During the 2024 National Day holiday (7 days), the domestic tourism revenue was 700.8 billion yuan, in line with previous expectations. By comparable caliber (daily average data), the year-on-year increase was 6.3%.

The domestic tourism volume was 0.765 billion person-times, a 5.9% year-on-year increase; tourism revenue per person-time compared to the same period in 2019 increased by 7.9%/10.2%, with the number of person-times recovering faster than revenue.

In terms of per capita tourism consumption amount, during the 2024 National Day holiday, it was 916 yuan/person-time, remaining the same as the previous year's National Day holiday (8 days).

Citic Securities research reports indicate that during the first 6 days before the 2024 National Day holiday, the inter-regional personnel flow of the whole society is approximately 1.74 billion, an increase of 3.2% year-on-year, with overall demand remaining strong.

In terms of the travel structure, under the backdrop of increased tourism resource supply, airfare and hotel prices have returned to a rational range. Consumer booking windows have shortened, off-peak travel is gradually becoming normalized, and the continuous increase of inbound and outbound passenger flows with clear differentiation in demand characteristics. On the one hand, residents from lower-tier cities have increased travel demands, and the popularity of destinations in emerging markets exceeds the industry average growth rate. On the other hand, the demand for inbound and outbound travel continues to recover, with residents from higher-tier cities traveling further and residents from emerging markets becoming a new growth point for outbound travel.

Guo Zheng International released a research report, maintaining the full-year performance forecast for Ctrip Group-S (09961) and Tongcheng Travel (00780) in 2024. It is expected that Ctrip's full-year revenue will increase by 17%, with a full-year net income rate of 31%; and Tongcheng Travel's core OTA business revenue is expected to increase by 20% year-on-year, with an overall adjusted net income rate of 15.5%.

Tourism OTA platform:

Ctrip Group - S (09961): The daily average number of inbound and outbound orders hit a record high, with the daily average number of inbound tourists increasing by nearly 80%, and the daily average number of outbound travel orders for fourth-tier/fifth-tier users doubling/tripling year-on-year. Citigroup issued a report indicating that Ctrip is expected to disclose its third-quarter performance from mid to late November. The bank expects its revenue and adjusted net income to match market expectations, but does not rule out the further potential for increase due to the resilience of Chinese tourism demand recovery and Ctrip's good performance in R&D and cost control.

Tongcheng Travel (00780): The booking popularity of four-star hotels increased by 36% year-on-year, leading other star ratings, with booking popularity of hotels in nearly a hundred counties increasing by over 50% year-on-year.