机构：中信建投证券 研究员：崔世峰/于伯韬 收入端略超预期。三季度携程实现营收183.67 亿（vsguidance181 亿），同比增长15.52%，其中交通票 务收入63.06 亿（vs guidance62 亿），同比增长11.61%，酒店收入80.47 亿（vsguidance79 亿），同比增 长18.30%，旅游度假收入16.06 亿（vsguidance17 亿），同比增长3.08%，商旅收入7.56 亿（vs guidance7.2亿）。三季度携程国内业务收入占比达65%左右，增速接近10%左右；出境业务收入占比接 近mid-teens，增速接近mid-teens；纯海外业务收入占比20%以上，增速在40%左右，其中Trip.com收入 占比13%左右，增速在60-65%左右。三季度国际业务保持强劲增长势头，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 140%水平。 受益于处置MMYT 部分股权影响，利润端大幅增长。携程三季度实现毛利润149.79 亿元，同比增长 14.58%，毛利率达到81.68%，同比 ...

Group 1 - The report highlights that Xingfa Group's Q3 net profit attributable to shareholders increased by 16.17% year-on-year, driven by rising prices of glyphosate and other products, with a total revenue of 91.61 billion yuan in Q3 2025, reflecting a 5.96% year-on-year growth [3][4][9] - The report indicates that the average price of glyphosate reached 26,530 yuan per ton in Q3 2025, up 5% year-on-year, while the average price of phosphate rock remained high at 1,020 yuan per ton [4][6] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its phosphate resource reserves from 3.95 billion tons to 5.80 billion tons [7][8] Group 2 - The report notes that Leap Motor's Q3 revenue surged by 97.3% year-on-year to 194.5 billion yuan, with a gross margin of 14.5%, marking a significant improvement [11][12] - The company is expanding its product lineup with the introduction of the D19 flagship model and the upcoming A10 model, which is expected to enhance its market position [13] - Leap Motor's export volume reached 17,000 units in Q3 2025, leading among new car manufacturers, and the company plans to accelerate its global localization strategy [14] Group 3 - Geely Automobile reported a Q3 revenue of 891.9 billion yuan, a 27% year-on-year increase, with a net profit of 38.2 billion yuan, reflecting a 59% year-on-year growth [16][17] - The company has adjusted its annual sales target to 3 million units, with significant contributions from its Galaxy series of vehicles [18] - Geely's export volume reached 112,000 units in Q3 2025, indicating strong overseas demand and competitive positioning [19] Group 4 - The report on Lianqi Technology emphasizes its leadership in memory interconnect chips, with a revenue of 6.33 billion yuan in the first three quarters of 2025, a 57.83% year-on-year increase [21][22] - The global AI server shipment is projected to grow significantly, with Lianqi expected to capture a 36.8% market share in the memory interconnect chip market by 2024 [22][23] - The company has launched new products based on CXL technology, which are anticipated to drive future growth [23] Group 5 - The report indicates that Xinyang's Q3 revenue reached 387 million yuan, with a significant increase in beauty treatment service revenue, which grew by 304.6% year-on-year [25][26] - The company plans to expand its offline medical beauty stores to 50 by the end of the year, enhancing its market presence [25] - Despite a net loss in Q3, the company expects profitability improvements in Q4 due to seasonal demand recovery [26] Group 6 - Trip.com Group reported a Q3 net operating revenue of 18.3 billion yuan, a 16% year-on-year increase, with a net profit of 19.9 billion yuan, reflecting a 194% year-on-year growth [29][30] - The company is benefiting from resilient domestic travel demand and strong growth in international business, particularly in cross-border travel [30][31] - The report anticipates continued growth in the global OTA business, with significant contributions from the Asia-Pacific region [31][32] Group 7 - Pinduoduo's Q3 revenue reached 108.3 billion yuan, a 9% year-on-year increase, with a Non-GAAP net profit of 31.4 billion yuan, up 14% year-on-year [39][40] - The report highlights a slowdown in advertising revenue growth, while transaction commission revenue continues to show steady performance [41] - The company is focusing on long-term value creation through increased investments in merchant support and platform development [42]

2025 年 11 月 20 日 公司研究 评级：买入(维持) 研究所： 相关报告 《携程集团-S（9961.HK）2025Q2 财报点评：利 润强劲增长，关注国际业务长期增量（买入）*旅 游及景区*陈梦竹，张娟娟》——2025-08-31 《携程集团-S（9961.HK）2025Q1 财报点评：旅 游需求持续强劲，关注国际业务长期增量（买入） *旅游及景区*陈梦竹，张娟娟，罗婉琦》—— 2025-05-24 《携程集团-S（9961.HK）2024Q4 财报点评：延 续高质量增长，看好国际业务长期增量空间（买入） *旅游及景区*陈梦竹，张娟娟，罗婉琦》—— 事件: 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——携程集团-S（9961.HK）2025Q3 财报点评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/19 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 携程集团-S | 8.0% | ...

