2026年元旦假期，中国入境游市场迎来"开门红"。国家移民管理局数据显示，假期期间适用免签政策入境的外国人达29.2万人次，较去年同期增 长35.8%。这一数据背后，是政策红利释放、产品创新升级与消费场景拓展的共同作用。从哈尔滨的冰雪狂欢到海南的海滨度假，从苏州的古镇 漫游到成都的美食寻味，外国游客正以更灵活的方式、更深入的体验，重新认识中国。 免签政策的持续优化是入境游爆发的核心驱动力。2025年，中国将240小时过境免签政策扩大至60个口岸、24个省份，覆盖范围从一线城市延伸至 哈尔滨、昆明等区域枢纽；同时，对法国、德国等12国单方面免签政策延长至2025年底，并新增马来西亚、泰国等东南亚国家为免签对象。这些 政策形成"过境免签+单方面免签+区域性便利"的组合效应，直接降低了入境门槛。 古镇漫游成为外国游客了解中国文化的窗口。在苏州平江路，游客可乘游船听评弹、体验非遗剪纸；在成都川菜博物馆，马来西亚游客通过亲手 制作豆瓣酱、学习宫保鸡丁炒制，感受"舌尖上的非遗"。这种"可参与、可互动"的模式，让文化体验从"观看"升级为"创造"。波兰游客在苏州水 乡感叹："茶馆里的评弹与自然美景，构成了独特的东方美学。" ...

1月4日，文旅部发布数据，元旦假期3天，全国国内出游1.42亿人次，国内出游总花费847.89亿元。同 日，国家移民管理局发布数据，2026元旦假期全国边检机关共计保障661.5万人次中外人员出入境，日 均220.5万人次，较去年同期增长28.6%。与此同时，新一轮国家补贴政策落地后，家电消费也呈现火热 态势。苏宁易购消费数据则表明，全国门店客流环比增长110%，家电3C市场迎来开门红。 2026年元旦假期落幕，文旅市场交出了一份亮眼的成绩单。 告别走马观花 深度体验成文旅消费新主流 2026年元旦假期，有不少游客选择"请3休8"的方式拼假错峰旅游。充裕的时间不再局限于"打卡式"观 光，反而推动出游方式从浅尝辄止的走马观花，转向深度沉浸的参与式体验，文旅消费的核心诉求 从"到此一游"升级为"入心入景"，深度体验成为市场新主流。 非遗主题与传统民俗成为深度游核心载体。同程旅行数据显示，元旦期间"非遗"主题旅游搜索及预订热 度环比增长85%，洛阳、西安、泉州等城市凭借丰富的非遗资源，吸引大批游客参与龙门石窟研学、古 城墙跨年祈福、闽南民俗体验等活动，而非简单参观景点。 除了非遗文化游，各类主题旅游表现同样亮眼。跨 ...

Group 1 - The inbound tourism market in China is experiencing a strong recovery, driven by the continuous implementation of visa-free policies, with significant increases in both the number of inbound travelers and the proportion of visa-free entrants [1][2] - As of November 25, 2023, Shenzhen Airport recorded over 6 million inbound and outbound passengers, a year-on-year increase of over 23.4%, with nearly 60% of foreign entrants being visa-free, marking a growth of over 133.3% [1] - In Kunming, the number of inbound foreign travelers surpassed 1 million, with a year-on-year growth of 39.6%, and visa-free entrants increased by 54% [1][2] Group 2 - The expansion of China's visa-free "circle" and the introduction of various policies such as tax refunds and electronic payments have led to a surge in foreign tourists visiting China for tourism, business, and family visits [2] - In the first ten months of the year, Shanghai welcomed a 38.54% increase in inbound tourists, with South Korean visitors growing by 122.09%, while Beijing saw a 45.1% increase in foreign visitors [2] - The tourism industry is adapting to the changing preferences of foreign tourists, who are increasingly seeking immersive cultural experiences rather than traditional sightseeing [4][5] Group 3 - Various regions are innovating inbound tourism products to cater to diverse and personalized tourist needs, with a focus on deep cultural experiences [4] - Guangdong Province has launched a comprehensive inbound tourism guide in multiple languages, providing essential information for global visitors [4] - Yunnan Province is developing themed travel routes that combine natural exploration with ethnic culture, aiming to create unique travel experiences that encourage longer stays [5]

