五一假期凸显内需潜力，携程等平台公司 “钱” 景可观

证券市场周刊2025-05-07

五一假期带来的消费市场火爆，再次证明了中国巨大的内需消费潜力。根据相关统计数据，与旅游相关的多项数据创出新高，旅游市场迎来强劲复苏，文化体验与多元玩法成为游客的核心动力。同时还有一些个性化的出游应运而生，例如遛娃、遛宠双爆火。回到二级市场投资层面，这些现象也让投资人看到了相关上市公司的增长潜力，比如平台型公司携程集团，景区公司黄山旅游、张家界、峨眉山等等。多项出行、消费数据持续向好出行从规模扩展...

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prospects","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCOM":1,"09961":0.9},"content_text":"五一假期带来的消费市场火爆，再次证明了中国巨大的内需消费潜力。根据相关统计数据，与旅游相关的多项数据创出新高，旅游市场迎来强劲复苏，文化体验与多元玩法成为游客的核心动力。同时还有一些个性化的出游应运而生，例如遛娃、遛宠双爆火。回到二级市场投资层面，这些现象也让投资人看到了相关上市公司的增长潜力，比如平台型公司携程集团，景区公司黄山旅游、张家界、峨眉山等等。多项出行、消费数据持续向好出行从规模扩展转型品质升级据交通运输部发布的数据显示，5月1日至5日，全社会跨区域人员流动量达到14.67亿人次。另据商务部商务大数据监测，五一节假日期间，全国重点零售和餐饮企业销售额同比增长6.3%。美团平台数据显示，假期期间，游客贡献的地方特色菜、餐饮堂食订单量同比增长超105%，美团酒店预订量创下历史峰值，酒店住宿消费同比增长14.9%。携程发布的五一假期数据报告也显示，国内文旅市场强势复苏。长线游目的地表现亮眼，多地景区门票销售额同比激增1-2倍；亲子家庭与携宠出游并进；自驾游市场量价齐升；邮轮游强势回归，携程预订量同比飙升120%。农耕体验、“中国购”成游客打卡新方式。“拼假潮”助推超长线旅游升温，根据携程景点玩乐数据显示，长线目的地的景区门票销售额，同比去年呈现1-2倍的大幅增长。微信数据显示，五一期间中国内地微信支付消费笔数较去年增长10%，飞猪统计今年五一假期人均出游消费金额同比去年五一假期大幅增长；美团文旅热度创近三年新高，文旅订单较2023 年同期增长30%。对此，携程研究院行业分析师方泽茜表示，五一数据印证文旅消费正从“规模扩张”转向“品质升级”，亲子宠游、国潮融合、反向旅游等细分赛道崛起，体现出市场对差异化体验的强烈需求。“遛娃”、“遛宠”出行双升温毛孩子出行数据涨势惊人今年五一假期，国内旅游市场呈现出“娃”与“宠”双线并进的新趋势。而且更多亲子家庭选择自驾出行，携程租车平台亲子订单占比35%，比例增长11个百分点，多重现象折射出亲子游市场的火爆景象。与此同时，宠物出行进入品质阶段，携宠出游的年轻群体催生“宠物友好”服务升级：高铁宠物托运试点同步开启，东航新推出的人宠同舱服务。五一期间“可携宠”民宿预订量增长超八成,“可带宠物\"的房源数量同比增5 倍，高铁宠物托运预约量翻倍。携程平台上全国宠物友好酒店数量扩容近20%，推动五一期间宠物友好酒店订单量实现超3成增长。业内人士指出，从“遛娃”到“遛宠”，消费市场正在细分赛道上挖掘新增量，未来目的地配套服务创新将成为竞争关键。比如，上市公司乖宝宠物与IBM达成战略合作，双方将依托SAP全球化企业管理解决方案打造全链路数字化宠物食品管理。图1：五一亲子自驾游、“宠物友好”酒店景气度提升平台公司和商旅饮食等公司景气提升携程数据显示，五一期间入境游订单量同比激增130%。国内外游客对文化深度体验的探索已延伸至生活方式领域。比如参与中国乡村深度游，参与农耕、摸鱼等活动；据携程提供的消息，以湖南张家界的携程度假农庄缦心店为例，自今年4月起，来自美国、意大利、西班牙等多个国家的海外订单显著增加。基于五一假期旅游市场的出色数据，东莞证券也认为，从2025年以来节假日出游表现来看，大众的精神文化需求持续增长，带动旅游需求长期向好，长线游复苏或提振人均旅游支出，改善旅游企业收益。个股方面，建议投资者关注暑期旅游热门目的地长白山、峨眉山A、天目湖、宋城演艺等；同时商旅客流逐步修复有望带动酒店间夜量改善，投资者可关注首旅酒店、君亭酒店等等。此外，在衣食住行等核心环节，多家卖方推荐利润率持续改善的同程旅行，例如携程集团等平台型企业也受到机构关注。尤其在OTA（Online Travel Agency） 领域，携程系(携程+去哪儿)掌握半壁江山，如果再加上关联方同程旅行，GMV （Gross Merchandise Volume 的缩写，通常指商品交易总额）份额达到 65%。而在酒店领域，携程持股华住集团、亚朵、首旅，其中华住与首旅旗下的如家均为携程联合创始人所创立，亚朵创始人王海军亦有过携程、华住的工作经历。同时携程也是布局海外较早的企业,出境游与国际业务预计合计占集团收入的三分之一，这在诸多互联网平台中处于较高水平。图2：携程占据OTA市场半壁江山对此，中泰证券也认为，随着收入提升带来的需求结构变迁，多数消费品无法跑赢经济大盘。作为高层次消费的一部分，出行旅游占居民钱包的份额持续扩张，这使得携程的增速有望长期跟上甚至超过经济增长，该属性较为稀缺。此外，出境游以及目前在积极投入的国际 OTA 业务有望进一步拉高集团的增长潜力，综合看携程中长期的成长曲线在众多互联网平台中处于靠前位置。（文中个股仅为举例分析，不作买卖推荐）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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