元旦假期低基数，出行同比较快增长 华泰研究 证券研究报告 交通运输 交通运输 增持 (维持) | 沈晓峰 | 研究员 | | --- | --- | | SAC No. S0570516110001 | shenxiaofeng@htsc.com | | SFC No. BCG366 | +(86) 21 2897 2088 | | 林霞颖 | 研究员 | | SAC No. S0570518090003 | linxiaying@htsc.com | | SFC No. BIX840 | +(86) 10 6321 1166 | | 黄凡洋，CFA | 研究员 | | SAC No. S0570519090001 | huangfanyang@htsc.com | | SFC No. BQK283 | +(86) 21 2897 2228 | 耿岱琳 联系人 SAC No. S0570124070117 SFC No. BVZ964 行业走势图 (7) 1 10 18 26 Jan-25 May-25 Sep-25 Dec-25 (%) 交通运输 沪深300 资料来源：Wind，华泰研究 重点推荐 | | ...

Core Insights - The outbound and inbound tourism markets in China are experiencing a significant surge during the New Year holiday, driven by the "3 days off, 8 days off" vacation model [1] - Popular outbound destinations include Seoul and Bangkok, while inbound tourism sees a notable increase in ticket bookings, particularly in Hainan [5] Outbound Tourism - During the New Year holiday, the most favored outbound destinations are all located in Asia, with Seoul and Bangkok being the top two [3] - Long-haul travel routes that are popular include Beijing to Moscow, Shanghai to Sydney, and Guangzhou to Auckland [3] - Travelers show a preference for island vacations, visa-free travel, and winter-themed trips, with destinations like Maldives and Bali seeing high demand [3][4] Inbound Tourism - Inbound ticket bookings have increased by 110% year-on-year, with experiential travel products seeing a growth of over 30 times [5] - Major inbound destinations include Shanghai, Beijing, and Guangzhou, with significant increases in visitors from countries like Saudi Arabia and Uzbekistan [5] - Hainan's "duty-free shopping + beach vacation" model has attracted many foreign tourists, with Sanya's inbound orders growing by 170% [5][7] Emerging Destinations - Lesser-known destinations such as Li County and Heihe are gaining popularity among inbound tourists, indicating a diversification in travel preferences [7] - The increase in inbound orders reflects China's growing appeal as a travel destination for international tourists [7]

央视网消息：元旦期间，全国各大口岸迎来出入境客流高峰，相关部门采取不同措施方便旅客通关。 北京：迎新年首批入境游客 打造入境游首选地 首都国际机场，6点多，从德国法兰克福飞往北京的一架国际航班是新年首批来京的入境游客。现场举行了温馨的欢迎仪式，迎接八方来 客的还有一份特别的"见面礼"——有北京最新推出的入境游线路、出行住宿攻略以及离境退税指南，还有北京中轴线冰箱贴等精美文创。 深港两地活动多 跨年夜超5.3万人次通关 这个元旦假期，深圳和香港两地丰富多彩的跨年活动带动了大量旅客"双向奔赴"。2025年12月31日晚，深圳各大商圈、景区推出灯会、市 集、嘉年华等活动，满足消费者的多元化需求。与此同时，香港举办了跨年倒数、跨年音乐会等特色活动，大批内地居民前往香港跨年。 记者从深圳出入境边防检查总站获悉，1月1日0时至6时，皇岗、罗湖、深圳湾口岸共查验出入境人员超5.3万人次、出入境车辆超3700辆 次，各口岸根据客流情况采取了不同措施，保障旅客便捷通关。 元旦假期期间，北京口岸出入境人员总流量预计约18万人次。除了入境自由行游客，还有来自俄罗斯、波兰等国的入境旅行团。 ...

入境旅游市场同样保持蓬勃增长。航旅纵横数据显示，元旦假期入境航线机票预订量超32万张，同比增 长约11%。 在出境旅游目的地选择上，众信旅游（002707）数据显示，截至12月23日，短线度假游凭借温暖气候、 便捷的航班及免签政策，叠加丰富的海岛体验成为出境短线游的首选目的地，出游人数较去年同期增长 58%；此外，阿联酋、埃及等特色鲜明的中东目的地也吸引了大批游客。 随着近期多项移民管理创新举措的实施，通关便利化政策红利持续释放，元旦假期全国口岸将迎来出入 境客流高峰。 "受到拼假游带动作用，澳新、西葡等季节性条件优越的出境游长线目的地同样表现亮眼，澳新出游人 数较去年同期增长超三倍，欧洲出游人数也较去年同期大幅增长。"众信旅游市场公关部经理李梦然对 《证券日报》记者表示。 12月29日，记者从国家移民管理局获悉，据其预测，我国假期日均出入境旅客将突破210万人次，同比 增长22.4%，预计出入境客流高峰主要集中在2025年12月31日晚间和2026年1月1日。 飞猪数据也显示，出境游延续了2025年暑期、"十一"假期的火热势头，商品预订量已大幅超去年元旦假 期全程。"四小时飞行圈"内的中国港澳、东亚及东南亚 ...

