长江证券发布研报称，OTA当前竞争格局趋稳，同程长期深耕OTA业务，纵深旅游产业链，用户基本 盘、供应链能力、服务效率筑牢龙头护城河，当前战略聚焦于提升运营效率。公司盈利能力在用户营销 策略优化、精细化补贴、出境游盈利提升下，进入上行通道，后续销售费用率及take rate仍有提升空 间，有望支撑公司利润率持续上行。 同程旅行(00780)尾盘涨超3%，截至发稿，涨3.39%，报22.6港元，成交额1.61亿港元。 消息面上，国家统计局数据显示，2025年11月全国CPI同比上涨0.7%，涨幅较上月明显扩大，居民消费 延续恢复态势。从结构看，服务价格同比上涨0.7%，高于消费品价格涨幅，服务消费修复特征进一步 显现。在此背景下，旅游相关价格表现相对占优，11月旅游价格同比上涨2.0%，1-11月累计同比小幅抬 升，反映出文旅出行需求对价格的支撑仍具韧性。 ...

消息面上，国家统计局数据显示，2025年11月全国CPI同比上涨0.7%，涨幅较上月明显扩大，居民消费 延续恢复态势。从结构看，服务价格同比上涨0.7%，高于消费品价格涨幅，服务消费修复特征进一步 显现。在此背景下，旅游相关价格表现相对占优，11月旅游价格同比上涨2.0%，1-11月累计同比小幅抬 升，反映出文旅出行需求对价格的支撑仍具韧性。 长江证券发布研报称，OTA当前竞争格局趋稳，同程长期深耕OTA业务，纵深旅游产业链，用户基本 盘、供应链能力、服务效率筑牢龙头护城河，当前战略聚焦于提升运营效率。公司盈利能力在用户营销 策略优化、精细化补贴、出境游盈利提升下，进入上行通道，后续销售费用率及take rate仍有提升空 间，有望支撑公司利润率持续上行。 智通财经APP获悉，同程旅行(00780)尾盘涨超3%，截至发稿，涨3.39%，报22.6港元，成交额1.61亿港 元。 ...

Industry Overview - The service consumption sector in China has significant growth potential, with the current GDP per capita exceeding $13,000, indicating a shift from goods to service consumption as the economy matures [4][7][24] - The proportion of development-oriented and enjoyment-oriented service consumption in China is relatively low, particularly in cultural, leisure, and health sectors, suggesting substantial room for improvement [4][7][24] - Recent government policies at both central and local levels have been introduced to support service consumption, focusing on the needs of the elderly and Generation Z, which are expected to drive growth in health, tourism, and new consumption sectors [4][7][24] Tourism and Travel - The domestic tourism market is projected to grow significantly, with 4.998 billion trips expected in the first three quarters of 2025, reflecting an 18% year-on-year increase [8][46] - The government has implemented various supportive policies to enhance tourism, including the issuance of travel vouchers and promotional activities to stimulate demand [8][58] - The tourism industry is undergoing consolidation, with companies optimizing resources and enhancing operational efficiency to drive high-quality development [8][58] Local Lifestyle - The restaurant industry is expected to see steady growth, although there is significant market differentiation, with high-end dining facing challenges while mass dining remains robust [10][10] - The tea beverage sector is experiencing growth driven by delivery services, with leading brands expanding their store presence despite potential challenges from subsidy reductions [10][10] - Meituan is facing increased competition in the delivery market, with a focus on improving operational efficiency and service quality to enhance long-term value [10][10] Education and Employment - The education sector is gradually recovering, with leading institutions expected to gain market share due to their brand strength and resource capabilities [11][11] - The human resources sector is seeing structural demand recovery, with AI technology providing opportunities for cost reduction and efficiency improvements [11][11] Summary of Investment Opportunities - Investment opportunities are concentrated in sectors that combine valuation safety margins with growth logic, particularly in health, tourism, and new consumption areas driven by demographic changes [4][7][24]

考虑到旺季机酒价格"水涨船高"，同程旅行也给雪友提供更具性价比的出行住宿选择。活动期间将推出多场"冰雪出行专场直播"，直播间内释放限量低价出 行航线、雪场权益加码等专属福利。住宿方面，合作的万达酒店等品牌提供"万悦会"金卡体验权益，艺龙会也将对旅客发放酒店大额立减优惠券，并在直播 中抽取部分房型免房券。 近年来，冰雪游彻底破圈，滑雪运动已不再是专业人士、小众滑雪爱好者的专属。如今雪场上驰骋飞扬的，还有大批年轻用户、家庭亲子甚至"新银发"一族 的身影。客群构成更丰富之外，冰雪游目的地也日趋多元化，今年以来新疆地区滑雪热度相比以往更加高涨，机酒、滑雪门票等产品预订热度较去年提升近 40%。 以此次活动落地的阿勒泰将军山滑雪场为例，自11月份下旬开板以来，同程旅行平台上，将军山滑雪场预订热度环比提升约56%，全国各大户外滑雪场中， 将军山滑雪场进入TOP10榜单，在新疆一众户外滑雪场里更是排进前3位。 当板刃滑过雪道，漫天银色细雪飞溅而起，滑雪运动的酷炫自由感在这一刻具象化。快乐背后，是雪友们吃过的不少"苦头"：雪具装备又大又沉难携带，天 寒地冻一早爬起排队、旺季机酒价格不够美丽...... 基于对用户需求痛点的洞 ...

