According to the Futu Securities app,China Merchants Securities released a research report stating that during the 2024 National Day holiday, domestic tourism trips increased by 5.9% year-on-year, while domestic tourism revenue increased by 6.3% year-on-year. Overall, the domestic income and number of trips during the National Day holiday are steadily improving. The average travel expenditure per person has approached the level of the same period in 2019, and overall travel data meets market expectations. In terms of specific areas, railroad and high-speed passenger volume has recovered to about 120% of the level in the same period of 2019; Hainan's tourism market's off-island duty-free sales have decreased by 33% year-on-year, mainly due to declines in passenger flow and average consumption ability; in mountainous scenic areas, the passenger flow in many areas has increased by about 20% compared to the same period in 2019.

In terms of urban tourism, major tourist cities and provinces such as Beijing, Shanghai, and Guangdong have seen a year-on-year increase of about 10% in tourist reception volume, slightly better than the large cap. In terms of outbound travel, the daily average flow of inbound and outbound passengers has increased by about 26% year-on-year, outperforming other segmented sectors. In the tourism industry chain, it is recommended to focus on sectors strongly related to the number of travelers such as transportation, outbound travel OTA, scenic spots, and hotels. Specific targets include: Tongcheng Travel (00780), Ctrip Group (09961), Emeishan (000888.SZ), Jiuhua Tourism (603199.SH), Changbai Mountain (603099.SH), among others.

The main points of China Merchants Securities are as follows:

1. Overall Situation: Slight growth in the number of travelers and income, the National Day data overall meets expectations. According to the data from the Data Center of the Ministry of Culture and Tourism, during this year's National Day holiday, the number of domestic tourists reached 0.765 billion, an increase of 5.9% year-on-year, 10.2% higher than in 2019; achieving domestic tourism revenue of 700.82 billion yuan, a 6.3% year-on-year increase, 7.9% higher than in 2019; per capita expenditure was 916.1 yuan, +0.4%, recovering to 97.9% of the level in 2019. Overall, this year, during the National Day holiday, domestic residents' willingness to travel has been good, with both tourism income and number of trips showing a slight year-on-year increase. Per capita travel spending data has stabilized and rebounded, and per capita consumption capacity is currently approaching the level of the same period in 2019, meeting overall travel expectations.

2. Transportation Situation: Railroad and high-speed passenger volume have recovered to 120% of the level in the same period in 2019. During the National Day holiday (October 1st-7th), the cumulative inter-regional personnel flow in society reached 2 billion person-times, averaging 2.9 person-times per day, an increase of 3.9% year-on-year, recovering to 123.1% of the same period in 2019. Among them, the cumulative railway passenger volume reached 0.13 billion person-times, averaging 18.75 million person-times per day, an increase of 6.3% year-on-year, recovering to 127.5% of the same period in 2019; the cumulative highway personnel flow reached 1.85 billion person-times, averaging 0.26 billion person-times per day, an increase of 3.7% year-on-year, recovering to 123.3% of the same period in 2019; the cumulative waterway passenger transport volume reached 9.801 million person-times, averaging 1.4 million person-times per day, an increase of 10% year-on-year, recovering to 72.5% of the same period in 2019; civil aviation passenger transport volume reached 16.096 million person-times, averaging 2.299 million person-times per day, an increase of 11.1% year-on-year, recovering to 122% of the same period in 2019.

3. Hainan Duty-Free: Off-island duty-free sales decreased by 33% year-on-year, with a slight decline in per capita spending power.

During the 5-day National Day holiday (10.1-10.3, 10.6-10.7, data for 10.4, 10.5 not yet published), Haikou Meilan International Airport completed 1,872 flight takeoffs and landings, with a +1.8% change; the passenger throughput reached 0.309 million, a -3.1% change; and the daily average throughput was 0.062 million. During the 7-day National Day holiday, Sanya Fenghuang International Airport completed 3,588 flight takeoffs and landings, showing a -1.4% change; the passenger throughput reached 0.548 million, with a +0.4% change; and the daily average throughput was 0.077 million.

From October 1st to 7th, Haikou Customs supervised a total of 0.785 billion yuan of tax-free purchases on the Hainan outlying islands, with a daily average year-on-year change of -32.5%; there were 0.1102 million tax-free shopping tourists, with a daily average year-on-year change of -25.9%; and the average consumption per person was 7,124 yuan, with a year-on-year change of -8.9%.

