Core Insights - The recent National Day and Mid-Autumn Festival holidays have seen a surge in "reverse tourism," with rural areas and cultural events attracting significant visitor numbers, thereby boosting the tourism market [1][3]. Group 1: Reverse Tourism and Cultural Events - A cultural feast in Nanning, Guangxi, featuring local customs, food, and intangible cultural heritage, has drawn large crowds, showcasing the vibrancy of county-level tourism [3]. - The "New Grand Market" concept has revitalized local tourism, enhancing engagement and participation in traditional festivities [1]. Group 2: Night Economy and Rural Homestays - The night economy has gained momentum, with night tours and cultural performances, such as the Huai Opera in Jiangsu, contributing to increased consumer spending [4][6]. - Rural homestays have become increasingly popular, particularly in scenic areas like Dandong, Liaoning, where new highways have facilitated self-driving tourism [6]. Group 3: Technological Integration in Tourism - The integration of technology, such as drones and modern light effects, has enhanced the visitor experience, particularly in Jinan, Shandong, where cultural and natural attractions are combined [8]. - The use of immersive experiences in scenic spots has successfully transformed visitor traffic into consumer spending [6]. Group 4: Sports and Cultural Integration - Various events, such as the "China Open Carnival" in Beijing and the first Tri-Nation Pickleball Invitational in Yunnan, have promoted the deep integration of sports and cultural tourism, enhancing the overall holiday experience [10][11].

央视网消息：这个国庆中秋假期，各县域乡村还以极具地域特色的多彩民俗活动和"新大集"，稳稳接住了城市居民"反向旅 游"的这波流量。 秋日的广西南宁马山，一场融合民俗、美食、非遗与国风的文化盛宴吸引游客纷至沓来。群众演员们身着民族盛装，步伐矫 健、鼓点激昂，现场热闹非凡。而"庆丰收'村T'"走秀活动将气氛推向了高潮，当地的农民代表队身穿用稻穗、竹篾、废旧农具等 材料制成的创意服装在T台上自信走秀。 夜幕降临，一盏盏手工制作的花灯次第亮起，汇聚成一条流光溢彩的河流，千人花灯巡游队伍缓缓而行，广场化身一片歌声的 海洋。 湖北宣恩县的水上市集，生动还原了宋代水上商贸盛景，非遗展示与旅游体验融为一体，为游客带来全新的文旅体验。 在江西井冈山，一场大型沉浸式情景剧火热开演，巧妙运用全息投影、动态声光电等前沿科技手段，以及演员与观众零距离互 动，让红色记忆不再遥远。 平台数据显示，10月1日—6日，全国近2000个县城的酒店和民宿迎来各地游客，排名前十的热门县城有四川九寨沟、福建平 潭、广西阳朔、新疆布尔津、江西婺源、吉林安图、贵州荔波、浙江淳安、四川小金、湖南凤凰。 ...

Core Viewpoint - The article highlights the cultural significance and economic impact of the Qingming Riverside Landscape Garden in Kaifeng, emphasizing the role of government-issued consumption vouchers in enhancing visitor experience and promoting local tourism [27][29]. Group 1: Cultural Experience - The Qingming Riverside Landscape Garden offers a vivid recreation of Song Dynasty life, attracting visitors with its immersive experiences, such as traditional performances and historical reenactments [9][19]. - The atmosphere in the garden transforms from day to night, creating a vibrant scene filled with lights and cultural activities, enhancing the overall visitor experience [11][17]. Group 2: Economic Impact - The introduction of "Golden Autumn Consumption Vouchers" significantly reduces costs for visitors, allowing them to save nearly 200 yuan during their visit, which encourages spending and participation in various activities [27]. - The model of "government subsidies + merchant discounts + visitor benefits" effectively promotes cultural consumption, making it a more enjoyable and less burdensome experience for tourists [27]. Group 3: Visitor Engagement - The article notes that the garden's popularity is reflected in the high visitor numbers, with the peak daily entry surpassing 20,000 during the National Day holiday, indicating a strong interest in cultural tourism [29]. - Visitors express a sense of nostalgia and connection to cultural heritage, as the garden serves as a platform for experiencing traditional Chinese culture [25][29].

