针对因受台风"桦加沙"直接影响无法出行或产生目的地滞留，订单出发返程日期为9月23日至24日，目 的地及出发地（含行程中转地）为香港、澳门、广州、深圳、江门、中山、东莞、珠海、惠州、湛江、 阳江、茂名、潮州、 佛山等地受影响的旅游订单，携程启动"重大灾害旅游体验保障金"，对行程受直 接影响而取消所产生的订单最终损失予以保障。 携程已开启兜底保障，将全力协调，降低用户退订损失。 针对台风"桦加沙"影响，携程酒店、机票、旅游等产品已为用户启动重大突发事件保障举措。针对近期 预定广东、海口、香港、澳门等地受影响的订单，携程已开启兜底保障，将全力协调，降低用户退订损 失。 ...

携程年赚172亿，毛利率高达81%，甚至超过腾讯和阿里，却因后台"调价助手"强制干预商家定价，被 多家酒店实名举报。这究竟是怎么一回事呢？ ...

September 18, 2025 02:49 PM GMT Trip.com Group Ltd | Asia Pacific Catalyst Driven Idea We think the travel industry data release around the upcoming National Day + Mid-Autumn Festival will be a key share price catalyst. What and when is the catalyst? We view the upcoming National Day + Mid-Autumn Festival Holidays travel data as the key catalyst for OTAs. This year is likely to show strong data, given that the two holidays coincide with each other (not the case in 2024, 6.3% YoY growth); the eight-day holid ...

Global Market Overview - The Hang Seng Index closed at 26,344, down 0.76% for the day but up 31.33% year-to-date [1] - The S&P 500 and Nasdaq in the US saw increases of 0.44% and 0.70% respectively, with year-to-date gains of 13.81% and 18.01% [1] - The Shanghai Composite Index rose by 0.22%, reflecting a year-to-date increase of 14.23% [1] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index fell by 0.85%, while the Hang Seng Industrial and Commercial Index decreased by 0.68% [2] - The Hang Seng Property Index dropped by 1.25%, indicating a year-to-date increase of 23.48% [2] - The energy and consumer staples sectors in the Chinese stock market experienced declines, while materials, healthcare, and information technology sectors saw gains [3] Monetary Policy and Economic Outlook - The People's Bank of China is expected to continue a loose monetary policy, with potential reserve requirement ratio cuts of 50 basis points and interest rate cuts of 10 basis points in Q4 [3] - The steel industry in China will implement capacity controls, prohibiting new capacity additions from 2025 to 2026, with an expected annual growth of around 4% in value added [3] Company Focus - Geely Automobile (175 HK) is rated as a buy with a target price of 25.00, representing a 34% upside potential [4] - Luckin Coffee (LKNCY US) is also rated as a buy, with a target price of 44.95, indicating a 20% upside [4] - Tencent (700 HK) has a target price of 705.00, suggesting a 10% upside potential [4] Technology Sector Insights - Nvidia plans to invest $100 billion to support OpenAI in building a 10GW data center, leading to a nearly 4% increase in its stock price [3] - The semiconductor sector is highlighted with companies like Horizon Robotics (9660 HK) and North Huachuang (002371 CH) rated as buy, with target prices indicating significant upside potential [4] Investment Opportunities - The report identifies several companies with strong growth potential, including BYD Electronics (285 HK) and Salesforce (CRM US), both rated as buy with substantial upside targets [4] - The healthcare sector is represented by companies like BeiGene (ONC US) and 3SBio (1530 HK), both rated as buy, indicating confidence in their future performance [4]

（原标题：情绪价值领跑国庆旅游：新疆等远途目的地搜索涨60%，"治愈式体验"成主流） 今年国庆假期恰逢中秋节，形成长达八天的"超级黄金周"，如果额外请假三天，还可拼出长达十二天的 超长假期。这一特殊假期结构，激发出多样化的旅行需求。 携程近日发布的2025国庆旅游趋势预测显示，截至目前，黄金周假期跨省游订单量同比增长45%。情绪 价值、时间效率与性价比已成为影响出行决策的三大关键要素，旅客出游偏好正在从简单的"去看"加速 转变为"去体验"。 省际交界游走红 高性价比目的地受青睐 旅客对情绪价值的关注还体现在旅游产品的选择上。具备 "场景+文化+体验"的复合型产品受到欢迎， 诸如"躺在酒店床上看日照金山"、"庭院温泉赏星空"、"森林别墅小熊猫陪玩"、"长江三峡边民宿观巫 山云雨"等特色体验搜索热度大幅上升。寺庙禅修、非遗手作、地方文化工坊等活动也广受青睐，让旅 行更具身心疗愈的意义。以天津为例，近期推出的盆栽艺术展、非遗手作体验、海河夜景漫游等主题文 旅体验为游客提供文化疗愈之旅，当地多家酒店也推出入住即体验相声茶馆夜等传统文化活动的产品， 为旅途赋予更多情绪享受。 此外，金秋时节，赏秋主题显著升温。比如辽宁本 ...

