Core Insights - The "May Day" holiday period showcased a robust recovery in both domestic and international tourism markets, driven by "holiday stitching" and visa-free policies [1][3][12] - Beijing emerged as the top domestic destination, achieving record highs in tourist reception and spending [12][19] Domestic Tourism - Domestic tourism saw significant growth, with ticket sales for long-distance destinations like Qinghai and Xinjiang increasing by 1-2 times year-on-year [7] - The average spending per person in Beijing during the holiday reached 1,171.4 yuan, a 1.3% increase from the previous year [12] - Family travel trends were notable, with 35% of car rental orders being for family trips, reflecting a growing interest in family-oriented travel experiences [8] International Tourism - The inbound tourism market experienced a 130% year-on-year increase in order volume during the holiday, with major cities like Shanghai and Shenzhen leading the way [3][4] - Travelers from the US, South Korea, and Japan made up the largest share of inbound tourists, while Australian visitors saw a 150% increase [3][4] - Cultural experiences and diverse activities were key attractions for foreign travelers, with local food experiences seeing a 6.8-fold increase in orders [4] Retail and Dining - Retail sales in Beijing during the holiday reached 5.34 billion yuan, with foot traffic in key shopping districts increasing by 8.3% [15] - Popular dining establishments experienced significant demand, with some restaurants reporting wait times of over 100 tables [19][20] - The online food delivery sector also thrived, with a 120% year-on-year increase in milk tea delivery orders [20] Cultural Events - Cultural events combined with tourism became a major trend, with music festivals and other activities driving hotel bookings and related spending [8][9] - The "Beijing Book Fair" attracted over 800,000 visitors, highlighting the cultural engagement during the holiday [10] New Business Openings - The holiday period saw the opening of numerous new retail and dining establishments in Beijing, contributing to the vibrant consumer landscape [16]

Core Insights - The report reveals new trends in youth travel consumption in China, highlighting the increasing demand for deep experiences and diverse scenarios among the 18-35 age group [1][2] Group 1: Travel Behavior and Preferences - The age group of 30-35 years constitutes 33.24% of the travel market, particularly prominent in economically developed regions like Shanghai, Shenzhen, Zhejiang, Jiangsu, and Guangzhou [1] - Male youth are more likely to travel than female youth, with male travelers accounting for 50.61% and female travelers 49.39% [1] - Major travel destinations for young people include Chengdu, Guangzhou, Chongqing, Beijing, and Hangzhou, with a significant preference for high-speed rail travel, especially among the 18-24 age group, where 60% choose high-speed trains [2] Group 2: Booking Trends and Accommodation Preferences - 74% of youth prefer to book high-speed train tickets within three days of travel, with over 30% booking on the same day [2] - In terms of accommodation, 40% of young travelers prefer homestays, while 30% opt for budget hotels, and about 20% choose star-rated hotels [3] - The booking behavior indicates a trend of "short-term high frequency" with over 70% of users booking hotels on the same day [3] Group 3: International Travel Trends - Shanghai leads as the primary departure city for outbound youth travel, followed by Guangzhou, Beijing, Chengdu, and Shenzhen, indicating a shift from traditional first-tier city dominance [4] - Popular international destinations for young travelers include Bangkok and Seoul, with a growing trend of weekend trips to Southeast Asia [4]

宏观•要闻 《民营经济促进法》出台 4月30日，十四届全国人大常委会第十五次会议表决通过《民营经济促进法》出台，自2025年5月20日起 施行。民促法是我国首部专门关于民营经济发展的基础性法律，从"公平竞争""投资融资促进""科技创 新"，到"规范经营""服务保障""权益保护"，民促法对民营企业发展中的重点关切予以积极回应。 商务部新闻发言人就中美经贸对话磋商情况答记者问 5月2日，商务部回应中美经贸对话磋商情况称，中方注意到美方高层多次表态，表示愿与中方就关税问 题进行谈判。同时，美方近期通过相关方面多次主动向中方传递信息，希望与中方谈起来。对此，中方 正在进行评估。 蓝佛安：更加积极财政政策的科学设计与成功实践 5月1日出版的最新一期《求是》杂志，刊发财政部党组书记、部长蓝佛安的署名文章《更加积极财政政 策的科学设计与成功实践》，传递出积极财政政策设计的丰富内容和实施重点。文章指出，2024年出台 的一批有针对性的财政增量政策，是我国财政宏观调控史上的一次重大创新。具体包括一次性增加6万 亿元地方专项债务限额置换存量隐性债务，加力支持地方化解债务风险；研究发行特别国债支持国有大 型商业银行补充核心一级资本 ...

