Core Viewpoint - The report from CITIC Securities indicates that "low expectations and low valuations" combined with the resilience of consumer spending are expected to enhance the funding preference for consumer allocations, with a focus on the potential recovery of consumption as the economic fundamentals begin to improve [1] Group 1: Current Market Analysis - The overall consumption sector is currently weak, with structural differentiation and company performance facing downward pressure, leading to a "bottoming out" phase for earnings and valuations [2] - Retail sales growth in the first half of 2025 showed signs of recovery due to government policies like "trade-in for new," but the growth rate fell to 3% in September as the effectiveness of these policies diminished [1][2] - High-end consumption is stabilizing, with luxury brands like LVMH and Kering reporting positive growth in Asia, and Macau's gaming revenue reaching over 91% of 2019 levels in October [1] Group 2: Future Outlook - The historical performance of the consumer sector during previous bull markets suggests that significant increases typically occur when economic fundamentals improve, with the current cycle expected to show structural recovery rather than rapid growth [3] - The report emphasizes the importance of monitoring high-end consumption recovery driven by capital market wealth effects and operational turning points due to supply-side optimization [3] Group 3: Long-term Structural Opportunities - The report stresses the importance of focusing on structural changes in consumer demand, which reflect a long-term trend from goods to services and from survival to experience [4] - Key areas for long-term investment include new products related to emotional and health needs, advancements in technology (AI and biotechnology), changes in distribution channels, and expansion into new markets [4]

新京报讯（记者展圣洁）11月3日，北京市文化市场综合执法总队公布一批旅游市场典型违法案例。记 者注意到，第一起典型案例便是关于《新京报》报道的"北京低价一日游套路多"问题（详见《低价一日 游套路多：导游"差评"鸟巢十三陵，称自费是行业潜规则》），有关旅行社已收到停业整顿一个月的行 政处罚。 北京市文化市场综合执法总队针对《新京报》报道的"北京低价一日游套路多"问题，第一时间对接报道 记者，约谈涉事旅行社与导游，责成延庆区文化和旅游局立案调查，并派出执法组赴延庆区指导案件办 理。 经查，北京一九九一妫川旅行社在北京"一日游"活动中，存在合同不规范，载明事项不全面的违法事 实。该旅行社的行为违反了《旅行社条例》第二十八条之规定，延庆区文化和旅游局依法作出停业整顿 一个月的行政处罚。 另外查明，北京一九九一妫川旅行社安排的导游刘某在带团期间，通过误导性话术、变相胁迫等方式， 迫使旅游者参与自费项目。刘某的行为违反了《导游人员管理条例》第十六条之规定，延庆区文化和旅 游局依法作出罚款1000元、没收违法所得400元的行政处罚。 此案例警示旅行社：企业信誉是旅行社的无形资产，签订合同不规范严重损害消费者的合法权益，扰乱 ...

Group 1 - The core viewpoint of the article highlights that Lingnan Holdings' subsidiary, Hainan Special Zone International Travel Agency, has a strong foothold in the local tourism market and possesses significant advantages in resource control and procurement [2] - Hainan Special Zone International is a fully qualified travel agency with licenses for outbound, domestic, and inbound tourism, showcasing its comprehensive service capabilities [2] - The company has become a member of multiple associations, including the Hainan Provincial Travel Association and the China Travel Service Association, and has been recognized as one of the "Top 10 Iconic Brand Enterprises in Hainan" [2] Group 2 - The company aims to leverage the advantages of the Hainan Free Trade Port policy to establish itself as an outstanding comprehensive tourism service provider [2] - The operational team of Hainan Special Zone International has rich experience and solid capabilities in destination services and inbound/outbound tourism [2]

Core Viewpoint - Lingnan Holdings' subsidiary, Hainan Special Zone International Travel Agency, has established a strong foothold in the local tourism market, leveraging its extensive experience and capabilities in various travel services [1] Company Overview - Hainan Special Zone International Travel Agency has been operating in Hainan for many years, possessing significant control over local tourism resources and procurement advantages [1] - The agency holds comprehensive travel service licenses for outbound, domestic, and inbound tourism [1] - The management team has rich experience and solid capabilities in destination services and outbound tourism [1] Industry Position - Hainan Special Zone International is a member of several associations, including the Hainan Provincial Travel Association and the China Travel Service Association [1] - The agency has been recognized as one of the "Top 10 Iconic Brand Enterprises in Hainan" [1] - The company aims to become an outstanding comprehensive tourism service provider, capitalizing on the advantages of the Hainan Free Trade Port policy [1]

