Group 1: Travel Trends - The National Day and Mid-Autumn Festival holiday in 2025 saw a significant increase in domestic travel, with 888 million trips taken, an increase of 123 million compared to 2024 [1] - Total domestic travel expenditure reached 809 billion yuan, up 108.2 billion yuan from 2024 [1] - Self-driving trips became the primary mode of travel, accounting for 79.8% of total travel, with a 7.1% year-on-year increase in self-driving travelers [2] Group 2: Cross-Border Travel - Cross-border travel continued to rise, with 16.34 million people entering and exiting the country during the holiday, a 11.5% increase year-on-year [3] - The number of outbound trips by mainland residents reached 9.165 million, up 12.2% from the previous year [3] - The demand for long-distance and outbound travel surged, reflecting a shift in consumer preferences towards experiential travel [3] Group 3: Consumer Spending Patterns - Average spending per person during the holiday was 911 yuan, a slight decrease from 916 yuan in 2024, indicating a more rational approach to consumption [4] - Daily average spending showed a 1% increase year-on-year, while daily average per capita spending decreased by 13% [4] - Retail sales in related industries grew by 4.5% year-on-year, with goods and services consumption increasing by 3.9% and 7.6%, respectively [4] Group 4: Retail and Dining Insights - Retail sales growth varied by sector, with smart home appliances seeing a 14% increase due to trade-in subsidies, and organic food and "Guochao" fashion growing by 28% and 14%, respectively [5] - Dining and retail consumption showed moderate growth, with restaurant sales reflecting stronger trends compared to July and August [6] - Movie box office performance was relatively weak, contrasting with strong travel demand during the holiday [6]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights a significant increase in domestic travel during the National Day and Mid-Autumn Festival holiday, with 888 million domestic trips taken, an increase of 123 million compared to the previous year. Total spending reached 809 billion, up 108.2 billion from the previous year, indicating a strong recovery in consumer spending [4][5] - The report emphasizes the trend of consumers prioritizing experiences over material goods, reflecting a shift towards "paying for emotions and experiences" in travel choices [14][15] Summary by Relevant Sections Industry Overview - The closing index for the industry is 8596.85, with a 52-week high of 9343.57 and a low of 7320.11 [1] Travel and Tourism Data - Daily average travel volume reached a historical high of 304 million during the holiday, with a year-on-year increase of 6.3%. The report notes that railway, road, waterway, and civil aviation all saw increases in passenger volume [5][6] - The average hotel occupancy rate during the holiday was only 58%, down from 75% the previous year, with average room prices decreasing by 18% [9] Consumer Spending Insights - Retail and catering sales during the holiday increased by 2.7%, with significant growth in organic food sales, which rose by 27.9% [7][8] - The average price of domestic flights remained stable at 849 yuan, showing little change compared to previous years [8] Investment Recommendations - The report suggests focusing on new consumption opportunities in sectors like trendy toys, gold jewelry, and new tea drinks, which align with current consumer trends [17] - It also recommends attention to cyclical sectors such as liquor, hotels, and restaurants, anticipating a recovery in these areas due to policy support [17]

Core Insights - The "super golden week" during the National Day and Mid-Autumn Festival saw a significant increase in long-distance travel and deep experiences, with domestic long-distance travel orders rising by 3 percentage points compared to last year [1] - The average spending per traveler increased by 14.6% year-on-year, with the post-95 generation leading in booking numbers [1] - Family travel accounted for nearly 52.4% of the market, indicating a strong demand for family-oriented trips [1][2] Travel Trends - The peak travel period extended from September 30 to October 5, with nearly 15% of users starting their trips before the holiday [2] - The trend of "off-peak travel" gained popularity, with a notable increase in demand for guided car rentals, particularly in Beijing and scenic areas like Sichuan [2] - Experience-based travel activities, such as island cycling and cultural experiences, are replacing traditional sightseeing [2] Demographics - The post-95 generation accounted for nearly 25% of bookings, while the post-05 generation saw a 61% year-on-year increase in booking numbers [3] Event-Driven Travel - Events such as music festivals and sports competitions significantly boosted local tourism, with some events leading to hotel booking increases of 2.6 times [4] - The integration of events with tourism, such as discounts for event ticket holders at local attractions, has enhanced visitor engagement [4] Accommodation Market - The domestic accommodation market experienced a 65% year-on-year increase in bookings, with multi-city bookings rising by over 20% [6] - Non-first-tier cities saw a 90% increase in high-quality hotel bookings, indicating a shift in travel patterns [6] International Travel - Popular international destinations included Japan, Maldives, and Southeast Asian countries, with a notable increase in Chinese tourists [8] - The Maldives reported that over 50% of its guests during the holiday were from China, highlighting the growing trend of Chinese tourists abroad [9] - The overall travel experience is shifting towards immersive experiences rather than just reaching destinations, reflecting a maturation of the Chinese tourism market [9]