Core Insights - The New Year's holiday travel market experienced a strong start in 2026, with both volume and prices rising, particularly in ice and snow tourism and duty-free shopping in Hainan [1][8] Group 1: Travel Trends - Consumer willingness to travel and spending power increased significantly during the New Year holiday, with per capita spending rising over 30% year-on-year [2] - Domestic hotel bookings on January 1 saw a staggering increase of 280% year-on-year, while bookings for domestic leisure activities surged over 270% [2] - Major scenic spots experienced a fourfold increase in ticket bookings, indicating a robust recovery in the travel sector [2] Group 2: Demographics and Preferences - Young travelers dominated the travel demographic, with "post-00s" making up 39% of travelers and "post-90s" accounting for 33% [3] - The trend of "self-care travel" emerged, with younger generations seeking meaningful experiences, leading to a 125% increase in searches related to New Year's travel [3] - Family travel saw an 80% increase in participation, with parents preferring high-star hotels and full-service resorts for comfort [3] Group 3: Popular Destinations - Mountain scenic spots saw a 150% increase in ticket bookings, with Huangshan orders up 544% and Lushan up 390% [6] - Ice and snow tourism remained a top choice, with Harbin's Ice and Snow World being a leading attraction [10] - Hainan's duty-free shopping was significantly boosted by the island's closure, with a 76% increase in flight bookings to its three major airports [10][11] Group 4: Unique Experiences - Events and performances drove tourism growth, with cities like Zhujiajian seeing a 2544% increase in travel orders due to concerts [7] - The trend of "micro-vacations" at bathing centers gained popularity, with search volumes for related services increasing significantly [14][17] - Private hot spring accommodations saw a 1.8 times increase in bookings, reflecting a preference for privacy and safety among travelers [12]

深化航旅融合发展，辖区各机场联合地方文旅部门举办"航空旅游推介会"10余场，"航空+文旅""机票 +景区通票""航空旅游护照""登机牌换门票"等产品大量涌现。培育新型消费热点，"研学游""银发 游""亲子游"等新型航旅产品有力提振航空消费需求。完善服务质量管理体系，辖区各单位建立"服务运 行一体化""服务营销一体化"管理模式，科技赋能服务创新，智慧航站楼系统，智能问询机器人等设备 让服务更加高效便捷。规范市场环境，票务销售、退改签服务、行李收费更加规范，支付服务更加便 利，杜绝"支付壁垒""捆绑销售"等问题，切实维护旅客合法权益。 中国民航网 通讯员李达 报道：2025年，民航西北地区管理局认真落实民航局"民航服务提振消费年"主 题活动要求，结合学习贯彻党的二十届四中全会精神，将民航服务与提振消费、扩大内需等国民经济和 社会发展目标深入结合，统筹推动辖区单位以高质量服务供给激活航空消费潜力，以系统思维提高服务 管理能力，主题活动取得较好成效。 下一阶段，西北民航将固化2025"民航服务提振消费年"主题活动经验成果，持续丰富航空服务产品、升 级航空服务举措，推动民航与相关产业深度融合，激发广大群众航空旅行和消费 ...

图片由人机协同生成 编者按 从北方的"雪假"到南方的"春秋假"，打破传统寒暑假边界的特色假期，以多元形态重塑教育与生活的联 结。从多部门联合推出优惠政策、优化交通服务，到企业创新产品，再到弹性休假制度为亲子陪伴保驾 护航，特色假期的落地离不开多方合力。这既体现了教育理念的革新，也激活了"假期经济"的潜力，为 释放服务消费潜力、推动高质量发展注入了持久动力。 近年来，关于"春秋假""雪假"等假期的讨论在不少地方持续升温。从多地中小学探索放春假、秋假，到 北方部分地区结合冰雪资源安排"雪假"，假期调整不再只是教育系统内部的安排，而逐渐被置于更大的 现实背景中加以审视。在稳增长、扩内需的当下，如何通过更合理的时间安排，激活被压抑或分散的消 费潜力，被寄予了更多期待。 长期以来，居民假期消费在时间分布上高度依赖春节、国庆等长假，需求集中释放的同时，也带来了人 流拥堵、价格上涨和体验下降等问题。相比之下，通过更加均衡地安排休闲时间，让消费在一年中有更 多平稳释放的节点，有助于改善服务消费的节奏和结构。"春秋假""雪假"等假期，正是在这种现实需求 中，逐渐被视为一种值得探索的路径。 更值得关注的是，这种变化并不是简单"多 ...

