Guolonghui October 12th | Anxin International released a research report stating that the domestic tourism large cap performance during the National Day holiday was stable. In 2024, the domestic tourism revenue during the National Day holiday (7 days) was 700.8 billion yuan, in line with previous expectations. On a comparable basis (daily average data), the year-on-year increase was 6.3%; the domestic tourism volume was 0.765 billion person-times, up 5.9% year-on-year; tourism revenue per person-time increased by 7.9%/10.2% compared to the same period in 2019, with the number of person-times recovering faster than revenue. In terms of average tourism consumption, the per capita spending during the 2024 National Day holiday was 916 yuan/person-time, the same as last year's National Day holiday (8 days), reflecting that tourism consumption is still affected by weak macro consumption. Combined with OTA platform data performance, the bank observed new trends in the current tourism market: the booking window is further shortened, and the trend of staggered travel is obvious; outbound travel growth is strong, with destination differentiation among users. The new tourism trends have certain reference value for supply-side adjustments, and the agility advantage of OTA platform operation side will be magnified. The bank maintains its full-year performance forecast for Ctrip and Tongcheng Travel in 2024, expecting Ctrip's full-year revenue to increase by 17% year-on-year, with a full-year net income ratio of 31%; and expecting Tongcheng Travel's core OTA business revenue to increase by 20% year-on-year, with an overall adjusted net income ratio of 15.5%. The bank is bullish on Ctrip's supply-side advantage and the long-term potential of inbound and outbound travel, as well as bullish on Tongcheng Travel's user scale advantage and growth in repeat purchase rate driving the enhancement of user value.