本文来自微信公众号：财经杂志，作者：王静仪，编辑：王延春，题图来自：视觉中国 长达八天的国庆中秋长假收官，出行人次再创新高。 根据交通运输部的最新统计，10月1日至8日（国庆中秋假期）累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次，同比增长6.2%。京津 冀、长三角、粤港澳大湾区、成渝等城市群以及西安、长沙、武汉等都市圈客流集中。 高铁站内，旅客正在准备乘车 /记者王静仪摄 这一数据超越了节前的预测。此前交通运输部预计，假期全社会跨区域人员流动量会达到23.6亿人次，日均约2.95亿人次，较去年同期日均2.86亿人次、 增长约3.2%。 在线旅游平台同程数据显示，用户在预订国内长线产品上的花费同比增长超过20%，国内包车游产品预订热度同比增长超过115%。 第三大特点是，出入境旅游人次大幅增长，增速高于国内旅游。 经文化和旅游部数据中心测算，国庆中秋假日8天，全国国内出游8.88亿人次，较2024年国庆节假日7天增加1.23亿人次；国内出游总花费8090.06亿元，较 2024年国庆节假日7天增加1081.89亿元。 仅上海一地，据上海旅游大数据监测，假期共接待游客2548.5万人次，同比 ...

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The tourism market is experiencing significant growth ahead of the upcoming Mid-Autumn Festival and National Day, with a forecasted increase in travel bookings by double digits compared to last year [1][21] - High-quality hotel bookings are expected to continue their upward trend during the holiday period, with a year-on-year increase of over 20% [2] - The expansion of visa-free policies is boosting both inbound and outbound tourism, with a notable 75% increase in booking volumes for inbound travelers from Russia [2][23] Summary by Sections 1. Market Overview - The upcoming "double holiday" is expected to generate an 8-day vacation period, with potential for a 12-day extended holiday through leave arrangements [1] - Domestic travel demand is strong, with a more than 115% increase in bookings for domestic charter tours and over 200% for nearby travel products compared to last year [1] 2. Investment Recommendations - Focus on five investment themes: 1. Continuous upgrades in AI technology, benefiting companies like Core Technology and Focus Technology [3] 2. Increased consumer willingness to pay for emotional value, with high-growth potential in new retail sectors, benefiting brands like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand stimulation, with companies like Haidilao and Jinjiang Hotels expected to benefit [3] 4. Broad prospects for consumer brands going overseas, with support for domestic brands expanding internationally [3] 5. Revitalization of traditional business formats as offline traffic returns, benefiting supermarkets and retail chains [3] 3. Industry Dynamics - The consumer service index outperformed the CSI 300 index by 3.97 percentage points, indicating a positive trend in the consumer services sector [12] - The tourism sector is characterized by short-distance frequent travel and high-quality long-distance travel, with significant growth in bookings for both [21][22] 4. Macro & Industry Data - In August, the total retail sales reached 3.97 trillion yuan, with a year-on-year growth of 3.4% [29] - Online retail sales of physical goods increased by 6.4% year-on-year from January to August, indicating a shift towards e-commerce [30]

Group 1: Tourism Market Overview - The upcoming National Day holiday, combined with the Mid-Autumn Festival, is expected to drive significant tourism activity, with an 8-day holiday period prompting early travel planning [2] - Predictions indicate that from September 29 to October 10, approximately 219 million railway passengers will be transported, with October 1 expected to be the peak travel day [2] - The domestic tourism market is experiencing a surge, with a notable increase in hotel searches by 400% month-on-month and a 40% year-on-year increase compared to the same period last year [4] Group 2: Travel Trends and Preferences - There is a growing trend towards short-distance travel and an increase in the quality of long-distance trips, with a significant rise in search volume for domestic flights exceeding 30% year-on-year [5] - Popular domestic destinations include major cities with rich cultural and natural resources, while lesser-known destinations are also gaining popularity, with some experiencing over 60% growth in flight search volume [5][6] - The demand for red tourism and scenic spots in northern and southern regions is expected to drive local tourism consumption [6] Group 3: Outbound Travel Dynamics - The outbound travel market is rebounding strongly, with search interest nearly doubling compared to last year, particularly among younger travelers seeking diverse destinations [7] - Japan remains the top searched destination, with significant interest in new direct flights to Greece, resulting in a 7-fold increase in search volume [7][8] - The overall price for outbound travel is stable or slightly decreasing, with specific markets like Japan seeing a 15% drop due to favorable exchange rates [8] Group 4: Market Sentiment and Stock Performance - On September 18, tourism and hotel stocks saw a rise, with companies like Qujiang Cultural Tourism and Yunnan Tourism experiencing significant gains [3][9] - Analysts suggest that the recovery of average spending per customer during the holiday could positively influence market sentiment [10] Group 5: Government Initiatives and Consumer Incentives - The government has introduced measures to expand service consumption, including a three-year action plan for cultural and tourism consumption, which includes issuing consumption vouchers and promoting various cultural events [10][11] - Local governments are expected to enhance tourism experiences through subsidies and promotional activities, which are anticipated to stimulate market growth and consumer spending [11]

Core Insights - The report by Tongcheng Travel predicts that the upcoming Mid-Autumn and National Day holidays will see a rise in domestic tourism driven by elements like "red tourism, autumn scenery, and moon viewing" [1] - The outbound travel market is supported by continuously optimized visa-free policies, with long-haul destinations seeing a significant increase in visa issuance compared to short-haul destinations since August 2025 [1] Domestic Travel Trends - Domestic flight search volume has increased by over 30% year-on-year as of September 11, indicating a strong demand for travel during the holidays [3] - The average price of domestic flights remains stable compared to last year, with higher prices at the beginning and end of the holiday period, while mid-holiday prices are lower [3] - Popular domestic travel destinations include major cities like Beijing, Chengdu, and Shanghai, which are known for their rich cultural and natural resources [3] - Lesser-known destinations have also gained popularity, with cities like Yining and Luzhou seeing over 60% year-on-year growth in flight search volume [3] Hotel Booking Trends - High-quality hotel bookings have seen a year-on-year increase of over 20%, with "viewing" and "moon appreciation" keywords experiencing a 117% increase in search volume [5] - Certain vacation hotels have sold out their scenic room types 30 days in advance, indicating strong demand [5] - Popular autumn viewing destinations for hotel bookings include regions like Sichuan and Inner Mongolia, with over 30% growth in booking heat [5] Travel Package Preferences - High-quality hotel packages that combine accommodation, dining, and leisure activities are increasingly popular, particularly in provinces like Guangdong and Zhejiang [6] Group Travel Insights - There is a significant increase in demand for domestic group tours, with spending on long-haul group travel rising by over 20% year-on-year [8] - Popular group travel destinations include Sichuan, Xinjiang, and Qinghai, with a focus on autumn appreciation [8] International Travel Trends - International flight search volume has increased by over 60% year-on-year, with destinations in East Asia and Southeast Asia being the most sought after [10] - The introduction of visa-free policies for group tourists to South Korea has notably boosted interest in flights to Seoul and Jeju Island, with search volume doubling [10] - Outbound cruise and group travel products have also seen significant growth, with bookings for cruise products increasing by over 15% [10] Extended Holiday Opportunities - Users are expected to create extended holidays of 12 to 16 days through various leave combinations, enhancing the appeal of travel during this period [11] - Tongcheng Travel has launched promotional activities to improve the cost-effectiveness of travel during the holidays, offering a travel fund valued at 2,888 yuan [11]