人民财讯10月9日电，10月9日，飞猪宣布，2025年国庆中秋假期，飞猪旅游服务履约GMV较去年增长 48%，服务人次较去年增长30%。国内机票、全球酒店的履约票张数和入住间夜量接连突破历史峰值， 创下单日新高。酒店业务表现尤为亮眼，10月1日至10月8日期间入住的酒店间夜量较去年大增78%。 ...

（文章来源：央视新闻） 今年国庆假期，国内旅游呈现出市场下沉的态势，二、三线小城市旅游火爆。中国民航大数据平台航旅 纵横的数据也显示，今年国庆中秋假期，中小机场日均机票预订量同比增幅达18%。国内一家大型在线 旅游服务平台的数据显示，近几天平台上"赏秋""红叶""海边""草原""晒秋"的搜索量环比8月上涨两倍。 这家平台的统计显示，国庆假期赏秋热门目的地包括：四川阿坝九寨沟、喀纳斯所在地阿勒泰布尔津 县、长白山附近的吉林安图县、广西阳朔等地。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in domestic tourism during the National Day holiday, particularly in second and third-tier cities [1] - Data from the China Civil Aviation Big Data Platform indicates that the average daily ticket booking volume at small and medium-sized airports increased by 18% year-on-year during the holiday period [1] - A major online travel service platform reported a twofold increase in search volume for keywords related to autumn activities compared to August, indicating a growing interest in seasonal travel [1] Group 2 - Popular destinations for autumn sightseeing during the National Day holiday include Jiuzhaigou in Sichuan, Burqin County in Altay, Jilin's Antu County near Changbai Mountain, and Yangshuo in Guangxi [1]

来源：市场资讯 （来源：拔萃资本） | 港股通（滬） SH→HK | | 港股通（深） SZ→HK | | | --- | --- | --- | --- | | 近5日 | +232.53億 | 近5日 | +207.06億 | | 近20日 | +726.18億 | 近20日 | +1020.73億 | | 近60日 | +1820.05億 | 近60日 | +2318.19億 | 数据来源：FUTU 拔萃视点 上周回顾 截至9月26日港股收盘，恒生指数报26,128.2点，周跌1.57%；恒生科技报6,195.11点，周跌1.58%；国企 指数报9,303.10点，周跌1.79%。 恒生指数周走势图 数据来源：FUTU 资金流向 上周，阿里巴巴-W(09988.HK)全周上涨4.65%，报收166.50港元，其中9月24日单日涨幅达9.16%。这一 亮眼表现主要得益于2025阿里云栖大会释放的积极信号。在云栖大会上，阿里巴巴集团CEO吴泳铭公布 了公司的AI战略蓝图，宣布在原有计划基础上追加AI基础设施投入，并设定到2032年将阿里云全球数 据中心能耗规模提升10倍的宏伟目标。这一战略规划彰显了公司在超 ...

今年"十一"碰上"中秋"，节前、节后各请3天假，可拼出16天假期，"大长假PLUS"掀起国内消费者的"出境游"热潮。美团、大众点评数据显 示，今年国庆境外出游热度将于9月27日开始，10月3日达到峰值，并延续到10月12日。 截至9月26日，2025年"十一"境外酒店整体预订90后、00后游客占比近六成，广东、北京、上海、浙江、江苏为TOP5客源地。"海岛度假 游""小众深度游"成新趋势，越南岘港、马来西亚亚庇等新兴目的地走红；"味蕾游"火到境外， "必吃榜"境外榜单浏览量环比"五一"节前涨超 40%；大众点评境外美食订座、优惠打车、精品小团游等高质价比创新旅游产品，配合大额吃喝玩乐消费券，满足消费者差异化、精细化需 求。 出境游目的地更多元，"海岛慢充游""小众深度游"成趋势 美团、大众点评境外酒店预订数据显示，国庆假期TOP10热门出境游目的地为日本、中国香港、泰国、马来西亚、韩国、越南、印度尼西亚、 新加坡、美国和澳大利亚，其中越南、马来西亚、印度尼西亚成为增速最快的出境游目的地。 ▲ 大众点评发布"十一"出境游趋势前瞻。（图源：大众点评） 出境游用户中，一、二线城市占比超过43%，"长线品质游"需求带 ...