1 刚刚公布第二季度财报，净利润狂赚48亿元的携程，被郑州市市场监管局约谈了。 官方通报显示，携程违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂行规定》第二十四条的规定，存在利用服务协议、交易规则 和技术手段对平台内经营者的交易及交易价格进行不合理限制的问题。 对于通报中的问题，目前携程官方暂无任何公开回应。 这也是45天内，携程第二次因价格操控问题被约谈。此前，8月5日，携程曾被贵州省市场监督管理局约谈。 同时，郑州市场监管局对携程提出三项整改要求也值得玩味：合同条款修订意味着平台需放弃部分规则制定权；调价工具优化实质是剥离算法强制性；建 立长效合规机制则预示运营成本结构将重构。 携程被约谈，限期整改，最开心的是酒店从业者。 为啥？ 因为大家觉得酒店的钱都被携程赚走了。 仅仅今年二季度，携程净利润就有48亿元，去年同期的净利润是38亿元，同比增长了26%。平均每天净利润是5333万。 二季度携程所有业务版块中，增速最快的还是"住宿预订"，收入62亿元，同比增长21%。 而实体酒店们呢，行业前两大酒店集团利润加一起，也只有18.3亿，跟携程的利润差距不是一星半点儿。 还有更夸张的。北京统计局 ...

Core Insights - The report highlights a positive outlook for the Chinese internet and software sectors, particularly focusing on the valuation enhancement opportunities within the Chinese internet software segment [4] - The report emphasizes the strong liquidity trends in the A+H stock market and a more optimistic narrative surrounding AI applications, suggesting that AI software applications may match the growth of hardware sectors in the medium to long term [4] Market Performance - The Hang Seng Index closed at 26,545, showing a year-to-date increase of 32.33%, while the Hang Seng Technology Index rose by 40.87% [1] - The report notes mixed performance in the Chinese stock market, with Hong Kong stocks in materials, energy, and consumer discretionary leading gains, while healthcare, utilities, and conglomerates saw declines [3] Sector Analysis - The report identifies key companies in the internet and software sectors that are expected to drive growth, including Alibaba, Baidu, Microsoft, Tencent, and Kuaishou, due to their strong cloud business growth and AI-driven revenue potential [4] - It also suggests that companies like Datadog and Kingdee International have room for valuation improvement and should be monitored for substantial progress in AI monetization [4] Stock Recommendations - The report provides a list of stocks with buy ratings, including Geely Automobile (target price 25.00, current price 18.96), Li Auto (target price 80.00, current price 65.15), and Tencent (target price 705.00, current price 642.00), indicating potential upside [5] - Specific recommendations include companies in various sectors such as healthcare (BeiGene, target price 359.47), consumer staples (Proya, target price 129.83), and technology (Xiaomi, target price 62.96) [5]

