国内游量增价稳，出入境继续高增

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The report highlights a steady increase in domestic travel volume and stable pricing, with significant growth in inbound and outbound travel [6][9] - The National Tourism Administration reported that during the National Day holiday, domestic travel reached 765 million trips, a year-on-year increase of 5.9% and a 10.2% increase compared to 2019 [9][12] - Total spending by domestic tourists was 700.82 billion yuan, reflecting a year-on-year increase of 6.3% and a 7.9% increase compared to 2019 [9][12] Summary by Sections 1. Travel Overview: Continued Enthusiasm for Travel - Domestic travel data shows a "volume increase and stable prices" trend, with 765 million domestic trips taken during the National Day holiday [12] - Per capita spending has recovered to 97.9% of the 2019 level, indicating a strong recovery in consumer behavior [12][15] 2. Domestic Travel Trends: Downward and Youthful - The trend of destination downscaling continues, with significant growth in bookings from third-tier cities and below, reflecting a shift towards more affordable travel options [21][23] - The main travel demographic is becoming younger, with a notable increase in travel orders from the post-2000 generation [23] 3. Hotel and Restaurant Performance: National Hotel Occupancy Rate Up - National hotel occupancy rates (OCC) increased by 5.1% year-on-year during the National Day holiday, although average daily rates (ADR) saw a decline of approximately 11% [25][27] - Restaurant dining saw a significant increase in consumer spending, with a 33.4% year-on-year growth in average daily consumption during the first five days of the holiday [27] 4. Industry Outlook and Investment Recommendations: Focus on Cyclical Recovery - The report anticipates steady growth in domestic tourism and continued expansion in inbound tourism, driven by policy support and changing consumer behavior [31] - Recommended sectors for investment include human resources, hotels, restaurants, and tourism, with specific companies highlighted for potential growth [31]