Group 1 - The domestic tourism market in China shows a strong recovery during the "May Day" holiday, with multiple trends emerging, including family travel and pet-friendly outings [2][3] - Long-distance travel destinations have performed exceptionally well, with ticket sales for scenic spots in regions like Qinghai, Xinjiang, Ningxia, and Gansu seeing significant year-on-year growth of 1-2 times [2] - The number of inbound travel orders has surged by 130% compared to last year, with new experiences such as agricultural tourism and "China shopping" becoming popular among foreign tourists [2] Group 2 - The trend of family travel is on the rise, with 35% of car rental orders on Ctrip being for family trips, an increase of 11 percentage points [3] - The self-driving travel market is experiencing an upgrade in consumption, with average car rental spending increasing by 24% year-on-year and the average rental duration extending to 4 days [3] - The cruise tourism market has fully recovered, with bookings for cruise products during the holiday increasing by 120% compared to last year and 140% compared to 2019 [4] Group 3 - The integration of national cultural elements into tourism is deepening, with searches for intangible cultural heritage-themed tours skyrocketing and related ticket bookings increasing by 132% [4] - A reverse tourism trend is emerging, focusing on escaping crowds and enhancing experiences, with rural tourism bookings rising by nearly 20% during the holiday [4] - The market is shifting from "scale expansion" to "quality upgrade," reflecting a strong demand for differentiated experiences in tourism [5]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - The report highlights a robust recovery in tourism and retail during the May Day holiday, with both demand and prices showing steady improvement. Domestic travel reached 314 million trips, a year-on-year increase of 6.4%, and total spending reached 180.27 billion yuan, up 8.0% year-on-year [8][9]. - The report emphasizes the rising trend of travel, with significant growth in both domestic and international tourism, driven by favorable policies and increased consumer interest in cultural and heritage tourism [10][15]. - The report notes that the restaurant and retail sectors are experiencing a revival, with key retail and dining enterprises reporting a sales increase of 6.3% and 8.7% respectively during the holiday period [16][17]. Summary by Sections Industry Overview - The total market capitalization of the industry is 882.44 billion yuan, with a circulating market value of 807.52 billion yuan [4]. - The industry consists of 105 listed companies, representing a small fraction of the overall market [4]. Performance Metrics - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 2.4%, 6.0%, and 15.1% respectively, while the relative performance is 3.8%, 11.4%, and 11.0% [5]. Tourism and Travel Insights - The report indicates a strong recovery in travel, with domestic travel spending per person at 574.11 yuan, which is 95.1% of the 2019 level, reflecting a year-on-year increase of 1.5% [8]. - The report also notes a significant increase in hotel bookings, particularly in the county-level market, with a 30% year-on-year growth in hotel reservations during the holiday [10][13]. Retail and Dining Insights - The report highlights that consumer spending in key retail and dining sectors has increased significantly, with a notable rise in online transactions and dining orders from tourists [16][17]. - The issuance of consumer vouchers in various provinces has further stimulated foot traffic and sales in major shopping districts [17].

Core Insights - The domestic tourism market in China is experiencing a strong recovery during the 2025 May Day holiday, with diverse travel consumption trends emerging, indicating a shift from "scale expansion" to "quality upgrade" in tourism [1][14]. Group 1: Market Performance - The number of air passengers reached 10.75 million, with a daily average of 2.15 million, marking an 8% year-on-year increase [2]. - The total inter-regional movement of people was approximately 1.42 billion, reflecting a 4.5% year-on-year growth [2]. - Popular travel routes are dominated by high-speed rail, with significant demand for train tickets, particularly for routes that are within one hour of major cities [2]. Group 2: Travel Trends - Popular tourist cities include Beijing, Shanghai, and Chengdu, with a notable increase in hotel bookings in rural areas, where bookings rose by 30% year-on-year [4]. - The self-driving travel market is thriving, with a nearly 40% increase in self-driving tour participants, and a 24% rise in average rental car spending [8]. - "Reverse tourism" is gaining traction, with rural tourism bookings increasing by nearly 20% [9]. Group 3: Consumer Demographics - The demographic of travelers is diversifying, with significant growth in first-time flight bookings, particularly among university students and seniors [11]. - The "new silver-haired" demographic (ages 55-60) is emerging as a significant force in the tourism market, with a 43% increase in hotel bookings among this group [11]. - Young travelers are leading trends, favoring social media-friendly destinations and cultural experiences [13]. Group 4: Policy and Future Outlook - Policies encouraging staggered vacations have led to a more than 30% increase in travel during holidays [14]. - The recent upgrades to the tax refund policy for outbound travelers are expected to boost inbound tourism, enhancing the spending power of international visitors [14]. - Overall, the 2025 May Day holiday tourism market reflects significant potential for growth and diversification, supported by favorable policies and innovative travel products [14].