Investment Rating - The industry investment rating is "Outperform" [1][54]. Core Insights - The report highlights a steady growth in domestic travel and sustained interest in inbound tourism, with significant increases in passenger numbers and spending [1][15]. - The recovery of civil aviation passenger traffic is ongoing, with domestic and international routes showing positive trends compared to previous years [5][11]. - The service sector continues to show signs of improvement, with rising consumer spending and service production indices [25][28]. Summary by Sections Civil Aviation Recovery - Civil aviation passenger volume in July 2025 reached approximately 71.82 million, a 3.9% increase year-on-year and a 21.1% increase compared to 2019 [8]. - Domestic passenger volume was about 64.73 million, up 2.7% from 2024 and 22.8% from 2019, while international passenger volume was around 7.09 million, up 15.7% from 2024 and 7.6% from 2019 [11]. Domestic Travel Growth - In the first half of 2025, domestic travel by residents reached 3.285 billion trips, a 20.6% increase year-on-year, with urban residents accounting for 2.452 billion trips (up 17.5%) and rural residents 833 million trips (up 30.6%) [16][20]. - Total spending on domestic travel in the first half of 2025 was 3.15 trillion yuan, a 15.2% increase year-on-year, although per capita spending decreased by 4.3% to 958.9 yuan [20]. Inbound Tourism - Inbound tourism in Shanghai saw a significant increase, with 680,700 visitors in July 2025, a 33.8% increase from 2024, recovering to 96.35% of 2019 levels [24]. - The total number of inbound tourists in the first half of 2025 reached 4.158 million, a 37.73% increase year-on-year, with overnight stays increasing by 47.09% [24]. Service Sector Performance - In July 2025, restaurant revenue grew by 1.1% year-on-year, while retail sales increased by 4.0%, indicating a continued recovery in the service sector [28]. - The service industry production index rose by 5.8% year-on-year, with a cumulative revenue increase of 7.5% for large service enterprises in the first half of 2025 [28]. Company Tracking - Ctrip reported strong growth in international business, with Q2 2025 net revenue of 14.8 billion yuan, a 16% year-on-year increase, and net profit of 4.9 billion yuan, up 26% [47]. - The international OTA platform saw over 60% growth in total bookings, driven by demand from the Asia-Pacific region, with outbound travel bookings exceeding 120% of 2019 levels [47][48].
旅游行业跟踪报告：居民出游人次稳步增长，入境游热度延续
Mai Gao Zheng Quan·2025-09-09 13:45