利好共振推动板块配置价值升温 临近元旦及春节传统消费旺季，居民消费预期升温带动市场资金加大对A股大消费板块的关注度，叠加 顶层设计对新一年提振内需消费的高度重视以及海南自由贸易港日前封关，共同推动A股大消费板块近 期投资价值的提升。 日前召开的中央经济工作会议以"八个坚持"部署2026年经济工作重点任务，其中"坚持内需主导，建设 强大国内市场"摆在首位，具体举措包括深入实施提振消费专项行动、扩大优质商品和服务供给、优 化"两新"政策实施、清理消费领域不合理限制措施等，进一步强化了市场对2026年增加促消费政策供给 的预期，被视为是提振消费板块后市行情的重要支撑。 此外，海南自由贸易港于日前启动全岛封关运作，在持续吸引投资者关注的同时，也推动了A股相关概 念板块持续走热，万得海南自贸港概念板块表现一度位居A股所有概念板块前列。 ● 本报记者 胡雨 在开源证券商贸零售研究团队负责人、首席研究员黄泽鹏看来，海南自贸港通过在制度层面上的降本增 效，将持续改善经营主体成本结构，提升货物贸易自由化与便利化水平，并增强市场活力；从消费端 看，政策红利将进一步放大海南在旅游与消费领域的吸引力，有利于带动旅游消费及相关零售业态 ...

（央视财经《天下财经》）2026年春节9天超长假期叠加灵活拼假优势，激发中国游客出境游热情。旅 游平台数据显示，相关机票与住宿预订量同比显著增长，自然休闲类目的地最受游客青睐。 近日记者在北京多家旅行社门店了解到，春节出境游咨询与报名热度攀升，家庭出游及亲友结伴游占比 较高。 线上住宿平台同样火热。数据显示，春节出境住宿搜索热度同比翻倍，新西兰、挪威、泰国、意大利、 澳大利亚跻身热搜前列，皇后镇、挪威极光及峡湾、南欧海岸线等户外自然目的地最受关注。 爱彼迎中国及亚太战略财务负责人 李映文：户外今年非常热门，很多人搜索国家公园附近的民宿，或 者是搜索参与徒步、体验极光的活动。新西兰目前成为国人最热门的目的地，不仅吸引了很多渴望探险 的户外爱好者，也是很多带娃出行家庭的首选。 消费者：今年利用春节假期，包括自己的年假，计划去南美旅行，以巴西、阿根廷为主。 转载请注明央视财经 2026年春节期间，热门出境目的地机票预订同比增长80.2%，酒店预订量上涨1.2倍。泰国、马来西亚、 越南、新加坡、澳大利亚、西班牙等地最受欢迎。此外，长线目的地和个性化小团游需求明显提升。 携程北京三元桥门店店长 杜丹：像北欧加冰岛追极光 ...

Core Insights - The decline in Japanese tourism has led to a surge in interest for travel to South Korea, Southeast Asia, and Europe among Chinese travelers [2][11]. Group 1: South Korea's Rising Popularity - Hotel bookings in South Korea have seen a year-on-year increase of over 240% in the last two weeks of November [3][4]. - Flight bookings to South Korea have also increased, with a 39.1% rise in ticket reservations for trips before the Spring Festival [3]. - Major departure cities for travel to South Korea include Shanghai, Beijing, and Hangzhou, indicating a strong interest from urban centers [3]. Group 2: Southeast Asia and Europe Growth - Southeast Asian destinations like Vietnam and Indonesia have experienced hotel booking increases of over 100% [3][4]. - European destinations, particularly Germany and Spain, have seen hotel booking increases exceeding 300% [4][13]. - The demand for travel to Europe is also rising, with an increase in bookings for ski resorts and cultural tours [13][14]. Group 3: Impact of Japanese Tourism Decline - The number of flights from mainland China to Japan has decreased by 25%, with a significant reduction in available seats [12]. - Popular Japanese destinations like Sapporo and Osaka have seen flight and seat reductions of up to 45% [12]. - The shift in tourist interest is leading to increased bookings for alternative winter destinations such as Kazakhstan and European ski resorts [13][14].