Core Insights - The report highlights a record high in domestic travel during the National Day and Mid-Autumn Festival holidays, with 888 million domestic trips taken, reflecting a year-on-year increase of 1.6% [6] - Despite the increase in travel volume, average spending per person has slightly decreased, indicating a trend of consumers being more cautious with their expenditures [6] - The cross-border travel market remains robust, with a significant increase in both outbound and inbound travel, suggesting a continued recovery in the tourism sector [9] Domestic Travel Performance - The total expenditure for domestic travel reached 809 billion CNY, with an average daily spending of 911.04 CNY, which is down 13% year-on-year [6] - Daily cross-regional travel reached over 300 million people, marking a historical high, with a year-on-year increase of 6.2% [6] - Popular tourist destinations saw significant visitor numbers, such as Changbai Mountain receiving 221,700 visitors and Jiuzhaigou receiving 305,700 visitors, reflecting a year-on-year increase of 24.39% [7] Trends in Tourism - There is a noticeable shift towards "deep experience travel," with long-distance and immersive travel becoming more popular, as evidenced by a 3 percentage point increase in long-distance travel orders compared to last year [8] - Events like music festivals and sports competitions are becoming key drivers in the cultural tourism market, significantly boosting local hotel bookings [8] - The report notes that the trend of "reverse tourism" is gaining traction, with tourists exploring non-traditional cities beyond major metropolitan areas [9] Cross-Border Travel Insights - During the holiday period, a total of 16.34 million people crossed borders, with an average of 2.043 million people per day, reflecting a year-on-year increase of 11.5% [9] - Outbound travel remains strong, particularly to East Asia and Southeast Asia, while European destinations are seeing a notable increase in bookings [9] - Inbound travel is also on the rise, with 751,000 foreign visitors during the holidays, of which 535,000 benefited from visa-free entry, marking increases of 19.8% and 46.8% respectively [9]

Core Insights - The combination of the National Day and Mid-Autumn Festival in 2025 resulted in an 8-day holiday, leading to a significant increase in domestic travel and spending, with 8.88 billion domestic trips and total spending of 809 billion yuan, marking an increase of 1.23 billion trips and 108.19 billion yuan compared to 2024 [1] Domestic Travel Trends - There was a 50% increase in tourists engaging in "deep experience" travel, staying 7 to 8 days in the same city compared to 2024, with unique local experiences becoming popular [2] - The concept of "experience over sightseeing" is reshaping the tourism industry, with a shift from traditional sightseeing to immersive experiences [2][3] - Night tourism saw a surge, with search interest increasing over 200%, and many cities offering unique night experiences [2][3] Inbound and Outbound Tourism - The long holiday provided ample time for outbound travel, with popular destinations including Japan, Thailand, and Malaysia, and significant growth in orders for European destinations [4][5] - Visa policy improvements have stimulated outbound tourism, with a reported 11.5% increase in border crossings during the holiday [5] - Inbound tourism also thrived, with foreign tourists engaging in traditional Chinese cultural activities during the holiday [5] County-Level Tourism Growth - County tourism experienced explosive growth, with bookings from urban areas increasing by 51%, and some destinations seeing over 100% growth in bookings [6][7] - The trend indicates a shift towards personalized and emotionally engaging travel products, with a focus on cultural resource exploration [7] Technological Integration in Tourism - The rise of "smart tourism" is becoming a new trend, with technology enhancing visitor experiences through features like smart guides and real-time monitoring [7][8] - The development of virtual platforms, such as the "Zhangjiajie Planet," showcases the integration of digital technology in enhancing the appeal of natural heritage sites [8]

