体验型消费需要内容更新。 作者 | 郭 仪（长沙） 监制 | 庞梦圆（上海） 这个国庆和中秋假期，体验型文旅消费继续火热。 敦煌月牙泉挤满了星空演唱会的听众，不少人在古镇和自然风光里捡秋度假，清明上河园、宋城千古情 等堪称「中国版迪士尼」的主题景区内，人流量更汹涌。 10月2日，开封万岁山因游客量较大，暂停了线上售票。据河南文旅官方数据，今年国庆中秋假期，尽 管河南地区受连续降雨天气影响，但开封万岁山接待游客数量依然同比增长13.35%，达77.3万人次；综 合收入达6900万元。万岁山今年7月的半年报更是显示，其今年上半年入园人次超1000万，同比增长 239.33%；综合营收6.04亿元，同比增长162%。 宋城演艺旗下千古情景区的演出场次、游客人数、营收，也均在假期内创新高。官方数据显示，12座 《千古情》演出共达510场，接待游客近300万人次（去年分别为481场和260万人次）。其中，《西安千 古情》单日演出20场（去年为17场），黄金周期间共演出106场，刷新自己创下的西安大型旅游演艺单 日演出场次、接待人数的纪录。 近两年，主打沉浸式体验的景区乐园异军突起，丰富的演艺节目及园内体验吸引游客和本地 ...

Investment Rating - The report maintains a "Positive" investment rating for the tourism industry [2] Core Insights - During the 2025 National Day and Mid-Autumn Festival holiday, domestic tourism saw an increase in volume but a decrease in prices, with 888 million domestic trips taken, a 1.6% increase year-on-year, and a recovery to 99.4% of the 2019 level [3][7] - Domestic tourism revenue reached 809 billion yuan, averaging 101.1 billion yuan per day, marking a 1.0% increase year-on-year and a recovery to 109.0% of the 2019 level [3][7] - Per capita consumption was 911 yuan, with a daily average of 114 yuan, reflecting a 13.0% decline year-on-year, but recovering to 95.9% of the 2019 level [3][7] - Compared to the 2025 May Day and Spring Festival holidays, the growth rate of domestic tourism during the National Day and Mid-Autumn Festival slowed down, and per capita consumption growth turned negative [3][7] Summary by Sections Domestic Tourism - The 2025 National Day and Mid-Autumn Festival holiday saw 888 million domestic trips, with a daily average of 111 million, a 1.6% increase from the previous year [7] - Domestic tourism revenue was 809 billion yuan, with a daily average of 101.1 billion yuan, a 1.0% increase year-on-year [7] - Per capita consumption decreased by 13.0% year-on-year to 911 yuan [7] Scenic Spots - Daily visitor growth at scenic spots ranged from single to double digits, with Emei Mountain and Phoenix Ancient City showing notable increases of 19.7% and 18.8% respectively [18][20] Outbound Tourism - Outbound tourism growth outpaced domestic tourism, with 16.34 million people entering or leaving the country during the holiday, a 11.5% year-on-year increase [22] Performing Arts - Cultural and artistic service sales increased by 18.6% during the holiday, with significant growth in performance services [28] Consumer Spending - Consumer spending showed low single-digit growth, with service consumption outperforming goods consumption, as retail and catering sales increased by 2.7% year-on-year [30]

投资建议 国庆假期国内旅游市场运行平稳，出入境游市场双向升温，并有望延续 修复态势。我们重点推荐资源优质、运营强劲、有外延增长预期的出行 链及相关产业链公司：岭南控股、长白山、黄山旅游；受益于商旅客流 复苏以及疫后市占率提高的连锁酒店品牌锦江酒店；跨境游市场增长有 望带动机场免税的恢复，市内免税新政落地以及离境退税政策升级有望 贡献增量，推荐中国中免、王府井等，文体旅融合趋势持续火热，建议 关注中体产业、锋尚文化等。 评级面临的主要风险 出行需求复苏不足、宏观经济复苏不及预期。 社会服务 | 证券研究报告 — 行业点评 2025 年 10 月 10 日 强于大市 2025 年国庆&中秋旅游数 据点评 国内游出行半径扩大，跨境游双向升温 国庆中秋双节假期国内出人次创新高，深度长途游重回主流，人均消费略有 承压，文体旅融合趋势依旧，跨境游市场持续火热并有望延续优秀表现，维 持行业 强于大市 评级。 支撑评级的要点 相关研究报告 《社会服务行业双周报》20250924 《社会服务行业双周报》20250910 《社会服务行业双周报》20250821 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务 证券分 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Core Insights - During the "May Day" holiday, the company achieved record-breaking visitor numbers and revenue across its 12 scenic spots, with a total of 210 million visitors, a 26% increase year-on-year, and 379 performances, a 24% increase year-on-year [1] - The company reported a revenue of 2.417 billion yuan for 2024, representing a 25.49% year-on-year growth, and a net profit of 1.049 billion yuan [1] - The company holds the highest net profit in the tourism and scenic spot sector, accounting for 63.6% of the total industry profit, with a profit scale 1.75 times that of the other 21 companies combined [2] Financial Performance - The company achieved a net cash flow from operating activities of 1.445 billion yuan in 2024, reflecting a 1.87% year-on-year increase, indicating robust cash flow [1] - The company's gross margin reached 67.6% and net margin was 44.5%, both leading the industry [2] Competitive Advantage - The company has developed a unique model of "theme park + cultural performance," enhancing consumer engagement and creating a replicable growth path [2] - The company has established a strong creative capability and a professional talent team, ensuring project success and operational efficiency across the entire industry chain [3] - The company employs a dual-driven strategy of "internal growth + external introduction," optimizing human resources for cost reduction and efficient operations [3]