南方财经 21世纪经济报道记者田静 澳门报道 2025年国庆中秋相连的8天长假收官，澳门旅游市场交出亮眼成绩单。据澳门特区旅游局公布的初步数 据，10月1日至8日，澳门入境旅客总数达114.4万人次，日均旅客14.3万人次。这一数据较2024年及2019 年同期分别上升1.9%及2.8%。 数据显示，内地旅客仍是绝对主力，期间共录得94.3万人次，占总入境人次的82.4%。香港旅客位列第 二，占11.2%。尤为亮眼的是国际旅客市场，累计入境达5.7万人次，日均约7,200人次，较2024年同期 大幅攀升29.9%，显示出澳门旅游国际吸引力的强劲复苏。 在8天假期中，澳门接连迎来入境高峰。其中，10月3日录得入境旅客18.2万人次，10月4日达19.1万人 次，打破2024年10月3日17.2万人次的最高单日纪录，10月4日更录得有正式统计数据以来国庆假期的最 高单日旅客量。假期第7天有13.6万旅客入境澳门，较去年同期增加八成，是增幅最大的一日，假期收 官的第8天回落到8.8万人次。 （原标题：8天国庆长假澳门迎114万旅客，单日客量连破纪录） 每年的国庆"黄金周"是澳门重要的旅游档期，今年假期相比过去的7天 ...

来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 值得一提的是，国际及地区航线复苏态势显著。昆明至曼谷航线实现每日加密，吉隆坡、槟城、沙巴等 热门目的地航线客流密集，成为跨境旅游的重要通道。 假日期间，省内各机场装扮一新。在昆明长水国际机场"普洱生活体验场"，旅客可沉浸式感受云南生态 文化；西双版纳嘎洒国际机场巧妙融合中秋节传统与傣族风情，为旅客奉上别具特色的文化盛宴；迪庆 香格里拉机场的手语歌舞《万疆》，以艺术形式传递家国情怀；大理、普洱、腾冲等地机场工作人员身 着民族盛装，将暖心服务与地域特色完美结合，成为一道亮丽的风景线。(完) "双节"假期云南空港送客逾182万人次 国际航线复苏强劲 本文为转载内容，授权事宜请联系原著作权人 中新网昆明10月9日电 (马初霞)云南航空产业投资集团有限责任公司9日消息，今年国庆中秋假期(10月1 日至8日)，云南省内各机场共保障航班起降12808架次，旅客吞吐量逾182万人次，货邮吞吐量超10700 吨，三项运输指标日均值同比分别增长2.95%、4.92%、15.80%。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新 ...

来源：市场资讯 （来源：真灼财经） 来源：凯基证券 2025 年国庆黄金周期间，中国旅游消费需求展现出明显韧性。全国出行量按年提升，尤其东部城市如 上海、南京表现突出，旅客量显著增长，反映区域需求强弱分化。天气因素导致南部及西部表现略逊， 但自驾出行及景区游热度持续提升，带动酒店入住率明显改善，局部地区酒店 RevPAR 创新高。 消费层面，零售及餐饮企业于假期录得稳健增长，反映消费理性且更偏向中高端体验。品牌及规模企业 在行业竞争下更具抗压力，于区域消费动能改善时展现更强业绩弹性。短途游及一日游成为主流，部分 传统热门旅游地如海南受天气影响复甦进展缓慢。 华住集团作为行业龙头，布局密集于需求旺盛地区，黄金周期间入住率及每房收益录得大幅提升，全面 受益于旅游复甦。结合集团高效营运与多品牌组合优势，预期将在内需消费结构升级中持续巩固领先地 位。 ...

