随着时代的发展，年轻人的旅游方式也悄然发生了改变。 "我是比较喜欢自由行的，很自由，想去哪里都可以去哪里。"8月15日，酷爱旅游的一位"00后"对《华 夏时报》记者表示。 记者观察到，身边的年轻人很多已经不再青睐传统的"跟团游"方式，更多的是按照个性化的需求去自主 规划旅程，和朋友自行"拼团"出行。 2025年，中国青年报社在第15个"中国旅游日"到来之际发布了《中国青年旅游观察报告》（下称：《报 告》）。该数据显示仅26.8%的年轻人选择跟团游，52.3%的年轻人都青睐自由行，体现出了年轻人旅 游不跟团的趋势。 去哪儿大数据显示：2025年清明假期国内热门城市机票预订量同比增长10%，酒店预订量增幅达两位 数。年轻人通过"年假+清明"拼假模式拉长假期，带动长距离出游增长，热门目的地包括北京、上海、 成都等城市，表明年轻人利用拼假模式出游的情况较为普遍。 《华夏时报》记者了解到，面对这种市场趋势，文旅业相关各方也都开始做出了改变。 跟团游满足不了个性化体验需求？ "一个是因为年轻人相对比较自由一点，另外一个是因为小队友两个人一起玩，可能就不会进行深度游 玩，如果想深度游的话，可能需要更长的时间，还有一个原因就 ...

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted administrative talks with major travel platforms including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy to address potential pricing irregularities and enforce compliance with relevant laws and regulations [2][3]. Group 1: Regulatory Actions - The Guizhou Provincial Market Supervision Administration has emphasized the need for strict adherence to laws such as the Price Law and Anti-Monopoly Law, urging platforms to eliminate pricing chaos and maintain a fair market environment [2][3]. - The administration has reported issues such as "choose one from two" practices, price manipulation, and price fraud among the platforms, highlighting the legal risks involved [3]. - A reminder letter was issued to the accommodation industry, mandating compliance with pricing laws and fair pricing practices to avoid disrupting the market order [4]. Group 2: Penalties and Compliance - Violations of the clear pricing regulations can result in fines of up to 5,000 yuan, while severe cases of price fraud can incur fines up to 500,000 yuan, and price gouging can lead to fines of up to 3 million yuan [6]. - The administration plans to closely monitor the competitive landscape of these platforms and will take strict actions against those that violate regulations, including public exposure of typical cases [3][6]. Group 3: Consumer Complaints and Issues - Since 2021, the Consumer Protection platform has received 8,386 complaints related to group tours, with 1,533 effective complaints reported by mid-2025 [6]. - The top eight online travel agencies (OTAs) with the highest complaint volumes include Ctrip, Fliggy, and Meituan, with issues primarily related to refund disputes and false advertising [7]. - The complaints indicate that refund disputes account for 23.40% and false advertising for 22.70% of the issues, with forced consumption complaints also being significant [7][8].

Group 1 - The first wave of summer travel peak began on June 28, with group tours being the most favored option among Tuniu users, accounting for 34% of total travel participants [1] - Domestic travel trends show high booking volumes for routes in Northwest, Southwest, North China, and East China, with popular group tour products including "Qinghai Lake - Chaka - Dunhuang 8-day tour" and "Huangguoshu - Libo - Xijiang 5-day tour" [1] - The summer season is a peak time for family travel, with family trips making up 42% of total travel participants, and popular destinations include Shanghai, Beijing, and Guangzhou [1] Group 2 - Family travelers show a preference for self-driving tours, with popular destinations including Shanghai, Guangzhou, and Sanya, and "hotel + ticket" packages for theme parks and cultural sites are particularly favored [2] - The summer also sees a rise in educational travel, with themes such as historical sites and cultural heritage being highly sought after [1]

