《2024-2025年跨境旅游消费趋势研究报告》由世界旅游联盟、万事达卡与携程集团联合发布，基于详实消费数据与预订信息，聚焦全球旅游及中国出入境 旅游消费特征，揭示行业新趋势与发展机遇，为行业高质量发展提供参考。 全球旅游市场保持稳健增长态势。2025年上半年全球旅游出行人次同比增长11%，2024年旅游消费金额同比增长3.9%，体验型出游成为核心驱动力，体育 赛事与娱乐演出的拉动效应显著，如2024年棒球世界大赛、欧冠决赛周边跨境消费同比大幅增长。热门目的地呈现区域分化，法国、西班牙、美国位居 2024年国际游客接待量前三，中国内地（含港澳台）接待入境游客约1.32亿人次，排名全球第一；汇率波动对入境游客量有明显影响，目的地货币贬值往往 能带动游客增长。 中国出境游持续升温且呈现多元特征。出境游人次与消费金额稳步增长，周边短途目的地与小众目的地增速领先，签证政策优化、国际航线恢复及文体活 动带动是主要推动力。游客结构分化明显：Z世代依赖数字化工具，偏好"说走就走"的性价比之旅与社交媒体打卡体验；亲子家庭注重安全与教育价值，青 睐免签目的地与主题游线路；银发族偏好长线深度游，重视健康安全与专业讲解服务。消费结 ...

赚钱能力太突出，以至于有一种在下行周期里独自上升的诡异美感。 今年7月，《财富》中国500强排行榜发布，净利率排行前十名里，携程是唯一的互联网公司。 携程的赚钱效 率 之高，羡煞一众互联网巨头。80%的毛利率、32%的净利润率拳打腾讯，脚踢拼多 多。除了出入不便的那三年，几乎没有过过苦日子。 2022年，酒旅行业从寒冬复苏，携程一路狂奔，次年净利润翻了6倍至100亿。此后携程一路稳定发 挥、偶有惊喜，到了今年三季度已经单季净赚199亿。 眼见携程在舒适区里一呆就是好多年，创始人梁建章都已两耳不闻窗外事、一心钻研人口学，大厂同行 们心动不如行动，争相加码酒旅业务。 今年618期间，京东开出"最高3年0佣金"的条件，在酒店行业招兵买马；阿里在6月将飞猪并入阿里中 国电商事业群；抖音在十一假期开始前，向上榜酒店豪掷100亿的流量扶持。 然后，他们发现了一个绝望的事实：友商打得越狠，携程地位越稳。 无敌是多么寂寞 梁建章在舆论场上建树颇丰，曾经有两句经典发言，一是携程的血液里流淌着盈利基因，二是携程拿着 高倍望远镜都看不到竞争对手。 但在2020年，梁总上演了一出自我打脸。这年旅游业遭受重创，携程的住宿、交通票务业务 ...

Group 1 - Ctrip reported a revenue growth of 16% year-on-year and a net profit increase of 194.01% in Q3 2025, achieving a net profit of 199 billion yuan, surpassing Kweichow Moutai's net profit of 192.2 billion yuan [3][4] - The significant profit increase was partly due to the disposal of certain assets, including a portion of its stake in MakeMyTrip, which contributed 170.32 billion yuan in "other income" [3][4] - Ctrip's gross margin reached 81.55%, significantly higher than other major internet companies like Tencent and NetEase, which reported gross margins of 56.41% and 64.10% respectively [5][7] Group 2 - The hotel booking segment contributed 80 billion yuan in revenue, accounting for 43.72% of total revenue, marking the highest proportion in three years [9] - Ctrip's commission rates for hotels are high, with gold and special hotels facing commissions of 12% and 15% respectively, and additional fees for enhanced visibility [10][12] - Ctrip's market share in the domestic OTA market is projected to be 56% in 2024, significantly ahead of competitors like Tongcheng, Meituan, and Fliggy [12] Group 3 - Ctrip enjoys a strong competitive advantage with no significant direct competitors in the domestic OTA market, allowing it to capitalize on its market leader status [16][17] - The company has strategically invested in and partnered with potential competitors, effectively consolidating the market and reducing price competition [13][14] - Ctrip's focus on service quality has built strong customer loyalty, making it difficult for competitors to attract users away from its platform [16][17]

20 November 2025 12 stocks for 2026 Equity Strategy Ideas in Asia that look beyond AI In 2025, Asian markets were driven by AI and a Chinese equity rebound. In 2026, we think it will be all about growth beyond AI, dividends and forgotten Asia stories. We present 12 actionable stock ideas that reflect these themes and which are also recommended by our equity analysts. For more details on these 12 stocks, see page 2. We update our index targets for 14 markets across Asia in 2026e in The year ahead in 2026 – I ...

