Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Core Insights - The core viewpoint of the article highlights the positive growth in retail and tourism sectors in Shandong Province during the National Day holiday, indicating a recovery in consumer spending and travel activities compared to the previous year [1] Retail Sector - During the National Day holiday, sales revenue of 500 key retail enterprises in Shandong Province increased by 6.3% compared to last year [1] - The sales of goods specifically grew by 6.2% during the same period [1] - The restaurant business saw a significant increase in revenue, growing by 11.1% [1] Tourism Sector - Overall tourism order volume in Shandong during the National Day holiday rose by 10% year-on-year, surpassing the national average [1] - Notable increases in tourism orders were observed in specific cities: Qingdao increased by 18%, Rizhao by 23%, and Tai'an led with a remarkable 72% growth, the highest among all prefecture-level cities in the country [1]