□本报记者 冯雪玉 103个旗县（市、区）中84个开展了冰雪文旅活动，呼伦贝尔、呼和浩特，一东一西两座城，冰雪活动 覆盖全域。元旦假期，内蒙古共接待国内游客750.79万人次，实现国内旅游总收入45.79亿元。这个冰雪 季，世界看到一个又冷又酷的内蒙古。 辽阔天地任驰骋 内蒙古东西横跨2400公里，这个广度决定了这里可以解锁超多玩法。 零下40度的极寒天气，吃上一串冰糖葫芦，那真是很酷的一件事。2025年12月初，牙克石5棵高大的"糖 葫芦树"让网友"想去呼伦贝尔的心达到顶峰！"元旦假期，呼伦贝尔果然迎来一大波远道而来的朋 友。"雪国"世界从不缺惊喜，"绒绒雪世界"成为新晋网红打卡地，这个位于伊敏河冰面上的5万平方米 园区主打一个"毛绒绒"，毛绒绒的树、毛绒绒的玩偶，搭配粉色冰山，处处都是治愈美学。到了夜间， 灯光一开，随手一拍，就是刷爆朋友圈的美照。 如果说冬季的呼伦贝尔豪爽中不失可爱，那最西端的阿拉善则在雄浑中显露温柔。 巴丹吉林，中国第三大沙漠，人迹罕至，神秘壮美。2025年12月21日，"乘风之路 冰雪巴丹"自驾活动 轰鸣的引擎打破了这里的寂静，来自全国各地的自驾车友齐聚于此，开启了一场融合冰雪奇观与 ...

Core Insights - The travel market experienced significant growth during the New Year holiday, with a total of 595 million cross-regional trips made from January 1 to January 3, 2026, representing a 19.62% increase compared to the same period last year [1] Group 1: Transportation Statistics - Railway passenger volume reached 48.09 million during the New Year holiday, with a daily average of 16.03 million, marking a year-on-year increase of 52.66% [2] - Self-driving remains the dominant mode of travel, with non-commercial small passenger vehicles accounting for 442 million trips, averaging 147 million trips per day, a 14.6% increase year-on-year [2] - Waterway passenger volume was 2.25 million, with a daily average of 749,300, reflecting a 32.9% year-on-year growth [2] - Civil aviation passenger volume reached 5.88 million, averaging 1.96 million per day, up 10.4% year-on-year [2] Group 2: Travel Trends and Innovations - The launch of the "China Snow Capital: My Altay" ice-themed train service aims to enhance the ice and snow tourism experience, reducing travel time by up to 4 hours [3] - The rental car market saw a surge, with Didi's rental bookings increasing by 243% during the holiday, with about half of users planning 2 to 4-day self-driving trips [2][5] - The development of autonomous driving technology is enhancing the self-driving experience, with L4 autonomous vehicles being piloted in Hainan, providing a unique travel experience [6] Group 3: Future Outlook - The integration of travel and tourism is expected to create new consumption scenarios, with the number of tourist trains increasing by 33.6% in 2025 [3] - The cruise and yacht sectors are anticipated to become significant growth points in transportation consumption [4]

证券研究报告 | 行业点评 gszqdatemark 2026 01 04 年 月 日 交通运输 2026 年元旦出行数据点评：供需两旺，境内外双线并进 2026 年元旦假期，预计全社会跨区域人员流动量累计达 5.9 亿人次，日 均 1.98 亿人次，同比增长 19.5%。根据交通运输部、中国交通报数据， 2026 年元旦假期前一天至第三天，全社会跨区域人员流动量分别为 20,776.3 万、20,747.5 万、18,471.9 万、20,270 万人次，环比+33.7%/- 0.1%/-11%/+9.7%，同比+25.4%/+20.3%/+12.1%/+20.8%。其中，铁 路客运量、公路人员流动量、水路客运量、民航客运量逐日同比均实现正 增长。2026 年 1 月 1 日至 3 日，全社会跨区域人员流动量预计日均 1.98 亿人次，同比 2025 年 1 日至 3 日（1 天假期）增长 19.5%。 出行需求强劲，国内文旅、跨境文旅双旺。据携程及去哪儿数据，2026 年 元旦假期，文旅消费需求火热，国内景区门票预定量同比增长超 4 倍；受 益于国际假期及中外免签政策的陆续开放，入境游继续强劲增长，假期首 ...

