Group 1 - The Guizhou Provincial Market Supervision Administration held a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with laws such as the Price Law and Anti-Monopoly Law, aiming to eliminate price irregularities and maintain a fair market environment [1] - The meeting highlighted issues such as "choose one of two" practices, price manipulation through technology, contract breaches, price fraud, and price gouging, urging companies to strengthen self-regulation and compliance [1] - The administration will closely monitor the competitive landscape and take strict actions against companies that violate regulations, including public exposure of typical cases to deter misconduct [1] Group 2 - The Guizhou Provincial Market Supervision Administration convened a meeting to standardize price order in the tourism industry, where various industry associations advocated for self-regulation and fair pricing practices during the summer tourism season [2] - The Guizhou Provincial Tourism Association and Guiyang Tourism Association emphasized the need for operators to adhere to principles of fairness, legality, and honesty in pricing, particularly addressing issues like temporary price hikes and misleading pricing practices [2] - The Guizhou Consumer Association urged consumers to pay attention to price information when selecting accommodations and dining, while operators must implement clear pricing practices to foster a trustworthy tourism environment [2] Group 3 - On July 31, the Guizhou Provincial Market Supervision Administration issued a warning letter to the accommodation industry, mandating strict adherence to pricing laws and regulations, and prohibiting practices that disrupt normal pricing order [3] - The warning letter specified that operators must clearly display prices and cannot unilaterally breach contracts or raise prices after a booking is confirmed, nor can third-party platforms manipulate published prices [3] - Penalties for non-compliance include fines up to 5,000 yuan for minor violations, with more severe penalties for price fraud (up to 500,000 yuan), price gouging (up to 3 million yuan), and collusion in price manipulation (up to 5 million yuan) [3]

金融界8月5日消息，上证指数高开高走，中证港股通消费者服务综合指数 (港股通服务，931952)报 2453.33点。 数据统计显示，中证港股通消费者服务综合指数近一个月上涨2.61%，近三个月上涨9.49%，年至今上 涨0.52%。 据了解，中证港股通行业综合指数系列在中证港股通综合指数样本中，按中证行业分类标准进行分类， 以进入各一、二、三级行业的全部证券作为样本编制指数，形成中证港股通行业综合指数系列，以反映 港股通公司中不同行业证券的整体表现。该指数以2021年12月31日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通消费者服务综合指数十大权重分别为：银河娱乐（16.92%）、百胜中国 （15.14%）、美团-W（11.81%）、金沙中国有限公司（10.82%）、海底捞（7.09%）、同程旅行 （6.3%）、蜜雪集团（4.85%）、美高梅中国（4.35%）、古茗（2.61%）、永利澳门（2.42%）。 从中证港股通消费者服务综合指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通消费者服务综合指数持仓样本的行业来看，博彩占比38.27%、餐饮服务占比34.36%、本 ...

Core Points - The CSI Hong Kong Stock Connect Leisure Services Composite Index reported a value of 2487.81 points, showing a 2.08% increase over the past month and an 8.95% increase over the past three months, while it has decreased by 0.48% year-to-date [1] - The index is designed to reflect the overall performance of different industry securities within the Hong Kong Stock Connect, classified according to the China Securities Index industry classification standards [1] Index Composition - The top ten weighted companies in the CSI Hong Kong Stock Connect Leisure Services Composite Index are: Galaxy Entertainment (16.96%), Yum China (15.18%), Sands China Ltd. (11.98%), Meituan-W (11.84%), Haidilao (7.84%), Tongcheng Travel (6.98%), Mixue Group (5.37%), MGM China (4.82%), Guming (2.89%), and Wynn Macau (2.68%) [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100% market share [1] Industry Breakdown - The industry composition of the index shows that gambling accounts for 40.60%, dining services for 36.45%, local life services for 12.77%, tourism services for 6.98%, attractions for 1.84%, and hotels for 1.38% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 同程旅行控股有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00780 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | 本月底法定/註冊 ...

