Core Insights - Ctrip (TCOM.US) shares rose nearly 5% to $74.59 following a report from Guozheng International, which highlighted a significant increase in domestic tourism revenue and participation for the 2025 National Day holiday [1] Group 1: Tourism Revenue and Participation - According to the Ministry of Culture and Tourism, domestic tourism revenue for the 2025 National Day holiday is projected to reach 809 billion yuan, with 890 million tourists expected [1] - The total tourism revenue per capita is expected to increase by 15% year-on-year, while the daily average revenue per capita is projected to grow by 1.0% year-on-year [1] - The average spending per tourist is estimated at 911 yuan, slightly better than previous expectations of 905 yuan, with a year-on-year decline of 0.6%, which is an improvement from earlier forecasts of a 1.2% decline [1] Group 2: Travel Trends - Ctrip's report on the 2025 National Day and Mid-Autumn Festival tourism indicates that long-distance travel and in-depth experiences are becoming the main trends for this year's holiday [1] - The proportion of long-distance domestic travel orders has increased by 3 percentage points compared to last year, and outbound long-haul travel is also seeing a surge in demand, with orders to several European destinations doubling [1] - The trend of "night tours" has seen a significant increase, with search popularity on Ctrip rising over 200% compared to previous periods [1]

Core Insights - Ctrip (TCOM.US) shares rose nearly 5% to $74.59 following a report from Guozheng International, which highlighted positive trends in domestic tourism for the upcoming 2025 National Day holiday [1] Industry Summary - According to the Ministry of Culture and Tourism, domestic tourism revenue for the 2025 National Day holiday (8 days) is projected to reach 809 billion yuan, with 890 million tourist visits, reflecting a year-on-year increase of 15% and 16% respectively [1] - The average tourism revenue per person is expected to be 911 yuan, slightly better than previous expectations of 905 yuan, with a year-on-year decline of 0.6%, which is an improvement compared to earlier forecasts of a 1.2% decline [1] - The decline in average spending has narrowed compared to the first quarter (-6%) and second quarter (-3%) [1] Company Summary - Ctrip's "2025 National Day and Mid-Autumn Festival Travel Report" indicates that long-distance travel and in-depth experiences are the main trends for this year's National Day tourism [1] - The proportion of long-distance domestic travel orders has increased by 3 percentage points compared to last year, while outbound long-distance travel is also gaining popularity, with orders to several European destinations doubling [1] - Outbound chartered tours are showing a trend towards deeper experiences, with overall order volume increasing by over 120% year-on-year [1] - During the holiday period, the search popularity for "night tours" on Ctrip has surged by over 200% compared to the previous period [1]

Group 1 - The overall booking amount for the 2025 National Day and Mid-Autumn Festival holiday increased by 48% year-on-year, with the number of bookings rising by 30% [1] - Global hotel bookings reached a historical high, with the number of room nights increasing by 78% compared to last year, and over 100 cities in China saw hotel room nights double [1] - More than 100 hotel brands on the Fliggy platform experienced significant business growth, with major brands like Jinjiang, Huazhu, and Marriott seeing outstanding booking performance during the holiday [1] Group 2 - New hotels that joined Fliggy saw an average daily room night increase of 83% from October 1 to October 8 compared to the May Day holiday [1] - Despite the growth in bookings, the hotel industry faced challenges, with the average revenue per available room (RevPAR) declining by 5% year-on-year in the first half of the year, along with decreases in occupancy rates and average room prices [1] - Alibaba Group integrated Fliggy and Ele.me into its China e-commerce business group, maintaining their independent management while aligning business strategies [2] Group 3 - The introduction of a direct entry for Fliggy on the Taobao app has enhanced consumer experience, leading to a significant increase in traffic and high-spending customer segments [2] - During the holiday period, 88VIP users contributed to a 120% increase in hotel room nights, with all major hotels in collaboration with Fliggy seeing room night growth of up to 9 times [2] - Fliggy launched a pre-sale for the Double 11 shopping festival on October 4, featuring promotional offers from well-known hotel brands [2]