美东时间周一（11月24日），美股三大指数集体收涨，截至收盘，道琼斯指数涨0.44%，标普500指数涨1.55%，纳斯 达克综合指数涨2.69%。 大型科技股集体上涨，特斯拉、谷歌涨超6%。 | く 気 | 知名美股 () | | Q | | --- | --- | --- | --- | | 名称 | 最新 | 总量 涨幅↓ | | | 博通 AVGO | 377.960 | 11.10% 4663万股 | | | GoPro Inc-A GPRO | 1.660 | 9.93% 534万股 | | | 西部数据 WDC | 150.930 | 8.43% 1076万股 | | | 特斯拉 TSLA | 417.780 | 6.82% 9627万股 | | 热门中概股多数上涨，纳斯达克中国金龙指数收涨2.82%，百度涨超7%，哔哩哔哩涨超6%，阿里巴巴涨超5%，网易 涨超4%，蔚来涨超3%。 | 希捷科技 | 253.380 | 6.69% 418万股 | | --- | --- | --- | | STX | | | | 泰森食品 | 57.170 | 6.52% 882万股 | | TSN | | | ...

商报讯(记者杨伊琳)11月的这几个周末，随着全国多地中小学陆续试行秋假制度，旅游市场迎来一 波"错峰出行"小高峰。秋假不仅为学生提供了走出课堂、亲近自然的机会，更有效带动了淡季旅游消 费。 "今年秋假期间，从浙江出发的酒店预订订单量较去年同期增长68%，机票预订订单量同比增长 22%。"携程平台负责人表示，浙江秋假期间的热门出行目的地有杭州、上海、宁波、北京、南京等， 热门景点前五名为灵隐飞来峰景区、西湖观光游览车、上海迪士尼度假区、黄山风景区、上海海昌海洋 公园。 热门目的地和景点也呈现多元化趋势。除北京、上海、广州等传统城市外，毕棚沟、九寨沟等自然风景 区，以及南越王博物院、成都自然博物馆等文化场所均受到游客青睐。 亲子游更有料 为抓住秋假市场机遇，旅游业者纷纷推出差异化、高品质产品，摆脱价格战。携程研学游在11月针对性 推出多条精品线路：在"金秋京城"亲子营中，串联清华/北大校园研学，并融入胡同非遗体验；在"崇左 秘境"亲子营中，带领孩子寻觅白头叶猴、出海追粉色海豚；在"探徽州"产品中，特邀黄山第十九代守 松人讲述守护故事。这些产品深度融合了历史、自然与文化教育，实现了从"单纯观光"到"沉浸式学 习"的 ...

证券研究报告 | 2025年11月24日 携程集团-S（09961.HK） 优于大市 Q3 延续绩优表现，海外份额扩张蓄力中线空间 Q3 旺季收入增速环比平稳，主业利润增速环比改善。2025Q3 公司收入 183.4 亿元/+15.5%，好于彭博预期的 14.6%，环比上半年的 16%增速维持基本稳定； Non-GAAP 归母净利润 191.56 亿元/+221.2%，主要系出售 Makemytrip 带来其 他收益贡献；其中主业相关的经调整 EBITDA 为 63.5 亿元/+11.7%，环比提 速，好于彭博预期的+4.8%，对应利润率为 34.6%/-1.2pct。今年以来海外投 入及占比提升致利润率同比回落，但公司凭借优异执行力带来良好表现。 收入拆分：国内与出境自由行份额继续提升，海外 Trip.com 增势不减。 2025Q3 公司住宿预订收入 80.5 亿元/+18.3%，交通票务收入 63.1 亿元 /+11.6%，旅游度假收入 16.1 亿元/+3.1%，商旅管理收入 7.6 亿元/+15.2%， 其他收入 16.5 亿元/+33.9%。分区域看：1）估算 Q3 国内收入同比增长约 10%， ...