转自：北京日报客户端 下一步，省市场监管局将对相关平台企业竞争态势保持密切关注，对顶风违法，整改不到位的平台企业 及平台内经营者，将依法从严从快查处，并公开曝光典型案例，形成有力震慑，坚决维护我省旅游市场 良好秩序和消费者合法权益。 来源：贵州市场监管 8月5日下午，贵州省市场监督管理局集中约谈携程、同程、抖音、美团、飞猪等五家涉旅平台企业，要 求相关平台企业严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》《明码标价和禁止价 格欺诈规定》等法律法规规章，坚决制止价格乱象，维护公平、有序、诚信的市场环境。 约谈会上，省市场监管局针对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定价、订 单生效后毁约或加价、价格欺诈、哄抬价格等问题进行了通报，进一步提示了违法风险；要求相关平台 企业严格遵守相关法律法规，积极履行平台主体责任，切实加强自律和合规建设；立即开展全面自查自 纠，禁止价格欺诈、哄抬价格、价格串通、滥用市场支配地位等违法行为，切实维护公平竞争的市场秩 序。 ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: China Internet and Other Services Key Points and Arguments 1. **Investment in Dalian Sunasia Tourism**: Tongcheng's subsidiary will subscribe to a private placement at Rmb24.75 per share, totaling Rmb956 million, acquiring 23% of Sunasia's stakes and 31% voting power, making Tongcheng the final controller [1][2] 2. **Financial Performance of Sunasia**: Sunasia has operated at a net loss for the past two years due to asset impairment but was slightly profitable when excluding that impairment [2] 3. **Market Reaction**: Following the announcement, Tongcheng's share price declined by 11%, resulting in a market cap decrease of Rmb5.5 billion [2] 4. **Concerns on M&A Strategy**: The investment in a not very profitable, asset-heavy state-owned enterprise (SOE) raises concerns regarding Tongcheng's M&A strategy [2] 5. **Stock Rating and Price Target**: Morgan Stanley rates Tongcheng as "Overweight" with a price target of HK$27.00, indicating a potential upside of 33% from the closing price of HK$20.35 on July 28, 2025 [4] 6. **Financial Projections**: - **Revenue Growth**: Expected revenue growth from Rmb17,341 million in FY 2024 to Rmb22,736 million by FY 2027 [4] - **Net Income**: Projected net income growth from Rmb2,785 million in FY 2024 to Rmb4,199 million by FY 2027 [4] - **EPS Growth**: EPS expected to increase from Rmb1.22 in FY 2024 to Rmb1.78 by FY 2027 [4] 7. **Valuation Metrics**: - **P/E Ratio**: Expected to decrease from 14.1 in FY 2024 to 10.4 by FY 2027 [4] - **ROE**: Projected to improve from 11.2% in FY 2024 to 14.9% by FY 2027 [4] 8. **Risks Identified**: - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could lead to margin upside [7] - **Downside Risks**: Softer macroeconomic growth in China and intensifying competition in lower-tier cities could negatively impact price-sensitive users [7] Additional Important Information - **Market Capitalization**: Current market cap is Rmb42,576 million [4] - **Average Daily Trading Value**: Approximately HK$242 million [4] - **WACC and Growth Assumptions**: WACC is set at 11.5% with a terminal growth rate of 3%, aligned with long-term GDP growth targets [6] This summary encapsulates the critical insights from the conference call, highlighting the strategic investment by Tongcheng, its financial outlook, and the associated risks and market reactions.