当前，多地根据自身情况制定了新假期实施方案。如浙江宁波春假安排在"五一"假期前，秋假放3 天，可与周末连休形成5天长假；广东佛山秋假提供3种模式，可由学校组织校外实践、家长自主安排亲 子出游，或参加校内托管服务；四川春秋假各放3天，具体时间由各市州根据实际情况制定，学校提供 免费托管服务。还有些地区根据地理气候特点探索不同的放假模式，如新疆乌鲁木齐、阿勒泰地区，以 及吉林各地推出的雪假、冰雪假期等，很好地将政策设计与本地实际结合起来。 灵活多样的放假制度，不仅体现了教育理念的进步，也悄然释放出显著的消费带动效应。平台数据 显示，今年秋假期间，四川多地旅游产品预订搜索热度同比涨幅超50%，四川省内景区门票总体预订量 较去年增长3.4倍，从成都出发的机票量较一周前环比增长了22%。11月29日至12月7日，新疆景区的门 票预订总量环比增长16%。亲子游、研学营、文化体验等业态的升温，不仅直接拉动交通、餐饮、住宿 消费，还间接促进教育服务、文创产品等产业链延伸，形成了良好的经济社会效益。 推行这些新假期是一项兼顾教育优化与社会需求的有益尝试。不过，政策的好立意要转化为各方满 意的好效果，仍需在落实层面精耕细作，进一 ...

Group 1 - The implementation of the spring and autumn holiday policy in 2025 is expected to significantly boost off-peak travel demand, with staggered travel becoming the norm, benefiting scenic spots and tourism companies [1][2] - The average price of round-trip tickets from domestic locations such as Sichuan, Zhejiang, Guangdong, and Hubei is approximately 700 yuan, reflecting a year-on-year increase of about 7%, with a notable rise in flight and hotel bookings for popular destinations like Sanya and Xishuangbanna [1][2] - The combination of government subsidies, financial support, and merchant discounts effectively stimulates consumer spending, highlighting investment opportunities in the cultural tourism and ice and snow industries [1][2] Group 2 - The spring and autumn holiday policy has led to a resurgence in the cultural tourism market, with family travel demand surging, as over 53% of trips during the autumn holiday were made by families, and participation in educational tourism activities increased by over 50% year-on-year [2] - Ticket bookings for scenic spots in Sichuan have increased by 3.4 times year-on-year, with tourism consumption rising by 25%, indicating a strong recovery in the tourism sector [2] - The winter "snow holiday" policy is driving rapid development in the ice and snow tourism sector, with regions like Urumqi and Altay offering free skiing experiences and discounts on accommodation and transportation [3] Group 3 - The Ministry of Commerce and nine other departments have issued policies to boost service consumption, with 19 tasks aimed at optimizing supply, stimulating demand, and providing financial support [4] - During the 2025 National Day and Mid-Autumn Festival, over 29,000 cultural tourism activities were held nationwide, with consumption subsidies exceeding 480 million yuan [4] - The economic impact of ticket sales can lead to a comprehensive consumption ratio of 1:30 across various sectors, including performances, scenic spots, dining, accommodation, and transportation [4] Group 4 - Recommended companies to watch include Sanxia Tourism (002627.SZ), Huazhu (01179), Atour (ATAT.US), Jiuhua Tourism (603199.SH), and ShouLai Hotel (600258.SH) [5]

