TENCENT(HK:00700) Xin Lang Cai Jing·2025-10-08 16:22Core Insights - The 2025 National Day and Mid-Autumn Festival holiday has significantly boosted travel and consumption, with new first-tier cities and county markets leading the growth, showing a 10% increase in total consumption compared to the May Day holiday [1][2] - Chongqing has emerged as the top city in terms of WeChat payment consumption and transaction volume, surpassing major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1][2] Consumption Trends - The report indicates that from October 1 to 5, 2025, new first-tier cities such as Chongqing, Chengdu, Suzhou, and Dongguan, along with traditional first-tier cities, are driving consumption growth [1][2] - Popular activities during the holiday include searching for keywords related to leisure activities like "mahjong," "hiking," and "cycling" in cities like Chongqing and Chengdu, while major cities like Beijing and Shanghai focus on entertainment events [1][2][16] Industry Performance - The sports and fitness, beauty and hairdressing, and travel sectors have shown strong growth, with WeChat payment consumption for new energy vehicle charging stations increasing by 43% and ticket purchases for rail and passenger transport rising by 21% [2][3] - The "old-for-new" policy has also positively impacted digital product consumption, which has grown by 11% [2] Cross-Border Travel - The cross-border travel market has seen a surge, with cross-border payment transactions increasing by 21% during the holiday [3][20] - Countries like South Korea, Malaysia, Singapore, and Thailand have benefited from visa-free policies, leading to significant increases in transaction volumes, with South Korea seeing a 46% rise and Malaysia over 300% [3][22][23] Inbound Tourism - WeChat is becoming a key tool for foreign tourists to experience China, with daily visits to mini-programs by inbound users increasing by over 60% compared to previous periods [4]