Core Insights - Changsha's inbound tourism is experiencing significant growth, with a 56.81% year-on-year increase in visitor numbers in Q1 2025, reaching 152,000 visitors, and a total expenditure of $61.66 million, up 51.76% [2] - The city aims to enhance its international image and cultural exchange through strategic initiatives, positioning itself as the "second stop for inbound tourism in China" [2][3] - Collaborative efforts with educational institutions are underway to address the shortage of foreign language tour guides, enhancing the quality of service for international visitors [6][7] Group 1: Inbound Tourism Growth - In Q1 2025, Changsha welcomed 152,000 inbound tourists, marking a 56.81% increase compared to the previous year [2] - Total spending by inbound tourists reached $61.66 million, reflecting a 51.76% growth [2] - From January to May 2025, the total number of inbound tourists increased by 39.3%, with total consumption rising by 38.81% [5] Group 2: Strategic Initiatives - Changsha is leveraging the national 240-hour transit visa exemption policy to expand its inbound tourism market [2] - The city has developed the "2025 Inbound Tourism Promotion Work Plan" to enhance the international influence of its cultural offerings [3] - Initiatives include participation in international events and collaborations with friendly cities to attract visitors from Japan, South Korea, and Russia [3] Group 3: Talent Development - A strategic cooperation framework has been established between Changsha's cultural tourism bureau and Hunan Normal University to cultivate foreign language tour guides [6] - The partnership aims to innovate talent training models and address the shortage of skilled personnel in the tourism sector [7] - The city is also launching a "Woodpecker Plan" to improve foreign language signage and create a more welcoming environment for international tourists [7] Group 4: Enhancing Visitor Experience - Changsha is focusing on creating immersive and memorable experiences for international tourists through diverse tourism products [8] - The city plans to integrate sports, exhibitions, and performances into its tourism offerings, enhancing the appeal of its cultural and recreational activities [8] - Attractions will be tailored to meet the preferences of foreign visitors, including popular activities like fireworks shows and traditional performances [10]

Group 1: Visa Policy Expansion - China has implemented a visa-free policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain starting from June 9, 2025, expanding the total number of countries eligible for this policy to 47 [1][2] - The visa-free policy allows citizens from these countries to enter China for business, tourism, family visits, and transit for up to 30 days without a visa [1][2] - The expansion of the visa-free list reflects China's commitment to high-level opening-up and aims to enhance international cooperation [2][3] Group 2: Economic Impact - The increase in the number of visa-free countries is expected to boost trade and tourism consumption, making business cooperation and travel to China more convenient [2][4] - In 2024, the number of foreign visitors entering China through the visa-free policy is projected to reach 3.391 million, a year-on-year increase of 1200.6% [4] - The growth in inbound tourism is anticipated to stimulate sectors such as dining, accommodation, and transportation [2][4] Group 3: Market Trends - The demand for diverse travel experiences is driving the tourism supply towards diversification, with new market participants entering the inbound tourism sector [5][6] - Travel agencies are adapting their services to cater to the personalized preferences of inbound tourists, offering customized travel itineraries and flexible options [6][7] - The structure of inbound tourist sources is shifting from East Asia to a more global distribution, with a parallel rise in high-end and budget travel products [6][7] Group 4: Future Developments - The trend of gradually increasing the number of visa-free countries is expected to continue, as more nations recognize the benefits of this policy [3] - Future strategies may include extending the duration of visa-free stays and expanding the cities covered by the policy [7] - The integration of technology and improved service efficiency at entry points are essential for enhancing the travel experience for inbound tourists [7]

