Shenwan Hongyuan Group Co., Ltd. released a research report stating that the 2025 Mid-Autumn and National Day holiday period reached new highs in terms of final data performance, but average spending per customer did not increase despite the holiday boost. The extended holiday period did not make consumers "travel farther," but instead saw increased enthusiasm for off-peak travel and segmented tourism, with non-commercial small vehicle tourist transportation (self-driving tours) growing faster than the overall market. Additionally, Hainan duty-free sales revenue and average spending per customer showed significant improvement, reflecting category structure upgrading. Scenic areas continue to accelerate differentiation, with county-level tourism and niche tourism trends persisting. In terms of focus areas, the firm recommends attention to hotel and travel companies with inherent growth potential, and suggests monitoring changes in duty-free sales following Hainan's future customs closure.

**Holiday Travel Volume and Tourism Revenue Show Stable Year-over-Year Growth with Rising Market Enthusiasm**

According to Ministry of Culture and Tourism data, during the 8-day 2025 National Day and Mid-Autumn holiday period, domestic trips nationwide reached 888 million, an increase of 123 million compared to the 7-day 2024 National Day holiday. Total domestic tourism spending reached 809 billion yuan, an increase of 108.2 billion yuan compared to the 7-day 2024 National Day holiday.

Based on calculations, the 2025 National Day and Mid-Autumn holiday period averaged 111 million daily trips, a 1.6% increase compared to the 2024 National Day holiday average; daily consumption averaged 101.1 billion yuan, a 1% year-over-year increase. Compared to the 2023 Mid-Autumn and National Day holiday period (8-day holiday), nationwide trips increased 7.5% year-over-year, and domestic tourism revenue grew 7.4%.

The 2025 Mid-Autumn and National Day holiday average spending per customer reached 911 yuan, slightly down compared to the 2024 National Day holiday. In terms of travel patterns, outbound holiday travel flow peaks occurred on the third day of the holiday, while return travel flow peaks appeared on the seventh day. Non-commercial small vehicle passenger travel volume grew higher than the overall market, reflecting that self-driving tourism growth exceeded the overall pace.

According to official data from the Ministry of Transport, during the 2025 Mid-Autumn and National Day holiday period (October 1-8), total cross-regional personnel movement reached 2.432 billion trips, averaging 304 million daily trips, a 6.2% year-over-year increase, setting a new historical high for the same period.

**"Segmented" Travel Becomes Normalized with Significant Off-Peak Order Growth**

Data shows that during this year's double holiday period, many tourists chose to depart early between September 25-30 through vacation extension, or began their journeys during or even after the holidays. The main reason may be that off-peak travel not only enhances tourist experience but also significantly reduces costs.

**Key Scenic Areas Maintain Above-Industry-Average Growth Despite High Base, Quality Supply Remains Scarce**

The Three Gorges Tourism Group's "Two Dams One Gorge" cruise products saw exceptionally strong pre-sales, with tickets for October 2-7 completely sold out before the holiday. According to Chongqing Cruise Center data, during the 2025 National Day and Mid-Autumn holiday period (October 1-8), Yangtze River Three Gorges cruises operated 131 departures (including 8 inter-provincial non-overnight cruises), representing 92.3% of the same period in 2024; passenger volume reached 37,000, a 12.9% increase compared to the same period in 2024; average cruise occupancy rate (berths) was 81.6%, an increase of 9.1 percentage points compared to the same period in 2024.

**National Retail and Dining Show Steady Growth During 2025 National Day and Mid-Autumn Consumption Season, Trade-In Policies Continue, Gold Prices Reach New Highs**

Ministry of Commerce data shows holiday sales at key national retail and dining enterprises increased 2.7% year-over-year. Trade-in policies continued to drive consumption across regions, with October 1-4 seeing 19% and 20.7% increases in first-level energy-efficient appliances and smart refrigerator sales respectively, while smart home sales grew 14.3% during the holiday period.

Gold prices reached historical highs, with London gold breaking through $4,000 per ounce, gaining 4.73% from September 30 to October 8. Major brands saw pure gold jewelry prices exceed 1,100 yuan per gram, as gold jewelry gradually enters the traditional consumption peak season.

**Investment Targets:** The firm recommends attention to: Three Gorges Tourism (002627.SZ), Fragrant Hill Tourism (600576.SH), Jiuhuashan Tourism (603199.SH), Huangshan Tourism (600054.SH), HWORLD-S (01179), Atour (ATAT.US), and China Tourism Group Duty Free Corporation Limited (601888.SH).

**Risk Warnings:** Risks of household income and consumption recovery falling short of expectations, and foreign exchange rate fluctuation risks.