TENCENT(HK:00700) Sou Hu Cai Jing·2025-10-12 07:22Core Insights - The Golden Week holiday from October 1 to 8 saw a total of 2.433 billion cross-regional trips in China, averaging 304 million trips per day, representing a year-on-year increase of 6.3% compared to the same period in 2024 [1] - Shanghai's entry and exit numbers reached 978,000, with transportation tools exceeding 6,880, marking increases of 17.8% and 9.6% respectively compared to 2024 [1] - The outbound travel market was robust, with 316,000 outbound travelers from mainland China, accounting for 73% of total outbound travelers, with Japan and South Korea being the top destinations [1] Consumer Spending Trends - New first-tier cities and county markets led national consumption growth during the holiday, with a 10% increase in total spending compared to the May Day holiday [3] - Chongqing topped the consumption rankings, surpassing major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, becoming the "double champion" in both payment amount and transaction count [3] - The holiday also saw a significant rise in cross-border tourism, with WeChat payment transactions in New Zealand increasing by 131% and in Italy doubling year-on-year [3][10] Regional Economic Activity - The top 20 cities by WeChat payment consumption included 13 new first-tier cities, with Wenzhou, Quanzhou, and Jinhua entering the top 20, showcasing economic potential outside of traditional first-tier cities [4] - Users in Chongqing and Chengdu showed a preference for leisure activities like "mahjong" and "biking," while users in major cities searched for entertainment events [6] Cross-Border Payment Growth - Cross-border payment transactions increased by 21% in the first five days of the holiday, with significant growth in transactions to South Korea (46%) and Singapore (32%) due to visa-free policies [10] - WeChat payment transactions in Malaysia saw a threefold increase, while Japan experienced over a 25% increase in transactions, facilitated by local e-wallet integrations [10] Travel and Transportation Innovations - Various travel-related mini-programs enhanced the convenience for outbound tourists, with significant growth in transaction volumes for transportation services [11] - The average daily visits to mini-programs by inbound tourists increased by over 60% during the holiday, indicating a growing trend in using WeChat for travel experiences in China [11]