Core Insights - Guangzhou's inbound tourism is experiencing rapid growth, driven by policy benefits, cultural appeal, and service innovations, positioning the city as a premier destination for international visitors [1][8] Group 1: Inbound Tourism Growth - The implementation of the "240-hour transit visa exemption" policy has significantly boosted international transit tourism, with nearly 50 countries represented among visitors since its launch [2] - In Q1 2025, Guangzhou welcomed 1.187 million overnight international tourists, marking an 11.7% year-on-year increase, with foreign overnight visitors increasing by 31.0% [3] - The expansion of international flight routes from Baiyun Airport, including the addition of six new routes and two international airlines, has enhanced connectivity and facilitated inbound tourism [3] Group 2: Enhanced Visitor Experience - Guangzhou is improving the inbound tourism environment with convenient services such as electronic transportation codes and foreign currency exchange points, ensuring a smooth experience for international travelers [3] - The city is leveraging cultural events and celebrity endorsements to enhance the tourism experience, with international artists promoting local attractions through social media [4][6] - A diverse range of tourism products, including medical tourism and educational travel, is being developed to attract various international visitor segments [5][6] Group 3: Marketing and Promotion Strategies - Guangzhou has established 20 overseas tourism promotion centers across five continents to enhance global marketing efforts, focusing on key source markets [7] - The "International Tourism Influencers' Happy Journey in Flower City Guangzhou" event has become a signature initiative to attract inbound tourists, showcasing the city's cultural richness [7] - Positive word-of-mouth marketing is driving further growth in inbound tourism, with notable increases in visitors from countries like Argentina, which saw a 344.7% year-on-year growth [8]

Group 1 - The upgraded transit visa exemption policy allows foreign visitors from 54 countries to stay in China for up to 240 hours, boosting tourism in cities like Qingdao, especially from East Asian countries such as South Korea and Japan [1] - The popularity of Qingdao as a weekend getaway is reflected in the increase of foreign tourists, with local businesses adapting to cater to their needs, including English training for staff [1] - The "Shangjie Li" street in Zhongshan Road has been transformed into a payment service area for foreign visitors, with over 200 merchants accepting various payment methods, enhancing the convenience for tourists [2] Group 2 - The occupancy rate of the Hai Tian Grand Hotel for Japanese and Korean tourists has more than doubled compared to the same period last year, indicating a significant increase in foreign visitor numbers [2] - The hotel has partnered with local businesses for promotional activities and is listed on international travel platforms to improve brand visibility and facilitate bookings for foreign tourists [2] - The influx of foreign tourists is revitalizing the cultural and tourism market in Qingdao, prompting local authorities to enhance service quality and develop more diverse tourism products [2]

"没想到火锅的历史有2000年了！"来自加拿大的旅游博主Jetlag Warriors在成都的火锅店兴奋地拍摄。这 位拥有数十万粉丝的旅游达人，近日与来自74个国家和地区的3000多位旅游业者一起，参加了携程集团 在上海和成都举办的2025全球合作伙伴大会。其中有国际知名旅游企业的负责人、欧洲大型旅行社的产 品经理，还有网红旅行家等。除了参会，他们还深度体验了四川的九寨沟、都江堰和成都等地。 "看大熊猫吃竹子，我能看一整天！"澳大利亚一家旅行社的负责人David笑着说。这位从业20年的旅行 商，此次带了3位产品经理一同来华考察。在成都大熊猫繁育研究基地，他们近距离观看大熊猫吃竹 子、爬树，还购买了几个萌翻的大熊猫玩偶。"通过双语导游的详细讲解，我更加直观地了解到大熊猫 的生长习性和食物偏好，我们准备把观看大熊猫以及周边相关体验，加入明年主推的限量高端中国游线 路，回去就推荐新线路，带客人来中国，相信人们都会喜欢！去年以来，'到中国旅游'已成为线下客人 咨询最多的话题之一。明年我们计划至少组织500位澳大利亚客人来中国。"David说。 在成都玛歌庄园，1000多位外国旅游业者体验了"千人火锅宴"，他们围坐在热 ...

[Table_Reportdate] 2025年06月05日 [table_stockTrend] -28% -16% -5% 7% 19% 31% 42% 24-06 24-09 24-12 25-03 25-06 申万行业指数:社会服务(0746) 沪深300 [相关研究 table_product] 1.旅游市场火热，出行半径扩大—— 五一消费数据点评 [Table_NewTitle 端午旅游]增速放缓 ——端午消费数据点评 [table_main] 投资要点： [table_invest] 标配 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn 行业简评 一、评级说明 | | 评级 | 说明 | | --- | --- | --- | | 市场指数评级 | 看多 | 未来 6 个月内沪深 300 指数上升幅度达到或超过 20% | | | 看平 | 未来 6 个月内沪深 300 指数波动幅度在-20%—20%之间 | | | 看空 | 未来 6 个月内沪深 300 指数下跌幅度达到或超过 20% | | 行业指数评级 | 超配 | ...

