Core Insights - The report highlights a record high in domestic travel during the National Day and Mid-Autumn Festival holidays, with 888 million domestic trips taken, reflecting a year-on-year increase of 1.6% [6] - Despite the increase in travel volume, average spending per person has slightly decreased, indicating a trend of consumers being more cautious with their expenditures [6] - The cross-border travel market remains robust, with a significant increase in both outbound and inbound travel, suggesting a continued recovery in the tourism sector [9] Domestic Travel Performance - The total expenditure for domestic travel reached 809 billion CNY, with an average daily spending of 911.04 CNY, which is down 13% year-on-year [6] - Daily cross-regional travel reached over 300 million people, marking a historical high, with a year-on-year increase of 6.2% [6] - Popular tourist destinations saw significant visitor numbers, such as Changbai Mountain receiving 221,700 visitors and Jiuzhaigou receiving 305,700 visitors, reflecting a year-on-year increase of 24.39% [7] Trends in Tourism - There is a noticeable shift towards "deep experience travel," with long-distance and immersive travel becoming more popular, as evidenced by a 3 percentage point increase in long-distance travel orders compared to last year [8] - Events like music festivals and sports competitions are becoming key drivers in the cultural tourism market, significantly boosting local hotel bookings [8] - The report notes that the trend of "reverse tourism" is gaining traction, with tourists exploring non-traditional cities beyond major metropolitan areas [9] Cross-Border Travel Insights - During the holiday period, a total of 16.34 million people crossed borders, with an average of 2.043 million people per day, reflecting a year-on-year increase of 11.5% [9] - Outbound travel remains strong, particularly to East Asia and Southeast Asia, while European destinations are seeing a notable increase in bookings [9] - Inbound travel is also on the rise, with 751,000 foreign visitors during the holidays, of which 535,000 benefited from visa-free entry, marking increases of 19.8% and 46.8% respectively [9]

Core Insights - The combination of the National Day and Mid-Autumn Festival in 2025 resulted in an 8-day holiday, leading to a significant increase in domestic travel and spending, with 8.88 billion domestic trips and total spending of 809 billion yuan, marking an increase of 1.23 billion trips and 108.19 billion yuan compared to 2024 [1] Domestic Travel Trends - There was a 50% increase in tourists engaging in "deep experience" travel, staying 7 to 8 days in the same city compared to 2024, with unique local experiences becoming popular [2] - The concept of "experience over sightseeing" is reshaping the tourism industry, with a shift from traditional sightseeing to immersive experiences [2][3] - Night tourism saw a surge, with search interest increasing over 200%, and many cities offering unique night experiences [2][3] Inbound and Outbound Tourism - The long holiday provided ample time for outbound travel, with popular destinations including Japan, Thailand, and Malaysia, and significant growth in orders for European destinations [4][5] - Visa policy improvements have stimulated outbound tourism, with a reported 11.5% increase in border crossings during the holiday [5] - Inbound tourism also thrived, with foreign tourists engaging in traditional Chinese cultural activities during the holiday [5] County-Level Tourism Growth - County tourism experienced explosive growth, with bookings from urban areas increasing by 51%, and some destinations seeing over 100% growth in bookings [6][7] - The trend indicates a shift towards personalized and emotionally engaging travel products, with a focus on cultural resource exploration [7] Technological Integration in Tourism - The rise of "smart tourism" is becoming a new trend, with technology enhancing visitor experiences through features like smart guides and real-time monitoring [7][8] - The development of virtual platforms, such as the "Zhangjiajie Planet," showcases the integration of digital technology in enhancing the appeal of natural heritage sites [8]

