2025年春节旅游数据点评：国内出游增长稳健，跨境游市场表现突出

Investment Rating - The industry is rated as "Outperform" with expectations of better performance compared to the benchmark index over the next 6-12 months [1][28]. Core Insights - The domestic travel market showed steady growth during the Spring Festival, with significant structural highlights in intangible cultural heritage tourism and winter sports tourism. The cross-border travel market experienced a substantial year-on-year increase and is expected to continue its recovery trend [3][21]. - The report emphasizes the recommendation of companies with quality resources and strong operations, including travel chains and related industries such as Lingnan Holdings, Zhongxin Tourism, Changbai Mountain, Huangshan Tourism, and Songcheng Performing Arts. It also highlights hotel brands like Junting Hotel, Jinjiang Hotel, and Shou Tour Hotel, which benefit from the recovery of business travel and increased market share post-pandemic [3][21]. Summary by Sections Domestic Travel - During the Spring Festival, 501 million domestic trips were made, a year-on-year increase of 5.9%, with total spending reaching 677 billion yuan, up 7.0%. The average spending per trip was 1,351 yuan, an increase of 1.2% [6][10]. - The transportation sector saw a total of 2.307 billion inter-regional passenger movements, with rail passenger volume at 96.26 million, down 3.22%, while road passenger volume increased by 0.76% to 2.183 billion [6][9]. Key Provinces and Cities - Major provinces like Shanghai, Guangdong, and Anhui reported single-digit growth in tourist numbers, while Zhejiang achieved a record high in per capita spending since 2021. Fujian saw double-digit growth in both visitor numbers and total spending, driven by intangible cultural heritage elements [10][11]. Cross-Border Travel - Cross-border travel orders saw a year-on-year increase of 30%, with inbound tourism ticket orders up 180% and hotel bookings for inbound tourists increasing by over 60%. The number of inbound tourists reached 3.4321 million, a 6.2% increase year-on-year [18][21]. Hotel and Restaurant Sector - The hotel market performed steadily, with demand driven by inbound tourism and local consumption. High-star hotels saw a nearly 40% increase in bookings compared to last year [12][14]. - Retail and restaurant sales during the first four days of the Spring Festival increased by 5.4% year-on-year, with online reservations for New Year's Eve dinners rising over 300% [14]. Tax-Free Shopping - Tax-free shopping faced challenges, with a 15.87% decrease in sales amounting to 2.094 billion yuan during the Spring Festival. However, the average spending per person increased slightly to 8,706 yuan [15][16].