Group 1: Overall Industry Insights - The overall tourism demand remained robust during the recent Golden Week, with positive growth in Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) for hotels, showing a mid to high single-digit growth in the industry [1] - Experts predict that the increase in hotel franchise supply will continue to exert pressure, particularly in the mid to high-end market segment [1] - The competition among online travel platforms is moderate, as smaller or newly entered operators lack supply chain and scale advantages, limiting their competition to specific niche areas [1] Group 2: Company Preferences - The company remains optimistic about the hotel sector, particularly for Huazhu Group (01179, HTHT.US) and Atour (ATAT.US), anticipating that the slowdown in competition from online travel platforms and hotel supply growth will lead to continued improvement in RevPAR [1] - The Macau gaming industry is expected to benefit from wealth effects and a low base of total gaming revenue, with a favorable outlook for Sands China (01928) and Galaxy Entertainment (00027) [1] - The company suggests buying Ctrip Group (09961, TCOM.US) and Air China (601111) (00753, 601111.SH), as both are expected to benefit from recent long-haul outbound travel demand and better-than-expected ticket prices [1]

财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 10月20日，高盛引用旅游行业专家分析指，过去十一黄金周，整体旅游需求保持稳健。期间酒店的平均 每日房价(ADR)及每间可售房收入(RevPar)转为正增长，行业整体增幅为中至高单位数。不过，专家预 期酒店加盟商增加供应将持续带来压力，尤其在中高端细分市场。至于线上旅游平台的整体竞争则温 和，因规模较小或新加入的经营商缺乏供应链及规模优势，只能在特定细分领域进行竞争。 在行业偏好方面，该行继续看好酒店板块，如华住集团及亚朵，因预期线上旅游平台竞争及酒店业供应 增长放缓下，每间可售房收入前景将持续改善。另外，该行认为澳门博彩行业受惠财富效应及博彩总收 入低基数，较看好金沙中国及银河娱乐。该行同时呼吁买入携程集团及中国国航，因两者均受惠于近期 的长线出境游需求及机票价格好过预期。 ...

高盛引用旅游行业专家分析指，过去十一黄金周，整体旅游需求保持稳健。期间酒店的平均每日房价 (ADR)及每间可售房收入(RevPar)转为正增长，行业整体增幅为中至高单位数。不过，专家预期酒店加 盟商增加供应将持续带来压力，尤其在中高端细分市场。至于线上旅游平台的整体竞争则温和，因规模 较小或新加入的经营商缺乏供应链及规模优势，只能在特定细分领域进行竞争。 在行业偏好方面，该行继续看好酒店板块，如华住集团及亚朵，因预期线上旅游平台竞争及酒店业供应 增长放缓下，每间可售房收入前景将持续改善。另外，该行认为澳门博彩行业受惠财富效应及博彩总收 入低基数，较看好金沙中国及银河娱乐。该行同时呼吁买入携程集团及中国国航，因两者均受惠于近期 的长线出境游需求及机票价格好过预期。 ...

Group 1 - The core viewpoint of the news is that the Urumqi City Market Supervision Administration is implementing a special action to supervise and inspect tourism market pricing, aiming to create a healthy and orderly tourism market environment [1][2] - The special action focuses on 3A-level (and above) scenic spots and surrounding businesses, including tourism shops, homestays, restaurants, and online travel platforms, to check for illegal pricing practices [1] - The administration will conduct comprehensive inspections of 4A-level scenic spots in conjunction with tourism activities, ensuring that market entities clearly commit to pricing standards, discount measures, and service quality [1] Group 2 - The Deputy Director of the Urumqi City Market Supervision Administration emphasized the importance of addressing the "key small matters" for the public, increasing supervision of market pricing behaviors, and strictly investigating price gouging and fraud [2] - The administration will utilize food safety supervision and inspections, including both overt and covert methods, to comprehensively identify food safety and service risks in tourist areas, ensuring a safe and trustworthy consumption environment for tourists [2]