Investment Rating - The industry is rated as "Outperform" with expectations of better performance compared to the benchmark index over the next 6-12 months [1][34]. Core Insights - The domestic tourism market saw record high travel numbers during the National Day and Mid-Autumn Festival holidays, with 888 million domestic trips and total spending of 809 billion CNY, reflecting a year-on-year increase of 1.0% in spending [7][19]. - Cross-border travel is experiencing a resurgence, with a significant increase in both inbound and outbound travel, indicating a recovery trend in the tourism sector [3][19]. - The report highlights a shift towards long-distance and immersive travel experiences, with deep travel orders increasing by 3 percentage points compared to last year [18][19]. Summary by Sections Investment Recommendations - Recommended companies include Lingnan Holdings, Changbai Mountain, and Huangshan Tourism for their strong operational performance and growth potential. Additionally, Jinjiang Hotels is favored due to the recovery in business travel and increased market share post-pandemic [3][26]. - The growth in cross-border travel is expected to boost airport duty-free sales, with new policies on city duty-free and outbound tax refunds contributing to incremental growth. Companies like China Duty Free Group and Wangfujing are recommended [3][26]. Domestic Travel Insights - The National Day and Mid-Autumn Festival holidays saw 888 million domestic trips, with daily average spending down by 13% to 911.04 CNY. The total expenditure reached 809 billion CNY, with a daily average increase of 1.0% [7][19]. - High travel volumes were recorded, with over 2.4 billion cross-regional movements, marking a historical high and a year-on-year increase of 6.2% [7][10]. Key Attractions and Events - Major tourist attractions maintained high visitor numbers, with Changbai Mountain receiving 221,700 visitors, and Jiuzhaigou welcoming 305,700 visitors, reflecting a year-on-year increase of 24.39% [14][20]. - Cultural events such as the "Thousand Years of Love" performances saw record attendance, with nearly 3 million visitors during the holiday period [20][21]. Cross-Border Travel Trends - A total of 16.34 million inbound and outbound travelers were recorded during the holidays, with a daily average of 2.04 million, representing an 11.5% year-on-year increase [19][21]. - Popular outbound destinations include East Asia and Southeast Asia, with significant growth in European travel orders [19][21].

Core Insights - The tourism market in China demonstrated strong vitality and new trends during the National Day and Mid-Autumn Festival holiday in 2025, with 888 million trips and over 800 billion yuan in total consumption, highlighting the deep potential of the domestic consumption market [1] Group 1: Market Performance - Key A-share indices collectively adjusted on October 10, while the tourism ETF rose against the trend, with companies like Dalian Shengya, Tibet Tourism, Hainan Airport, and Changbai Mountain showing significant gains [1] Group 2: Market Trends - The driving force of the tourism market has shifted from traditional sightseeing to immersive and thematic deep experience tours, with new activities such as archaeological exploration, border tours, music festivals, and sports events gaining popularity [1] Group 3: Investment Opportunities - The tourism ETF tracks the CSI Tourism Theme Index, covering various segments including tourist attractions, airports, retail, and hotel dining, and is expected to benefit from multiple catalysts such as the National Day holiday, expansion of visa-free policies, and optimization of tax refund policies [1]

Core Insights - The "super golden week" during the National Day and Mid-Autumn Festival saw a significant increase in travel, with an estimated 2.432 billion trips made, reflecting a 3.2% growth compared to the previous year [1] - Emerging travel trends include long-distance travel and immersive experiences, with domestic, outbound, and inbound travel orders reaching new highs [1] Group 1: Travel Trends - Long-distance travel demand surged, with flights over 3200 kilometers seeing a 14% increase year-on-year, making it the fastest-growing segment [2] - Popular long-distance destinations included Urumqi, Hohhot, and Lhasa, with overall order growth close to 30% for these locations [2][3] - The trend of "lazy tourism" and deep experiential travel became prominent, especially among younger generations, with 25% of travelers being born between 1995 and 1999 [4][5] Group 2: Emerging Destinations - Lesser-known cities like Jingdezhen saw a 40% increase in tourism orders, driven by social media influences [3] - High-quality hotel bookings in non-first-tier cities grew over 90%, indicating a shift in travel preferences [3] Group 3: Outbound and Inbound Travel - Outbound long-distance group tours nearly doubled, with European tours seeing a 140% increase from non-first-tier city users [7] - Inbound travel also thrived, with a 33% increase in flight bookings by non-Chinese passport holders, highlighting a growing interest in China as a travel destination [8][9]

