携程研究院介绍，订单增长的背后，反映了旅客对旅行意义的理解正不断深化——从热门到小众，从观 光到沉浸，从规划路线转向表达情绪，中国游客的消费选择，正越来越清晰地体现"为情绪买单、为体 验付费"这一价值认同。 途牛发布的《2025国庆中秋出游消费盘点》也显示，今年国庆中秋假期，出游人次较去年同期两位数增 长。其中，境内自驾游、自由行热度增长显著；出境游方面，自由行出游人次同比增长近一倍。 今年国庆、中秋假期叠加，旅游市场再次出现快速增长态势。据文化和旅游部数据中心测算，2025年国 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。 多家在线旅游平台数据显示，今年"双节"假期期间，长线游逐渐成为主流选择，出境游迎来大幅增长， 游客出行半径显著扩大，旅游消费呈现"走得更远、玩得更深、花得更多"的鲜明特征。 携程发布的《2025国庆中秋双节旅游报告》显示，远途旅行与深度体验成为主要趋势，国内长途游订单 占比同比提升3个百分点，出境长线游也表现亮眼，多个欧洲目的地订单翻倍。 今年国庆与中秋双节 ...

央视网消息：2025年国庆中秋双节将至，8天超长假期为国内文旅市场注入强劲活力。从热门目的地火车票迅速售罄，到民宿、机票预订 量大幅增长，再到拼假、错峰、"串游"等出行模式创新，都提升了大家对这个假期的期待值，而出行热潮更是提前启动。 多地交通住宿客流明显增加较去年更早启动 受拼假出行影响，今年国庆中秋假期的出游高峰较去年更早启动。旅游平台显示，截至9月28日，北京、成都、重庆等多地的交通及住宿 客流已明显增加。9月29日，铁路国庆中秋假期运输正式启动，运输周期到10月10日，共计12天。 福建泉州 福州 厦门等地景区预订火爆 记者从福建文旅厅了解到，根据最新监测和相关机构大数据分析，泉州、福州和厦门三地属于第三方报告中福建今年国庆中秋期间热门旅 游目的地。尤其是武夷山、厦门鼓浪屿、福州的闽越水镇、三坊七巷等景区，游客关注度高，预订量较大。 国内游呈下沉态势 二三线城市预订火爆 今年国庆假期，国内旅游呈现出市场下沉的态势，二、三线小城市旅游火爆。中国民航大数据平台航旅纵横的数据也显示，今年国庆中秋 假期，中小机场日均机票预订量同比增幅达18%。 串联美食与美景 假日旅游专列上新 今年国庆假期，铁路部门深挖假日 ...

（文章来源：央视新闻） 今年国庆假期，国内旅游呈现出市场下沉的态势，二、三线小城市旅游火爆。中国民航大数据平台航旅 纵横的数据也显示，今年国庆中秋假期，中小机场日均机票预订量同比增幅达18%。国内一家大型在线 旅游服务平台的数据显示，近几天平台上"赏秋""红叶""海边""草原""晒秋"的搜索量环比8月上涨两倍。 这家平台的统计显示，国庆假期赏秋热门目的地包括：四川阿坝九寨沟、喀纳斯所在地阿勒泰布尔津 县、长白山附近的吉林安图县、广西阳朔等地。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in domestic tourism during the National Day holiday, particularly in second and third-tier cities [1] - Data from the China Civil Aviation Big Data Platform indicates that the average daily ticket booking volume at small and medium-sized airports increased by 18% year-on-year during the holiday period [1] - A major online travel service platform reported a twofold increase in search volume for keywords related to autumn activities compared to August, indicating a growing interest in seasonal travel [1] Group 2 - Popular destinations for autumn sightseeing during the National Day holiday include Jiuzhaigou in Sichuan, Burqin County in Altay, Jilin's Antu County near Changbai Mountain, and Yangshuo in Guangxi [1]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **tourism industry** in China, focusing on domestic and outbound travel trends during the National Day holiday period [1][3][4]. Key Points and Arguments 1. **Optimistic Market Performance**: The tourism market during the National Day holiday is expected to perform well, continuing the positive trend from the summer, with capacity recovery reaching **94%** [1][3]. 2. **User Behavior Changes**: There is a significant shift in user behavior, with **65%** of travelers opting for deep travel and long-distance trips, indicating a diversification in travel methods [1][5]. 3. **Stable Pricing**: Domestic flight and hotel prices remained relatively stable during the holiday, with a slight year-on-year decline. Hotel supply increased by **15%** compared to previous quarters [1][6]. 4. **Peak Travel Trends**: The holiday's extension led to a more dispersed travel peak, with **30% to 35%** of users choosing to travel during off-peak times, extending the travel period from **September 29 to October 12** [4]. 5. **Increased Depth of Travel**: Outbound travel trends show a preference for deep exploration and self-driving tours, reflecting evolving user demands and preferences [1][7]. 6. **Hotel Market Growth**: The domestic hotel market is projected to grow by approximately **15%**, with varying performance across different destinations, particularly in regions known for autumn scenery [12]. 7. **Outbound Travel Popularity**: Popular outbound travel destinations include Japan, South Korea, Thailand, and Malaysia, with a notable increase in family and group travel [13][14]. 8. **Rising Customer Spending**: The average spending per outbound tourist is on the rise, driven by longer stays and increased group travel, with family trips accounting for about **50%** of the total [15]. 9. **OTA Market Competition**: The OTA market is experiencing competitive pressures from both established players and new entrants, with companies like JD.com and Meituan actively entering the travel sector [16][20]. 10. **Marketing Strategies**: The OTA industry plans to increase marketing budgets in Q4 to address competitive pressures and seasonal demand fluctuations, particularly in overseas markets [21]. Additional Important Insights - **Temporary Travel Plans**: An estimated **25% to 30%** of travelers are expected to make last-minute travel plans during the holiday, indicating a growing demand for flexible travel arrangements [10]. - **Hotel Pricing Trends**: The average daily room rate (ADR) has seen a narrowing decline, reflecting improved market confidence, with a current drop of about **3%** compared to earlier in the year [9]. - **Challenges for New Entrants**: JD.com faces challenges in the food delivery and hotel markets, struggling to achieve significant results despite initial efforts [17][19]. - **Marketing Adjustments**: The OTA industry is adjusting its marketing strategies to enhance competitiveness, particularly in response to aggressive moves by rivals like Fliggy [20][21].