Core Viewpoint - The upcoming "National Day and Mid-Autumn Festival" holiday is expected to boost the domestic and outbound tourism markets, driven by supportive policies and a focus on enhancing travel experiences and product quality [2][3][4]. Group 1: Domestic Tourism Trends - The holiday period is anticipated to see a rise in short trips and an increase in the quality of long-distance travel, with online travel platform Tongcheng Travel reporting a doubling in bookings for domestic tours and over 20% increase in spending on long-distance group tours compared to last year [2][3]. - The average ticket price for domestic flights is expected to follow a "high-low-high" pattern, with peak prices at the beginning and end of the holiday, while mid-holiday prices are relatively lower [5][6]. Group 2: Outbound Tourism Growth - Outbound tourism products have seen a 75% increase in destination offerings, with traveler numbers up 130% compared to last year, particularly in Europe and North America, which saw increases of 80% and 207% respectively [6][12]. - The trend of early bookings is evident, with some outbound travel products selling out three months in advance, indicating strong demand [3][6]. Group 3: Travel Booking Patterns - The trend of "picking holidays" has led to an earlier booking rhythm, with travel reservations made approximately 3.5 days earlier than last year [4][5]. - The average booking volume for transportation services has increased by about 4.2% compared to last year, with significant growth in high-speed rail and multi-destination travel [5][6]. Group 4: Industry Challenges - Despite growth in traveler numbers, the tourism industry faces challenges with profitability, as indicated by the disparity between the increase in passenger volume and revenue for major airlines [8][9]. - The average ticket price for economy class in the civil aviation sector has decreased by 12.1% year-on-year, reflecting a struggle to match revenue growth with increased passenger numbers [8][9]. Group 5: Emerging Travel Preferences - There is a noticeable shift towards personalized and diverse travel products, with smaller group sizes becoming more popular, reflecting changing consumer preferences [11][12]. - The integration of cultural and entertainment activities into travel experiences is gaining traction, with significant increases in searches for hotels and attractions near popular events [10][11]. Group 6: Inbound Tourism Recovery - The inbound tourism market in Beijing has shown a strong recovery, with a 46.2% increase in visitors and a 49.6% rise in tourism spending compared to last year [12][13]. - Airlines are enhancing their services to attract foreign tourists, focusing on creating a seamless travel experience from pre-departure to arrival [13].

Group 1 - The core issue in the OTA market is the intense competition triggered by major players like JD.com entering the hotel and travel sector, leading to price wars and regulatory scrutiny for existing leaders like Ctrip [2][3][5] - Ctrip faced administrative talks from the Zhengzhou Market Supervision Administration due to unauthorized price modifications, highlighting regulatory challenges in the industry [2][3] - JD.com aims to differentiate itself in the OTA space by providing unique value propositions rather than engaging in price wars, as stated by its founder Liu Qiangdong [2][3] Group 2 - JD.com announced its entry into the hotel and travel industry on June 18, 2023, with initiatives like the "JD Hotel PLUS Membership Plan" offering three years of zero commission for merchants [3][5] - Ctrip's market share has been declining, from 67% in 2019 to an expected 57% in 2024, indicating a loss of competitive edge amid rising competition from platforms like Meituan and Douyin [8][11] - Despite the competitive landscape, Ctrip maintains a leading position with a 57% GMV market share, and when combined with its affiliate Tongcheng, it accounts for nearly 70% of the OTA market [7][8] Group 3 - The entry of Douyin into the OTA market has been particularly aggressive, with significant investments in local life services and promotional strategies to capture market share [10][11] - JD.com is focusing on leveraging its supply chain capabilities to enhance hotel operations and reduce costs, aiming to transform the hotel supply chain landscape [12][15] - The collaboration between JD.com and Jinjiang Hotels includes innovations in dining services and a centralized booking system, indicating a strategic move to integrate services and improve operational efficiency [13][14]