Core Points - The Dazhong Yungang International Airport has successfully facilitated over 50,000 outbound travelers since its establishment as an international port in 2023, marking a significant milestone for Shanxi Baohua International Travel Agency [1][4] - The airport has launched multiple international routes, including direct flights to Bangkok, Hong Kong, Ulaanbaatar, Moscow, and Incheon, enhancing travel convenience for local residents and attracting tourists from other provinces and foreign countries [1][3][4] - Shanxi Baohua International Travel Agency is actively promoting outbound tourism by offering diverse travel packages, including trips to Hong Kong, Thailand, Mongolia, Russia, and South Korea, catering to the needs of travelers seeking warm destinations during the winter [3][4] Company and Industry Summary - Dazhong Yungang International Airport has expanded its international route network, providing crucial support for the international aviation market in Shanxi Province [4] - The travel agency is leveraging the growing number of international flights and relaxed visa policies to boost outbound tourism, contributing to Shanxi's goal of becoming a renowned cultural tourism destination [4]

Core Insights - The National Immigration Administration reported that during the National Day and Mid-Autumn Festival holiday, a total of 16.34 million people entered and exited the country, averaging 2.04 million per day, representing an 11.5% increase compared to the same period last year [1] Group 1: Inbound and Outbound Statistics - Mainland residents accounted for 9.17 million entries and exits, a 9.6% increase year-on-year [1] - Residents from Hong Kong, Macau, and Taiwan totaled 5.74 million, marking a 12.2% increase compared to last year [1] - Foreign nationals made up 1.43 million entries and exits, reflecting a 21.6% increase year-on-year [1] Group 2: Specific Inbound Data - Among the foreign nationals, 751,000 entered the country, with 535,000 benefiting from visa exemption policies, which is a year-on-year increase of 19.8% and 46.8% respectively [1] - A total of 744,000 transportation vehicles (aircraft, ships, trains, and vehicles) were inspected for entry and exit, which is an 11% increase compared to the previous year [1]

Core Insights - The average daily inbound and outbound travelers during the Mid-Autumn Festival and National Day holiday is expected to exceed 2 million [1] - Peak travel days are anticipated to be October 1 and 6 [1] Airport Traffic - Major international airports such as Shanghai Pudong, Guangzhou Baiyun, Beijing Capital, Shenzhen Baoan, and Chengdu Tianfu are projected to have average daily traveler numbers of 101,000, 51,000, 46,000, 19,000, and 18,000 respectively [1] Cross-Border Travel - The Guangdong-Hong Kong-Macau Greater Bay Area will host various large-scale events, including fireworks displays and concerts, likely increasing outbound tourism from mainland residents and return visits from Hong Kong and Macau residents [1] - Daily traveler numbers at land border ports adjacent to Hong Kong and Macau are expected to rise significantly, with Shenzhen Luohu, Futian, Shenzhen Bay, and Lantau ports projected to handle 220,000, 200,000, 140,000, and 100,000 travelers respectively [1] - Other ports such as Zhuhai Gongbei, Hong Kong-Zhuhai-Macau Bridge, Qingmao, and Hengqin are expected to see daily traveler numbers of 403,000, 120,000, 118,000, and 116,000 respectively [1]

Group 1 - The total number of inbound and outbound travelers at Beijing port has exceeded 14 million this year, marking an 18.1% year-on-year increase [1] - The number of foreign travelers entering and exiting has surpassed 3.9 million, reflecting a 34% year-on-year growth [1] - During the peak summer travel period from July 1 to August 28, over 3.95 million travelers passed through Beijing port, which is a 10.6% increase compared to the previous year [1] Group 2 - The inbound and outbound traffic included over 1 million foreign travelers during the summer, with nearly 60% benefiting from visa exemption and temporary entry permits [1] - Popular outbound destinations for domestic travelers included Japan, South Korea, Hong Kong, and Singapore, with family trips and summer camps being significant contributors to travel volume [1] - The Beijing border inspection station implemented various measures to ensure smooth and safe passage for travelers, including timely communication of travel tips and increased personnel during peak times [2]

Core Insights - The average daily inbound and outbound travelers at national ports during this year's Dragon Boat Festival holiday is expected to reach 2.15 million, representing a 12.2% increase compared to last year's holiday [1] Group 1: Travel Trends - The peak travel day is anticipated to be June 1 [1] - Major international airports such as Shanghai Pudong, Guangzhou Baiyun, Beijing Capital, Chengdu Tianfu, and Shenzhen Baoan are projected to have average daily inbound and outbound travelers of 100,000, 48,000, 46,000, 17,000, and 16,000 respectively [1] Group 2: Regional Activities - The Guangdong-Hong Kong-Macao Greater Bay Area will host multiple dragon boat races and large-scale events during the holiday, coinciding with Children's Day and the weekend, which is expected to attract a significant number of mainland residents traveling abroad and Hong Kong-Macao residents returning home [1] - The daily inbound and outbound traveler numbers at land ports near Hong Kong and Macao are expected to increase significantly, with Shenzhen Luohu, Futian, Shenzhen Bay, Lantau, and Guangzhou-Shenzhen-Hong Kong Express Rail Link West Kowloon Station projected to have 230,000, 210,000, 150,000, 110,000, and 100,000 respectively [1] - In Zhuhai, the Gongbei, Hong Kong-Zhuhai-Macao Bridge, Qingmao, and Hengqin ports are expected to see daily traveler numbers of 367,000, 110,000, 106,000, and 100,000 respectively [1]

Core Insights - The total number of inbound and outbound travelers during the May Day holiday exceeded 4.51 million, representing a year-on-year increase of 34% [1] - The number of inbound travelers was approximately 2.25 million, while outbound travelers were about 2.26 million [1] Inbound Travel - A total of 110,000 foreign visitors entered China during the holiday, marking a 65% increase year-on-year [1] - Among these, 21,000 foreign visitors entered China under visa-free policies, which is a significant increase of 165% [1] - The primary countries of origin for these visa-free entrants included South Korea, Japan, Malaysia, and Singapore [1] Outbound Travel - Many residents from mainland China opted for outbound travel during the holiday, with popular destinations including Hong Kong, Macau, Japan, Thailand, and Vietnam [1] - Approximately 935,000 mainland tourists traveled to Hong Kong and Macau, with Shenzhen serving as the main transit hub for these travelers [1]