（王潇雨 摄影） 本报（chinatimes.net.cn）记者王潇雨 北京报道 国庆中秋双节叠加的8天"超级黄金周"正式收官，旅游市场热度如此前的预测一样再创新高。据交通运 输部公布的数据显示，10月1日至8日累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次， 同比增长6.2%。 在人们出游热情持续释放，全行业各项指标显著增长的背后，从诸多出游行为、消费选择以及与以往长 假期间出行习惯等诸多方面变化相比，可以瞥见在经过数十年发展转型之后，每一个公众假期出游热潮 都成为中国旅游产业升级迭代的"舞台"。在社会经济变迁和民众生活方式的演进中，旅游正逐步从标准 化、团体化的"千篇一律"转向个性化、碎片化的"沉浸式参与"，消费模式从精英阶层的奢侈享受转向全 民参与的大众休闲。 "爱玩"到"会玩" "在返乡探亲和大众旅游双重需求叠加的背景下，今年国庆中秋假期，长线跨省、跨境旅行趋势明显， 整体呈现走得更远、玩法更多、品质更高的特征。"同程旅行10月8日发布的《2025国庆中秋假期旅行消 费报告》显示。在"短途高频次，长线高品质"的假期旅行主基调下，用户的消费潜力也得到了持续释 放。今年国庆中秋假期，多 ...

Group 1: Cultural and Tourism Development - The city of Bozhou is becoming a focal point for cultural tourism during the National Day and Mid-Autumn Festival, featuring a blend of historical and modern attractions [2] - The opening of a cultural district with 15 themed courtyards has attracted significant visitor interest, with over 100,000 visitors on the first day and a peak of over 5,000 people present at one time [2] - The cultural district emphasizes immersive experiences, with 40% of brands being new entrants across various sectors including dining and retail [2] Group 2: Tourism Market Trends - The tourism market in Henan is showing robust growth, with a 27% year-on-year increase in overall travel orders on the first day of the holiday [3] - Popular tourist destinations include Longmen Grottoes, Laojun Mountain, and Zhengzhou Fantawild, with a notable rise in customized travel options, which have increased by over 40% compared to last year [3] - There is a shift towards personalized and in-depth travel experiences, with self-driving trips gaining popularity, reflected in a 20% increase in average spending on car rentals [3] Group 3: Domestic and International Travel - Cities with unique geographical advantages are attracting more tourists, and there is a noticeable increase in outbound travel, with popular destinations including Japan, Thailand, and Malaysia [4] - Major cities like Shanghai, Beijing, and Guangzhou are favored by inbound tourists, indicating a growing interest in international travel during the holiday period [4]

目前，景区直通车已开通"上海外滩、城隍庙""安徽黄山"等十多条线路，覆盖江苏、浙江、上海、 安徽等周边省市。多条线路受到市民欢迎，售票情况火爆。"目前最受欢迎的是10月2日的'宜兴窑湖小 镇'线路，以及10月8日、9日的'海宁盐官钱塘江观潮'线路。"张家港汽车客运站营销中心负责人阮园介 绍，"'杭州西湖'线路也几乎班班爆满，往返票价仅89元，性价比很高。" 为进一步提升市民出游体验，自今日起，景区直通车推出多项便民举措：在张家港市二环以内，同 一线路满10人即可享受上门接送服务；乘客可自主推荐开发新线路；乘坐景区直通车的乘客可获得积分 卡，一年内乘坐满十次，可兑换一次任意景点一日游免费机会。市民可通过"苏汽港程行"微信公众号 或"巴士管家"App咨询和购票。 国庆中秋"双节"期间，为方便市民假期出行，张家港市景区直通车推出多条旅游线路，实现从车站 到景区的点对点直达，满足市民个性化、多元化的出游需求。 ...

与往年不同的是，今年县级宝藏小城迎来爆发式增长。阿尔山、腾冲、敦煌、婺源、延吉、香格里拉、平潭、额济纳旗、安吉 和桐庐跻身国内热门小城榜单前列。其中，阿尔山赏秋之旅以340%的热度涨幅成为首选。 赏秋游、传统文化游、红色旅游成为三大热门主题。其中，赏秋主题游成为游客关注的焦点——大兴安岭、盘锦红海滩和本 溪"中华枫叶之路"热度暴涨。 央视网消息：这个十一假期，旅游市场迎来新变化，越来越多出行者不再满足传统热门景点打卡，而是追求更具个性化和深度 的旅行体验。 今年国庆假期，传统热门城市依然保持强劲吸引力。北京、上海、成都、西安、杭州、重庆、广州、南京和青岛位列国内热门 城市前十。这些城市以完善的旅游设施和丰富的旅游资源继续成为大多数游客的首选。 随着免签政策进一步扩容以及国际航线持续加密，八天长假正成为中国旅行者出境远行的重要窗口，大数据显示，热门国家酒 店的预定量同比翻番。日本、马来西亚、新加坡、泰国、韩国、越南、印度尼西亚、新西兰、土耳其、澳大利亚登上热门出境国家 榜单。 乌兰布统自驾、甘南自驾、川西自驾、胶东半岛自驾等线路热度名列前茅，"边走边玩"的旅行模式广受欢迎。 ...

