北京市市场监督管理局约谈12家第三方火车票网络销售平台。 来 源：北 京 市 场 监 管 微 信 公 众 号 E n d 欢 迎 分 享 给 你 的 朋 友！ 近日，北京市市场监督管理局组织 携程、去哪儿、飞猪、同程、美团、京东、航旅纵横、高铁 管家、滴滴、高德地图、百度地图、腾讯地图等12家涉及火车票网络销售业务的主流平台 ， 重 点围绕群众反映强烈的网络销售火车票突出问题召开行政约谈会。 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 ...

下一步, 北京市市场监督管理局 将持续加大监管执法力度,依法严厉 打击虚假抢票、诱导交易、价格欺诈 F A + + + = · 三是全面排查整改平台页面,下架 涉嫌误导性宣传的产品,调整页面 宣传内容,禁止采用12306图片、 文字、商标等宣传,让消费者误以 为平台与 12306 存在特定业务合 作; ● 四是认真做好明码标价,显著提醒 增值服务内容和价格,及时整改因 增值服务提示不醒目导致火车票展 示价格和实际支付费用不一致问 题,切实保障消费者的知情权。 北京市市场监督管理局近日组织携程、去哪儿、飞猪、同程、美团、京东、航旅纵横、高铁管家、滴滴、高德地图、百度地图、腾讯地图等 12家涉 及火车票网络销售业务的主流平台，重点围绕群众反映强烈的网络销售火车票突出问题召开行政约谈会。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 实时盯盘 VIP资讯 十八公 | 八 · | 强对第三方火车票网络销售平台服务 的监督， 共同推动行业规范健康发 维护公平竞争市场秩序。 展, ...

Core Viewpoint - The Beijing Municipal Market Supervision Administration held an administrative interview with 12 major platforms involved in online train ticket sales to address significant consumer complaints regarding misleading practices in ticket sales [1] Group 1: Compliance Requirements - Platforms are required to strictly implement their primary and social responsibilities, promoting a business philosophy that facilitates travel for passengers [1] - A comprehensive review of business models and service processes is mandated, prohibiting any indication that consumers can gain priority ticket purchasing privileges through paid services, and requiring the rectification of misleading promotions such as "accelerated packages" and "dual channels" after tickets are sold out [1] - Platforms must conduct a thorough review and rectify their pages by removing products that contain misleading promotions, adjusting promotional content, and prohibiting the use of 12306 images, text, and trademarks that may mislead consumers into thinking there is a specific business partnership with 12306 [1] - Clear pricing must be ensured, with significant reminders of the content and prices of value-added services, and timely rectification of issues where the displayed ticket prices do not match the actual payment due to unclear value-added service notifications, thereby safeguarding consumers' right to know [1]

近日，同程旅行推出"9元起抽春节酒店盲盒"活动，以"低成本+社交助力+多场景适配"的创新玩法，为 旅客打造高性价比住宿体验。截至2月8日，已有超10万用户参与该活动。活动将持续至2月14日，用户 抽取的盲盒酒店产品最晚入住时间为2月23日。 本次春节酒店盲盒活动打造了阶梯式盲盒产品矩阵，可覆盖春节期间各类住宿场景，满足不同用户的需 求。其中，"9元中转歇脚盲盒"专为春节假期出行旅客设计，部分酒店紧邻机场、高铁站等交通枢纽， 成为本次活动的爆款产品。"99元冬日限定"盲盒产品，则包含浪漫约会、全家聚会、冬日限定三大主 题，分别适配情侣出游、家庭团聚、冰雪和避寒旅游等场景，满足假期多元化住宿需求。 同程旅行数据显示，本次春节酒店盲盒的热门参与城市与假期出行趋势高度契合。"9元中转歇脚盲 盒"的热门解锁城市集中在广州、长沙、深圳、北京、成都等，这些城市也是用户春节假期出行的热门 始发地与目的地，"99元冬日限定"盲盒则在三亚、海口、昆明、哈尔滨、长春等避寒和冰雪旅游城市备 受欢迎。 参与抽取盲盒的用户中，90后和00后用户合计占比超过75%。在"反向过春节"的趋势下，部分70后用户 参与抽取"99元全家聚会盲盒"的 ...

