Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [3][17]. Core Insights - The tourism market is experiencing steady growth, with domestic travel reaching 314 million trips during the "May Day" holiday, a year-on-year increase of 6.4%. Total spending by domestic tourists amounted to 180.27 billion yuan, reflecting an 8.0% increase [2][8]. - Long-distance travel destinations are gaining popularity, with ticket sales in regions like Qinghai, Xinjiang, Ningxia, and Gansu showing a significant year-on-year increase of 100% to 200%. The inbound tourism market is also rebounding strongly, with a 130% year-on-year surge in inbound travel orders [2][12]. - The introduction of policies such as a 240-hour visa-free stay and the "immediate refund" tax policy is driving an increase in inbound tourist numbers [10][15]. Summary by Sections 1. Steady Growth in the Tourism Market - The tourism market is maintaining steady growth, with a total of 314 million domestic trips taken during the "May Day" holiday, a 6.4% increase from the previous year. Domestic tourist spending reached 180.27 billion yuan, up 8.0% year-on-year [2][8]. 2. Rise of Long-Distance Travel Destinations - The reduction in working days has led to more tourists opting for early bird or staggered trips, significantly boosting long-distance travel destinations. Ticket sales in regions like Qinghai, Xinjiang, Ningxia, and Gansu have seen a year-on-year increase of 100% to 200% [12][14]. 3. Investment Recommendations - The report suggests focusing on scenic spots and performance companies that demonstrate stable operating performance and effectively meet personalized and diversified demands [15].

Group 1 - The Thai tourism sector is proposing an investment of 35 billion Thai Baht (approximately 7.7 billion RMB) to address issues related to the decline in international tourist numbers, particularly from China [1] - In the first four months of 2025, the number of international tourists in Thailand has slightly decreased, with Chinese tourists down by 30% compared to the same period last year [1] - Concerns over safety in Thailand are significantly affecting the willingness of Chinese tourists to travel, which is impacting the charter flight business and could also affect regular flights [1] Group 2 - If the current trend continues, the number of Chinese tourists visiting Thailand in 2025 could drop to between 4 million and 5 million, even with strong growth from European and Middle Eastern markets [1] - The Thai Ministry of Tourism and Sports and the Tourism Authority of Thailand are preparing to submit a proposal to the cabinet for substantial financial support, focusing on three key initiatives [1] - One initiative includes a "joint promotion" plan with airlines targeting the Chinese market, aiming to ensure charter flight occupancy rates reach at least 85% [1] Group 3 - In addition to the key measures, the Tourism Authority of Thailand plans to host an event in late May 2025, inviting 500 travel agency representatives, media, and influencers from China to experience Thai tourism products [2] - A "2025 Thailand Tourism Trade Fair" will be held in Chiang Mai from June 4 to June 6, focusing on attracting representatives from the Chinese market [2]

Core Insights - The domestic travel during the "May Day" holiday reached 314 million trips, representing a year-on-year increase of 6.4% [1] - Total spending by domestic tourists amounted to 180.27 billion yuan, reflecting a year-on-year growth of 8.0% [1] - The inbound tourism market is also recovering, with major source countries including Myanmar, South Korea, Malaysia, Australia, the UK, Thailand, the Philippines, Russia, Vietnam, and Japan, accounting for 57.4% of foreign visitors [1] Domestic Travel Trends - The five-day holiday saw a significant increase in domestic travel, with 314 million trips taken [1] - The total expenditure by domestic tourists reached 180.27 billion yuan, indicating a healthy growth in consumer spending during the holiday [1] Inbound Tourism Recovery - Inbound tourism is experiencing a resurgence, with a diverse range of countries contributing to the influx of foreign visitors [1] - Notable attractions such as the Chongqing drone light show and the Kuixing Tower have drawn significant attention from inbound tourists [1] - Cultural and creative IP products, particularly those featuring giant pandas, are popular among foreign visitors [1]

