Market Overview - The U.S. stock market opened with slight gains, with the Nasdaq up 0.18%, S&P 500 up 0.1%, and Dow Jones up 0.09% [1] Company Highlights - Nvidia saw a rise of over 1%, reporting a Q2 revenue growth of 56% year-over-year, exceeding expectations, and approved an additional $60 billion for stock buybacks [1] - Cloud software company Snowflake increased by 10.5%, with Q2 revenue growth of 32% year-over-year, also raising its full-year revenue forecast [1] - Trip.com Group (携程) rose by 8.2%, reporting a Q2 net profit attributable to shareholders that grew over 26% year-over-year, and announced a stock buyback of up to $5 billion [1] - CrowdStrike experienced a decline of over 2%, reporting a Q2 net loss of $77.7 million, reversing from profit, and provided slightly lower revenue guidance for the upcoming quarter [1]

Market Overview - The Hang Seng Index closed at 25,201.76 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,697.53 points, down 1.47% [1] - The China Enterprises Index closed at 9,020.26 points, down 1.40% [1] - The Red Chip Index closed at 4,273.29 points, down 1.62% [1] Top Gainers - Nongfu Spring rose over 7% to 50.250 HKD [1][2] - NIO-SW increased over 4% to 51.700 HKD [1][2] - Shanghai Fudan and WanGuo Data-SW both rose over 1% [1][2] Top Losers - Beike-W fell over 6% to 47.200 HKD [1][2] - Naixue's Tea and Stone Pharmaceutical Group both dropped over 5% [1][2] - Li Ning, Alibaba Health, and Pop Mart fell over 4% [1][2] - JD Logistics, Zhou Hei Ya, and Mengniu Dairy declined over 3% [1][2] - Other notable declines include Zhou Dafu, Dongfang Zhenxuan, and Haidilao, all down over 2% [1][2]

Market Overview - The Hang Seng Technology Index (HSTECH) decreased by 1.66% as of August 28, 2025, with mixed performance among constituent stocks [3] - Ctrip Group-S (09961) and SMIC (00981) led gains, both up by 8.00%, while Meituan-W (03690) fell by 12.38% [3] - The Hang Seng Technology Index ETF (159742) dropped by 1.54%, with a latest price of 0.77 HKD [3] Trading Activity - The Hong Kong stock market recorded a total turnover of 371.38 billion HKD on August 27, 2025, with southbound funds net buying 15.371 billion HKD [3] - The ETF saw an intraday turnover of 14.53%, with a transaction volume of 458 million HKD, indicating active market participation [3] Institutional Insights - Future catalysts for the Hong Kong stock market include AI technology and new consumption trends, which are expected to drive market growth [4] - Continuous inflow of southbound funds is enhancing marginal pricing power, especially if domestic interest rates remain low [4] - The transition from loose monetary policy to loose credit in China, along with potential US interest rate cuts, could further support the Hong Kong market [4] ETF Performance - The latest size of the Hang Seng Technology Index ETF reached 3.157 billion HKD, with a total of 4.075 billion shares, marking a one-year high [5] - The ETF has seen a net inflow of 228 million HKD over the past three days, with a daily average net inflow of 75.882 million HKD [5] - The ETF's net asset value has increased by 36.12% over the past three years, with a maximum monthly return of 33.70% since inception [5] Tracking Accuracy - As of August 27, 2025, the Hang Seng Technology Index ETF has a tracking error of 0.047% over the past three years, the highest among comparable funds [6] Index Composition - The Hang Seng Technology Index comprises the top 30 Hong Kong-listed companies highly related to technology, with the top ten stocks accounting for 68.53% of the index [7]

Core Insights - Ctrip Group reported a significant increase in its financial performance for Q2 2025, with total bookings on its international OTA platform growing by over 60% year-on-year [1] - The inbound tourism bookings saw a remarkable growth of over 100% year-on-year, while outbound hotel and flight bookings surpassed pre-pandemic levels by 120% [1] - The recovery of national cross-border flight capacity reached 84% of pre-pandemic levels [1] Inbound Tourism Performance - The inbound tourism business continued to show strong growth, primarily driven by demand from South Korea and Southeast Asia, the two largest source markets [1] - In the first half of 2025, the number of inbound visitors increased by 30% year-on-year, with 71% of inbound tourists coming from visa-exempt regions [1] Strategic Initiatives - Ctrip Group launched the "Smart Travel Future" hotel empowerment program aimed at enhancing hotel performance in terms of inbound orders, new customer growth, and operational efficiency [1] - This initiative is designed to create a growth community between the platform and hotels [1]