北京商报讯(记者吴其芸)12月10日，飞猪发布的2025年新旅行洞察系列之《租车自驾游报告》显示， 2025年平台上的租车订单量保持强劲增长态势，"90后"用户规模继续扩大，占比接近五成；"00后"用户 增速更快，订单量同比去年增长近40%。 飞猪数据显示，2025年租车用户数同比扩大近三成，人均租期超过6天。从取还车热门城市来看，成 都、三亚、海口、乌鲁木齐、昆明、广州、西安、重庆、杭州、大理位列全国前十位。不难看出，中长 线休闲自驾游与短线周边自驾游构成了国内自驾游两大特色，前者以西北、西南、华南的假日游为主， 后者以一线城市及周边的"微度假"为主。 从趋势来看，自驾游正在从热门目的地的热门区域向周边的"二圈层"渗透。飞猪《2025年租车自驾游报 告》显示，新疆塔城、江西抚州、甘肃武威、山东泰安、云南红河等地租车单量增速领跑全国，普遍录 得同比3倍及以上增速。纵观这些城市，均位于热门自驾区域但又并非传统的热门起讫点，景观独具特 色且客流车流密度相对较低，是走走停停欣赏窗外山河的天然宝藏目的地。这也反映出自驾游正走 向"目的地纵深"和"体验纵深"的格局。 此外，在海外方面，美国、澳大利亚、泰国、新西兰、马来 ...

Investment Rating - The report indicates a positive investment outlook for the automotive refrigerator industry, particularly driven by the growth of the new energy vehicle (NEV) market and increasing consumer demand for outdoor activities [6][14]. Core Insights - The automotive refrigerator market is experiencing rapid growth, with embedded refrigerator sales in global NEVs expected to reach 907,100 units in 2024, a significant increase of 205.7% year-on-year [6][14]. - The product structure of automotive refrigerators is diversifying, with semiconductor refrigerators capturing 42% of the market in the first half of 2025, while compressor refrigerators maintain a stable market share of 35% [7][14]. - The market is shifting towards multifunctional, intelligent, and portable designs, with a focus on energy efficiency and environmental sustainability [11][30]. Summary by Sections Market Overview - The automotive refrigerator market in China is projected to grow from 3.45 million units in 2022 to over 4.5 million units in 2024, maintaining an annual growth rate of over 10% [14]. - The market size is expected to increase from 1.68 billion yuan in 2020 to nearly 3 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 12% [14][17]. Product Types and Technologies - Automotive refrigerators are categorized into semiconductor and compressor types, with the former being smaller and more affordable, while the latter offers better cooling performance and capacity [3][4]. - The report highlights the emergence of solar-powered and smart home-integrated products as part of the industry's technological advancements [7][11]. Consumer Demand and Usage Scenarios - The rise of self-driving travel and camping has made automotive refrigerators a necessity for outdoor activities, with a notable increase in consumer interest [10][11]. - There is a growing demand for energy-efficient and multifunctional refrigerators that can adapt to various scenarios, such as medical storage and outdoor use [30][31]. Competitive Landscape - Major players in the automotive refrigerator market include Mobicool, ICECO, and Alpicool, with a combined market share of approximately 38% [21][22]. - The competition is intensifying, with both domestic and international brands vying for market share, particularly in the high-end and mid-range segments [22][23]. Future Trends - The industry is expected to evolve towards greater integration with vehicle systems, enhanced user experience through AI, and a focus on lightweight and energy-efficient designs [29][31]. - The automotive refrigerator market is anticipated to expand into new functionalities, catering to diverse consumer needs and preferences [30][31].

