以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 一众互联网巨头之所以眼馋 OTA 这块"肥肉"，主要源于两方面：一是，短视频/直播带货、社交种草 浪潮席卷而过，OTA 正借助流量优势重构酒店行业的价值链条。 看清流量迁徙的切面 OTA 行业硝烟再起——继京东高调"上桌"后，抖音也出招了。 虎嗅获悉，7 月 15 日至 8 月底，抖音本地生活业务将投入亿级平台补贴： 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜电影《敦刻尔克》 一方面，平台会加大扶持连锁品牌酒店官方直播、区域矩阵号及商家职人直播、明星达人探店， 覆盖华住集团、凯悦集团、首旅如家、锦江酒店、欢朋酒店、亚朵集团等酒店集团； 另一方面，同步上线新客专享价、特惠日历房、酒店通兑券、会员体验券包等——一步到位将特 惠订房价格砍至 6 折起。 上述举措无疑让暑期酒旅混战再度升级，也体现出抖音加速挺进 OTA 版图的决心。 事实上，自今年 6 月京东高调宣布进军酒旅行业后，市场关于 OTA 格局的讨论便再次热闹了起来， 外界翘首以盼携程系（携程+去哪儿+同程）、美团、抖音、飞猪等玩家如何出招应对。 尤其，在携程系、美团、抖音等平 ...

标普500指数和纳指再创新高。 当地时间7月17日，受零售数据增长和失业初请下降的推动，标普500指数和纳斯达克指数再度刷新历史 收盘新高。 美国众议院悉数通过三项加密货币法案 当地时间7月17日，美国国会众议院以308票赞成、122票反对的结果通过了《指导与建立美国稳定币国 家创新法案》（简称《天才法案》）（Genius Act），旨在对加密货币监管进行重大立法改革。该法案 将提交美国总统特朗普，预计将由特朗普签署成为法律。 截至收盘，道琼斯工业指数涨0.52%，报44484.49点；纳斯达克指数涨0.75%，报20885.65点；标普500 指数涨0.54%，报6297.36点。其中，标普500指数、纳斯达克指数均创历史新高。 中概股多数上涨，纳斯达克中国金龙指数涨1.23%。热门中概股方面，联掌门户涨超10%，蔚来、理想 汽车涨超6%，传奇生物涨近6%，大全新能源、路特斯科技涨逾5%。下跌个股方面，禾赛科技跌逾 8%，脑再生跌超2%，BOSS直聘、携程集团跌超1%。 经济数据强势 美股走高与美国经济数据强势表现有关。 美国商务部最新数据显示，6月份美国零售销售环比增长0.6%，超出市场预期的0.1%，并 ...

出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜电影《敦刻尔克》 OTA 行业硝烟再起——继京东高调"上桌"后，抖音也出招了。 虎嗅获悉，7 月 15 日至 8 月底，抖音本地生活业务将投入亿级平台补贴： 一方面，平台会加大扶持连锁品牌酒店官方直播、区域矩阵号及商家职人直播、明星达人探店，覆盖华住集团、凯悦集团、首旅如家、锦江酒店、欢 朋酒店、亚朵集团等酒店集团； 另一方面，同步上线新客专享价、特惠日历房、酒店通兑券、会员体验券包等——一步到位将特惠订房价格砍至 6 折起。 上述举措无疑让暑期酒旅混战再度升级，也体现出抖音加速挺进 OTA 版图的决心。 事实上，自今年 6 月京东高调宣布进军酒旅行业后，市场关于 OTA 格局的讨论便再次热闹了起来，外界翘首以盼携程系（携程+去哪儿+同程）、美团、抖 音、飞猪等玩家如何出招应对。 如此情形下，京东躬身入局，真能如愿分一杯羹，甚至成为搅动行业流动的"鲶鱼"吗？ 新玩家的博弈"切口" 一众互联网巨头之所以眼馋 OTA 这块"肥肉"，主要源于两方面：一是，短视频/直播带货、社交种草浪潮席卷而过，OTA 正借助流量优势重构酒店行业的价 值链条。 尤其，在携程系、 ...

