社会服务行业周报：国庆假期旅游双循环特征明显，演唱会带动下全域旅游热潮兴起

Investment Rating - The industry investment rating is "Increase" (maintained) [5] Core Viewpoints - The National Day holiday travel shows a clear dual circulation characteristic, with cost-effectiveness of travel during the "Eleventh" holiday highlighted. According to Ctrip's "2024 National Day Travel Forecast Report," domestic and outbound flight prices have dropped over 20% compared to the same period last year, leading to a surge in long holiday travel bookings. Additionally, inbound travel orders have increased by 60%, indicating a strong dual circulation trend in tourism [5] - The report predicts that the number of travelers and tourism consumption during the "Eleventh" holiday is expected to reach a historical high, with major cities like Beijing, Shanghai, and Guangzhou being the top destinations. The report also notes a significant increase in rural tourism orders, driven by travelers from first and second-tier cities [5] - The concert economy is emerging as a new path for urban cultural tourism development, with large-scale concerts attracting significant attendance and boosting local tourism. The report emphasizes the importance of the "concert + tourism" consumption model, which is expected to drive growth in transportation, hotels, dining, and tourist attractions [6][7] Summary by Sections Industry Investment Rating - The industry is rated as "Increase," indicating a favorable outlook for the sector [5][26]. Travel and Tourism Insights - The report highlights a 60% increase in inbound travel orders and a significant drop in flight and hotel prices, suggesting a favorable environment for travel during the upcoming holiday [5]. - Major cities are expected to be the most popular destinations, with a notable increase in rural tourism orders [5]. Concert Economy Impact - The concert economy is becoming a significant driver of urban tourism, with large events leading to increased local tourism and spending [6][7]. - The report suggests that the "concert + tourism" model will enhance the overall travel experience and stimulate various sectors within the travel industry [6][7]. Investment Recommendations - The report recommends focusing on specific companies within the hotel, restaurant, tourism, and retail sectors, including Huazhu Group, Haidilao, and China Duty Free [8].