作者 | 第一财经 封图 | AI生成 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡。据不完全统计，27日至28日，已有百余家企业及基金会捐款捐物， 用于受灾人群的紧急救援与过渡安置，并助力灾后社区恢复工作。截至目前，合计捐赠总额已超过12亿港元。 | | | 驰援香港大埔火灾救援,企业捐赠一览(不完全统计) | | | --- | --- | --- | --- | | 企业/基金会 | 捐赠情况 | 企业/基金会 | 捐赠情况 | | 越秀集团 | 1000万港元 | 中国海外、中国建筑公 | 捐赠2000万港元,员工个 | | | | lo | 人首批捐款208.06万港元 | | 广汽集团 | 600万港元 | 思摩尔 | 500万港元 | | 小米基金会 | 1000万港元 | 珀莱雅 | 500万港元 | | 腾讯 | 3000万港元 | 商汤科技 | 300万港元 | | 字节跳动 | 1000万港元 | 新东方及东方甄选 | 200万港元 | | 蚂蚁集团 | 1000万港元 | 蓝色光标 | 100万港元 | | 阿里巴巴 | 首批2000万港元 | 臭宝 | ...

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 ...

智通财经记者 郭莎莎 11月26日下午，香港新界大埔屋邨宏福苑多栋住宅楼发生火灾，造成重大人员伤亡，牵动社会各界关 注。 据中国新闻网，截至11月28日上午6时，香港宏福苑火警共造成94人遇难，当中一名遇难者为消防员。 另由消防处处理的伤者共有76人，包括11名消防员。 百度宣布捐赠1000万港元专项资金，用于受灾民众的紧急安置、生活保障及灾后重建。 网易公司决定捐赠1000万港元，用于支持当地紧急救援、过渡安置、灾后社区恢复、居民情绪疏导等各 项工作。 小米集团创始人、董事长兼CEO雷军在个人微博发文表示，香港小米基金会捐赠1000万港元，紧急驰援 香港大埔火灾救援。 快手宣布通过北京快手公益基金会捐赠500万港元，支援香港大埔火灾的紧急救援和灾后恢复工作。 据新华网，香港特区政府民政及青年事务局发言人27日表示，为援助大埔宏福苑的居民，特区政府当日 已成立"大埔宏福苑援助基金"，并投入3亿港元作为启动资金，协助居民及支持各项相关工作。 灾情发生后，多家企业、机构纷纷捐款，紧急驰援香港大埔火灾救援。据记者不完全统计，截至11月27 日24时，已有逾40家企业参与捐赠，物资和捐款总额超6亿港元。 多家互联网科 ...

Core Points - Over 40 companies and foundations have contributed more than 600 million HKD to support the fire disaster relief and reconstruction efforts in Tai Po, Hong Kong [1][2] - The Hong Kong government and various sectors are actively engaged in firefighting, rescue operations, and post-disaster support [1] Company Contributions - Alibaba Group has initiated a donation of 20 million HKD for disaster relief and has activated its emergency response mechanism to provide essential supplies [2] - Anta Group and Xtep Group each announced donations of 20 million HKD for disaster relief efforts [2] - Tencent, Xiaomi, and other companies have also contributed amounts ranging from 5 million HKD to 20 million HKD [2] Foundation Contributions - The Ma Yun Public Welfare Foundation donated 30 million HKD to assist affected families and support emergency personnel [3] - The Li Ka Shing Foundation allocated 80 million HKD, including 30 million HKD for immediate aid and 50 million HKD for community rebuilding [3] - The Hong Kong Red Cross received a donation of 2 million RMB for emergency rescue and humanitarian assistance [4] Insurance Sector Response - Multiple insurance companies, including China Life and Ping An, have activated emergency claims procedures to ensure rapid support for affected families [4]