格隆汇8月4日丨同程旅行(00780.HK)宣布，董事会会议将于2025年8月18日(星期一)举行，藉以(其中包 括)批准公司及其附属公司截至2025年6月30日止六个月之未经审计中期业绩及其发布。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 馬和平 香港，二零二五年八月四日 Tongcheng Travel Holdings Limited 同程旅行控股有限公司 （於開曼群島註冊成立的有限公司） （股票代號：0780） 董事會會議通告 同程旅行控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於 二零二五年八月十八日（星期一）舉行，藉以（其中包括）批准本公司及其附屬公司 截至二零二五年六月三十日止六個月之未經審計中期業績及其發佈。 承董事會命 同程旅行控股有限公司 執行董事兼首席執行官 於本公告日期，董事會由以下成員組成： 執行董事 吳志祥 （聯席董事長） 楊嘉宏 馬和平 （首席執行官） 戴小京 獨立非執行董事 韓玉靈 非執行董事 梁建章 （聯席董事長） 江浩 謝晴華 Brent Richard Irvin ...

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 4, 2025, highlighting significant players in the industry and their respective valuations in billions of USD [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the ranking with a market capitalization of $121.99 billion [3]. - Tencent Holdings follows in second place with a valuation of $63.46 billion [3]. - Alibaba ranks third with a market cap of $27.92 billion [3]. - Xiaomi Group is fourth with a market capitalization of $18.07 billion [3]. - Pinduoduo holds the fifth position with a valuation of $15.62 billion [3]. Group 2: Additional Notable Companies - Meituan ranks sixth with a market cap of $9.45 billion [4]. - NetEase is seventh with a valuation of $8.06 billion [4]. - SMIC (Semiconductor Manufacturing International Corporation) is eighth with a market cap of $5.24 billion [4]. - Dongfang Fortune ranks ninth with a valuation of $5.11 billion [4]. - JD.com is in tenth place with a market capitalization of $4.46 billion [4]. Group 3: Rankings and Changes - Kuaishou is ranked eleventh with a market cap of $4.16 billion [5]. - Tencent Music holds the twelfth position with a valuation of $3.18 billion [5]. - Baidu is thirteenth with a market cap of $2.96 billion [5]. - Li Auto ranks fourteenth with a valuation of $2.70 billion [5]. - Beike is fifteenth with a market capitalization of $2.17 billion, showing an increase in ranking by 11 spots [5].

Core Viewpoint - The extreme high temperatures in the central and eastern regions of China during the summer of 2025 have led to a surge in national demand for summer vacation tourism, with significant shifts in travel patterns towards cooler destinations [1][4]. Group 1: Travel Trends - The search volume for "summer vacation" keywords on Meituan Travel increased by 45% year-on-year, with "summer vacation travel" searches soaring nearly 200% month-on-month [1]. - Long-distance summer travel is trending westward, with a notable increase in orders for long-distance trips to western and northeastern regions, up over 10% compared to the same period last year [4]. - Popular destinations for long-distance travel include Xining, Lhasa, Yinchuan, Lijiang, and others, with average temperatures ranging from 17°C to 26°C, making them ideal for summer retreats [4][5]. Group 2: Accommodation and Consumption - Hotel bookings in Yunnan have surged by 42% month-on-month, with dining consumption increasing by 62.6% [5]. - The average price for a family-friendly accommodation in Dali is around 1300 yuan per night during peak season, indicating a rise in accommodation costs due to high demand [5]. - The occupancy rates in western and northeastern provinces are exceptionally high, with some cities like Shenyang and Kunming exceeding 90% occupancy [6]. Group 3: Emerging Activities - New leisure activities such as "lazy drifting" in Anji have gained popularity, attracting thousands of visitors and generating significant ticket sales [8][9]. - Cultural and educational venues, including museums and science centers, are also seeing increased interest, with museum bookings up over 200% year-on-year [10]. - The trend of "traveling with events" has emerged, with sports events driving hotel occupancy rates in cities hosting matches, such as Nanjing and Huai'an [11]. Group 4: International Travel - There is a noticeable increase in outbound travel to southern hemisphere countries for cooler climates, with flight bookings to Australia and New Zealand rising over 20% [13][14]. - The price advantage of international flights has become a key driver, with significant reductions in ticket prices for routes like Guangzhou to Sydney [14]. - The overall international travel market is thriving, with a 136% increase in bookings for overseas train tickets and a 185% increase for hotel packages [14].