2025年，经济挑战虽未消退，但对于充满创新韧性、价值洞察与变革勇气的市场主体，消费的黄金期才刚刚开 始。 12月12日，每日经济新闻联合海南国际经济发展局在海口举办"2025第十四届上市公司发展年会·国际消费新机遇 专场"。会上，每日经济新闻联合QuestMobile发布专属消费趋势报告。该报告以财经媒体的洞见为市场主体提供 穿越周期的战略参考——存量不是见顶，竞争也并非零和博弈，经济发展从"铺摊子"转向"上台阶"。未来属于兼 具创新韧性与长期视野、在提质增效中开辟增量空间的行动者。 国家"十五五"（2026年—2030年）规划显示，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件 和基本趋势没有变。坚持高质量发展，是"十五五"时期经济社会发展必须遵循的原则之一，其中专门提到"做优 增量、盘活存量"。 存量竞争，是今年甚至是未来五年的经济发展关键词之一。存量竞争是指在经济增速放缓背景下，经济发展 从"铺摊子"转向"上台阶"，从规模扩张转向质量提升，从争夺新增资源转向优化配置现有资源的竞争模式。 作为全国消费升级的前沿阵地和自贸港建设核心载体，海南2025年紧扣"做优增量、盘活存量"主线，在政策红利 ...

Core Insights - The latest data from the Civil Aviation Administration of China indicates a 4.4% year-on-year increase in domestic passenger transport in October, driven significantly by the tourism boom in third- and fourth-tier cities in the western region [1] - The shift in tourism consumption from traditional sightseeing to deeper experiences is evident, with destinations like Dunhuang, Tengchong, and Kashgar gaining popularity due to their unique natural landscapes and cultural richness [1] - Continuous improvements in infrastructure and the use of digital technology have enhanced accessibility to aviation services, effectively connecting resources and markets, which has resulted in increased passenger flow to western cities [1] Industry Trends - The rising popularity of third- and fourth-tier cities in the western region reflects a broader trend where aviation passenger flow acts as a precursor to the movement of capital, information, and technology, thereby stimulating local service industries such as dining, accommodation, and transportation [1] - Local governments are challenged to enhance their governance capabilities to seize new development opportunities, focusing on both hard infrastructure and soft power improvements to foster a positive interaction between tourism and regional development [2] - Aviation and tourism enterprises are encouraged to actively develop "aviation + cultural tourism" integrated products and explore diverse service models like air-rail intermodal transport to better meet the evolving market demands [2]

Group 1 - The autumn scenery in Beijing is highlighted, with various locations showcasing beautiful fall colors, such as the ginkgo trees in Ditan Park and the maple trees in Beifang [4][6][14][23] - The opening of the Xihui Leisure Park along the Tonghui River, covering an area of approximately 170,000 square meters, enhances the ecological landscape and provides green space for residents [16] - The completion of the Nanshan Ring Road Phase III, which spans 19.8 kilometers and includes 19 bridges and 2 tunnels, is expected to improve transportation and boost tourism in the Yanqing District [12] Group 2 - The "2025 National Drama Exhibition Season" will feature 35 performances, including 20 plays, from October 2023 to January 2026, promoting cultural engagement in Beijing [25] - The Shitai Expressway expansion project in Hebei Province has been completed, reducing travel time between Shijiazhuang and Taiyuan by approximately 20% [29]

Core Insights - The article highlights a shift in young people's travel motivations from conquering nature to self-indulgence and relaxation [1] - It discusses the emerging trend of "reverse tourism" as a popular escape from urban life [1] Group 1: Travel Trends - Young individuals are increasingly adopting "mountain therapy" as a new method to relieve stress [1] - The concept of "self-pampering" is becoming a key performance indicator (KPI) for travel among the youth [1] Group 2: Personal Experiences - Travelers are arriving at Qingcheng Mountain with various personal challenges, such as workplace anxiety and life uncertainties [1] - The article emphasizes the therapeutic benefits of nature, where individuals discover insights like the importance of not rushing through life [1]

Core Insights - The trend of "reverse tourism" is gaining momentum, with significant increases in bookings for lesser-known destinations compared to popular tourist spots [1][2][9] - Young urban travelers are increasingly seeking out small towns and less commercialized locations for a more authentic and relaxing travel experience [3][4][6] Group 1: Booking Trends - Hotel bookings in over 30 county-level destinations have seen a year-on-year increase of over 100% [2] - During the National Day holiday, pre-order volumes for county tourism consumption increased by 51% compared to the previous year [1][2] - Specific destinations like Guangxi Jingxi and Guangdong Puning have experienced over 100% growth in tourism consumption pre-orders [1] Group 2: Traveler Preferences - Young travelers are prioritizing lesser-known destinations for their trips, valuing experiences that are not overcrowded and commercially overexploited [1][3] - The concept of "emotional value" is redefining holiday experiences, with travelers seeking genuine local interactions rather than just visiting famous landmarks [6][7] - A significant portion of travelers (43.6%) are specifically looking for local experiences that reflect the daily life of small towns [4] Group 3: Economic Impact - The rise of "reverse tourism" is contributing to a shift in travel patterns, with many opting for off-peak travel to enhance their experience and save costs [7][9] - The trend is also encouraging more people to explore local attractions, leading to increased tourism in nearby areas [9][10] - The demand for small towns is expected to continue growing, with 82.2% of respondents indicating plans for future small-town travel [7] Group 4: Infrastructure and Sustainability - The influx of tourists to small towns necessitates improvements in public services and leisure facilities to accommodate the growing demand [10][11] - Sustainable development strategies are essential for small towns to capitalize on the "reverse tourism" trend and maintain long-term appeal [11] - The focus should be on creating unique experiences that cater to the evolving preferences of travelers, ensuring that small towns can compete in the broader tourism market [11]

