国庆消费数据点评：国庆假期出游符合预期

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [8]. Core Insights - Domestic tourism during the National Day holiday saw a total of 765 million trips, representing a year-on-year increase of 5.9% and a 10.2% increase compared to 2019. The total tourism revenue reached 700.82 billion yuan, with a year-on-year growth of 6.3% and a 7.9% increase from 2019 [6]. - The average per capita spending for domestic travel was 916 yuan, showing a slight year-on-year increase of 0.4% [6]. - The overall cross-regional mobility during the holiday reached 2.003 billion trips, averaging 286 million trips per day, which is a 3.9% increase compared to 2023 and a 23.1% increase compared to 2019 [6]. - The report highlights a significant rise in hotel bookings in nearly 100 county-level cities, with an increase of over 50% year-on-year [6]. - Young consumers, particularly those born after 2000, have become the main force in travel, accounting for nearly 20% of orders, surpassing older generations [6]. - The report suggests that the tourism industry is expected to benefit from government policies aimed at boosting consumption, with a focus on sectors such as OTA, scenic spots, and hotels [7]. Summary by Sections Travel Data - The National Day holiday saw 765 million domestic trips, with tourism revenue at 700.82 billion yuan, reflecting growth compared to previous years [6]. - Daily average cross-regional mobility was 286 million trips, showing significant increases from both 2023 and 2019 [6]. OTA and Consumer Trends - There is a notable increase in hotel bookings in county-level cities, and younger consumers are leading the travel market [6]. - The average travel radius has decreased, indicating a trend towards slower-paced travel experiences [6]. Scenic Spots and Box Office - Major scenic spots reported significant increases in visitor numbers compared to previous years, with some locations seeing over 80% growth [7]. - The box office for the National Day holiday was 2.104 billion yuan, with domestic films accounting for nearly 96% of the total [7]. Investment Recommendations - The report recommends focusing on sectors that are likely to benefit from the anticipated increase in consumer spending, particularly in tourism-related industries [7].