Core Insights - The "Super Golden Week" during the National Day and Mid-Autumn Festival saw a significant increase in travel, with a total of 2.36 billion trips made, averaging about 295 million trips per day, a year-on-year increase of approximately 3.2% [1] - The tourism market is shifting from simple sightseeing to deeper experiential travel, with hotel bookings for stays of two days or more increasing by over 52% year-on-year [1] - The county tourism market is thriving, with over 30 counties seeing hotel booking growth exceeding 100%, indicating a shift towards quality experiences [3] Travel Trends - The trend of "traveling further" is evident, with domestic group tour bookings from non-first-tier cities increasing by over 70% [1][2] - The popularity of music festivals and sports events is driving county tourism, with events like the "Huluguo Music Festival" in Anhui leading to a 2.6-fold increase in hotel bookings [3] - The demand for high-quality accommodations in non-first-tier cities has surged, with bookings for multi-room homestays increasing by 140% [3] Outbound and Inbound Travel - Outbound travel is experiencing a resurgence, particularly among residents of non-first-tier cities, with long-haul group tours increasing by nearly 100% [5] - Popular destinations for outbound travel include Iceland and Norway, with booking increases of over 100% [6] - Inbound tourism is also thriving, with a 33% year-on-year increase in flight bookings by foreign passport holders, indicating a growing interest in lesser-known Chinese cities [6] Travel Behavior - The trend of staggered travel is becoming popular, with over 30% of workers choosing to travel early and return late, leading to a significant increase in bookings during the holiday's beginning and end [7] - Average domestic flight prices dropped by over 30% during the holiday, with some routes seeing price reductions exceeding 50% post-holiday [7] - This "staggered travel" approach helps alleviate pressure on resources during peak travel times, optimizing resource allocation [7]

Core Insights - The main trend for this year's National Day tourism is long-distance travel and deep experiences, with domestic long-distance travel orders increasing by 3 percentage points compared to last year [1] - The average spending per trip during the holiday has risen by 14.6% year-on-year, with the post-95 generation making the highest proportion of bookings [1] - Family travel is prominent, with nearly 52.4% of travelers being family groups, and major cities' surrounding areas becoming popular destinations [1][4] Travel Trends - The "please take 3 days off and rest for 12" staggered travel model is favored by tourists, with nearly 15% of users starting their journeys before the holiday [3] - The family demographic accounts for over 80% of travelers during the holiday, with major cities like Beijing, Shanghai, and Chengdu being top sources of travelers [4] - There is a significant shift towards experiential travel, with activities like island cycling and cultural experiences gaining popularity [4] Accommodation Insights - The domestic accommodation market saw over a 65% increase in overall bookings, with multi-city bookings rising by over 20% [7] - Non-first-tier cities experienced a 90% increase in high-quality hotel bookings, indicating a growing interest in these areas [7] - Tujia reported a 20% year-on-year increase in homestay bookings, with smaller cities emerging as new travel hotspots [8] International Travel - Outbound tourism is booming, with popular destinations including Japan, Maldives, and Southeast Asian countries, reflecting a strong interest in island vacations [11] - Chinese tourists are increasingly visiting the Maldives, with over 50% of hotel guests during the holiday being from China, and many local guides speaking Chinese [11][12] - The inbound tourism market is also thriving, with countries like South Korea and the U.S. becoming popular among incoming travelers, driven by visa-free policies [12]

Core Insights - The tourism market is transitioning from the "sightseeing era" to the "experience era," with more tourists rejecting standardized travel itineraries in favor of deeper, personalized experiences [1][3][6] Market Performance - On October 1, the first day of the National Day and Mid-Autumn Festival holiday, the tourism market experienced a peak in travel, with an estimated 340 million trips, breaking historical records [2][4] - Popular domestic destinations included Beijing, Shanghai, Chengdu, Guangzhou, Chongqing, Hangzhou, Xi'an, Nanjing, Shenzhen, and Wuhan, reflecting a robust domestic tourism market [4] - There was a significant increase in outbound travel, with popular destinations including Japan, Thailand, Malaysia, South Korea, Singapore, Vietnam, Australia, Indonesia, and the United States [4] Travel Trends - A notable shift from "cookie-cutter" tourism to personalized travel experiences has been observed, with customized travel sales increasing by over 40% during the holiday period [6][7] - Tourists are increasingly seeking authentic cultural connections, as evidenced by a traveler expressing a preference for local markets and traditional cooking experiences over typical tourist attractions [7] Regional Tourism Insights - Cities located at provincial borders, offering "one trip, multiple experiences," are attracting more visitors, with significant order growth reported in Yunnan (70%), Jiangxi (57%), and Hubei (43%) [9] - Red tourism, which focuses on historical sites, has gained popularity, with many tourists visiting locations such as the National Museum of China and Tiananmen Square during the holiday [9] Travel Strategies - Many travelers are opting for staggered travel to enjoy better value, with domestic flight prices dropping by over 30% during the middle of the holiday compared to the peak days [11] - A total of over 50 million yuan in consumer vouchers has been issued to enhance travel affordability, benefiting various destinations across the country [11]

