社服行业周报：假日出行需求升级，消费能级提高

Investment Rating - The industry investment rating is "Overweight" [27] Core Viewpoints - The demand for holiday travel has upgraded, leading to an increase in consumer spending levels. During the 2024 National Day holiday, 765 million domestic trips were made, representing a year-on-year increase of 5.9% and a 10.2% increase compared to the same period in 2019. Total domestic tourist spending reached 700.817 billion yuan, with a year-on-year growth of 6.3% and a 7.9% increase compared to 2019 [6][7] - The travel consumption market continues to grow, particularly in lower-tier cities, with 26% of users opting to travel earlier, leading to a peak in travel demand starting September 28. Long-distance travel dominated the market, accounting for over 50% of trips during the holiday [6][7] - The popularity of "niche" scenic spots has surged, with certain locations experiencing over 20 times the tourism heat compared to previous years. The search interest in domestic zoos and museums has also significantly increased [6][7] - The resilience of tourism consumption is evident, with a recommendation to focus on companies within the tourism and travel industry chain [6][7] Summary by Sections Travel Data Tracking - The report highlights a significant increase in travel demand, with a notable rise in outbound travel orders from lower-tier cities, showing a year-on-year increase of 100% and 300% respectively during the National Day holiday [6][7] Hotel Data Tracking - In August 2024, the average occupancy rate of star-rated hotels in Shanghai was 68.80%, consistent with the same period in 2023 and recovering to 101.18% of the 2019 level [15] Hainan Tourism Data Tracking - Hainan's passenger throughput in August 2024 was 5.6968 million, reflecting a year-on-year growth of 0.80% and a 27.34% increase compared to 2019 [18] Restaurant Data Tracking - The number of dining establishments in Beijing reached 145,329 in August 2024, marking a 2.81% increase month-on-month and a 14.70% increase year-on-year. Notable growth was observed in the number of new stores opened by various restaurant chains [20]