报告引述携程管理层预期，2026年国内业务将延续增长势头，瑞银预测其增幅将达高双位数，主要受惠 于酒店日均房价持续回升及市场份额扩张，而交通票务业务可能相对疲软。海外业务方面，携程预计 2023至2027年营收年均复合增长率达约50%，意味着2026年可实现40%至50%的强劲同比增长。 瑞银发布研报称，携程集团-S(09961)在国内业务稳步复苏、出境旅游需求扩张及入境市场强劲增长等 多重动力推动下，预计2026年各业务线将维持稳健增长，重申对携程(TCOM.US)美股"买入"评级，并给 予90美元目标价。 携程管理层对与AI平台合作持开放态度，并视为与搜索引擎类似的增量流量渠道。管理层重申供应链 能力仍然是OTA的一个主要竞争优势，携程利用其专有数据、垂直专业知识和扩大的研发投资，正积极 在其应用中探索智能功能。 ...

智通财经APP获悉，瑞银发布研报称，携程集团-S(09961)在国内业务稳步复苏、出境旅游需求扩张及入 境市场强劲增长等多重动力推动下，预计2026年各业务线将维持稳健增长，重申对携程(TCOM.US)美 股"买入"评级，并给予90美元目标价。 报告引述携程管理层预期，2026年国内业务将延续增长势头，瑞银预测其增幅将达高双位数，主要受惠 于酒店日均房价持续回升及市场份额扩张，而交通票务业务可能相对疲软。海外业务方面，携程预计 2023至2027年营收年均复合增长率达约50%，意味着2026年可实现40%至50%的强劲同比增长。 携程管理层对与AI平台合作持开放态度，并视为与搜索引擎类似的增量流量渠道。管理层重申供应链 能力仍然是OTA的一个主要竞争优势，携程利用其专有数据、垂直专业知识和扩大的研发投资，正积极 在其应用中探索智能功能。 ...

1月12日，有网友在社交平台发帖称，大量携程集团员工收到以公司名义发送的"离职通知"短信。 来源：中国新闻周刊 智通财经。首图截图来源于智通财经 短信称："感谢一路相伴，继续使用手机号码登录trappal，使用下一程服务号，将获得更多离职员工服务……"还有网友联想到此为"年底大裁员草稿"。相 关话题登上热搜。 携程方面明确，该员工确为携程正式员工，并非实习生，且一直在自责，团队已为其提供一日带薪假期的选项，并送了解压小礼物，目前该员工在岗状态 稳定。 此外，有携程的在职员工向记者表示，相关办公软件目前处于下线过渡期，自己仍在使用，目前是分批迁徙状态，被发送"离职通知"短信的部门可能是在 准备迁徙，因此造成了误触。 1月13日，携程相关工作人员回应称，实际情况是二级部门失误。造成失误的原因主要是技术设计问题，导致员工容易误触发短信，后续会改进设计，减 少误触的可能。 该工作人员表示，接收误触短信主要为该二级部门员工，并非网上误传的全员发送，涉及的员工已经沟通清楚。 ...

新浪科技讯 1月13日下午消息，近日，携程大量员工收到以公司名义发送的 "离职通知" 短信。该短信 以 "XX你好，感谢一路相伴" 开篇，告知员工可通过手机号登录内部沟通软件trippal，让不少接收者产 生 "被离职" 的误解。 对此，携程方面回应称，实际情况是二级部门失误。原因主要是技术设计问题，导致员工容易误触发短 信，后续会改进设计，减少误触的可能。 携程相关工作人员回应称，实际情况是二级部门失误，短信发给了该二级部门员工，并非全员发送。 对此，携程方面回应称，实际情况是二级部门失误。原因主要是技术设计问题，导致员工容易误触发短 信，后续会改进设计，减少误触的可能。 责任编辑：何俊熹 携程相关工作人员回应称，实际情况是二级部门失误，短信发给了该二级部门员工，并非全员发送。 此外，对于该员工是否为实习生，携程回应称为携程正式员工，且今天一直在自责，团队已为其申请带 薪假期并送了解压小礼物，待其心情平复后恢复上岗即可。 此外，对于该员工是否为实习生，携程回应称为携程正式员工，且今天一直在自责，团队已为其申请带 薪假期并送了解压小礼物，待其心情平复后恢复上岗即可。 另据报道，携程有关人员称，事件发生后，携程 ...

