Core Insights - The winter-spring flight schedule commenced on October 26, with Eastern Airlines Zhejiang branch operating 274 flights, transporting over 20,000 passengers with an average seat occupancy rate of 72% [1][2] Flight Operations - Eastern Airlines Zhejiang branch plans to operate 71 domestic routes and 15 international and regional routes, increasing weekly flights to 904 to enhance travel options for Zhejiang tourists [1][2] - New routes include direct flights from Hangzhou to Urumqi and from Wenzhou to Tianjin, with additional routes planned to popular destinations such as Jieyang, Xishuangbanna, and Foshan [2][3] Popular Destinations - The newly launched Hangzhou-Urumqi route has a flight time of approximately 5 hours and 25 minutes, with the first flight achieving a seat occupancy rate of over 85%, indicating strong demand for travel to Xinjiang [3] - The flight from Ningbo to Foshan is scheduled to operate daily, with initial flights nearly sold out, reflecting the popularity of winter escape travel among Zhejiang tourists [2] International Expansion - In response to the recovering outbound travel demand, Eastern Airlines Zhejiang branch is increasing international flights, including four weekly flights from Ningbo to Singapore and a total of 16 weekly flights to Southeast Asia [4] - The winter-spring schedule will continue to support routes to Seoul, Sydney, Auckland, Budapest, Madrid, and Rome, enhancing the connectivity and convenience for travelers [4]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Core Insights - The A-share market experienced a strong upward trend, with the Shanghai Composite Index breaking through 3900 points, indicating a recovery in market volume [2][5][13] - Key sectors leading the market include metals and mining (+6.96%), coal (+3.00%), public utilities (+2.65%), and electronics (+2.21%), while sectors such as social services (-1.67%) and media internet (-1.23%) saw declines [2][8][14] - The overall market performance showed the Shanghai Composite Index up by 1.32%, Shenzhen Component Index up by 1.47%, and the ChiNext Index up by 0.73%, with total market turnover around 2.67 trillion yuan [2][8][14] Market Analysis - The market sentiment is strong as it is the first trading day after the National Day holiday, with upstream cyclical sectors like non-ferrous metals, steel, and coal leading the gains [8][14] - The technology sector, including solid-state batteries, humanoid robots, and semiconductors, also showed overall growth, driven by breakthroughs in controllable nuclear fusion technology [8][14] - The report highlights that the market is expected to maintain a "slow bull" trend, supported by ample micro liquidity and the influx of long-term capital [13][14] Sector Performance - The report identifies that the AI and robotics sectors are at a critical commercialization window, while traditional sectors face supply surplus issues, necessitating policy support for recovery [14] - The focus on technology growth includes attention to the "Double Innovation" and Hang Seng Technology Index, as well as sectors like lithium batteries, military industry, and chemicals [14] - Value sectors showing improving conditions include metals, gaming, and Hong Kong internet, with a focus on industries with rising revenue growth and gross margins [14]

每经编辑｜段炼 潘海福 国庆假期第一天，高速路上又开始了堵堵堵，各地景区也进入了"人从众"模式。 西湖一天涌入44万人 故宫、九寨沟等景区约满售罄 10月1日，国庆假期第一天，杭州天气没有很热，气温相对舒适。西湖景区接待客流量44.63万人次，同比增长12.33%。 西湖断桥。图片来源：潮新闻 记者 杨晓轩 摄 据潮新闻报道，早上7点半，记者在黄龙体育中心搭乘灵隐专线，去往灵隐寺。时间尚早，车上人不是特别多，进入灵隐路后通行开始缓慢，前方私家车 排着长队。 车行十几分钟就到灵隐公交总站。灵隐寺门口，人气已经很旺。 上午9点多的灵隐寺门口。图片来源：潮新闻 杨云寒摄 临平的庄大伯，跟记者坐同一班专线过来，"今天放假第一天，在家一个人也没什么事，就出来转转。" 崔先生从宁波来，同行的有老家来的父母和妹妹。一家四口前一天深夜到杭州，今早第一站就是灵隐寺。"来杭州，灵隐肯定要来打卡的。"崔先生说自己 是"新浙江人"，在浙江工作、生活多年，但一直没机会来杭州，刚好今年国庆假期，父母和妹妹来老家看他，就带着他们一起来逛杭州，"上午逛完灵 隐，下午去白堤，晚上再去看音乐喷泉……" 美团旅行数据显示，10月1日为国庆中秋假期 ...

Core Viewpoint - The tourism market in China is experiencing significant growth during the National Day holiday, with record-breaking visitor numbers and a shift towards personalized travel experiences [3][5][6]. Tourism Market Overview - The Ministry of Transport predicts that over 340 million people will travel on October 1, setting a new historical peak [3]. - Major online travel platforms report a surge in tourism activity, with many scenic spots experiencing overcrowding on the first day of the holiday [3]. Popular Destinations - According to Meituan Travel, the top ten scenic spots on the first day of the holiday included famous locations such as Mount Tai and Universal Beijing Resort [4]. - Qunar's data shows that popular attractions are primarily natural sites, theme parks, and historical landmarks, with significant ticket booking volumes for places like Jiuzhaigou and the Terracotta Army [4]. Emerging Trends - There is a notable increase in tourism consumption in county-level destinations, with a 51% rise in pre-orders compared to the previous year, and some areas seeing over 100% growth [5]. - Customized travel experiences are gaining popularity, with a reported 40% increase in sales of tailored travel packages during the holiday [5]. Domestic and International Travel - Both inbound and outbound tourism are on the rise, with popular outbound destinations including Japan and Thailand, while cities like Shanghai and Beijing attract the most inbound tourists [5][6]. Unique Tourism Experiences - There is a growing interest in cultural and industrial tourism, with attractions like the China Daan Locomotive Expo Park offering immersive experiences that blend history and technology [7].

