中国旅游业延续双位数增长态势，行业景气新周期或已开启

Core Insights - July is a key month for summer tourism, with a significant peak expected in early July 2025, primarily driven by student travelers and family visitors, who are projected to account for 35% of air travel during this period [1] - The Chinese government has introduced policies aimed at promoting high-quality service consumption, including the integration of business, tourism, culture, and sports, as well as expanding visa-free countries and optimizing the consumption environment [1] - The Ministry of Culture and Tourism will host the 2025 National Summer Cultural and Tourism Consumption Season from July to August, featuring over 4,300 events and approximately 39,000 cultural and tourism activities [2] Industry Trends - The summer tourism sector is experiencing a comprehensive uptick, with a focus on summer retreats and family travel, highlighting the value of off-peak travel [2] - In 2024, domestic travel reached 5.615 billion trips with total spending of 5.75 trillion yuan, indicating a dual growth in both travel volume and spending [3] - In the first quarter of 2025, travel volume increased by 26.4% year-on-year, while spending grew by 18.6%, showcasing the ongoing recovery and the emergence of a new growth cycle in the industry [3] Future Outlook - The tourism industry is expected to face increased competition from local service platforms and online travel agencies, which will enhance their hotel and travel services [5] - The trend towards smart tourism will drive digital transformation across various segments of the industry, from scenic area operations to marketing decisions, leading to a comprehensive upgrade of the tourism sector [5]