Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a surge in travel bookings, with some popular products already sold out [1] - Consumers are planning their trips earlier than in previous years, showing a preference for domestic long-distance travel products, and a diverse range of travel experiences is emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% increase in global international tourist arrivals in the first half of 2025, with a total of approximately 690 million outbound trips recorded in the first half of this year, marking an increase of about 33 million compared to last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Domestic retailers, shopping centers, and duty-free operators in China are expected to benefit significantly from policy support aimed at enhancing tax-free and refund shopping experiences [2] Group 3 - Relevant Hong Kong stocks in the tourism sector include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism industry chain such as Macau-related stocks, China International Travel Service, and Huazhu Group [3]

【#乘客被扔高速还遭恶意下单去殡仪馆# 平台回应已将司机拉黑封号】#乘客坐顺风车被扔高速还遭恶 意下单# 9月8日，浙江宁波一市民称，坐顺风车时，因与司机争执被扔高速路边，并遭恶意下单叫车去 殡仪馆。乘客汤女士告诉记者，事发时车上除了自己还有两名乘客。汤女士从同程旅行打车，还有一乘 客从嘀嗒出行打车，但该车与嘀嗒出行的订单不符，涉事司机还要求从嘀嗒出行叫车的乘客线下付款。 汤女士称三人被扔在高速后，同行乘客接到询问是否打车去殡仪馆的电话。同程旅行及嘀嗒出行客服称 已将相关司机拉黑封号。（记者：苗玉薪 制作：李霞玲） 转自：新京报我们视频 ...

Group 1 - The 2025 International Airport Expo was held in Guangzhou, featuring a "three meetings and five exhibitions" model, including various conferences and themed exhibitions related to airport services and innovations [1] - Tongcheng Travel showcased its "First Flight Worry-Free" service, aimed at first-time air travelers, which has transitioned from a purely philanthropic initiative to a productized and market-oriented service [2] - As of the end of August, over 26 airports have joined the "First Flight Worry-Free" program, resulting in a nearly 300% month-on-month increase in the number of travelers served [2] Group 2 - Tongcheng Travel emphasized the importance of intelligent marketing solutions for transfer products, including air-to-air and air-rail intermodal services, to enhance traveler experience and reduce costs [3] - The air-to-air transfer intelligent marketing solution matches travelers with suitable transfer flights and offers discounts, while the air-rail intermodal solution simplifies the booking process and provides significant fare reductions [3] - The company has developed customized mini-programs for major airport groups, effectively meeting the urgent needs of airports in frequent traveler services and transfer services [4] Group 3 - The integration of transportation and tourism is becoming a key focus for high-quality development in the industry, with airports serving as important hubs for this integration [5] - Tongcheng Travel introduced a travel integration store at Zhengzhou Airport, providing a one-stop service for ticket booking, check-in, and travel itinerary planning [6]

Group 1: Event Overview - The 2025 International Airport Expo was held in Guangzhou, co-hosted by the China Civil Airport Association and Guangdong Airport Management Group, marking the first participation of Tongcheng Travel as the only online travel platform (OTA) at the event [1] Group 2: Innovations in Airport Services - Tongcheng Travel showcased its latest innovations in airport services and products, aiming to exchange ideas with global enterprises and promote domestic innovations internationally [2] - The "First Flight Care" service, targeting first-time air travelers, was highlighted as a key innovation, addressing the significant demand from the growing aviation population in China, which is projected to increase from 310 million in 2019 to 470 million by 2024 [2][3] - The "First Flight Care" program has seen a nearly 300% month-on-month growth in passenger numbers, with over 80,000 first-time travelers served as of August [3] Group 3: Integrated Transportation Development - The integration of air and rail transport is a core focus for the civil aviation industry during the 14th Five-Year Plan, with Tongcheng Travel emphasizing product and service innovation in this area [5] - Tongcheng Travel introduced intelligent marketing solutions for air-to-air and air-rail connections, aimed at reducing travel costs and enhancing the appeal of transfer services [5][6] - The company reported a 16% year-on-year increase in ticket bookings for transfer flights in 2024, with over 20 airports contributing to a more than 100% increase in transfer segment volume in the first half of 2025 [6] Group 4: Technological Innovations - Tongcheng Travel has focused on developing customized WeChat mini-programs for various airports, enhancing service efficiency while minimizing development costs [9] - The company has successfully launched mini-programs for several airports, addressing specific needs in frequent traveler services and transfer services [9][11] Group 5: Travel Integration Initiatives - The Zhengzhou Airport Travel Distribution Center, a collaboration between Tongcheng Travel and Henan Airport Group, opened in June, providing a one-stop travel service for arriving passengers [12] - The company aims to deepen partnerships with major airport groups to seize new opportunities in the rapidly growing civil aviation sector [12]

Core Viewpoint - From September 15, 2025, to September 14, 2026, China will implement a visa-free policy for Russian passport holders, which is expected to boost the inbound tourism market significantly [1] Group 1: Visa Policy Impact - The introduction of the visa-free policy is anticipated to enhance travel between China and Russia, with a notable increase in flight bookings between the two countries, showing over 20% year-on-year growth from January to August this year [1] - Following the resumption of group travel visa exemptions in August 2023, the number of mutual visits between Chinese and Russian tourists has been on the rise [1] Group 2: Tourism Statistics - In 2024, the number of Chinese residents traveling to Russia reached 1.0394 million, marking a year-on-year increase of 209.3% [1] - In the same year, China received 1.5035 million Russian inbound tourists, reflecting a year-on-year growth of 115.1% [1] Group 3: Infrastructure and Connectivity - The transportation network between China and Russia has been increasingly enhanced, providing diverse travel options [1] - Continuous optimization of the visa-free policy, along with improvements in tourism infrastructure and service networks, is likely to lead to more frequent cultural and tourism exchanges between the two countries [1]

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9月2日 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8月31日 狀態: 新提交 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 ...

