Group 1 - The tourism industry in 1H25 underperformed expectations, with leisure demand impacted by consumer pressure and extreme weather in some regions [1][2] - Visitor numbers for key tourist destinations showed mixed results, with Huangshan up 5.8% and Wuzhen down 11.9%, while overall railway and domestic air travel showed modest growth of 4.7% and 2.4% respectively [2] - The trend of quality and differentiated tourism demand continues, with family travel increasing to 35% of the market and outdoor activities seeing a 120% increase in search volume [3] Group 2 - New project developments and improvements in existing projects are crucial, with Hong Kong Travel's acquisition of a ski resort expected to contribute over 300 million yuan in revenue and 350,000 annual visitors [4] - Songcheng Performance's projects in Hangzhou and Sanya are undergoing upgrades to enhance cultural offerings and performance innovation [4] - China Youth Travel is focusing on family travel and leveraging unique resources to develop tailored educational and cultural products [4]
中金：旅游需求表现平淡 关注新项目拓展和存量提升
Zhi Tong Cai Jing·2025-09-04 07:04