Core Insights - The domestic tourism market in China during the "May Day" holiday is expected to reach a historical high due to favorable weather conditions and the trend of combining holidays [1] - There is a significant increase in the number of tourists utilizing the "holiday combination" strategy, with a 30% year-on-year growth [1] - Travelers are booking accommodations in a wider range of locations, with hotel reservations covering 1,837 cities globally, an increase of 432 cities compared to last year [1] - The average spending per traveler during the holiday has seen a substantial increase compared to the previous year [1]

Core Insights - The "May Day" holiday has seen a significant increase in both outbound and inbound tourism, driven by the "holiday stitching" trend and visa-free policies [1][6] - Outbound travel orders increased by 20% year-on-year, with traditional destinations like Japan and South Korea remaining popular, while lesser-known visa-free countries like Uzbekistan and Azerbaijan saw a surge in interest [1][5] - Inbound tourism orders skyrocketed by 130% year-on-year, with foreign travelers shifting their focus from major cities to emerging destinations such as Zhuhai and Qingdao [1][6] Outbound Tourism Trends - Popular outbound destinations during the "May Day" holiday included Japan, South Korea, Thailand, and Malaysia, with cruise bookings increasing by 120% [3] - The "12-hour flight circle" destinations, such as Iceland and Hungary, experienced over 170% growth in bookings [5] - Visa-free access has played a crucial role in attracting travelers to lesser-known countries, with Uzbekistan and Azerbaijan seeing increases of 124% and 131% respectively [5] Inbound Tourism Trends - Major cities like Shanghai, Shenzhen, and Guangzhou ranked high in inbound tourism, with hotel bookings from foreign travelers in Zhuhai and Qingdao increasing by 70% and 60% respectively [6][8] - The highest growth in inbound travelers came from Australia, with a 150% increase, followed by Vietnam and Canada with over 80% growth [8] - Cultural experiences and diverse activities have become key attractions for foreign tourists, with significant interest in local food experiences and agricultural activities [9] Consumer Behavior Insights - The demand for local culinary experiences surged, with orders for food-related activities increasing by 6.8 times year-on-year [9] - The implementation of tax refund policies for foreign shoppers has stimulated demand for "China shopping," with notable increases in orders from Shanghai, Shenzhen, and Yiwu [9]

证 券 研 究 报 告 2）机票比价：利用飞猪实时数据库，抓取实时浮动价格因素形成高性价比机 票方案，并嵌入动态预算分配与风险提示，实现"比价-解析-决策"闭环，大 大提高用户出行决策效率。 3）酒店推荐：多维度房源对比，精准匹配需求酒店。在飞猪"问一问"酒店 推荐功能中，用户提出客房需求后，系统快速穿透房源信息，并结合近两月真 实评价（过滤差评率＞10%的酒店），生成"性价比高"、"高分推荐"、"高端奢 华"等多个差异化方案，显著提高用户酒店筛选效率，提升推荐方案匹配精度。 4）目的地探索：多维度智能决策，个性化推荐探索旅行目的地。该模块基于 用户需求进行深度语义解析，能够结合时间适配性、预算约束、用户画像等核 心信息，调用实时酒店、航空等供应链数据与飞猪内部 UGC 内容，生成兼具 可行性与差异化的目的地推荐方案。 AI 产品测评体验系列报告 飞猪"问一问"：国内在线旅游垂直领域首个 推荐（维持） 多智能体驱动的 7*24 小时 AI 应用 风险提示：政策监管趋严；AI 技术迭代发展不及预期；AI 产品商业化不及预 期；单次测试结论存误差等。 电话：010-63214660 邮箱：liuxin3@hcyj ...

Group 1 - The core viewpoint of the articles highlights the significant increase in inbound tourism in China during the "May Day" holiday, driven by favorable policies such as visa exemptions and tax refunds for foreign travelers [1][2] - Major cities for inbound travel include Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, with ticket bookings for inbound flights to cities like Chengdu, Xiamen, Nanjing, Chongqing, and Haikou doubling compared to the previous year [1] - The highest proportion of inbound travelers comes from the United States, South Korea, and Japan, with Australian travelers showing the highest growth in ticket bookings, increasing by 1.5 times year-on-year [1] Group 2 - In terms of outbound tourism, hotel bookings by Chinese travelers have expanded to 1,837 cities globally, an increase of 432 cities compared to the previous year [2] - Popular destinations for international flights include countries within a 5-hour flight radius and visa-free countries, with hotel bookings in Vietnam and Spain seeing a doubling in volume compared to last year's high base [2]

Group 1 - The core viewpoint of the article highlights a significant resurgence in inbound tourism during the "May Day" holiday, with a 130% increase in inbound travel orders, and "China shopping" becoming a new trend for foreign tourists [1][3][4] - The domestic tourism market is experiencing a strong recovery, with various destinations like Qinghai, Xinjiang, and Ningxia seeing ticket sales surge by 100-200% year-on-year [1][2] - The self-driving travel market is expanding, with a 24% increase in per capita car rental spending and a high percentage of 85% for out-of-town self-driving orders [2][3] Group 2 - Cultural experiences and diverse activities are key attractions for foreign tourists, with local food experiences seeing a 6.8 times increase in orders compared to last year [3] - The implementation of policies such as 240-hour visa-free entry and shopping tax refunds is significantly boosting inbound tourism [4][5] - Popular inbound travel destinations include major cities like Shanghai, Shenzhen, and Guangzhou, with notable increases in hotel bookings from foreign travelers in cities like Zhuhai and Qingdao [4][5]

