来源：格隆汇APP 格隆汇10月22日｜中金发表报告，预计同程旅行第三季收入按年增9%至54.5亿元，核心OTA收入按年 增14%至45.9亿元；Non-IFRS净利润为10.2亿元。中金基本维持同程旅行2025全年收入和利润指引，核 心OTA收入按年增15%，Non-IFRS净利润33亿元；核心OTA业务中住宿、交通业务国内部分稳健增长， 海外部分贡献增量；其他业务中酒管业务维持高增长，且第四季完成对万达酒管的并购。中金维持对 其"跑赢行业"评级，目标价为28港元。 ...

预测3Q25核心OTA收入同比增长14% 智通财经APP获悉，中金发布研报称，基本维持同程旅行(00780) 25/26年收入和盈利预测。该行维持跑 赢行业评级和目标价28港元（对应18x/15x25e和26eNon-IFRS市盈率），上行空间为28%，公司目前交 易于14x/12x25e/26eNon-IFRSP/E。 中金主要观点如下： 3）其他：受酒店管理业务和PMS收入增长驱动，该行预计其他收入同比增长34%。 基本维持2025全年收入和利润指引 核心OTA业务中住宿、交通业务国内部分稳健增长，海外部分贡献增量；其他业务中酒管业务维持高增 长，且4Q完成对万达酒管的并购，该行维持2025年核心OTA收入同增15%的预期；公司持续高效控 费、并且积极提升国际业务变现，该行维持2025年公司Non-IFRS归母净利润33亿元的预期。 3Q25该行预计集团收入同增9%至54.5亿元；其中，核心OTA收入同增14%至45.9亿元，预期3Q25Non- IFRS净利润为10.2亿元。该行维持3Q核心OTA收入同增14%判断：住宿、交通和其他收入增长均符合此 前该行的预期： 1）酒店：该行预计3Q25间夜同增10 ...

智通财经APP获悉，瑞银发布研报称，预计同程旅行(00780)第三季的核心OTA收入将持续稳定增长，料 将同比增长14%，接近之前指引范围(10-15%)的高位。国庆假期期间的旅行需求已成常态，但该行相信 同程的酒店收入应可保持韧性。因此，该行预测公司的住宿收入增长将接近中十位数(mid-teens)水平。 目标价由25.5港元上调至26.5港元，维持"买入"评级。在交通业务方面，该行预测同程第三季的收入同 比录高单位数增长。 ...

瑞银发布研报称，预计同程旅行(00780)第三季的核心OTA收入将持续稳定增长，料将同比增长14%，接 近之前指引范围(10-15%)的高位。国庆假期期间的旅行需求已成常态，但该行相信同程的酒店收入应可 保持韧性。因此，该行预测公司的住宿收入增长将接近中十位数(mid-teens)水平。目标价由25.5港元上 调至26.5港元，维持"买入"评级。在交通业务方面，该行预测同程第三季的收入同比录高单位数增长。 ...

Core Viewpoint - UBS expects Tongcheng Travel's core OTA revenue to achieve a 14% year-on-year growth in the third quarter, approaching the upper end of its previous guidance of 10%-15% [2] Revenue Insights - Despite normalized travel demand during the National Day holiday, Tongcheng's hotel revenue is expected to remain resilient, with accommodation revenue growth likely nearing the mid-teens percentage range [2] - In the transportation segment, third-quarter revenue is anticipated to achieve high single-digit year-on-year growth [2] Target Price Adjustment - UBS has raised the target price for Tongcheng Travel from HKD 25.5 to HKD 26.5 while maintaining a "Buy" rating [2]

Core Viewpoint - UBS forecasts that Tongcheng Travel's core OTA revenue will continue to grow steadily in Q3, with a year-on-year increase of 14%, approaching the previous guidance range of 10-15% [1] Group 1: Revenue Growth - The travel demand during the National Day holiday has become normalized, and UBS believes that Tongcheng's hotel revenue will remain resilient, predicting accommodation revenue growth close to mid-teens level [1] - In terms of transportation business, UBS predicts that Tongcheng's revenue in Q3 will record high single-digit growth year-on-year [1] Group 2: Target Price and Rating - UBS has raised its target price for Tongcheng Travel from HKD 25.5 to HKD 26.5 and maintains a "Buy" rating [1]

25亿收购落地，"万达系酒店"是同程的了？ 近日，同程旅行正式宣布完成对万达酒店管理（香港）有限公司100%股权的收购，交易对价24.9亿元。此次收购标志着同程旅行补齐高端酒店业务"拼 图"，实现从经济型到豪华型酒店的全品类覆盖。 据了解，万达酒管作为轻资产运营主体，业务涵盖酒店管理、设计及建设，拥有万达瑞华（奢华）、万达文华（豪华）等九大品牌。 截至2025年6月底，其在营酒店222家、客房超4.25万间，另有406家酒店签约待开业，在二三线城市高端酒店市场布局深厚。这与同程旅行客群结构高度 契合，形成市场互补。 收购前，同程旅行旗下艺龙酒店科技平台以中高端及经济型品牌为主，高端领域存在空白。此次交易后，同程旅行可借助万达酒管成熟的高端品牌矩阵与 管理经验，快速切入高端市场； 各位万达酒管的伙伴: 今天我们怀着无比激动的心情,宣布一个令人振奋的消 息:同程旅行已经完成了收购万达酒管所有股权的交易。 即日起,万达酒管将正式加入同程旅行大家庭!在此,我 谨代表同程旅行,向万达酒管的全体同仁致以最热烈的欢 ith i 万达酒管是中国酒店行业的杰出代表,拥有卓越的品牌 影响力、专业的团队和丰富的管理经验。出于对中国 ...

