Investment Rating - The report does not explicitly state an investment rating for the transportation industry Core Insights - The transportation sector is experiencing robust growth in both domestic and international travel, with a significant increase in cross-regional personnel flow during the 2026 New Year holiday, reaching 590 million trips, a year-on-year increase of 19.5% [1] - Domestic tourism demand is strong, with ticket bookings for scenic spots increasing over fourfold compared to the previous year, and inbound travel also showing significant growth due to relaxed visa policies [2] - The young demographic, particularly families with children and the Z generation, is driving travel demand, with family trips increasing by over 80% during the holiday period [3] Summary by Sections Transportation Demand - The total cross-regional personnel flow during the 2026 New Year holiday is expected to average 198 million trips per day, with daily figures showing a year-on-year increase of 19.5% [1] - Railway and road transport have seen notable growth, with railway passenger volume increasing by up to 78% year-on-year during the holiday [4] - Air travel also performed well, with a year-on-year increase in passenger volume of 21.2% on the first day of the holiday [5] Travel Trends - The report highlights a significant increase in travel spending, with average purchases and spending per traveler rising by over 20% and 30% respectively [3] - Short-distance travel remains a popular choice, with nearly 70% of travelers opting for 2-3 day trips, supported by the popularity of "4-hour high-speed rail circles" [4] - Self-driving travel is on the rise, with domestic car rental bookings increasing by over 120% during the holiday [4] International Travel - Inbound travel is experiencing a strong resurgence, with inbound flight bookings increasing by 20% on the first day of the holiday and ticket bookings for attractions rising by 110% [2] - The report notes that outbound travel is also thriving, with a year-on-year increase of over 40% in travelers heading to popular international destinations [2]

Core Insights - The report by Fliggy indicates that outbound tourism will continue to experience high-quality growth in 2025, with a double-digit year-on-year increase in orders for various travel products, including tours, local experiences, and cruise services [1] - Inbound tourism is witnessing a significant surge, with overseas users' orders for inbound flight tickets increasing by over 100% compared to last year, particularly for flights to Shanghai, which saw a nearly 600% increase [1] Outbound Tourism Trends - Outbound travel preferences are becoming more personalized and diversified, with families preferring comfortable services like cruises and private cars, while Gen Z consumers are more inclined to spend on unique experiences [1][3] - Free independent travel remains the mainstream mode of outbound tourism, with a notable increase in small group tours, which are gaining popularity among Gen Z travelers, with a 52% year-on-year growth in users booking such tours [3] - Instant group day tours are also on the rise, with a significant increase in the number of outbound day tour products available on the platform [3] Experience-Driven Travel - There is a shift from destination-oriented travel to experience-oriented travel, with travelers increasingly seeking unique experiences rather than just visiting specific locations [7] - Local experience packages have seen substantial growth during peak travel periods, with some long-haul destinations experiencing a doubling in order fulfillment for local activities since 2025 [7] - The cruise segment continues to grow, with a 30% year-on-year increase in orders for outbound cruise products since 2025, as travelers embark on global cruise journeys from various international ports [7] Inbound Tourism Growth - Inbound tourism is experiencing robust growth, with popular source countries for travelers to China including Thailand, South Korea, Malaysia, Vietnam, Singapore, the USA, Australia, and the UK [10] - Major Chinese cities such as Shanghai, Guangzhou, Dalian, Qingdao, Xi'an, Chengdu, Yantai, and Beijing are the most favored destinations for overseas tourists [10]