Group 1 - The inbound tourism market in China is experiencing a strong recovery, driven by the continuous implementation of visa-free policies, with significant increases in both the number of inbound travelers and the proportion of visa-free entrants [1][2] - As of November 25, 2023, Shenzhen Airport recorded over 6 million inbound and outbound passengers, a year-on-year increase of over 23.4%, with nearly 60% of foreign entrants being visa-free, marking a growth of over 133.3% [1] - In Kunming, the number of inbound foreign travelers surpassed 1 million, with a year-on-year growth of 39.6%, and visa-free entrants increased by 54% [1][2] Group 2 - The expansion of China's visa-free "circle" and the introduction of various policies such as tax refunds and electronic payments have led to a surge in foreign tourists visiting China for tourism, business, and family visits [2] - In the first ten months of the year, Shanghai welcomed a 38.54% increase in inbound tourists, with South Korean visitors growing by 122.09%, while Beijing saw a 45.1% increase in foreign visitors [2] - The tourism industry is adapting to the changing preferences of foreign tourists, who are increasingly seeking immersive cultural experiences rather than traditional sightseeing [4][5] Group 3 - Various regions are innovating inbound tourism products to cater to diverse and personalized tourist needs, with a focus on deep cultural experiences [4] - Guangdong Province has launched a comprehensive inbound tourism guide in multiple languages, providing essential information for global visitors [4] - Yunnan Province is developing themed travel routes that combine natural exploration with ethnic culture, aiming to create unique travel experiences that encourage longer stays [5]

上海市文化和旅游局最新数据显示，2025年1月至10月，上海接待入境游客729.9万人次，同比增长 38.5%，这也超过了2024年全年上海接待的入境游客670.6万人次。 墨西哥游客费尔南多·卡诺经过30多个小时的飞行来到中国，前后在北京、杭州、上海等城市旅行。除 了"打卡"上海中心等地标，他还在长三角体验了越野卡丁车等休闲活动。"中国每座城市都有自己的特 色。上海是一座非常国际化的大都市，让人时时发出'哇！'这样的惊叹。"费尔南多总结他的此次"中国 自由行"。 "入境游客不再仅满足于单个景点、地标，他们期待收获更多能代表城市文化的深度体验。"上海中心大 厦商务运营有限公司总经理梅雪介绍。这处上海地标今年接待的游客中，入境游客占比约三成，其中团 队游客中入境游客占比高达八成。 2025年前10个月，上海接待外国人550.9万人次，同比增长近五成。韩国仍然是最大且游客增长最快的 客源国，前10个月有约71.2万人次韩国游客来沪，同比增长约122.1%。 业界也关注到，伴随"China Travel"攻略不断丰富，入境自由行游客日益增多。他们需求更加多元，除 了"打卡"经典目的地，还期待从丰富的主题活动、展览、 ...

《杭州·诗意生活》正是杭州文旅部门对此命题的回应。该书摒弃了传统的景点罗列模式，从"早起 品市井""白天到处逛""越夜越美丽"三方面入手，重点推荐入境游客不可错过的在地体验，巧妙融合杭 州本土文化精髓与现代旅游的便捷性。同时，该书还特别邀请了长期生活在中国的国际友人撰文推荐， 以他们的真实视角讲述当下杭州之美。 "在这里可以体验杭州人的日常。我想让更多海外朋友，看到有意思的杭州。"阳离子是一名生活在 杭州的网络博主，她向海内外游客推荐了杭州的弄堂——大马弄。在她眼中，杭州毫无疑问是一座美丽 的城市，她特别喜欢穿梭于杭州的老街巷，感受老底子的市井味道。 数据显示，2025年1月至10月，杭州共接待入境过夜游客111万人次，同比增长23.8%；实现国际旅 游（外汇）收入10.7亿美元，同比增长24.4%。然而，在入境游热潮背后，杭州市文化广电旅游局调研 发现，契合国际游客需求的深度、实用型信息供给仍存在一定缺口。 "我们在对外推广中意识到，缺乏从国际游客实际需求出发的、全面且实用的旅游信息，这不仅影 响游客的旅行体验，也制约了杭州多元魅力的充分展现。"杭州市文化广电旅游局相关负责人表示。 七百年前，马可·波罗沿大 ...

