1月27日，同程旅行发布《2026年春节旅行趋势报告》(下称"报告")。报告显示，"史上最长春节假期"叠 加"请5休15"拼假小浪潮，积极提振新春文旅市场活跃度。同程旅行平台上，延续元旦"量价齐升"趋 势，近一个月来春节机票、酒店民宿、跟团游等主要产品预订热度不断走高。 春节不仅是返乡团圆重要时刻，更是国庆之外又一"超长黄金周"。《报告》显示，较长假期的推动下， 2026年春节出游人群比例有望进一步提升，占比上逐步追赶返乡大军。在休闲度假、探亲访友、返乡团 圆等多元需求的拼配组合下，"分段式过年"、"复合型春节"的特征将愈发鲜明。反映到出行趋势上，除 了假期首尾客流高峰外，节中也将掀起多个出行高峰。其中，大年初二至初三是用户切换模式、集中开 启新旅程的峰值时段。 多地文旅掀起"年味抢客潮"，哪里的年俗更特别？ | 热度排名 | 目的地 | 年味特色及亮点 | | --- | --- | --- | | TOP1 | 广东 | 岭南限定年味 | | TOP2 | 福建 | 过闽式福年 | | TOP3 | 四川 | 锦绣安逸川味年 | | TOP4 | 重庆 | 渝味新岁 | | TOP5 | 江西 | 福马贺 ...

同程数据显示，广东、福建、四川、重庆、江西等位列春节热门年味目的地top5。 | 11 2 = EFFECT FOR DE I 多地文旅掀起「年味抢客潮」 目的地 | 热度排名 TOP1 广东 | 年味特色及亮点 岭南限定年味 | | --- | --- | --- | | 过闽式福年 | TOP2 福建 | | | 三国 | TOP3 | 锦绣安逸川味年 | | 渝味新岁 | TOP4 重庆 | | | 福马贺岁,诗画江西 | TOP5 江西 | | | 江苏 | TOP6 | 水韵江苏过大年 | | 千灯百戏贺新春 | TOP7 陕西 | | | 湖北 | TOP8 | 荆楚新春 | | 山西 | TOP9 | 三晋民俗,非遗年味 | | 春满中原,老家河南 | TOP10 河南 | | | ● 同程旅行 | | | "史上最长春节假期"叠加"请5休15"拼假模式，今年春节出境游需求较往年更加旺盛。《报告》显示， 飞行距离适中、春节氛围浓郁、免签便利的东南亚依然是国人海外过年首选地。截至目前，春节出境游 热门目的地TOP10中，东南亚区域占据半壁江山，主要包括曼谷、新加坡、吉隆坡、胡志明市、巴厘 岛。 责 ...

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

Summary of Tongcheng Travel Conference Call Company Overview - Tongcheng Travel is a leading one-stop travel platform in China, holding a dominant position in the lower-tier market through deep engagement in vertical fields, benefiting from Tencent's traffic support and Ctrip's inventory sharing [2][5]. Financial Projections - Adjusted net profit forecasts for Tongcheng Travel are expected to be RMB 3.3 billion, RMB 3.9 billion, and RMB 4.6 billion for the years 2025, 2026, and 2027 respectively [2][6]. - By 2026, the company's valuation is projected to be around 12 times earnings, indicating a high investment cost-performance ratio [2][6]. Industry Dynamics - The OTA (Online Travel Agency) industry is experiencing a favorable competitive landscape, with market shares of Ctrip, Meituan, and Tongcheng at 36%, 21%, and 15% respectively [2][7]. - Differentiated competition allows companies to share market growth while maintaining good profitability [7]. Policy Impact - Anticipated policy benefits in 2026 include increased holiday days post-adjustment, spring and autumn holidays, and organized spring and autumn tours by labor unions, which are expected to enhance residents' willingness to travel [2][8]. Market Position and Strategy - Tongcheng Travel has a significant advantage in the lower-tier market, with 87% of registered users coming from non-first-tier cities [2][10]. - The company is enhancing its core competitiveness through mergers and acquisitions, integrating travel, hospitality, and other tourism resources [3][11]. User Acquisition and Marketing - Tongcheng Travel is diversifying its user acquisition channels through partnerships with Alipay, pre-installation on mobile devices, and offline channels, which strengthens its user base [2][10]. Future Development Plans - The company plans to extend its upstream industry chain through mergers and acquisitions, creating a second growth curve while continuously optimizing user marketing strategies to improve ROI on outbound travel [5][11]. Conclusion - Overall, the outlook for Tongcheng Travel is optimistic, with strong growth potential in the tourism sector and a solid strategy to maintain its leading position in the lower-tier market [4][11].

