国庆中秋假期，全国餐饮店排队量同比增长超35%，其中10月4日达到高峰。美团餐饮团购线上订单量 显示，成都、重庆、北京等城市游客美食消费活跃，天津、宁波等城市异地用户贡献的餐饮堂食线上订 单量同比增幅均在50%以上。 2025年"超级黄金周"，深度体验、即时满足、线上增收，共同构成了假期消费的新特征。从城市到县 域，从餐饮到医疗，多元化的需求与供给相互促进，不仅激活了假日经济，也为全年消费市场的持续向 好注入动力。可以预见，随着消费需求的不断升级和平台服务的持续优化，未来文旅市场将呈现出更加 精细化、个性化、便捷化的发展态势。假期越来越"长"，线上平台也将持续发挥"余热"。 （编辑 张明富） 同时，更多"宝藏小城"走入公众视野，大城市周边县域目的地预订单量较去年同期增长51%，江苏东 台、浙江海宁、云南腾冲等目的地旅游消费预订单量同比提升超100%。 超长假期激活深度游需求，游客不再埋头赶景点，而是追求差异化体验。美团数据显示，国庆期间，服 务零售休闲玩乐类消费交易订单数环比9月增长76%，其中20岁至35岁人群消费占比达60%。 另一消费趋势是，"深度游"并不需要"重决策"。游客出行从"提前规划"转向"即时 ...

Macro Overview - The report indicates a cautious optimism regarding China's holiday economy, with moderate growth in consumption during the National Day holiday. Key trends include strong performance in green, smart, and experiential consumption [2][4] - Despite recent relaxations in real estate policies in first-tier cities, the real estate market remains weak, with a significant year-on-year decline in new and second-hand housing sales [3][6] - The report anticipates that core CPI and PPI growth will rebound, alleviating deflationary pressures, with liquidity conditions expected to remain loose for at least the next two quarters [2][7][8] Internet Sector - The online travel agency (OTA) sector shows resilience, with keywords "quality" and "long-distance travel" indicating strong demand. Long-distance travel bookings on Ctrip increased by 3 percentage points year-on-year [28][30] - During the holiday, Alibaba's Fliggy reported a 14.6% year-on-year increase in average transaction value, while Tongcheng Travel noted nearly 100% growth in outbound group travel bookings [28][31] - The report maintains a "buy" rating for Ctrip (TCOM US) and Tongcheng Travel (780 HK) based on these positive trends [28] Consumer Discretionary - The report expresses a cautious outlook for retail sales growth during the 2025 National Day holiday, attributing potential risks to high base effects from 2024, lack of government subsidies, and ongoing macroeconomic pressures [32][35] - The report highlights a preference for consumer downgrade themes and high-dividend stocks, with concerns over profit margin pressures due to increased competition and discounting [32][35] Automotive Sector - The report notes a significant divergence in sales during the National Day holiday, with new energy vehicles (NEVs) outperforming traditional fuel vehicles. The introduction of popular NEV models is expected to drive order growth [6][32] - The forecast for national passenger vehicle retail and wholesale sales in 2025 has been slightly raised, reflecting better-than-expected sales in Q3 and potential pre-purchase demand for NEVs [6][32] Real Estate Sector - The report indicates that the effectiveness of real estate policies is diminishing, with a notable decline in sales volume for new and second-hand homes during the holiday period [3][6] - The report anticipates that further easing measures may be necessary to stimulate housing demand, as sales data remains weak despite policy support [3][6] Selected Stocks - The report identifies several preferred stocks, including Luckin Coffee (LKNCY US), Guoquan (2517 HK), Green Tea Group (6831 HK), Jiumaojiu (9922 HK), Li Ning (2331 HK), Bosideng (3998 HK), and JS Global Life (1691 HK) [33][41]