Group 1 - Ctrip Group and the Turkish Tourism Promotion and Development Agency have announced a deepened strategic partnership to promote Turkey as a "super destination" for global tourists [1] - Ctrip's data indicates that inbound flight bookings to Turkey are expected to grow by 38% year-on-year in the first half of 2025, while hotel bookings are projected to increase by 16% [1] - Major source markets for Turkey include the UK, Germany, and China, with Indonesia showing remarkable growth in bookings, up 178% year-on-year [1] Group 2 - In Q3, Ctrip's outbound hotel and flight bookings reached 140% of the same period in 2019, with a year-on-year growth of nearly 20%, outperforming market trends [1] - Popular outbound destinations include Japan, South Korea, and Southeast Asia, with Europe, particularly Iceland and Norway, showing significant booking increases [1] - Ctrip's overall accommodation booking revenue in Q3 grew by 18% year-on-year and 29% quarter-on-quarter, driven by strong tourism demand during summer and the National Day holiday [1] Group 3 - The company's international business saw a total booking volume growth of approximately 60% in Q3, with the Asia-Pacific region remaining a key focus [1] - The Trip.com app experienced a 69% year-on-year growth in monthly active users globally (excluding mainland China) during October and November, with a 64% increase in the Asian market [1] - Domestic hotel prices showed signs of stabilization, with a narrowing year-on-year decline in Q3, and a rising trend during the Golden Week [1] Group 4 - Ctrip's adjusted net profit forecast for 2025 has been raised from 18.3 billion to 32.3 billion, maintaining projections of 20 billion and 22 billion for 2026 and 2027 respectively [2] - The adjusted PE ratios for 2025-2027 are projected to be 11, 17, and 16 times, respectively, reflecting confidence in the company's overseas business growth [2]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating on Trip.com Group (09961), highlighting strong growth potential in its overseas business and an upward revision of the adjusted net profit forecast for 2025 from 18.3 billion to 32.3 billion yuan [1] Recent Events - Trip.com has deepened its strategic partnership with the Turkish Tourism Promotion and Development Agency, aiming to position Turkey as a "super destination" for global travelers. Data shows that inbound flight bookings to Turkey are expected to grow by 38% year-on-year in the first half of 2025, with hotel bookings increasing by 16%. Notably, Indonesia's booking volume surged by 178% year-on-year, contributing to the rising popularity of inbound tourism in Turkey [1] International Business Growth - Outbound travel: In Q3, Trip.com's outbound hotel and flight bookings reached 140% of the same period in 2019, with a year-on-year increase of nearly 20%. During the Golden Week, bookings grew by approximately 30%. Popular destinations include Japan, South Korea, and Southeast Asia, with Europe showing significant growth, particularly in Iceland and Norway. Despite a decrease in cross-border flight prices compared to last year, they remain above pre-pandemic levels, while hotel prices have stabilized [2] - International business: Q3 saw a 60% year-on-year increase in total bookings on Trip.com, with the Asia-Pacific region being a key operational focus, growing over 50%. New markets in the Middle East and Europe also showed impressive growth. The company has achieved rapid market share growth and plans to continue investing globally, especially in the Asia-Pacific region. According to Sensor Tower data, the Trip.com app's monthly active users (MAU) outside mainland China grew by 69% year-on-year, with a 64% increase in the Asian market [2] Domestic Market Trends - Domestic hotel prices have shown signs of stabilization, with Q3 overall accommodation booking revenue increasing by 18% year-on-year and 29% quarter-on-quarter, driven by strong tourism demand, particularly during the summer and National Day holidays. There is a diverse and growing demand for unique and immersive travel experiences among domestic consumers, with increased bookings in major cities like Beijing, Shanghai, Chengdu, and even remote areas. Hotel price declines narrowed to low single digits in Q3, with an upward trend during the Golden Week. Inbound travel bookings on Trip.com increased by over 100% year-on-year in Q3, with the Asia-Pacific region as the main source market, alongside strong growth from Europe and the United States [3]