Core Insights - The upcoming "super golden week" combining the Mid-Autumn Festival and National Day is driving a significant increase in travel demand, with a notable rise in cross-province and outbound travel bookings [1][2][8] - Travelers are increasingly prioritizing emotional value, time efficiency, and cost-effectiveness in their travel decisions, shifting from mere sightseeing to immersive experiences [2][3][4] Travel Preferences Transformation - Cross-province travel orders have surged by 45% year-on-year, with a 58% increase in bookings for inter-provincial border cities [2] - Popular destinations include cities that offer a blend of cultural and natural experiences, such as Zhaotong and Hezhou, with order growth of 95% and 88% respectively [2] - Travelers are now more inclined to seek "pan-destination" recommendations, focusing on experiences rather than specific landmarks, with searches for keywords like "less crowded" and "affordable" doubling [2][3] Emotional Value and Experience - Emotional value is becoming a core factor in destination selection, with a 60% increase in searches for distant hotels on travel platforms [3] - There is a growing preference for complex travel products that combine scenery, culture, and experiences, such as temple retreats and local craft workshops [3] Cost-Effectiveness in Travel - The trend of flexible travel times and cost-effective destinations is evident, with some locations still offering lower prices compared to last year [4] - Over 30% of travelers are utilizing "3 days off for 12 days" strategies to extend their holidays, leading to significant savings on flights [4][5] Diverse Travel Patterns - The booking rhythm for the holiday has advanced by approximately 3.5 days compared to last year, with a notable increase in multi-destination travel [5] - There is a marked rise in car rentals, particularly for SUVs and family-friendly vehicles, reflecting a shift towards more personalized travel experiences [6] Outbound and Inbound Travel Growth - Both outbound and inbound travel markets are experiencing robust growth, with popular short-haul destinations like Japan and Thailand, as well as emerging long-haul destinations [7] - The introduction of visa-free policies for several countries has further stimulated outbound travel, with significant increases in hotel bookings for destinations like Egypt and Uzbekistan [7][8] - The inbound market is also thriving, with a 75% increase in bookings from Russian tourists following the mutual visa exemption policy [7][8]

Core Insights - The article highlights the significant increase in foreign tourist arrivals in China, driven by visa-free policies and tax refund initiatives, leading to a shift from traditional sightseeing to immersive cultural experiences [1][15]. Group 1: Tourist Trends - Foreign tourists are increasingly engaging in diverse experiences in China, moving beyond mere sightseeing to exploring local culture and traditions [9][17]. - The number of foreign tourists visiting Beijing's Xiushui Street has doubled compared to the same period last year, with sales expected to rise by over 80% [5]. - In Shenzhen's Huaqiangbei, the number of foreign visitors has increased by 50% year-on-year, with daily averages rising from 7,000 to 8,000 in June [7]. Group 2: Cultural Engagement - Tourists are showing a keen interest in cultural products, with a notable demand for traditional Chinese items such as tea cups and chopsticks [3][5]. - Cultural experience products have seen a 300% increase in bookings, with traditional crafts and performances gaining popularity among foreign visitors [15]. - Tourists are seeking deeper cultural understanding, as evidenced by their interest in local lifestyles and historical contexts during guided tours [13][17]. Group 3: Policy Impact - The expansion of visa-free policies and the enhancement of travel convenience have contributed to a substantial rise in foreign tourist numbers, with Beijing and Shanghai seeing increases of 36.5% and 38.5% respectively [17]. - The article emphasizes that these policy changes are making China an increasingly attractive destination for international travelers, showcasing a more vibrant and authentic image of the country [17].