"演唱会、体育赛事在国庆文旅消费中扮演了'顶级流量引擎'的角色，它们不再是孤立的娱乐活动，而 是旅游的'核心吸引物'。"联合国旅游组织专家贾云峰告诉21世纪经济报道。 今年国庆中秋长假期间，中国网球公开赛、WTT中国大满贯、成都赛艇公开赛等赛事及十余场演唱会 轮番上阵，叠加假期出行热潮，不仅推动了旅游市场全面升温，更串起餐饮、住宿、购物、景区游览等 多种消费场景，实现了体育流量和文旅经济的双赢。 另据国铁集团的消息，10月8日全国铁路预计发送旅客2175万人次，铁路国庆中秋假期运输自9月29日启 动到10月7日已经发送旅客超1.6亿人次。随着返程客流高峰的到来，运力还在持续增加。民航方面也迎 来客流高峰，飞常准数据显示，国庆中秋假期助推下民航客流量快速上扬，9月29日至10月5日执行客运 航班11.2万班次，日均1.6万班，环比增长13%，同比2024年增长3%，同比2019年增长18%。 赛事IP引爆文旅市场 演唱会和赛事资源在各地分布不均，好在除了赛事拉动的局部消费热潮，今年国庆假期热点众多，整体 出行也呈现"量价齐升"的局势。10月8日飞猪发布的《2025国庆中秋假期出游快报》显示，今年假期出 行的客单 ...

2025年国庆叠加中秋、家国同庆，交通出行、文化旅游、消费市场等都呈现火热场景。每一组跃动的数据，展示经济的奔腾活力；每一个 热闹的场景，彰显发展的蓬勃生机。让我们跟随海报，一起感受这个火热奔腾、祥和喜庆的国庆中秋长假。 2025年国庆中秋假期，全社会跨区域人 员流动量累计24.33亿人次，日均3.04 亿人次,比2024年同期日均同比增长 6.3%,创历史新高。 权威数读 / 部指出 出行出游火热 FFEFNA 今年国庆中秋假期,全国边检机关共计保 障1634.3万人次中外人员出入境,日均 204.3万人次，较去年同期增长11.5%， 单日出入境通关最高峰出现在10月4日, 达235.3万人次。 文旅市场热力十足 国内出游8.88亿人次 权威数读_/ 部华社 假日8天，全国国内出游8.88亿人次，较 2024年国庆节假日7天增加1.23亿人次； 国内出游总花费8090.06亿元，较2024 年国庆节假日7天增加1081.89亿元。 [新] 校园歌曲诗 :: ] INIXL 文人 / 文旅市场热力十足 地旅游成绩单 北京市累计接待游客2509.4万人次，实现旅 游总花费316.5亿元，同比分别增长3.6%、 ...

为何今年国庆假期出行人数远超去年？旅游市场呈现出哪些新趋势和特点？背后反映出消费需求出现了 哪些转变？每经记者采访专家，对此进行了详细解读。 居民收入水平有较大改善，提升了消费能力和消费意愿 近年来，"假期经济"逐渐成为观察我国消费市场复苏的重要窗口。 知名经济学者、工信部信息通信经济专家委员会委员盘和林接受每经记者微信采访时表示，国庆前四日 人员流动频繁，主要有两方面原因。一是今年国庆中国人更愿意出去消费。今年国庆与中秋连成长假， 假期时间延长，为人们提供了更充裕的时间进行长途游玩，激发了更多人出行的意愿。同时，今年居民 的收入水平有较大改善，例如股市走强使老百姓可支配收入增加，进一步提升了人们的消费能力和消费 意愿。 每经记者｜周逸斐 每经编辑｜陈俊杰 今年国庆恰逢中秋，8天超长假期为消费潜力集中释放创造了条件。据交通运输部最新消息，10月5日， 全社会跨区域人员流动量29119.72万人次，环比下降3.4%，同比增长3.4%。 《每日经济新闻》记者（以下简称每经记者）进一步梳理数据发现，2025年国庆假期前五天的单日全社 会跨区域人员流动量，均超过去年同期。并且，10月1日到10月4日，全社会跨区域人员 ...

