（王潇雨 摄影） 国庆中秋双节叠加的8天"超级黄金周"正式收官，旅游市场热度如此前的预测一样再创新高。据交通运 输部公布的数据显示，10月1日至8日累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次， 同比增长6.2%。 在人们出游热情持续释放，全行业各项指标显著增长的背后，从诸多出游行为、消费选择以及与以往长 假期间出行习惯等诸多方面变化相比，可以瞥见在经过数十年发展转型之后，每一个公众假期出游热潮 都成为中国旅游产业升级迭代的"舞台"。在社会经济变迁和民众生活方式的演进中，旅游正逐步从标准 化、团体化的"千篇一律"转向个性化、碎片化的"沉浸式参与"，消费模式从精英阶层的奢侈享受转向全 民参与的大众休闲。 "爱玩"到"会玩" "在返乡探亲和大众旅游双重需求叠加的背景下，今年国庆中秋假期，长线跨省、跨境旅行趋势明显， 整体呈现走得更远、玩法更多、品质更高的特征。"同程旅行10月8日发布的《2025国庆中秋假期旅行消 费报告》显示。在"短途高频次，长线高品质"的假期旅行主基调下，用户的消费潜力也得到了持续释 放。今年国庆中秋假期，多居室、高品质的住宿产品，以及私家团、定制游的跟团游产品预订热度持 ...

电商已成为推动就业增长的重要力量，为社会创造了大量高质量就业岗位，成为稳就业、促发展的关键 引擎。阿里巴巴、京东、拼多多、唯品会、美团、滴滴、携程等电商平台不仅直接创造了大量就业岗 位，更通过产业链延伸、模式创新和区域协同发展，为不同群体提供了多元化的就业机会。对此，网经 社组织行业专家，独家策划了"史上最多大学毕业季 电商如何解锁就业密码？"。 对此，中国商业联合会直播电商委副会长、网经社曹磊接受数字经济新媒体&智库#网经社 独家专访。 电商助力就业面临的不足与难题 1.人才供需的结构性错配 电商行业存在显著的"有人没活干，有活没人干"现象。一方面，大量高校毕业生和求职者寻找电商岗 位；另一方面，企业却难以找到符合要求的专业人才。 课程与市场脱节：高校电子商务专业课程更新速度远跟不上行业发展。高校教材更新周期通常需要2-3 年，当学生还在学习传统电商平台运营策略时，市场已转向短视频直播、元宇宙购物等新形态。这导致 毕业生难以满足企业实际需求，许多学生不懂跨境支付流程、不熟悉海外仓等物流模式、不了解海外市 场准入标准。 复合型人才稀缺：企业急需既懂技术、又通商业、还了解法律的复合型电商人才，但高校培养的毕业生 ...

2025年10月8日 证券研究报告 | 社服行业10月投资策略： 双节出游韧性增长，Q 4兼顾高景气方向与周期预期修复 行业研究 · 行业投资策略 社会服务 投资评级：优于大市（维持评级） 证券分析师：曾光 证券分析师：张鲁 证券分析师：杨玉莹 联系人：周瑛皓 0755-82150809 010-88005377 zengguang@guosen.com.cn zhanglu5@guosen.com.cn yangyuying@guosen.com.cn zhouyinghao@guosen.com.cn S0980511040003 S0980521120002 S0980524070006 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 ◼ 行情回顾：9月板块跑输大盘，低估值且存在边际改善信号标的或区域题材相对领涨。2025.9.1-9.30 A股消费者服务板块涨2.69%，跑输沪 深300 5.89pct；2025.9.1-10.6港股消费者服务板块涨0.27%，跑输中信港股通指数6.68pct，其中国庆假期跌1.78%，跑输2.15pct。个股来 看，低估值且出现边际改善信号如行动教育、港股高 ...

人民财讯10月8日电，10月8日，携程发布的"2025国庆中秋双节旅游报告"显示，远途旅行与深度体验成 为今年国庆旅游主要趋势，国内长途游订单占比较去年提升3个百分点，出境长线游也受到游客热捧， 多个欧洲目的地订单翻倍。出境包车游更是呈现深度化趋势，整体订单量同比增长超120%。此外，假 期期间，"夜游"在携程上的搜索热度环比增幅超200%。 转自：证券时报 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,857.70, down by 100.07 points or 0.37% as of October 7, 16:00 Eastern Time [1] - The index reached a high of 27,169.45 and a low of 26,849.11 during the trading session, with a trading volume of 47.63 million [1] - The HSI's 52-week high is 27,275.90 and the low is 18,856.77, indicating a trading range of 1.19% [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.069, down 0.75% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 670.363, down 1.05% compared to the Hong Kong market close [2] Individual Stock Movements - Tencent Holdings (00700) saw a slight increase of 0.59% to HKD 677.500, but its ADR price was HKD 670.363, reflecting a decrease of 7.137 [3] - Alibaba Group (09988) decreased by 2.49% to HKD 180.500, with its ADR price at HKD 176.415, down by 4.085 [3] - HSBC Holdings (00005) increased by 0.91% to HKD 110.900, while its ADR price was HKD 110.069, down by 0.831 [3] - Other notable declines include Xiaomi Group (01810) down 2.09% to HKD 53.850 and JD.com (09618) down 2.14% to HKD 137.200 [3]

Core Viewpoint - The majority of popular Chinese concept stocks experienced a decline on Friday, with the Nasdaq Golden Dragon China Index falling by 1.15% [1] Group 1: Stock Performance - NetEase and JD.com both dropped over 1% [1] - Ctrip fell by more than 2% [1] - Baidu saw an increase of over 1% [1] - Li Auto and Xpeng both declined by more than 3% [1] - NIO decreased by over 2% [1] - Futu Holdings rose by over 2% [1]

