Core Viewpoint - Another OTA platform, Tongcheng Group's affiliate, eLong, has entered the payment sector by acquiring 100% equity of Newborn Payment Co., Ltd, thereby obtaining a payment license [1] Group 1: Company Developments - eLong has completed the acquisition of Newborn Payment, with changes in business registration already partially updated [1] - The acquisition will allow eLong to benefit directly from the development of Hainan Free Trade Port [1] Group 2: Strategic Opportunities - eLong aims to leverage payment services as a link to seize strategic opportunities in cross-border trade and cultural tourism consumption [1] - The company plans to support the digital upgrade of cultural tourism consumption scenarios through this acquisition [1]

Core Viewpoint - The acquisition of 100% equity in Xinying Payment by Yilong Network, a subsidiary of Tongcheng Group, allows the company to obtain a payment license, enabling it to leverage opportunities in cross-border trade and digital upgrades in the cultural tourism sector, particularly benefiting from the development of Hainan Free Trade Port [1][5]. Group 1: Acquisition Details - Tongcheng Group's Yilong Network acquired Xinying Payment through a full acquisition, which is a strategic move to gain a payment license amid a restrictive environment for new applications [3]. - Xinying Payment, established in 2008 with a registered capital of 100 million RMB, was previously under HNA Group and has held a payment business license since 2011, allowing it to conduct various payment services [3][4]. - The payment license obtained allows Xinying Payment to operate multiple services, including internet payment, prepaid card issuance, and cross-border RMB payment, with the license valid until May 2026 [3][4]. Group 2: Strategic Implications - The acquisition aligns with Tongcheng's strategy to capitalize on opportunities in cross-border commerce and cultural tourism, particularly as Hainan Free Trade Port develops [5]. - The integration of payment services will reduce costs associated with external licensed payment partners and enhance user data accumulation and cross-selling of financial services [5][6]. - The move is seen as essential for building a comprehensive financial ecosystem, allowing for better service integration and competitive positioning in the digital economy [7][8]. Group 3: Compliance and Future Outlook - The acquisition marks the beginning of a compliance journey, as the company must navigate regulatory requirements related to anti-money laundering and transaction management [6]. - Strengthening compliance and internal control systems is crucial for Tongcheng to avoid potential pitfalls in the highly regulated payment industry [6]. - The payment license is viewed as a foundational infrastructure for expanding financial services and enhancing operational efficiency in the competitive landscape [7][8].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - AI is enhancing the operational efficiency of OTA platforms, optimizing user experience, and creating new revenue growth points. AI technology has penetrated core business areas such as customer service, pricing, revenue management, and itinerary planning, becoming a key driver for cost reduction and competitive advantage [3][6] - The report highlights specific companies in the sector, including Trip.com Group (09961, not rated) and Tongcheng Travel (00780, not rated) as potential investment targets [3] Summary by Sections AI Integration in OTA Platforms - OTA platforms are leveraging AI for cost reduction and service upgrades, significantly improving operational efficiency and user experience. For instance, Tongcheng Travel's "Chengxin AI" system has increased booking efficiency by over 80% compared to traditional channels, while Trip.com has positioned AI as a top priority, saving 20% in labor costs [6][7] - Dynamic pricing and AI revenue management are enhancing profitability. AI technologies analyze vast amounts of data for accurate price predictions and optimization, with companies like Hopper achieving a 90% accuracy rate in predicting airfare fluctuations [6][7] - AI is also optimizing pre-trip decision-making through personalized itinerary planning. Booking Holdings has introduced an AI Trip Planner that generates customized travel suggestions based on natural language queries, with over 60% of users utilizing it during bookings or travel [6][7] Future Outlook - The report anticipates that as multi-modal large model technologies mature and real-time data processing capabilities improve, OTA platforms will transition from "precise recommendations" to "predictive services," creating a truly user-centered intelligent travel ecosystem [6][7]

人民财讯9月20日电，9月19日，同程旅行与张家界市文旅广体局、张家界荷花国际机场举行了航旅战略 合作签约仪式。根据合作协议，同程旅行将基于平台优势，联合张家界荷花国际机场聚焦张家界旅游核 心客源地，共同开发以武陵源、天门山等张家界自然景观、生态旅游以及土家族苗族特色文化为主题的 航空旅游产品，同时希望通过系列产品的开发带动机场客流量的增长。 ...

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]

每经AI快讯，9月18日，港股同程旅行(00780.HK)涨超3%，再创历史新高。截至发稿，涨3.33%，报 24.84港元，成交额1.66亿港元。 ...