Summary of Ctrip Conference Call Company Overview - **Company**: Ctrip (Trip.com) - **Industry**: Online Travel Agency (OTA) Key Points and Arguments Domestic Hotel Booking Trends - In Q2, domestic hotel bookings maintained double-digit growth despite a year-over-year price decline, with the decline rate narrowing [2][3] - Hotel supply increased by 5%-10% year-over-year, indicating a clear trend of normalized demand growth [2][3] - Traffic maintained a steady double-digit growth, with expectations for continued normalized growth in domestic tourism [2][4] International Travel Recovery - Outbound travel capacity has recovered to approximately 80%-85%, with free travel, hotel, and flight recovery rates at 120%-125% [2][5] - Ctrip's international version saw a growth rate of about 60% in Q1, with a target of over 50% growth for the year [2][5] - Overall revenue growth is expected to maintain around 15% for the year [2][5] Revenue Composition and Future Goals - Domestic business accounts for 60%-65% of total revenue, outbound business approximately 15%, and pure overseas business 20% [2][6] - Trip.com contributed about 13% to total revenue, exceeding pre-pandemic levels [2][6] - The goal is for international business to contribute over 50% of total revenue in the next 3-5 years, with Trip.com aiming for around 20% [2][7] Hotel Revenue Structure - Trip.com has shifted from primarily ticket sales to hotel revenue, which now exceeds 40% and is expected to increase further [2][8] - A higher hotel revenue proportion is anticipated to positively impact Ctrip's profit structure [2][8] Seasonal Trends in Travel - The peak travel season for overseas and domestic tourism differs significantly, with Q4 being the peak for Trip.com due to major holidays [2][9][10] - Q3 is also busy due to summer vacations, while Q1 and Q2 are more fragmented with various regional holidays [2][9][10] International Route Recovery - Some routes in the Asia-Pacific region, such as Thailand, have not fully recovered to pre-pandemic levels, with recovery rates around 60%-70% [2][11] - Europe has largely recovered or surpassed 2019 levels, while some regions like Spain and Italy are still lagging [2][11] Foreign Tourist Preferences - Foreign tourists from the Asia-Pacific region prefer using Trip.com, while European and American tourists tend to use Booking.com [2][13] - Trip.com is the only platform allowing foreign tourists to book high-speed train tickets in China, providing a competitive advantage [2][15] Future Growth Expectations - Ctrip anticipates an increase in inbound tourism's contribution but aims to avoid over-reliance on the Chinese market [2][17] - The company plans to enhance brand awareness in the Asia-Pacific region to attract more foreign tourists [2][17] Financial Performance and Projections - Ctrip's international segment is expected to incur higher losses than last year, but this is within anticipated limits [2][21] - The budget and revenue expectations for 2025 align with initial forecasts, with a stable tax rate around 15% [2][22][23] Market Position and Competition - Trip.com has maintained profitability with an operating margin of 20-25% [2][26] - The company faces competition from traditional channels and aims to leverage its unique positioning and local language services to capture market share [2][27] Commission Rates and Monetization - Trip.com’s commission rates in overseas markets are lower than competitors, around 8%, to enhance competitiveness [2][28] - The company plans to gradually increase commission rates as the market expands while maintaining lower rates than competitors [2][28] Strategic Differences with Competitors - Trip.com has replicated its domestic competitive advantages in overseas markets, focusing on direct channels and strong supplier relationships [2][29][30] Additional Important Insights - The company emphasizes service quality and customer loyalty over price competition, which aligns with its long-term strategy [2][20] - The overall competitive landscape in the domestic OTA market remains stable, with a focus on enhancing customer experience rather than aggressive pricing strategies [2][20]