Core Insights - The rise of "reverse tourism" is reshaping travel preferences, with a significant increase in bookings for lesser-known destinations, particularly in county-level areas, reflecting a shift from crowded tourist spots to quieter, more authentic experiences [1][2][10] Group 1: Travel Trends - Hotel bookings in over 30 county-level destinations have seen a year-on-year increase of over 100% during the recent holiday period [2] - Popularity of small cities is growing, with travel orders for places like Enshi in Hubei and Yuncheng in Shanxi increasing by 300% and 57% respectively [3] - Young urban travelers are increasingly seeking unique experiences in small towns, with a notable rise in interest for destinations like Xinjiang's Uqia County, which saw a 114% growth in tourism [3][4] Group 2: Consumer Preferences - A significant portion of travelers prioritize "high cost-performance" in their travel plans, with budgets typically ranging from 2001 to 5000 yuan for small city trips [4] - Over 80% of users have given positive feedback on their experiences in small cities, with 82.2% indicating plans for future visits [8] - The trend of "reverse tourism" is not just a temporary fad but reflects a deeper exploration of travel's essence, focusing on emotional and experiential value [7][11] Group 3: Economic Impact - The shift towards small towns and lesser-known destinations is seen as an overflow from the thriving market of traditional tourist spots, creating a new dynamic in the tourism economy [10][11] - The demand for "reverse tourism" has led to increased interest in local experiences, with many travelers opting for off-peak travel to save costs and enhance their experiences [9][12] - The growth of small cities as travel destinations necessitates improvements in public services and infrastructure to sustain the influx of visitors [11][12]

Core Insights - The trend of "reverse tourism" is gaining momentum, with significant increases in travel bookings to lesser-known destinations, reflecting a shift in consumer preferences towards less crowded and more authentic travel experiences [1][2][9] Group 1: Travel Trends - Hotel bookings in over 30 county-level destinations have seen a year-on-year increase of over 100%, indicating a strong demand for county tourism [2] - Popular small cities are emerging as new favorites during holidays, with notable increases in travel orders, such as a 300% rise in bookings for Enshi, Hubei, and a 57% increase for Yuncheng, Shanxi [3] - The concept of "reverse tourism" is not just a temporary trend but represents a deeper exploration of the essence of travel, focusing on emotional experiences rather than just sightseeing [6][10] Group 2: Consumer Preferences - Nearly half of respondents in a survey indicated that small cities offer high cost-performance ratios, with a budget range of 2001-5000 yuan being the mainstream choice for holiday travel [4] - 82.2% of respondents expressed plans for future trips to small cities, highlighting a growing interest in these destinations [7] - The search volume for hotels near morning markets has increased by 70%, indicating a preference for local experiences that reflect everyday life [4] Group 3: Economic Impact - The rise of "reverse tourism" has led to increased demand for off-peak travel, with many office workers opting for flexible holiday plans to avoid crowds [7][9] - Data shows that hotel costs can be reduced by 20% during certain periods, and flight prices can drop by over 30% after peak travel days [7] - The influx of tourists to small cities presents both opportunities and challenges, requiring improved public services and infrastructure to sustain growth [10][11]

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 recent National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, up 123 million from the previous year, and total spending reaching 809 billion CNY, an increase of 108 billion CNY [1][5] Group 1: Travel and Tourism Data - The travel service GMV on Fliggy increased by 48% year-on-year, with service users up by 30%, and hotel night stays surged by 78% compared to last year [1] - Jinjiang Hotels reported a 4% increase in average occupancy rate, with over 13 million guests served, a 30% increase year-on-year [2] - Huazhu Group's hotels hosted over 10.55 million guests, a 36% increase, with foreign guests up 75% [2] Group 2: Emerging Travel Trends - There is a growing trend of "reverse tourism," with younger travelers exploring less popular destinations, leading to high occupancy rates in lower-tier cities [3] - Cities like Jingdezhen saw a 60% increase in orders on Fliggy, with overall tourism orders up nearly 40% on Ctrip [4] - The demand for unique local experiences surged, with a 50% increase in tourists opting for extended stays of 7-8 days [4] Group 3: Market Outlook - The travel market is expected to maintain strong momentum, with predictions of increased travel activity continuing until October 12, driven by diverse consumer needs and quality offerings [5]

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].