4. Airline tickets and hotels: During the National Day holiday, airline ticket prices showed a trend of rising and falling, while hotel prices returned to rational levels.

According to Flight AI data, during the 2024 National Day holiday, the average domestic airfare decreased by 20% compared to last year, with Xinjiang Ili, Sichuan Panzhihua, and ten other regions being the destinations with the most significant drop in ticket prices. In terms of hotel prices, the average domestic hotel price also had a significant decline, with high-quality and cost-effective products driving a surge in long holiday travel bookings. Alitrip platform calculations show that during the National Day period, the average domestic air ticket and hotel bookings decreased by about 13% and 6% year-on-year, respectively; international air ticket and hotel bookings decreased by about 19% and 3% year-on-year.

5. Mountainous scenic spots: Short-distance and surrounding tours are popular, with steady growth in scenic spot visitors.

Songcheng Performance Development: During the National Day Golden Week, Songcheng Performance Development's thirteen major historical scenic spots nationwide received a total of over 2.6 million visitors in 7 days, an increase of 59.7% year-on-year; thirteen performances of 'A Love Story Through the Ages' were staged 481 times; during peak times, 'A Love Story Through the Ages' was staged up to 95 times in a single day.

Yellow Mountain: During the National Day holiday, Huangshan Scenic Area attracted 0.192 million domestic and foreign tourists for mountain climbing and sightseeing, with a total number of visitors equal to the 8-day total in 2023 National Day, and a 14% year-on-year increase in daily average numbers.

Mount Emei: In the first 6 days before the National Day holiday (10.1-10.6), it received an average of 0.042 million tourists per day, showing a +21.3% year-on-year change.

Changbai Mountain: During the National Day holiday, Changbai Mountain Scenic Area received a total of 1.818 million visitors, +18.05% year-on-year, with the highest number of visitors in history for the same period.

6. Tourism Cities: Tourism income and number of visitors increased significantly by 5%-25% year-on-year in 19.

Peking: According to the Beijing Municipal Administration of Culture and Tourism, during the National Day holiday, Beijing received a total of 21.5964 million visitors, +18.35% year-on-year; the total tourism revenue was 26.885 billion yuan, +11.67% year-on-year, both reaching historical highs.

shanghai: During the National Day holiday, according to the big data monitoring of Shanghai Tourism, a total of 18.6225 million visitors were received, basically the same year-on-year; the total amount of comprehensive tourism consumption transactions in Shanghai, including food, accommodation, transportation, sightseeing, shopping, entertainment, was 26.919 billion yuan, +4.60% year-on-year; the average room rental rate of hotels in this city was 59%, an increase of 7 percentage points year-on-year. This city's major tourist attractions received a total of 7.73 million visitors in seven days.

Guangdong: According to preliminary estimates, during the 2024 National Day holiday (October 1-7), the province received a total of 58.481 million visitors, +6.2% year-on-year. Achieving tourism revenue of 53.69 billion yuan, +8.9% year-on-year.

Sichuan: During the 2024 National Day holiday, according to third-party big data comprehensive estimates, Sichuan Province received a total of 55.318 million visitors, +11.09% year-on-year, achieving a total tourism expenditure of 34.837 billion yuan, +9.48% year-on-year. The 890 A-level tourist attractions included in the province's statistics received a total of 39.8731 million visitors, +21.21% year-on-year, and achieved ticket revenue of 0.418 billion yuan, +7.73% year-on-year. The province's libraries, cultural centers, and museums collectively received 6.2165 million visitors, +12.31% year-on-year.

Hunan: The Hunan Provincial Department of Culture and Tourism released data stating that from October 1st to 7th, Hunan received a total of 33.4561 million visitors, +25.78% year-on-year, with the total tourist expenditure in the province reaching 38.263 billion yuan, +14.6% year-on-year.

7. OTA: The popularity of inbound and outbound tourism and off-peak travel has surged, with tourists increasingly pursuing value for money.

