| 42 | 三七互娱 | 52.45 | 11 | | --- | --- | --- | --- | | 43 | 常山北明 | 51.65 | 14 | | 44 | 中国民航信息网络 | 47.87 | 11 | | 45 | 新大陆 | 47.21 | 1 t | | 46 | 金山云 | 44.59 | 111 | | 47 | 岩山科技 | 44.31 | 11 | | 48 | 银之杰 | 43.5 | 11 | | 49 | 东华软件 | 42.71 | 2 1 | | 50 | 石基信息 | 41.59 | 2 1 | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM D. 金十数据 | 一个交易工具 金十图示：2025年07月24日（周四）中国科技互联网公司市值排名TOP 50一览 | 8 | | 中芯国际 | 514.82 | 11 | | --- | --- | --- | --- | --- | | 9 | | 京东 | 489.1 | 1 t | | 10 | 88 | 快手-W | 431.56 | 1 1 | | 11 | | 腾讯音乐 ...

近日，航旅纵横App正式上线"民航官方直销平台"功能，用户可在单一界面完成多家航司直销机票的比 价和购买。据介绍，航旅纵横民航直销平台是航空公司直接面向旅客销售机票产品的线上平台，机票价 格与服务政策完全由航空公司直接发布和运营。航旅纵横作为平台方，不收取机票代理费。业内专家表 示，长期以来，机票销售市场存在一些不规范现象，比如第三方平台加价销售、捆绑搭售等问题长期存 在，导致消费者实际支付价格与票面价格不符的情况时有发生。专家表示，直销平台的出现，有望助力 解决机票销售不规范的行业痛点。据了解，航旅纵横此次推出的直销平台可为用户提供更透明、更安 全、更便捷的机票购买服务，并承诺价格公开透明、无捆绑销售、杜绝大数据杀熟、保护用户数据安全 等。航旅纵横作为中国航信旗下平台，未来将继续扩大接入航司范围，并计划引入更多增值服务，持续 优化旅客全流程出行体验。(央视新闻) ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

金十图示：2025年07月21日（周一）中国科技互联网公司市值排名TOP 50一览 | 排名 | | 公司 | 市值(亿美元) | 排名变化 | | --- | --- | --- | --- | --- | | 1 | | 台积电 | 12468.4 | | | 2 | | 腾讯控股 | 6037.04 | | | 3 | | 阿里巴巴 | 2867.9 | | | 4 | | 小米集团-W | 1894.57 | | | 5 | | 拼多多 | 1547.41 | | | 6 | 美团 | 美团-W | 1033.71 | | | 7 | 網易 | 网易 | 861.91 | | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM 0. 金十数据 | 一个交易工具 | 8 | | 京东 | 488.96 | 11 | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 484.29 | 1 t | | 10 | | 快手-W | 394.8 | 1 1 | | II | | 理想汽车 | 340.4 | 1 t | | 12 | ...

| 8 | | 东方财富 | 515.59 | | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 466.49 | | | 10 | | 京东 | 456.09 | | | 11 | 8 | 快手-W | 376.96 | | | 12 | | 腾讯音乐 | 332.09 | | | 13 | | 理想汽车 | 314.71 | | | 14 | C | 贝壳 | 222.43 | | | 15 | 8 | 同花顺 | 205.28 | | | 16 | × | 小鹏汽车 | 170.92 | | | 17 | N | 科大讯飞 | 151.19 | | | 18 | | 中通快递 | 145.32 | | | 19 | 的LA | 時哪時嗎 | 102.09 | | | 20 | | 宝信软件 | 97.62 | 1 t | | 21 | | 劇来 | 93.08 | 1 | | 22 | | 恒生电子 | 87.2 | 1 t | | 23 | | 新东方 | 81.96 | 1 1 | | 24 | | 万国数据 | 78.67 | 1 t | 金十图示： ...