Core Insights - The inbound tourism market in China has seen a remarkable increase, with inbound tourist numbers rising over 100% year-on-year, and significant growth in spending from American (50% increase) and French (160% increase) tourists [1][2] Policy and Infrastructure - China has implemented unilateral visa-free policies for 48 countries, allowing ordinary passport holders to enter for business, tourism, family visits, and transit without a visa for up to 30 days [1] - Major source countries such as France, Germany, Japan, and Brazil are included in the visa-free policy, with 46 countries having their visa-free period extended to the end of 2026 [2] - The Ministry of Commerce and other departments have introduced measures to optimize the departure tax refund policy, lowering the minimum refund threshold from 500 yuan to 200 yuan and increasing the cash refund limit from 10,000 yuan to 20,000 yuan [2] Cultural and Service Development - The core competitiveness of inbound tourism lies in the unique charm of Chinese culture, but there is a concern that some tourism products are overly simplistic and fail to meet the global tourists' desire for an authentic experience [3] - To address this, there is a push for cultural experiences to become more dynamic and engaging, such as VR projects and immersive cultural activities that allow tourists to actively participate [4] Sustainable Development and Branding - The sustainable development of inbound tourism requires China to enhance its tourism destination branding, focusing on global promotion and establishing a feedback loop for continuous improvement [4] - The inbound tourism sector is transitioning from short-term popularity to a lasting appeal rooted in cultural richness, serving as a vital economic link and a showcase for Chinese culture [6]

业内人士认为，这一政策落地，有望进一步便利中外人员的往来，不仅能为来华从事商务洽谈、投资考 察的外国人士提供流程简化服务，助力外资合作对接更高效推进，同时也能带动来华旅游、消费等相关 需求，间接为消费市场注入新活力。 入境流程更智能更省时 自2025年11月20日起，外国人来华前，可通过中国国家移民管理局政府网站、政务服务平台、"移民局 12367"APP和微信（支付宝）小程序、手机端扫描入境卡填报码等渠道，在网上填报入境相关信息。对 于不具备网上填报条件的外国人，可在抵达中国口岸出入境边防检查现场时，通过手机扫描二维码或使 用现场智能设备在网上填报入境信息，或者填写纸质外国人入境卡。7类符合条件的外国人还可免于填 报。 ● 本报记者 王舒嫄 11月20日，外国人入境卡网上填报政策落地实施，这一政策是国家移民管理局推出的支持扩大开放服务 高质量发展的创新举措之一。 这一举措使入境流程更智能更省时。今年以来，我国出入境政策不断优化调整，一系列便利化措施相继 出台，不仅为中外人员往来提供了更加便捷高效的服务，也彰显了我国坚持对外开放的坚定决心。 "中国游"持续升温 政策红利持续释放，今年以来我国入境游市场持续升温 ...

