UTour (SZ:002707) EBSCN·2025-12-01 11:13Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].