1950 年代，海外航司开始使用计算机系统管理机票预订，随后发展成为面向机票代理人的GDS系统， 逐步形成了"高收费→高返点→旅行社偏好→份额扩大→更高收费"的机票销售模式，各家GDS 系统在 市场化竞争中成为区域垄断的售票平台，并且扩展航旅产业链相关辅业。中国航信生长于民航一体化的 年代，成立之后一直是国内航司机票销售的基础设施，垄断国内民航客运市场，但价格受到民航局监 管。中国航信的预定规模已经成为全球第一，由于预定价格远低于海外，营业收入和预定收入规模低于 海外GDS，辅业收入占比与海外GDS 大致相当。 中国航信只是一家"小公司"，营业收入仅占航空公司营业收入的1%，但却解决了信息技术服务的"大问 题"，国内民航客运的市占率超95%，中国跨境客运的市占率约80%。中国航信的预定价格低于海外 GDS，而且伴随着业务量的增长持续下降，但商业模式的永续性更强大。 中国航信通过设立分子公司的方式开拓辅业，系统集成、数据网络及技术服务都是资源和能力变现的结 果，伴随着机场建设和客流增长，辅业收入仍有较大增长潜力，但是由于相关业务竞争激烈，盈利的贡 献很难看到较大弹性。我们建议关注航旅纵横、支付业务及差旅供应链金 ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Civil Aviation Information Network (0696.HK) [10] Core Insights - China Civil Aviation Information Network (China Aviation Information) is the only GDS system in China, dominating the airline ticket booking segment. The company has a strong and stable profitability with ROE and ROIC consistently around 15%. The current PE valuation is only 11-12 times, about half of its historical average, which supports a positive recommendation [2][6] - The company has a robust cash flow with limited capital expenditure, maintaining over 10 billion in cash and equivalents, while normal annual capital expenditure is less than 500 million. The dividend payout ratio has been adjusted to 35%-45% from 30%-40%, indicating potential for increased returns to shareholders [6][49] Company Overview - China Aviation Information originated from the Civil Aviation Administration's computer center and became an independent company in 1996. It was established as a joint venture with all domestic airlines in 2000 and listed on the Hong Kong Stock Exchange in 2001. The company is controlled by the State-owned Assets Supervision and Administration Commission [5][17] - The company has evolved its products and services over decades, expanding its client base from airlines to the entire aviation industry chain, becoming the leading supplier of information technology solutions in China's aviation tourism sector [5][27] Business Model - The company operates a light asset and low leverage model, with a stable net profit margin around 30%. Following the pandemic, profitability has been recovering, with a projected net profit margin of 24% in 2024 [6][52] - China Aviation Information's booking scale is the largest globally, with over 95% market share in domestic civil aviation passenger transport and approximately 80% in cross-border passenger transport. The pricing for bookings is lower than that of overseas GDS systems, contributing to a sustainable business model [7][30] Financial Performance - The company has shown steady revenue and profit growth, with a compound annual growth rate of approximately 10.8% in revenue and 11.4% in net profit from 2011 to 2019. Despite the impact of the pandemic, revenue is expected to grow by 9.8% compared to 2019 levels by 2024 [39][40] - The average PE and PB ratios are 22 times and 2.3 times, respectively, reflecting the market's valuation of the company's stable and efficient business model [50][52] Future Prospects - The company is exploring auxiliary business opportunities through subsidiaries, focusing on travel finance and technology services, which have significant growth potential. The integration of AI technology may further transform the ticket agency business [8][30]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 14, 2025 [1] - The leading company by market capitalization is 台棋电 (Taiwan Semiconductor Manufacturing Company) with a valuation of 11,949.75 million [3] - Tencent Holdings ranks second with a market cap of 5,815.18 million, followed by Alibaba at 2,546.4 million [3][4] Group 2 - Xiaomi Group is ranked fourth with a market capitalization of 1,889.61 million, while Pinduoduo follows in fifth place with 1,489.35 million [3][4] - Meituan and NetEase are positioned sixth and seventh, with market caps of 929.41 million and 812.27 million respectively [3][4] - Other notable companies in the top 10 include 东方财富 (East Money) at 523.39 million and 中芯国际 (SMIC) at 476.15 million [4][5] Group 3 - The rankings continue with companies like 京东 (JD.com) at 448.31 million and 快手 (Kuaishou) at 356.11 million [4][5] - Baidu, 理想汽车 (Li Auto), and 贝壳 (Beike) are also included in the top 15, with market caps of 298.84 million, 296.08 million, and 221.89 million respectively [4][5] - The list concludes with 云费智联 (Yunfei Zhili) at 41.76 million, marking the 50th position [6]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 8, 2025, highlighting significant players in the industry and their respective valuations [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,885.95 million [3]. - Tencent Holdings follows with a valuation of about $5,867.71 million [3]. - Alibaba ranks third with a market cap of $2,535.66 million [3]. - Xiaomi Group is positioned fourth with a market capitalization of $1,935.90 million [3]. Group 2: Additional Notable Companies - JD.com is ranked eighth with a market cap of $461.57 million [4]. - SMIC (Semiconductor Manufacturing International Corporation) is close behind at $456.82 million, ranking ninth [4]. - Kuaishou is in the tenth position with a valuation of $356.39 million [4]. - Tencent Music and Baidu are also notable, with market caps of $310.40 million and $308.67 million, respectively [4]. Group 3: Emerging Players - Li Auto and Beike are valued at $286.24 million and $216.73 million, respectively, indicating their growing presence in the market [4]. - Xpeng Motors and iFlytek have market caps of $170.73 million and $149.98 million, showcasing their potential in the automotive and AI sectors [4]. - Other companies like Zhongtong Express and Baoson Software are also making strides with valuations of $143.32 million and $94.87 million [4]. Group 4: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among various companies [1]. - The data is calculated based on the daily market values, indicating the dynamic nature of the industry [6].