国庆中秋8天假期落下帷幕，出境游市场迎来新一轮热潮。10月8日，北京商报记者从各大在线旅游平台 和出行平台获悉，日本、泰国、马来西亚、韩国、新加坡等东亚、东南亚目的地凭借地理与签证优势持 续领跑，而"拼假"风则带动北欧、中东、非洲等长线游订单显著增长。假期出行高峰持续半月，节后境 外酒店预订同比激增近一倍，出境游呈现"短线更自由、长线更深度"的鲜明特征。 短线 自由行成主流 目的地方面，携程数据显示，日本、泰国、马来西亚、韩国、新加坡等周边国家凭借距离近、签证政策 便利等优势，成为中国游客出行的热门选择。 途牛旅游网发布的《2025国庆中秋旅游消费盘点》（以下简称《报告》）显示，在出境短线游用户中， 选择5至6天出游行程的用户占比为54%。今年国庆中秋假期，出境短线方向呈现自由行为主、跟团游为 辅的出游趋势。其中，马尔代夫、巴厘岛、新加坡、东京、大阪、富国岛、清迈、普吉岛、苏梅岛、芽 庄等目的地受到了更多自由行用户的关注。 从酒店预订情况来看，节日期间，去哪儿平台用户预订了境外4588个城市的酒店。预订量最高的10个目 的地分别为日本、泰国、韩国、马来西亚、越南、印度尼西亚、澳大利亚、俄罗斯、美国、新加坡。其 ...

从目的地看，国内游中北京、成都等地热门，出境游日本、泰国等国家受青睐，欧洲深度游订单增长明 显。此外，旅游客单价也有所提升，飞猪数据显示假期出行客单价同比提升14.6%，体现出游客对高品 质旅游体验的更高接受度。 天眼查专业版数据显示，截至目前我国现存在业、存续状态的旅游相关企业超259.9万家。其中，2025 年截至目前新增注册相关企业约28.1万余家，从企业注册数量趋势来看，近五年间，除了2022年呈现出 显著下降态势外，旅游相关企业的注册数量始终处于高位增长水平。 从区域分布来看，贵州省、广东省、山东省旅游相关企业数量位居前列，三个省市数量总和超过63.6万 家，占企业总数的25.5%。（文猛） 责任编辑：王翔 新浪科技讯 10月9日上午消息，国庆中秋假期带动长线游走强，多家OTA平台数据显示，国内游、出境 游订单量明显增长。携程方面，国内长途游订单占比提升，出境长线游受热捧，欧洲多地订单翻倍；去 哪儿方面，热门城市酒店预订量、出境机票预订量同比增幅可观。 ...

转载自申万宏源宏观，仅供参考。 一假期人流出行强度较五一假期有所回落 十一假期第1-6日（10月1日至10月6日），全社会跨区域人员 流动总量达18.3亿人次，日均人流量同比5.2%，较五一假期回 落2.7pct。高基数因素虽会拖累出行同比读数,但2024年十一 跨区人流同比仅高于五一1.8pct、拖累幅度有限。分交通方式 看，自驾日均人员出行量同比较五一下行2pct至6.1%。 全社会跨区域人流量 =2023 =2019 =2024 2025 3.5 亿人 3.0 2.5 2.0 1.5 1.0 0.5 0.0 春节 端午 五一 公共交通日均旅客发送量 ■2023 2025 ■ 2019 =2024 1 17.人 0.8 0.6 0.2 0 端午 春节 十7· 资料来源:交通运输部,申万宏源研究 2025年十一为假期第1-6日 特别声明:本文来自公开信息,不涉及研究观点。《证券期货投资者适当性管理办法》、《证券 经营机构投资者适当性管理实施指引(试行)》于2017年7月1日起正式实施。通过新媒体形式制作 的本推送信息仅面向申万宏源客户中的专业投资者及风险承受能力为C3、C4、C5的普通投资者, 请勿对本推送 ...

国庆中秋8天假期落下帷幕，出境游市场迎来新一轮热潮。10月8日，北京商报记者从各大在线旅游平台 和出行平台获悉，日本、泰国、马来西亚、韩国、新加坡等东亚、东南亚目的地凭借地理与签证优势持 续领跑，而"拼假"风则带动北欧、中东、非洲等长线游订单显著增长。假期出行高峰持续半月，节后境 外酒店预订同比激增近一倍，出境游呈现"短线更自由、长线更深度"的鲜明特征。 短线自由行成主流 目的地方面，携程数据显示，日本、泰国、马来西亚、韩国、新加坡等周边国家凭借距离近、签证政策 便利等优势，成为中国游客出行的热门选择。 途牛旅游网发布的《2025国庆中秋旅游消费盘点》（以下简称《报告》）显示，在出境短线游用户中， 选择5至6天出游行程的用户占比为54%。今年国庆中秋假期，出境短线方向呈现自由行为主、跟团游为 辅的出游趋势。其中，马尔代夫、巴厘岛、新加坡、东京、大阪、富国岛、清迈、普吉岛、苏梅岛、芽 庄等目的地受到了更多自由行用户的关注。 携程数据显示，欧洲目的地中，冰岛、挪威等地出境订单增幅同比翻倍，西班牙、意大利、德国等地增 幅约七成。另据去哪儿数据，埃及的预订增幅蹿升最快，其酒店预订同比增长2倍。挪威的热度紧随其 后，假 ...

