国庆假期文旅数据点评：出境游增长强劲，旅游消费力环比回升

Investment Rating - The report maintains a "Recommended" rating for the social services industry [3]. Core Insights - The report highlights a strong growth in outbound tourism, with international flight numbers increasing by 37% year-on-year during the National Day holiday, and outbound ticket prices dropping by over 20% [2][17]. - Domestic travel shows a recovery in per capita spending, reaching 98% of pre-pandemic levels, although the overall number of domestic travelers has seen a slower recovery [11][24]. - The trend of rational consumption continues, with a notable increase in demand for cost-effective travel options, such as rural and county tourism, which saw order growth of 60% and 20% respectively on the Ctrip platform [11][13]. Summary by Sections Domestic Tourism - During the National Day holiday, domestic travel reached 765 million trips, a year-on-year increase of 5.9%, but lower than the 10.2% increase compared to 2019 [11]. - Domestic tourism revenue was 700.8 billion yuan, reflecting a 6.3% year-on-year increase, with per capita spending recovering to 98% of pre-pandemic levels [11][24]. - The average hotel price during the holiday was 367.55 yuan, down 8.4% year-on-year, indicating a trend towards lower travel costs [11][13]. Outbound Tourism - The average daily number of inbound and outbound travelers reached 1.87 million during the holiday, a 26% increase year-on-year, recovering to 95% of 2019 levels [2][17]. - Popular destinations included Japan, South Korea, and Australia, with significant increases in visa applications and travel from lower-tier cities [20][22]. - The report emphasizes the potential for continued growth in outbound tourism driven by increased flight availability and lower costs [24]. Investment Recommendations - The report recommends investing in leading OTA companies such as Ctrip and Tongcheng Travel, as well as major players in the Macau gaming sector like Galaxy Entertainment and Sands China [2][24]. - It also suggests looking into undervalued cyclical stocks, including leading duty-free operators and hotel chains, as domestic policies shift towards consumption stimulation [24].