今年上半年，携程入境游订单量同比激增100%。截至10月，入境人次提升64%，入境消费金额增长59%。中国已稳居全球入境游订单前三，增速挤进前 五。中国入境游客源国从传统的日韩、东南亚，迅速扩展到欧洲、北美、印度、中东、北欧，哈萨克斯坦、科威特、卡塔尔等新增免签国家游客增量显著。 "中国味"已覆盖全球 如果说高端榜单解决的是"值得飞去哪里"，那么同一天全新亮相的"家乡味"主题榜单，则瞄准了旅途里最柔软的情绪——想家。 10月31日，携程美食林2026全球榜单正式发布，覆盖全球68个国家、512座城市、超18000家餐厅的"全球味觉坐标"全面升级，该榜单显示，美食正 从"附加体验"升级为"入境第一动力"。 携程CMO孙波表示："多组数据印证了'中国游'的强势吸引力，一个充满机遇的增量市场正摆在我们面前，携程旨在为全球旅客提供一场值得去的旅行 体验。"与此同时，海外游客来华游的需求也在发生转变，海外用户在携程站内搜索"美食""餐厅""当地特色菜"等关键词的涨幅超过30%，"吃地道"第一次超 过"看景点"和"住得好"，成为入境游客规划行程的首选动机。 高端餐厅榜重新解读 "我们不再只告诉用户哪里有好餐厅，而是告诉他 ...

一、上海平台经济势头良好 "当前上海电商平台格局可概括为'一超多强，长尾多元'"。中国商业联合会直播电商委副会长、网经社电子商务研究中心主任曹磊接受《蓝鲸科技》采访时 表示这样说到。拼多多、小红书、得物、大众点评、携程等本土企业与唯品会、字节跳动、快手等外来企业，在上海共同成长，呈现出多元电商主体共同繁 荣的景象。 上海电商生态的繁荣离不开政府政策的精准赋能。2025年7月，上海市经济信息化委印发了《上海市促进高成长企业加快发展三年行动方案（2025-2027 年）》，提出到2027年推动高成长企业规模突破1000家。这一方案旨在构建由"潜力瞪羚企业、瞪羚企业、潜力独角兽企业和独角兽企业"组成的高成长企业 梯队，形成"4321金字塔式"培育体系。 首先，上海是全国时尚消费风向标和连接海内外的桥头堡，能精准捕捉全球消费动向，像得物这样的平台就精准对接了潮人潮牌需求。 二是制造基础实。上海制造业发达，为电商提供了稳定的货源支撑。 三是品牌集聚多，给平台经济带来优质合作资源。 四是政策环境优。上海扶持政策到位，能帮电商企业从小到大成长。 曹磊指出，当前上海电商平台格局可概括为"一超多强，长尾多元"。其中，"一超"拼 ...

Summary of Key Points from the Conference Call Industry and Company Focus - The conference call discusses the strategic sectors in China, particularly focusing on innovative growth companies that are expected to emerge as "China Next Winners" in the context of the country's five-year plans [1][3][4]. Core Insights and Arguments 1. **Five-Year Plans as Investment Roadmaps**: China's five-year plans have historically served as effective roadmaps for investors, highlighting key sectors that are prioritized for growth. Significant alpha generation is often observed in the initial years following the prioritization of these sectors [3][12][13]. 2. **Key Growth Areas Identified**: - **Technology and Innovation**: Growth in semiconductors and artificial intelligence (AI) is anticipated, with a focus on self-reliance and high-tech innovation [3][4]. - **Advanced Manufacturing and Automation**: Chinese companies are expanding in mature automation areas, with new entrants in humanoid robotics benefiting from a large customer base and lower development costs [3]. - **Green Technology Leadership**: China has achieved 50% penetration of electric vehicles, with expectations for full electrification by the end of the decade. Rapid development in solar, wind, and nuclear energy is also anticipated [3]. - **Healthcare and Drug Development**: The aging population is expected to create greater opportunities in healthcare, with the industry catching up to global standards in R&D capabilities [3]. - **Domestic Consumption Boost**: A shift in consumer behavior from material ownership to experiential wealth is noted, benefiting companies focused on experiences rather than goods [3]. - **Urban Air Mobility**: China aims to dominate the low altitude economy, with proactive regulations and infrastructure development supporting this market [3]. 3. **Investment Implications**: The report emphasizes that growth stocks and innovative companies have historically provided the best returns for long-term investors, with a focus on high-growth and highly innovative firms [4][12]. 4. **Top Stock Recommendations**: Key stocks highlighted include Tencent, CATL, Alibaba, Trip.com, Luxshare, Hengrui, and Innovent as potential investment opportunities [4]. Additional Important Insights 1. **Historical Performance of Strategic Industries**: Industries identified as strategic in five-year plans have historically shown an average alpha of 30-40% in the first two years post-inclusion, although returns tend to decline after five years [13][17]. 2. **Characteristics of Historical Winners**: Successful companies typically emerged from mid-cap stocks (around $5 billion adjusted for today's market size), with reasonable valuations (13x PE), operating margins of 6-9%, and long-term earnings growth expectations exceeding 12% [12][50]. 3. **Long-Term Trends**: The report indicates that high-growth and innovative companies have generated significant annualized alpha, with the top 20% of the market leading in innovation yielding 8.5% p.a. alpha over the last decade [12][50]. 4. **Geopolitical and Macroeconomic Influences**: The evolving geopolitical landscape and domestic structural challenges are shaping China's economic and policy environment, emphasizing self-reliance and technological innovation [14][29]. This summary encapsulates the key points discussed in the conference call, focusing on the strategic sectors and companies poised for growth in China, as well as the historical context and investment implications derived from the five-year plans.