便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增。Q3 公司整体住宿预订营业收入同比增长 18%、环比增长 29%，主要得益于强劲的旅游需求，尤其是夏季及国庆假期期间表现突出。国内消费者 旅游需求依然旺盛，游客追求新奇、沉浸式体验，旅游需求日益多样化，北京、上海、成都等主要城市 及拉萨等偏远地区、小城市预订量均呈现增长态势。酒店价格方面，Q3 酒店价格同比降幅收窄至低个 位数，黄金周期间国内酒店价格呈上涨趋势。入境游方面， Q3 携程平台上入境游预订量同比增长超过 100%，亚太地区为主要客源地，欧洲和美国也实现强劲增长。我们继续看好政策及市场需求驱动入境 游单量保持高增。 盈利预测与投资评级：考虑到Q3 处置投资对业绩的积极影响，我们将2025 年公司经调整净利润预测从 183 亿元上调至323 亿元，维持2026/2027 年预测200/220 亿元，对应2025-2027 经调整口径PE 为 11/17/16 倍，我们继续看好公司海外业务成长，维持"买入"评级。 风险提示：短期投入增加影响盈利能力，海外份额提升不及预期，旅游需求不及预期 机构：东吴证券 研究 ...

Summary of Ctrip Group's Conference Call Company Overview - **Company**: Ctrip Group (携程集团) - **Date**: November 21, 2025 Key Points Industry and Market Dynamics - Ctrip's domestic and outbound tourism is entering a low season, while overseas tourism is entering a peak season, with Trip.com’s revenue share expected to rise from 13% in Q3 to 17-18% in Q4, indicating a seasonal revenue structure change [2][5] - The company has not been significantly impacted by new competitors due to rational competition post-pandemic, with brands focusing on core positioning and customer loyalty rather than price wars [2][6] - The average daily rate (ADR) for hotels has shown signs of recovery, with a 15% increase in domestic hotel bookings in Q3 and a return to 2019 levels for outbound travel bookings [3][4] Financial Performance - In Q3 2025, domestic market performance was strong, particularly in leisure travel, with a 10% growth rate maintained in the first two months of Q4 [3] - Trip.com is expected to maintain over 50% growth in Q4, despite a high base from the previous year, with hotel business growth exceeding 40% of total revenue [3][4] AI Integration and Technology - Ctrip is implementing an "AI everywhere" strategy, integrating AI into its app for customer service, sales optimization, and user experience enhancement [2][7] - The company is developing an AI itinerary planning assistant that generates travel recommendations based on user inputs, aiming to improve operational efficiency and customer engagement [8][10] Revenue Structure and Commission Rates - Ctrip has no immediate plans to adjust commission rates for domestic or outbound businesses, focusing instead on market share growth [4][11] - Future commission rate increases may occur for Trip.com, currently at 8-9%, as the company prioritizes market share over immediate profitability [11] Market Recovery and Competition - The APAC market is recovering rapidly, with capacity restored to 90%, and Ctrip expects to capture more market share as some overseas OTAs have not returned to the Chinese market [13][15] - The company is focusing on high-value markets like Hong Kong and Singapore, where it has achieved profitability and is shifting marketing strategies from brand advertising to performance-based advertising [17][18] Challenges and Strategic Responses - Recent events in Japan have led to increased order cancellations, but Ctrip is adapting by promoting alternative destinations and monitoring travel trends [12] - The company is aware of the unique competitive landscape in Japan and Korea, where local OTAs dominate, and is adjusting its strategies accordingly [22][23] Future Outlook - Ctrip plans to maintain its marketing budget at current levels, with no immediate expansion expected, while anticipating a stable loss rate in 2026 [26][27] - The company is optimistic about its growth trajectory, particularly in the APAC region, and aims to leverage AI and data analytics to enhance its service offerings and operational efficiency [10][20] Additional Insights - Ctrip's focus on high-end international travel customers through Trip.com aligns with its strategy to enhance user experience and reduce reliance on third-party platforms [24][25] - The company is committed to optimizing its revenue structure by increasing the share of higher-margin segments like hotel bookings [11][19]

Group 1 - Douyin e-commerce's GMV growth exceeded 30% from January to October 2025, with an expected annual GMV surpassing 4 trillion yuan, approaching Pinduoduo levels [1][8] - Douyin's local life service business also saw significant growth, with a year-on-year increase of nearly 60% from January to October, and the annual GTV expected to exceed 800 billion yuan [1][8] - ByteDance's new strategy for Douyin e-commerce focuses on durable consumer goods to achieve market share breakthroughs and optimize traffic distribution mechanisms to enhance GMV [2][9] Group 2 - The Macau SAR government estimates the gross gaming revenue for 2026 to be 236 billion patacas, with a cautious outlook considering external economic uncertainties [2][11] - The government anticipates that tourism will continue to develop positively in 2026, supported by various favorable factors, despite a slight underperformance in actual gaming revenue in early 2025 [11][12] - The Macau government revised its 2025 gross gaming revenue estimate down to 228 billion patacas, reflecting a monthly revenue adjustment from 20 billion to 19 billion patacas [12]