Investment Rating - The report rates the industry as "Positive" [3] Core Insights - The implementation of the Spring and Autumn holiday policy has significantly boosted tourism demand, leading to a remarkable increase in market activity [5][22] - The "Snow Holiday" policy has stimulated rapid growth in the winter tourism sector, particularly in ice and snow activities [25][26] - Government subsidies and financial support are effectively driving service consumption across multiple sectors, including tourism, sports, and education [32][33] Summary by Sections 1. Spring and Autumn Holidays Drive Tourism Demand Recovery - The Spring and Autumn holiday policy was introduced to encourage local education departments to implement school holidays, leading to increased travel during off-peak seasons [10][13] - Family travel demand surged, with over 53% of trips during the Autumn holiday being family-oriented, particularly in educational tourism activities [17][21] - Popular tourist destinations experienced a significant increase in ticket bookings, with some locations reporting a 3.4 times year-on-year increase in ticket reservations [21][22] 2. Consumer Subsidies Promote Steady Recovery in Service Consumption - Recent policies from multiple government departments aim to enhance service consumption quality and convenience, focusing on cultural, tourism, sports, and education sectors [32][33] - During the National Day and Mid-Autumn Festival, over 29,000 cultural and tourism events were held, with consumption subsidies exceeding 480 million yuan [33] - The introduction of "ticket root economy" has linked various sectors, significantly boosting overall city consumption [33] 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, highlighting their market capitalization and earnings per share projections [37][40] - Notable companies include Sanchuan Tourism, Huazhu, Atour, and Jiuhua Tourism, which are recommended for investment consideration due to their growth potential in the current market environment [40][41]

Core Insights - The article highlights the significant growth in China's tourism sector during the "14th Five-Year Plan" period, with approximately 2,600 new A-level scenic spots established, bringing the total to 16,500 [1] - The "15th Five-Year Plan" aims to enhance the quality of tourism services and diversify high-quality tourism products, contributing positively to economic and social development [1] Group 1: Tourism Development - The introduction of 40 national-level tourist resorts, 204 national-level leisure streets, and 345 national-level night cultural and tourism consumption clusters showcases the expansion of tourism infrastructure [1] - The article emphasizes the accessibility of beautiful scenic spots and the variety of experiences available to tourists, with over 1,597 key rural tourism villages and towns and more than 1,400 provincial-level resorts and leisure areas [1] Group 2: Industry Integration - The integration of tourism with agriculture, industry, and sports has extended the industry chain and fostered new growth points, promoting rural tourism tailored to local conditions [2] - The transformation of industrial production lines and heritage sites into tourism products illustrates the potential of the "tourism+" model, which is gaining traction [2] Group 3: Technological Advancements - The development of smart tourism has accelerated, with 36 smart tourism solutions and 39 examples of age-friendly smart tourism, enhancing the overall visitor experience [2] - The article notes the increasing emphasis on technology in tourism, making services more personalized and immersive [2] Group 4: Visitor Experience - The tourism industry is focusing on diverse and personalized visitor needs, leading to the emergence of customized travel options, educational tours, family trips, and popular cruise and yacht experiences [5] - The recovery of the tourism sector post-pandemic is evident, with domestic travel and spending showing high growth rates, indicating a robust rebound [5] Group 5: Future Outlook - The tourism sector is positioned to better serve quality living, promote economic development, and enhance cultural exchange, contributing to China's modernization goals [6]

