2025年11月27日， "济来沪往 一见儒故"2025济宁文旅长三角招商暨上海旅游推介会在上海举办。本次 活动由济宁市文化和旅游局主办、携程旅行承办，旨在深化济宁市与长三角地区的文旅交流，全面推 介"孔孟之乡、运河之都"优质旅游资源，推动客源互送、项目合作与产业发展。山东省人民政府驻上海 办事处党委委员、副主任马希军，上海市山东商会会长高洪彦，上海市杨浦区文化和旅游局党组副书 记、副局长潘家新，携程集团目的地合作副总经理、华东大区总经理费成诚，济宁市文化和旅游局党组 书记、局长王磊，上海市山东济宁商会会长张玉杨，济宁市长三角驻外招商联络处负责人武勇，济宁孔 子文化旅游集团、济宁市民航事业发展中心、济宁市大安机场有限公司负责同志，以及济宁市各县市区 文旅部门负责同志、重点景区、旅行社代表，上海市重点文旅企业、旅行社、投资机构、媒体代表等百 余人参加活动。 齐聚沪上 共绘文旅新篇 王磊在致辞中系统阐述了济宁作为"孔孟之乡、运河之都"的深厚文化底蕴与强劲发展活力。他指出，济 宁不仅是中华文明重要发祥地与儒家文化发源地，拥有三孔、大运河两处世界文化遗产，更是一座文旅 资源富集、产业基础扎实、发展动能充沛的现代化城市 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 点击注册小程序 查看完整报告 报告摘要 中国入境游市场的规模基数低，发展空间较大 中国入境游虽起步较早，但是在长期发展过程中，其增速逐渐滞后于国内游与出境游，对GDP的贡献度亦 相对有限。目前，韩、日、俄构成中国的近程核心客源国，美国为远程重要客源国，德国、澳大利亚等新 兴市场有待加强拓展，中国占这些国家出境游市场的份额均有较大的提升空间。近年来，入境游政策放开 后，中国入境游人次与收入均呈现快速增长趋势。 免签政策与文化出海双轮驱动，入境游迈向黄金发展期 中国入境游市场的增长动能主要来自两方面：1）免签政策红利释放，我们通过分析海南案例，发现免签 政策对海南省的入境游客流量具有显著的提振效应；2）中国传统文化与潮流文化加速出海，"以文促旅、 以旅彰文" 的文旅融 ...

来源：小牛新区 来源：市场资讯 如果只看财报数据，携程现在不仅是中国最赚钱的互联网公司之一。 甚至可以说，它已经进化成了一台完美的印钞机。 11月18日，携程交出了一份Q3成绩单： 营收183亿元，同比增长16%。 净利润199亿元（部分投资收益），同比增长194%。 数字是冰冷的，但对比很残酷。 我们把视角拉大一点。 今年前三季度，A股整个旅游板块，包括所有的航空公司、所有的连锁酒店、所有的名山大川景区，他 们加在一起的净利润大约是190亿元。 这意味着，携程一家公司的利润，几乎等同于中国整个旅游实体产业链的利润总和。 更耐人寻味的是，达成这个战绩，携程只用了全行业不到10%的营收（470亿 VS 5159亿），却拿走了 全行业近90%的利润。 这不仅仅是商业上的胜利，更是分配机制上的一种黑色幽默。 今天我们不谈道德，只谈商业逻辑： 为什么一个不生产一张床位、不拥有一架飞机的中间商，能把生意做到比茅台还暴利？ 01 以前我们谈论暴利，总是盯着白酒和奢侈品。 但财报告诉我们，携程Q3的毛利率高达81.68%。 作为对比，奢侈品皇冠上的明珠爱马仕，毛利率常年维持在70%左右；而作为A股"股王"的茅台，毛利 率在 ...

花旗2026年上半年首选分别是核心AI概念股：腾讯、阿里；盈利增长稳健/抗周期：携程、网易；跨境 业务曝光度高：极兔速递；游戏/AI应用潜力股：世纪华通。 虽然市场对AI估值是否过高的争论仍在持续，但花旗预计由于地缘政治风险和AI供应链问题，中国互 联网公司的估值将继续相对全球同行处于折让状态。不过，随着AI采用速度加快，2026年中国AI参与 者的竞争可能显著加剧，竞争领域将涵盖AI云基础设施、聊天机器人到各种应用场景。 花旗发表报告指，中国互联网板块成为今年迄今表现最好的板块，累计回报率达36.5%。相较起来，期 内韩国首尔综合指数累升64%、恒生指数累升29%、日经指数累升26%、标普500累升15.8%、印度Nifty 50指数累升10.4%。从以上回报率来看，中国、日本和美国市场正在出现避险情绪，主要原因是年底获 利了结和投资组合再平衡。 ...