京城老字号上新 始建于1930年的西来顺在西四北六条东口悄然落子"清真美食驿站"，这家坐落在西四北大街79号的小店，不仅复刻了总店厨艺的马连良鸭子，更暗藏惊喜 ——小店独有的风味肉饼；店里还有酱羊蹄、酱牛肉、野菜团子、全麦豆包、糖火烧等各色小食，让街坊邻居在家门口就能解锁老字号名店的经典厨艺。 西来顺经理张丽萍说："有些品种连老店都没有，主要是为了方便邻居们日常购买特别推出的。像店里的西来顺特色肉饼，邀请了几位大师进行指导，是这 家小店的专属，也是胡同打卡的新标志。" 什刹海畔的烤肉季则上演"舌尖上的非遗蝶变"，国家级烤肉技艺传承人以内蒙古沙葱入馔，首创"塞外秋韵烤羊肋间"，让食客在炭火氤氲中感受穿越百年的 仪式感。此外，烤肉季还推出了贴骨羊排。 中国商报（记者 贺阳）国庆与中秋"双节"合体造就的八天超长假，正推动餐饮市场迎来年度消费小高峰。10月4日，中国商报记者从多家老字号、连锁餐饮 企业了解到，在假期经济与业态创新的双重驱动下，老字号焕新、连锁企业创新业态、场景多元的消费图景全面展开，家庭团聚、旅游打卡、宴会庆典等需 求集中释放。 据了解，护国寺小吃总店的寿桃礼盒，包括9颗寿桃、9根9.9米长的寿面、9 ...

Group 1: Holiday Consumption Trends - The "Golden Week" during the National Day holiday is expected to see a significant increase in travel, with a projected 130% year-on-year growth in the number of travelers compared to last year [1] - The strong start signals that this year's holiday could be a major driver for domestic demand and consumer spending [1] - Policies encouraging paid leave and flexible holiday arrangements are anticipated to alleviate the pressure of concentrated travel during peak periods, promoting a more balanced distribution of consumption over time [1] Group 2: Policy and Market Dynamics - Current policy direction focuses on creating new consumption scenarios rather than just short-term stimulus measures like distributing consumption vouchers [2] - The optimization of holiday arrangements at the national level has provided institutional support for holiday economies, enhancing flexibility and rationality in planning travel [2] - The integration of various sectors such as culture, sports, and health into the holiday economy reflects a shift from traditional tourism and shopping to a more comprehensive consumption ecosystem [2] Group 3: Marketing Strategies - Recent marketing failures highlight a shift from traffic-driven strategies to value-driven approaches, emphasizing the importance of genuine brand value over superficial attention [3] - The need for brands to engage in two-way communication with consumers is critical, moving away from one-sided messaging to fostering dialogue and empathy [3] - Long-term brand value construction is essential, as short-term profit motives have led to significant backlash in recent marketing campaigns [3] Group 4: Financial Market Implications - The anticipated interest rate cuts by the Federal Reserve are expected to accelerate foreign capital inflow into the A-share market, enhancing the attractiveness of RMB assets [5] - The rate cuts will provide the Chinese central bank with more operational space for monetary policy, potentially leading to more proactive measures to boost investor confidence [5] - A recovery in external demand could support export growth, contributing to a moderate economic recovery in the fourth quarter and providing a solid foundation for the A-share market [5] Group 5: Digital Currency and Internationalization - The establishment of a digital RMB international operation center is expected to significantly enhance the internationalization of the RMB by improving cross-border payment efficiency and reducing transaction costs [6] - This center aims to create a new pathway for RMB internationalization, transitioning from trade settlement and financial investment to a model that prioritizes payment facilitation [6] - The initiative is also expected to increase the acceptability of the RMB in international markets, further promoting its use [6]

