2024年国庆假期数据点评：国庆假期量超预期，价同比提升

Investment Rating - The report maintains an "Overweight" rating for the tourism industry, including segments such as dining, hotels, tourist attractions, travel agencies, and chain dining [1][2]. Core Insights - The report highlights that the National Day holiday saw visitor numbers exceed expectations, with a year-on-year increase in prices. Long-distance travel has significantly recovered, and traditional scenic spots experienced higher-than-expected visitor flows despite high base comparisons [2][3]. - The report emphasizes the importance of policy catalysts in driving cyclical sectors, recommending investments in dining, hotels, and duty-free sectors. It also notes improvements in the competitive landscape for vertical O2O companies and suggests focusing on sustainable earnings in the education sector [3]. Summary by Relevant Sections Tourism Sector - National Day travel reached 765 million trips, a 5.9% increase year-on-year compared to 2023 and a 10.2% increase compared to 2019. Total spending during the holiday was 700.82 billion yuan, up 6.3% year-on-year [3]. - The report indicates that traditional scenic spots performed better than expected, with notable increases in visitor numbers for locations like Jiuhua Mountain and Huangshan [3]. Dining Sector - Dining consumption during the National Day holiday increased by 33.4% compared to 2023, with nighttime dining seeing a 44.8% increase. The average spending per customer was 916.1 yuan, recovering to 100.38% of 2023 levels [3]. - Major dining chains like Haidilao reported over 1.9 million customers on October 1, 2024, marking a year-on-year growth of over 5% [3]. Hotel Sector - The hotel industry is expected to benefit from the recovery in travel and increased consumer spending during holidays, with several hotel chains receiving "Overweight" ratings [1][3]. Education Sector - The report identifies a potential bottoming out in the education sector, recommending undervalued stocks with sustainable earnings such as Zhuoyue Education and Thinking Education [3]. Retail Sector - The report notes that the retail sector, particularly in affordable overseas retail, remains highly prosperous, with recommendations for companies like Miniso and China Duty Free Group [3].