Core Viewpoint - Several banks, including Industrial and Commercial Bank of China, Bank of China, and China Everbright Bank, are actively implementing the national policy on childcare subsidies, which will provide financial support for families with children under three years old starting from January 1, 2025, with a basic annual subsidy of 3,600 yuan per child [1][2]. Group 1: Bank Responses - On November 17, Bank of China disbursed the first batch of childcare subsidy funds in Liaoning and Hebei, benefiting nearly 1,600 newborn families [2]. - Industrial and Commercial Bank of China has launched instant social security card services at multiple branches to facilitate the application for childcare subsidies [3]. - China Everbright Bank announced that childcare subsidies can be claimed through multiple online and offline channels, providing families with additional comprehensive financial services [3]. Group 2: Innovative Services - Banks are enhancing the subsidy distribution process by offering innovative services, such as Bank of China's online application for newborn social security cards and special discounts on family-related products and services [4]. - China Everbright Bank has introduced a "Childcare Subsidy Classroom" on its official WeChat account to promote related policies [5]. - Industrial and Commercial Bank of China has developed a one-stop service plan for newborn families, integrating social security card applications with comprehensive financial services [5]. Group 3: Future Opportunities - As the subsidy application process begins, banks are expected to introduce more supportive financial services related to childbirth policies [6]. - Experts believe that banks' involvement in subsidy distribution not only fulfills national strategic missions but also creates value through customer retention, business expansion into maternal and infant consumption, and brand enhancement [7]. - The broad service networks of banks can facilitate the efficient implementation of childbirth support policies while allowing them to capture specific customer segments and expand their business scope [7]. Group 4: Challenges and Recommendations - Banks face challenges in system integration and data sharing with government departments, necessitating careful coordination and adaptation [8]. - There is a need for banks to improve mechanisms to ensure accurate subsidy distribution, avoiding errors in payments [8]. - Experts suggest that banks should focus on creating unified data standards, streamlined approval processes, and consistent service experiences to enhance the effectiveness of the subsidy program [8].

Group 1 - The autumn holiday in Sichuan from November 12 to 14 has led to a significant increase in tourism demand, with total ticket bookings in the province rising 3.4 times year-on-year and 1.4 times compared to the five days before the holiday [2] - Various scenic spots in Sichuan have introduced immersive activities and free admission for students under 18, contributing to the growth of the cultural tourism market [2] - The Nine-Color Valley scenic area reached its daily visitor cap of 41,000 during the holiday period, indicating high demand for tourist attractions [2] Group 2 - The autumn holiday has positively impacted related industries such as dining, accommodation, and educational tourism, with hotels in popular areas experiencing high occupancy rates [3] - Many scenic spots implemented crowd management measures, including extended opening hours and visitor flow guidance, to handle the increased tourist numbers effectively [3] - The popularity of outdoor adventure and experiential projects has surged, with inquiries to related institutions more than doubling year-on-year [3]

Core Insights - The latest data from the Ministry of Culture and Tourism indicates that domestic tourism in China has seen significant growth, with 4.998 billion trips taken by residents in the first three quarters of 2025, an increase of 761 million trips or 18.0% year-on-year [2][3] Group 1: Domestic Travel Trends - Rural residents are increasingly participating in tourism, with their travel numbers growing by 25.0% to 1.209 billion trips, surpassing urban residents' growth of 15.9% to 3.789 billion trips [2][3] - Total domestic tourism expenditure reached 4.85 trillion yuan, an increase of 0.50 trillion yuan or 11.5% year-on-year, with urban residents spending 4.05 trillion yuan (up 9.3%) and rural residents spending 0.80 trillion yuan (up 24.0%) [3] Group 2: Economic Drivers - The growth in rural tourism is attributed to the dual drivers of economic development and the rural revitalization strategy, which have increased rural residents' income and improved transportation infrastructure [3] - The rise of self-driving and rural tourism has made these areas popular destinations, with counties like Changting in Fujian and Fengxin in Jiangxi gaining attention on social media for their value [3] Group 3: Transportation Developments - Railways have become the primary mode of travel, with 3.54 billion passengers transported in the first three quarters, marking a 6% increase and a historical high for the same period [4] - The railway sector has introduced various themed trains to cater to market demand, enhancing the travel experience and supporting the tourism and silver economy [4] - The transportation network has become denser and more convenient, with customized trains like "fan trains" boosting the "theme train + economy" concept, expanding consumption scenarios [4]