据最新消息，当地已发通告禁止在扎尕那景区未开发区域违规穿越。上述提及的三个教训，涉及的 都是山区探险的基本准备工作，可很多时候总有人心存侥幸。退一步说，即便做好了这三点，也未必能 确保安全。这一次"山放过了我"，下一次或许就没有这么幸运。归根结底，探险也应该是在控制风险的 前提下寻求刺激，而不是一场赌的游戏。 假期出行，安全问题不容忽视。不少景区开启"人山人海"模式，旅游体验难免受到影响，不少人选 择避开热门旅游地，选择前往小众、冷门的目的地。对此，应急管理部微信公众号近日发布文章提醒游 客：一些"小众秘境"，看似人少景美，但可能存在无人监管、无应急预案、无救援保障等问题，安全隐 患不容忽视。 这篇文章提供的信息很实用，可谓"小众出行"安全指南。比如常见的"野路探险"，近年来很受游客 欢迎，但安全事故频发。文章就提醒，应当拒绝探险未开发的"野景点"，选择景区备案的成熟路线。而 对于风险较高的山区行，文章还提到，应当提前下载离线地图；出发前向景区或民宿报备行程，标记补 给点和紧急下撤路线，携带哨子，遇险按"三短三长三短"规律吹哨求救；对于山区比较常见突遇风雨这 种情况，除了带好装备，文章还特别指出：若已出现浑身 ...

这篇文章提供的信息很实用，可谓"小众出行"安全指南。比如常见的"野路探险"，近年来很受游客欢 迎，但安全事故频发。文章就提醒，应当拒绝探险未开发的"野景点"，选择景区备案的成熟路线。而对 于风险较高的山区行，文章还提到，应当提前下载离线地图；出发前向景区或民宿报备行程，标记补给 点和紧急下撤路线，携带哨子，遇险按"三短三长三短"规律吹哨求救；对于山区比较常见突遇风雨这种 情况，除了带好装备，文章还特别指出：若已出现浑身发冷、手脚僵硬等失温征兆，应当及时喝温热糖 水补充能量，搓手跺脚促进血液循环，快速脱离低温环境。 就在这两天，全国多地出现不少"反向旅游"安全事故，相关风险值得重视。 在甘肃省甘南藏族自治州迭部县扎尕那景区，有游客在没有报备的情况下，于上月底从措美峰违规穿越 扎尕那景区，导致一人死亡一人失温的悲剧。有参与者为此总结了三个教训：第一没有导航、没有路 径；第二是盲目相信自己，没有跟队友说清要去哪里以及没跟后面的队友交代清楚，失联以后队友也只 能干着急；第三就是没有卫星电话，无法及时联系外界。尽管已经走了出来，可他依旧感慨不已，表 示"从来都没有征服过山，是山放过了我。" 假期出行，安全问题不容忽视。 ...

记者丨高江虹 编辑丨高梦阳 金珊 这个国庆中秋长假，文旅市场热度"爆棚"！ 国铁集团发布数据显示，10月1日，全国铁路发送旅客2313.2万人次， 创单日旅客发送量历史 新高 。去哪儿旅行大数据显示，10月1日，乘坐飞机出行的用户数量达到长假期间最高峰。从 入住酒店的情况来看，当日平台用户入住了国内近2000个县城、境外3000多个城市的酒店。 各地文旅市场热点纷呈，平台数据显示，"鸡排哥"大火，江西景德镇酒店10月1日入住量增 30%；全国多地红色景区热度高，北京升旗仪式搜索热度环比涨12倍。今年国庆中秋假期， 好多外国游客也来"凑热闹"。去哪儿平台上，10月1日在国内乘坐飞机的外国旅客，同比增长 四成以上，飞往了国内70个城市。 多个城市的酒店。 TOP10热门出境目的地是 ： 日本、泰国、韩国、马来西亚、越南、印度 尼西亚、澳大利亚、俄罗斯、新加坡、美国 。 中国节日，由于免签政策的推动，吸引了许多外国朋友来体验"China Travel"。 大城小城都爆棚 热门景区仍在持续霸榜，人群"扎堆"的景点主要集中在自然景区、主题乐园和历史景点。 10 月1日，景区门票预订量最高的Top10景区是 ： 四川九寨 ...

Core Insights - The tourism market in China experienced a significant surge during the combined National Day and Mid-Autumn Festival holiday, with travel patterns reflecting deeper, family-oriented, and self-driving trends [1][10]. Group 1: Travel Volume and Demographics - On October 1, the national passenger flow is expected to exceed 340 million, marking a historical peak [2]. - User travel numbers on platforms like Tuniu increased by nearly 10% compared to the same period last year, with family travelers making up 43% of the total, a 3% increase year-on-year [2]. - Notable increases were observed in the "one old, one young" demographic, with travelers aged 60 and above rising by 33%, and those aged 0-12 and 13-18 increasing by 31% and 42%, respectively [2]. Group 2: Popular Destinations and Attractions - Theme parks and red tourism sites emerged as major attractions, with ticket bookings for domestic theme parks increasing by nearly 40% compared to last year [4]. - The Forbidden City saw a 150% increase in visitor numbers, with many key museums experiencing significant demand, leading to ticket shortages [4][5]. - Red tourism also peaked, with searches for the Beijing flag-raising ceremony increasing 12 times, and visits to memorials like the Nanchang Uprising Memorial rising dramatically [5]. Group 3: Travel Trends and Preferences - County tourism and "reverse tourism" gained popularity, with nearly 2,000 county hotels being booked, and locations like Jiuzhaigou and Yangshuo seeing increased interest [6]. - Self-driving trips became a preferred choice, with self-driving travel numbers tripling compared to the previous day, and orders for self-driving vehicles increasing by 80% year-on-year [7]. - The average rental period for cars extended from 3.7 days last year to 4.8 days this year, indicating a rise in long-distance self-driving demand [9]. Group 4: International Travel Recovery - The outbound tourism market is showing signs of recovery, with popular destinations including Japan, Maldives, and Indonesia [10]. - Inbound tourism also saw a significant increase, with foreign visitors rising by over 40% on the holiday, particularly favoring cities like Shanghai, Beijing, and Guangzhou [12]. Group 5: Technological Integration and Cost Efficiency - AI technology is being utilized to enhance travel experiences, with a notable increase in inquiries about avoiding congestion and seeking less crowded destinations [13]. - The cost-effectiveness of traveling during off-peak times was highlighted, with domestic flight prices dropping by over 30% during certain days of the holiday [13].