Core Insights - The rise of car camping and the use of car mattresses during holidays is significantly impacting the hotel industry, as more travelers opt for sleeping in their vehicles instead of booking hotel rooms [1][5][6] - The competition landscape for hotels has shifted, with traditional competitors now including not only other hotels but also higher-end hotels, car camping options, and even tents [3][8] - The self-driving travel trend is growing rapidly, with a notable increase in rental car orders and self-driving tourism demand, indicating a shift in consumer preferences [4][5][6] Industry Impact - During the recent National Day and Mid-Autumn Festival holidays, many hotels reported higher vacancy rates despite high tourist traffic, attributed to the increasing number of travelers choosing to sleep in their cars [3][5] - The hotel industry is facing intense competition due to an oversupply of hotel rooms, with over 600 new hotel rooms added in the vicinity of one hotel, leading to a significant diversion of guests [8][10] - The average daily room rates for high-end hotels have dropped significantly, with some hotels reducing prices from around 1300 yuan to as low as 500 yuan to attract customers [8][9] Consumer Behavior - The trend of "living in cars" is becoming more popular, with many travelers sharing their experiences on social media, highlighting the cost-effectiveness and convenience of car camping [1][3] - The demand for camping-related products, such as inflatable mattresses and outdoor gear, has surged, indicating a shift in consumer spending towards self-sufficient travel options [4][6] - The demographic of self-driving travelers is diversifying, with significant growth among younger generations and older adults, suggesting a broadening appeal of this travel style [4][6] Market Dynamics - The hotel industry is experiencing a supply-demand imbalance, with the number of hotels increasing faster than the growth in customer demand, leading to heightened competition [10][11] - High-end hotels are adopting aggressive pricing strategies to maintain occupancy, which is adversely affecting mid-range hotels and local brands [9][10] - The shift towards self-driving and car camping is prompting hotels to rethink their value propositions and service offerings to better meet evolving consumer needs [11][12]

Core Insights - The rise of car camping and the use of car mattresses during holidays is significantly impacting the hotel industry, as more travelers opt for sleeping in their vehicles instead of booking hotel rooms [1][5][6] - The competition landscape for hotels has shifted, with hotels now competing not only with each other but also with higher-end hotels, cars, and even tents for customers [3][8] - The self-driving travel trend is growing, with a notable increase in rental car orders and self-driving tourism demand, indicating a shift in consumer preferences [4][5][6] Industry Trends - During the recent National Day and Mid-Autumn Festival holidays, the reading volume of car camping topics on social media platforms reached 110 million, with related discussions on electric vehicle camping increasing by 50 million [1] - The Ministry of Transport reported that by 2025, 80% of travelers are expected to choose self-driving as their mode of transport during holidays [1] - The demand for self-driving travel has increased by 6.7% year-on-year during the holiday period, with significant growth in various age groups, particularly among younger generations and families [4] Hotel Industry Impact - Hotel occupancy rates are declining, with many hotels experiencing higher vacancy rates during peak seasons, attributed to the rise of car camping and increased hotel supply [3][5][8] - The hotel industry is facing intense competition due to an oversupply of rooms, with over 600 new hotel rooms added in the vicinity of one hotel alone [8] - High-end hotels are engaging in price wars, significantly lowering their rates to attract customers, which is squeezing the middle-tier hotels [8][9] Consumer Behavior Changes - Consumers are increasingly seeking privacy, safety, and comfort in their travel experiences, leading to a rise in the popularity of customized car camping products [6] - The trend of "living in a car" is becoming more common, with many travelers opting for car mattresses and camping gear instead of traditional hotel accommodations [3][5] - The market for camping-related products, such as inflatable mattresses and portable power supplies, has seen substantial sales growth, indicating a shift in consumer spending habits [4][6]