Group 1: Travel Trends and Preferences - Chinese tourists are shifting focus from price to experience and reputation, with social media reviews significantly influencing travel decisions [2][5] - Popular destinations for Chinese tourists include Japan, Thailand, Malaysia, South Korea, and Singapore, with a notable increase in interest for European destinations like Iceland and Norway [1][5] - The demand for unique experiences, such as those influenced by social media, is driving up interest in destinations like Egypt, where hotel bookings have doubled year-on-year [12][14] Group 2: Impact of Events on Travel - The recent trust crisis in Thailand, exacerbated by a scandal involving a Chinese actor, has led to a 24% decrease in expected Chinese tourist arrivals during the Golden Week compared to the previous year [6][8] - Malaysia is capitalizing on the situation by offering attractive deals and experiences for Chinese tourists, leading to high demand for local activities and accommodations [9][10] - The Golden Week is projected to be the busiest travel period in recent years, with extended holiday periods encouraging long-distance and in-depth overseas travel [1] Group 3: Economic Contributions and Consumer Behavior - Chinese tourists' spending during the Golden Week is expected to inject significant economic activity into local economies, with a focus on enhancing the shopping experience through mobile payment options [5][10] - In Egypt, the influx of tourists is leading to increased prices for accommodations, reflecting the high demand during peak travel seasons [12] - The trend of "content creation" during travel is becoming a key factor in destination selection, particularly among younger travelers who prioritize visually appealing locations [14]

Core Insights - The article discusses the contrasting trends in China's outbound tourism market during the National Day holiday, highlighting Japan's surge in popularity compared to Thailand's decline in attractiveness [4][6]. Group 1: Outbound Tourism Trends - Approximately 2 million people are expected to travel abroad during the holiday, an increase from 1.87 million last year [4]. - Japan has emerged as the top destination for outbound travel, with search interest nearly doubling compared to the previous year [4][6]. - In contrast, Thailand has seen a significant drop in Chinese tourists, with a 35% decrease in visitors compared to the same period last year [6][8]. Group 2: Visitor Demographics and Growth - Japan's inbound tourism market is experiencing robust growth, with a 102.9% year-on-year increase in expected visitors by 2025, reaching 319.1 million [6]. - The largest sources of tourists to Japan are from mainland China (6.71 million) and South Korea (4.75 million), indicating a diverse visitor base [5][6]. - Emerging markets such as Indonesia (77.8% growth) and Russia (100% growth) are contributing to Japan's tourism expansion [5]. Group 3: Safety and Value Perception - Safety concerns have significantly impacted Thailand's tourism, with many potential travelers expressing fears over scams and crime [8][9]. - Japan's higher safety ratings and favorable exchange rates have made it a more attractive option for travelers, with a reported average spending of 238,700 yen (approximately 11,600 RMB) per visitor [11][12]. - The shift towards value-driven travel is evident, as tourists prioritize cost-effective options over luxury purchases [11][12]. Group 4: Destination Diversification and Experience - There is a growing trend towards "decentralization" in travel, with tourists exploring lesser-known destinations in Japan, such as Fukuoka and Izu Peninsula [14][15]. - The demand for deep experiential travel is rising, with significant increases in bookings for destinations that offer unique cultural experiences [15][17]. - This trend is not limited to Japan, as global destinations are also seeing a shift towards more personalized and immersive travel experiences [15]. Group 5: Chinese Enterprises in Japan - Chinese companies are transitioning from single-point strategies to comprehensive service ecosystems in Japan's tourism sector [19][20]. - The collaboration between Chinese payment platforms and Japanese merchants is enhancing the travel experience for Chinese tourists [19]. - Despite challenges, such as labor shortages and high operational costs, Chinese restaurant brands are attempting to establish a foothold in the Japanese market [23][24]. Group 6: Future Outlook - The competition in Japan's tourism sector will increasingly focus on balancing profitability with expansion, as companies must adapt to local regulations and consumer preferences [27].

