Core Insights - The domestic ice and snow tourism market is experiencing rapid growth, driven by the "snow holiday" policy, leading to a significant increase in youth and family visitors [1][2][3] Group 1: Youth Visitor Growth - The introduction of "snow holidays" in regions like Xinjiang and Jilin has resulted in a doubling of youth visitors to ski resorts, with over 10,000 young skiers recorded this season, marking a significant increase compared to the previous season [2][3] - Skiing winter camps are seeing a notable rise in youth participation, with registration numbers doubling compared to previous years, prompting longer and more diverse camp offerings [3] - The increase in youth visitors is also boosting family tourism, as evidenced by a 131% rise in searches for family ski packages since mid-November [3] Group 2: Accommodation Demand - The demand for hotels and homestays near ski resorts has surged, with a reported 87% increase in searches for nearby ski accommodations [4] - Popular ski resorts like Chongli Wanlong and Fulong have seen order volumes increase by 257% and 210% respectively compared to last year, while Beijing's military ski resort has experienced a staggering 489% increase in bookings [4][5] - The average occupancy rate for hotels at Fulong ski resort is around 60% on weekdays, with weekends often fully booked, indicating strong demand [5] Group 3: Diverse Ice and Snow Experiences - Beyond skiing, tourists are increasingly interested in diverse activities such as snow hiking and photography, with ticket bookings for scenic spots like Xiling Snow Mountain and Karola Glacier seeing significant growth [6][7] - The trend towards multi-faceted ice and snow tourism is evident, with offerings expanding to include events like snow drifting and photography, catering to a broader audience [7] - The market is evolving to meet the demand for personalized and high-quality experiences, with a focus on small group custom services becoming more popular [7]

去哪儿旅行大数据显示，消息发布后，前往柬埔寨主要城市金边（达克茂机场）、暹粒的机票搜索量有 较大增幅。其中，上海、北京、深圳前往金边的搜索量环比前一小时分别增长5.2倍、4.3倍、3倍，广 州、厦门前往金边搜索量增长一倍以上。目前，我国主要城市飞金边达克茂机场都有千元以下机票，广 深飞机票价格在500元以下。 去哪儿旅行表示，拥有世界文化遗产吴哥窟，暹粒是旅游名城。前往暹粒的机票搜索同样上涨。上海飞 暹粒机票搜索量环比前1小时增5倍，广州飞暹粒机票搜索量环比前1小时增3.7倍。目前，广州飞暹粒有 800元以下的低价机票。 柬埔寨旅游部统计数据显示，今年1月至10月期间，柬埔寨吸引中国游客约100万人次。1月至10月，同 程旅行平台上，中柬两国主要城市往来航班的预订热度同比增长超40%，柬埔寨已成为中国居民商务旅 行及旅游观光的主要目的地之一。 对此，众信旅游（002707）市场公关部经理李梦然向证券时报记者表示，今年以来越南、柬埔寨等东南 亚旅游产品销售表现亮眼。"随着柬埔寨即将免签，东南亚多国相继对华实施免签政策，形成叠加效 应，这将为整个旅游市场注入强劲动力，也为旅行社的产品创新拓展了更大空间。" 消息经 ...

Group 1 - The core viewpoint of the article highlights the significant growth potential of China's inbound tourism market, which has lagged behind domestic and outbound tourism in terms of growth rate and GDP contribution [4] - The inbound tourism market is primarily driven by two factors: the release of visa-free policies and the promotion of Chinese culture abroad, leading to a positive cycle of cultural and tourism integration [5] - The inbound tourism market in China has seen rapid growth since 2023, indicating the onset of a golden development period for inbound tourism [5] Group 2 - Trip.com, as a leading OTA, is benefiting from the inbound tourism boom, with a focus on the Asia-Pacific region and a strategy of gradual international growth [6] - Tongcheng Travel is expanding into international markets, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [7] - Zhongxin Tourism, which started with outbound tourism, is gradually developing its inbound tourism business, having established a subsidiary for inbound services in March 2024 [8]

