Core Insights - Lunar New Year 2026 travel is experiencing significant growth, with bookings on Trip.com Group's platforms increasing by double digits compared to the previous year [1] Travel Trends - Long-haul travel, packaged routes, and premium choices are redefining this year's Lunar New Year journeys [2] - Extended public holidays across Asia-Pacific are enabling longer stays and more complex itineraries [3][4] - Cross-border bookings with stays of seven nights or more have risen nearly 40% year-on-year, while long-haul bookings have surged by over 50% [5] Popular Destinations - Europe and Oceania are emerging as top long-haul destinations for Asian travelers, with Norway seeing over 200% growth in bookings from Singapore [6] - Australia has recorded over 100% increase in travelers from China, with New Zealand also experiencing close to 50% growth [6] Package Tours and Itineraries - Interest in package tours is rising, with popular options including an eight-day Turkey journey and a five-day Los Angeles–Las Vegas–Grand Canyon tour [7] - Multi-city travel is becoming increasingly appealing, as seen in itineraries featuring Osaka and Kyoto in Japan [7] Premium Travel Preferences - There is a notable shift towards premium travel, with first-class flight bookings rising 83% year-on-year and business-class travel increasing by 38% [8] - Demand for five-star hotels has climbed 59%, with upper-tier properties representing around three-quarters of accommodation booked in Southeast Asia [9] Regional Travel Dynamics - East Asia and Southeast Asia dominate overall bookings during the Lunar New Year, with Vietnam, South Korea, and Indonesia showing some of the fastest growth [10][11] - Major cities like Seoul, Ho Chi Minh City, and Bali have recorded over 70% year-on-year booking growth [11][12] Inbound Travel to China - China remains a top destination for Lunar New Year travelers, with significant growth in bookings from the UK and New Zealand, each increasing by more than 150% year-on-year [14] - Major gateway cities such as Shanghai, Beijing, and Guangzhou account for the largest share of inbound visitors, with initiatives like the "Explore Beijing" Starter Pack enhancing the travel experience [15][16] Overall Summary - Lunar New Year 2026 travel is characterized by longer trips, premium choices, and a growing interest in multi-city and packaged itineraries across Asia and beyond, indicating that travelers are willing to invest more in their festive journeys [17]

Summary of Key Points from the Conference Call Industry Overview - The focus is on China's online entertainment, data centers, and software sectors, with potential catalysts identified that could impact share prices in the near future [1][2]. Company-Specific Insights Beijing Kingsoft Office Software Inc (688111.SS) - **2025 Profit Alert**: Forecasted revenue growth of 16.5% and normalized profit growth of 11% for 2025 [7] - **Sustainability Concerns**: Expected revenue/profit beat driven by Xinchuang, but sustainability is questioned due to a one-off business model and reliance on government budgets [7] Bilibili Inc (BILI.O) - **CNY B2C AI App Marketing Campaign**: Major B2C AI apps expected to launch aggressive marketing during the CNY holiday, with Bilibili positioned to benefit due to its neutral ad platform and younger user base [7] - **New Game Launch**: Targeting another round of testing for "Three Kingdoms: N Card" after CNY, with user feedback deemed critical [7] GDS Holdings Ltd (GDS.O) - **GPU Import Regulation Update**: Anticipated Chinese government approval with conditions, which could also affect data center peers like VNET [7] - **New Booking Guidance**: Forecasting 500MW new booking target in the domestic market for 2026, up from 300MW in 2025, indicating a strong outlook [7] Kuaishou Technology (1024.HK) - **2026 Guidance**: Analysts are more bearish than consensus on Kuaishou's 2026 profit growth due to higher depreciation and normalization of income tax rates [8]. Meitu Inc (1357.HK) - **2026 Adjusted Net Profit Guidance**: Estimated adjusted net profit for 2026 is Rmb12.6 billion, with guidance expected to align with this estimate [8]. NetEase, Inc (NTES.O) - **Game Launch Timeline**: Anticipated release of "Sea of Remnants" before summer 2026, with expected annualized grossing of Rmb5 billion [8]. Tencent Music Entertainment Group (TME.N) - **Ximalaya Acquisition**: Expected Rmb1.7 billion profit contribution from Ximalaya post-acquisition, with low user base duplication anticipated [9]. - **KPOP Concert Regulations**: Loosening of restrictions on KPOP stars hosting concerts in mainland China could provide a boost [9]. Trip.com Group Ltd (TCOM.O) - **Antitrust Investigation Update**: One-off fines expected to have minimal impact, but changes in business model or commission rates could harm long-term profitability [9]. Additional Insights - The 2026 CNY holiday is projected to be nine days long, a record length, which could positively influence travel demand and consumption growth [9]. - The overall performance of the Greater China IT Services and Software industry is viewed as "In-Line" with market expectations [3]. Important Considerations - Investors should be aware of potential conflicts of interest as Morgan Stanley conducts business with companies covered in the research [4]. - The report emphasizes the importance of considering multiple factors in investment decisions, rather than relying solely on this research [4]. This summary encapsulates the key points and insights from the conference call, highlighting the potential catalysts and challenges within the specified sectors and companies.