Core Insights - The combination of the National Day and Mid-Autumn Festival holidays has led to a surge in outbound tourism, with daily entry and exit travelers expected to exceed 2 million during the holiday period [1][2] - The outbound tourism market is experiencing a significant rebound, with a notable increase in early bookings and a shift in consumer behavior towards planning trips well in advance [3][4][6] Group 1: Outbound Tourism Trends - The first wave of outbound tourists for the National Day holiday began departing as early as September 25, with over 300 outbound tour groups organized by a travel agency, marking a year-on-year increase of over 30% [3] - Many consumers are adopting a "request 3 days off for 12 days" strategy to extend their holidays, leading to a noticeable rise in inquiries and bookings for outbound travel [4] - Data from Qunar indicates that Chinese tourists booked flights to 599 cities globally during the National Day holiday, with a year-on-year increase in hotel bookings for popular destinations [4] Group 2: Flight and Accommodation Pricing - The overall price of outbound flights has increased due to high demand during the holiday, with over 1.79 million tickets booked by September 30, reflecting a year-on-year increase of approximately 13% [7] - Some popular destinations have seen flight prices rise to two to three times their usual rates, with travelers reporting significant increases in hotel prices as well [7][17] - For example, hotel prices in Tokyo have surged from around 700 RMB per night last year to 1300 RMB this year during the holiday period [17] Group 3: Popular Destinations and Market Dynamics - Japan and South Korea are among the most popular destinations for Chinese tourists, with Japan seeing a 46% year-on-year increase in visitors from mainland China [16][17] - The introduction of a trial visa-free policy for group tourists to South Korea has further boosted interest, with a 53% increase in tourism product orders during the holiday period [19][20] - Conversely, Thailand has experienced a decline in tourist numbers, with a 7.2% drop in foreign visitors in the first eight months of the year, particularly from China [23][24]

Core Insights - The outbound tourism market is showing significant activity ahead of the National Day and Mid-Autumn Festival holidays, with travelers increasingly planning their trips in advance and utilizing "leave-packing" strategies to extend their holidays [1][3]. Group 1: Outbound Travel Trends - There is a notable year-on-year increase in outbound travel bookings for the National Day holiday, with a nearly 30% rise in visa service bookings compared to the previous year [2][3]. - Popular destinations are experiencing a surge in hotel bookings, with some countries seeing booking volumes double compared to last year. Chinese tourists have booked flights to 599 cities globally [3]. - The implementation of visa-free policies has significantly boosted flight bookings to certain Central Asian countries, with Uzbekistan and Kazakhstan seeing increases of 3.3 times and 2.3 times, respectively, in flight bookings [3]. Group 2: Pricing and Booking Behavior - Hotel prices during the holiday period have increased by 30% to 50% compared to previous periods [3]. - Travelers are taking advantage of the off-peak season in September to find lower flight prices, with round-trip tickets to popular cities being approximately half the price of those for travel starting on October 1 [3]. - The "leave-packing" strategy is gaining popularity, allowing travelers to extend their holidays significantly. For instance, taking three days off can yield a total of 12 days off from October 1 to October 12 [5].

Core Viewpoint - Lingnan Holdings reported a solid performance in the first half of 2025, with revenue of 2.09 billion yuan, an increase of 8.52% year-on-year, and a net profit attributable to shareholders of 49.53 million yuan, up 24.39% year-on-year [1] Group 1: Business Performance - The company focused on its core business, implementing various measures to drive revenue growth, particularly in outbound tourism, which saw significant resource acquisition and new destination launches [1] - Guangzhilv achieved revenue of 1.536 billion yuan, an increase of 11.78% year-on-year, with outbound tourism (excluding Hong Kong and Macau) generating 849 million yuan and domestic tourism 498 million yuan [2] - The hotel business maintained growth, with revenue increasing by 18.49% compared to the same period in 2019, and hotel management revenue reaching 119 million yuan, up 1.60% year-on-year [2] Group 2: Strategic Initiatives - The company launched a "Cruise Membership Club" and developed a four-tier membership system to enhance customer engagement in outbound tourism [1] - The inbound tourism sector capitalized on multiple countries' visa-free policies and payment facilitation, leading to significant growth opportunities [1] - The company expanded its retail and cultural product development, launching 87 new cultural products and achieving nearly 700,000 yuan in revenue from these initiatives [3] Group 3: Marketing and Sales - The company adopted innovative marketing strategies, including over 780 live broadcasts generating a GMV of over 15 million yuan, and a record-breaking sales event during the Guangzhou Travel Expo [3] - The expansion of the physical store network continued, with 12 new stores added, bringing the total to approximately 200 nationwide, enhancing the company's service capabilities [2]

