旅游服务业：国庆跟踪：出行人次恢复度110%，表现亮眼

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights a strong recovery in travel during the National Day holiday, with total travel volume reaching 765 million, a year-on-year increase of 5.9%, and recovering to 110.2% of 2019 levels [2][3]. - Tourism revenue during the same period was 700.82 billion, reflecting a year-on-year growth of 6.3% and recovering to 107.9% of 2019 levels [2]. - The report notes that various holidays in 2024 are expected to recover to 89%-102% of 2019 levels, indicating a generally positive trend in travel consumption [2]. Summary by Sections Travel Volume and Revenue - During the National Day holiday, travel volume reached 1.1003 billion, a 4% increase year-on-year and a 23% increase compared to 2019 [2]. - The report details that railway, road, waterway, and civil aviation transported 13.125 million, 184.616 million, 980, and 1.610 million passengers respectively, showing growth rates of 6%, 4%, 10%, and 11% year-on-year [2]. Scenic Areas Performance - Notable scenic areas such as Songcheng Performing Arts received over 2.6 million visitors, a 159.7% increase year-on-year [3]. - Other scenic areas like Emei Mountain and Huangshan also reported significant increases in visitor numbers, with Emei Mountain seeing a 19.35% increase compared to 2023 [3]. Provincial and City Data - Beijing received 21.5964 million visitors, a year-on-year increase of 18.35%, with tourism revenue reaching 26.885 billion, up 11.67% [4]. - Guangdong and Sichuan also reported strong performance, with visitor numbers of 58.481 million and 55.318 million respectively, showing year-on-year growth of 6.2% and 11.09% [4]. OTA and Travel Trends - The report indicates a strong resilience in travel consumption, with hotel bookings increasing by nearly 60% year-on-year, and high-star hotel bookings up by nearly 40% [2]. - There is a notable increase in outbound travel, with daily orders for inbound and outbound travel reaching historical highs, reflecting a robust recovery in the travel sector [2]. Investment Recommendations - The report suggests focusing on the education sector and cyclical recovery opportunities, recommending stocks such as China Duty Free, Keri International, and Beijing Renren [2].