Core Insights - The combination of the National Day and Mid-Autumn Festival holidays has led to a surge in outbound tourism, with daily entry and exit travelers expected to exceed 2 million during the holiday period [1][2] - The outbound tourism market is experiencing a significant rebound, with a notable increase in early bookings and a shift in consumer behavior towards planning trips well in advance [3][4][6] Group 1: Outbound Tourism Trends - The first wave of outbound tourists for the National Day holiday began departing as early as September 25, with over 300 outbound tour groups organized by a travel agency, marking a year-on-year increase of over 30% [3] - Many consumers are adopting a "request 3 days off for 12 days" strategy to extend their holidays, leading to a noticeable rise in inquiries and bookings for outbound travel [4] - Data from Qunar indicates that Chinese tourists booked flights to 599 cities globally during the National Day holiday, with a year-on-year increase in hotel bookings for popular destinations [4] Group 2: Flight and Accommodation Pricing - The overall price of outbound flights has increased due to high demand during the holiday, with over 1.79 million tickets booked by September 30, reflecting a year-on-year increase of approximately 13% [7] - Some popular destinations have seen flight prices rise to two to three times their usual rates, with travelers reporting significant increases in hotel prices as well [7][17] - For example, hotel prices in Tokyo have surged from around 700 RMB per night last year to 1300 RMB this year during the holiday period [17] Group 3: Popular Destinations and Market Dynamics - Japan and South Korea are among the most popular destinations for Chinese tourists, with Japan seeing a 46% year-on-year increase in visitors from mainland China [16][17] - The introduction of a trial visa-free policy for group tourists to South Korea has further boosted interest, with a 53% increase in tourism product orders during the holiday period [19][20] - Conversely, Thailand has experienced a decline in tourist numbers, with a 7.2% drop in foreign visitors in the first eight months of the year, particularly from China [23][24]

Overall Situation - The tourism revenue shows steady growth, but travel demand appears relatively flat, with domestic travel during the Dragon Boat Festival in 2025 expected to reach 119 million trips, a 5.7% increase, and total domestic travel expenditure projected at 42.73 billion yuan, up 5.9% [1][2] - Daily average inbound and outbound tourism is 1.969 million people, a year-on-year increase of 2.7%, which is below the official expectation of 2.15 million, representing a 12.2% increase [1][5] Transportation Situation - The total cross-regional personnel flow is expected to reach 657 million during the holiday, with a daily average of 21.9 million, reflecting a year-on-year growth of 3.0% [3] - Railway passenger volume is projected at 47.108 million, with a daily average of 15.7027 million, showing a 2.3% increase [3] - Road travel is expected to account for 600 million trips, with a daily average of 20 million, marking a 3.14% increase [3] Hainan Duty-Free Sales - During the Dragon Boat Festival, Hainan's duty-free shopping amounted to 187 million yuan, a decrease of 8.8%, with 31,300 shoppers, down 18.9% [4] - The average spending per person was 5,974 yuan, an increase of 12.5% [4] Outbound Tourism - The total number of inbound and outbound personnel during the holiday reached 5.907 million, with a peak of 2.086 million on June 1 [5] - The number of inbound foreign visitors under visa-free policies increased by 59.4% compared to the previous year [5] Investment Recommendations - The industry suggests focusing on the recovery of short-distance self-driving and family travel, with a recommendation to pay attention to companies related to leisure tourism and outbound travel, including Ctrip Group, Tongcheng Travel, and hotels driven by business travel demand [6]