2025-06-03-Jefferies-文化和旅游部关于端午节（三天假期）表现的最新情况_6页_80kb

Jefferies Equity Research Summary

Report Date: June 3, 2025
Topic: China (PRC) Internet Equity Research

Key Highlights from Dragon Boat Festival Performance

• Domestic tourist count increased by 5.7% YoY, reaching 119 million.
• Tourism revenue grew by 5.9% YoY, totaling approximately RMB42.73 billion.
• Average spending per tourist rose by 0.2% YoY to RMB359.
• Ministry of Transport data shows total passenger trips increased by 3% YoY, while national immigration data indicates average daily border crossings (inbound/outbound) rose by 2.7% YoY.

Comparison with Previous Holidays

• May Day Holiday (May 25-27): Domestic tourists up 6.4% YoY and revenue increased by 8% YoY, with higher growth in spending.
• Qingming Holiday (April 25-30): Domestic tourists climbed 6.3% YoY and revenue by 6.7% YoY, showing stronger performance in some metrics.

Analyst Notes

• Jefferies analysts, Thomas Chong and Zoey Zong, examine the festival performance in the context of broader internet and travel trends in China.
• The report concludes that domestic nearby tourism is a resilient choice, but growth rates are moderate compared to initial forecasts.

Reports details page (pages 2-6) contain analyst certifications, disclosures, and methodology, which should be reviewed for full context.