Group 1 - The travel preferences of young people in China are shifting towards independent travel, with only 26.8% opting for group tours and 52.3% favoring free travel, indicating a trend away from traditional group travel [1] - Data from Qunar shows a 10% year-on-year increase in domestic flight bookings and double-digit growth in hotel bookings during the Qingming holiday in 2025, driven by young people's tendency to extend holidays through "leave + Qingming" strategies [1] - Young travelers are increasingly seeking personalized experiences, with 55.3% preferring immersive "wandering" and 41.9% interested in unique attractions, moving away from superficial sightseeing [4] Group 2 - The tourism industry is adapting to these market trends by redesigning travel products, moving away from traditional "rush" itineraries to more flexible arrangements that allow for personal exploration [5] - Companies are focusing on creating personalized travel routes and products that cater to the preferences of various customer segments, especially young travelers [6] - The industry is also enhancing marketing efforts on social media platforms popular with young people, such as Xiaohongshu and Douyin, to better reach this demographic [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading player in the outbound group travel industry, with ongoing business recovery and an expanding layout [3][14]. - The domestic and outbound/inbound tourism industries are experiencing steady growth, with significant recovery following unconventional cycles [10][34]. - The company benefits from a robust supply chain, strong cash reserves, and a comprehensive online and offline channel strategy [3][10]. Summary by Sections Industry Overview - The outbound tourism penetration rate in China has been increasing, reaching 11.0% in 2019, but still lags behind developed countries like the US and South Korea [2]. - The outbound tourism market is characterized by a predominance of young, highly educated travelers who prefer personalized and customized experiences [2][10]. - The inbound tourism sector is supported by favorable policies and increased payment facilitation measures, enhancing the willingness of foreign tourists to visit China [1][10]. Company Positioning - The company operates in the midstream of the outbound tourism industry, primarily benefiting from industry growth and its leading market position [2][10]. - The company has maintained its core team and supply chain, enabling a swift recovery post-pandemic [3][10]. - The company has a strong brand value and resource integration capability, with plans to expand its retail business through a franchise model [3][10]. Financial Projections - Revenue is projected to grow significantly, with estimates of CNY 75.00 billion, CNY 87.35 billion, and CNY 103.39 billion for 2025, 2026, and 2027 respectively [3][8]. - The company is expected to achieve a net profit of CNY 1.16 billion, CNY 1.55 billion, and CNY 1.94 billion for the same years, reflecting a strong recovery trajectory [3][8]. - The projected P/E ratios for 2025, 2026, and 2027 are 67.2X, 50.4X, and 40.2X respectively, indicating a favorable valuation outlook [3][8].

Group 1 - The summer travel season is beginning, with a new wave of bookings expected in Hainan, as indicated by the increase in reservations for accommodations [2] - According to a report by Fliggy, Hainan's summer flight ticket bookings have increased by 30% year-on-year, with Sanya, Haikou, and other locations being popular destinations [2] - Family travel is a significant trend, with parent-child families accounting for 60% of summer travelers, highlighting the demand for family-oriented experiences [2] Group 2 - The trend of quality travel continues to rise, with bookings for high-star hotels on the Fliggy platform increasing by over 20% year-on-year [3] - Hotels in Hainan are launching personalized services tailored to the characteristics of summer tourism, enhancing the overall guest experience [3]

Core Insights - The 2025 ITB China will take place from May 27 to 29, 2025, focusing on new opportunities and challenges in the cultural tourism industry [1] - Whale Dynamics will launch new cultural tourism solutions at ITB China to help global tourism brands overcome growth bottlenecks [1][3] Industry Challenges and Solutions - The cultural tourism industry faces three core challenges: "traffic dilemma, experience gap, and cross-border barriers" [3] - Solutions will focus on three key areas: "data, technology, and ecosystem," addressing issues through "super personalized user profiling, destination digital upgrades, and full-link closed-loop operations" [3] Market Trends - The tourism market is showing significant growth, reflecting a deep transformation in China's cultural tourism industry [4] - There is a notable trend towards personalized and diversified travel consumption, requiring tourism products to offer richer forms and flexible combinations [4] - The report highlights a "polarization" in the tourism market, with a surge in high-end customized travel and a rise in "reverse tourism" to unique cultural destinations [4] Structural Changes in Outbound Tourism - Outbound tourism is experiencing structural changes, with Asian countries becoming popular destinations; Vietnam saw a 178% increase and Japan 49% [4] - Mobile payment has become the mainstream method for outbound consumption, with Alipay's overseas payment transactions increasing by 163% and Huawei Pay by 243% [4] Technological Impact - Technology is reshaping the travel experience, with Huawei's report indicating a 37.5% year-on-year increase in the usage rate of Huawei Tianji Tong for outbound data [5] - The demand for personalized and diverse services is reflected in the usage differences of localized apps like railway 12306 and Grab [5] - The industry faces a structural transformation from "traffic to retention," emphasizing the need for precise user engagement and optimized service chains [5]

Group 1 - The "May Day" holiday this year has seen a shift in vacation styles, with a rise in the "拼假" (staggered leave) approach, leading to more dispersed travel compared to last year [1] - According to data from Fliggy, the average travel expenditure per person during the holiday has significantly increased year-on-year, showing a trend towards longer and deeper travel experiences [1] - Domestic flight bookings have surged approximately 30% compared to last year's strong performance, with popular long-distance destinations like Hainan, Xinjiang, and Tibet leading the growth [1] Group 2 - Traditional tourist cities such as Shanghai, Beijing, and Guangzhou continue to attract visitors, while lesser-known destinations like Changjiang and Nujiang have seen their booking volumes double year-on-year [2] - The outbound travel market is heating up, with average booking volumes for outbound travel products increasing by 12% year-on-year, and ticket bookings for scenic spots rising by 150% [2] - Personalized experience projects are gaining popularity, with niche offerings like Japanese themed hotels and adventure activities in Malaysia and Nepal attracting more customers [2] Group 3 - Fliggy has expanded its service guarantee for outbound hotel bookings, offering compensation for price drops within 24 hours of booking [3] - The introduction of a new AI travel assistant, "问一问," aims to enhance the travel experience by providing real-time recommendations and support for various travel-related tasks [3]