Core Viewpoint - The investment strategy involves reallocating funds into the Guangfa Value Leading Mixed Fund, which focuses on sectors with potential for recovery, particularly in tourism and aviation, despite recent market downturns [1]. Fund Reallocation - The reallocation targets the Guangfa Value Leading Mixed Fund, which is characterized as a fund focused on the "airline + OTA platform" sector, effectively functioning like an index ETF while being actively managed [1]. - The rationale for this reallocation is to take profits from funds that have appreciated significantly and invest in those with lower growth, aiming to control portfolio drawdowns [1]. Sector Analysis - **Aviation Sector**: - The aviation industry faces challenges due to a decline in business travel and reduced consumer spending, impacting passenger numbers [5]. - Factors such as currency exchange rates, fuel costs, and aircraft supply are seen as favorable for the aviation sector, with a potential for recovery if consumer demand improves [6][12]. - Recent data indicates a strong willingness among consumers to travel, with domestic travel during the recent holiday period reaching 888 million trips, a 16% increase year-on-year [12]. - **Tourism Sector**: - The tourism sector is divided into four sub-sectors: duty-free (China Duty-Free Group and Shanghai Airport), attractions (Songcheng Performance and Overseas Chinese Town), airlines (Eastern Airlines, Southern Airlines, Air China, Spring Airlines), and hotels (Jinjiang and Shouqi) [4]. - The duty-free segment is struggling with declining consumer purchasing power, leading to reduced profit margins [4]. - The attractions sector is volatile, with visitor numbers fluctuating significantly, impacting financial stability for many companies [4]. - The hotel industry is facing intense competition, with new entrants emerging post-pandemic, leading to continued market saturation [4]. Investment Outlook - The aviation and duty-free sectors are viewed as having potential investment value, contingent on a recovery in consumer spending [5]. - The overall sentiment suggests that while the tourism and hotel sectors may present risks, the aviation sector could see significant upside if consumer demand is stimulated through effective policy measures [12].

消费新场景正在打破传统界限，呈现"虚实结合""跨界联动"的特点，05后扛起了此次假期二次元消费大 旗。为了能够跟年轻用户"玩在一起"，万达电影官宣携手现象级游戏《恋与深空》在国庆假期推出线上 线下相结合的联名活动，掀起了一场消费狂欢。18岁的于鱼子从郑州到北京旅游，在5天的行程中，她 专门留出一天时间到万达影院线下门店与海报合影，并兑换在线上预购的"恋与深空主题套餐""马口铁 徽章""亚克力挂件"等各式周边。这些被二次元圈亲切称为"谷子"的收藏，是她和朋友一起拼单入手 的，花了200多元。 "夜游经济"也在这个假期表现突出。在携程平台，"夜游"一词搜索热度环比增幅超200%。上海浦东美 术馆、南京博物院等多家场馆夜间热度同比增长超5倍；无人机烟花秀等视觉盛宴"出圈"，无锡禅意小 镇·拈花湾、重庆欢乐谷等景区热度增长超30%。此外，假期期间，全国举办的300多场大型灯光秀，进 一步巩固了"夜游"在目的地吸引力中的地位。 同程旅行数据显示，国庆中秋假期，在"小城旅游"中，搜索热度最高的红色景区、赏秋景区和夜游景区 分别是延安市延安革命纪念地景区、阿勒泰地区喀纳斯景区和上饶市望仙谷。 去哪儿平台数据显示，去小城"追 ...

（王潇雨 摄影） 国庆中秋双节叠加的8天"超级黄金周"正式收官，旅游市场热度如此前的预测一样再创新高。据交通运 输部公布的数据显示，10月1日至8日累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次， 同比增长6.2%。 在人们出游热情持续释放，全行业各项指标显著增长的背后，从诸多出游行为、消费选择以及与以往长 假期间出行习惯等诸多方面变化相比，可以瞥见在经过数十年发展转型之后，每一个公众假期出游热潮 都成为中国旅游产业升级迭代的"舞台"。在社会经济变迁和民众生活方式的演进中，旅游正逐步从标准 化、团体化的"千篇一律"转向个性化、碎片化的"沉浸式参与"，消费模式从精英阶层的奢侈享受转向全 民参与的大众休闲。 "爱玩"到"会玩" "在返乡探亲和大众旅游双重需求叠加的背景下，今年国庆中秋假期，长线跨省、跨境旅行趋势明显， 整体呈现走得更远、玩法更多、品质更高的特征。"同程旅行10月8日发布的《2025国庆中秋假期旅行消 费报告》显示。在"短途高频次，长线高品质"的假期旅行主基调下，用户的消费潜力也得到了持续释 放。今年国庆中秋假期，多居室、高品质的住宿产品，以及私家团、定制游的跟团游产品预订热度持 ...