Investment Rating - The report indicates a positive outlook for the tourism industry during the 2025 National Day and Mid-Autumn Festival holiday period, highlighting strong travel enthusiasm and record-high cross-regional mobility [1][12]. Core Insights - The tourism industry serves as a significant engine for economic growth, with the National Day holiday fulfilling long-term travel demands and contributing substantially to the revenue of tourism enterprises [3]. - The number of domestic travelers is projected to reach 888 million during the 8-day holiday, marking an increase of 123 million from the previous year, with cross-regional mobility hitting a historical high of 2.432 billion [4][12]. - The outbound tourism trend is characterized by "long-distance and niche" travel, with a notable increase in international travel, particularly to Southeast and East Asian countries [8][12]. - Despite a robust travel volume, the average daily spending per traveler has decreased, indicating a "volume increase but price decrease" scenario in the tourism market [12]. Summary by Sections Travel Overview - The number of travelers is on the rise, with the younger generation becoming the primary demographic. Outbound travel is trending towards longer and more niche experiences [4][7]. - The total number of inbound and outbound travelers reached 16.34 million, a year-on-year increase of 11.5%, with significant growth in travel from mainland residents [8]. Scenic Spots and Consumption - Core scenic areas and red tourism are experiencing high demand, with traditional tourist cities maintaining strong market performance [9]. - Total domestic travel expenditure during the holiday surpassed 809 billion yuan, reflecting a year-on-year increase of 108.19 billion yuan, although individual spending has slightly declined [11]. - The report notes a recovery in duty-free shopping, with significant growth in sales and shopping participation [11].