According to a research report released by CICC, consumption data for the 2025 National Day and Mid-Autumn Festival holiday period has been gradually released. Overall, driven by the extended holiday window, both domestic and cross-border travel enthusiasm remained high, with consumption data showing generally impressive performance. The trends exhibited characteristics of younger demographics and emphasis on experiences, while discretionary categories such as home appliances and outdoor sports also performed well.

CICC noted that according to the mainland Ministry of Transport, the daily average cross-regional population flow nationwide from October 1 to 8 increased by 6.2% year-on-year. Fliggy data showed that holiday travel spending per customer increased by 14.6% year-on-year. CICC believes this was mainly due to the continued recovery of inbound and outbound tourism, combined with an increased proportion of domestic "long-distance travel" and "segmented travel."

For domestic consumption, the Ministry of Commerce's monitoring of 78 key commercial districts showed that passenger flow and revenue in the first three days increased by 4.2% and 4% year-on-year respectively. For overseas travel, data from the National Immigration Administration showed that the daily average number of inbound and outbound travelers at national ports exceeded 2 million, up 15% year-on-year.

CICC stated that self-gratification consumption should be positioned for the long term, recommending the toy sector and e-cigarette sectors, such as POP MART (09992), BLOKS (00325), and SMOORE INTL (06969). The firm also suggests positioning for the trend of domestic brand rise, recommending beauty and personal care sectors, such as MAO GEPING (01318), GIANT BIOGENE (02367), and Shanghai Jahwa (600315.SH). Additionally, attention should be paid to sectors benefiting from policy catalysts, such as the retail sector supported by domestic demand policies and peak season catalysts.