Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Group 1 - The "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a significant increase in travel bookings, with popular routes selling out early [1][2] - Travel consumption trends indicate that consumers are planning trips earlier than in previous years, favoring domestic long-distance travel and diverse experiences such as themed and cultural exploration tours [1][3] - Data from various travel companies show a substantial increase in travel activity, with a 130% year-on-year rise in travelers and over 120% growth in GMV for the "Golden Week" [1] Group 2 - Car rental demand for domestic self-driving trips is projected to grow by 5.8% year-on-year, while outbound self-driving demand is expected to rise by 12.5%, indicating a peak in travel activity [2] - Major travel agencies are preparing for the holiday rush by securing popular travel resources and enhancing service quality to meet increased demand [2] - The tourism industry is experiencing a trend of consumption upgrading, with tourists seeking more immersive experiences and personalized services, leading to the emergence of new business models that integrate tourism with culture, sports, and wellness [3]

Group 1 - The tourism market is entering a price "trough" and experience "golden period" as summer ends and before the National Day holiday, with significant reductions in travel costs [1][3] - Flight prices have dropped significantly, with examples showing a decrease from 1610 yuan to 620 yuan for a flight from Beijing to Shenzhen, and from 706 yuan to 460 yuan for a flight from Dalian to Zhengzhou [3][4] - Hotel prices are also declining, with a notable drop from 3059 yuan to 2395 yuan for a room at the W Hotel in Shanghai, indicating a trend of lower accommodation costs during the off-peak travel period [4][6] Group 2 - The "silver-haired" demographic is becoming a major force in off-peak travel, with a notable increase in bookings from travelers aged 50 and above [5][7] - Popular destinations for autumn-themed travel include traditional hotspots such as Shanghai, Beijing, and Sanya, with specific autumn travel packages gaining traction [6][8] - Travel agencies are focusing on quality and deep experience tours, catering to the preferences of older travelers who seek immersive experiences rather than just sightseeing [8][9]