今年上半年，入境游市场呈现强劲增长态势。7月16日，国家移民管理局数据显示，2025年上半年外国 人出入境数量达3805.3万人次，同比上升30.2%；其中，免签入境外国人1364万人次，占入境外国人的 71.2%，同比上升53.9%。 同程研究院高级研究员徐子莫在接受《证券日报》记者采访时表示，入境外国人大幅增长，激发了旅游 市场活力，预计今年前三季度入境游客数量，或将超过2019年全年水平。 中国城市海外圈粉 徐子莫表示："这项政策大幅提升了来华旅游人数及中转游客的停留时间，并对国际交通网络产生了影 响，例如中欧、中美航线周班次逐步回暖，粤港澳大湾区国际航班占比显著提升。特别是去年延长过境 签后，韩国游客周末打卡上海，泰国游客体验重庆5D山城的魔幻，让许多中国城市在海外圈粉无数。" 优化入境游消费体验 入境游的持续火爆也带动了相关市场的复苏。数据显示，2024年，中国入境游客达1.32亿人次，总花费 942亿美元，分别恢复到2019年水平的97.2%和93.5%。2025年第一季度，入境旅游达3501.64万人次，同 比增长19.6%；其中外国游客736.74万人次，同比增长39.2%。 广州艾媒数聚信息 ...

2025.07. 17 本文字数：715，阅读时长大约2分钟 作者 | 一财产经 "苏超"的持续火爆正在带动暑期的民航出行。 航旅纵横行业发展部总经理赵楠表示，今年暑运期间，南京、无锡、常州、南通等"苏超"的主办城 市，机票预订量环比增速均超10%。 根据航旅纵横的统计，2025年江苏省城市足球联赛开始以来 （5.10-7.15），国内航线前往江苏省的 旅客量超过503万人次，比去年同期增长约5%；其中前往扬州泰州机场的旅客量超过21万人次，比 去年同期增长约21%；前往常州奔牛机场的旅客量超过39万人次，比去年同期增长约18%。 携程的最新数据显示，自5月10日以来，江苏省的整体旅游订单量同比上升，其中机票、酒店及景区 门票等细分领域均实现不同程度增长。 三小时搬800箱，一台机器人或可替代约1.4~2名工人！实探智元机器人落地工厂 从交通出行来看，江苏省的机票订单量同比增长4%，其中连云港以29%的增幅领跑全省，盐城 （28%）、扬州（23%）、常州（21%）、淮安（20%）、徐州（12%）、南通（4%）及无锡 （3%）均呈现正向增长。 住宿市场同样回暖，全省酒店订单量同比增长3%。常州、徐州、淮安成为增 ...

7月16日，携程发布的消息显示，全力拓展入境团队游服务。7月15日，去哪儿则宣布上线英文版页面， 为用户提供酒店、机票、火车和度假产品的英文预订服务。加码入境游业务布局的背后是入境游相关预 订和营收的迅猛增长。据上海边检总站披露的数据，今年上半年，上海边检机关累计查验入境外籍旅客 数量近260万人次，同比增长44.8%。（智通财经） ...

互联网小有名气的"离职博主"东东快跑最近又离职了。 他还有一个外号叫做"大厂测评博主"，曾先后在字节干过2年、阿里1年。今年4月21日，他又入职了携程。 图源：小红书@东东快跑 入职那天他和网友说"要在这里干5年"。 这些年，携程被捧成白月光，灵活办公、春节提前放假，当其他互联网大厂员工还在为996战斗时，携程已经凭借层出不穷的"打工人友好"政策被当作 【互联网最后的乌托邦】。 甚至当互联网的世界动物满天飞，猪厂鹅厂狗厂袋鼠厂天天下场撕头花时，携程显得如此岁月静好，极其优雅从容。羡慕极了的其他动物厂牛马为携程送 上美名【互联网养老院】。 而东东在这里仅干了2个月就轰轰烈烈离职了，"午休和晚饭的时候都在开会，实在受不了影响吃饭"。还有"同事"爆料觉得他不敬业，原因是晚上7点在公 司楼下遛弯。 "居家办公就是笑话，存在时效仅限面试时间，入职以后才知道这事儿还要卡等级申请。" "隔壁组同事前段时间按时下班，被领导约谈，说他们工作不饱和。" "还养老？就差给我送终了。" 这场有关"携程到底是不是养老厂"的讨论越来越激烈，许多网友现身说法撕开滤镜。原来，所谓"携城"，是程外的人想进去，程里的人想出来。 程外的人想进去， ...

