2025年五一旅游数据点评：国内文旅市场多点开花，跨境游市场持续高增

Investment Rating - The industry is rated as "Outperform" with expectations that the industry index will perform better than the benchmark index over the next 6-12 months [2][28]. Core Insights - The domestic tourism market continues to recover, with significant growth in both domestic and cross-border travel during the May Day holiday. The cross-border travel market is expected to maintain its strong performance [2][4]. - The report highlights a robust recovery in the tourism sector, with domestic travel reaching 314 million trips, a year-on-year increase of 6.4%, and total domestic spending of 180.27 billion yuan, up 8.0% [8][12]. - The report emphasizes the increasing popularity of traditional tourist attractions, with many seeing double-digit growth in visitor numbers during the holiday [14][15]. Summary by Sections Domestic Tourism - During the May Day holiday, 314 million domestic trips were made, with total spending reaching 180.27 billion yuan, reflecting a 6.4% and 8.0% increase year-on-year respectively. The average spending per trip was 574.11 yuan, up 1.5% [8][12]. - Key cities like Beijing and Shanghai reported significant tourist numbers and spending, with Beijing receiving 17.9 million visitors and Shanghai 16.93 million [12]. Key Attractions - Popular attractions such as Xiangyuan Cultural Tourism and Huangshan received substantial visitor numbers, with Xiangyuan receiving 623,600 visitors (up 51.79%) and Huangshan 147,000 visitors (up 13.7%) [14][15]. - The performance of cultural shows, particularly the "Eternal Love" series, also saw a notable increase, with 379 performances and 2.1 million attendees, marking a 26% increase [14][15]. Hotel and Dining Sector - The retail and dining sectors experienced a surge, with sales from key retail and dining enterprises increasing by 6.3%. High-star hotel bookings surged by over 40%, particularly in lower-tier cities [16][17]. - The report notes that the demand for high-star hotels in third-tier cities increased by 50%, significantly outpacing first-tier cities [16]. Cross-Border Travel - The report indicates a strong recovery in cross-border travel, with a total of 3.67 million inbound and outbound travelers during the holiday. Inbound travel orders increased by 130% year-on-year [18]. - Major destinations for inbound tourists included Myanmar, South Korea, and Malaysia, while popular outbound destinations included Japan and Thailand [18]. Investment Recommendations - The report recommends investing in companies with strong resources and operational capabilities, such as Lingnan Holdings, Zhongxin Tourism, and Songcheng Performance. It also highlights the potential for growth in airport duty-free and related sectors due to the recovery in cross-border travel [4][21].