高盛：中国_国庆黄金周旅游数据呈现基本稳定态势

Investment Rating - The report does not explicitly provide an investment rating for the tourism industry but indicates stable growth momentum in the hospitality sector during the National Day Golden Week [2]. Core Insights - Tourism data during the National Day Golden Week showed stable growth compared to previous long holidays, with domestic tourism revenue slightly above pre-pandemic levels, but tourism spending per head remained below pre-pandemic levels, indicating weak domestic demand [2][4][18]. Summary by Sections Domestic Tourism Data - Domestic tourism data during the National Day Golden Week (1-7 October 2024) remained stable compared to previous long holidays, including the Mid-Autumn Festival, Dragon Boat Festival, and Labor Day holiday [3]. - The number of nationwide domestic visitors was 10.2% above the pre-pandemic level, while domestic tourism revenue was 7.9% above the pre-pandemic level [4]. - Year-on-year, the number of domestic visitors and tourism revenue were 5.9% and 6.3% above the previous year, respectively [4]. Spending and Revenue Trends - Tourism revenue per head was 2.1% below the pre-pandemic level during the National Day Golden Week, indicating a decline from the Mid-Autumn Festival [4]. - Daily revenue in consumption-related industries gained 25% year-on-year during the National Day Golden Week, with retail sales revenue up 9% and home appliance sales revenue up 149% [6]. Passenger Flows and Mobility - Domestic passenger traffic flows during the National Day Golden Week were 4% above the previous year and 23% above the pre-pandemic level [10]. - Daily average traffic congestion in major cities was 1% above year-ago levels but 9% below pre-pandemic levels [10]. Property Market Insights - Property transactions in large cities remained subdued during the National Day Golden Week, with primary market home sales volume 64% below year-ago levels and secondary market sales volume 11% below year-ago levels [12][16]. - Anecdotal evidence suggests improving sentiment in some cities despite the weak sales [12]. Overall Economic Context - Low tourism spending per head and subdued service prices highlight ongoing weak domestic demand and consumption downgrading [18]. - Future easing measures, particularly on the fiscal front, may be necessary to boost domestic demand and rebuild consumer confidence [18].