Group 1 - The core performance of Fliggy during the 2025 National Day and Mid-Autumn Festival holiday shows a GMV growth of 48% and a service user growth of 30% compared to the previous year [2] - The Ministry of Culture and Tourism reported that during the 8-day holiday, there were 888 million domestic trips, an increase of 123 million trips compared to the 2024 holiday, with total spending reaching 809 billion yuan, up by 108.19 billion yuan [2] - Fliggy's user growth rate is nearly double that of the overall market, while its transaction scale growth exceeds the market by more than three times [2] Group 2 - Analysts believe Fliggy's explosive growth during the "Eleventh" holiday season indicates the effectiveness of Alibaba's consumer platform strategy [3] - The introduction of a direct entry to Fliggy on the Taobao app and enhanced membership benefits has improved consumer experience and driven significant growth in traffic and high-spending customer segments [3] - Fliggy and Ele.me have recently joined Alibaba's e-commerce group, leading to record-breaking daily ticket sales for domestic flights and hotel bookings [3] Group 3 - In the online travel sector, accommodation services are considered a pillar business for OTAs due to their high revenue structure, profit margins, and competitive barriers [4] - Hotel night volume has significantly increased by 78% year-on-year, with over 100 hotel brands experiencing at least double growth in night volume [4] - The 88VIP membership program has surpassed 53 million members, with these users spending 8-10 times more than average users, contributing to a 120% increase in hotel night volume during the holiday period [4]

Group 1 - Ctrip (TCOM.US) stock rose 2.8% to $73.1 in pre-market trading [1] - The National Day and Mid-Autumn Festival travel market is booming, with Ctrip's "2025 National Day and Mid-Autumn Festival Travel Report" highlighting long-distance travel and deep experiences as major trends this year [1] - Domestic long-distance travel orders increased by 3 percentage points compared to last year, while outbound long-distance travel is also gaining popularity, with orders to several European destinations doubling [1] Group 2 - Outbound charter tours are showing a trend towards deeper experiences, with overall order volume increasing by over 120% year-on-year [1] - During the holiday period, the search popularity for "night tours" on Ctrip surged by over 200% compared to the previous month [1]

Core Insights - The performance of Fliggy during the 2025 National Day and Mid-Autumn Festival holiday showed significant growth, with a GMV increase of 48% and service user growth of 30% compared to the previous year [1] - The Ministry of Culture and Tourism reported that domestic travel during the holiday reached 888 million trips, an increase of 123 million trips from the previous year, with total spending of 809 billion yuan, up by 108 billion yuan [1] - Fliggy's user growth rate is nearly double that of the overall market, while its transaction scale growth exceeds the market by over three times, indicating the effectiveness of Alibaba's consumer platform strategy [1] Group 1 - Fliggy's hotel night volume saw a significant year-on-year increase of 78%, with over 100 hotel brands experiencing at least double growth in night volume [2] - The average daily rate (ADR) for hotels also showed healthy growth, indicating improved transaction quality [2] - The 88VIP membership program has surpassed 53 million members, with these users spending 8-10 times more than regular users, contributing to a 120% increase in hotel night volume during the holiday period [2] Group 2 - Nearly 20 hotel groups have partnered with Fliggy to offer exclusive discounts for 88VIP members, resulting in all participating hotels doubling their order volume year-on-year, with some experiencing up to five times growth [2] - The integration of Fliggy into Alibaba's ecosystem, including a direct entry on Taobao's homepage, has enhanced consumer experience and driven strong growth in traffic and high-spending customer segments [1]

责任编辑：韦子蓉 新浪科技讯 10月10日下午消息，受菲律宾7.6级地震影响，在当地时间10月10日9时30分前下单菲律宾达 沃地区酒店，入住时间为当地时间10月10、11、12日的旅客，去哪儿旅行已开启兜底保障措施，将尽力 为旅客协调。同时，去哪儿旅行将密切关注当地交通的退改政策，严格按照要求为广大用户办理退改服 务。 在此，去哪儿旅行提醒旅客注意安全，如有问题可随时致电95117，去哪儿旅行将竭力提供帮助。 ...

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 来源丨 刺猬公社（ID：ciweigongshe） 作者丨毛巾 编辑丨园长 图源丨Midjourney 又是一年繁忙的出游季，在国庆黄金周全民出行大潮下，鲜有人注意到国内的旅行攻略鼻祖 —— 穷 游网，在上个月悄悄 " 诈尸 " 了。 9 月，穷游网宣布旗下出行 APP" 穷游行程助手 " 回归，一时间引发不少资深老用户的关注。很多 十几年前的老穷游 er 们，在看到行程助手再次复活后，纷纷在穷游网官方公众号的推文下留言，表 达对长旅行攻略的怀念。当年被穷游锦囊帮助过的人们也开始在评论区彼此认亲，仿佛那个一人一背 包一攻略走天下的年代，从来没有远去过。 在应用商店找到穷游行程助手，它的 APP 图标是一个朴实的地图定位标记，配色是穷游网标志性的 绿色。下载，打开， APP 内的引导和其图标一样一目了然，唯一的功能便是帮助用户设计给定天数 和目的地下的旅行行程。 行程中的景点可以自行添加，也可由系统生成。我假装外宾，请它帮我自动生成了一份北上广 10 天 的旅行行程。系统选择的都是最大众热门的景点，不说乏善可陈，起码是一点 2 ...

