with a notable increase in self-driving trips and tourist site visits on October 1 [1][2] Traffic Conditions - On October 1, major highways experienced severe congestion, with an average congestion mileage of 2,193.62 kilometers, a 30.11% increase compared to the same period last year [2] - The peak congestion reached 6,566.82 kilometers at 11:30 PM on September 30, indicating a high volume of long-distance self-driving travelers [2] Popular Destinations - Key tourist destinations such as the Forbidden City, National Museum of China, and Terracotta Army saw a significant increase in visitor numbers, with the Forbidden City experiencing a 146.28% rise in visitor index compared to regular days [8][9] - The demand for nearby transportation around popular scenic spots surged over three times compared to normal levels, leading to increased congestion in surrounding areas [5][7] AI Utilization - The demand for AI-driven travel planning surged, with Tongcheng Travel's AI assistant DeepTrip seeing a peak access volume nearly three times higher than usual and a 6.5-fold increase in inquiries [4] - Over 30% of the inquiries during peak hours were related to avoiding congested routes and finding less crowded destinations [4] Local Leisure and Surrounding Travel - Major cities experienced a "strong start" for local leisure and surrounding travel, with core business district foot traffic increasing significantly, particularly in cities like Shenyang and Changchun [10][11] - The local and surrounding travel interest in major cities such as Beijing, Shanghai, and Guangzhou grew over 100% compared to normal levels [11]