中国旅游与休闲 - 专家电话会议要-旅游需求健康。在线旅游竞争温和，但酒店每间可售房收入压力可能持续-China Travel & Leisure_ Expert call takeaways_ Healthy travel demand. OTA competition benign, but hotel RevPar pressure may persist

Summary of Key Points from the Travel & Leisure Industry Expert Call Industry Overview - The travel industry in China is experiencing healthy demand, particularly during the recent Golden Week holidays, with notable activity in both first-tier and lower-tier cities [1][3] - The hotel industry is seeing positive trends in Average Daily Rate (ADR) and Revenue Per Available Room (RevPar), with increases in the mid to high-single digits during the holidays [1][3] Core Insights - Travel Demand: Overall travel demand remains robust, with significant participation from families in lower-tier cities during the Mid-Autumn Festival [3] - Hotel Performance: Average occupancy rates for Jinjiang's hotels in tier-3 and below cities reached 91.7%, indicating strong performance in these areas [3] - Supply Growth: There is ongoing pressure on hotel RevPar due to continued supply growth, particularly from franchisees in the mid-to-upscale segments [1][9] - OTA Competition: The competition among Online Travel Agencies (OTAs) is described as benign, with smaller operators struggling to compete against larger players like TCOM, which holds a ~55% market share in hotel bookings [9] Recommendations - Preferred Stocks: The report recommends investments in hotel stocks such as H World and Atour, anticipating better RevPar trends due to reduced competition and slower supply growth [2] - Macau Market: Stocks like Sands China and Galaxy are favored due to expected benefits from wealth effects and low base comparisons for Gross Gaming Revenue (GGR) until the end of Q1 2026 [2] - Air Travel: Buy ratings are also given to TCOM and Air China, which are expected to benefit from an increase in long-haul outbound travel and rising airfares [2] Additional Insights - Market Dynamics: The expert noted a shift in outbound travel preferences from "tick-box travel" to more personalized small-group experiences, typically involving 9-12 people [8] - Future Outlook: The expert does not foresee the typical seasonal decline in travel demand post-Labor Day, attributing this to a modest recovery in business travel since September [8] - OTA Market Share: Fliggy has seen significant growth in market share, particularly in outbound travel, with a 48% increase in GMV and a 78% increase in domestic hotel room nights year-over-year during the Golden Week [9] Conclusion - The travel and leisure industry in China is poised for continued growth, supported by healthy demand and evolving consumer preferences. Investment opportunities exist in hotel stocks and OTAs, particularly those that can adapt to changing market dynamics and consumer behaviors [1][2][9]