Investment Rating - The industry is rated as "Outperform" with expectations of better performance compared to the benchmark index over the next 6-12 months [1][34]. Core Insights - The domestic tourism market saw record high travel numbers during the National Day and Mid-Autumn Festival holidays, with 888 million domestic trips and total spending of 809 billion CNY, reflecting a year-on-year increase of 1.0% in spending [7][19]. - Cross-border travel is experiencing a resurgence, with a significant increase in both inbound and outbound travel, indicating a recovery trend in the tourism sector [3][19]. - The report highlights a shift towards long-distance and immersive travel experiences, with deep travel orders increasing by 3 percentage points compared to last year [18][19]. Summary by Sections Investment Recommendations - Recommended companies include Lingnan Holdings, Changbai Mountain, and Huangshan Tourism for their strong operational performance and growth potential. Additionally, Jinjiang Hotels is favored due to the recovery in business travel and increased market share post-pandemic [3][26]. - The growth in cross-border travel is expected to boost airport duty-free sales, with new policies on city duty-free and outbound tax refunds contributing to incremental growth. Companies like China Duty Free Group and Wangfujing are recommended [3][26]. Domestic Travel Insights - The National Day and Mid-Autumn Festival holidays saw 888 million domestic trips, with daily average spending down by 13% to 911.04 CNY. The total expenditure reached 809 billion CNY, with a daily average increase of 1.0% [7][19]. - High travel volumes were recorded, with over 2.4 billion cross-regional movements, marking a historical high and a year-on-year increase of 6.2% [7][10]. Key Attractions and Events - Major tourist attractions maintained high visitor numbers, with Changbai Mountain receiving 221,700 visitors, and Jiuzhaigou welcoming 305,700 visitors, reflecting a year-on-year increase of 24.39% [14][20]. - Cultural events such as the "Thousand Years of Love" performances saw record attendance, with nearly 3 million visitors during the holiday period [20][21]. Cross-Border Travel Trends - A total of 16.34 million inbound and outbound travelers were recorded during the holidays, with a daily average of 2.04 million, representing an 11.5% year-on-year increase [19][21]. - Popular outbound destinations include East Asia and Southeast Asia, with significant growth in European travel orders [19][21].

Core Insights - The tourism market in China demonstrated strong vitality and new trends during the National Day and Mid-Autumn Festival holiday in 2025, with 888 million trips and over 800 billion yuan in total consumption, highlighting the deep potential of the domestic consumption market [1] Group 1: Market Performance - Key A-share indices collectively adjusted on October 10, while the tourism ETF rose against the trend, with companies like Dalian Shengya, Tibet Tourism, Hainan Airport, and Changbai Mountain showing significant gains [1] Group 2: Market Trends - The driving force of the tourism market has shifted from traditional sightseeing to immersive and thematic deep experience tours, with new activities such as archaeological exploration, border tours, music festivals, and sports events gaining popularity [1] Group 3: Investment Opportunities - The tourism ETF tracks the CSI Tourism Theme Index, covering various segments including tourist attractions, airports, retail, and hotel dining, and is expected to benefit from multiple catalysts such as the National Day holiday, expansion of visa-free policies, and optimization of tax refund policies [1]

Core Insights - The "super golden week" during the National Day and Mid-Autumn Festival saw a significant increase in travel, with an estimated 2.432 billion trips made, reflecting a 3.2% growth compared to the previous year [1] - Emerging travel trends include long-distance travel and immersive experiences, with domestic, outbound, and inbound travel orders reaching new highs [1] Group 1: Travel Trends - Long-distance travel demand surged, with flights over 3200 kilometers seeing a 14% increase year-on-year, making it the fastest-growing segment [2] - Popular long-distance destinations included Urumqi, Hohhot, and Lhasa, with overall order growth close to 30% for these locations [2][3] - The trend of "lazy tourism" and deep experiential travel became prominent, especially among younger generations, with 25% of travelers being born between 1995 and 1999 [4][5] Group 2: Emerging Destinations - Lesser-known cities like Jingdezhen saw a 40% increase in tourism orders, driven by social media influences [3] - High-quality hotel bookings in non-first-tier cities grew over 90%, indicating a shift in travel preferences [3] Group 3: Outbound and Inbound Travel - Outbound long-distance group tours nearly doubled, with European tours seeing a 140% increase from non-first-tier city users [7] - Inbound travel also thrived, with a 33% increase in flight bookings by non-Chinese passport holders, highlighting a growing interest in China as a travel destination [8][9]

