Group 1 - The Russian government has implemented a visa-free policy for Chinese citizens traveling for tourism and business from December 1, 2025, to September 14, 2026, allowing a stay of up to 30 days [1] - Following the announcement, travel platforms reported a significant increase in interest and bookings for trips to Russia, with flight searches on Fliggy increasing over 8 times and bookings nearly 5 times within an hour [1][2] - Popular destinations among Chinese travelers include Moscow, Murmansk, and St. Petersburg, with hotel bookings to Russia increasing by over 40% year-on-year [1][2] Group 2 - Data from Qunar indicates a notable rise in flight searches from major cities like Beijing, Shanghai, and Guangzhou, with some routes experiencing search volume increases of up to 16 times [2] - The demand for travel from second and third-tier cities has also surged, with cities like Urumqi and Qingdao showing significant increases in searches for flights to St. Petersburg and Moscow [2] - The unique winter tourism resources in Russia, such as the opportunity to observe the Northern Lights and engage in snow-related activities, are attracting younger Chinese tourists [3] Group 3 - Travel companies are responding to the increased demand by launching promotional activities and new travel packages, including tours to St. Petersburg and Moscow [4] - Companies like Zhongxin Travel are planning to develop specialized tours focusing on the Northern Lights and winter sports, capitalizing on the new visa-free policy [4] - The timing of the visa-free policy aligns with the winter tourism peak season, suggesting a potential increase in travel activity during holidays like New Year's and Spring Festival [5]

五天"冰雪假期"也带动了吉林游客出省旅行的热情。旅游平台数据显示，"冰雪假期"官宣后，从长春出 发的机票预订量较前一周大幅上涨。假期从长春起飞，机票预订的前十热门目的地包括上海、三亚、广 州、长沙、南京、青岛、杭州、西安、深圳和成都。 此前，新疆乌鲁木齐、阿勒泰相继官宣12月初的雪假，算上前后周末，最长能连休九天。去哪儿旅行数 据显示，雪假带动两地出发的机票预订量环比增长都超过45%，尤其飞往南方温暖城市的航线更受欢 迎。 同程研究院首席研究员程超功对《金融时报》记者表示，与依赖游客发展冰雪产业的模式相比，多地正 在通过中小学生雪假等方式培育本地的冰雪运动文化，营造本地化的冰雪消费氛围，是一种内生型的发 展模式，从而将发展"冰雪经济"与传统冰雪文化的传承很好地结合起来。同时，本地居民的消费动力被 激发起来后，也能够有效调节淡旺季客流的波动。 近日，吉林省发布通知，明确吉林省今年的"冰雪假期"为12月3日—12月7日，不挤占寒暑假。义务教育 阶段学生全部放假。 根据《吉林省2025年"冰雪假期"专项工作方案》（以下简称《方案》），吉林省今年面向义务教育学生 设立"冰雪假期"，不挤占寒暑假时间。"冰雪假期"期间， ...

Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].

Group 1 - The new visa-free policy for Chinese citizens traveling to Russia is effective from December 1, 2023, until September 14, 2026, allowing a stay of up to 30 days for tourism and business purposes [1][3] - Following the announcement, there was a significant surge in flight searches to Russia, with some platforms reporting an increase of over 800% in search volume and nearly 500% in booking volume compared to the previous day [1][3] - Major cities such as Beijing, Shanghai, Guangzhou, Chengdu, and Harbin saw the highest increases in search volume for flights to Russia, with specific routes like Hangzhou to St. Petersburg and Beijing to Moscow experiencing notable spikes [3][4] Group 2 - The visa-free policy coincides with the peak season for outbound winter tourism, particularly for ice and snow activities, suggesting a potential record high in Russian tourism during the upcoming New Year and Spring Festival holidays [4][5] - The policy is expected to boost cross-border travel at border ports like Heilongjiang, enhancing the appeal of ice and snow tourism in regions such as Harbin and Mohe, while also allowing tourists to experience unique Russian attractions [4][5] - Companies like Zhongxin Tourism are developing specialized travel packages focused on the aurora and winter experiences in Russia, anticipating increased competitiveness and a broader age demographic of Chinese tourists [5]