Group 1 - The "Private Economy Promotion Law" was passed, marking the first foundational law specifically for the development of the private economy in China, effective from May 20, 2025. It addresses key concerns such as "fair competition," "investment and financing promotion," "technological innovation," "business regulation," "service guarantee," and "rights protection" for private enterprises [1] Group 2 - The Ministry of Commerce noted that the U.S. has expressed willingness to negotiate on tariff issues, and China is currently evaluating this situation [2] Group 3 - A new proactive fiscal policy is set to be introduced in 2024, including a one-time increase of 6 trillion yuan in local special bond limits to replace hidden debts, issuance of special government bonds to support state-owned banks, and measures to stabilize the real estate market [3] Group 4 - In April, the manufacturing PMI fell to 49.0%, a decrease of 1.5 percentage points from the previous month, while the non-manufacturing PMI remained in the expansion zone at 50.4% [4] Group 5 - The U.S. President announced a 100% tariff on all films produced abroad entering the U.S., indicating a significant trade policy shift [5] Group 6 - U.S. non-farm payrolls increased by 177,000 in April, exceeding market expectations, while the unemployment rate remained stable at 4.2%. This led to a decrease in market expectations for a rate cut by the Federal Reserve [6] Group 7 - Global risk assets saw a comprehensive rise, with the Hang Seng Tech Index leading with a 3.1% increase, indicating a recovery trend in Chinese assets [7] Group 8 - The Hong Kong Monetary Authority intervened by purchasing 46.539 billion HKD in U.S. dollars to maintain the currency peg, marking its first intervention in five years [8] Group 9 - The Hong Kong Monetary Authority attributed the recent strength of the Hong Kong dollar to increased demand related to stock investments and the appreciation of several regional currencies against the U.S. dollar [9] Group 10 - Berkshire Hathaway's annual shareholder meeting addressed trade policies and investment strategies, emphasizing the importance of global trade [10] Group 11 - New energy vehicle companies reported significant growth in April deliveries, with XPeng Motors seeing a 273% year-on-year increase [11] Group 12 - Travel booking platform Fliggy reported an over 80% increase in customized travel bookings for the May Day holiday, indicating a shift towards more personalized travel experiences [12] Group 13 - OPEC+ announced an increase in production by 411,000 barrels per day starting in June, reflecting a response to current market conditions [13] Group 14 - Upcoming new stock offerings include three companies, with specific details on their subscription codes [14] Group 15 - CITIC Securities indicated that risk appetite is expected to rise in May, focusing on themes related to technology and consumption [15] Group 16 - Zhongtai Securities highlighted that opportunities in May will be more pronounced in technology, consumption, and certain cyclical sectors, suggesting a focus on improving performance and policy support [16]

宏观要闻 美方主动向中方传递信息希望谈起来 商务部新闻发言人表示，中方注意到美方高层多次表态，表示愿与中方就关税问题进行谈判。同时，美 方近期通过相关方面多次主动向中方传递信息，希望与中方谈起来。对此，中方正在进行评估。 蓝佛安主持东盟与中日韩财长和央行行长系列会议并举行多场双边会见 5月4日，第28届东盟与中日韩(10+3)财长和央行行长会议在意大利米兰举行。会议主要讨论了全球和区 域宏观经济形势、10+3区域财金合作等议题，并发表了联合声明。财政部部长蓝佛安出席并作为联合 主席主持会议部分议题，副部长廖岷陪同参会。会议期间，蓝佛安分别同马来西亚财政部第二部长阿米 尔.哈姆扎、印尼财政部部长英卓华、日本财务大臣加藤胜信等举行双边会见或交流，主要就全球和区 域宏观经济形势、10+3财金渠道合作及双边合作重点议题等交换意见。 工业和信息化部：加强通用大模型和行业大模型研发布局 工业和信息化部总工程师谢少锋说，制造业是人工智能技术产品落地应用的重要领域。下一步将全力推 进人工智能赋能新型工业化，一手抓供给，一手抓应用，推动制造业的全流程、重点行业、重点产品的 智能升级。同时，加快培育一批行业龙头企业和专精特新中小 ...