Core Viewpoint - The report from Guotai Junan maintains a buy rating for Tongcheng Travel (00780), citing a stable competitive landscape in the OTA industry and the company's ability to enhance profit margins through improved subsidy efficiency [1] Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10%, with core OTA revenue reaching 4.008 billion yuan, up 13.66% year-on-year [3] - Adjusted net profit for Q2 2025 was 775 million yuan, representing an 18% year-on-year increase, with an adjusted net profit margin of 16.6%, up 1.1 percentage points year-on-year [3][4] - The core OTA platform's operating profit was 1.07 billion yuan, a 24.69% increase, with an operating profit margin of 26.7%, up 2.4 percentage points year-on-year [3] Group 2: Market Dynamics - The competitive landscape in the OTA industry remains stable, with no significant increase in competition, as evidenced by a 2.2 percentage point decrease in the sales expense ratio [4] - The improvement in marketing efficiency continues to drive profit growth, confirming the stability of the industry structure [4] - The company's market share has slightly increased, and the GMV growth has returned to positive territory, indicating a recovery in demand for travel and accommodation [2][3] Group 3: Future Outlook - The company maintains a target market value of 59.6 billion yuan, with a corresponding target price of 27.88 HKD, based on an 18x PE valuation for 2025 [1] - The expected adjusted net profits for 2025, 2026, and 2027 are projected to be 3.311 billion yuan, 3.847 billion yuan, and 4.402 billion yuan, respectively [1]

Core Viewpoint - The report from Guotai Junan maintains an "overweight" rating for Tongcheng Travel (00780), citing a stable competitive landscape in the OTA industry and the company's ability to enhance profit margins through improved subsidy efficiency [1] Financial Performance - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10%, with core OTA revenue reaching 4.008 billion yuan, up 13.66% [3] - Adjusted net profit for Q2 2025 was 777.5 million yuan, reflecting an 18% year-on-year growth, with an adjusted net profit margin of 16.6%, up 1.1 percentage points [3][4] - Core OTA operating profit was 1.07 billion yuan, a 24.69% increase, with an operating profit margin of 26.7%, up 2.4 percentage points [3] Market Dynamics - The competitive landscape remains stable, with no significant intensification of competition, as evidenced by a 2.2 percentage point decrease in sales expense ratio [4] - The improvement in marketing efficiency continues to drive profit growth, indicating strong certainty in profit growth despite the competitive environment [4] Growth Outlook - The company maintains adjusted net profit forecasts for 2025, 2026, and 2027 at 3.311 billion, 3.847 billion, and 4.402 billion yuan respectively [1] - The target market capitalization is set at 59.6 billion yuan, translating to a target price of 27.88 HKD based on an 18x PE valuation for 2025 [1]

Core Viewpoint - Tongcheng Travel (00780) has seen its stock price rise over 3%, reaching a historical high of 24.88 HKD, driven by favorable government policies aimed at boosting service consumption and tourism [1][1]. Company Summary - As of the latest report, Tongcheng Travel's stock is up 3.33%, trading at 24.84 HKD with a transaction volume of 166 million HKD [1]. - Citigroup maintains a "Buy" rating for Tongcheng Travel, setting a target price of 28 HKD [1]. Industry Summary - The Ministry of Commerce and nine other departments issued a notice on September 16, outlining measures to expand service consumption, including attracting more foreign visitors and optimizing student holiday arrangements [1]. - The proposal to establish fixed spring and autumn breaks could lead to a more balanced distribution of tourism demand throughout the year, potentially creating new travel peaks and improving profitability for online travel agencies (OTAs) [1]. - A report indicates that the combined National Day and Mid-Autumn Festival holiday in 2025 will last from October 1 to October 8, which is expected to drive strong tourism demand, particularly for long-distance and outbound travel [1].

Core Viewpoint - Tongcheng Travel (00780) has seen its stock price rise over 3%, reaching a historical high of 24.88 HKD, driven by new policies aimed at expanding service consumption in China [1] Group 1: Company Performance - As of the report, Tongcheng Travel's stock is up 3.33%, trading at 24.84 HKD with a transaction volume of 166 million HKD [1] - The company is expected to benefit from the new policies that may lead to a more balanced distribution of tourism demand throughout the year [1] Group 2: Industry Insights - The Ministry of Commerce and nine other departments issued a notice on September 16, outlining measures to attract more foreign visitors and optimize student holiday arrangements [1] - The potential establishment of fixed spring and autumn breaks could create new travel peaks, enhancing overall tourism demand [1] - Citigroup forecasts strong tourism demand during the combined National Day and Mid-Autumn Festival holiday in 2025, predicting that long-distance and outbound travel will benefit significantly [1] - Citigroup maintains a "Buy" rating for Tongcheng Travel with a target price of 28 HKD [1]