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Market Overview - The A-share market opened higher but experienced a decline, with the Shanghai Composite Index rising by 0.38% while the Shenzhen Component and ChiNext fell by 0.05% and 0.52% respectively [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day [5]. Sector Performance - The banking sector showed strong performance, with all bank stocks rising. Notably, China Bank's stock price surged by 5.17%, reaching a historical high with a market capitalization of 186.78 billion yuan [11][10]. - The lithium mining sector continued its strong momentum, with significant gains in stocks such as Weiling Co. and Dazhong Mining, which recorded a limit-up increase of 10% [16][17]. - Conversely, the retail, soft drink, and tourism sectors experienced noticeable declines, with the water product and lithium battery electrolyte sectors also weakening [5][6]. Specific Stock Movements - Major banks such as Agricultural Bank, Industrial and Commercial Bank, and Construction Bank saw increases of 0.36%, 1.58%, and 4.73% respectively, contributing to a robust banking sector performance [14]. - In the lithium sector, the price of lithium carbonate futures surged past 100,000 yuan per ton, indicating strong demand from downstream manufacturers [18][19]. Brokerage Sector - A wave of mergers among brokerages has sparked market interest, with stocks like Shouchuang Securities rising over 5% following announcements of significant asset restructuring [22][23]. - The overall performance of brokerage stocks was mixed, with some stocks experiencing gains while others saw declines [22]. Fisheries Sector - The fisheries sector, particularly Zhongshui Fisheries, saw its stock price rise by 10.02% amid geopolitical tensions affecting Japanese seafood imports to China [25][26].

Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]

Group 1 - Maosheng Holdings (00022) saw a rise of over 14% due to a 75.4% year-on-year increase in revenue for the six months ending September 30, 2025, attributed to the final stages of renovation construction services [1] - Emperor Capital (00717) increased by over 3.8% as net profit rose significantly due to a large reduction in impairment provisions for margin loans and other loans, alongside an increase in group revenue [1] - Ginkgo BioWorks-B (01167) rose over 5.4% following the approval of its self-developed KRAS G12C inhibitor, Goresir, for commercialization in China, with a partnership established with Ailida [1] - Maoyan Entertainment (01896) fell over 2% as reports indicated an increase in the ticket refund rate for "Demon Slayer" [1] - Fuhong Hanlin (02696) increased by over 4.3% after announcing FDA approval for its biosimilar to PERJETA, making it the first and only biosimilar of its kind in the U.S. [1] Group 2 - Trip.com Group-S (09961) dropped over 3.4% despite reporting a net operating revenue of 18.3 billion RMB for Q3 2025, a 16% year-on-year increase driven by sustained global travel demand [2] - Gushengtang (02273) rose over 2.2% after announcing a share transfer agreement with DA ZHONG TANG PTE. LTD. [2] - XPeng Motors-W (09868) fell over 4.6% amid market speculation about plans to produce thousands of autonomous taxis annually from 2026-2027 [2] - Techtronic Industries (00669) increased by over 4.7% as Home Depot's Q3 results indicated a positive outlook for the U.S. consumer market, benefiting Techtronic's professional segment [2] Group 3 - Guofu Quantum (00290) rose over 2.8% as it projected a net profit of approximately 200 million to 210 million HKD for the six months ending September 30, compared to a net loss of about 10.9 million HKD in the same period last year [3] Group 4 - Circle (CRCL.US) fell 8.98% as its stock price continued to decline since late October, with a significant insider sale reported [4] - The U.S. optical communication sector saw gains, with Lumentum (LITE.US) up 8.69% and other companies in the sector also rising [4] - Storage stocks in the U.S. rose, with Seagate Technology (STX.US) up 2.08% following a report on NVIDIA's shift to low-power memory chips for AI servers [5] - MP Materials (MP.US) increased by 8.61% after announcing a joint venture with the U.S. Department of Defense and Saudi Arabia's Maaden to build a rare earth refining plant [5] - Google (GOOGL.US) rose 3% as its new AI model Gemini 3 Pro topped the LMArena leaderboard, highlighting AI's role in its growth [6] - Nokia (NOK.US) fell over 9.19% as it focuses on AI-related infrastructure [6] - Block (XYZ.US) rose 7.56% after announcing a $5 billion increase in its stock buyback plan [6] - NetEase (NTES.US) fell 4.15% following the global launch of its new game [6] - Lowe's (LOW.US) rose 4.03% after reporting Q3 revenue of $20.81 billion, slightly below market expectations [6]

| 恒生指数 | | 25798.16 | -32.49 | -0.13% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9123.69 | -27.35 | -0.30% | | 800100 | | | | | | 恒生科技指数 | | 5545.47 | -61.43 | -1.10% | | 800700 | 1 | | | | 格隆汇11月20日｜恒生科技指数跌1.1%至5545.47点。金山软件跌超10%，小鹏汽车跌近5%，携程、小 米、网易均跌超3%。 ...

Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a year-over-year increase of 16% [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact from the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]

Core Viewpoint - Trip.com Group's recent financial performance indicates strong growth driven by increasing global travel demand, with significant year-over-year improvements in both revenue and net profit [1] Financial Performance - For Q3 2025, Trip.com Group reported net operating revenue of 18.3 billion RMB, a 16% increase year-over-year [1] - The net profit for the quarter reached 19.9 billion RMB, a substantial rise from 6.8 billion RMB in the same period of 2024 [1] - The financial results exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% respectively [1] Market Insights - UBS estimates that Trip.com’s overseas revenue for the last quarter will increase by over 50% year-on-year, contributing to 18% of total revenue [1] - The outbound tourism business is expected to maintain a mid-teens growth rate, estimated between 13% to 17% [1] - The impact of the Japanese market is considered limited, as leisure travelers are likely to shift their destinations [1] Domestic Business Outlook - The fourth quarter is anticipated to show resilience in domestic business revenue, benefiting from an increase in hotel occupancy rates [1] - However, the average daily room rates for hotels may experience a slight decline in the low single digits [1]