Core Viewpoint - Trip.com Group reported strong financial performance in Q1 2025, with revenue growth and positive operating profit margins, indicating a robust recovery in the travel sector [1][4]. Financial Performance - Q1 2025 revenue reached Rmb13.9 billion, representing a 16% year-over-year increase [1]. - Non-GAAP operating profit was Rmb4 billion, with a non-GAAP operating profit margin of 29% [1]. - The company maintains its non-GAAP EPS forecasts of Rmb27.7 for 2025, Rmb29.7 for 2026, and Rmb30 for 2027 [1]. Business Segment Performance - Accommodation reservation revenue increased by 23% year-over-year [2]. - Transportation ticketing revenue grew by 8%, packaged tour revenue by 7%, corporate travel revenue by 12%, and other business revenue by 33% [2]. - Revenue breakdown by region: domestic (65% of total revenue, low teens growth), outbound (15%, 20% growth), and pure overseas (20%, 30%+ growth) [2]. Brand Contribution and Outlook - The Trip.com brand contributed 13% of total revenue, with over 50% year-over-year growth [3]. - For Q2 2025, revenue is expected to grow by 14% year-over-year, with domestic business in low teens, outbound travel up by 15%, and Trip.com brand growth exceeding 50% [3]. - The recovery rate of outbound travel compared to 2019 is projected to rise from 50% in Q1 2025 to 60% [3]. Market Position and Rating - The company is positioned as a leader in China's online travel industry, with potential for market share gains internationally [4]. - The target price is maintained at HK$590, indicating a 22% upside, with a Buy rating sustained [4].

Group 1 - After the "May Day" holiday, prices for travel products such as air tickets, hotels, and group tours have generally decreased, especially in popular tourist cities, making off-peak travel more cost-effective [1][4] - For example, one-way tickets from Hangzhou to cities like Chengdu and Wuhan are now available for just over 300 yuan, and a six-day, five-night group tour to Yunnan has dropped from 7000 yuan to 2800 yuan [4] - In Nanning, ticket prices have also significantly declined, with flights to Haikou starting at over 200 yuan and to Chengdu at over 400 yuan, alongside competitive accommodation prices [5] Group 2 - Tourist attractions are continuing promotional activities initiated during the "May Day" holiday, such as the themed market in Jinan, which has been extended to accommodate off-peak visitors [9] - In Zhangjiajie, the first day after the holiday saw over 5000 visitors, with foreign tourists making up over 30% of the total, and the park has maintained its efficient ticketing measures to facilitate smooth entry for off-peak travelers [11]

Group 1 - The domestic tourism market is experiencing a strong recovery, with travel heat and per capita spending surpassing last year's levels [3][4] - Data from various platforms indicate a significant increase in travel activities, with hotel bookings covering 1,837 cities globally, an increase of 432 cities compared to last year [3] - The trend of "拼假" (combining holidays) has led to a surge in long-distance travel, with popular destinations like Qinghai and Xinjiang seeing ticket sales increase by 1-2 times year-on-year [3][4] Group 2 - Cross-border travel is also on the rise, with outbound and inbound markets both showing strong growth; international cruise bookings have increased by over 60% year-on-year [5] - Inbound tourism is recovering robustly, with a 130% year-on-year increase in orders during the "五一" holiday, particularly in cities like Shanghai and Shenzhen [5] - The introduction of enhanced tax refund policies for outbound tourists is contributing to the growth of the inbound tourism market [5]

Core Insights - The "May Day" holiday period is witnessing a significant surge in travel enthusiasm, with various regions reporting increased tourist activity and diverse cultural and sports events [4][8][9]. Travel and Tourism Trends - Online hotel search volume and ticket bookings have seen substantial increases, with searches for "May Day travel" up over 500% year-on-year and domestic travel bookings more than doubling compared to last year [4][5]. - The trend of "small town tourism" is gaining popularity, with searches for less crowded destinations rising by 200% in the past month [5]. - Domestic flight bookings have also surged, with over 5.42 million tickets sold, marking a 31% increase from the previous year [5]. Cultural and Sports Activities - Various regions are hosting a range of cultural and sports events to attract tourists, including flower viewing, night tours, and performances [8][9]. - Major sporting events are scheduled, such as a global diving competition and a series of community sports activities in Beijing, expected to draw significant participation [9]. Economic Impact - The overall retail sales growth in the first quarter of the year was reported at 4.6%, indicating a recovery in consumer spending across multiple sectors, including travel and dining [10].