五一假期影响市场的重要资讯有：人民币、港币汇率大幅走强，香港金管局时隔五年首次购入美元以维 持联系汇率制度；全球避险资产整体回落，其中COMEX黄金下跌2.6%，10年期美债利率上行14BP；欧 盟希望以购买更多美国商品的方式结束关税战；日美进行第二轮关税谈判，暂未达成关税共识；美国对 加拿大及墨西哥汽车零部件免关税；"五一"假期出行活跃，短途客流增长明显；蓝佛安发文解读2024财 政新政；特朗普对国外电影征收100%的关税；欧佩克+6月将增产41.1万桶/日；胡塞武装首次成功袭击 机场致航班停运；伯克希尔·哈撒韦年度股东大会召开；小米汽车将智驾更名为辅助驾驶；飞猪："五 一"定制游预订量大增超80%。 市场表现： （一）全球风险资产全面上涨，恒生科技指数领涨 五一假期期间，全球风险资产延续修复行情，其中中国资产领涨，恒生科技指数上涨3.1%，纳斯达克 中国金龙指数上涨2.7%，恒生指数上涨1.7%，富时中国A50期货上涨0.3%。美股方面，三大指数整体上 涨，纳斯达克指数上涨3.0%、标普500指数上涨2.3%、道琼斯工业指数上涨1.9%，其中纳指与标普500 已修复4月2日以来全部跌幅。 欧洲方面，德国D ...

Core Insights - The "May Day" holiday has seen a significant increase in inbound tourism, with many cities experiencing over a 100% growth in inbound travel [2] - The implementation of tax refund policies has further stimulated inbound consumption, with the threshold for tax refunds lowered and the cash refund limit increased [4][6] - The "immediate refund" service has simplified the tax refund process, enhancing tourists' disposable income and boosting shopping consumption [7] Policy Enhancements - The Chinese government has been promoting tax refund policies since 2015, with recent expansions to more regions and lower thresholds for refunds [4][9] - The tax refund rate for general goods is 11%, allowing tourists to save approximately 900 RMB on a 10,000 RMB purchase after fees [10] - The government aims to improve the tax-free shopping experience to enhance inbound consumption [11] Pilot Program Effectiveness - The pilot program for "immediate refund" has shown remarkable results, with a 22-fold increase in tax refund scale in pilot areas compared to the previous year [16] - Shanghai, as a leading pilot city, accounted for 48% of the national tax refund sales, with a significant year-on-year growth in sales and refund amounts [17][18] - The popularity of tax refund items includes clothing and electronics, with a notable increase in sales of domestic smart products [19][21] Potential Cities for Growth - Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen are leading in inbound tourism, with cities like Chengdu and Xiamen also showing significant growth [25][29] - China's inbound tourism market has substantial growth potential compared to other countries, with only 0.5% of GDP from inbound tourism compared to 1-3% in major countries [8] - The increase in international flights and improved policies are expected to enhance the attractiveness of smaller cities for inbound tourism [32][38]

Group 1 - The core viewpoint of the report indicates that the domestic tourism market during the "May Day" holiday is experiencing a significant surge in demand, potentially reaching historical highs, driven by favorable weather and various factors such as extended holiday arrangements [2] - Popular tourist cities in the Chengdu-Chongqing and Yunnan-Guizhou regions have become key "air hubs" and starting points for self-driving tours, with the top ten self-driving cities including Chengdu, Chongqing, and Shanghai [2] - The report highlights that the top ten train routes during the holiday are primarily "1-hour high-speed rail direct" connections, reflecting a trend where travelers are opting for less crowded, off-the-beaten-path destinations [2] Group 2 - There has been a three-digit percentage increase in the booking popularity of high-quality surrounding tours that include premium accommodations and entertainment packages during the "May Day" holiday [3] - The report notes that hotel booking popularity for four-star and five-star hotels has increased by 54% and 28% respectively, while lower-star hotels saw a 24% increase [3] - Popular outbound travel destinations during the holiday include Vietnam, Malaysia, and Cambodia, with Phnom Penh in Cambodia ranking as the second most popular inbound tourist source [3] Group 3 - Hotel prices in popular surrounding travel destinations such as Bangkok, Tokyo, and Seoul have decreased, enhancing the cost-effectiveness of short-haul outbound travel [3] - Major flight routes from Shanghai to Tokyo and Osaka, as well as from Beijing to Tokyo, have also seen price reductions, contributing to the attractiveness of short-distance international travel [3] - The heat in the short-haul outbound travel market is expected to continue into the first weekend after the holiday due to factors like post-holiday leave arrangements [3]

Group 1 - The core viewpoint indicates a significant increase in travel activity during the "May Day" holiday, with a 30% year-on-year rise in travelers opting for "annual leave + May Day" combinations [1] - The total number of first-time flight ticket purchases has also seen a 30% increase compared to last year [1] - The demographic with the highest growth in travel includes families with one elder and one child, as well as residents from smaller cities [1] Group 2 - There has been over a 40% year-on-year increase in scenic spot ticket bookings [1] - More than 23 music festivals across the country have contributed to a more than threefold increase in hotel bookings in popular cities [1]

携程发布报告显示，今年"五一"假期，国内文旅市场强势复苏，呈现"多点开花"态势。长线游目的地表 现亮眼，青海、新疆、宁夏等地景区门票销售额同比激增1-2倍；亲子家庭与携宠出游"双线并进"；自 驾游市场"量价齐升"；邮轮游强势回归，携程预订量同比飙升120%；国潮文化深度赋能旅游，古镇流 量激增超30%；"反向旅游"带火乡村游，新疆民宿预订提前两月入旺季。此外，入境游订单同比激增 130%，农耕体验、"中国购"成外国游客打卡新方式。 ...