Summary of Key Points from the Conference Call Industry Overview - The China internet sector has shown strong performance in 2025, with a year-to-date return of +36.5%, outperforming Southeast Asia (+18.3%), India (+17.6%), Japan (+16.8%), the US (+16.2%), and Korea (+12.8%) [1][16] - Geopolitical tensions and AI supply-chain issues are expected to keep China's internet companies trading at discounts compared to global peers [1][2] Core Themes and Insights - **AI Competition and Productivity Gains**: The competition among AI players in China is anticipated to intensify in 2026, focusing on AI cloud infrastructure, chatbots, and applications [1][2] - **Monetization Lag**: Monetization of AI technologies is expected to lag behind user traffic growth, particularly when compared to global peers [1][2] - **Top Picks for 1H26**: Recommended stocks include Tencent and Alibaba as core AI plays, Trip.com and NetEase for stable earnings growth, and Century Huatong among A shares [1][2] AI Market Dynamics - **AI Chatbot Penetration**: ChatGPT leads globally with 800 million monthly active users (MAUs), while Bytedance's Dola and Doubao combined rank third with approximately 250 million MAUs [3] - **User Traffic Competition**: Major internet players are competing for user traffic through AI chatbots, which is crucial for future ecosystem monetization [2] Consumer Behavior and Spending - **Leisure and Entertainment Spending**: The adoption of AI tools is expected to enhance consumer productivity, leading to increased spending on leisure and entertainment, particularly in travel and online gaming [4] - **Stable Earnings Growth**: Online travel agencies (OTAs) and gaming companies are projected to benefit from resilient consumer spending [4] Investment Risks - **Geopolitical and Economic Risks**: Risks include geopolitical tensions, AI supply-chain constraints, muted consumer sentiment without stimulus policies, and intensified competition in AI applications [5] - **Profitability Concerns**: The potential for profit lock-in through membership investments and a slowdown in capital returns are highlighted as significant risks [5] Financial Performance Insights - **3Q25 Results**: Among 44 internet companies, 18 reported revenue beats, and 27 reported earnings beats. The guidance for 4Q25 showed mixed results, with some companies exceeding expectations while others fell short [6][10] - **Year-to-Date Share Price Performance**: Alibaba leads with an 86% return, followed by Tencent at 47%. Meituan has underperformed with a -32% return [16][28] Conclusion - The China internet sector is poised for growth driven by AI advancements, but faces challenges from geopolitical risks and competitive pressures. Companies like Tencent and Alibaba are positioned as key players in this evolving landscape, while consumer spending trends indicate resilience in leisure and entertainment sectors.

Core Conclusion - The notion of "insufficient consumption in China" is a distorted perception amplified by pricing and statistical methods. Bank of America provides extensive data showing that the true picture of Chinese consumption is not "volume shrinkage," but rather "high volume, low price." Total commodity consumption has reached or even surpassed that of the US, Japan, and South Korea; service consumption has met basic standards but still has gaps in quality. The main contradiction in the current market is the mismatch between "mass supply" and "upgraded demand." Companies focusing on the four key areas of "Efficiency, Experience, Service, Globalization (E2SG)" will thrive through cycles [1]. Group 1: Commodity Consumption - China's total commodity consumption is impressive, with certain categories outperforming developed countries. For example, per capita egg consumption is 128.5 g/day, which is 6% higher than the US and 42% higher than the global average. Sulfur consumption is 1117.9 g/day, which is 3.2 times that of the US. Seafood consumption is 114 g/day, nearly double that of the US. However, dairy consumption is only 86.9 g/day, which is 1/7 of the US level, but this gap is mitigated by plant proteins and eggs. The ownership of cooking appliances is 2.14 times the global average and 1.22 times that of the US. The number of new energy vehicles is 7.7 per thousand people, surpassing the US by 1.66 times and Japan by 8.75 times [3][4]. Group 2: Service Consumption - In terms of service consumption, China has met basic standards but still has quality gaps. The average housing area per person is 49 m², slightly below the US's 65 m² but higher than the UK and France. Medical visits average 6.8 times per year, exceeding the US by 3.4 times. Education duration is 15.5 years, on par with the US and Japan, but extracurricular spending is only $140/year, which is 1/28 of South Korea's. The prices for leisure and entertainment, such as concerts and exhibitions, have increased by 53%, indicating a significant supply-demand gap in high-quality offerings [5][6]. Group 3: Misconceptions of Consumption - The illusion of "insufficient consumption" stems from three main sources: 1. Low prices: Most goods/services are priced at only 20%-60% of US prices (e.g., mobile plans at 15%, taxis at 20%, utilities at 24%). 2. Supply chain advantages: China's role as the "world's factory" and innovations in distribution (like community group buying) continue to drive prices down. 3. Statistical discrepancies: If government transfer payments are included, the actual consumption to GDP ratio aligns with that of South Korea, which is approximately 40% [6]. Group 4: Mismatches and E2SG Investment Framework - There are three core mismatches in the market: 1. Supply vs. Demand: There is an oversupply of mass-market products, but insufficient emotional value and experience. 2. Channels vs. Communication: Fragmented media and ineffective traditional marketing require precise targeting and content-driven e-commerce. 3. Expectations vs. Reality: While income expectations are weak, there is a high demand for quality, necessitating affordable yet high-quality offerings [7]. Group 5: E2SG Investment Tracks - The E2SG investment framework emphasizes four key dimensions for companies to succeed in a "high volume, low price" market: 1. Efficiency: Achieving low costs and quick turnover through supply chain optimization and scale effects. 2. Experience: Creating differentiation through product innovation and capturing emotional consumption needs. 3. Service: Filling the gap in high-quality supply. 4. Globalization: Leveraging China's high volume and low price advantage to expand into international markets [10][11][12]. Group 6: Recommended Companies - Bank of America has identified seven companies with long-term competitive advantages across various sectors, including: - Pop Mart: Strong IP operation capabilities and global expansion, with an expected EPS growth of 30% by 2026. - Midea: Leading in global white goods with supply chain efficiency, focusing on overseas OBM business growth. - Geely: Rich in new energy vehicle reserves, planning to launch over 10 new models by 2026 with a target growth of 50%-80%. - Huazhu Group: Benefiting from leisure travel demand recovery and expanding through a light asset model, with a projected 21% CAGR in profits from 2024-2026. - Trip.com Group: Leading in OTA with expected 45% growth in international business revenue over the next six years. - Tencent Holdings: Dominating digital entertainment with stable mobile game revenue and AI-driven efficiency improvements. - Damai Entertainment: Leading in live entertainment ticketing with a projected 60% CAGR in profits from 2025-2028 [20][21].