2026年春运首日车票（2月2日出发的火车票）于1月19日开售，热门出行线路的火车票、机票关注 度均快速上升，杭州出发的五个热门铁路目的地分别是贵阳、长沙、郑州、南昌、成都。根据同程、飞 猪等第三方旅行平台发布的数据，2月2日起，随着除夕当日火车票开售，节前机票均价将一路攀升，直 至2月14日前后迎来峰值。 同程研究院一名分析师表示，根据过去三年的春运出行趋势，春运期间出行最为密集的两个高峰时 间窗口通常为腊月廿二与正月初六前后，从近期的预订情况来看，这两个时间段的机票搜索量和预订热 度更高。同时，由于1月26日将开售2月9日（腊月廿二）的火车票，2月8日将开售2月22日（正月初六） 的火车票，预计这两个时段的购票紧张程度将较春运其他时段更为突出。 对于出行时间灵活的旅客，他补充道，"2月7日和8日也是春节假期前的最后一个周末，若能在2月9 日至14日请假，叠加周末和春节假期，可以拼出17天的超长假期，从而实现错峰出行。" 在机票方面，春运期间杭州出发至昆明、哈尔滨、成都的航线位列十大热门航线榜单，其中2月13 日与14日出行需求尤为集中，机票价格涨幅较为明显。值得关注的是，学生群体已成为春运出行的重要 力量 ...

智通财经APP获悉，花旗发布研报称， 在当前估值合理及春节旅游旺季即将到来的背景下，对同程旅 行(00780)持短期正面看法，且同程基本面稳定，维持"买入"评级。展望2026年，低线城市市场和出境 游的扩张，加上平均客房收益的进一步提升，有望持续推动酒店收入实现十位数增长，并带来利润率的 轻微改善。基于这些因素，花旗对同程旅行2025至2027年的盈利预测进行小幅上调，并维持目标价28港 元不变。 市场预计同程旅行将于3月中旬公布2025年第四季度业绩，其收入和调整后利润可能大致符合市场预 期。随着平均客房收益的复苏及客房夜量录得低十位数增长，花旗预计2025年第四季度酒店收入同比增 长15.8%。此外，交通票务收入的增长可能主要受益于佣金率的改善。 ...

市场预计同程旅行将于3月中旬公布2025年第四季度业绩，其收入和调整后利润可能大致符合市场预 期。随着平均客房收益的复苏及客房夜量录得低十位数增长，花旗预计2025年第四季度酒店收入同比增 长15.8%。此外，交通票务收入的增长可能主要受益于佣金率的改善。 花旗发布研报称，在当前估值合理及春节旅游旺季即将到来的背景下，对同程旅行(00780)持短期正面 看法，且同程基本面稳定，维持"买入"评级。展望2026年，低线城市市场和出境游的扩张，加上平均客 房收益的进一步提升，有望持续推动酒店收入实现十位数增长，并带来利润率的轻微改善。基于这些因 素，花旗对同程旅行2025至2027年的盈利预测进行小幅上调，并维持目标价28港元不变。 ...

Tongcheng is likely to report 4Q25E results ~mid-Mar, and we expect revs and adj. profit largely in line with consensus. With expectation of ADR recovery and low teens room nights growth, we maintain 4Q25E hotel revs growth at 15.8% yoy, while transportation growth could be more supported by take rates improvement. Into 2026E, expansion into lower-tier cities and outbound travel, together with further ADR improvement, likely continue to drive teens hotel revs growth as well as slight margin improvement. We ...

Market Performance - The Hong Kong stock market showed resilience, with the Hang Seng Index and the Hang Seng Tech Index recovering from previous declines, closing up by 0.37% and 1.11% respectively [1][2] - The overall market remained stable despite a significant drop in US stocks overnight [1] Sector Performance - Major technology stocks saw gains, with notable increases in shares of Hua Hong Semiconductor (up over 5%) and SenseTime (up over 4%) [4][5] - Semiconductor stocks were active, driven by positive sentiment in the AI-driven storage cycle, with companies like Zhaoyi Innovation reaching new highs [2][7] - Gold stocks surged, led by Chifeng Jilong Gold (up over 9%) and Lingbao Gold (up over 8%), as spot gold prices broke through $4,880 [6][8] Individual Stock Movements - The stock of Skyworth Group soared over 37% after announcing a distribution of shares in Skyworth Photovoltaic and plans for a mainboard listing [16] - Southbound funds recorded a net inflow of HKD 13.93 billion, indicating strong investor interest [19] Future Outlook - Analysts predict that the Hang Seng Index could challenge the 30,000 to 31,000 point range by 2026, as current valuations remain below historical averages [21]

Group 1 - The Hang Seng Tech Index experienced a significant increase, with a peak rise of 1.7% [1] - Notable individual stocks included Kuaishou and Hua Hong Semiconductor, both rising over 5% [1] - Baidu Group and Tongcheng Travel saw increases of over 4%, while SMIC and Alibaba Health rose over 3% [1] Group 2 - Alibaba, BYD Electronics, Bilibili, Sunny Optical, and BYD Company all recorded gains exceeding 2% [1]