Group 1 - Investors are showing a bullish stance on Trip.com Group (NASDAQ: TCOM), with significant options trades indicating potential upcoming movements [1] - The sentiment among large traders is predominantly bullish at 80%, with only 10% bearish, highlighting a strong confidence in the stock [2] - The major market movers are focusing on a price range between $50.0 and $65.0 for Trip.com Group over the last three months, indicating expected price movements [3] Group 2 - Recent options activity shows a total trading volume of 1,938,767, with TCOM's price currently at $52.1, reflecting a 0.94% increase [6] - Analysts have set an average target price of $70.0 for Trip.com Group, with one analyst from Benchmark maintaining a Buy rating and a target price of $72 [5] - Another analyst from TD Cowen also maintains a Buy rating with a target price of $68, suggesting a consensus on the stock's potential [7]

算法"杀熟"需多元共治 □ 刘 诚 □ 随着算法技术的演进，大数据"杀熟"现象已完成从简单粗放到复杂隐蔽的根本性形态变迁。其核心路 径是从基于静态身份的显性价格差异，转向依托人工智能、融合多元情境的隐性系统性博弈 □ 大数据"杀熟"的盛行与平台经济发展阶段直接相关。本质上，这是一种着眼于短期利润再分配的"掠 夺性增长"，而非通过创新与服务提升实现价值增量的"创造性增长"，若任由其蔓延，将从根本上动摇 市场公平原则，危及平台经济的可持续性与长期投资价值 □ 面对日益隐蔽且系统化的算法差别定价，治理须超越单一的事后处罚思维，转向涵盖法律规制、技术 审计、市场结构优化与社会监督的系统性重构。其核心在于重新平衡平台算法权力与消费者权利，引导 技术向善，保障市场公平 近期，市场监管总局依据《中华人民共和国反垄断法》，对携程集团涉嫌滥用市场支配地位实施垄断行 为立案调查，释放了强监管信号。2月1日，正式施行的《网络交易平台规则监督管理办法》更是划出红 线，明确规定平台不得在消费者不知情的情况下，对同一商品或服务在同等条件下设置不同价格或收费 标准。此举旨在根治长期存在的大数据"杀熟"乱象。 然而，现实挑战不容小觑。大数据 ...

2025全年净营收624亿元，同比上升17%，净利润332.9亿元，同比暴涨95%，核心OTA业务成交额更是 突破1.1万亿，其中机票业务就占了五成！ 更值得关注的是，国际业务贡献了40%的总收入，较上年提升5个百分点，入境游服务人次同比接近翻 倍，这是携程跳出国内竞争、布局全球的核心信号。 现在国内中高端酒店、国际航班资源，携程占据了半壁江山，尤其是出境游和入境游赛道，它的供应链 优势几乎无人能及，2025年投入超10亿元推动入境游增长，服务超2000万人次入境旅客，这就是独家优 势。 来源：市场资讯 （来源：美刀哥） 本文章来自美刀哥会员直播精华 每周一三五准时直播 今天我们来讲讲携程的财报，看看经历反垄断风波后它的数据如何？ 第四季度，携程营收154亿元，同比上升21%，携程净利润同比暴涨98%，净营收同比狂增21%，这还不 是最关键的。 最核心的：携程现在的赚钱逻辑，正在被反垄断调查彻底颠覆，它过去的护城河，可能正在慢慢消失。 先给大家科普一下背景：近期，市场监管部门针对在线旅游平台的反垄断调查持续推进，携程作为行业 龙头，首当其冲被纳入调查范围，核心调查方向是"二选一""捆绑销售""大数据杀熟"以及 ...

25Q4 财报点评：业绩超预期，国际化驱动延续 携程集团-S(09961) 证券研究报告 旅游及景区 / 公司点评 / 2026.02.27 投资评级:买入(维持) | 基本数据 | 2026-02-26 | | --- | --- | | 收盘价(港元) | 400.40 | | 流通股本(亿股) | 7.14 | | 每股净资产(元) | 204.59 | | 总股本(亿股) | 7.14 | 最近 12 月市场表现 -16% -6% 4% 14% 25% 35% 携程集团-S 恒生指数 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 分析师 罗婉琦 SAC 证书编号：S0160525090005 luowq@ctsec.com 相关报告 1. 《国内 OTA 龙头，海外增长前景广阔》 2025-09-11 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业 ...

