国庆假期国内旅游稳健态势，人均花费好于预期

Investment Rating - The report maintains a positive outlook for the domestic tourism industry, projecting a 10% growth rate for the year 2025 [2]. Core Insights - Domestic tourism during the National Day holiday showed robust performance, with total revenue reaching 809 billion yuan and a year-on-year increase of 15% in revenue per capita [2]. - The average spending per person decreased slightly by 0.6% year-on-year, which is an improvement compared to earlier predictions [2]. - The report anticipates a stabilization and potential recovery in average spending in the second half of the year [2]. - Online travel agencies (OTAs) like Douyin and Fliggy are increasing their investments in the travel sector, which is expected to enhance online penetration rates [2]. - The competitive landscape among platforms remains less intense compared to other internet sectors, with existing players' revenues and profits largely unaffected [2]. Summary by Sections Domestic Tourism Performance - During the 2025 National Day holiday, domestic tourism revenue reached 809 billion yuan, with 8.9 billion trips made, reflecting a 15% and 16% year-on-year increase in revenue and trips, respectively [2][9]. - Daily average tourism revenue per person increased by 1.0% year-on-year, while daily average trips per person rose by 1.6% [2][9]. - The average spending per person was 911 yuan, slightly better than previous forecasts [2][9]. OTA Platform Insights - The report highlights a rise in long-distance and family travel bookings, with younger users increasingly booking flights [2]. - The average order value is stabilizing, and outbound travel continues to grow at a high rate [2]. - Specific performance metrics include a 120% year-on-year increase in outbound charter bookings for Ctrip, and a 20% increase in hotel bookings for Qunar [8]. Investment Recommendations - The report forecasts a total domestic tourism revenue of 6.3 trillion yuan for 2025, with a 10% year-on-year increase [2]. - Ctrip's total revenue is expected to grow by 15% year-on-year, while Tongcheng Travel's core OTA revenue is projected to increase by 14% [2]. - The report emphasizes the importance of supply chain development and user service quality for long-term competition among platforms [2].