业内人士认为，这一政策落地，有望进一步便利中外人员的往来，不仅能为来华从事商务洽谈、投资考 察的外国人士提供流程简化服务，助力外资合作对接更高效推进，同时也能带动来华旅游、消费等相关 需求，间接为消费市场注入新活力。 入境流程更智能更省时 自2025年11月20日起，外国人来华前，可通过中国国家移民管理局政府网站、政务服务平台、"移民局 12367"APP和微信（支付宝）小程序、手机端扫描入境卡填报码等渠道，在网上填报入境相关信息。对 于不具备网上填报条件的外国人，可在抵达中国口岸出入境边防检查现场时，通过手机扫描二维码或使 用现场智能设备在网上填报入境信息，或者填写纸质外国人入境卡。7类符合条件的外国人还可免于填 报。 ● 本报记者 王舒嫄 11月20日，外国人入境卡网上填报政策落地实施，这一政策是国家移民管理局推出的支持扩大开放服务 高质量发展的创新举措之一。 这一举措使入境流程更智能更省时。今年以来，我国出入境政策不断优化调整，一系列便利化措施相继 出台，不仅为中外人员往来提供了更加便捷高效的服务，也彰显了我国坚持对外开放的坚定决心。 "中国游"持续升温 政策红利持续释放，今年以来我国入境游市场持续升温 ...

Core Insights - The number of foreign tourists entering China without a visa is significantly increasing, enhancing the international influence of Chinese cities and boosting tourism foreign exchange revenue [1] - The continuous growth of South Korean tourists is a highlight, with cities like Shanghai, Qingdao, and Zhangjiajie seeing an influx of visitors [1] - Kunming is also popular among South Asian and Southeast Asian tourists, nearing its 2024 annual visitor levels by the third quarter of 2025 [1] Group 1: Shanghai's Tourism Dynamics - Since the implementation of the visa-free policy for South Korean passport holders in November 2024, the number of South Korean tourists in Shanghai has surged, making them the largest source of overnight visitors in 2024 with over 446,000 arrivals [4] - By September 2025, the total number of South Korean tourists in Shanghai reached 619,800, marking a year-on-year increase of 121.09%, solidifying their position as the top inbound tourist group [5] - Factors contributing to this growth include the visa-free policy, low travel costs (approximately 700 RMB for a one-way ticket), and convenient transportation (2-hour flight) [5] Group 2: Qingdao's Challenges - Qingdao has historically attracted South Korean tourists, with 507,900 arrivals in 2019, but recent data shows a decline compared to Shanghai, with only 360,000 arrivals by November 2025 [5] - The city faces pressure to enhance its appeal and attract more South Korean tourists for weekend trips to capitalize on the "weekend economy" [5] Group 3: Kunming's Strategic Goals - Kunming aims to become the "first city for inbound consumption" from South Asia and Southeast Asia, with a focus on enhancing consumer experiences rather than just increasing visitor numbers [7][8] - The city has a strong foundation for attracting tourists from Thailand and Malaysia, with 554,700 and 226,000 visitors respectively in 2019 [8] - As of mid-2025, Kunming's inbound tourist numbers grew by 48.8%, with South Asian and Southeast Asian tourists making up over 60% of the total [9] Group 4: Future Prospects for Other Cities - Cities like Hangzhou and Chengdu are also positioning themselves to attract international tourists through events and improved services [12] - Hangzhou ranked 140th globally for international conferences, indicating its competitive edge in attracting visitors [12] - The overall trend suggests a significant potential for growth in foreign tourist numbers entering China via air travel, driven by expanded visa-free policies and increased international flight routes [13]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The inbound tourism market is expected to grow significantly, driven by the expansion of visa-free policies, with a projected 52% year-on-year increase in visa-free foreign visitors from January to September 2025 [1]. - The company's revenue for Q1-Q3 2025 was 17.48 billion yuan, showing a slight year-on-year decline, with a net profit of 1.09 billion yuan, down 14% [2]. - The company is expected to benefit from high return on equity (ROE) and increased international capacity, with a projected ROE of 15.28% for 2026 [3]. Financial Data and Forecasts - Revenue is forecasted to grow from 20.1 billion yuan in 2023 to 27.9 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.56% [5][10]. - The net profit attributable to the parent company is expected to increase from 751.3 million yuan in 2023 to 2.35 billion yuan in 2027, reflecting a significant growth trajectory [5][10]. - The company's earnings per share (EPS) is projected to rise from 0.34 yuan in 2023 to 1.08 yuan in 2027 [5][10].

