Group 1 - The inbound tourism market in China has shown strong growth this year, supported by upgraded policies and services to attract foreign tourists [1] - At Xiamen Gaoqi International Airport, over 330,000 visa-free foreign travelers have entered this year, marking a year-on-year increase of over 35% [1] - The implementation of measures such as online entry card filling and the establishment of a "one-stop comprehensive service center" has enhanced the efficiency of services for foreign travelers [1] Group 2 - The newly launched "border inspection information reporting system" at Xi'an Xianyang International Airport has reduced average customs clearance time by 5 to 8 minutes, improving overall efficiency by 30% [1] - The introduction of a new duty-free store in Xi'an incorporates local cultural elements and aims to guide overseas consumption back to China through an innovative "duty-free + cultural tourism + consumption" model [2] - In Hangzhou, the implementation of "one-click tax refund" service has streamlined the tax refund process for international tourists, with 292 duty-free stores and a sales volume exceeding 202 million yuan, a year-on-year increase of 103.97% [2]

Core Insights - The Ministry of Culture and Tourism and the Civil Aviation Administration of China jointly issued the "Action Plan for the Integrated Development of Culture, Tourism, and Civil Aviation," aiming for significant improvements in tourism services and deeper integration by 2027 [1] Group 1: Action Plan Objectives - The Action Plan outlines four main areas: enhancing tourism service levels, optimizing travel routes and facilities, cultivating new integrated products and scenarios, and creating a favorable environment for integrated development [2] - It proposes 15 specific measures to achieve these objectives, including encouraging airlines to offer multi-destination packages and promoting collaboration among various tourism-related entities [2][3] Group 2: Low-altitude Tourism Development - The Action Plan emphasizes the regulated development of low-altitude tourism, advocating for local governments to establish joint regulatory mechanisms and support qualified enterprises in offering low-altitude tourism projects [3] - Low-altitude tourism is seen as a key driver for the transformation and upgrading of the cultural tourism industry, with significant market potential expected to be released following the implementation of the Action Plan [3] Group 3: Enhancing Inbound Tourism - The Action Plan aims to improve the convenience of inbound tourism by implementing policies that facilitate entry for foreign tourists and enhancing services at major airports [4] - It encourages the expansion of direct flights from key source countries and the development of diverse travel products to meet the varied needs of inbound tourists [4] Group 4: Policy Synergy and Market Growth - The integration of cultural tourism and civil aviation is crucial for breaking down industry barriers and creating a collaborative mechanism for demand matching, product co-creation, and data sharing [5] - Recent trends indicate a resurgence in inbound tourism, with a recovery rate projected at 123% by 2025, significantly surpassing global averages, driven by visa facilitation and improved payment environments [6][7]

Group 1 - The core viewpoint of the article highlights the significant growth potential of China's inbound tourism market, which has lagged behind domestic and outbound tourism in terms of growth rate and GDP contribution [4] - The inbound tourism market is primarily driven by two factors: the release of visa-free policies and the promotion of Chinese culture abroad, leading to a positive cycle of cultural and tourism integration [5] - The inbound tourism market in China has seen rapid growth since 2023, indicating the onset of a golden development period for inbound tourism [5] Group 2 - Trip.com, as a leading OTA, is benefiting from the inbound tourism boom, with a focus on the Asia-Pacific region and a strategy of gradual international growth [6] - Tongcheng Travel is expanding into international markets, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [7] - Zhongxin Tourism, which started with outbound tourism, is gradually developing its inbound tourism business, having established a subsidiary for inbound services in March 2024 [8]

Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].

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 ...

便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增。Q3 公司整体住宿预订营业收入同比增长 18%、环比增长 29%，主要得益于强劲的旅游需求，尤其是夏季及国庆假期期间表现突出。国内消费者 旅游需求依然旺盛，游客追求新奇、沉浸式体验，旅游需求日益多样化，北京、上海、成都等主要城市 及拉萨等偏远地区、小城市预订量均呈现增长态势。酒店价格方面，Q3 酒店价格同比降幅收窄至低个 位数，黄金周期间国内酒店价格呈上涨趋势。入境游方面， Q3 携程平台上入境游预订量同比增长超过 100%，亚太地区为主要客源地，欧洲和美国也实现强劲增长。我们继续看好政策及市场需求驱动入境 游单量保持高增。 盈利预测与投资评级：考虑到Q3 处置投资对业绩的积极影响，我们将2025 年公司经调整净利润预测从 183 亿元上调至323 亿元，维持2026/2027 年预测200/220 亿元，对应2025-2027 经调整口径PE 为 11/17/16 倍，我们继续看好公司海外业务成长，维持"买入"评级。 风险提示：短期投入增加影响盈利能力，海外份额提升不及预期，旅游需求不及预期 机构：东吴证券 研究 ...

(1)出境游：Q3携程的出境酒店和机票预订量攀升至2019年同期水平的140%，同比增长近20%，继续好 于市场表现;黄金周期间同比增长约30%。日本、韩国及东南亚为热门目的地，欧洲成为关键增长区 域，冰岛、挪威等目的地预订量大幅增长。机票价格方面，受航班运力恢复影响，跨境机票价格较去年 有所回落，但仍高于疫情前水平;酒店价格基本保持稳定，Q3出境游业务收入继续保持较快的同比增 长。 (2)国际业务：Q3Trip.com总预定量同比增长约60%，其中亚太地区仍是运营重点，同比增长逾50%，中 东、欧洲等新市场也展现出亮眼增长。公司近几个季度实现快速的市场份额增长，并将继续在全球范围 内投资，特别是在亚太地区。根据sensor tower数据，trip.com APP10-11月在全球市场(不含中国大陆地 区)双端MAU同比增长69%，其中亚洲市场(不含中国大陆地区)同比增长64%，增长亮眼。该行看好公司 基于高标准服务及便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增 东吴证券发布研报称，继续看好携程集团-S(09961)海外业务成长，维持"买入"评级。公司通过深 ...

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]