Group 1 - The core idea of the news is the significant increase in inbound foreign travelers to Beijing, prompting Ctrip to establish a one-stop inbound travel consultation center at Beijing Capital Airport to enhance the travel experience [2][3] - In the first five months of this year, the total number of inbound foreign travelers at Beijing port reached 1.21 million, a 40% increase compared to the same period last year, with 690,000 benefiting from the transit visa exemption policy, doubling last year's figures [2] - Ctrip's new center offers over ten high-frequency services for inbound travelers, including payment guidance, itinerary planning, and accommodation booking, aiming to provide a comprehensive solution for their needs [2][3] Group 2 - Ctrip's "Smart Travel Future" hotel empowerment plan aims to help hotels overcome language barriers using AI, resulting in a significant increase in inbound orders [5][6] - The hotel manager reported that the use of Ctrip's multilingual AI system reduced response time from half a day to just 30 minutes, leading to an 8-fold increase in inbound orders in the past month [5] - The plan is expected to drive a 100% annual growth in inbound travel orders for partner hotels over the next three years [6] Group 3 - Ctrip hosted the Envision 2025 Global Partner Conference in Shanghai and Chengdu, attracting over 3,000 tourism industry partners from 74 countries, setting a record for the number of overseas professionals received by the Chinese tourism industry [8] - The event featured a global live broadcast that reached over 10 million viewers, promoting tourism in Sichuan, which saw a 52% increase in inbound tourist numbers and a 54% increase in tourism consumption from January to August 2025 [8] Group 4 - The 2025 Innovation Tourism Contribution Award recognized 20 global tourism innovation projects, providing a low-risk platform for traditional scenic spots to test new technologies and business models [10] - The award aims to encourage the tourism industry to innovate and develop sustainable practices, with a prize of 400,000 yuan for the winning projects [10] Group 5 - Ctrip's I+I project aims to enhance international transfer services for Sichuan Airlines, resulting in a 101% increase in international transfer ticket sales in the first half of the year [12] - The project focuses on optimizing online product displays and marketing exposure to boost passenger flow through domestic airlines and airports [12] Group 6 - Ctrip launched a zero-carbon practice project in Ningxia, showcasing sustainable development in rural tourism through the establishment of a holiday farm [16] - The project employs local villagers and aims to create job opportunities while preserving traditional culture and heritage [16] Group 7 - Ctrip's collaboration with 15 key tourism cities to promote self-driving travel experiences has led to a significant increase in rental orders, with a 200% year-on-year growth in the core rental product [18][19] - The initiative combines car rentals with deep cultural experiences, enhancing travel freedom and cultural immersion for tourists [19]

Summary of Trip.com Group Ltd Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: China Internet and Other Services - **Market Cap**: US$45.843 billion - **Stock Rating**: Overweight - **Price Target**: US$78.00, representing a 19% upside from the closing price of US$65.29 on August 27, 2025 Key Financial Highlights - **2Q25 Net Revenue**: Increased by 16% YoY to Rmb14.8 billion, 2% above Morgan Stanley estimates [2][3] - **Non-GAAP Operating Profit**: Rose by 10% YoY to Rmb4.7 billion, exceeding estimates by 10% [2][3] - **Adjusted Net Profit**: Increased by 1% YoY, also 10% above estimates [3] - **Operating Margin**: 31.4%, surpassing guidance of 29.1% [2][3] - **Share Repurchase Program**: New program approved for US$5 billion, approximately 11.7% of market cap [3] Segment Performance - **Accommodation Reservations**: Up 21% YoY to Rmb6.225 billion, 12% QoQ growth [3] - **Transportation Ticketing**: Increased by 11% YoY to Rmb5.397 billion, flat QoQ [3] - **Packaged Tours**: Decreased by 8% YoY to Rmb947 million [3] - **Corporate Travel**: Slight decline of 1% YoY to Rmb692 million [3] - **Others**: Grew by 31% YoY to Rmb1.471 billion [3] Market Outlook - **3Q25 Outlook**: Market focus expected to shift due to weak travel data during the summer holiday [3] - **Risks to Upside**: Potential rebound in macroeconomic growth and recovery in outbound travel [9] - **Risks to Downside**: Increased competition from Tongcheng Travel and Meituan, pandemic uncertainties, and macroeconomic slowdown [9] Valuation and Financial Metrics - **WACC**: 10.5%, aligned with lower bound of China Internet WACCs [8] - **Terminal Growth Rate**: 3%, aligned with long-term GDP growth target [8] - **Projected Revenue Growth**: Expected to reach Rmb61.245 billion in FY25 [4] - **Projected EPS**: Expected to be Rmb24.50 in FY25 [4] Additional Insights - **Gross Margin**: 81.0%, with slight fluctuations noted [3] - **Operating Income**: Increased by 15% YoY to Rmb4.102 billion [3] - **Net Income to Shareholders**: Increased by 76% YoY to Rmb4.846 billion [3] - **Diluted EPS**: Rmb6.97 for 2Q25, reflecting a 45% increase YoY [3] This summary encapsulates the key points from the conference call, highlighting the financial performance, market outlook, and strategic initiatives of Trip.com Group Ltd.