Group 1 - The Russian government has implemented a temporary visa-free policy for Chinese citizens, effective from December 1, 2023, until September 14, 2026, significantly facilitating travel to Russia for Chinese tourists [1] - Following the announcement of the visa-free policy, search volume for travel to Russia on the Ctrip platform has doubled, indicating a strong market response [1] - The new policy is expected to enhance the competitiveness of Russian tourism, attracting a diverse range of tourists, and shifting the focus from sightseeing to deeper travel experiences such as cultural and business exploration [1] Group 2 - The visa-free policy is anticipated to boost various travel segments, including study tours, business events, and official visits, fostering closer communication between the two nations [2] - Since the implementation of the visa-free policy by China for Russian citizens, there has been a significant increase in travel bookings, with flight reservations to Russia up by 190% and hotel bookings up by 213% year-on-year [2] - The mutual visa exemption is expected to inject new momentum into bilateral cooperation across trade, culture, and other sectors [2]

同程研究院相关负责人对《证券日报》记者表示，免签政策落地正值出境冰雪游旺季来临，预计在接下 来的元旦及春节等重要节点，俄罗斯的旅游热度有望创近年来同期新高。在中俄互免签证的形势下，黑 龙江等中俄边境口岸的入出境游将迎来一个爆发式增长阶段。借助免签政策，国内游客除了可以体验哈 尔滨、漠河的冰雪文旅产品，还可以进入俄罗斯体验异国风光，黑龙江冰雪游的吸引力将进一步提高。 众信旅游（002707）市场公关部经理李梦然对《证券日报》记者表示："目前不是俄罗斯常规旅游季 节，但摩尔曼斯克的极光之旅依然受到中国游客的青睐。随着俄罗斯对中国游客免签，其市场竞争力将 会持续加强，并有望吸引更多年龄跨度的中国游客。我们将着重开发俄罗斯极光、冰雪、军事等特色旅 游线路和产品。" 消息发布后，各大旅游平台数据显示，赴俄旅游热度显著攀升。去哪儿旅行大数据显示，截至消息公布 当日17时，前往俄罗斯的最热门搜索出发地为北京、上海、广州、深圳、成都等。 飞猪数据显示，该政策公布不到一小时，平台上前往俄罗斯的机票搜索量相比前一天激增超8倍，预订 量相比前一天亦大增近5倍。莫斯科、摩尔曼斯克、圣彼得堡、符拉迪沃斯托克、伊尔库茨克等是中国 游客最 ...

Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].

Group 1 - The new visa-free policy for Chinese citizens traveling to Russia is effective from December 1, 2023, until September 14, 2026, allowing a stay of up to 30 days for tourism and business purposes [1][3] - Following the announcement, there was a significant surge in flight searches to Russia, with some platforms reporting an increase of over 800% in search volume and nearly 500% in booking volume compared to the previous day [1][3] - Major cities such as Beijing, Shanghai, Guangzhou, Chengdu, and Harbin saw the highest increases in search volume for flights to Russia, with specific routes like Hangzhou to St. Petersburg and Beijing to Moscow experiencing notable spikes [3][4] Group 2 - The visa-free policy coincides with the peak season for outbound winter tourism, particularly for ice and snow activities, suggesting a potential record high in Russian tourism during the upcoming New Year and Spring Festival holidays [4][5] - The policy is expected to boost cross-border travel at border ports like Heilongjiang, enhancing the appeal of ice and snow tourism in regions such as Harbin and Mohe, while also allowing tourists to experience unique Russian attractions [4][5] - Companies like Zhongxin Tourism are developing specialized travel packages focused on the aurora and winter experiences in Russia, anticipating increased competitiveness and a broader age demographic of Chinese tourists [5]