Core Viewpoint - The news highlights the challenges faced by the hotel industry, particularly in Zhengzhou, where a five-star hotel resorted to street vending due to declining business. Meanwhile, Ctrip, a leading OTA, is facing allegations from hotel merchants regarding its pricing practices, indicating a broader issue of profitability and competition in the OTA sector [2][15]. Group 1: Ctrip's Performance - Ctrip Group is projected to achieve a net profit of 17.2 billion yuan in 2024, a significant increase of 72% year-on-year, marking its best performance in five years [3]. - In Q1 2025, Ctrip's net profit was 4.314 billion yuan, maintaining a net profit margin of 34% [3]. - All four major business segments of Ctrip saw revenue growth in Q1 2025: accommodation bookings increased by 23% to 5.5 billion yuan, transportation ticketing rose by 8% to 5.4 billion yuan, vacation services grew by 7% to 947 million yuan, and business travel management climbed by 12% to 573 million yuan [3]. Group 2: Industry Context - The overall OTA industry shows high net profit margins, with Tongcheng Travel reporting a net profit of 679 million yuan in Q1 2025, a year-on-year increase of 69.52% and a net margin of 18% [4]. - Ctrip holds a market share of 56% in GMV, significantly outperforming competitors like Meituan and Tongcheng, despite facing strong competition from them [5][8]. Group 3: Competitive Advantages - Ctrip's early entry into the market allowed it to capture high-end users, establishing a strong brand association with OTA services [8][9]. - The company has exclusive agreements with mid-to-high-end hotels, ensuring a stable supply of hotel rooms and enhancing its bargaining power [11]. - Ctrip's operational model includes a large workforce dedicated to customer service, which adds to its competitive edge in the OTA space [12]. Group 4: Market Dynamics and Challenges - Recent complaints from hotel merchants about Ctrip's pricing practices indicate potential instability in the OTA ecosystem, where one party's excessive profits could lead to unsustainable business practices [15][16]. - The entry of competitors like JD.com into the OTA market may disrupt the current dynamics, prompting existing players to reconsider their pricing and profit-sharing strategies [19][20]. - The need for a balanced ecosystem where all parties benefit is emphasized, suggesting that Ctrip may need to adjust its profit margins to maintain long-term sustainability [17][20].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Core Insights - The online travel agency (OTA) market in China has remained stable for over 20 years, with significant market consolidation and a strong Matthew effect, making it difficult for new entrants to disrupt the existing players [2][3] - Major e-commerce platforms like JD.com and Alibaba have recently intensified their focus on the travel sector, aiming to leverage their vast user bases to integrate local services with travel offerings [2][11] - The travel industry is experiencing rapid growth post-pandemic, with companies like Ctrip reporting a revenue growth of 122% in 2023, indicating a strong recovery and ongoing demand [3][4] E-commerce Platforms' Strategies - JD.com announced a three-year zero-commission initiative for hotel merchants during the 618 shopping festival, while Alibaba merged its travel services to enhance synergy with its e-commerce operations [2][11] - Both companies are attempting to replicate their success in instant retail by converting their large e-commerce user bases into travel customers, emphasizing the importance of supply chain integration [18][19] - JD.com aims to disrupt the traditional OTA commission model by focusing on supply chain empowerment, which could potentially lower operational costs for hotels [21][22] Market Dynamics - The OTA market is characterized by a few dominant players, with Ctrip, Tongcheng, and Meituan holding an 84% market share, indicating a highly concentrated competitive landscape [7][8] - Despite the growth in the travel sector, the online travel market remains relatively rigid, with new entrants like Douyin and Feizhu struggling to gain significant market share [7][8] - The relationship between hotel merchants and OTA platforms has become increasingly strained, with many merchants expressing a desire for more equitable market conditions [12][13] Financial Performance - Ctrip reported a revenue of 43.3 billion yuan with a net profit of 17.2 billion yuan, reflecting a net profit margin exceeding 30%, while hotel chains like Jinjiang and Huazhu maintain much lower profit margins around 10-12% [14][15] - The financial disparity between OTAs and hotel chains highlights the ongoing reliance of hotels on OTA platforms for customer acquisition, despite the latter's higher profitability [15][17] Future Outlook - The entry of e-commerce giants into the travel sector presents both opportunities and challenges, as they seek to innovate and reshape the market dynamics [11][23] - The potential for supply chain improvements in the travel industry could lead to enhanced operational efficiencies for smaller hotels, which may welcome the involvement of platforms like JD.com [22][23] - The long-term success of these strategies will depend on the ability of e-commerce companies to navigate the complexities of the travel supply chain and establish a sustainable business model [22][23]