Core Insights - Hainan Free Trade Port is experiencing a surge in inbound tourism, with foreign visitors increasingly interested in unique cultural experiences beyond traditional beach activities [1][9] Group 1: Inbound Tourism Growth - Hainan received 1.1071 million overnight inbound tourists from January to October 2025, marking a 29.5% year-on-year increase [9] - The proportion of tourists from Russian-speaking countries accounts for nearly 40% of the total inbound visitors [9] Group 2: Tourist Preferences - Foreign tourists are shifting their focus from superficial beach experiences to more in-depth cultural activities, such as traditional Chinese medicine and local folklore [1][6] - A notable increase in Russian and Kazakhstani tourists has been observed, leading to local businesses adapting by providing Russian language services [4][6] Group 3: Market Expansion - Travel agencies are expanding their offerings from the Sanya area to include broader regions like Haikou, with a focus on cultural tourism [12]

Core Viewpoint - The silver tourism market is evolving from traditional sightseeing to a more quality-oriented and personalized consumption experience, driven by rising income levels and changing consumer attitudes among the elderly [1]. Group 1: Market Trends - The tourism market is increasingly providing tailored products for the elderly demographic, with a continuous emergence of customized offerings to meet growing demand [1]. - Data from the China Tourism Association's Elderly Tourism Branch indicates that from January to October 2025, cross-province travel orders for the 55-70 age group increased by 42% year-on-year, with customized tourism products accounting for 35% of these orders [7]. Group 2: Service Innovations - A new "butler-style" management approach is being implemented on tourist trains, offering personalized services such as one-on-one luggage handling and travel arrangements to cater to the comfort and quality demands of elderly travelers [5]. - Dining options on these services include low-sugar and low-salt meals designed for older adults, aligning with their dietary needs [5]. - Various functional spaces such as reading corners, game rooms, mini KTV, and wellness areas are available, along with activities like folk lectures, handicraft sessions, and sing-alongs, enhancing the travel experience for the silver generation [5]. Group 3: Product Diversification - Silver tourism products are diversifying towards more refined and varied offerings, including ice and snow trains, Three Gorges cruise ships, urban study tours, and rural living experiences [7].

Group 1 - Inner Mongolia is enhancing the integration of culture and tourism, leading to improved quality and brand influence in the industry [1] - Agricultural Bank of China (ABC) Inner Mongolia Branch is providing diverse financial products and professional services to support cultural and tourism projects in the region [1] - The Xiaozhuang River Cultural Tourism Leisure Street is a key national-level tourism project in Tongliao City, serving as an important platform for local economic and social development [1] Group 2 - The Xiaozhuang River Cultural Tourism Leisure Street project faced funding shortages for operational facilities by the end of 2024, prompting ABC Tongliao Branch to issue a short-term working capital loan of 10 million yuan to support its operations [1] - The street has become a popular destination for locals, enhancing its status as a cultural and tourism hub [1] Group 3 - Local entrepreneur Luo Gang has successfully expanded his business, including a car rental service and a farmhouse restaurant, with financial support from ABC since 2011, increasing his credit limit from 50,000 yuan to 500,000 yuan [2] Group 4 - ABC Inner Mongolia Branch has developed a comprehensive financial service plan to support the high-quality development of the cultural and tourism industry, focusing on various consumer scenarios such as dining, retail, parking, and accommodation [3] - As of June 2025, ABC Inner Mongolia Branch has issued a total of 1.603 billion yuan in loans to the cultural and tourism industry, supporting 164 clients and facilitating industry growth and upgrades [3]