Ctrip: On October 7, Ctrip released the "2024 National Day Tourism Consumption Report", which showed that during the National Day holiday, the daily average order volume for outbound and inbound tours on the Ctrip platform exceeded 2019, reaching a historical high. Ctrip data shows that due to the influence of spontaneous travel by passengers and price fluctuations, the average number of days in advance that passengers book their trips decreased from 6.8 days in 2023 to 6 days in 2024. Additionally, nearly 30% of travelers choose to travel on the same day or one day in advance, a 6 percentage point increase compared to the previous year. Furthermore, staggered travel to avoid crowds is gradually becoming a new norm. The report indicates that during the National Day period, on the Ctrip platform, post-2000s generation (excluding those born after 2005) account for nearly 20% of the orders, surpassing the post-85s and post-90s generations to become the main consumer group of travelers.

Qunar: During this year's National Day holiday, on the Qunar platform, residents from over 600 third-tier and below cities and county residents purchased airline tickets for the first time, with an additional 11 counties and county-level cities compared to last year's National Day. The volume of first-time purchases of airline tickets by residents living in third-tier and below cities and counties increased by over 50% compared to the same period in 2023, with over a 70% increase in first-time purchases of international flight tickets. According to the flight booking data from Qunar platform, this National Day, outbound travel reservations have doubled compared to the same period last year. In terms of prices, due to increased supply, the average payment prices for international flights and hotels have decreased by around 15% year-on-year.

Fliggy: On October 7, Fliggy released the "2024 National Day Holiday Travel Quick Report", showing a surge in tourism consumption during the National Day Golden Week. Calculated on a comparable basis, the booking volume for domestic high-star hotels, tour routes, car rentals, and other travel commodities has significantly increased year-on-year. Outbound travel continues its high growth momentum on top of last year's strong rebound, with a booking volume surge of over 50% year-on-year, and the booking scale for international hotels has already recovered to approximately 120% of 2019 levels. Prices fluctuate, and tourists now seek better value for their money. Fliggy's data shows that during this year's National Day period, the booking volume for domestic high-star hotels increased by nearly 40% year-on-year, including a nearly 40% growth in the booking volume of travel packages that include flights, hotels, dining, and other benefits. Outbound travel is following a similar trend, with the average customer price for outbound travel holiday products during the National Day period at Fliggy significantly surpassing the same period in 2019. The per capita booking volume for local leisure packages such as scuba diving and helicopter sightseeing has seen significant growth based on last year's numbers.

Tongcheng Travel: On October 7, Tongcheng Travel released the "2024 National Day Holiday Travel Consumption Report". The report indicates that during the 2024 National Day holiday, the domestic travel consumption market continued to grow, with rapid growth in travel expenditure by residents of second-tier and below cities. On the Tongcheng Travel platform, the demand for car bookings from residents of second-tier and below cities increased by over 50%; cultural tourism in county towns became a highlight of holiday consumption, with hotel booking demand in almost a hundred county towns nationwide increasing by over 50% year-on-year. Long-distance tourist destinations in northeast and western China have seen rapid growth. In the top ten list of domestic hotel booking growth during the holiday period, western provinces and cities occupied seven spots. The booking demand for outbound flight tickets from cities like Xishuangbanna, Linyi, and Xining has rapidly increased, with residents from western provinces and cities showing a continuous rise in outbound travel demand. The booking volume for outbound flight tickets in over 20 western cities has more than doubled year-on-year. This year's National Day holiday, Chinese tourists have put more emphasis on value for money during their travels. Among all star-rated hotels, the demand for four-star hotels that balance service quality and value for money has seen the highest increase, up by 36% year-on-year. The average price for domestic four-star hotels has reached 419 yuan.

8. Outbound Travel: The daily average passenger flow for inbound and outbound travels increased by about 26% year-on-year.

According to the National Immigration Administration, during this year's National Day holiday period, the national border control authorities in total facilitated the entry and exit of 13.098 million Chinese and foreign individuals, with a daily average of 1.871 million individuals, representing a year-on-year increase of 25.8% (slightly better than the previous official forecasted increase of 20%). The peak of single-day entry and exit occurred on October 5, with 2.035 million individuals passing through. Among them, mainland residents accounted for 7.589 million entries and exits, a 33.2% year-on-year increase; Hong Kong, Macao, and Taiwan residents accounted for 4.494 million entries and exits, a 13.2% year-on-year increase; and foreigners accounted for 1.014 million entries and exits, a 37.2% year-on-year increase. A total of 0.574 million means of transportation (flights, ships, trains, and vehicles) were inspected for entry and exit, representing a 32.6% year-on-year increase.