Group 1 - On May 19, 2025, Ctrip launched a series of initiatives to boost tourism across over 30 provinces in response to the Ministry of Culture and Tourism's theme "Beautiful Mountains and Rivers, Wonderful Journey," including a subsidy of 1 billion yuan [1][5] - Ctrip's senior vice president Wang Wei emphasized the importance of integrating tourism with rural revitalization and urban renewal during the main event held in Ningbo, showcasing the company's commitment to sustainable development in the tourism sector [2][3] - The company introduced a "Ten-Hundred-Thousand" consumption promotion plan in collaboration with Ningbo's tourism sector, featuring ten premium travel routes and significant consumer subsidies to enhance local tourism consumption [3][5] Group 2 - Ctrip's offline stores achieved a record daily transaction volume exceeding 200 million yuan, driven by targeted marketing strategies and collaborative events with various local tourism departments [4] - The company launched a large-scale promotional campaign called "55 Good Price Festival," offering discounts and vouchers worth over 250 million yuan across various travel categories, aiming for a direct transaction volume of 350 million yuan during the event [5][6] - Ctrip's "Envision.2025 Global Partner Conference" is set to take place in Shanghai and Chengdu, inviting over 3,000 tourism executives from 74 countries to discuss global tourism trends and promote inbound tourism to China [9][10] Group 3 - Ctrip initiated the "A Song Tells a City" original music competition to enhance emotional connections with cities, attracting participation from nearly 400 cities and over 5,000 musicians, aiming to promote cultural tourism through music [8][10] - The company is enhancing its services for international tourists by offering free half-day tours in major cities like Shanghai and Beijing, aiming to improve the experience for inbound travelers [9][10] - Ctrip is building a "Tourism+" ecosystem through technological empowerment and innovative models, creating a new landscape for the integration of culture and tourism [10]

Core Insights - The "County Tourism" has gained popularity among travelers, with significant growth in revenue and visitor numbers in 2024, as reported in the "China County Tourism Competitiveness Report 2024" [1][2] - The average ratio of tourism revenue to county GDP is 68.4%, an increase of 7.0 percentage points from the previous year, indicating a strong economic impact from tourism [2] Group 1: Growth and Development - The report indicates that the top 100 counties in China experienced over 30% growth in both tourism revenue and visitor numbers compared to the previous year [2] - The quality of tourism resources is improving, with a steady increase in "national-level" resources [2] - Transportation infrastructure, including air, rail, and road, has significantly improved, facilitating better access to these counties [2] Group 2: Integration of Culture and Tourism - The "Tourism + Culture" model is being promoted, with a focus on integrating cultural heritage into tourism experiences [2] - Successful examples include the Hunan Yuhua Intangible Cultural Heritage Museum, which showcases 359 intangible cultural heritage projects, meeting diverse visitor needs [2] Group 3: Innovative Tourism Models - The "Tourism + Agriculture" model combines agricultural activities with leisure tourism, enhancing visitor experiences and supporting local economies [3] - The "Tourism + Sports" model is also emerging, with events and activities attracting tourists and boosting related industries, such as the development of the Shougang Racing Park in Qinhuangdao [3] - The county tourism sector is evolving towards diversification, personalization, and quality enhancement, positioning itself as a new driver for rural revitalization and regional economic development [3]

Investment Rating - The report indicates a positive outlook for the tourism industry, highlighting a transition towards high-quality development driven by policy support and market recovery [2][16]. Core Insights - In 2024, multiple favorable policies were introduced at the national level to guide and standardize the tourism industry's development, enhancing infrastructure and service experiences, which supports both immediate market recovery and long-term sustainable growth [2][3][4]. - The tourism market is experiencing a rapid recovery, entering a stable growth phase characterized by diversification and high-quality development, with "tourism+" models and cross-border travel becoming current consumption hotspots [5][9]. - By 2025, the Chinese tourism industry is expected to enter a new phase of high-quality development, with demand showing signs of optimization and dual recovery in cross-border travel, while supply is enhanced through innovative integration and technological empowerment [2][16]. Summary by Sections 1. Policy Environment - In 2024, several beneficial policies were implemented to support the tourism industry's high-quality development, including initiatives to improve mobile network coverage in tourist areas and enhance professional standards for tourism personnel [3][4]. - The government aims to establish a comprehensive and efficient public service system for tourism within 3 to 5 years, aligning with high-quality development goals [4]. 2. Industry Performance - In 2024, domestic travel reached 5.615 billion trips, a year-on-year increase of 14.8%, with urban residents contributing 4.37 billion trips and rural residents 1.245 billion trips [5][6]. - Domestic tourist spending totaled 5.75 trillion yuan, reflecting a year-on-year growth of 17.1%, with urban residents spending 4.93 trillion yuan and rural residents 0.83 trillion yuan [6][7]. 3. Financial Performance of Tourism Enterprises - In the first three quarters of 2024, most tourism enterprises reported revenue growth, although some faced declining profitability due to traditional business models being challenged and competition from emerging platforms [13][15]. - Notable financial data includes China Tourism Group's revenue of 60.903 billion yuan, a slight decline of 0.99%, while Beijing Capital Tourism Group's revenue fell by 8.32% to 35.3 billion yuan [15]. 4. Future Outlook - The tourism industry is projected to see further improvements in key development indicators by 2025, with a significant increase in travel frequency and a shift towards high-quality, immersive experiences [16][17]. - Demand segmentation and structural optimization are expected to be core characteristics of the tourism industry, with urban residents favoring high-quality products and rural residents driving growth in the mass tourism market [17].

Investment Rating - The report indicates a positive outlook for the tourism industry, suggesting a transition into a high-quality development phase by 2025, driven by policy support and market recovery [2][16]. Core Insights - In 2024, the tourism industry is experiencing rapid recovery and steady growth, characterized by diversification and high-quality development, with "tourism+" models and cross-border travel emerging as key consumption hotspots [2][5][9]. - A series of favorable policies from the government are expected to enhance infrastructure and service experiences, providing a solid foundation for both immediate recovery and long-term sustainable development [3][4]. - The demand side is showing signs of consumption stratification and cross-border recovery, while the supply side is accelerating upgrades through innovative business models and technological empowerment [16][17]. Summary by Sections 1. Policy Environment - Multiple favorable policies have been introduced in 2024 to guide and standardize the tourism industry's development, enhancing infrastructure and service experiences [3][4]. - Key initiatives include improving mobile network coverage in tourist areas and establishing national occupational standards for tourism service personnel [3][4]. 2. Industry Performance - In 2024, domestic travel reached 5.615 billion trips, a year-on-year increase of 14.8%, with urban residents showing a 16.3% increase in travel [5][6]. - Total spending by domestic tourists was 5.75 trillion yuan, reflecting a year-on-year growth of 17.1% [6][7]. 3. Financial Performance of Tourism Enterprises - Most tourism enterprises reported revenue growth in the first three quarters of 2024, although some faced declining profitability due to traditional business models being disrupted [13][15]. - Notable revenue figures include China Tourism Group with 60.903 billion yuan and Beijing Capital Tourism Group with 35.3 billion yuan, both showing varying growth rates [15]. 4. Future Outlook - The tourism industry is expected to enter a new phase of high-quality development by 2025, with a focus on optimizing consumption patterns and enhancing service quality [16][17]. - The report anticipates a significant increase in travel frequency and a shift towards high-end, immersive experiences among consumers [16][17].