Core Viewpoint - Lingnan Holdings' subsidiary, Hainan Special Zone International Travel Agency, has a strong grasp of local tourism resources and procurement advantages in Hainan, enhancing its competitive position in the travel industry [2] Company Summary - The company operates as a fully qualified travel agency with licenses for outbound, domestic, and inbound tourism [2] - The management team possesses extensive experience and solid capabilities in destination services and various travel-related businesses [2] Industry Summary - The travel agency sector in Hainan is characterized by a focus on local tourism resources, which can lead to competitive advantages for companies with established operations in the region [2]

Core Insights - The National Day holiday revealed a significant polarization in consumer behavior, with overall retail and catering sales increasing by 2.7% year-on-year, while the willingness to spend has decreased among many consumers [1][3]. Consumer Trends - There is a notable increase in cross-regional mobility, with an average of 30.4 million people traveling daily, reflecting a 6.2% year-on-year growth [1][3]. - The travel preferences are diverging, with outbound tourism thriving while county-level tourism is also gaining traction, indicating a dual trend in consumer spending [3][4]. - Young people are becoming the primary demographic for holiday travel, while older individuals tend to avoid peak travel times [9][10][11]. Entertainment Consumption - The entertainment sector is experiencing a shift, with live performances gaining popularity while the movie market is declining. During the holiday, live performance attendance increased by 39.5% year-on-year, while movie attendance dropped by 4% [6][7]. - The average ticket price for live performances is significantly higher than that of movies, which may explain the shift in consumer preference towards experiences that offer greater emotional value [6][8]. Economic Context - Domestic consumption is increasingly vital for economic growth, especially amid uncertainties in real estate and external trade [3][14]. - Despite a record number of travelers during the holiday, the average spending per person decreased by 12.84% compared to the previous year, indicating a potential concern for future consumer spending [19][20]. - The total expenditure for domestic travel reached approximately 809 billion yuan, a 15.3% increase year-on-year, but this growth is attributed to the increase in traveler numbers rather than higher per capita spending [19]. Future Outlook - The overall consumer price index has shown a decline of 0.3% from January to August compared to the previous year, suggesting ongoing challenges in consumer spending [13][14]. - The importance of consumer spending is underscored by the need for both financial resources and leisure time, with the National Day holiday serving as a critical indicator of consumer sentiment and spending trends [12][16].

Core Insights - The recent National Day and Mid-Autumn Festival holiday has sparked a new wave of outbound travel, with significant increases in hotel bookings and a shift towards both short and long-haul travel options [1][4][8] Short-Haul Travel Trends - Popular destinations for short-haul travel include Japan, Thailand, Malaysia, South Korea, and Singapore, benefiting from proximity and favorable visa policies [3][4] - A report indicates that 54% of outbound short-haul travelers opted for 5 to 6-day trips, with a trend towards independent travel over group tours [3][4] - Hotel bookings during the holiday reached 4,588 cities, with the top ten destinations being Japan, Thailand, South Korea, Malaysia, Vietnam, Indonesia, Australia, Russia, the United States, and Singapore, predominantly in East and Southeast Asia [3][4] Long-Haul Travel Trends - Long-haul travel has seen a notable increase, with 65% of travelers preferring trips lasting 10 to 13 days, and a significant rise in group tours compared to short-haul options [4][5] - Destinations like Egypt and Norway have emerged as popular choices, with hotel bookings in Egypt increasing by 200% and Norway by 120% during the holiday [5][6] - The report highlights that group tours remain dominant in long-haul travel, with popular packages including trips to Georgia, Armenia, Azerbaijan, Turkey, and various European countries [6] Self-Driving and Car Rental Growth - There has been a significant increase in demand for self-driving and car rental services, with overall orders for outbound car rentals growing by over 120% [7][8] - Specific markets like Japan and Sri Lanka saw GMV growth of 180% and 300%, respectively, indicating a strong interest in self-driving experiences [7] - Notably, rental demand in Iceland surged by 210%, reflecting a growing trend among Chinese tourists for unique natural experiences [7][8] Evolving Consumer Preferences - The travel behavior of Chinese tourists is shifting towards immersive experiences rather than merely reaching destinations, indicating a maturation of the tourism market [8]