Core Viewpoint - The travel market in China is experiencing a strong recovery during the "May Day" holiday, with significant growth in both domestic and inbound tourism, driven by new consumer behaviors and policies [2][4][5]. Group 1: Domestic Travel Trends - Domestic tourism shows a "multi-point blooming" trend, with ticket sales for scenic spots in Qinghai, Xinjiang, and Ningxia increasing by 100% to 200% year-on-year [2]. - Family travel and pet-friendly trips are both on the rise, indicating a dual demand in the market [2]. - The self-driving travel market is witnessing a 24% increase in per capita car rental spending compared to last year, with an average rental duration extending to 4 days [4]. - Popular self-driving destinations include Chengdu, Sanya, and Urumqi, with cross-city self-driving becoming mainstream [4]. Group 2: Inbound Tourism Growth - Inbound travel orders surged by 130% year-on-year during the "May Day" holiday, with cities like Shanghai, Shenzhen, and Guangzhou emerging as popular destinations [5][6]. - 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 the previous holiday [5]. - The introduction of policies such as tax refunds and visa exemptions has stimulated a new model of tourism combined with shopping, significantly boosting inbound travel orders [6][7]. Group 3: Policy Impact - Recent policy changes, including lowering the threshold for tax refunds from 500 yuan to 200 yuan and increasing the cash refund limit from 10,000 yuan to 20,000 yuan, are expected to enhance the purchasing power of inbound travelers [7].

Core Insights - The "May Day" holiday showcased strong vitality in the cultural and tourism consumption market, with a significant increase in travel activities and spending [1][3] Group 1: Travel Trends - Beijing remained the most popular domestic destination during the "May Day" holiday, with customized travel orders increasing by over 300% [3] - The total number of visitors in Beijing reached 17.9 million, a year-on-year increase of 5.6%, while total tourism spending was 20.98 billion yuan, up 6.9% [3] - Long-distance travel destinations like Qinghai and Xinjiang saw ticket sales double compared to last year, indicating a rising trend in mid to long-distance travel [5] Group 2: Consumer Behavior - Self-driving travel saw a 7% increase in per capita spending, with a notable rise in demand for high-end vehicles, which surged by 54% [7] - Family travel is on the rise, with 35% of rental car orders being for family trips, reflecting a growing interest in family-oriented travel experiences [8] Group 3: Cultural Events Impact - Over 23 music festivals during the holiday led to hotel bookings in popular cities increasing by more than three times, highlighting the trend of combining cultural events with tourism [9] - Cities like Tianjin and Haikou experienced significant boosts in tourism-related spending due to cultural events, with hotel bookings increasing by 2.66 times and 3.4 times respectively [9][11] - The shift in travel preferences among younger generations is evident, as they increasingly seek cultural experiences such as music festivals and concerts rather than just natural scenery [11]

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]

Investment Rating - The report maintains a "Recommendation" rating for the online travel industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Insights - The report highlights the launch of "Wen Yi Wen" by Fliggy, which is the first multi-agent AI application in the domestic online travel sector, designed to provide 24/7 travel planning services [10][11]. - The product utilizes proprietary data and multi-agent collaboration to enhance the travel planning experience, ensuring a seamless end-to-end service from user demand input to transaction completion [10][11]. - The evaluation of "Wen Yi Wen" shows strong performance across five dimensions: accuracy, relevance, data richness, content value, and differentiation, confirming its reliability [10][11]. Summary by Sections 1. Fliggy "Wen Yi Wen": Multi-Agent Driven 24/7 Travel AI Application - Fliggy "Wen Yi Wen" is positioned as a butler-like travel AI application that dynamically responds to user needs, generating executable travel plans and facilitating bookings for flights, hotels, and attractions [10][11]. 2. Core Highlights: Multi-Agent Collaborative Planning - The application features multi-agent collaboration, rich vertical data support, and deep coverage of travel links, which collectively enhance the effectiveness of travel planning services [11]. - The multi-agent team includes roles such as "Itinerary Assistant," "Route Customizer," "Smart Transport Advisor," "Hotel Consultant," and "Strategy Expert," allowing for comprehensive task execution [11]. 3. Functionality Testing: Coverage of Travel Planning, Flight and Hotel Comparison, Destination Exploration (a) Itinerary Planning - The system can package travel plans according to budget constraints, providing detailed itineraries that include route overviews, interactive maps, and essential travel information [22][24]. (b) Flight Comparison - The flight comparison module employs a multi-objective optimization model to generate high-cost performance flight options, significantly improving user decision-making efficiency [32]. (c) Hotel Recommendations - The hotel recommendation feature utilizes multi-dimensional comparisons to match user needs, filtering out hotels with a negative review rate above 10% and providing differentiated options [34]. (d) Destination Exploration - The destination exploration module uses deep semantic analysis to generate personalized recommendations based on user profiles, budget constraints, and real-time data from the supply chain [36].