Core Insights - The recent National Day and Mid-Autumn Festival holiday has sparked a new wave of outbound travel, with significant increases in hotel bookings and a shift towards both short and long-haul travel options [1][4][8] Short-Haul Travel Trends - Popular destinations for short-haul travel include Japan, Thailand, Malaysia, South Korea, and Singapore, benefiting from proximity and favorable visa policies [3][4] - A report indicates that 54% of outbound short-haul travelers opted for 5 to 6-day trips, with a trend towards independent travel over group tours [3][4] - Hotel bookings during the holiday reached 4,588 cities, with the top ten destinations being Japan, Thailand, South Korea, Malaysia, Vietnam, Indonesia, Australia, Russia, the United States, and Singapore, predominantly in East and Southeast Asia [3][4] Long-Haul Travel Trends - Long-haul travel has seen a notable increase, with 65% of travelers preferring trips lasting 10 to 13 days, and a significant rise in group tours compared to short-haul options [4][5] - Destinations like Egypt and Norway have emerged as popular choices, with hotel bookings in Egypt increasing by 200% and Norway by 120% during the holiday [5][6] - The report highlights that group tours remain dominant in long-haul travel, with popular packages including trips to Georgia, Armenia, Azerbaijan, Turkey, and various European countries [6] Self-Driving and Car Rental Growth - There has been a significant increase in demand for self-driving and car rental services, with overall orders for outbound car rentals growing by over 120% [7][8] - Specific markets like Japan and Sri Lanka saw GMV growth of 180% and 300%, respectively, indicating a strong interest in self-driving experiences [7] - Notably, rental demand in Iceland surged by 210%, reflecting a growing trend among Chinese tourists for unique natural experiences [7][8] Evolving Consumer Preferences - The travel behavior of Chinese tourists is shifting towards immersive experiences rather than merely reaching destinations, indicating a maturation of the tourism market [8]

Investment Rating - The report maintains a positive outlook for the domestic tourism industry, projecting a 10% growth rate for the year 2025 [2]. Core Insights - Domestic tourism during the National Day holiday showed robust performance, with total revenue reaching 809 billion yuan and a year-on-year increase of 15% in revenue per capita [2]. - The average spending per person decreased slightly by 0.6% year-on-year, which is an improvement compared to earlier predictions [2]. - The report anticipates a stabilization and potential recovery in average spending in the second half of the year [2]. - Online travel agencies (OTAs) like Douyin and Fliggy are increasing their investments in the travel sector, which is expected to enhance online penetration rates [2]. - The competitive landscape among platforms remains less intense compared to other internet sectors, with existing players' revenues and profits largely unaffected [2]. Summary by Sections Domestic Tourism Performance - During the 2025 National Day holiday, domestic tourism revenue reached 809 billion yuan, with 8.9 billion trips made, reflecting a 15% and 16% year-on-year increase in revenue and trips, respectively [2][9]. - Daily average tourism revenue per person increased by 1.0% year-on-year, while daily average trips per person rose by 1.6% [2][9]. - The average spending per person was 911 yuan, slightly better than previous forecasts [2][9]. OTA Platform Insights - The report highlights a rise in long-distance and family travel bookings, with younger users increasingly booking flights [2]. - The average order value is stabilizing, and outbound travel continues to grow at a high rate [2]. - Specific performance metrics include a 120% year-on-year increase in outbound charter bookings for Ctrip, and a 20% increase in hotel bookings for Qunar [8]. Investment Recommendations - The report forecasts a total domestic tourism revenue of 6.3 trillion yuan for 2025, with a 10% year-on-year increase [2]. - Ctrip's total revenue is expected to grow by 15% year-on-year, while Tongcheng Travel's core OTA revenue is projected to increase by 14% [2]. - The report emphasizes the importance of supply chain development and user service quality for long-term competition among platforms [2].