Investment Rating - The tourism industry maintains a stable development trend, with a stable outlook rating [29] Core Insights - In the first three quarters of 2025, domestic travel volume and total spending both experienced double-digit growth year-on-year, although the growth rate of total spending has slowed down despite an increase in travel volume [4][29] - The recovery of inbound tourism is strong, with international flight passenger transport volume exceeding the same period in 2019 [4][8] - The industry is supported by various government policies aimed at promoting high-quality development in tourism [27][29] Summary by Sections Industry Operation Status - Domestic tourism reached 4.998 billion trips in the first three quarters of 2025, an increase of 761 million trips, representing an 18.0% year-on-year growth, surpassing the 2019 level [4] - Domestic tourism revenue totaled 4.85 trillion yuan, a year-on-year increase of 11.5%, but the growth rate has slowed compared to the previous year [4] - Inbound tourism saw a 23.5% year-on-year increase in international flight passenger transport volume, reaching 591.55 billion ton-kilometers [8] Sub-industry Analysis Scenic Areas - Most scenic areas saw improved cash flow, but profitability declined compared to the previous year, with total profits of 1.785 billion yuan, down 5.67% year-on-year [10] Hotels and Restaurants - The hotel industry faces intensified competition, with only a few major hotel groups showing slight improvements in occupancy rates and RevPAR [14][20] - Major hotel groups reported mixed performance, with some experiencing significant profit declines due to high base effects from previous asset sales [20] Duty-Free Shopping - The duty-free market in Hainan continues to face pressure from weak consumer spending, with sales down 7.7% year-on-year in the first three quarters [22] - However, the market began to recover in September 2025, showing a 3.4% year-on-year increase in monthly sales [24] Industry Policies - The government has introduced multiple support policies, including cultural tourism consumption vouchers and expanding the supply of quality products to promote high-quality development in the tourism sector [27][29] Outlook - The tourism industry is expected to maintain stable demand, supported by ongoing government policies and a recovering economy, with a stable outlook rating maintained [29]

Investment Rating - The tourism industry maintains a stable development outlook for 2025, with a stable investment rating [5][55]. Core Insights - In 2025, domestic travel volume and total spending are expected to grow by double digits year-on-year, although the growth rate of total spending is slowing down [8][9]. - The recovery of inbound and outbound tourism is progressing well, with international passenger transport volume exceeding the same period in 2019 [8][12]. - Most scenic spots have seen improvements in cash flow from operations, but profitability has declined compared to the previous year [8][14]. - The hotel industry is facing intensified competition, with only a few major hotel groups experiencing slight increases in occupancy rates and RevPAR [8][26]. - The duty-free industry remains stable, but the Hainan offshore duty-free market continues to face pressure due to weak consumption, although favorable policies are helping the industry to bottom out [8][33]. - Overall profitability of tourism bond-issuing companies has declined compared to the previous year, but the debt maturity structure is relatively balanced, and the overall debt repayment pressure is manageable [8][44]. Industry Operating Status - In the first three quarters of 2025, domestic tourism reached 4.998 billion trips, an increase of 18.0% year-on-year, surpassing the same period in 2019 [9]. - Domestic tourism revenue reached 4.85 trillion yuan, a year-on-year increase of 11.5%, although the growth rate has slowed compared to the previous year [9][10]. - The number of outbound trips and international passenger transport volume has shown significant recovery, with a 23.5% year-on-year increase in international passenger transport volume [12][13]. Sub-industry Analysis Scenic Spots - In the first nine months of 2025, 13 major listed tourism scenic spots reported a total profit of 1.785 billion yuan, a decrease of 5.67% compared to the previous year [14]. - Operating cash flow for these scenic spots improved, with a total net cash inflow of 2.577 billion yuan, up 14.02% year-on-year [14]. Hotels and Restaurants - Major hotel groups showed mixed results in 2025, with only Marriott International seeing slight improvements in occupancy rates and RevPAR [26]. - The average room rate for star-rated hotels was 371.7 yuan per night, with an average occupancy rate of 49.2%, a decrease of 0.5 percentage points from the previous year [26][24]. - In the first half of 2025, major hotel groups achieved profitability, with notable growth in net profits for Huazhu Group, ShouLai Hotel, and Atour [27]. Duty-Free Shopping - The Hainan offshore duty-free market faced challenges, with sales dropping to 22.16 billion yuan in the first nine months of 2025, a year-on-year decrease of 7.7% [33][35]. - However, sales began to recover in September 2025, with a 3.4% year-on-year increase, marking the first positive growth in nearly 18 months [34]. Industry Policies - Since 2025, multiple supportive policies have been introduced by the Ministry of Culture and Tourism and the State Council to promote high-quality development in the tourism industry [40][41]. - Initiatives include the introduction of cultural tourism consumption vouchers and the expansion of quality product supply [40][43]. Credit Analysis of Bond-Issuing Companies - As of September 2025, the overall leverage ratio of tourism bond-issuing companies is at a moderately high level, with a median debt-to-asset ratio of 58.49% [44][52]. - The overall profitability of these companies has declined, with total profits down 35.38% year-on-year [48][55]. - The industry maintains a balanced debt maturity structure, and the overall debt repayment pressure is considered manageable [52][54]. Outlook - The tourism industry is expected to continue its stable demand and recovery, supported by favorable policies and a growing consumer base [55].