政策红利持续释放，为北京入境游市场按下"加速键"。自由行散客的壮大，正推动消费模式向深度体验 转变，市场潜力可观。但热潮之下，小语种导游短缺、差异化服务供给不足等现实瓶颈也日益凸显。如 何将政策机遇转化为真实的消费满意度？在圆桌对话环节，多位嘉宾围绕"政策红利到体验升级：构建 国际一流的旅游便利化生态圈"共话入境游未来。 北京市文化和旅游协会理事、百达旅游总经理游旭公： 国内游与出境游企业转向入境游市场 游旭公介绍，从今年北京入境游市场来看，意大利市场比2019年增长38%，虽然市场快速增长，但因缺 少小语种导游，整体基数仍较为有限。同时，西班牙语市场增幅为20%。目前，入境游市场处于快速恢 复阶段，虽然旅行社企业也面临着多重挑战，但该市场的机会颇多。许多原本专注于国内游与出境游的 企业，正积极转向入境游市场，大批从业者的加入有助于形成优势互补，尤其在服务质量和业务方案上 相互促进，这是十分积极的发展态势。行业内部的交流协作与资源互补极为重要，呼吁业内共同推动入 境旅游产品向高品质方向持续发展。 万事达卡大中华区市场营销及公共关系副总经理吴焕宇： 吴焕宇指出，当前，入境游客的旅行方式正发生显著变化，自由行日益 ...

（编辑 郭之宸） 据公开信息，2025年2月份，携程旗下去哪儿率先从自研系统切换至飞书，并被评价"飞书让协作体验从共享单车跃升至高 铁"。这一成功实践推动了携程集团的整体决策。后续，携程启动内部试用，并推动全员办公平台切换正式完成。 值得关注的是，携程与飞书的签约被视为飞书在互联网行业的重要突破。目前，飞书在互联网行业的重要客户有携程系 （含去哪儿网）、小米集团、爱奇艺、高途、得物等。近两年，飞书在大模型与机器人行业也有不少收获，如DeepSeek、月之 暗面、智元机器人、智谱、Minimax等。 本报讯 （记者李春莲）10月30日，记者获悉，北京飞书科技有限公司（以下简称"飞书"）近期已与在线旅游巨头携程达成 合作。今年下半年，携程4万余名员工已全面迁移至飞书办公平台。 ...

Core Viewpoint - The article emphasizes the resurgence of private enterprises in China, driven by supportive government policies and a focus on technological innovation, particularly in AI, which is expected to enhance market valuations and attract significant foreign investment [2][3][25]. Group 1: Private Enterprises and Economic Contribution - Private enterprises contribute over 60% to GDP, account for more than 70% of technological innovation, and provide over 80% of urban employment, positioning them as a crucial growth engine for the Chinese economy [6]. - Since 2022, profits and return on equity for private enterprises have shown significant growth, indicating an increase in capital expenditure and investment willingness [4][6]. - The 2025 "Top 500 Private Enterprises" list reflects the strength of private companies in terms of scale, operational efficiency, innovation capability, and social responsibility [4][39]. Group 2: R&D and Innovation - During the "14th Five-Year Plan" period, China's R&D spending is projected to reach 3.6 trillion RMB in 2024, maintaining the second position globally, with private enterprises leading in R&D contributions [7][10]. - Private enterprises have outpaced state-owned enterprises in profit and revenue growth over the past decade, contributing approximately half of the new capital expenditure and 60% of the increase in R&D investment [7][10]. - The "Top 500 Private Enterprises" list indicates that companies in the computer, communication, internet, and automotive sectors are the main drivers of innovation [10]. Group 3: AI and Growth Drivers - The AI sector is expected to significantly boost the investment enthusiasm of private enterprises, with projected profit growth for tech-related private companies expected to exceed non-tech firms by about 15 percentage points in 2024-2025 [18][19]. - The anticipated widespread application of AI could contribute an additional 2.5% annual growth to the earnings per share (EPS) of listed companies in China over the next decade [19]. - The article highlights a positive feedback loop where AI drives growth, which in turn fuels further investment [26]. Group 4: International Expansion - The "15th Five-Year Plan" prioritizes high-level opening-up, indicating a shift towards more aggressive international expansion for Chinese enterprises [27]. - The 2025 "Top 500 Private Enterprises" report shows that overseas revenue for these companies reached 3.19 trillion RMB, a year-on-year increase of 14.74%, significantly outpacing overall revenue growth [30]. - By 2024, nearly 20% of private enterprises' total revenue is expected to come from overseas, reflecting a shift towards high-value products and services [31]. Group 5: Market Dynamics and Future Outlook - The concentration of market capitalization among leading companies in China is expected to increase, with private enterprises in sectors like automotive and renewable energy becoming market leaders [35][37]. - The "Top 10 Private Enterprises" in China, as identified by Goldman Sachs, collectively hold a market value of 1.6 trillion USD, representing 42% of the MSCI China Index, with projected profit growth of 13% over the next two years [37]. - The 2025 "Top 500 Private Enterprises" list shows a total revenue of 43.05 trillion RMB, with a net profit of 1.8 trillion RMB, indicating an improvement in growth quality [39].