Group 1: Market Capitalization of Chinese Internet Companies - Tencent leads the market with a valuation of $72.87 billion, experiencing a 45% increase since the beginning of 2025 [1] - Alibaba follows with a market cap of $35.16 billion, showing a 77% rise [1] - Pinduoduo ranks third with a valuation of $16.16 billion, up by 17% [1] - Xiaomi's market cap is $13.15 billion, increasing by 14% [1] - NetEase has a valuation of $8.89 billion, with a significant 62% increase [1] - Meituan's market cap is $8.11 billion, but it has seen a decline of 32% [1] - Ctrip's valuation stands at $4.72 billion, with a modest increase of 6% [1] - Baidu's market cap is $4.55 billion, reflecting a 57% rise [1] - JD.com has a valuation of $4.07 billion, down by 15% [1] - Zhongren ranks last with a market cap of $3.55 billion, with a drastic drop of 245,606% [1] Group 2: Tax Policy Changes - The Ministry of Finance and the State Administration of Taxation announced a new VAT exemption policy for small-scale taxpayers, effective from January 1, 2026 [3] - The new threshold for monthly sales is set at 100,000 yuan, and for quarterly sales at 300,000 yuan [3] - For single transactions, the threshold is 1,000 yuan, applicable on a daily basis for multiple transactions [3] Group 3: AI and Technology Developments - Nvidia's CEO Jensen Huang denied any dissatisfaction with OpenAI and announced plans for a significant investment in the company [5] - Apple is reported to have acquired the Israeli company Q.ai for approximately $2 billion, marking its second-largest acquisition in history [5] - Waymo is seeking to raise about $16 billion at a valuation close to $110 billion, with Alphabet expected to contribute $13 billion [18] Group 4: Corporate Actions and Market Reactions - Oracle is reportedly considering laying off 30,000 employees due to financial pressures from AI infrastructure investments [11] - The company is also evaluating the sale of its healthcare software division, Cerner, acquired for $28.3 billion [11] - Recent fluctuations in gold prices have led to increased consumer activity in gold purchases in Shenzhen [3]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Legal Action and Investor Rights - Investors who purchased Trip.com Group Limited securities may be entitled to compensation through a class action without any out-of-pocket fees [2] - Rosen Law Firm is preparing a class action to seek recovery of investor losses [2] Group 2: Market Reaction and Regulatory Investigation - Trip.com stock fell 17% on January 14, 2026, after the company disclosed it is under investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm has been ranked No. 1 for securities class action settlements in 2017 and has recovered hundreds of millions of dollars for investors [4]

Core Insights - The 2026 Global Influencers' China Travel Campaign, launched by Trip.com Group and Tripadvisor China, aims to promote China's inbound tourism recovery, with Zigong as the first destination focusing on authentic Chinese festival culture [1] Group 1: Campaign Overview - The campaign is themed "Chinese New Year Illustrated Guide" and features international influencers sharing their experiences of Chinese festival culture [1] - The National Chinese New Year Lighting Ceremony in Zigong elevated local celebrations to a national level, marking the lunar new year with over 40 international influencers participating in cultural experiences [3][4] Group 2: Cultural Experiences - Influencers engaged in hands-on activities related to intangible cultural heritage, such as lantern frame construction and tasting local cuisine, enhancing their understanding of the festival [3][6] - The itinerary included night tours and visits to significant cultural sites, emphasizing local immersion and cultural understanding [6] Group 3: Strategic Initiatives - Trip.com launched the "One City, One Intangible Cultural Heritage" initiative to connect Chinese and international audiences, promoting Chinese New Year customs through global influencers [8] - Complementary campaigns like "Come Celebrate the New Year at My Home" aim to guide global audiences in exploring Chinese culture through storytelling [8] Group 4: Tourism Growth Metrics - In 2025, Zigong saw a 25% increase in inbound tourist arrivals and a 30% rise in total inbound tourism spending compared to the previous year, indicating successful cultural tourism development [11] - The integration of modern technologies into traditional lantern craftsmanship has transformed the lantern festival into an immersive experience, promoting multi-day visits [11] Group 5: Future Outlook - Zigong's tourism outlook for 2026 is promising, with initiatives aimed at revitalizing traditional culture and enhancing global visibility for niche destinations [13] - The campaign aims to forge deeper cultural connections, inviting more international travelers to experience and celebrate the Chinese New Year [13]