Group 1 - The new train operation schedule by China Railway Zhengzhou Bureau will be implemented from July 1, increasing the number of scheduled passenger trains to 1,404, which is an increase of 35 trains compared to the current schedule to meet summer travel demand [1] - The bureau will add 27 direct passenger trains to popular travel destinations such as Wuhan, Xi'an, Rizhao, and Hohhot, and will also increase the number of high-speed and regular trains on specific routes [1] - Adjustments have been made to 29 train routes to connect cultural cities like Zhengzhou, Xuchang, and Anyang with popular coastal tourist destinations such as Rizhao and Sanya [2] Group 2 - The bureau plans to leverage its "Central Plains Railway · Dahuazhinan" tourism train brand by launching special travel packages, including a 7-day tour in Shanxi and a 16-day tour in Xinjiang, to enhance the travel experience [2] - Various travel ticket options will be introduced, such as "Zhengzhou - Luoyang - Kaifeng" and "Zhengzhou - Xinyang - Wuhan," to facilitate easier travel for passengers in the Central Plains region [2]

Core Points - The new train operation schedule by the Zhengzhou Bureau of China Railway Group will be implemented from July 1, aligning with the national railway schedule, aiming to enhance passenger and freight transport capacity during the summer season [1][5] - The Zhengzhou Bureau plans to operate 1,404 scheduled passenger trains, an increase of 35 trains compared to the current schedule, and 141 freight trains, an increase of 3 trains, to meet the rising demand for travel and coal supply [1] Group 1: Passenger Transport Enhancements - The Zhengzhou Bureau is increasing train services to popular travel destinations, adding 27 direct passenger trains on key routes such as Zhengzhou East to Hankou and Zhengzhou East to Rizhao, to provide more travel options for passengers [2] - Adjustments to the operation segments of 29 trains have been made to better connect cultural cities like Zhengzhou and Anyang with popular tourist destinations such as Rizhao and Sanya [2] - New high-speed trains have been introduced to improve travel efficiency, including the addition of two G-series trains between Zhumadian West and Zhengzhou East, and the upgrade of several trains to smart train models for enhanced passenger experience [3] Group 2: Freight Transport Improvements - The Zhengzhou Bureau is expanding its logistics services and promoting multimodal transport to reduce overall logistics costs, including the introduction of various freight train types to optimize product structure [4] - The bureau is enhancing its freight capabilities by upgrading specific freight trains and expanding the coverage of freight services, including the addition of new routes for multimodal transport [4]