Core Insights - The "Super Golden Week" during the National Day and Mid-Autumn Festival saw a significant increase in travel, with a total of 2.36 billion trips made, averaging about 295 million trips per day, a year-on-year increase of approximately 3.2% [1] - The tourism market is shifting from simple sightseeing to deeper experiential travel, with hotel bookings for stays of two days or more increasing by over 52% year-on-year [1] - The county tourism market is thriving, with over 30 counties seeing hotel booking growth exceeding 100%, indicating a shift towards quality experiences [3] Travel Trends - The trend of "traveling further" is evident, with domestic group tour bookings from non-first-tier cities increasing by over 70% [1][2] - The popularity of music festivals and sports events is driving county tourism, with events like the "Huluguo Music Festival" in Anhui leading to a 2.6-fold increase in hotel bookings [3] - The demand for high-quality accommodations in non-first-tier cities has surged, with bookings for multi-room homestays increasing by 140% [3] Outbound and Inbound Travel - Outbound travel is experiencing a resurgence, particularly among residents of non-first-tier cities, with long-haul group tours increasing by nearly 100% [5] - Popular destinations for outbound travel include Iceland and Norway, with booking increases of over 100% [6] - Inbound tourism is also thriving, with a 33% year-on-year increase in flight bookings by foreign passport holders, indicating a growing interest in lesser-known Chinese cities [6] Travel Behavior - The trend of staggered travel is becoming popular, with over 30% of workers choosing to travel early and return late, leading to a significant increase in bookings during the holiday's beginning and end [7] - Average domestic flight prices dropped by over 30% during the holiday, with some routes seeing price reductions exceeding 50% post-holiday [7] - This "staggered travel" approach helps alleviate pressure on resources during peak travel times, optimizing resource allocation [7]

Core Insights - The main trend for this year's National Day tourism is long-distance travel and deep experiences, with domestic long-distance travel orders increasing by 3 percentage points compared to last year [1] - The average spending per trip during the holiday has risen by 14.6% year-on-year, with the post-95 generation making the highest proportion of bookings [1] - Family travel is prominent, with nearly 52.4% of travelers being family groups, and major cities' surrounding areas becoming popular destinations [1][4] Travel Trends - The "please take 3 days off and rest for 12" staggered travel model is favored by tourists, with nearly 15% of users starting their journeys before the holiday [3] - The family demographic accounts for over 80% of travelers during the holiday, with major cities like Beijing, Shanghai, and Chengdu being top sources of travelers [4] - There is a significant shift towards experiential travel, with activities like island cycling and cultural experiences gaining popularity [4] Accommodation Insights - The domestic accommodation market saw over a 65% increase in overall bookings, with multi-city bookings rising by over 20% [7] - Non-first-tier cities experienced a 90% increase in high-quality hotel bookings, indicating a growing interest in these areas [7] - Tujia reported a 20% year-on-year increase in homestay bookings, with smaller cities emerging as new travel hotspots [8] International Travel - Outbound tourism is booming, with popular destinations including Japan, Maldives, and Southeast Asian countries, reflecting a strong interest in island vacations [11] - Chinese tourists are increasingly visiting the Maldives, with over 50% of hotel guests during the holiday being from China, and many local guides speaking Chinese [11][12] - The inbound tourism market is also thriving, with countries like South Korea and the U.S. becoming popular among incoming travelers, driven by visa-free policies [12]