Group 1: Nestlé's Management Changes - Nestlé is optimizing its R&D model in Greater China to support transformation and accelerate development, with a new appointment effective from October 1, 2025 [1] - The new R&D head, Guglielmo Bonora, has extensive experience across multiple regions and categories, indicating a strategic shift in Nestlé's approach in the competitive Chinese market [1] - This management change aims to enhance innovation speed and product competitiveness, aligning with local consumer demands [1] Group 2: Railway Passenger Growth - From January to August, China's railway system transported 3.2 billion passengers, marking a 6.7% year-on-year increase and setting a historical record for the same period [2] - The average daily operation of passenger trains increased by 7.7%, reflecting sustained growth in capacity [2] - The introduction of tourism trains and cross-border passenger services has stimulated consumption and contributed to the development of the tourism and silver economy [2] Group 3: Subway's Localization Strategy - Subway launched a new sandwich line that incorporates traditional Chinese flavors, marking its first collaboration with a Michelin-starred chef [3] - This initiative reflects Subway's commitment to localization and its strategy to cater to Chinese consumer preferences for fresh and healthy food [3] - The introduction of the "Chinese flavor" sandwiches is expected to enhance Subway's competitiveness in the Chinese market [3] Group 4: Chaohongji's IPO Plans - Chaohongji has submitted an application for an "A+H" listing on the Hong Kong Stock Exchange, indicating an aggressive strategic expansion [4] - The company aims to raise funds for overseas expansion, brand upgrades, and capacity building amid a competitive jewelry market [4] - Chaohongji's strong revenue and profit growth in the first half of 2025, along with its innovative product offerings, position it favorably for investor interest [4] Group 5: Ctrip's Customer Protection Measures - Ctrip announced it will cover losses incurred by customers due to the postponement of the Disney cruise, demonstrating its commitment to consumer rights [5] - This decision may increase short-term costs but is expected to enhance brand image and customer loyalty in the long run [5] - By addressing this issue proactively, Ctrip aims to strengthen user engagement and solidify its position in the online travel market [5]

Core Insights - The competition in the travel and hospitality industry has intensified since 2025, with major internet platforms accelerating their involvement [1][2] - Platforms like Gaode, Meituan, JD, Douyin, and Xiaohongshu are attempting to reshape the traditional hospitality model by leveraging their ecosystem, traffic, and technological advantages [1][2] - The entry of e-commerce platforms into the travel sector is driven by the higher profitability of travel services compared to food delivery [3][4] Group 1: Platform Strategies - Gaode launched the "Gaode Street Ranking," focusing on user behavior data rather than traditional ratings, aiming to disrupt existing ranking systems [1] - JD has introduced the "JD Hotel PLUS Membership Plan" with zero commission for three years and a strategic partnership with Jinjiang Hotels to enhance operational efficiency [2][3] - Meituan's collaboration with Marriott International has led to a significant increase in hotel bookings, particularly among younger users [3] Group 2: Market Dynamics - The influx of e-commerce platforms into the travel sector is attributed to the relatively low entry barriers and the potential for rapid business deployment once traffic is accumulated [3][4] - The competition is shifting from price wars to supply chain efficiency, ecosystem collaboration, and content creation, driving the industry towards diversification and personalization [7][12] - The overall market for local life services in China is projected to grow significantly, with an increase in online penetration rates [11] Group 3: Challenges and Opportunities - Despite the potential, new entrants like Douyin and Xiaohongshu face challenges in achieving significant breakthroughs in the travel sector, with low order fulfillment rates reported [9][10] - The competition among platforms is expected to intensify, with each trying to leverage their unique strengths to capture market share [12] - The hospitality industry may benefit from improved transparency and reduced customer acquisition costs due to the digitalization efforts of e-commerce platforms [12]

Core Insights - The summer vacation period has seen internet platform group buying become a mainstream channel for consumer travel spending, with Douyin's hotel and travel group buying orders and sales both increasing by 46% year-on-year [1] - Douyin has launched a "Summer Assurance Plan" to combat misleading promotions and forced shopping practices associated with "low-price tours," aiming to protect consumer rights during the summer travel season [1] Group 1: Consumer Protection Measures - Douyin has actively cooperated with local cultural tourism and market regulatory departments to address issues related to forced shopping and misleading promotions, resulting in the disposal of 1,376 offline fulfillment violators and the delisting of 5,955 non-compliant products during the special governance period [1] - The platform has implemented multiple governance measures against forced shopping, including monitoring excessive purchases, non-business location shopping, extended shopping times, and sales by drivers and tour guides [1] Group 2: Price Monitoring and Regulation - Douyin has enhanced its price monitoring capabilities to prevent false advertising and the sale of unreasonably low-priced products, leading to the disposal of 4,035 misleading "low-price tour" live streams and 115 non-compliant merchants, as well as the delisting of 196 unreasonable low-priced products [2] - The platform has established clear standards for identifying misleading promotions and has implemented measures to strengthen control over violations, resulting in the disposal of 10,117 non-compliant live streams and 316 violating accounts since the new standards were enforced on July 27 [2] Group 3: Commitment to Consumer Rights - Douyin's management has emphasized that safeguarding consumer rights is a core objective, with a commitment to rigorously combat "low-price tour" violations and enhance the overall travel experience for consumers [2]