Core Viewpoint - The rise of car camping and the use of mobile sleeping arrangements in electric vehicles are significantly impacting the traditional hotel industry, leading to increased competition and changing consumer preferences [1][3][5]. Group 1: Changes in Consumer Behavior - During the recent National Day and Mid-Autumn Festival holidays, the popularity of car camping surged, with discussions on social media platforms like Xiaohongshu reaching 110 million views [1]. - The proportion of self-driving trips is projected to reach 80% by 2025, indicating a shift in travel preferences towards more flexible and cost-effective options [1][3]. - The demand for car camping has led to a notable increase in related product sales, such as inflatable mattresses and outdoor gear, with some items seeing sales growth of over 80% [4][5]. Group 2: Impact on the Hotel Industry - Hotel occupancy rates are declining, with many hotels experiencing unprecedented levels of vacancy during peak seasons, attributed to competition from car camping and other alternative accommodations [3][5][8]. - The hotel industry is facing increased competition not only from other hotels but also from the growing number of available rooms, with over 600 new hotel rooms added in a specific area, leading to a significant diversion of guests [8][10]. - High-end hotels are engaging in price wars, with room rates dropping significantly to attract customers, which is squeezing the middle-tier hotels and altering the competitive landscape [9][10]. Group 3: Industry Trends and Future Outlook - The hotel industry is undergoing a transformation, moving from expansion to a focus on operational efficiency and service quality in response to changing consumer demands [11]. - The trend of short-distance and county-level travel is becoming more prominent, with lower-tier cities showing higher occupancy rates compared to major urban centers [10][11]. - The increasing comfort and features of electric vehicles, such as improved seating and air conditioning, are making car camping a more appealing option for travelers [6][10].

Core Insights - Tuniu's report indicates a double-digit growth in travel participation compared to the same period last year, with significant increases in domestic self-driving and free travel, and nearly a doubling of outbound free travel participation [1][12] Domestic Travel Trends - The combination of National Day and Mid-Autumn Festival has led to a peak in family travel demand, with over 80% of travelers being family groups [2][6] - The peak travel period spanned from September 30 to October 5, with nearly 15% of users starting their journeys before the holiday [2] - Among domestic long-distance travelers, 46% opted for 5 to 6-day trips, while 54% of outbound short-distance travelers chose the same duration [4] Popular Destinations - Major cities such as Beijing, Shanghai, Chengdu, and Nanjing ranked high in popularity for domestic travel, with Nanjing being the fifth most popular destination [6][7] - Popular attractions included cultural venues like the Forbidden City and theme parks such as Shanghai Disneyland, indicating a strong interest in both cultural and entertainment experiences [9] Self-Driving and Free Travel - Self-driving and free travel accounted for over 70% of domestic travel, with significant interest in low-tier and county-level destinations showing rapid growth [5][11] - Popular group tours included options like "Nanjing 3-day tour" and "Zhangjiajie 5-day tour," reflecting a trend towards shorter, more focused travel experiences [11] Outbound Travel Trends - Outbound travel saw a double-digit year-on-year increase, with a notable preference for short-haul free travel and long-haul group tours [12][13] - Popular outbound destinations included Japan, Maldives, and various European countries, with a significant interest in multi-country tours [12][13]

Core Insights - The National Day and Mid-Autumn Festival holiday saw a 14.6% year-on-year increase in average spending per traveler, with post-95 generation tourists making the highest booking share [1] - There is a noticeable trend of multi-destination travel, with a 5% increase in average bookings for transportation and a 4.6% increase for accommodations and activities compared to last year [1] - The number of destinations visited expanded significantly, covering over 180 countries and regions, with a strong growth in travel to lesser-known cities in East Asia, Southeast Asia, and Europe [1] Domestic Travel Trends - Emerging destinations gained popularity during the holiday, with orders for places like Jingdezhen and Luzhou increasing by 60% and 45% respectively compared to last year [2] - The post-95 generation accounted for nearly 25% of total bookings, while the post-05 generation saw a 61% increase in booking numbers [2] - University students are increasingly opting for long-distance travel, with a 63% increase in flight bookings and a 110% increase in international flight bookings compared to last year [2] Changes in Travel Behavior - The trend towards self-driving trips has increased, with rental car orders rising by approximately 60% year-on-year, particularly for those renting cars after arriving by plane or train [3] - The variety of activities offered has expanded, with domestic travel experiences increasing by 78% and outbound travel experiences growing by nearly 30% [3] - The use of AI travel assistants has surged, with daily users of the AI product "Ask It" increasing over five times compared to the summer peak [3] Post-Holiday Travel Opportunities - Following the holiday, there are significant price reductions for flights and hotels, with some flights costing less than 400 yuan and high-star hotels in various cities priced around 300 yuan [4]