Group 1 - The core incident involved a mistaken mass termination notification sent to hundreds of employees at Ctrip, causing panic among staff who received messages indicating they had been laid off [1][3] - The erroneous messages were primarily sent from the HR department of the HBU hotel business unit, leading to widespread concern and discussions among employees on internal chat platforms [3] - Ctrip clarified that the incident was due to an HR operational error during a transition from the internal communication software Trappal to Feishu, where a pre-set template for termination notifications was mistakenly activated [3]

【大量员工收到"离职通知"短信#携程致歉并澄清#】1月12日，有网友在社交平台发帖称，大量携程集 团员工收到以公司名义发送的"离职通知"短信。携程方面工作人员回应称，实际情况是二级部门失误。 原因主要是技术设计问题，导致员工容易误触发短信，后续会改进设计，减少误触的可能。另据报道， 携程有关人员称，事件发生后，携程还通过内部OA等渠道向员工澄清情况，不存在全员离职计划，并 向受影响员工致歉。（长安街知事） ...

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will continue to diverge this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to excel over physical e-commerce [2] Group 1: Market Trends - The macroeconomic environment remains weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which continues to be a drag on the industry [2] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [2] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top choice due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [2] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the preferred choice among Chinese e-commerce stocks [2] - Baidu Group-SW (09888) is considered attractive in the AI field, with value release on the right track [2] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [2] - Within specific segments, JD Health (06618) and Trip.com Group-S (09961) are viewed positively [2]

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will remain differentiated this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to outperform physical e-commerce [1] Group 1: Market Trends - The macroeconomic environment is weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which remains a drag on the industry [1] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" in the US stock market at 31 times [1] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top pick due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [1] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the top choice among Chinese e-commerce stocks [1] - Baidu-SW (09888) is considered attractive in the AI field, with value release on the right track [1] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [1] - Within specific sectors, JD Health (06618) and Trip.com (09961) are viewed positively [1]

Core Viewpoint - Ctrip clarified that the recent rumors of a mass layoff notification sent to all employees were due to an operational error within a secondary department, and the message was mistakenly sent only to a limited group of employees, not the entire company [1][5]. Group 1 - The erroneous message was misinterpreted by some employees as a notification of being laid off, leading to confusion and concern [4][8]. - Affected employees are currently experiencing low morale, and their team has arranged for paid leave and support measures to help them recover before returning to work [1][5]. - The HR personnel responsible for the mistake has also been given a day off to cope with the situation, as she expressed feelings of guilt over the incident [1][5]. Group 2 - The incident originated from the shutdown of the internal communication software Trappal, where the system's preset SMS notification mechanism was not disabled prior to the closure of the mobile number binding feature, resulting in the mishap [4][8].

Core Viewpoint - The report by Jefferies emphasizes that artificial intelligence will remain the primary theme in China's internet market through 2026, followed by the defensive entertainment sector and the rapidly growing tourism industry [1] Group 1: Market Trends - The market has already factored in recent consumer sentiment and monthly Gross Merchandise Volume (GMV) growth, with a year-on-year GMV increase of 7.5% in the third quarter of September, and growth rates of 4.9% and 1.5% for October and November respectively compared to the same period last year [1] Group 2: Company Preferences - Jefferies lists Alibaba-W (09988) and Tencent Holdings (00700) as the top picks in the internet sector, followed by Baidu Group-SW (09888), Trip.com Group-S (09961), NetEase-S (09999), Kuaishou-W (01024), Tencent Music-SW (01698), JD Group-SW (09618), and Meituan-W (03690) [1] Group 3: E-commerce Focus - The focus in the fast e-commerce sector is shifting from low Average Order Value (AOV) orders to high AOV orders, as the latter offers better unit economics under healthy industry conditions [1] Group 4: Kuaishou Developments - Kuaishou's AI-generated model "K可灵AI" has launched several new products, with analysis indicating that its motion control feature has gained significant popularity in overseas markets since late December and into January, with expectations that Kuaishou's fourth-quarter performance will meet projections [1]