Group 1 - The core viewpoint of the reports indicates that the domestic tourism market during the "May Day" holiday is expected to reach a historical high, driven by favorable weather and various factors such as holiday arrangements [1] - The domestic tourism market is characterized by a strong demand and supply, with trends showing a preference for "urban leisure" and "rural micro-vacations" [1] - Popular long-distance travel trends this year include a significant movement towards western regions, with Chengdu, Chongqing, and other cities in the Yunnan-Guizhou region seeing a notable increase in travel heat [1] Group 2 - In terms of outbound tourism, destinations such as Hanoi, Kuala Lumpur, and Phnom Penh have seen a doubling in booking heat, indicating a strong recovery in international travel [1] - The Civil Aviation Administration predicts that approximately 10.75 million passengers will travel by air during the "May Day" holiday, marking an 8% year-on-year increase and setting a new historical record [2] - Chengdu has emerged as a key city in the travel landscape, ranking alongside major cities like Beijing and Shanghai in terms of passenger volume, and is also a starting point for popular self-driving routes [2] Group 3 - The Ministry of Transport estimates that around 1.42 billion people will engage in cross-regional movement during the holiday, reflecting a 4.5% year-on-year growth [3] - The demand for long-distance train tickets has surged, leading to increased difficulty in securing tickets, while short-distance high-speed rail routes have gained popularity [3] - The top ten popular train routes during the holiday are primarily "1-hour high-speed direct" routes, highlighting a shift in travel preferences [3]

Core Insights - The Nanjing Smart Tourism Big Data Monitoring Platform reported that on May 1, the first day of the Labor Day holiday, Nanjing's tourist attractions, cultural venues, and rural tourism spots received 2.23 million visitors, representing a 12.8% increase compared to the same period last year [1] Group 1 - The proportion of out-of-town visitors reached 63% [1] - The top ten sources of visitors from outside Jiangsu Province include Zhejiang, Anhui, Shanghai, Shandong, Guangdong, Henan, Beijing, Liaoning, Hebei, and Shanxi [1]

Core Viewpoint - In April 2025, the company reported significant financial growth for the year 2024, with a notable increase in net profit and cash flow, while also facing various risks and challenges [1] Financial Metrics Summary - Revenue for 2024 reached 6,455,113,793.27 yuan, a 95.70% increase from 3,298,487,387.88 yuan in the previous year, driven by a full recovery in the tourism market [2] - The wholesale tourism revenue was 4,793,326,984.18 yuan, up 136.43%; retail tourism revenue was 745,595,955.24 yuan, up 59.83%; integrated marketing service revenue was 869,836,054.79 yuan, up 11.61% [2] - Net profit attributable to shareholders was 105,918,494.95 yuan, a 228.18% increase from 32,274,227.71 yuan; net profit excluding non-recurring items was 105,173,136.70 yuan, up 1053.47% [3] - Basic and diluted earnings per share both increased to 0.108 yuan, a growth of 227.27% from 0.033 yuan [4] - Sales expenses rose to 547,586,109.95 yuan, a 103.29% increase, while management expenses grew by 19.40% to 126,722,099.38 yuan; financial expenses decreased by 44.11% to 8,679,182.77 yuan [4] Cash Flow Summary - Net cash flow from operating activities was 347,407,687.74 yuan, a 104.45% increase from 169,918,987.17 yuan, indicating improved cash generation capability [5] - Net cash flow from investing activities was 1,926,381.16 yuan, a significant recovery from -88,353,656.74 yuan in the previous year [5] - Net cash flow from financing activities was -287,436,825.55 yuan, reflecting adjustments in funding and repayment strategies [5] Risk Factors Analysis - The company faces macroeconomic volatility risks, as tourism is significantly influenced by economic indicators such as GDP and disposable income [6] - Increased market competition poses a challenge, necessitating continuous innovation and service optimization to maintain competitive advantage [8] - The company is also exposed to risks from uncontrollable factors such as political, economic, and natural events that can impact travel choices [9] - Service quality control risks are present, as maintaining high service standards is crucial in the tourism industry [10] - Currency fluctuation risks exist due to the nature of the business, which involves foreign currency procurement [11] - Acquisition and integration risks are associated with cross-border mergers and acquisitions, which may not yield expected benefits if not managed properly [12] Management Compensation - The total remuneration for the board of directors, supervisors, and senior management was 3.3174 million yuan, with the chairman and CEO receiving a pre-tax total of 720,000 yuan, reflecting a performance-linked incentive mechanism [13]