此外，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度高 涨。花旗预计期间旅游需求将强劲，长线游及出境游可更受惠。花旗维持对同程的买入评级，目标价为 28港元。 智通财经APP获悉，同程旅行(00780)涨超3%，高见24.88港元再创历史新高。截至发稿，涨3.33%，报 24.84港元，成交额1.66亿港元。 消息面上，商务部等9部门9月16日印发《关于扩大服务消费的若干政策措施》的通知。其中提到，吸引 更多境外人员入境消费，及优化学生假期安排，完善配套政策。探索设置中小学春秋假，相应缩短寒暑 假时间，增加旅游出行等服务消费时间。中金认为，若春秋假成为固定安排后，有望分散原本集中的旅 游需求，形成新的出行小高峰，使旅游需求在一年中分布更加均衡。更好平衡价格，OTA以量取胜，长 假拉动利润率提升。 ...

同程旅行(00780)涨超3%，高见24.88港元再创历史新高。截至发稿，涨3.33%，报24.84港元，成交额 1.66亿港元。 此外，据央视网报道，2025年国庆中秋假期合并，10月1日至10月8日放假八天，今年假期旅游热度高 涨。花旗预计期间旅游需求将强劲，长线游及出境游可更受惠。花旗维持对同程的买入评级，目标价为 28港元。 消息面上，商务部等9部门9月16日印发《关于扩大服务消费的若干政策措施》的通知。其中提到，吸引 更多境外人员入境消费，及优化学生假期安排，完善配套政策。探索设置中小学春秋假，相应缩短寒暑 假时间，增加旅游出行等服务消费时间。中金认为，若春秋假成为固定安排后，有望分散原本集中的旅 游需求，形成新的出行小高峰，使旅游需求在一年中分布更加均衡。更好平衡价格，OTA以量取胜，长 假拉动利润率提升。 ...

Core Points - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the Electronic Commerce Law and regulations against unfair competition [1] - The investigation revealed that the platform imposed unreasonable restrictions on transactions and pricing of operators within the platform through service agreements, transaction rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [1] Company Summary - Ctrip Travel Network is under scrutiny for non-compliance with electronic commerce laws and regulations, which could impact its operational practices and market reputation [1] - The administrative actions taken by the Zhengzhou Market Supervision Administration highlight the regulatory environment and the importance of fair competition in the online travel industry [1] - The company is required to implement comprehensive reforms to protect the legal rights of operators on its platform and maintain a fair market order [1]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Group 1 - The Ministry of Commerce and nine other departments have jointly issued measures to boost service consumption, indicating a stronger focus on service consumption than before [1] - The measures include 19 specific tasks across five areas, such as developing service consumption platforms, enhancing the quality of services in various sectors, and increasing financial support for service facilities [1][2] - The measures aim to address the supply-side shortage of quality services, which is a key focus of the current policy [1][3] Group 2 - The measures are expected to stimulate market vitality by providing financial support to service industry operators, thereby reducing their financing costs [2] - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4%, indicating a continuous expansion in market sales [2] - Analysts predict that the overall retail sales growth rate for the year could reach around 4.5%, reflecting the government's commitment to boosting domestic demand [2][3] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, supported by policies aimed at enhancing service infrastructure [4] - Hong Kong Zhonglv's acquisition of stakes in tourism-related companies is anticipated to contribute additional profits, benefiting from the optimized inbound tourism policies [5] - China Duty Free's core business of providing duty-free shopping for inbound travelers is likely to see increased sales if policies facilitate easier access for tourists [6]