近日，商务部研究院国际服务贸易研究所"入境旅游"课题组发布报告显示，2025年中国入境旅游市 场全面刷新历史纪录——全年外国游客出入境达8203.5万人次，同比增长26.4%；旅行服务出口规模升 至551.6亿美元，同比大幅增长49.1%，是2019年的1.6倍。 报告指出，当前中国入境旅游收入占GDP比重不足0.5%，而泰国超过10%、欧美国家普遍在1%至 3%之间。若中国能将这一比重提升至国际可比水平，意味着约一至三万亿元人民币的潜在市场增量待 释放。 入境旅游已成为中国缩小服务贸易逆差、优化贸易结构的重要渠道。2025年，我国旅行服务出口额 达551.6亿美元，创历史新高，同比大幅增长49.1%，是2019年的1.6倍，增速远高于同期我国服务出口 整体13.9%的水平。 2025年中国旅行服务进口稳居全球第一，进口额达2537.8亿美元，占全球比重15.2%。进口的强劲 增长，直接带动服务贸易逆差显著收窄——2025年，我国旅行服务贸易逆差额为1986.2亿美元，同比下 降7.2%，推动我国服务贸易逆差额从2024年的1646.6亿美元收窄至2025年的1160.2亿美元。 免签政策红利效应显著，客源结 ...

A long-term investor passionate about Equity Research. My investment objective is to identify market asymmetries with positive reward-to-risk. I invest in high-quality, wide-moat companies that generate strong cash flow and trade at a fair price relative to their value. My research interests cover technology & semiconductors. Please feel free to subscribe to my channel to support its development.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a net operating revenue of 15.4 billion RMB for Q4 2025, which is a year-over-year increase of 21%, exceeding expectations by 3.6% [7] - The adjusted EBITDA for the same quarter was 3.4 billion RMB, also up 15% year-over-year, surpassing expectations by 7.7% [7] - The company's internationalization strategy continues to drive growth, with international OTA platform bookings increasing by approximately 60% year-over-year [7] - The company is leveraging AI technology to enhance transaction efficiency and service quality, positioning itself for long-term growth [7] - Revenue projections for 2026-2028 are estimated at 71.7 billion RMB, 81.9 billion RMB, and 91.8 billion RMB respectively, with Non-GAAP net profits of 19.1 billion RMB, 21.9 billion RMB, and 24.8 billion RMB [7] Financial Performance - For 2024, the company expects operating revenue of 53.3 billion RMB, with a growth rate of 19.73% [6] - The projected net profit for 2024 is 17.1 billion RMB, reflecting a significant increase of 72.08% year-over-year [6] - The earnings per share (EPS) for 2024 is estimated at 26.10 RMB, with a price-to-earnings (PE) ratio of 19.03 [6] - The return on equity (ROE) for 2024 is projected to be 11.97% [6] Business Segment Performance - Accommodation booking revenue for Q4 2025 was 6.3 billion RMB, driven by strong demand for outbound and international hotel bookings [7] - Transportation ticketing revenue reached 5.4 billion RMB, with significant growth in international flight bookings [7] - The revenue from vacation services was 1.1 billion RMB, benefiting from the expansion of international services [7] - Business travel management revenue was 800 million RMB, primarily due to an increase in corporate clients [7]

携程集团-S（9961.HK）2025 年四季报点评 2026 年 02 月 27 日 国际业务表现亮眼，积极拥抱 Agent 合作 glmszqdatemark 事件：25Q4，公司实现净营收 154 亿元，yoy+21%，超 bbg 一致预期 3.5%。 利润端，25Q4 营业利润为 25 亿元，yoy+10%；经调整营业利润 32 亿元， yoy+16%，经调整营业利润率 20.8%，yoy-1pct；经调整归母净利润 35 亿元， yoy+15%，超 bbg 一致预期 8%。25Q4 公司经调整 EBITDA 为 34 亿元，经调 整 EBITDA 利润率 22%。2025 年携程核心 OTA 业务总预订额约为 1.1 万亿元， 全年净收入 624 亿元，yoy+17%；经调整经营利润 180 亿元，经调整经营利润 率 28.9%，yoy-1.5pct。截至 2025 年 12 月 31 日，现金及等价物、短期投资等 合计 1058 亿元。 旅游度假&商旅管理超预期，国际业务板块表现强劲，入境游成为核心增长支柱 之一。分业务看，25Q4 公司住宿预定收入 63 亿元，yoy+21%/qoq-22%。交 ...

香港联交所最新资料显示，2月25日，The Capital Group Companies,Inc.减持携程集团(09961)178.9488万 股，每股均价410.2181港元，总金额约为7.34亿港元。减持后最新持股数目约为4802.04万股，最新持股 比例为6.97%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月25日，The Capital Group Companies, Inc.减持携程集 团(09961)178.9488万股，每股均价410.2181港元，总金额约为7.34亿港元。减持后最新持股数目约为 4802.04万股，最新持股比例为6.97%。 ...