旅游行业2024年“十一”黄金周数据跟踪报告：旅游市场活力持续复苏，市内免税新政开始施行

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The tourism market continues to recover, with strong enthusiasm for travel during the National Day holiday. Domestic travel reached 765 million trips, a year-on-year increase of 5.9%, and total spending was 700.82 billion yuan, up 6.3% year-on-year. The recovery of international flights is driving a two-way recovery in cross-border travel [1][5][16] - The new duty-free policy is officially implemented, which is expected to lead to rapid growth in the city duty-free sector. The duty-free industry is anticipated to develop in three channels: airport duty-free, city duty-free, and offshore duty-free [1][10][16] - Major scenic spots continue to lead tourism trends, while niche scenic spots are gaining popularity among younger travelers seeking diverse and personalized travel experiences [1][12][16] Summary by Sections 1. Tourism: Rapid Growth in County Tourism and Two-Way Recovery in Cross-Border Travel - During the National Day holiday, domestic travel reached 765 million trips, a 5.9% increase year-on-year, and total spending was 700.82 billion yuan, a 6.3% increase year-on-year. The number of performances and ticket sales also saw significant growth [5][16] - Residents from lower-tier cities are becoming the main force in travel, with a notable increase in bookings for county-level destinations [5][7][16] 2. Duty-Free: Implementation of New City Duty-Free Policy - The new city duty-free policy was implemented on October 1, expanding the scope of eligible consumers and duty-free limits. A total of 19 categories of products are now available in city duty-free stores, including luxury goods and daily consumer products [10][11][16] 3. Scenic Spots: Major and Niche Scenic Spots Working Together - The 339 5A-level scenic spots remain popular among tourists, with a significant increase in deep tourist visits. Younger travelers are increasingly interested in exploring less crowded destinations for better travel experiences [12][14][16] 4. Investment Recommendations - Focus on companies benefiting from the recovery of inbound and outbound travel, as well as those excelling in brand building and operational management in the tourism sector. Attention should also be given to hotel chains that are enhancing their brand matrix and competitiveness in the mid-to-high-end market [16]