Economic Overview - In May, Guangzhou's economic performance showed recovery in demand and a rebound in the consumer market, supported by growth-stabilizing policies and strong holiday economic activity [1] - From January to May, the total retail sales of consumer goods in Guangzhou reached 469.994 billion RMB, representing a year-on-year increase of 5.1% [1] Industrial Performance - The industrial added value above designated size in Guangzhou experienced a year-on-year decline of 0.7% from January to May [1] - The new generation information technology industry is growing rapidly, with production of liquid crystal display modules, analog chips, and industrial robots increasing by 150%, 29.2%, and 9.0% respectively [1] - The low-altitude economy is steadily advancing, with the production of civilian drones increasing by 26.8% [1] Investment Trends - Fixed asset investment in Guangzhou grew by 0.7% year-on-year from January to May [1] - In advanced manufacturing, investment in general equipment manufacturing and instrument manufacturing increased by 23.0% and 250% respectively [1] - Investment in social welfare sectors such as education, health, social work, and sports all saw growth exceeding 10% [1]

Group 1: Consumer Market Growth - The national retail sales of consumer goods reached 41,326 billion yuan in May 2025, with a year-on-year growth of 6.4% [1] - Retail sales excluding automobiles amounted to 37,316 billion yuan, showing a year-on-year increase of 7.0% [1] - The restaurant market generated revenue of 4,578 billion yuan in May, growing by 5.9% compared to the previous four months [1] Group 2: Holiday Economy - The increase in holidays is becoming a significant driver for consumption, with the number of statutory holidays in May 2025 being 12 days, up from 10 days in 2024 [1] - The chief economist of Yuekai Securities suggests that increasing leisure time for residents can help rebalance supply and demand [1] Group 3: E-commerce Performance - JD reported a 100% year-on-year increase in the number of users placing orders during the "618" shopping festival, with total orders exceeding 22 billion [3] - Tmall also experienced double-digit growth in purchasing users during "618," with 88VIP membership surpassing 50 million [4] Group 4: Retail Expansion - Zhou Dasheng announced the addition of 7 self-operated stores in May 2025, with total investments ranging from 90 million to 650 million yuan for each store [5] Group 5: Entertainment Industry - The total box office for the summer season (June to August) surpassed 1 billion yuan by June 19, 2025, with top films including "Mission: Impossible 8" and "Doraemon: Nobita's Painting Adventure" [6] Group 6: Second-hand Market Dynamics - Following a significant restock of Labubu products, the second-hand market prices for these items have dropped sharply, with prices falling from 1,100-1,500 yuan to 600-900 yuan [7]

Group 1: Economic Activity During the Holiday - The consumption market in Hengshui showed strong supply and demand during the "May Day" holiday, with retail sales from key monitored enterprises reaching 41.143 million yuan, a year-on-year increase of 3.7% [1] - Retail sales of grain and oil products amounted to 4.389 million yuan, up 7.6% year-on-year; clothing sales reached 9.055 million yuan, increasing by 24.3%; home appliances and audio-visual equipment sales surged to 4.176 million yuan, a rise of 205.4%; and communication equipment sales were 2.586 million yuan, up 27.2% [1] Group 2: Transportation Data - During the "May Day" holiday, road and rail travel in Hengshui saw significant increases, indicating economic vitality [3] - A total of 1,972 road passenger vehicles were deployed, transporting 67,972 passengers, while 6,143 buses carried over 630,000 passengers, and 11,579 taxis served 320,000 passengers [3] - From April 29 to May 6, the Hengshui railway segment sent over 340,000 passengers, a year-on-year increase of 8,354 passengers, or 2.51% [3] Group 3: Electricity Consumption as Economic Indicator - During the "May Day" holiday, charging volume at State Grid charging stations in Baoding increased by 23.19% year-on-year, with an average daily charging volume of 113,900 kWh, up 36.90% [4] - On May 1, the charging volume reached a historical high of 153,700 kWh, reflecting increased electric consumption in tourist areas [4] - New business models in scenic spots, such as light shows and night tours, contributed to a 26% increase in electricity consumption at the Yanshan Scenic Area and a 37% increase in commercial travel cluster electricity consumption [6]