8月初，两名马来西亚游客在曼谷市中心被当街纵火烧伤，引起了国际社会的广泛关注。从电诈到绑 架，中国游客在泰遭遇的新闻屡屡冲击舆论。近期，泰国与柬埔寨的边界争端持续不断，也影响泰国作 为安全友好目的地的国际形象。 对于像泰国这样严重依赖出口的经济体来说，旅游业实现复苏对经济稳定至关重要。泰国新任总理阿努 廷将应对泰铢过快升值列为护航出口与旅游的紧急任务之一。多家媒体称政府与央行将协调应对，避免 旺季前"价格过高"打击来客。 泰国正积极向海外游客派发各类优惠券，这些优惠券可在酒店、商店和餐厅使用，旨在鼓励消费。此 外，泰国还将推出针对淡季的重点活动与特别优惠，丰富旅游产品吸引游客。 【环球时报驻泰国特派记者 张矜若】泰国旅游与体育部16日发布报告称，今年1月1日至9月14日，入境 泰国的外国游客2300万人，较去年同期下降7.08%。泰国国家发展规划署也早早"认输"，在8月就将今年 外国游客到访人数预测从3700万人次下调至3300万人次，远低于2019年创下的4000万人次纪录。 旅游行业媒体报道称，导致该现象出现的最重要因素是泰国国内旅游成本的上涨。疫情过后，酒店、餐 饮和交通服务价格上涨，令许多游客质疑泰国 ...

周四，携程(TCOM.US)大涨超12%，报73.22美元。消息面上，该公司二季度净收入人民币148.43亿元 (单位下同)，同比增加16.22%;归属携程集团有限公司净利润48.46亿元，同比增加26.43%。公司指出， 第二季度国际各业务板块继续呈现强劲增长态势，国际OTA平台总预订同比增长超过60%;入境旅游预 订同比增长超过100%;出境酒店和机票预订已全面超越2019年疫情前同期的120%水平。 ...

Core Viewpoint - Daiwa's report indicates a gradual recovery for China Civil Aviation Information Network (00696), expressing optimism about its system integration business, but anticipates a slow recovery for international airlines. Revenue forecasts for 2025 to 2027 have been lowered by 4% to 5% due to slower-than-expected tourism recovery. Earnings per share estimates for 2025 to 2027 have been reduced by 16% to 17% reflecting underperformance in the first half of 2025. The "Buy" rating is maintained, with the target price adjusted from HKD 13.5 to HKD 13 [1] Revenue and Earnings Forecast - Revenue forecasts for 2025 to 2027 have been reduced by 4% to 5% due to slower tourism recovery [1] - Earnings per share estimates for 2025 to 2027 have been lowered by 16% to 17% reflecting disappointing performance in the first half of 2025 [1] Business Performance and Cost Management - The management noted that several changes in the post-pandemic period have impacted recent profitability, including low processing volumes from international airlines, which previously had higher average prices and profit margins compared to domestic airlines [1] - System integration business contributes approximately 20% to revenue (down from double-digit figures pre-pandemic) [1] - Employee costs are projected to exceed RMB 2 billion for 2023 to 2024, compared to an average of RMB 1.8 billion from 2017 to 2019 [1] Operational Leverage and Cost Control - Despite the revenue forecast adjustments, the company retains significant operational leverage potential, as fixed costs account for 60% to 70% of total operating costs [1] - Daiwa emphasizes that management has intensified cost control efforts, particularly regarding employee costs, to enhance profitability [1]

Group 1 - The overall travel industry performance is expected to improve compared to initial expectations, despite current travel data being below 2024 levels [1] - The recovery progress within the industry is uneven, with international travel demand remaining robust, but hotel bookings (including alternative accommodations) showing a slowdown in July [1] - Airbnb reported a better-than-expected Q3 outlook, driven by strong summer travel demand, but warned that growth may be difficult to maintain later in the year due to a high base from the previous year [1] Group 2 - Booking Holdings experienced healthy demand growth in the European market, but the growth rate is continuously slowing, with July booking nights increasing by 5%, down from 10% in Q2 [1] - The travel trends outside the U.S. have weakened compared to Q2, with Q3 booking nights growth expected to decline from 7.7% in Q2 to 5.5% [1] - Expedia's travel trends are more optimistic than initially expected, with July alternative accommodation booking nights growth declining by about 300 basis points to 1% [2]