在返程出行热度高涨的同时，热门城市机场和火车站周边的酒店和钟点房产品预订热度也出现大幅提 升。同程旅行数据显示，截至2月8日，入住时间在正月初六的一线城市机场和火车站周边酒店搜索热 度，相比上周同期增长超1倍。北京南站、上海虹桥站、成都东站、深圳北站、重庆北站附近的部分酒 店钟点房产品相对紧俏。（编辑：陈虹莹 校对：李佳洹 审核：程凌） 《中国民航报》、中国民航网 记者许晓泓 报道：2月8日，正月初六（2月22日）火车票正式开售，带动 出行热度明显走高。同程旅行数据显示，截至2月8日，预订正月初六出行的国内机票中，一线城市及省 会城市为热门目的地，其中成都市位居国内机票预订热门出发地和目的地前二。务工、商旅及旅行返程 人群是国内机票的预订主力。正月初六出行的国内热门航线TOP5为：成都—上海、重庆—深圳、昆明 —上海、贵阳—北京、西安—深圳。 同程旅行数据显示，预计从正月初六开始迎来春节假期返程高峰。在预订正月初六出行的国内机票用户 中，"80后""90后""00后"合计占比超过70%。国内机票预订热度最高的十大出发地为：成都、重庆、昆 明、贵阳、西安、北京、郑州、长沙、广州、上海；国内机票预订热度最高的十大 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 6 日 同程旅行 780 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 纪律重于叙事逻辑 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 5 日发布的题为《Discipline over narrative》的报告，尽管美国有关具备自主行动能力的人工智能取代包括在线旅行社（ OTAs）在内的交易型平台的 叙事广泛流传，但中信里昂认为该风险在中国不会立即显现，主要因 OTA 对供应链有更严格的控制。分析预计公司 的酒店管理业务将在 2026 年营收增长中占据更大比重，但可能伴随着前期的支出增加。分析指出，同程不太可能受 益于携程反垄断调查，因为二者共享库存池。 谷歌新推出的自动浏览航班预订功能引发了全 ...

Investment Rating - The report maintains a stable outlook for the tourism industry, with no significant changes expected in overall credit quality over the next 12 to 18 months [5][20]. Core Insights - Since 2025, the domestic tourism market has shown a positive development trend, with domestic tourism total visits and revenue maintaining double-digit growth. Cross-border travel has also seen a good recovery due to policy factors [6][9]. - The tourism industry is experiencing a shift from "quantity expansion" to "quality challenges," with a clear differentiation among companies. Those providing outstanding "value for money" experiences are expected to gain growth advantages, while those relying on traditional models will face greater pressure [5][21]. - The report highlights that the overall financial performance of sample tourism enterprises has slightly increased, but profitability and cash generation capabilities have weakened, indicating a divergence in revenue and profit across different sub-sectors [41][44]. Summary by Sections Analysis Approach - The analysis focuses on the credit fundamentals of the tourism industry by examining the overall performance in 2025, the operational status of various sub-sectors, and the impact of relevant policies on profitability and debt repayment capabilities [7]. Industry Fundamentals - The tourism industry has maintained a positive development trend since 2025, with domestic tourism visits and spending both showing double-digit growth. The recovery of cross-border tourism is also noted, supported by government policies [8][9]. - The report emphasizes the importance of providing high-quality experiences to meet the diverse demands of consumers, as the market transitions from quantity to quality [8][20]. Financial Performance - In the first three quarters of 2025, sample tourism enterprises experienced slight revenue growth, but profitability and cash generation capabilities weakened. The debt levels of these enterprises have slightly increased, maintaining a moderately high leverage level [41][44]. - The report indicates that the overall financial health of tourism enterprises is expected to remain stable, with no significant adverse changes anticipated in their ability to meet debt obligations [41].

Group 1 - The core viewpoint of the articles highlights a significant increase in flight bookings among university students aged 18 to 22 during the winter vacation, with a nearly 30% increase compared to previous weeks, outpacing other age groups [1] - The majority of flight bookings are for routes from first-tier cities to smaller cities, but there is a notable rise in bookings to popular tourist destinations such as Xi'an, Chengdu, and Changsha, with these bookings accounting for about 30% of total reservations, a year-on-year increase of approximately 6% [1] - Over 65% of travel product orders among university students are for two or more people traveling together, with bundled products like "flight + hotel" and "hotel + tickets" seeing strong sales [1] Group 2 - In addition to classic destinations, university students are increasingly interested in lesser-known locations such as Yanji, Beihai, and Liuzhou, with significant growth in flight bookings to these areas [2] - The preferred travel duration for university students is primarily 5 to 7 days, with a slight increase in those opting for 8 to 10 days [2] - University students show a preference for convenient and technologically advanced accommodations, with hotels featuring "smart control" and "robot services" experiencing rapid growth in bookings [2] Group 3 - Ice and snow activities are also popular among university students during the winter vacation, with a noticeable trend towards affordable skiing options, particularly tickets priced between 100 to 200 yuan, which account for nearly 40% of bookings [3] - Popular ski resorts among university students include Changchun Wanda Ski Resort and Alashan General Mountain Ski Resort [3]