Core Insights - Ctrip Group reported a net revenue of 14.843 billion RMB for Q2 2025, representing a year-on-year increase of 16.22% [1] - The net profit attributable to shareholders for the same quarter was 4.846 billion RMB, showing a year-on-year growth of 26.43% [1] Revenue Breakdown - Accommodation booking revenue for Q2 2025 reached 6.2 billion RMB, reflecting a year-on-year increase of 21% and a quarter-on-quarter growth of 12% [1] - Transportation ticketing revenue was 5.4 billion RMB, with a year-on-year increase of 11% and stable quarter-on-quarter performance [1] International and Inbound Tourism - Ctrip's international OTA platform bookings grew by over 60% year-on-year in Q2 2025 [1] - Inbound tourism bookings saw a remarkable increase of over 100% year-on-year, driven primarily by demand from South Korea and Southeast Asia [1]

携程集团-S(09961)高开逾5%，截至发稿，涨5.66%，报541.5港元，成交额1.33亿港元。 消息面上，携程集团发布2025年二季度业绩，该集团取得净收入人民币148.43亿元(单位下同)，同比增 加16.22%；归属携程集团有限公司净利润48.46亿元，同比增加26.43%。公司指出，第二季度国际各业 务板块继续呈现强劲增长态势，国际OTA平台总预订同比增长超过60%；入境旅游预订同比增长超过 100%；出境酒店和机票预订已全面超越2019年疫情前同期的120%水平。 ...

携程集团(9961.HK)涨超6%，报544港元，股价创2月17日以来新高。 公司公布截至6月底止中期业绩，股东应占净利润91.23亿元，同比升12.01%；每股基本盈利13.82元。 收入合计287.14亿元，同比增16.21%。 单计截至6月底止季度，股东应占净利润48.46亿元，同比增26.43%；每股基本盈利7.34元。收入合计 148.64亿元，同比升16.23%，超预期。经调整EBITDA为49亿元，去年同期为44亿元。经调整EBITDA 利润率33%，按年降2个百分点。 另外，携程董事会8月批准一项新的股份回购计划。据此，公司获授权回购总值不超过50亿美元(约390 亿港元)的已发行普通股及/或美国存托凭证(ADS)。 ...

Core Insights - Ctrip Group-S (09961) opened over 5% higher and is currently up 5.66%, trading at HKD 541.5 with a transaction volume of HKD 133 million [1] Financial Performance - For Q2 2025, Ctrip Group reported a net revenue of RMB 14.843 billion, representing a year-on-year increase of 16.22% [1] - The net profit attributable to Ctrip Group Limited was RMB 4.846 billion, showing a year-on-year growth of 26.43% [1] Business Growth - The company highlighted strong growth across its international business segments, with total bookings on the international OTA platform increasing by over 60% year-on-year [1] - Inbound travel bookings surged by over 100% year-on-year [1] - Outbound hotel and flight bookings have fully surpassed 120% of the levels seen in the same period in 2019, prior to the pandemic [1]