Core Viewpoint - The article emphasizes the strong performance of the "Betting on China" top ten core asset portfolio, which has significantly outperformed major indices, showcasing the effectiveness of the research institute's asset selection strategy [2][3]. Performance Summary - As of January 5, 2026, the "Betting on China" portfolio increased by 3.6%, outperforming the Shanghai Composite Index's 1.4% and the Hang Seng Index's 2.8% [3]. - Year-to-date, the portfolio has risen by 6.14%, surpassing the Shanghai Composite Index's 2.89% and the Hang Seng Index's 4.29% [3][4]. - Notable individual performances include Alibaba (+7.0%), China Ping An (+5.8%), and WuXi AppTec (+4.4%) from January 2 to 5, 2026 [3][4]. Asset Selection - The core assets selected include: - Zhongji Xuchuang (AI computing/advanced manufacturing) with a market cap of 6,778 million RMB - Tencent (AI applications) with a market cap of 49,160 million RMB - Alibaba (AI/cloud computing) with a market cap of 24,500 million RMB - China Ping An (finance) with a market cap of 12,400 million RMB - WuXi AppTec (pharmaceuticals) with a market cap of 15,151 million RMB [2]. Future Outlook - The strong performance at the beginning of the year is seen as just the start of the value release of the core assets, with the research institute committed to identifying quality targets in China's economic transformation [6].

在投资标的选择上，该行看好腾讯与阿里巴巴作为核心AI受益股；携程与网易则凭借稳健的盈利能力 展现韧性；极兔速递具备跨境业务的增长潜力。 花旗发表研报指，中国互联网板块在2025年表现突出，以31%的涨幅领跑全球主要市场。展望2026年， 中国的AI主题有望成为互联网行业的核心焦点，市场预期将围绕三大方向展开：首先是云基础设施、 及推理Token使用所带来的持续性收入增长；其次是AI聊天机器人之间的流量入口争夺战，主要互联网 企业正加速抢占AI时代的流量关口，以便未来生态系统的变现；最后是垂直领域的玩家透过自主训练 的专有数据AI代理，保持领先地位并加强用户黏性与变现潜力。 ...

Core Viewpoint - The Hong Kong tourism sector stocks experienced a collective rise, indicating positive market sentiment towards the industry [1] Group 1: Stock Performance - Tongcheng Travel (00780.HK) increased by 5.02%, reaching HKD 23.86 [1] - Trip.com Group (09961.HK) rose by 4.08%, trading at HKD 600 [1] - Huazhu Group (01179.HK) saw a gain of 4.01%, priced at HKD 38.36 [1] - Meituan-W (03690.HK) grew by 1.42%, with a share price of HKD 106.9 [1]

Group 1 - The tourism sector stocks have collectively risen, with notable increases in companies such as Tongcheng Travel (up 5.02% to HKD 23.86), Trip.com Group (up 4.08% to HKD 600), Huazhu Group (up 4.01% to HKD 38.36), and Meituan (up 1.42% to HKD 106.9) [1] - During the New Year's holiday, domestic travel reached 142 million trips, a 5.2% increase compared to the 2024 New Year's holiday, with total spending amounting to CNY 84.789 billion, reflecting a 6.3% growth [1] - The average spending per person during the holiday increased by 1.1% compared to the previous year, driven by a rich supply of winter-themed travel options such as ice and snow tourism, winter escapes, and New Year celebrations [1] Group 2 - The National Immigration Administration reported an average of 2.2 million inbound and outbound trips per day during the holiday, marking a 28.6% year-on-year increase and approximately 28% higher than 2019 levels, with outbound trips by mainland residents rising by 39.1% [1] - Citigroup's research indicates that while domestic travel performance is expected to remain stable for the upcoming 2026 New Year, cross-border travel is anticipated to show robust growth [1] - The upcoming Spring Festival is projected to be more significant, with expectations for strong performance due to a 9-day holiday in 2026, one day longer than in 2025 [1]

Core Viewpoint - The tourism sector stocks have collectively risen, driven by positive data from the New Year's holiday travel, indicating a robust recovery in domestic and cross-border travel [1] Group 1: Stock Performance - Tongcheng Travel (00780) increased by 5.02%, reaching HKD 23.86 [1] - Trip.com Group (09961) rose by 4.08%, trading at HKD 600 [1] - Huazhu Group (01179) saw a 4.01% increase, priced at HKD 38.36 [1] - Meituan (03690) gained 1.42%, with a share price of HKD 106.9 [1] Group 2: Travel Data Insights - During the three-day New Year's holiday, 142 million domestic trips were made, a 5.2% increase compared to the 2024 New Year's holiday [1] - Total domestic travel expenditure reached CNY 84.789 billion, marking a 6.3% increase from the previous year [1] - Per capita spending increased by 1.1% compared to the 2024 New Year's holiday [1] Group 3: Cross-Border Travel Trends - The National Immigration Administration reported an average of 2.2 million daily inbound and outbound travelers during the holiday, a year-on-year increase of 28.6% [1] - The number of outbound trips by mainland residents grew by 39.1% year-on-year [1] - Citigroup's report anticipates stable domestic travel performance for the 2026 New Year, with strong expectations for cross-border travel, particularly for the upcoming Spring Festival, which will have a nine-day holiday, one day longer than in 2025 [1]

