中金：国庆中秋假期出行增势良好 远途深度与情绪体验并进

Group 1: Travel Industry Insights - The travel volume during the Mid-Autumn and National Day holidays showed a slight decline compared to the May Day holiday, but remained strong, with a daily year-on-year increase of 6.2% in cross-regional personnel flow [2] - Long-distance deep travel and emotional experience payments are progressing together, with significant growth in certain tourist destinations, such as Changbai Mountain, which saw a 18.95% year-on-year increase in visitor numbers during the first four days of the holiday [2][3] - International flight passenger flow increased by 15.5% year-on-year during the holiday period, indicating a recovery in outbound tourism [2] Group 2: Hotel Industry Performance - The hotel industry is expected to continue the improvement trend seen in September, with a focus on the recovery of business travel post-holiday [3] - The RevPAR (Revenue per Available Room) for the hotel industry showed a mixed performance in September, with a year-on-year decline of 13.7% to a growth of 15.2% across different weeks, suggesting potential for improvement during the holiday period [3] Group 3: Duty-Free Sales - The sales at Sanya International Duty-Free City reached over 120 million yuan in a single day, marking a 60% year-on-year increase, highlighting the strong demand for duty-free shopping [4] - The average daily passenger volume at Haikou Meilan Airport increased by 7% year-on-year during the holiday, indicating a robust travel environment [4] Group 4: Dining Sector Performance - The sales of key retail and dining enterprises increased by 3.3% year-on-year during the first four days of the holiday, which is lower than the growth seen during the May Day holiday [5] - Specific dining brands like Tea Garden and Cha Bai Dao showed stable performance, with the latter experiencing a year-on-year increase in same-store sales [5] Group 5: Investment Recommendations - Companies recommended for investment include Luckin Coffee, Gu Ming, Mixue Group, Atour, Yum China, and Dasin Holdings, with a focus on those likely to benefit from service consumption policies [6] - Companies expected to see turning points or marginal improvements include Huazhu, Shoulv Hotel, Beijing Renli, Keri International, Tongdao Recruitment, Haidilao, China Duty Free Group, and Songcheng Performance [6]