从入境方向来看，探亲访友的海外华人华侨、港澳台同胞也不在少数。此外，随着中国单方免签以 及与相关国家互免政策的持续推出，加之国家移民管理局便利外籍人员来华措施不断调整优化，外国游 客来华热情持续高涨。据悉，近一周，浦东国际机场口岸日均入境外籍旅客数量达1.2万人次，其中以 来自日本、韩国、美国、俄罗斯、澳大利亚等国家居多，较去年同比增长39%。 国庆中秋长假到来，上海浦东国际机场、虹桥国际机场两大空港口岸同时迎来出入境双向客流高 峰。记者从上海边检总站获悉，今年国庆中秋长假期间，上海空港口岸预计出入境旅客数量将达88.3万 人次，日均11.6万人次，同比增长22.3%。其中，浦东国际机场预计出入境客流达80.7万人次，日均10.1 万人次；虹桥国际机场客流预计达7.6万人次，日均0.95万人次。 昨天下午，浦东国际机场2号航站楼，前来办理值机和行李托运手续的旅客络绎不绝，边检查验大 厅处的移民管理警察正引导旅客有序排队候检。"我们这次多请了几天假，一家人去欧洲旅行，计划多 去几个城市看一看。"前往英国旅游的杨女士说。 记者 邬林桦 通讯员 黄波 张雅婷 像杨女士这样选择"拼假"长线游的旅客不在少数。据上海机场 ...

本报讯(中青报·中青网见习记者 赵丽梅 记者 张均斌)9月28日，在国新办举行的新闻发布会上，交 通运输部副部长李扬介绍，据交通运输部分析和预测，今年国庆、中秋8天假期，全社会跨区域人员流 动量将达到23.6亿人次，平均每天大概2.95亿人次，比去年同期增长3.2%左右。 李扬表示，针对这次国庆、中秋假期，交通运输行业上下已经提前做好准备，全力保障大家平安出 行。 来源：中国青年报 自驾仍然是这次国庆、中秋假期出行的主要方式，预计自驾出行将达到18.7亿人次，占出行总量的 八成左右。高峰时段，高速公路车流量可能会突破日均7000万辆，其中新能源车有可能会达到1400万 辆。 2025年09月30日 06版 交通运输部预计，假期首末两端出现高峰，假期本身出行就是在高位运行，预计第一个高峰将出现 在10月1日，单日客流量可能会超3.4亿人次，再次出现历史峰值。第二个高峰预计将出现在中秋节后， 即7日、8日这两天。 假期天气好、景色美，中长距离出行会快速释放。李扬提到，特别是在京津冀、长三角、粤港澳大 湾区、成渝等重点城市群进出城高速公路、热门景区国省道路，车流量会比平时大很多，车辆流量大容 易引发交通事故，出现拥 ...

Group 1 - The upcoming Mid-Autumn Festival and National Day holiday will see a significant increase in travel, with a total of 2.36 billion people expected to travel across regions, averaging about 295 million people per day, which is a 3.2% increase compared to the same period last year [2] - The primary mode of travel during the holiday will be road travel, with an estimated 1.87 billion people expected to travel by car, accounting for approximately 80% of total travel volume [3] - Peak travel times are anticipated, with the first peak occurring on October 1, when traffic volume is expected to exceed 340 million people, and a second peak on October 7 and 8 [4] Group 2 - Key urban areas such as Beijing, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing are expected to experience significant increases in highway traffic, with volumes potentially six times higher than normal [5] - Domestic tourism is projected to surge in major cities like Shanghai, Chengdu, Beijing, Guangzhou, Xi'an, Hangzhou, and Nanjing, with travel interest expected to surpass last year's levels [6] - International travel is also expected to rise significantly, particularly to countries such as Japan, South Korea, and Southeast Asia, indicating a robust recovery in travel demand [6]

自驾仍是公众出行的主要方式。预计今年假期自驾出行将达18.7亿人次，占出行总量的八成左右。 本报北京9月28日电(记者严冰)记者从28日国新办举行的新闻发布会上获悉，中秋、国庆假期全社会跨 区域人员流动量将达到23.6亿人次，日均约2.95亿人次，比去年同期日均增长3.2%左右。 国内、国际旅游出行势头比较强劲，预计国内一些热门城市，比如上海、成都、北京、广州、西安、杭 州、南京、重庆等城市的旅游热度会突破去年高位。 ...

Core Insights - The upcoming Mid-Autumn and National Day holidays are expected to see a significant increase in cross-regional travel, with an estimated 2.36 billion trips over the 8-day period, averaging about 295 million trips per day, representing a 3.2% increase compared to the same period last year [1] Group 1: Travel Trends - Self-driving remains the primary mode of travel, with an expected 1.87 billion trips, accounting for approximately 80% of total travel [2] - Peak travel times are anticipated, with October 1st expected to see over 340 million trips in a single day, reaching historical highs [2] - Long-distance travel is projected to increase significantly due to favorable weather and scenic attractions, particularly in key urban areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [2] Group 2: Tourism Insights - Domestic tourism is expected to surge in popular cities like Shanghai, Chengdu, Beijing, Guangzhou, Xi'an, Hangzhou, Nanjing, and Chongqing, surpassing last year's levels [2] - International travel is also anticipated to rise sharply, particularly to countries like Japan, South Korea, and Southeast Asia [2] Group 3: Freight Transportation - Freight transport is expected to remain stable during the holiday period, with daily truck traffic projected to be between 5.5 million and 5.8 million, roughly in line with last year [3] - Demand for key materials such as energy, food, and minerals is expected to remain stable, with minimal fluctuations in rail, port, and air cargo transport [3]