在一系列免签、退税政策的推动下，外国游客"中国游""中国购"热情持续高涨。据国家移民管理局6月3 日消息，今年端午节假期，单日出入境通关最高峰出现在6月1日，达208.6万人次。入境外国人中，适 用免签政策入境23.1万人次，较去年同期增长59.4%。 多地入境客流同比增幅较大。据海口出入境边防检查总站发布，今年端午假期，海南迎来了出入境旅游 客流高峰，截至6月2日18时，海南共验放出入境交通工具164架（艘）次、出入境人员达1.99万人次， 较去年同期增长44.3%。据上海出入境边防检查总站消息，今年前5个月，上海边检总站累计查验出入 境人员超1700万人次、出入境（港）交通运输工具12.2万架（艘）次，分别较去年同比增长23.5%、 16.2%。 众和昆仑（北京）资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示，出入境数据的 增长，反映出我国经济的强大韧劲和潜力。旅游、免税店等行业企业积极从丰富产品供给、提升服务水 平、拓宽客源渠道等维度发力，紧抓入境游市场机遇，共同做大入境游"蛋糕"。 携程最新数据显示，今年端午假期入境游订单同比增长近九成，热门入境游目的地为上海、北京、广 州、成都、深圳、 ...

Group 1: Core Insights - The Dragon Boat Festival coincided with Children's Day, leading to a significant increase in family-oriented travel, with nearly 90% of the top 50 scenic spots being family-friendly [1][3] - Domestic travel trends showed that over 60% of trips during the holiday were local or nearby, with popular destinations including Hangzhou, Nanjing, and Shanghai [3][4] - The demand for parent-child travel products surged, with bookings for such tours increasing by 80% year-on-year, and parent-child room bookings rising over 200% [3][4] Group 2: Inbound and Outbound Travel Trends - Inbound travel orders surged by nearly 90% compared to last year, with ticket GMV for inbound tourism skyrocketing by 150% [1][10] - Popular inbound destinations included Shanghai, Beijing, and Guangzhou, while outbound travel favored locations within a 3-hour flight radius, such as Japan and Thailand [10] - The overall tourism transaction amount in Shanghai reached 12.477 billion yuan, reflecting a year-on-year growth of 3.3% [4] Group 3: Cultural and Recreational Events - The "Su Chao" football league in Jiangsu became a popular cultural tourism event, attracting significant attention and boosting local tourism-related consumption [6] - The Shanghai Lavender Festival drew a large crowd, primarily consisting of family visitors, indicating a trend towards experiential and family-friendly events [3][6] - The average hotel occupancy rate in Shanghai increased by 1 percentage point to 59%, with major tourist attractions receiving 2.27 million visitors during the holiday [4]

如今，外籍游客入境广州越来越便利。白云国际机场联合南方航空等单位打造"广州欢迎您"全球传播矩 阵，精准触达境外客群，开通更多国际航线，方便外籍游客直飞花城。今年以来，白云机场新增及恢复 定期国际客运航线6条，引入2家国际航空公司，拓展2个国际通航点，进一步织密全球航线网络。针对 广交会等国际盛会，广州推出18条便利措施，服务保障广交会，助力全球客商"顺畅通关、高效参展"。 为加快推动入境旅游发展，一方面，广州积极"走出去"，开展境外推介，通过参展参会、专项推介、大 型户外广告和媒体融合传播等方式，全方位、立体化宣传展示广州城市形象，并结合商贸交流、出访活 动，先后到北美、欧洲、日本、韩国等重要客源地，开展"广州欢迎您"品牌境外推广活动。另一方面， 广州热情"迎进来"，组织外国游客踩线考察，连续多年举办"国际旅游知名人士花城广州幸福之旅"活 动，持续擦亮"广州过年 花城看花"等城市品牌。5月13日至15日，全球城市旅游发展组织（TPO）第44 次执行委员会会议在广州举行，广州以此为契机向全球旅游城市代表推介文旅资源，以吸引更多外籍游 客。 入境游目的地的吸引力，不仅在于吸引多少"初来乍到"的游客，还在于目的地的 ...