Investment Rating - The report maintains a "Positive" investment rating for the tourism industry [2] Core Insights - During the 2025 National Day and Mid-Autumn Festival holiday, domestic tourism saw an increase in volume but a decrease in prices, with 888 million domestic trips taken, a 1.6% increase year-on-year, and a recovery to 99.4% of the 2019 level [3][7] - Domestic tourism revenue reached 809 billion yuan, averaging 101.1 billion yuan per day, marking a 1.0% increase year-on-year and a recovery to 109.0% of the 2019 level [3][7] - Per capita consumption was 911 yuan, with a daily average of 114 yuan, reflecting a 13.0% decline year-on-year, but recovering to 95.9% of the 2019 level [3][7] - Compared to the 2025 May Day and Spring Festival holidays, the growth rate of domestic tourism during the National Day and Mid-Autumn Festival slowed down, and per capita consumption growth turned negative [3][7] Summary by Sections Domestic Tourism - The 2025 National Day and Mid-Autumn Festival holiday saw 888 million domestic trips, with a daily average of 111 million, a 1.6% increase from the previous year [7] - Domestic tourism revenue was 809 billion yuan, with a daily average of 101.1 billion yuan, a 1.0% increase year-on-year [7] - Per capita consumption decreased by 13.0% year-on-year to 911 yuan [7] Scenic Spots - Daily visitor growth at scenic spots ranged from single to double digits, with Emei Mountain and Phoenix Ancient City showing notable increases of 19.7% and 18.8% respectively [18][20] Outbound Tourism - Outbound tourism growth outpaced domestic tourism, with 16.34 million people entering or leaving the country during the holiday, a 11.5% year-on-year increase [22] Performing Arts - Cultural and artistic service sales increased by 18.6% during the holiday, with significant growth in performance services [28] Consumer Spending - Consumer spending showed low single-digit growth, with service consumption outperforming goods consumption, as retail and catering sales increased by 2.7% year-on-year [30]

Core Insights - The report indicates that long-distance travel and in-depth experiences are the main trends for this year's National Day and Mid-Autumn Festival tourism [1] - Domestic long-distance travel orders have increased by 3 percentage points compared to last year [1] - There is a significant demand for outbound long-distance travel, with orders to multiple European destinations doubling [1] - Outbound chartered tours are showing a trend towards deeper experiences, with overall order volume increasing by over 120% year-on-year [1] - The search popularity for "night tours" on the platform has surged, with a month-on-month increase of over 200% [1]

Core Viewpoint - The article highlights the vibrant atmosphere and cultural richness of Guangxi during the National Day and Mid-Autumn Festival holidays, showcasing various events and activities that attract tourists and celebrate local traditions [12][14]. Group 1: Events and Activities - A large barbecue event in Yuanbao Village, Rongshui Miao Autonomous County, attracted numerous visitors [8]. - The 2025 Rong'an Dragon Boat Open and the 24th Chang'an Dragon Boat Race featured 225 teams from across the country, blending sports, culture, and folklore [10]. - A drone show along the Yong River in Nanning contributed to the festive ambiance [4]. Group 2: Tourist Attractions - The picturesque Li River saw hundreds of bamboo rafts carrying tourists, creating a scene of "thousands of rafts competing" [12]. - The ancient town of Huangyao, the terraced fields of Longji, and the beaches of Beihai are highlighted as key attractions drawing visitors [12]. Group 3: Nightlife and Cultural Experiences - Night markets in various cities, such as the "Nanning Night" street with intangible cultural heritage performances and the "Wuzhou Time" music party, showcased vibrant nightlife [14]. - The culinary experiences in Liu Zhou's Fengqing Port, featuring local delicacies like snail noodles and sour snacks, were emphasized as a highlight for tourists [14].

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]