智通财经网·2025-10-10 07:25Core Insights - The report from Guosen Securities highlights a significant increase in cross-regional travel during the National Day and Mid-Autumn Festival holiday, with a total of 2.433 billion trips made, reflecting a year-on-year increase of 6.3% and a 30.8% increase compared to 2019 [1] Group 1: Travel Volume and Trends - The total cross-regional travel volume during the eight-day holiday reached 2.433 billion trips, with an average daily increase of 6.3% year-on-year and a 30.8% increase compared to 2019 [1] - The breakdown of travel modes shows that railway, road, civil aviation, and water transport accounted for 154 million, 2.248 billion, 19.14 million, and 11.66 million trips respectively, with year-on-year increases of 2.6%, 6.6%, 3.3%, and 4.1% [1] - Self-driving trips remained the dominant mode of travel, with an average of 243 million trips per day, reflecting a year-on-year increase of 7.2% and accounting for approximately 80% of total travel volume [1] Group 2: Aviation Performance - Despite a high base from the previous year, civil aviation passenger flow still saw a year-on-year increase of 3.3% during the holiday, with an average daily passenger flow of 1.69 million flights, marking a 3.2% increase compared to the previous year and a 15.4% increase compared to 2019 [2] - The average ticket price for domestic economy class during the holiday was 849 yuan, showing a slight year-on-year increase of 0.3% and a minor decrease of 1.4% compared to 2019 [3] Group 3: Travel Behavior and Preferences - There was a notable increase in long-distance travel orders, with domestic long-distance travel orders rising by 3 percentage points year-on-year [4] - International travel saw a significant uptick, with outbound ticket bookings for popular destinations increasing by over 30% year-on-year, particularly in regions like Japan, South Korea, and Southeast Asia [4] Group 4: Tourism Revenue and Consumer Spending - Domestic tourism during the holiday reached 888 million trips, with total spending amounting to 809 billion yuan, reflecting a year-on-year increase of 1.0% [5] - The average tourism expenditure per person was 911.1 yuan, showing a slight decrease of 0.5% year-on-year but recovering to 97.4% of the level seen in 2019 [5] Group 5: Investment Outlook - The fourth quarter is expected to enter a travel off-season, but there may be a recovery in business travel demand compared to the previous year [6] - The report suggests that if travel demand continues to grow steadily, it could lead to a recovery in airline revenues, with potential for significant profit growth for airlines like Air China, China Eastern Airlines, and others [6]