当板刃滑过雪道，漫天银色细雪飞溅而起，滑雪运动的酷炫自由感在这一刻具象化。快乐背后，是雪友 们吃过的不少"苦头"：雪具装备又大又沉难携带，天寒地冻一早爬起排队、旺季机酒价格不够美丽...... 基于对用户需求痛点的洞察，12月12日，同程旅行携手2025新疆热雪节，在阿勒泰将军山滑雪场正式启 动第三届"滑滑的世界"系列冰雪活动。活动联合顺丰快递、国航、川航、万达酒店等十余家合作伙伴， 推出覆盖"行、滑、住"全场景的雪友权益卡，借势新疆热雪节的热度，活动权益有望触达更多雪友用 户。 面对长途携带装备的烦恼，同程旅行联合顺丰快递推出雪板优惠寄送服务，雪友权益卡用户可享受全国 200余个城市至阿勒泰机场的雪板往返专属优惠；艺龙酒店科技旗下美豪丽致酒店距离阿勒泰雪都机场 8.5公里，可提供班车接送机、雪场接送车、公共停车场、代客泊车等多项服务，方便用户在雪场及交 通枢纽之间快捷往来，减少路途奔波耗时。 考虑到旺季机酒价格"水涨船高"，同程旅行也给雪友提供更具性价比的出行住宿选择。活动期间将推出 多场"冰雪出行专场直播"，直播间内释放限量低价出行航线、雪场权益加码等专属福利。住宿方面，合 作的万达酒店等品牌提供"万悦会 ...

新华社消息，第二十七届哈尔滨冰雪大世界将于2025年12月17日10时开园。作为世界级冰雪旅游目的 地，其开园消息瞬间点燃了全国游客的出游热情。同程旅行(00780)平台数据显示，截至12月15日上午9 点，与"哈尔滨冰雪大世界"相关的搜索热度相较前日同期暴涨5倍，而12月以来，哈尔滨冰雪大世界相 关搜索热度持续攀升，带动冬季旅游热潮，哈尔滨荣登平台冬季热门旅游目的地榜首。 冰雪大世界的璀璨冰灯与恢弘雪雕，无疑是今冬哈尔滨吸引游客的"金字招牌"。同程旅行平台上，相关 门票套餐预订热度在预售期就呈现爆发式增长。冰雪大世界开园的火爆，也进一步带动了哈尔滨整体旅 游热度，其中哈尔滨极地公园表现尤为亮眼。同程旅行平台数据显示，自11月冰雪旅游季预热启动以 来，哈尔滨极地公园的搜索热度始终居高不下，近一周景区门票预订热度同比去年增长近4倍。 基于对冬季旅游市场的深刻洞察，同程旅行今年创新打破省界限制，整合黑龙江、吉林、辽宁三省的优 质冰雪资源，为游客打造多样化的冰雪体验线路。比如，同程旅行与哈尔滨机场联合上线了空空中转和 空铁中转百元免减活动，即从其他城市飞哈尔滨，然后再转高铁或飞机前往牡丹江等东北城市，可获得 100 ...

Core Insights - The 27th Harbin Ice and Snow World will open on December 17, 2025, igniting nationwide travel enthusiasm among tourists [1] - The opening is expected to significantly boost winter tourism in Harbin, making it the top winter travel destination in China [1] Group 1: Tourism Trends - Search interest for "Harbin Ice and Snow World" surged by 500% compared to the previous day, with ongoing increases since December [1] - Ticket package bookings for the Ice and Snow World have seen explosive growth during the pre-sale period, contributing to the overall rise in Harbin's tourism [1] - Harbin Polar Park has also experienced a remarkable increase in ticket bookings, with a nearly 400% year-on-year growth in the past week [1] Group 2: Visitor Preferences - Over 30% of users planning trips to Harbin are including both Ice and Snow World and Harbin Polar Park, indicating a trend towards combined experiences [2] - The unique offerings of Harbin Polar Park, such as the "Learning Penguin" and the "Ocean Heart" white whale show, enhance the overall appeal of the winter tourism experience [2] Group 3: Regional Impact - The excitement surrounding the Ice and Snow World is positively affecting tourism in Jilin and Liaoning provinces, indicating a regional tourism market expansion [2] - A joint travel ticket initiative by the Harbin Railway Bureau and Shenyang Bureau aims to connect popular ice and snow destinations across Heilongjiang, Jilin, and Liaoning, facilitating easier travel for tourists [2] Group 4: Service Innovations - Tongcheng Travel has launched innovative travel packages that integrate resources from Heilongjiang, Jilin, and Liaoning, offering diverse ice and snow experience routes [3] - The introduction of a "International Service Island" at Harbin Railway Station aims to provide comprehensive support for incoming tourists, enhancing their travel experience from arrival [3] - The service island offers multilingual support, travel consultations, itinerary planning, and ticket assistance to ensure a warm welcome for visitors [3]

