CICC: China's per capita tourism consumption during the Mid-Autumn Festival has achieved a record high recovery compared to 2019, giving TONGCHENGTRAVEL (00780) and TRIP.COM-S (09961) a "outperform industry" rating.

CICC released a research report stating that the rating for TONGCHENGTRAVEL (00780) and TRIP.COM-S (09961) is "outperform the industry", with target prices of HKD 19.3 and HKD 492.4 respectively. The report points out that according to data from the Ministry of Culture and Tourism, there were 107 million domestic trips in China, an increase of 6.3% compared to the same period in 2019. Domestic tourists spent a total of 51.047 billion RMB on trips, an 8% increase compared to the same period in 2019. Per capita tourism consumption has recovered to 101.6% of the level in the same period in 2019, surpassing the recovery levels during New Year's Day, Spring Festival, Qingming Festival, Labor Day, and Dragon Boat Festival, reaching a new high in recovery levels. Despite facing a strong typhoon during the Mid-Autumn Festival in East China this year, the number of trips and per capita spending have still shown good recovery, indicating the resilience of domestic tourism. The report also mentions that during the Mid-Autumn Festival this year, the daily average inter-regional population flow in mainland China was 210 million, weaker than most holidays of this year due to the impact of the typhoon in East China. According to data released by the Ministry of Transportation, the inter-regional population flow during September 15 to 17 (Mid-Autumn Festival) was 630 million people, with a daily average of 210 million, a 16.1% increase compared to the same period in 2019 (Mid-Autumn Festival). The recovery level is weaker than the Dragon Boat Festival in 2019. Long-distance travel has performed poorly, but short-distance travel by self-driving and railway has shown resilience.