旅游行业研究：政策引领业态创新，供需协同驱动旅游业高质量发展

Investment Rating - The report indicates a positive outlook for the tourism industry, suggesting a transition into a high-quality development phase by 2025, driven by policy support and market recovery [2][16]. Core Insights - In 2024, the tourism industry is experiencing rapid recovery and steady growth, characterized by diversification and high-quality development, with "tourism+" models and cross-border travel emerging as key consumption hotspots [2][5][9]. - A series of favorable policies from the government are expected to enhance infrastructure and service experiences, providing a solid foundation for both immediate recovery and long-term sustainable development [3][4]. - The demand side is showing signs of consumption stratification and cross-border recovery, while the supply side is accelerating upgrades through innovative business models and technological empowerment [16][17]. Summary by Sections 1. Policy Environment - Multiple favorable policies have been introduced in 2024 to guide and standardize the tourism industry's development, enhancing infrastructure and service experiences [3][4]. - Key initiatives include improving mobile network coverage in tourist areas and establishing national occupational standards for tourism service personnel [3][4]. 2. Industry Performance - In 2024, domestic travel reached 5.615 billion trips, a year-on-year increase of 14.8%, with urban residents showing a 16.3% increase in travel [5][6]. - Total spending by domestic tourists was 5.75 trillion yuan, reflecting a year-on-year growth of 17.1% [6][7]. 3. Financial Performance of Tourism Enterprises - Most tourism enterprises reported revenue growth in the first three quarters of 2024, although some faced declining profitability due to traditional business models being disrupted [13][15]. - Notable revenue figures include China Tourism Group with 60.903 billion yuan and Beijing Capital Tourism Group with 35.3 billion yuan, both showing varying growth rates [15]. 4. Future Outlook - The tourism industry is expected to enter a new phase of high-quality development by 2025, with a focus on optimizing consumption patterns and enhancing service quality [16][17]. - The report anticipates a significant increase in travel frequency and a shift towards high-end, immersive experiences among consumers [16][17].