传统入境游线路多聚焦长城、故宫等标志性景点，而风物旅行则将视角延伸至小城村寨，各地风物以独 特性和原生态特质，满足外国游客的多元需求，成为个性化入境游产品。风物的产业化开发能丰富入境 游产品体系，从非遗工坊研学到民俗节庆体验，从美食寻味之旅到文化IP打卡线路，多元产品矩阵可适 配不同年龄段、不同兴趣偏好的外国游客，有效提升入境游的复购率和口碑传播力。 风物旅行以独特地域文化为吸引物，能满足外国游客对深入了解中国文化的需求，也将成为各地发展入 境游的差异化优势。 风物让文化变得可感知、可体验，打破了文化传播的抽象壁垒。中国幅员辽阔，不同地域的风物涵盖饮 食、非遗、民俗等多形态，安徽歙县鱼灯、江西婺源甲路纸伞等具象化的风物，无需复杂解读，便能使 外国游客直观地感受到中国文化的多样性。 相较于游览传统景点，风物体验更具沉浸感。游客可通过参与民俗体验、学习非遗技艺等活动，深度感 知中国文化的魅力。这种体验式的文化传播更易引发情感共鸣，有助于游客建立对中国文化的立体认 知。同时，风物中蕴含的生态智慧、匠人精神等共性价值，还能成为中外文化交流的桥梁。 随着外国游客对深度体验中国文化的需求持续增长，风物旅行正精准契合这一市 ...

Core Insights - The article emphasizes the goal of building a strong tourism nation in China during the 14th Five-Year Plan, focusing on enhancing inbound tourism and the integration of culture and tourism [1][2][3] Group 1: Tourism Development Goals - The 14th Five-Year Plan aims to advance the construction of a strong tourism nation by enriching high-quality tourism products and improving service quality [1] - Key areas of focus include enhancing the internationalization and convenience of inbound tourism, as well as deepening the integration of culture and tourism [2] Group 2: Policy Support and Initiatives - Recent policies from various government departments aim to boost consumption through improved duty-free shop regulations and facilitate inbound tourism by expanding visa-free entry policies [2] - The Ministry of Culture and Tourism projects that domestic tourism will see 5.62 billion trips in 2024, a year-on-year increase of 14.8%, with total spending reaching 5.8 trillion yuan, up 17.1% [2] Group 3: Cultural and Tourism Integration - The deep integration of culture and tourism is seen as a key strategy for enhancing the appeal and value of tourism products, while also providing a pathway for the industrialization of cultural resources [3] - This integration is expected to respond to public expectations for improved quality of life and contribute significantly to the overall economic and social development [3]

Core Insights - The eighth China International Import Expo (CIIE) concluded on November 10, with Trip.com Group showcasing its innovative achievements and service ecosystem in the inbound tourism sector as the "official travel service partner" [2][3] - Trip.com received positive feedback from international attendees, highlighting its user-friendly interface and seamless payment process, which alleviated initial concerns about booking travel in China [2] - The platform's tailored services, such as "free half-day tours" and "AI itinerary planning," significantly enhance the travel experience for first-time visitors [2][3] Company Developments - Trip.com is leveraging AI technology and localized experiences to create a "warm bridge" connecting China with the world, facilitating easier and more confident exploration for international guests [4] - CEO Sun Jie announced that by 2025, the recovery rate of inbound tourism in China is expected to reach 123%, surpassing global and Asia-Pacific averages [4] - The company is focusing on content marketing to enhance inbound tourism experiences, moving away from traditional price competition [4] Service Innovations - Trip.com has improved its non-Chinese language service offerings by 72%, with real-time translation of hotel information into 26 languages, ensuring that small and medium-sized hotels can accommodate international guests without issues [4] - The AI itinerary assistant "Trip.Planner" integrates personalized data and real-time information to predict user interests, enabling one-click planning and booking [5] - The integrated platform TripGenie collaborates with partners to enhance service and marketing efficiency [5]

