Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The holiday data continues to validate the resilience of cultural and tourism consumption, with both short-term catalysts and mid-term growth logic present [3] - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, indicating stable tourism activity and resilient travel demand [8] - The integration of cultural and tourism consumption is highlighted, with key retail and catering enterprises seeing a sales increase of 2.7% year-on-year during the holiday period [8] Summary by Sections Holiday Data Performance - The holiday period saw 888 million domestic trips, averaging 111 million trips per day, a year-on-year increase of 1.6% [8] - Total domestic travel expenditure was 809 billion yuan, averaging 101.1 billion yuan per day, with a year-on-year increase of 1.0% [8] - Cross-regional personnel flow reached 2.432 billion trips, averaging 304 million trips per day, a historical high with a year-on-year increase of 6.2% [8] Scenic Area Performance - Scenic areas generally experienced increased visitor numbers, with Emei Mountain receiving 371,000 visitors, a 41.3% increase [8] - The overall performance of Xinyuan Cultural Tourism's scenic areas reached a historical high, with 1.655 million visitors and revenue of 98.4 million yuan, marking a 20% increase [8] Duty-Free and Outbound Tourism - Hainan's duty-free shopping amounted to 944 million yuan, a 13.6% increase, with 122,900 shopping trips, indicating a recovery in outbound tourism [8] - Nationally, outbound travel reached 16.34 million trips, an 11.5% increase, with significant growth in foreign visitors [8] Consumer Behavior Trends - The holiday period exhibited three main characteristics: parallel long-distance and nearby travel, expansion of nighttime and experiential consumption, and more efficient transportation operations [8] - The integration of cultural and tourism sectors continues to drive growth, with a focus on enhancing travel experiences and innovative sales strategies [8]