Group 1 - The core viewpoint of the article is that the bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to recreate a market equivalent to China in the next 3-5 years [2][8]. - Supporting factors include favorable national policies aligning with the "Belt and Road" initiative, advanced technology and product quality of Chinese buses, and the end of domestic price wars leading to a resurgence in demand [2][8]. - The article suggests that the current bus industry cycle is driven by a lack of price wars domestically, an oligopolistic market structure, and higher profit margins in overseas markets compared to domestic ones [3][12]. Group 2 - The article outlines a small target of challenging the market value peak from 2015-2017 and a larger goal of establishing a new ceiling for the bus industry, marking the emergence of a true global bus leader [4][9]. - Investment recommendations highlight Yutong Bus as a "model student" with high growth and dividend attributes, projecting net profits of 46.3 billion, 55.2 billion, and 66.8 billion yuan for 2025-2027, with year-on-year growth rates of 12%, 19%, and 21% respectively [5][10]. - King Long is identified as the "fastest improving student," with projected net profits of 4.4 billion, 6.4 billion, and 8.3 billion yuan for the same period, reflecting significant year-on-year growth rates of 182%, 45%, and 28% [5][10]. Group 3 - The article provides data indicating that the bus industry is entering a peak season, with significant year-on-year increases in domestic bus and export sales [13][15]. - In June 2025, the overall production of buses in China reached 50,000 units, with wholesale and terminal sales also showing positive year-on-year growth [15][16]. - The article notes that the market share of leading companies like Yutong and King Long remains stable, with Yutong holding a 28% market share in domestic buses and King Long at 22% [51][52].

Group 1 - The core viewpoint of the articles highlights the strong recovery of the tourism market in Shandong during the Dragon Boat Festival, driven by its rich natural scenery and historical culture [1][2] - Ctrip's report indicates that Shandong's hotel bookings increased by 12% year-on-year, showcasing its strong appeal to tourists [1] - Major tourist sources for Shandong include Beijing, Shanghai, Tianjin, Nanjing, and Shijiazhuang, which form the backbone of the tourism market [1] Group 2 - During the holiday, Shandong's monitored tourist attractions received 8.395 million visitors, a year-on-year increase of 10.9%, with revenue reaching 350 million yuan, up 9.4% [1] - In Jinan, 30 key monitored scenic spots welcomed 1.5688 million visitors, a significant year-on-year increase of 42.67%, generating revenue of 46.2841 million yuan, up 15.40% [2] - Notable increases in visitor numbers were recorded at major attractions in Jinan, such as the First Spring Scenic Area with 665,900 visitors (up 59.42%) and the Ming Shui Ancient City with 35,800 visitors (up 92.47%) [2]

Core Insights - China has announced a visa-free policy for ordinary passport holders from Saudi Arabia, Oman, Kuwait, and Bahrain, achieving full visa exemption coverage for Gulf Cooperation Council (GCC) countries [1] - The number of travelers from the Middle East to China during the "May Day" holiday increased by over 60% year-on-year [1] Visa Policy Changes - The new visa-free policy includes Saudi Arabia, Oman, Kuwait, and Bahrain, in addition to the previously established visa exemptions for the UAE and Qatar since 2018 [1] - Direct flights are available from Riyadh to major Chinese cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, with ticket prices ranging from 2000 to 2800 yuan [1] Travel Trends - The travel data from the Qunar platform indicates a significant increase in the number of travelers from the Middle East to China during the recent holiday period [1] - Ticket prices for direct flights from Bahrain to Shanghai and Guangzhou are approximately 3500 yuan, while flights from Kuwait to Guangzhou are around 2500 yuan [1]