Group 1 - The company reported a net profit of 45,640,079.41 yuan for the year 2024, while the parent company's undistributed profits were negative at -479,592,658.91 yuan, leading to no profit distribution or capital reserve increase for the year [3][31][30] - The tourism industry in China saw a strong recovery in 2024, with domestic travel reaching 5.615 billion trips, a year-on-year increase of 14.8%, and total spending of 5.75 trillion yuan, up 17.1% [4] - Nanjing, as a historical and cultural city, achieved a total tourism revenue of 218.73 billion yuan in 2024, reflecting a growth of 10.6% year-on-year, with inbound overnight tourists increasing by 69.2% [5] Group 2 - The company is focusing on the dual main business development of "tourism + commerce," enhancing its competitiveness by extending the cultural tourism industry chain [9] - The company plans to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd. to expand its hotel business, which is currently under review by the Shanghai Stock Exchange [9] - The retail sector in China experienced a growth in social retail sales to 48.79 trillion yuan, with online consumption accounting for 26.8% of total sales, indicating a shift towards digital transformation [8]

Group 1: Travel Market Trends - The travel market is experiencing a surge in activity as the "May Day" holiday approaches, with online hotel and flight searches significantly increasing, indicating a peak in bookings [1] - Domestic travel bookings for the "May Day" holiday have more than doubled compared to the same period last year, with self-driving tours, free travel, and group tours showing particularly high growth [1][2] - Online travel platforms report a core business growth of over 70% for hotels and tickets, driven by the extended holiday period [1] Group 2: Booking Statistics - Tuniu's data shows that group booking numbers for the "May Day" holiday increased by over 220% week-on-week, with hotel bookings up over 120% and flight bookings up over 80% [2] - As of April 27, domestic flight bookings for the "May Day" holiday reached over 6.34 million, a year-on-year increase of approximately 23%, while international flight bookings exceeded 1.09 million, up about 24% [2] Group 3: Emerging Travel Opportunities - The rise of "port tourism" and "marine economy" is creating new growth opportunities in cultural and tourism consumption, with significant increases in searches for hotels and food near various ports [3] - The popularity of seaside and island tourism is also on the rise, with searches for activities like "sea fishing" and "boat charters" seeing substantial growth [3] Group 4: Accommodation Trends - Tujia's report indicates that popular cities for accommodation bookings have seen an average year-on-year increase of over 30%, with Qingdao being the most popular destination [4] - Hotel booking rates for the "May Day" holiday have increased by 1.3 percentage points compared to last year, with a notable rise in bookings for less accessible small cities [4] Group 5: Promotional Activities - Huazhu Group has launched various promotional activities to welcome the "May Day" holiday, including a plan that covers over 11,000 hotels nationwide, offering nearly 100 million yuan in discounts [5]

Group 1 - The tourism market is experiencing a significant increase in activity as the "May Day" holiday approaches, with online hotel and flight searches rising sharply, indicating a peak in bookings [1][2] - Domestic travel bookings for the "May Day" holiday have more than doubled compared to the same period last year, with self-driving tours, free travel, and group tours showing particularly high growth [1] - The "May Day" holiday is characterized by three main trends: rapid growth in long-distance travel, a two-way increase in cross-border travel, and a resurgence in county-level tourism, contributing to structural growth in the tourism market [1][3] Group 2 - Ctrip's report indicates that the holiday travel consumption is marked by explosive growth in long-distance travel and a significant increase in inbound travel orders, which surged by 173% year-on-year [1][3] - The proportion of cross-city accommodation orders has exceeded 80%, with deep travel users planning to stay for two days or more expected to reach 20% [3] - Popular domestic destinations include traditional cities like Beijing and Shanghai, while emerging destinations such as Taiyuan and Yining are also seeing significant growth in hotel bookings [3][4] Group 3 - The overall transaction volume (GMV) for travel services has increased by approximately 65% year-on-year, with product diversity growing by 55.25% [3] - The "May Day" holiday is expected to reach a historical peak in travel heat, with the travel peak anticipated to occur in the first two days of the holiday [4] - The Ministry of Commerce and other departments have announced policies to optimize the outbound tax refund system, which is expected to boost inbound tourism and shopping [4][5] Group 4 - Companies like Ctrip are expected to benefit from the growing demand for travel, as high-level consumption continues to expand [6] - Huazhu Group's adjusted EBITDA for Q4 2024 is projected to grow by 10%, with an upward revision of EBITDA forecasts for 2025-2026 [6] - China Duty Free Group is expected to see revenue growth driven by the recovery of port traffic and operational optimizations, with new store policies creating growth opportunities [6]