按入境渠道统计，第1季经陆路（8100541人次，占总数82.1%）入境的旅客同比上升15.4%，其中经关闸口岸及横琴口岸入境的旅客同比增幅均超过两成。 经空路（743014人次，占7.5%）入境的旅客同比上升0.9%，而经海路（1019110人次，占10.3%）的则下跌8.9%。 智通财经APP获悉，4月23日，澳门特区政府统计暨普查局资料显示，今年第1季的入境旅客共9862665人次，同比上升11.1%。不过夜旅客（5823384人次） 较去年同期增加21.5%，留宿旅客（4039281人次）则下跌1.1%。旅客平均逗留时间为1.1日，同比减少0.1日，主要是不过夜旅客占比上升所致。不过夜旅客 （0.2日）的平均逗留时间同比缩减0.1日，留宿旅客（2.2日）则维持不变。 按客源分析，第1季中国内地旅客同比上升14.5%至7206035人次，当中个人游旅客（4011208人次）增加15.6%。透过"一周一行"、"一签多行"及"团进团 出"方式入境的旅客分别录得381172人次、97957人次及28671人次。在珠海市旅客同比增长50.3%的带动下，大湾区珠三角九市旅客增加18.8%至3582016人 次。中 ...

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [5]. Core Insights - The report highlights a stable growth in tourism during the Qingming Festival, with domestic travel reaching 126 million trips, a year-on-year increase of 6.3%, and tourism revenue of 57.549 billion yuan, up 6.7% [4]. - The report suggests that the tourism market is likely to continue its recovery due to increasing consumer travel willingness, favorable weather, and upcoming holidays such as Labor Day and Dragon Boat Festival [4]. - The report emphasizes the popularity of short trips and outdoor activities, with surrounding travel accounting for 40% of the market during the Qingming Festival [4]. Summary by Sections Tourism Data - During the Qingming Festival, domestic tourism saw 126 million trips, with a revenue of 57.549 billion yuan, reflecting a 6.3% and 6.7% increase respectively [4]. - Average spending per person during the three-day domestic travel was 456.74 yuan, showing a slight increase compared to the previous year [4]. Travel Trends - Short trips, flower viewing, and light outdoor activities are leading the tourism consumption trends, with nearly 50% of surrounding travel users opting for 2-3 day trips [4]. - International travel is also on the rise, with popular destinations including Japan, Indonesia, and Thailand, showing significant increases in order volumes [4]. Scenic Spots and Visitor Numbers - Notable scenic spots like Huangshan received over 95,000 visitors during the holiday, marking a 26% increase year-on-year [4]. - Shanghai welcomed 7.0027 million visitors, a 5.45% increase, while Jiangsu and Zhejiang provinces reported significant growth in both visitor numbers and tourism revenue [4]. Movie Consumption - The box office performance during the Qingming Festival was disappointing, with total revenue of 378 million yuan, significantly lower than the previous year's 843 million yuan [4]. Investment Recommendations - The report recommends focusing on OTA platforms, scenic spots, and hotels as beneficiaries of the anticipated tourism market recovery [4].

将对中国团体游客实施临时免签政策——韩国多举 措吸引中国游客 韩国政府近日宣布，将于今年三季度起对中国团体游客临时实施短期免签政策，以促进旅游市场复 苏并拉动内需增长。这一举措也是对2024年11月中国允许韩国游客免签入境而采取的"相互性"措施，政 策的具体实施方案将在4月公布。预计韩国政府将指定专门负责中国团体游客的旅行社，以确保游客管 理和出入境的便捷性。 一直以来，中国游客在韩国旅游市场中占据重要地位。韩国观光公社数据显示，2024年访韩的全球 游客总数为1637万人次，其中仅来自中国的游客就达到460万人次，占比28.1%，居首位。尽管这一数 字仅相当于2019年的76.4%，但与2023年的202万人次相比，已实现翻番增长，展现出强劲的复苏势 头。据韩国政府估算，中国团体游客每增加100万人次，将带动韩国国内生产总值（GDP）增长0.08个 百分点。因此，此次免签政策不仅是针对旅游市场的刺激措施，更是推动韩国整体经济增长的一种重要 手段。 中国国内对韩国免签政策也表现出极大关注。微博等社交媒体平台迅速传播相关消息，许多中国网 友表示期待，认为这一举措将为赴韩旅行提供更大便利，特别是在今年10月的中国 ...