Core Viewpoint - The article discusses the potential implications of the "choose one from two" (二选一) accusation against Ctrip, highlighting the risks of monopolistic behavior in the OTA (Online Travel Agency) sector and its impact on market dynamics [4][5][19]. Group 1: Market Dynamics and Competition - Ctrip is currently facing scrutiny after being questioned by the Zhengzhou Market Supervision Bureau, with media focusing on its pricing strategies and potential monopolistic practices [5][19]. - The OTA industry is more complex than the food delivery sector, involving higher consumer decision costs and a longer supply chain, which could lead to greater risks if monopolistic behavior is established [9][10]. - Ctrip's market dominance is significant, with projections indicating it will hold a 56% market share in 2024, far surpassing competitors like Tongcheng (15%) and Meituan (13%) [16][18]. Group 2: Pricing Strategies and Merchant Impact - Ctrip's commission structure places significant financial pressure on hotel merchants, with basic commissions ranging from 12% to 15%, and total costs potentially nearing 30% [11][12][13]. - Merchants have reported that Ctrip's "price adjustment assistant" and "golden card" system may effectively force them into a "choose one from two" scenario, limiting their pricing autonomy and market choices [22][34]. - The article suggests that Ctrip's operational strategies may create a closed market where it dictates terms, impacting the competitive landscape for merchants [34][35].

每经AI快讯，截至10月2日午间收盘，恒生指数涨1.45%，报27245.68点；恒生科技指数大涨2.66%，报 6637.65点；恒生中国企业指数走强1.63%，报9711.03点。市场半日成交额1239.80亿港元。中芯国际涨 9.30%，华虹半导体涨5.44%，蔚来-SW涨4.53%。腾讯控股涨2.34%；携程集团-S跌2.52%，腾讯音乐- SW跌2.38%。 ...

Core Viewpoint - The article highlights the regulatory scrutiny faced by travel platforms like Ctrip due to their pricing algorithms that manipulate hotel prices, impacting merchants' profits and raising concerns about unfair competition [1][11][12] Regulatory Actions - On September 17, 2025, the Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip, citing unreasonable restrictions on platform operators through service agreements and technical means [1] - This was the second regulatory interview for Ctrip within 43 days, indicating a pattern of scrutiny from authorities [1] - The Guizhou Market Supervision Administration previously addressed similar issues with Ctrip and other travel platforms, pointing out practices like "choose one from two" and price manipulation [3] Pricing Algorithm Concerns - Ctrip's "Pricing Assistant" tool, designed to help hotels remain competitive, has been criticized for forcing merchants to lower prices below those on other platforms or face reduced visibility [5][9] - Merchants report that the tool modifies prices without prior notification, leading to operational disruptions [6][9] - Some larger hotel brands have implemented systems to counteract these price changes, while smaller hotels lack the resources to resist algorithmic control [6][11] Impact on Merchants - The pricing strategies employed by platforms create a dilemma for hotel operators, who must choose between granting access to their pricing tools or risking reduced exposure on the platform [5][6] - Merchants express frustration over being used as promotional tools for platforms, often leading to unprofitable pricing [9][11] Industry Implications - The ongoing regulatory pressure reflects a broader issue of profit redistribution between platform economies and traditional businesses, where platforms gain excessive bargaining power at the expense of merchants [11][12] - The article emphasizes the need for a fair and transparent platform economy that respects the rights of all parties involved to ensure sustainable development [12]

Core Insights - The upcoming National Day holiday is expected to set new records for travel indicators, indicating a significant shift in consumer behavior towards travel and consumption [1] Group 1: Travel Demand and Projections - The Ministry of Transport predicts that during the National Day and Mid-Autumn Festival holiday from September 29 to October 10, 2025, approximately 219 million passengers will be transported by rail, a 7.5% increase compared to the previous year [4] - The civil aviation sector is expected to execute a total of 139,000 passenger flights, with a daily year-on-year growth of 5.7% [4] - Multiple travel platforms indicate a substantial year-on-year increase in the number of travelers during this holiday period, suggesting a peak in tourism and consumption [4] Group 2: Market Performance and Company Analysis - Since September, the performance of travel stocks has shown a divergent trend, with Ctrip leading significantly in terms of market capitalization and net profit attributable to shareholders [6] - Major airlines are generally experiencing losses due to macroeconomic conditions and cost fluctuations, leading to increased complaints from consumers about rising ticket prices and high seat selection fees during the holiday [8] - Many small and medium-sized hotels, travel agencies, and scenic spots are operating at low profit margins or even losses, indicating that the overall profit in the tourism industry is increasingly concentrated in Ctrip [11] Group 3: Competitive Landscape and Industry Dynamics - JD.com has targeted the OTA (Online Travel Agency) sector, with CEO Liu Qiangdong stating that high profits for any platform will reduce profits for upstream and downstream players, negatively impacting the entire industry [14] - JD.com has introduced a "zero commission policy" for merchants, and Douyin has implemented a hotel scanning and commission-free strategy starting October 1 [14] - Despite the presence of numerous OTA participants, none have yet been able to significantly challenge Ctrip's dominant position in the market [14] - Data from QuestMobile shows that in October 2022, Ctrip's monthly active users were several times greater than those of other travel platforms, and this gap is expected to widen by October 2024 [17] - Ctrip has announced an investment of over 100 million yuan to alleviate the burden on merchants, suggesting a future trend of "multi-platform price comparison" in the OTA industry [17]