Core Points - Russia has officially implemented a visa-free policy for Chinese citizens for tourism and business purposes until September 14, 2026, allowing stays of up to 30 days [2] - The announcement has significantly boosted interest in outbound travel to Russia, with a notable increase in flight searches from major Chinese cities [2][3] Group 1: Impact on Travel Industry - Online travel platform Qunar reported a surge in flight searches to Russia, with routes from cities like Beijing, Shanghai, and Guangzhou seeing substantial increases [2] - The most significant growth in searches was observed for flights to St. Petersburg and Moscow, with some routes experiencing increases of up to 16 times compared to the previous week [2] - Travel agencies like Zhongxin Tourism are planning to develop specialized tours focusing on Russia's unique offerings, such as the Northern Lights and winter sports, to attract a broader demographic of Chinese tourists [3] Group 2: Market Trends and Projections - The visa-free policy coincides with the peak season for winter travel, suggesting a potential record high in tourism to Russia during the upcoming New Year and Spring Festival [4] - The border regions, particularly Heilongjiang, are expected to see explosive growth in inbound and outbound tourism due to the favorable visa situation [4] - Data from Tongcheng Travel indicates that major cities like Beijing, Guangzhou, and Shanghai are leading in hotel bookings and flight searches, with a stable pricing trend for tickets to Russia expected until February [4]

Group 1 - The Russian government has implemented a temporary visa-free policy for Chinese citizens, effective from December 1, 2023, until September 14, 2026, which is expected to significantly boost tourism from China to Russia [1][2] - Following the announcement, there was an over 8-fold increase in flight searches to Russia within an hour, with booking volumes increasing nearly 5 times, indicating a strong immediate interest from Chinese travelers [2] - Popular destinations among Chinese tourists include Moscow, Saint Petersburg, and Murmansk, with notable increases in flight searches from cities like Urumqi (16 times), Qingdao (15 times), and Xiamen (11 times) [2][5] Group 2 - The visa-free policy coincides with the peak season for outbound winter tourism, suggesting that travel to Russia could reach new highs during key periods such as New Year's and the Spring Festival [5] - The policy is expected to enhance the competitiveness of Russian tourism, attracting a broader age range of Chinese tourists, particularly for unique experiences like the Aurora tours in Murmansk [6] - Companies like Zhongxin Tourism plan to develop specialized travel products focusing on Russia's unique offerings, including ice and snow tourism, military tours, and educational travel, further strengthening ties between the two nations [6]

从周边游到境内长线游，再到出境游，携宠出游的路线和距离越来越长。11月30日，随着众信旅游首个 携宠出境游团发团日期渐近，由此引发的业界对于携宠出游的讨论也持续走热。选择携宠出境的游客大 多有丰富的旅行经验，偏好慢节奏的度假模式，关注重点是宠物的吃喝玩乐与安全保障。在需求增长的 背后，携宠出游市场仍是蓝海，大量旅行社还未涉足这一领域。产业链条中，境内外的航司、酒店等正 加速推进宠物友好理念，有航司将宠物托运体重上限提升，有连锁酒店正在试点推行宠物友好客房。但 多重挑战仍存在：国际航线"宠物进客舱"落地难，宠物出境手续繁琐，酒店服务标准化不足、专业配套 欠缺。随着"人宠同源"理念深化，产业链各环节的宠物配套基础设施建设仍需不断完善。 众信旅游集团旗下全景旅游东南亚部宠物产品负责人李超注意到这一趋势。他表示，"毛孩子"已经成为 家庭的重要成员，宠物经济也已是成熟模块，宠物出游本身就是一个商机。再加上一些经常单人出行、 家有宠物的游客向他反馈，往往会因为"分离焦虑"放弃时间较长的出境游，市场还缺乏支持带宠物同行 的出境游产品。 在经过大量调研之后，李超了解到，有带宠物出境游需求的主人明显偏好慢节奏的度假模式。他们不 ...