Core Viewpoint - The majority of popular Chinese concept stocks closed down on Tuesday, with the Nasdaq Golden Dragon China Index falling by 1.23% [1] Group 1: Stock Performance - Alibaba, Ctrip, and Baidu each experienced declines of over 1% [1] - Futu Holdings saw an increase of over 3% [1] - Xpeng Motors rose by over 1%, while Li Auto and Manbang both dropped by over 1% [1] - New Oriental Education fell by over 3% [1]

Flash | China Equity Strategy Twelves Goals of 15th Five-Year Plan Unveiled; Targeting More Opening Up amid More Trade Barriers Overseas CITI'S TAKE Summary – The Proposal of the CPC Central Committee on Formulating the 15th Five-Year Plan (FYP) was approved (link, Xinhua, 23 Oct). The top 3 goals are (1) Building a modern system to consolidate economy; (2) Accelerate scientific and technological self-reliance; and (3) Build a strong domestic market; they were similar to the top 3 goals in 14th FYP. The goa ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call discusses the **15th Five-Year Plan (FYP)** of China, focusing on economic and social development goals set by the **Communist Party of China** [1][2][3]. Core Points and Arguments 1. **Top Goals of the 15th FYP**: - Building a modern system to consolidate the economy - Accelerating scientific and technological self-reliance - Building a strong domestic market - The goal to expand high-level opening up to the outside world has risen significantly due to increased trade barriers [1][2][6]. 2. **12 Specific Goals**: - Building a modern industrial system (up from 2nd in the 14th FYP) - Accelerating high-level scientific and technological self-reliance (down from 1st) - Building a strong domestic market (remains 3rd) - Expanding high-level opening up to the outside world (up from 9th) - Other goals include optimizing regional economic layout, stimulating cultural innovation, and promoting green transformation [3][5][6]. 3. **Implications for Key Sectors**: - The sectors expected to benefit from the 15th FYP include technology, tourism, healthcare, insurance, and renewables [1][6]. 4. **Market Outlook**: - Positive outlook on the Hong Kong and PRC markets, with specific stock recommendations including **Hengrui**, **Sunny Optical**, **ASMPT**, **Tencent**, **AIA**, **Trip.com**, and **Atour** [1][8]. Other Important Content - The conference highlights the importance of achieving high-quality development and self-reliance in science and technology as critical for China's future economic strength and international influence by 2035 [2][6]. - The report emphasizes the need for a significant leap in various strengths, including economic, technological, and national defense capabilities [2]. This summary encapsulates the essential insights from the conference call regarding China's strategic economic planning and its implications for various sectors and markets.

Group 1 - The core theme of the news is the enhancement of inbound tourism in China, particularly through the upgraded "Free Beijing Half-Day Tour" project by Ctrip, which now offers a comprehensive service package including tickets, transportation, SIM cards, and currency exchange [2] - Ctrip is expanding its offerings beyond traditional tourism products by launching a cultural experience restaurant aimed at foreign tourists, utilizing immersive video and 3D technology to showcase Chinese culture and cuisine [3] - The company is focusing on helping supply chain partners seize opportunities in the inbound tourism market, providing translation services in over 20 languages to enhance product accessibility for international customers [3] Group 2 - Ctrip has identified pain points for inbound tourists, such as family travel restrictions and varying dietary needs, and is working with airlines to address these issues [4] - The company is enhancing its inbound tourism product design by emphasizing service details, such as food ingredient labeling, to meet the diverse needs of international visitors [4] - The growth of inbound tourism is seen as beneficial not only for the tourism industry but also for the broader economy and social welfare, as foreign tourists' spending impacts multiple related sectors [4]