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

来源：环球网 摘要： 携程度假农庄聚焦乡村振兴，通过文旅融合推动社会效益，惠及乡村居民、非遗从业者、游客及地方文 旅机构；项目以农庄建设与绿色能源为核心，从人才培养、绿色运营、社区共建、品牌营销方向探索， 打造可持续旅游模式，促进就业与文化传承，实现社区共建共赢，探索乡村振兴新路径。 基于经营、运营、营销和产业带动，农庄确立了一系列具体、可衡量的社会与环境目标，整体评估乡村 旅游振兴成果价值。 关键词：农庄；ESG；乡村振兴；可持续 案例正文： 近年以来，全国34家农庄吸纳员工500余人，累计带动超4万人相关行业新增就业，其中80%以上为本地 村民，推动当地人均年收入增加超4万元；平均每家农庄落成，为周边新增约40家民宿，带动周边订单 量上涨82.4%，客单价上涨18.7%，上下游产业年产值增长2000万元以上；目前每座农庄的落成，在1年 内通过带动民宿新增、上下游产业拉动等作用，可间接带动所在乡镇相关行业就业人数约1000人。以直 营店金寨、佛坪、林州为例，农庄本地村民员工们的年总收入均超过45万元。 农庄重点打造本地人才的可持续培养机制，以"携程乡村振兴学园"为载体，通过线下培训、线上课程与 高校合作等方 ...

11月26日，中国香港大埔宏福苑发生火灾，灾情牵动社会各界的心，多家企业捐款驰援火灾救援，凝聚 温暖与力量共渡难关。 华润集团宣布，华润慈善基金向本次香港火灾事故捐赠现金2000万港元，用于援助火灾紧急救援，对火 灾造成伤亡的市民、消防员开展医疗救助、过渡安置、生活物资补给及情绪疏导等。 安踏集团宣布，捐赠总额3000万港元的现金及防寒装备（1000万港元现金及2000万港元防寒装备），用 于受灾同胞的紧急安置及过渡期基本生活保障。 特步集团宣布，捐赠2000万港元现金及装备，用于受灾同胞灾后安置，为同胞送去即时保障与温暖。特 步将持续密切关注灾情进展，全力提供后续支援。 波司登宣布，捐赠1000万港元现金及2000万港元物资，驰援香港大埔灾后安置。 农夫山泉宣布，捐赠1000万港币现金及500万港币物资，专项用于紧急救助及灾后恢复工作。 蜜雪冰城宣布，捐赠2000万港元，驰援香港大埔火灾，用于受灾居民的医疗救助、紧急安置及生活救助 等救援工作。 蒙牛乳业联合中华慈善总会捐赠1000万港元现金，以及价值200万港元的在港蒙牛产品紧急驰援。该笔 款物将用于受灾居民的过渡安置、生活物资补给、心理辅导等工作。 本报 ...