Investment Rating - The report indicates a positive outlook for the inbound tourism platform industry, highlighting a rapid recovery and growth phase driven by policy support and market demand [4][5]. Core Insights - The inbound tourism platform industry is experiencing a significant recovery, with digital solutions enhancing the full-service experience for international tourists. The expansion of visa-free policies has directly contributed to an increase in tourist numbers. The market is diversifying, with emerging markets gaining traction. Technologies like AI and VR/AR are accelerating service upgrades and industry restructuring, improving tourist satisfaction [4][5][9][10][11]. Summary by Sections Industry Definition - The inbound tourism platform industry encompasses digital services for international tourists visiting China, including visa processing, itinerary planning, accommodation booking, local transportation, guiding services, and cultural experiences. The industry is benefiting from policies that facilitate travel, such as visa and payment simplifications, leading to a notable increase in market vitality [5]. Industry Characteristics - The industry is characterized by a deep interconnection between policy drivers and market recovery, a dual feature of traditional market segmentation and emerging market potential, and an accelerated digital transformation that enhances service quality and industry restructuring [9][10][11]. Development History - The industry has evolved through four stages: the nascent phase (1978-1991), the initiation phase (1992-2007), the rapid development phase (2008-2019), and the maturity phase (2020-present). Each phase reflects changes in technology, policy, and market dynamics [12][16][17]. Market Size - The inbound tourism platform market size grew from 24.285 billion RMB in 2019 to 26.967 billion RMB in 2024, with a compound annual growth rate (CAGR) of 2.12%. It is projected to expand from 33.902 billion RMB in 2025 to 84.676 billion RMB by 2029, with a CAGR of 25.71% [27][28]. Policy Analysis - Key policies include the expansion of visa-free access to 63 countries, which has significantly boosted inbound tourist numbers. The report emphasizes the importance of these policies in driving market growth and enhancing the overall tourist experience [29][33]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies like Shanghai Ctrip Business Co., Ltd. in the first tier, followed by companies like Tongcheng Travel and Zhejiang Fliggy Network Technology Co., Ltd. in the second tier. The report notes that competition is intensifying, particularly as leading firms leverage AI technologies to enhance user engagement and service offerings [35][36][37].

Group 1 - The service industry has shown rapid growth in the first half of the year, with a service value added of 390,314 billion yuan, representing a year-on-year increase of 5.5% [1] - The proportion of service value added in GDP reached 59.1%, an increase of 0.7 percentage points compared to the same period last year [1] - In the second quarter, the service industry value added accelerated to 195,172 billion yuan, with a year-on-year growth of 5.7%, up by 0.4 percentage points from the first quarter [1] Group 2 - The modern service industry has performed well, with information transmission, software, and IT services growing by 11.1% year-on-year, and leasing and business services by 9.6% [2] - High-tech service industries have seen significant revenue growth, with high-tech service enterprises' revenue increasing by 9.9% and strategic emerging service industries by 9.5% from January to May [2] - The fixed asset investment in high-tech services grew by 8.6% year-on-year in the first half of the year [2] Group 3 - Service consumption has shown steady improvement, with service retail sales increasing by 5.3% year-on-year and per capita service consumption expenditure rising by 4.9% [2] - Online retail sales grew by 8.5% year-on-year, while tourism and cultural services saw significant increases, with tourism services up by 31.9% and cultural sports services by 7.4% [2] Group 4 - The service industry has maintained a positive outlook, with the business activity index averaging 50.2, indicating expansion [4] - The business activity expectation index averaged 56.7, remaining in a high prosperity range throughout the first half of the year [4]

Group 1: Economic Performance - From January to April, Guangzhou's transportation, warehousing, and postal industries achieved operating revenue of 225.03 billion, a year-on-year increase of 8.8% [1] - In April, Guangzhou completed a passenger volume of approximately 27.7 million, contributing to a year-on-year revenue growth of 20.3% in railway passenger transport and 8.2% in air cargo transport [1] - The total freight volume in April reached 802.53 million tons, marking a year-on-year increase of 7.8% [1] Group 2: Service Industry Growth - In the first four months, Guangzhou's service industry achieved operating revenue of 670.79 billion, reflecting a year-on-year growth of 7.2%, which is an increase of 0.3 percentage points compared to the first quarter [1] - The scientific research and technical services sector generated operating revenue of 44.03 billion, with engineering and technical research and technology intermediary services growing by 7.2% and 48.8% respectively [1] Group 3: Rental and Business Services - The rental and business services sector achieved operating revenue of 132.58 billion from January to April, with a year-on-year growth of 11.3% [2] - Under the dual drive of digital technology empowerment and the collaboration between manufacturing and service industries, advertising, human resources services, and consulting industries reported revenues of 31.84 billion, 40.91 billion, and 14.21 billion respectively, with growth rates of 21.4%, 8.6%, and 21.4% [2] Group 4: Travel Services - The travel agency and related services sector achieved operating revenue of 5.91 billion, marking a year-on-year growth of 1.2%, indicating a turnaround from negative growth [3]