Group 1 - The core viewpoint of the articles highlights the expansion of China's visa-free agreements, which is significantly boosting the outbound tourism market during the summer season [1][2][3] - As of now, China has signed visa-free agreements with 158 countries, with recent agreements with Azerbaijan and Malaysia contributing to the growth of outbound tourism [1] - Following the implementation of visa-free policies, there has been a notable increase in flight bookings, with a 117% year-on-year increase in bookings to Uzbekistan after the visa agreement took effect [1] - The announcement of the visa-free agreement with Malaysia led to a 140% increase in flight and hotel searches on travel platforms [1] Group 2 - Major airlines are increasing international flight capacity, with Southern Airlines adding 192 flights, Air China enhancing capacity on popular routes, and Eastern Airlines planning over 300 international flights weekly [2] - The expected passenger transport volume for the summer travel period is projected to reach 150 million, with international flights estimated at 123,000, reflecting a 14.1% year-on-year growth [2] - Data indicates that outbound flight bookings have surpassed 7.19 million, an approximate 8% increase compared to the previous year, while the average price of outbound travel products has decreased by about 5% [2][3] - The overall growth trend in the outbound tourism market is expected to continue, potentially exceeding pre-pandemic levels from 2019 [3]

Core Viewpoint - The outbound tourism market in China is experiencing a robust recovery, driven by the expansion of visa-free policies and increased international travel options, which is expected to continue into the latter half of the year [2][3][5]. Group 1: Policy Developments - The introduction of new visa-free policies for countries such as Brazil, Argentina, Chile, Peru, and Uruguay is set to enhance outbound travel opportunities for Chinese citizens starting June 1, 2025 [3]. - The implementation of the mutual visa exemption agreement between China and Uzbekistan also takes effect on June 1, 2025, further facilitating travel [3]. - The increase in cross-border travel convenience, particularly in regions like Shenzhen, has led to a significant rise in cross-border movements, with over 64 million entries and exits recorded in the first quarter of the year, marking a 15.2% increase year-on-year [3]. Group 2: Market Trends - The outbound tourism market is showing new consumption trends, with travelers increasingly seeking value for money, unique experiences, and local cultural engagements [6]. - Travel agencies are responding to these trends by offering tailored products such as family trips, educational tours, and culinary experiences, catering to the evolving preferences of tourists [6]. - Major events like concerts and festivals are being leveraged to attract international tourists, exemplified by the economic boost from Taylor Swift's concert in Singapore [6]. Group 3: Industry Support and Collaboration - Travel companies are actively enhancing their service offerings, with initiatives like Fliggy's support measures for outbound travel agencies, which include resource matching and operational support [4]. - Ctrip has signed a three-year strategic cooperation agreement with the Moroccan National Tourism Office, expanding its collaboration from the Chinese market to a global scale [4]. Group 4: Economic and Financial Factors - The Chinese outbound tourism market is projected to reach 146 million trips in 2024, nearing pre-pandemic levels, supported by the expansion of visa-free policies and cross-border travel initiatives [5]. - The Civil Aviation Administration of China reported a significant increase in international flight operations, with a 94.5% recovery rate of flights to Belt and Road Initiative countries in the first quarter [8]. - Financial institutions are introducing favorable measures for outbound travel, such as credit card promotions and currency exchange benefits, to stimulate consumer spending abroad [8]. Group 5: Strategic Implications - The development of outbound tourism aligns with China's dual circulation strategy, enhancing residents' willingness to travel abroad and fostering cultural exchange and international cooperation [9].