Core Insights - The forum on the 10th anniversary of the China-Australia Free Trade Agreement highlighted significant growth in inbound tourism orders for Ctrip this year, driven by favorable entry policies and visa exemptions [1][2] Group 1: Inbound Tourism Growth - Inbound tourism orders for Ctrip have seen a significant year-on-year increase, attributed to the ongoing release of entry facilitation policy benefits, including visa exemptions for multiple countries [1] - Russia has emerged as the fifth largest source of inbound tourists to China, surpassing Japan and South Korea in the Beijing market [1] Group 2: Policy and Service Enhancements - The National Immigration Administration announced the launch of an online "entry card" submission system by the end of November, enhancing the efficiency and comfort of the entry process for international tourists [1] - The focus of inbound tourism policy is shifting from "policy-driven" to "quality-driven," indicating a transition towards promoting consumption expansion [1][2] Group 3: Future Strategies - Ctrip plans to enhance inbound tourism through improved service guarantees, development of unique product systems, and strengthened global marketing efforts [2] - The company is leveraging AI technology to improve the experience of international tourists, with the Trip Genie feature providing comprehensive travel solutions through natural language interaction [2] - Ctrip's AI Agent customer service system supports 26 languages and handles nearly 5,000 inquiries from international tourists daily, optimizing service efficiency and resource allocation [2]

第八届进博会上，携程集团以"官方旅行服务伙伴"身份亮相，全方位呈现其在入境游领域的创新成果与 服务生态，与进博会主题深度呼应，向全球展现中国旅游服务的崭新面貌。 携程集团为此次参展的海外游客提供从机票预订、酒店住宿、景点门票到本地体验的一站式服务，展示 出作为全球领先旅游服务企业的综合实力。全新上线的"FLiP！TTrips"千人来华项目，将邀请超千名海 外达人深度体验各地风情。 此外，携程集团还系统展示了其在ESG和企业可持续领域的多维实践：通过推动旅游业协同降碳、打造 家庭友好旅行服务、促进社区多元包容发展、与全球伙伴共建产业生态等举措，构建更加可持续的旅游 未来。 一系列创新举措推动入境游业务快速增长。携程集团海外市场总经理张成杰表示，未来，携程集团将持 续加大创新投入，通过科技赋能、产品创新与全球合作，持续提升入境游服务体验，向世界展示一个更 加开放、友好、充满魅力的中国形象，让"完美旅程"成为连接中国与世界的重要纽带。(完) 中新网北京11月7日电 "随着签证、航班、支付等政策红利持续释放，入境游已进入高质量发展的新阶 段。讲好文化故事、提供有温度服务的目的地与企业，可以在国际市场形成持续吸引力。" ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.241 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 10.96%, while the net profit attributable to shareholders was 67 million yuan, down 45.73% year-on-year [1] - The retail business is expanding rapidly through a franchise model, with plans to increase the number of retail stores from 2,500 to 5,000 by 2027 [1][2] - The company is positioned as a leader in the outbound group travel market, with strong product and brand value, as well as robust supply chain and resource integration capabilities [2] Financial Performance - In Q3 2025, the company achieved a revenue of 2.366 billion yuan, a year-on-year increase of 12.35%, but the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [1] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, primarily due to intensified competition in the group travel market [2] - The company expects revenues of 7.224 billion yuan, 8.050 billion yuan, and 9.119 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.9%, 11.4%, and 13.3% [2][3] Business Segments - The wholesale travel business remains the core revenue driver for the company, with a recovery rate of 87.8% in the international aviation market compared to 2019 [1] - The retail business is leveraging digital technologies such as the "U Protection" service plan and AI assistants to enhance operational efficiency and customer experience [1] Market Outlook - The company is actively expanding into inbound tourism and other trending business areas, which is expected to open up long-term growth opportunities [2]

Core Viewpoint - The eighth China International Import Expo opened in Shanghai on November 5, with Ctrip Group participating as the "official travel service partner" [1] Group 1: Industry Insights - The inbound tourism market is expected to remain strong in 2025, with Ctrip's platform showing over 100% growth in flight segments and hotel night stays for foreign tourists compared to last year [1] - Ticket sales have seen a remarkable increase of over 300% [1] Group 2: Company Initiatives - Ctrip has launched a "free half-day city tour" program for overseas tourists in Shanghai, Beijing, and Hong Kong, which has already served over 10,000 tourists from more than 100 countries [1]