Summary of the Conference Call Records Industry Overview - The social services sector in the first half of 2025 showed uneven recovery, reaching only 79% of 2019 levels. Key areas of growth included K12 training, human resources, and scenic spots, while the travel chain and higher vocational education faced challenges [1][2][26]. Key Points and Arguments K12 Training - K12 training maintained high industry prosperity due to clear policy definitions, contributing positively to the sector's performance [2][3]. Human Resources - The human resources sector experienced significant growth driven by outsourcing and headhunting services, with a reported revenue increase of approximately 30% [3][17]. Scenic Spots - Scenic areas saw both revenue and profit growth, with companies like Xiangyuan Cultural Tourism and Jiuhua Tourism leading the way through asset injections [4][10]. OTA (Online Travel Agency) - The OTA sector, particularly Ctrip, benefited from travel demand, achieving net profit above expectations due to precise overseas spending and strong domestic accommodation and transportation bookings [5][12][26]. Hotel Industry - The hotel sector is nearing a turning point, with average RevPAR down by 4%-5%. However, leading companies like Huazhu and Atour managed to achieve profit growth through operational excellence [5][13][26]. Restaurant and Beverage Sector - The restaurant and beverage industry showed structural highlights despite facing pressures, such as the June alcohol ban. Notable performers included Xiaocaiyuan and Green Tea, with profit growth rates of 35%-36% and 40%, respectively [6][21][23]. Future Outlook - Strong operational companies are expected to outperform in the second half of the year and into 2026. The hotel industry is anticipated to see a supply curve slowdown, indicating a potential turning point. Flight booking data for the upcoming National Day shows a year-on-year increase of 5.7%, suggesting a continued recovery in travel demand [7][8][26]. Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism is expected to further develop through asset injections and is actively building an online platform to create private traffic [9]. Jiuhua Tourism - Jiuhua Tourism reported a robust performance with a 20% increase in visitor numbers, benefiting from favorable timing and improved transportation access [10]. Challenges and Opportunities in Scenic Areas - Scenic areas face challenges such as increased customer acquisition pressure and rising sales costs. However, those with unique resources, like Jiuhua Mountain and Changbai Mountain, are expected to attract visitors and improve profitability [11]. Investment Recommendations - Investment opportunities are recommended in the OTA sector, particularly Ctrip, and in the hotel sector, with a focus on companies like Shoulv and Huazhu. The restaurant sector also presents potential with companies like Xiaocaiyuan and Green Tea [26][27][29]. Other Important Insights - The duty-free industry is currently in an adjustment phase, with a 9% decline in sales but a 20% increase in average transaction value. The focus is on identifying the turning point in this sector [14][15]. - The professional services industry is embracing AI technology to enhance efficiency and reduce costs, with notable advancements in recruitment and event management [16]. - The education sector is seeing varied performance, with companies like China Oriental Education showing resilience and growth potential through strategic adjustments [18][19][28]. This summary encapsulates the key insights and developments within the social services sector and its sub-industries, highlighting both challenges and opportunities for investors.

Regulatory Governance - The Cyberspace Administration of China has penalized Weibo and Kuaishou for damaging the online ecosystem, citing issues such as the promotion of celebrity gossip and a tendency towards sensationalism [2][3] - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Trip.com, addressing violations of the E-commerce Law and unfair competition regulations, particularly regarding unreasonable restrictions on transaction prices [4][5] AI Developments - Kuaishou's Keling AI has launched a new digital human feature that can generate 1080p videos up to one minute long using a character image and text or audio input [8] - Zhejiang University and Huawei have released the DeepSeek-R1-Safe foundational model, which boasts a nearly 100% success rate in defending against harmful content and maintains a performance loss of less than 1% compared to its predecessor [9] - Meta has introduced its first consumer-grade smart glasses, the Meta Ray-Ban Display, featuring a color display, camera, and various interactive capabilities [10] - Apple is expected to enter the smart glasses market within the next 12 to 16 months with a non-display model, competing with Meta's offerings [11] - OpenAI's ChatGPT has surpassed 700 million weekly active users, with 73% of conversations unrelated to work, highlighting its diverse usage [12]

Regulatory Developments - The Cyberspace Administration of China has penalized Weibo and Kuaishou for damaging the online ecosystem, citing issues such as the promotion of celebrity gossip and a tendency towards sensationalism [2][3] - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Trip.com, addressing violations of the E-commerce Law and unfair competition practices, particularly regarding price manipulation of hotel listings [4][5] AI and Technology Innovations - Kuaishou's Keling AI has launched a new digital human feature that can generate 1080p videos up to one minute long, allowing users to create videos using a character image and audio [8] - Zhejiang University and Huawei have released the DeepSeek-R1-Safe foundational model, which boasts a nearly 100% success rate in defending against harmful content and maintains a performance loss of less than 1% compared to its predecessor [9] - Meta has introduced its first consumer-grade smart glasses, the Meta Ray-Ban Display, featuring a color display, camera, and various interactive capabilities [10] - Apple is expected to enter the smart glasses market within the next 12 to 16 months with a non-display model, aiming to compete with Meta's offerings [11] User Engagement Insights - OpenAI's ChatGPT has reported over 700 million weekly active users, with 73% of conversations unrelated to work, highlighting a diverse range of usage topics [12]