Investment Rating - The report suggests a positive outlook for the online travel industry, particularly for leading companies like Ctrip and Tongcheng, which have shown steady growth in their mid-year reports [1][2]. Core Insights - The online travel industry is experiencing a robust recovery, with Tongcheng's revenue growing by 10% year-on-year in Q2 2025 and Ctrip's revenue increasing by 16.2% in the same period. Both companies maintained stable growth rates compared to Q1 2025, with notable performance in international business [1][2]. - Domestic tourism is on the rise, with the Ministry of Culture and Tourism reporting 5.62 billion domestic trips in 2024, a 14.8% increase year-on-year, and total spending of 5.8 trillion yuan, up 17.1% [1][2]. - The Guangdong provincial government plans to launch a "Golden Autumn Cultural Tourism Consumption Season" on September 12, 2025, with a budget of 20 million yuan for issuing tourism consumption vouchers, which is expected to stimulate local tourism and related industries [1][2]. Summary by Sections Market Weekly Review - The consumer sector saw mixed performance, with retail, food and beverage, and social services showing positive growth, while beauty care, home appliances, and textile and apparel sectors experienced declines [1][2]. - Notable stock performances included Wanchen Group (+41.10%) and Jiaheng Home Care (+55.37%), while West China Animal Husbandry (-5.88%) and Gree (-8.30%) faced declines [1][2]. Industry News and Key Company Announcements - The report highlights significant announcements from various companies, including Taiping Bird's revenue decline of 7.86% and Shanghai Jahwa's revenue growth of 4.75% in the first half of 2025 [1][2]. - Noteworthy is the performance of companies like Nongfu Spring, which reported a 15.6% increase in revenue, and Youyou Food, which saw a 45.59% rise in revenue [1][2].

Group 1 - The core viewpoint of the article highlights a trend of quality upgrades in tourism consumption during the summer of 2025, with a significant increase in first-time air travelers and a notable rise in bookings for mid-to-high-end hotels compared to budget hotels [1][2] - The total passenger volume for civil aviation during the summer is expected to reach a historical high of 150 million, driven by affordable ticket prices on popular domestic and international routes [1] - Approximately 6 million people are expected to fly for the first time this summer, primarily consisting of children, students, and seniors, indicating a significant shift in consumer behavior towards travel [1] Group 2 - Weekend local leisure and nearby vacation travelers are identified as a major source of tourism in central cities, with over 70% of hotel and scenic area guests coming from local and surrounding cities [2] - Popular cities for hotel bookings during the summer include Shenzhen, Guangzhou, Chengdu, Shanghai, Beijing, Chongqing, Hangzhou, Xi'an, Dongguan, and Changsha, which are also favored destinations for family travel [2] - Destinations such as Xinjiang, Tibet, and Qinghai have seen significant increases in travel interest, with hotel booking rates in certain areas exceeding 80% year-on-year [2]

Core Insights - The report highlights a new trend in tourism consumption during the summer of 2025, indicating a shift towards quality upgrades in travel experiences [2] - The number of first-time air travelers is expected to reach approximately 6 million, primarily consisting of children, students, and seniors, marking a significant growth in the travel market [2][3] - The demand for mid-to-high-end hotel bookings has increased by over 40% compared to the previous year, outpacing the growth of budget hotel bookings [3] Group 1: Travel Consumption Trends - The overall passenger transport volume in civil aviation is projected to hit a historical high of 150 million during the summer [2] - The increase in international travel demand, particularly from non-first-tier cities, has led to a 26.3% year-on-year growth in international flight passenger volume in July, significantly higher than the 3.7% growth in domestic flights [3] - Local and surrounding weekend leisure travel has become a major source of tourists in central cities, with over 70% of hotel and scenic area visitors coming from local and nearby cities [4] Group 2: Hotel and Accommodation Insights - The "Weekend Escape Plan" launched by the company offers discount packages for transportation, hotels, and attraction tickets, effectively boosting weekend travel consumption in popular cities [4] - Cities with high hotel booking rates during the summer include Shenzhen, Guangzhou, Chengdu, Shanghai, Beijing, and others, with family-friendly accommodations in high demand [4] - The average length of stay in certain cities is close to 1.5 nights, exceeding the national average, indicating a willingness among consumers to spend more on quality accommodations [4] Group 3: Popular Destinations and Attractions - The report identifies several hot spots in cultural and tourism consumption, including historical sites, natural landscapes, and exhibition venues, with popular destinations like Jiuzhaigou and Shanghai Disneyland [5]