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted long-distance travel, with OTA platforms reporting a notable increase in both domestic and outbound travel orders [1] - Ctrip indicates a rise in the proportion of domestic long-distance travel orders, while outbound long-distance travel, particularly to Europe, has seen orders double [1] - Qunar reports substantial year-on-year growth in hotel bookings for popular cities and outbound flight reservations [1] Domestic Travel Trends - Popular domestic travel destinations include Beijing and Chengdu, with a marked preference for outbound travel to Japan and Thailand [1] - There is a significant increase in deep travel orders to Europe [1] - The average spending per traveler has risen, with Fliggy reporting a 14.6% year-on-year increase in travel expenditure during the holiday [1] Industry Growth - As of now, there are over 2.599 million tourism-related enterprises in China, with approximately 281,000 new registrations in 2025 [1] - The registration trend for tourism-related companies has shown high growth levels over the past five years, except for a notable decline in 2022 [1] - The provinces with the highest number of tourism-related enterprises are Guizhou, Guangdong, and Shandong, collectively accounting for over 636,000 companies, or 25.5% of the total [1]

Group 1 - The overall cross-regional population flow during the National Day holiday from October 1 to October 6 reached 1.83 billion person-times, with a daily average flow increasing by 5.2% year-on-year, but down 2.7 percentage points compared to the May Day holiday [3][35] - The average daily number of self-driving trips decreased by 2% year-on-year to 6.1% compared to the May Day holiday [3][35] - The nationwide migration index during the first five days of the holiday was 7.2% year-on-year, which is still lower than the May Day holiday's 22.2% [12][35] Group 2 - Traditional scenic spots saw a decline in popularity, with tourist reception and revenue in Sichuan's A-level scenic spots increasing by 12.4% and 10.3% year-on-year, respectively, but the growth rate was down 2.3 and 3.1 percentage points compared to the May Day holiday [19][36] - New highlights in tourism include "provincial border tourism" and "border tourism," with booking volumes for places like Zhaotong, Hezhou, and Ganzhou increasing by 95%, 88%, and 70% year-on-year, respectively [22][36] Group 3 - The average price of pre-sale airline tickets for the holiday was 804 yuan, higher than last year's 736 yuan and this year's May Day holiday average of 778.9 yuan [28][38] - Hotel and homestay booking rates for the holiday were 37.1% and 38.5%, respectively, down 6.1 and 9.2 percentage points compared to the May Day holiday [28][38] Group 4 - The film market showed improvement, with national box office revenue during the holiday increasing by 33.1% compared to the May Day holiday, while the average ticket price fell by 5.8% [32][39] - The number of moviegoers increased by 40.2% year-on-year, with lower-tier cities performing better in terms of box office growth [32][39]

Core Insights - The outbound travel market is experiencing a surge following the National Day and Mid-Autumn Festival holiday, with significant increases in hotel bookings and travel orders, particularly to East and Southeast Asian destinations [1][3][5] Short-term Travel Trends - Short-term independent travel has become mainstream, with 54% of outbound short-term travelers opting for 5 to 6-day trips. Popular destinations include Maldives, Bali, Singapore, Tokyo, and others [3][4] - During the holiday, hotel bookings in 4,588 overseas cities were recorded, with Japan, Thailand, and South Korea being the top three destinations [3][5] Long-term Travel Trends - The 8-day holiday and staggered travel arrangements have boosted long-haul travel orders, with 65% of long-haul travelers preferring trips lasting 10 to 13 days [4][9] - Notable growth in long-haul travel destinations includes Egypt and Norway, with hotel bookings in Egypt increasing by 200% and Norway by 120% [7][9] Self-driving and Deep Travel Preferences - There is a significant rise in demand for self-driving and car rental services, with overall orders for outbound car rentals increasing by over 120%. Japan and Sri Lanka saw GMV growth of 180% and 300%, respectively [10][11] - The trend indicates that travelers are seeking deeper experiences, with a shift in focus from merely reaching destinations to fully immersing themselves in local cultures [10][12]