Core Insights - The number of foreign tourists entering China without a visa is significantly increasing, enhancing the international influence of Chinese cities and boosting tourism foreign exchange revenue [1] - The continuous growth of South Korean tourists is a highlight, with cities like Shanghai, Qingdao, and Zhangjiajie seeing an influx of visitors [1] - Kunming is also popular among South Asian and Southeast Asian tourists, nearing its 2024 annual visitor levels by the third quarter of 2025 [1] Group 1: Shanghai's Tourism Dynamics - Since the implementation of the visa-free policy for South Korean passport holders in November 2024, the number of South Korean tourists in Shanghai has surged, making them the largest source of overnight visitors in 2024 with over 446,000 arrivals [4] - By September 2025, the total number of South Korean tourists in Shanghai reached 619,800, marking a year-on-year increase of 121.09%, solidifying their position as the top inbound tourist group [5] - Factors contributing to this growth include the visa-free policy, low travel costs (approximately 700 RMB for a one-way ticket), and convenient transportation (2-hour flight) [5] Group 2: Qingdao's Challenges - Qingdao has historically attracted South Korean tourists, with 507,900 arrivals in 2019, but recent data shows a decline compared to Shanghai, with only 360,000 arrivals by November 2025 [5] - The city faces pressure to enhance its appeal and attract more South Korean tourists for weekend trips to capitalize on the "weekend economy" [5] Group 3: Kunming's Strategic Goals - Kunming aims to become the "first city for inbound consumption" from South Asia and Southeast Asia, with a focus on enhancing consumer experiences rather than just increasing visitor numbers [7][8] - The city has a strong foundation for attracting tourists from Thailand and Malaysia, with 554,700 and 226,000 visitors respectively in 2019 [8] - As of mid-2025, Kunming's inbound tourist numbers grew by 48.8%, with South Asian and Southeast Asian tourists making up over 60% of the total [9] Group 4: Future Prospects for Other Cities - Cities like Hangzhou and Chengdu are also positioning themselves to attract international tourists through events and improved services [12] - Hangzhou ranked 140th globally for international conferences, indicating its competitive edge in attracting visitors [12] - The overall trend suggests a significant potential for growth in foreign tourist numbers entering China via air travel, driven by expanded visa-free policies and increased international flight routes [13]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The inbound tourism market is expected to grow significantly, driven by the expansion of visa-free policies, with a projected 52% year-on-year increase in visa-free foreign visitors from January to September 2025 [1]. - The company's revenue for Q1-Q3 2025 was 17.48 billion yuan, showing a slight year-on-year decline, with a net profit of 1.09 billion yuan, down 14% [2]. - The company is expected to benefit from high return on equity (ROE) and increased international capacity, with a projected ROE of 15.28% for 2026 [3]. Financial Data and Forecasts - Revenue is forecasted to grow from 20.1 billion yuan in 2023 to 27.9 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.56% [5][10]. - The net profit attributable to the parent company is expected to increase from 751.3 million yuan in 2023 to 2.35 billion yuan in 2027, reflecting a significant growth trajectory [5][10]. - The company's earnings per share (EPS) is projected to rise from 0.34 yuan in 2023 to 1.08 yuan in 2027 [5][10].

Core Insights - Cultural tourism, particularly through "wind and物" experiences, meets the growing demand of foreign tourists for an in-depth understanding of Chinese culture, providing a differentiated advantage for inbound tourism development [1][2] - The immersive nature of "wind and物" experiences allows tourists to engage in cultural activities, fostering emotional resonance and a multi-dimensional understanding of Chinese culture [1] - The industrial development of "wind and物" tourism can enrich the inbound tourism product system, catering to diverse foreign tourist preferences and enhancing repeat visits and word-of-mouth promotion [1] Summary by Sections - **Cultural Appeal**: "Wind and物" tourism breaks down abstract barriers in cultural communication, offering tangible experiences that showcase the diversity of Chinese culture through local customs, food, and intangible heritage [1] - **Immersive Experience**: Compared to traditional sightseeing, "wind and物" experiences provide deeper engagement through participation in local customs and learning traditional crafts, which enhances emotional connections with Chinese culture [1] - **Product Diversification**: The development of "wind and物" tourism includes a variety of offerings, from workshops in intangible cultural heritage to culinary tours, appealing to different age groups and interests among foreign tourists [1] - **Regional Development**: "Wind and物" tourism promotes regional collaboration and guides foreign tourists from major cities to second and third-tier cities, expanding the spatial landscape of inbound tourism and fostering coordinated cultural and tourism development [2] - **Market Potential**: The increasing demand for deep cultural experiences aligns with the growth of "wind and物" tourism, which is expected to activate the inbound tourism market and serve as a new lever for high-quality development in this sector [2]