Group 1 - Ctrip Group-S (09961) saw a stock increase of over 4%, trading at 599.5 HKD with a transaction volume of 830 million HKD [1] - The upcoming New Year's holiday in 2026 is expected to boost tourism consumption due to a three-day holiday combined with a "take 3 days off for 8" vacation trend, leading to increased bookings for flights, hotels, and homestays [1] - A report from Citigroup indicates that the average daily inbound and outbound passenger numbers reached 2.2 million during the New Year's holiday, representing a year-on-year increase of 28.6% and surpassing 2019 levels by approximately 28% [1] Group 2 - Domestic travel is expected to perform steadily during the New Year's holiday, while cross-border travel is anticipated to show robust growth, particularly with the upcoming Spring Festival holiday expected to last 9 days in 2026, one day longer than in 2025 [1] - Citigroup maintains a "buy" rating for Ctrip Group-S and Tongcheng Travel, reflecting confidence in their performance amid the anticipated tourism trends [1]

Core Viewpoint - Ctrip Group-S (09961) saw a significant increase in stock price, rising over 4% in the afternoon trading session, reflecting positive market sentiment driven by upcoming holiday travel demand [1] Group 1: Market Performance - As of the latest report, Ctrip Group-S's stock price reached 599.5 HKD, with a trading volume of 830 million HKD [1] - The company is benefiting from a surge in travel bookings during the New Year's holiday, with a notable increase in demand for flights, hotels, and homestays [1] Group 2: Travel Trends - Reports indicate that the New Year's holiday will see a three-day break combined with a "take 3 days off for 8 days" trend, effectively stimulating travel consumption [1] - Domestic travel is showing a diverse pattern characterized by "north-south crossover, urban-rural linkage, and varied scenarios," while outbound travel interest has significantly increased compared to previous years [1] Group 3: Statistical Insights - According to Citigroup's research, the National Immigration Administration reported an average of 2.2 million daily inbound and outbound travelers during the New Year's holiday, marking a year-on-year increase of 28.6% and surpassing 2019 levels by approximately 28% [1] - Outbound travel from mainland residents saw a year-on-year growth of 39.1%, indicating robust recovery in cross-border tourism [1] Group 4: Future Outlook - Citigroup maintains a "buy" rating for Ctrip Group-S and Tongcheng Travel, anticipating a strong performance during the upcoming Spring Festival, which will have a 9-day holiday in 2026, one day longer than in 2025 [1]

中新网贵阳1月5日电 (记者 张伟)2026贵州入境旅游合作启航会、2026全球游贵州活动于5日至7日在贵 阳举行，吸引超过1500位全球旅游业界代表参会。现场举行了贵州省入境游主题场景推介、贵州省市州 文旅资源推介，对外发布《2025年贵州入境游发展报告》，"下一站，贵州"启动，宣告2026全球游贵州 活动正式启动。 图为活动 现场。 主办方供图 大会由贵州省文化和旅游厅、携程集团主办，旨在助力推进"多彩贵州"品牌战略升级，提升全球优质旅 游资源的对接效率，助力贵州打造成为具有国际影响力的山地旅游目的地。 大会采用"1场启动仪式+1场行业大会+3场分会"多元化研讨模式，除入境旅游合作启航会外，还包括1 场行业大会和3场主题分会等，通过搭建专业化的全球文旅合作平台，助力贵州向世界展示旅游新形 象，促进文旅资源与国际市场需求的精准对接，推动贵州加快融入全球度假产业链，迈向高质量、可持 续发展的新阶段。会后，全球旅行商还将实地考察贵州精品旅游线路，沉浸式体验贵州的自然与人文魅 力，在真实场景中挖掘产品核心价值，为后续规模化合作奠定坚实基础。 5日启幕的2026贵州入境旅游合作启航会上，政府官员、行业精英、境内外旅 ...

Core Insights - The report from Citigroup indicates that during the 2026 New Year holiday, domestic tourism in mainland China is expected to reach 142 million trips and generate revenue of 84.79 billion RMB, reflecting a compound annual growth rate (CAGR) of 2.6% and 3.1% respectively compared to the 2024 holiday [1] - The average spending per person is projected to be 597 RMB, which is a 1% decrease from the 2024 level [1] - The National Immigration Administration reports an average of 2.2 million inbound and outbound trips per day during the New Year holiday, marking a year-on-year increase of 28.6% and approximately 28% higher than the 2019 levels, with outbound trips by mainland residents increasing by 39.1% year-on-year [1] Industry Outlook - Citigroup believes that domestic travel performance during the 2026 New Year will be stable, while cross-border travel will show robust growth [1] - The upcoming Spring Festival is anticipated to be more significant, with expectations for a strong performance due to a 9-day holiday in 2026, which is one day longer than in 2025 [1] - Citigroup maintains a "Buy" rating on Trip.com (09961) and Tongcheng Travel (00780) [1]

Core Viewpoint - Citigroup's report indicates that the Ministry of Culture and Tourism forecasts 142 million domestic tourist trips and revenue of 84.79 billion yuan during the three-day New Year holiday in 2026, representing a compound annual growth rate of 2.6% and 3.1% respectively compared to the three-day holiday in 2024 [1] Group 1 - The average spending per person is recorded at 597 yuan, which is a 1% decrease compared to the 2024 level [1] - Citigroup believes that domestic travel performance during the New Year is stable, while cross-border travel shows robust growth [1] - The upcoming Spring Festival is expected to be more significant, with a strong performance anticipated due to a nine-day holiday in 2026, one day longer than in 2025 [1] Group 2 - Citigroup maintains a "buy" rating for Trip.com and Tongcheng Travel [1]