社会服务行业专题研究：国内游量增价稳，出入境继续高增

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Insights - The Ministry of Culture and Tourism 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 the same period in 2019. Total spending by domestic tourists was 700.82 billion yuan, up 6.3% year-on-year and 7.9% compared to 2019 [3][12][21] - Domestic travel shows resilience with per capita spending recovering to 97.9% of 2019 levels, indicating a strong recovery trend [12][21] - The inbound tourism market continues to grow significantly, with 13.098 million people entering and exiting the country during the holiday, a daily average increase of 25.8% year-on-year [20][21] Summary by Sections 1. Travel Market Overview - Domestic travel enthusiasm continues, with a total of 765 million trips during the National Day holiday, reflecting a recovery rate of 110.2% compared to 2019 [12][15] - Per capita spending during the holiday reached 97.9% of 2019 levels, indicating a positive trend in consumer behavior [12][15] 2. Domestic Travel Trends - The trend of destination "downward" continues, with traditional scenic spots and lesser-known counties gaining popularity. For instance, popular scenic spots like Emei Mountain and Huangshan saw visitor numbers increase by 19% and 12% respectively [21][22] - The younger demographic is becoming a significant part of the travel market, with those born after 2000 accounting for nearly 20% of travel orders during the holiday [23] 3. Hotel and Dining Sector - National hotel occupancy (OCC) increased by 5.1% year-on-year during the holiday, although average daily rates (ADR) saw a decline of about 11% [25][27] - Dining consumption during the holiday increased by 33.4% compared to the previous year, with notable growth in evening dining [27] 4. Industry Outlook and Investment Recommendations - The report suggests focusing on cyclical sectors such as hospitality, dining, and tourism, with specific recommendations for companies like Beijing Human Resources, Jin Jiang Hotels, and China Duty Free [31]