与往年不同的是，今年县级宝藏小城迎来爆发式增长。阿尔山、腾冲、敦煌、婺源、延吉、香格里拉、平潭、额济纳旗、安吉 和桐庐跻身国内热门小城榜单前列。其中，阿尔山赏秋之旅以340%的热度涨幅成为首选。 赏秋游、传统文化游、红色旅游成为三大热门主题。其中，赏秋主题游成为游客关注的焦点——大兴安岭、盘锦红海滩和本 溪"中华枫叶之路"热度暴涨。 央视网消息：这个十一假期，旅游市场迎来新变化，越来越多出行者不再满足传统热门景点打卡，而是追求更具个性化和深度 的旅行体验。 今年国庆假期，传统热门城市依然保持强劲吸引力。北京、上海、成都、西安、杭州、重庆、广州、南京和青岛位列国内热门 城市前十。这些城市以完善的旅游设施和丰富的旅游资源继续成为大多数游客的首选。 随着免签政策进一步扩容以及国际航线持续加密，八天长假正成为中国旅行者出境远行的重要窗口，大数据显示，热门国家酒 店的预定量同比翻番。日本、马来西亚、新加坡、泰国、韩国、越南、印度尼西亚、新西兰、土耳其、澳大利亚登上热门出境国家 榜单。 乌兰布统自驾、甘南自驾、川西自驾、胶东半岛自驾等线路热度名列前茅，"边走边玩"的旅行模式广受欢迎。 ...

Group 1: Tourism Market Trends - The tourism market in Taiyuan, Shanxi, has seen a significant increase in activity during the 8-day holiday period for National Day and Mid-Autumn Festival [1] - Many travel agencies in Taiyuan are experiencing a surge in inquiries and bookings for both domestic and international travel [3] - The railway sector is also witnessing a peak in passenger flow, with some popular routes experiencing tight ticket availability [5] Group 2: Cultural Events - The Mid-Autumn National Day Lantern Festival has commenced in Beijing, featuring over 60,000 lanterns illuminating the night sky [6] - The festival, themed "Beijing Colorful World Wonderful Night," showcases 70 groups of lanterns and 180 creative light spots, integrating Chinese culture with global civilization [8] - The event will include over a thousand performances from various continents and will run until late March 2026 [11] Group 3: Outdoor Activities - In Guangdong, a new outdoor sports route combining activities like rafting, cycling, and racing has gained popularity among outdoor enthusiasts [12] - The "Refreshing Water Outdoor Sports Route" in Qingyuan City emphasizes a "water-friendly" theme, promoting the integration of sports and tourism [14] - During the National Day holiday, Guangdong will host over 30 outdoor sports events, enhancing collaboration with the Greater Bay Area cities [17] Group 4: Mooncake Production - As the Mid-Autumn Festival approaches, mooncake manufacturers in Hezhou, Guangxi, are entering a production peak [18] - Companies are focusing on nutritional ingredients and low-calorie designs in mooncake production, with innovations like seafood mooncakes and the addition of sweet potato flour [19]

Core Viewpoint - The travel demand in China is significantly increasing during the Mid-Autumn Festival and National Day holidays, with a notable rise in short-distance trips and high-quality long-distance travel options [1] Group 1: Company Performance - Ctrip (TCOM.US) shares rose over 2%, reaching $75.83 [1] - The booking volume for nearby and chartered trips has doubled year-on-year, indicating a strong recovery in the travel sector [1] Group 2: Industry Trends - Domestic flight ticket bookings for the upcoming holidays have exceeded 4.52 million, with a daily average increase of over 25% compared to the same period last year [1] - International flight ticket bookings have surpassed 1.29 million, with a daily average increase of approximately 14% year-on-year [1]