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Summary of Trip.com Group (TCOM) Conference Call Company Overview - **Company**: Trip.com Group (TCOM) - **Market Cap**: $44.3 billion - **Enterprise Value**: $38.0 billion - **Current Price**: $69.72 - **12-Month Price Target**: $91.00 (Upside: 30.5%) [1][5] Key Industry Insights - **Industry**: Online Travel Agency (OTA) in Asia, particularly focusing on travel to Japan and other Asian markets - **Recent Trends**: Concerns over profit margins and geopolitical tensions affecting travel to Japan, presenting a potential buying opportunity [1][19] Core Points Discussed 1. **Profit Margin Outlook**: - Management addressed concerns regarding lower EBIT margin guidance for 4Q25 (20.8% vs. 21.6% in 4Q24), attributing it to a revenue mix shift towards the loss-making Trip.com platform (18% of revenue vs. 14% in 4Q24) [1][19] - Confidence in improving profitability from domestic and outbound businesses into FY26 due to scale economies and a shift towards higher-margin hotel business [1][19] 2. **Revenue Growth Projections**: - Base case scenario assumes Trip.com's revenue growth will slow to 40% YoY (from 50-60% in recent quarters), with a narrower loss from Trip.com supporting group margin expansion to 29.8% in FY26E [1][19] - Stronger top-line growth (60%+) could dilute margin trends, projecting a decline to 27.5% [1][19] 3. **Impact of Geopolitical Tensions**: - Acknowledgment of cancellations due to the Chinese government's advisory against traveling to Japan, but management remains optimistic about revenue/earnings impact due to the low travel season in 4Q [2][18] - Potential diversion of travel demand to other destinations like Thailand, Hong Kong, and Korea [18] 4. **AI Integration**: - AI is being leveraged to enhance service quality and automate customer interactions, with current automation rates at 75-80% in mainland China [21] - AI is expected to improve cross-selling predictions, potentially boosting revenue [21] 5. **Market Focus and Competitive Strategy**: - Trip.com will prioritize expansion in Asia over Europe, focusing on under-penetrated markets like Korea and Japan [19][21] - Differentiation from competitors through a focus on local Asian travelers and a one-stop shop model for travel services [21] 6. **Financial Projections**: - Revenue forecasts for FY26E: Rmb 70,907.8 million, with EBITDA of Rmb 22,049.5 million and EPS of Rmb 31.43 [5][16] - Expected EBIT margin improvement for domestic/outbound business by 1.3-1.5 percentage points YoY in FY26E [19] Additional Important Insights - **Travel Booking Volume**: A 30-40% YoY decline in travel booking volume was noted, but management is not overly concerned due to the timing and potential for re-arrangements for upcoming holidays [18] - **Investment in MakeMyTrip**: Trip.com retains a 16.9% stake in MakeMyTrip, expecting synergies from shared travel resources [18] - **Valuation Metrics**: The stock is trading at 17x FY26E P/E, 11x EV/EBITDA, and a 6.3% FCF yield, indicating an undemanding valuation [19] This summary encapsulates the key takeaways from the Trip.com Group conference call, highlighting the company's strategic focus, financial outlook, and market dynamics.

携程集团称，将持续关注灾情进展，积极协调多方资源，与当地机构密切协作，助力受灾民众恢复生 活、重建家园。携程集团也特别提醒，若有游客及家人因事件受到影响，面临行程退改需求，公司的24 小时客户服务团队将随时提供支援。 北京商报讯（记者 吴其芸）11月26日下午，香港大埔宏福苑火灾，灾情牵动社会各界。为响应救援需 求，助力受灾群众渡过难关，携程集团于11月27日宣布捐赠1000万港元，以协助受影响的居民及社区共 渡难关。 携程集团向火灾中的遇难者表示深切哀悼，向受灾家庭及受影响市民致以诚挚慰问，并向奋战在一线的 消防、救护人员及所有参与救援的社会力量致以崇高敬意。 ...

Core Points - The fire in Hong Kong's Tai Po district has resulted in 55 fatalities and 76 injuries, with the situation now under control [2] - Over 40 companies, foundations, and notable individuals have contributed more than 600 million HKD in donations for rescue and post-disaster recovery efforts [1][2] Donations and Contributions - Alibaba Group has pledged an initial donation of 20 million HKD to support rescue and transitional housing efforts [2] - Anta Group, Li Ning Group, and Xtep Group each donated 20 million HKD, while Wens Foodstuff Group contributed 40 million HKD [4] - The Li Ka Shing Foundation has allocated a total of 80 million HKD for emergency aid and community rebuilding [4] - The Ma Yun Public Welfare Foundation donated 30 million HKD to assist affected families and support emergency responders [4] - Various companies, including ByteDance, Xiaomi, and Tencent, have made donations ranging from 5 million HKD to 20 million HKD [4][5] Emergency Response Initiatives - JD Group's Hong Kong subsidiary has activated an emergency response team to deliver essential supplies to affected areas [5] - The China Red Cross has donated 2 million RMB for emergency rescue and humanitarian assistance [5] - Multiple insurance companies have initiated emergency claims procedures to support affected families [5]