值得注意的是，预订哈尔滨行程的用户中，超过30% 的用户在行程规划中同时包含了冰雪大世界与哈 尔滨极地公园两大景区，"冰雪+极地"的差异化组合体验正成为游客探索哈尔滨的经典之选。憨态可掬 的"淘学企鹅"、精彩绝伦的白鲸秀"海洋之心"以及丰富的极地动物资源，让哈尔滨极地公园在冰雪旅游 的宏大背景下，提供了独特而温暖的极地魅力体验，有效延长了游客在哈停留时间。 新华社消息，第二十七届哈尔滨冰雪大世界将于2025年12月17日10时开园。作为世界级冰雪旅游目的 地，其开园消息瞬间点燃了全国游客的出游热情。同程旅行平台数据显示，截至12月15日上午9点， 与"哈尔滨冰雪大世界"相关的搜索热度相较前日同期暴涨5倍，而12月以来，哈尔滨冰雪大世界相关搜 索热度持续攀升，带动冬季旅游热潮，哈尔滨荣登平台冬季热门旅游目的地榜首。 冰雪大世界的璀璨冰灯与恢弘雪雕，无疑是今冬哈尔滨吸引游客的"金字招牌"。同程旅行平台上，相关 门票套餐预订热度在预售期就呈现爆发式增长。冰雪大世界开园的火爆，也进一步带动了哈尔滨整体旅 游热度，其中哈尔滨极地公园表现尤为亮眼。同程旅行平台数据显示，自11月冰雪旅游季预热启动以 来，哈尔滨极地公园的搜 ...

海南全岛封关运作进入最后一周倒计时，这项将于12月18日实施的核心政策，被文旅行业普遍视为一个时代性机遇，对文旅企业而言，其意义远超税收优 惠。它直接预示着国际客流的结构性增长与消费场景的全面升级，叠加多国免签入境海南政策、三亚凤凰国际机场改扩建、国际航线航班加密等多项措施影 响，海南的国际高端客源涌入的趋势将更加明显。 12月11日，复星旅文副总裁、联席首席财务官陈子煜在海南接受《每日经济新闻》记者专访时指出，封关带来的不仅是税收与流通便利，更是"唯一 性"与"第一性"的政策优势。企业不应只追求"便宜"和"过境"，而应着力将政策红利转化为消费场景升级与人员留存能力。 陈子煜强调，封关将推动当下"聚焦情绪价值提升的健康焕新度假""沉浸式主题娱乐度假村"等新业态进一步发展，而企业竞争力最终将回归产品力与运营 力。面对当前文旅行业资产并购频繁的现象，他认为这并非"抄底"，而是行业从粗放扩张迈入专业运营整合阶段的标志。真正的机会，属于那些能持续打造 优质内容、提升身心体验、实现资产价值重构的企业。以下是采访实录，内容经整理。 陈子煜：封关之后的"境内关外"，其实是一个生态叠加的过程，是全球优质资源、要素在海南政策优 ...

Core Insights - The upcoming closure of Hainan Island, set to be implemented on December 18, is viewed as a transformative opportunity for the tourism and cultural industry, signaling structural growth in international visitor traffic and an upgrade in consumption scenarios [1][6] - The true value of the Hainan policy lies in its uniqueness and primacy, which should be leveraged by companies to enhance consumer experiences rather than merely focusing on cost advantages [6][7] Group 1: Policy Benefits - The closure will lead to an upgrade in consumption scenarios, transforming tax benefits and logistical conveniences into high-quality, distinctive consumer experiences [6][7] - Enhanced personnel flow will result from increased ease of crossing borders, attracting more international travelers to Hainan, as evidenced by full flights to Haikou and Sanya with a significant proportion of non-Chinese passengers [6][7] Group 2: New Business Models - The "inside the border, outside the customs" characteristic post-closure will foster new tourism consumption models, such as health-focused resorts and immersive theme entertainment villages, integrating luxury retail, fine dining, and cultural experiences [8][9] - Companies should focus on creating unique and high-quality products that form a competitive moat, while international brands can leverage their global membership systems and service standards to cater to the increasing high-spending international clientele [9][10] Group 3: Market Dynamics - The current trend of frequent asset mergers and acquisitions in the tourism industry indicates a shift towards professional operational integration rather than mere opportunistic buying [12] - The essence of revitalizing existing assets lies in enhancing product quality and operational capabilities, moving away from price wars to focus on unique content and experiences [13][14] Group 4: Future Trends - The trend is shifting from selecting destination cities to choosing specific resorts or hotels, emphasizing the importance of creating strong thematic IPs and unique experiences that define a destination [15]