Core Insights - The report highlights a shift in travel motivations, with a growing trend of seeking "escape from work" experiences, leading to increased interest in short trips and unique destinations [2][4][5] Group 1: Travel Trends - The concept of "escaping from work" has become a new travel motivation, with weekend trips gaining popularity among professionals [2] - The volume of discussions around weekend travel topics surged by 322% in the first half of 2025, indicating a strong interest in local getaways and staycations [2] - The Long Triangle region has developed a "three-hour leisure circle," facilitating easy access to nature and outdoor activities [2][21] Group 2: International Travel Preferences - The willingness of Chinese tourists to travel abroad has significantly increased, with outbound travel numbers nearing pre-pandemic levels in 2024 [3] - Visa-free policies have made international travel more accessible, contributing to a 34% increase in social media discussions related to outbound travel [3] - Emerging destinations in Eastern Europe, such as Serbia and Georgia, are gaining popularity due to their unique landscapes and easier visa processes [3] Group 3: Local and Cultural Travel - There is a notable rise in "reverse travel," where tourists are exploring small towns and less commercialized areas, with a 76.4% increase in travel to county-level destinations in 2024 [4] - Cultural pilgrimage tourism is on the rise, with significant interest in heritage sites and local traditions, as evidenced by a 345% increase in discussions around cultural experiences in Shanxi [5] - Seasonal travel planning is becoming a trend, with travelers seeking unique experiences tied to specific times of the year [5] Group 4: Social Media and Engagement - In 2024, domestic travel participation reached 5.615 billion, reflecting a 14.8% year-on-year growth, with travel-related content on social media increasing by 180% [11] - Engagement with travel-related content on social media platforms has also seen a 25% increase, indicating a growing interest in travel planning and sharing experiences [11] Group 5: Weekend Travel Dynamics - The "weekend warrior" trend is emerging, where professionals maximize their weekends for travel, often flying to nearby countries and returning to work by Monday [25] - Popular weekend destinations include Hong Kong, Macau, and Southeast Asian countries, with significant growth in travel volume to these locations [25]

10月28日发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，推进旅游强国建设，丰富高品质旅游产品供给，提高 旅游服务质量。 11月26日，游客在Y783次"悠享龙江·银旅号"旅游列车上体验剪纸。新华社记者 张涛 摄 "十四五"时期，我国旅游业产品供给、服务质量持续优化，国内居民出游人次、总花费保持较高增长速度。文旅融合深入推进，"以文塑旅、以旅 彰文"的双向赋能为文旅产业培育新动能、塑造新优势。 11月22日，在丽香铁路动车组列车上，东南亚游客与身着民族服饰的乘务员一同跳舞。新华社发（杨紫轩摄） [ 责编：杨煜 ] 9月8日，歌手在东风韵小镇为游客表演。新华社记者 彭奕凯摄 编导：房宽、鲍佳艺 记者：曾维 摄像：王相博、赵云伟 新华社音视频部制作 通过文旅深度融合，产生更多旅游新产品、新业态、新空间、新场景和新功能，让"诗和远方"进一步点亮人民群众美好生活，让文化更有力赋能 经济社会发展。 ...

Core Viewpoint - The introduction of "snow holidays" in provinces like Xinjiang and Jilin aims to boost tourism and enhance family engagement in winter sports, while also promoting student health and cultural experiences [1][2]. Group 1: Policy Implementation - The "snow holiday" concept is rapidly being adopted in provinces such as Xinjiang and Jilin, following the earlier implementation of spring and autumn holidays in regions like Zhejiang, Sichuan, and Guangdong [1]. - Jilin's "ice and snow holiday" specifically targets compulsory education students without encroaching on existing winter and summer breaks [1]. Group 2: Economic Impact - The introduction of spring and autumn holidays has shown a positive impact on the tourism market, particularly during off-peak seasons, indicating a trend towards enhancing tourism consumption [1]. - The "snow holiday" is expected to invigorate the winter tourism market by encouraging family participation in ice and snow activities, thus driving economic benefits for local tourism sectors [1][2]. Group 3: Educational and Social Benefits - Beyond economic gains, "snow holidays" are designed to improve student physical fitness, broaden their horizons through educational activities, and foster family bonding [2]. - The initiative aligns with national policies aimed at promoting the ice and snow economy, as outlined in the State Development and Reform Commission's plan for revitalizing the Northeast region [2]. Group 4: Local Adaptation and Future Trends - The concept of establishing local holidays based on regional characteristics is gaining traction, allowing for tailored approaches to tourism and cultural promotion [3]. - While local holidays may primarily attract regional tourists, there is a need to explore strategies to draw in visitors from outside the area to maximize economic benefits [3].