Business Overview - The company achieved a revenue of CNY 2,089.60 million in the first half of 2025, representing an 8.52% increase year-on-year [2] - Net profit attributable to shareholders reached CNY 49.53 million, a growth of 24.39% compared to the previous year [2] - The net asset value at the end of the period was CNY 2,260.86 million, remaining stable compared to the previous year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel Business - The core entity for the travel business is Guangzhou Guangzhi Travel International Co., Ltd., which is a leading domestic travel agency [3] - In the first half of 2025, the travel business generated revenue of CNY 1,535.71 million, an 11.78% increase year-on-year [3] - Revenue from outbound tourism (excluding Hong Kong and Macau) was CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, up 34.91% year-on-year [3] Accommodation Business - The accommodation segment includes hotel management and operations, focusing on brand development and capital operation [4] - Revenue from the accommodation business was CNY 118.56 million, a 1.60% increase year-on-year [5] - The net profit for the accommodation segment was CNY 9.73 million, reflecting a 23.26% growth compared to the previous year [5] - The company’s hotel management entity ranks 14th in the "Top 60 Hotel Groups in China" [4] Scenic Area Development - The company has established Guangzhou Guangzhi Travel Yujing Destination Tourism Development Co., Ltd. to manage scenic area projects [6] - Scenic areas managed include the Mingchun Valley and Yuexi Academy, with plans to expand to other provinces [7] - The company is collaborating with various partners to enhance brand marketing and expand the tourism industry chain [7] Senior Tourism Initiatives - The company launched the "Leisure and Active" club in 2024, focusing on tourism products for the elderly [8] - In 2025, new products such as the "Travel Residence 2.0" series and specialized trains were introduced to cater to the senior market [8] Duty-Free Business - The company has partnered with China Duty Free Group and others to establish a duty-free store in Guangzhou [10] - The registered capital for the joint venture is CNY 45 million, with the company holding a 19.50% stake [10] - The first city duty-free store opened in August 2025, enhancing the shopping experience for outbound travelers [10] Cruise Tourism - The company has established a "Cruise Membership Club" to enhance the cruise business [12] - A four-tier membership system is being developed to provide unique experiences and foster long-term relationships with high-net-worth clients [12]

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2,089.60 million, an increase of 8.52% year-on-year [2] - The net profit attributable to shareholders was CNY 49.53 million, up 24.39% compared to the same period last year [2] - The net asset attributable to shareholders at the end of the period was CNY 2,260.86 million, remaining stable year-on-year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel and Tourism Business - The core enterprise for travel services is Guangzhou Guangzhilv International Travel Agency, which achieved operating revenue of CNY 1,535.71 million in the first half of 2025, a year-on-year increase of 11.78% [3] - Outbound tourism (excluding Hong Kong and Macau) generated revenue of CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, reflecting a growth of 34.91% year-on-year [3] Hotel Business - The hotel business reported revenue of CNY 118.56 million in the first half of 2025, a 1.60% increase year-on-year [4] - The net profit from hotel operations was CNY 9.73 million, up 23.26% compared to the previous year [4] - The accommodation sector's revenue grew by 18.49% compared to the same period in 2019 [4] New Retail and Cultural Products - The company developed 87 cultural products in the first half of 2025, with 16 selected as part of the first batch of "Guangzhou Gifts" [6] - The new retail initiatives generated nearly CNY 0.70 million in revenue, with significant growth in seasonal food sales [6] Duty-Free Business - The company, in collaboration with China Duty Free Group and others, established a duty-free company with a registered capital of CNY 45 million, holding a 19.50% stake [8] - The first city duty-free store opened on August 26, 2025, marking a significant step in implementing national duty-free policies [8] - Future plans include leveraging travel agency and hotel resources to enhance duty-free shopping experiences for travelers [9]

Core Insights - The summer travel season in 2025 is expected to see significant growth in both civil aviation and railway transportation, indicating a strong recovery in travel demand [1] - The upcoming National Day and Mid-Autumn Festival holidays are anticipated to further boost travel plans, with an increase in outbound travel and staggered travel intentions [1] - The tourism market is likely to maintain its momentum, supported by a rational decline in summer travel prices and an early surge in bookings for the National Day holiday [1] Group 1 - The demand for summer tourism is driven by a rise in mid-to-high-end accommodation and an expanding "first-time" traveler demographic, highlighting a trend in consumption upgrades [1] - Data from Qunar indicates that hotel bookings in popular outbound destinations have doubled year-on-year, with Chinese tourists booking flights to 599 cities globally [1] - The report from Lingnan Holdings Guozhi Travel shows that tourists are planning and registering for National Day trips earlier than usual, reflecting a proactive approach to travel planning [1] Group 2 - The cultural and tourism sector plays a crucial role in leading, promoting, and optimizing consumption, contributing significantly to high-quality economic development and the construction of a unified national market [1] - As the economy and living standards continue to improve, the cultural and tourism consumption market is poised for greater development opportunities [1]