Core Insights - The tourism market in China experienced a significant surge during the National Day and Mid-Autumn Festival holiday, with family travel becoming the dominant trend [1][5] - Data from Qunar indicates that on October 1, the number of users flying domestically reached a peak, with foreign travelers increasing by over 40% compared to last year [1] - The overall travel demand is expected to exceed previous years due to the extended holiday period and the combination of family reunion needs [5] Group 1: Family Travel Trends - Families accounted for 43% of travelers on the first day of the holiday, an increase of 3 percentage points from last year [5] - Notable growth was observed in the age groups of 0-12 years (31% increase), 60 years and above (33% increase), and 13-18 years (42% increase) [5] - The top 20 popular destinations included major cities such as Beijing, Shanghai, and Chengdu, with a focus on natural, theme park, and historical attractions [5] Group 2: Emerging Travel Patterns - Reverse tourism and visits to smaller cities gained popularity, with nearly 2000 county hotels booked on October 1 [7] - The top 10 popular county destinations included places like Jiuzhaigou in Sichuan and Yangshuo in Guangxi, with a notable 30% increase in hotel bookings in Jingdezhen due to the viral "Chicken Chop Brother" [7] - There was a significant rise in searches for less crowded destinations, with a 110% increase in interest for niche locations [7][8] Group 3: Self-Driving and Travel Preferences - Self-driving travel saw a notable increase, with Tuniu reporting a nearly 10% rise in user travel numbers compared to last year [9] - The combination of National Day and Mid-Autumn Festival led to peaks in both vacation and family visits, with a significant preference for staggered travel [9] - On October 1, Tuniu reported a more than 130% increase in domestic travel compared to the previous day, with self-driving trips seeing a threefold increase [9]

Group 1: Tourism Trends - This year's National Day holiday shows a significant shift in tourism behavior, with younger travelers opting for less commercialized destinations instead of traditional crowded hotspots [5][7][10] - The preference for a more relaxed travel experience has led to a decrease in demand for popular tourist attractions, resulting in lower costs and less hassle for travelers [9][10] Group 2: Wedding Trends - There is a noticeable decline in the number of weddings held during the National Day holiday, as many couples are choosing to schedule their ceremonies earlier to avoid conflicts with travel plans and other commitments [12][14][17] - Young couples are increasingly avoiding extravagant wedding banquets during the holiday due to high costs and the desire for simpler, more intimate celebrations [21][23] Group 3: Alcohol Sales - Alcohol sales are experiencing a downturn, with many retailers offering significant discounts to boost sales, yet consumer interest remains low [26][27] - The market for high-end liquor is shrinking, while mid-range options are gaining some traction, indicating a shift in consumer preferences [29][30] - Beer sales are stable, but younger consumers are gravitating towards lower-alcohol options for a more enjoyable drinking experience [31]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [9]. Core Insights - The company's profit growth is driven by franchise expansion, with a net profit of 397 million yuan in the first half of 2025, representing an 11.08% year-on-year increase, despite a 1.93% decline in revenue to 3.661 billion yuan [6]. - The company opened 664 new stores in the first half of 2025, a 17.1% increase year-on-year, with a significant rise in standard management hotel openings, which increased by 39.5% [6]. - The company’s gross margin improved to 40.4% in Q2 2025, up 2.6 percentage points from the same period in 2024, benefiting from a higher proportion of standard management hotels [6]. - The company is optimizing its structure, with the proportion of mid-to-high-end hotels increasing to 29.3% and their revenue contribution rising to 60.47% [6]. Financial Summary - For 2025, the company is projected to achieve total revenue of 7.901 billion yuan and a net profit of 929 million yuan, with earnings per share expected to be 0.82 yuan [8]. - The company’s price-to-earnings ratio (PE) is projected to be 18.50 for 2025 and 16.57 for 2026, indicating a favorable valuation relative to earnings growth [8].