Citic Securities' research report indicates that during the first 6 days before the National Day holiday in 2024, the cross-regional population flow of the whole society is about 1.74 billion, an increase of 3.2% year-on-year, with overall demand remaining strong. In terms of travel structure, with the increase in tourism resources supply, airline and hotel prices are returning to a rational range. Consumers' booking windows are shortened, off-peak travel is gradually becoming normalized, and the inbound and outbound passenger flows continue to rise, with clear characteristics of diversified demand. On one hand, the travel demand in lower-tier cities is increasing, and the popularity of destination markets in sinking markets is growing faster than the industry average; on the other hand, the inbound and outbound demand is continuously recovering, with residents in higher-tier cities traveling further, and residents in sinking markets becoming a new growth point for outbound travel. Looking ahead to the upcoming Q4 and next year, with the short-term base pressure weakening and the mid-term trend of the service industry's consumption ratio increasing, it is recommended to allocate to basic OTA segments with strong fundamental certainty, hotels, human resources, and dining sectors that are expected to gradually reach the operational turning point, as well as high-quality individual stocks in scenic spots and gambling sectors.