Group 1 - The State Council issued a work plan to optimize and expand service supply, aiming to enhance service consumption and support high-quality economic development [2] - The work plan focuses on key areas such as transportation services, housekeeping services, and inbound consumption, emphasizing innovation and talent development [2] - The commercial aerospace industry is being prioritized, with plans to develop new fields like space resource development and space tourism during the 14th Five-Year Plan [3] Group 2 - Shanghai aims to become a national hub for the commercial aerospace industry, targeting an industry scale of approximately 100 billion yuan by 2027 [4] - The Beijing humanoid robot innovation center has launched a testing platform, capable of producing 5,000 humanoid robots annually [4] - The Kunshan AI industry fund has been established with a total scale of 5 billion yuan, focusing on AI core hardware and infrastructure [5] Group 3 - The market is experiencing mixed performance, with major U.S. indices showing slight fluctuations [6] - Microsoft shares dropped 10%, marking the largest single-day decline since March 2020, due to concerns over high AI capital expenditures [8] - Gold prices reached a record high of $5,594.82 per ounce before settling at $5,389.19, with a monthly increase of approximately 24% [9]

Core Viewpoint - The implementation of the "Regulations on the Supervision and Management of Online Trading Platforms" aims to address long-standing issues faced by merchants and consumers, establishing a fair, transparent, and trustworthy online trading ecosystem starting February 1, 2026 [1] Group 1: Transparency in Platform Rules - The new regulations will enhance the transparency of rule-making and modification processes, requiring platforms to prominently display rules on their homepage and ensure easy access for consumers and merchants [3] - Platforms must publicly solicit opinions from users and merchants before modifying rules, ensuring that reasonable suggestions are considered and documented for at least three years [3] - A communication and consultation mechanism will be established for significant rule changes, promoting collaborative governance rather than unilateral decision-making [3] Group 2: Protection of Membership Rights - The regulations specifically prohibit platforms from unilaterally changing membership rules to impose additional fees or reduce member benefits during the service period [5] - This legal framework aims to prevent practices like those seen in the iQIYI case, where members experienced a significant reduction in expected benefits due to sudden changes in service terms [4][5] Group 3: Fair Pricing Practices - The regulations address the issue of "big data price discrimination," mandating that platforms cannot set different prices for the same product or service under similar conditions without consumer knowledge [7] - Platforms are required to provide evidence of their pricing mechanisms when consumers claim price discrimination, thereby safeguarding consumer rights [7] Group 4: Regulation of Competitive Practices - The regulations aim to curb "involutionary" competition by prohibiting platforms from forcing merchants into unnecessary services or promotional activities, thus protecting merchants' operational autonomy [9] - Specific illegal practices such as "choose one from two" and unreasonable fees are clearly defined, establishing a comprehensive protection system for all stakeholders involved [9] Group 5: Execution of Rules and Appeals - The new regulations introduce a system for executing platform rules, requiring platforms to provide clear reasons and legal bases when taking negative actions against merchants or consumers [10] - A streamlined appeals process will be established, ensuring that merchants and consumers can challenge decisions effectively and receive fair treatment [10]

近期，杰出雇主调研机构正式发布2026年度杰出雇主榜单，携程集团连续第二年获得该奖项。 携程集团再度获得中国"杰出雇主"认可 获奖现场 携程集团人力资源相关负责人表示，携程集团会持续投入提升员工的体验，为每一位与携程同行的人才提供包容、保护与 支持。 近期，杰出雇主调研机构正式发布2026年度杰出雇主榜单，携程集团连续第二年获得该奖项。 携程集团再度获得中国"杰出雇主"认可 获奖现场 携程集团人力资源相关负责人表示，携程集团会持续投入提升员工的体验，为每一位与携程同行的人才提供包容、保护与 支持。 ...

【#文旅热起来之后拼什么#】一阵文旅热把游客带来，承接力就成了一道绕不过的考验：服务体验能不 能跟上、停留时间能不能拉长、消费和就业能不能真正留在当地，这是很多地方共同面对的问题。我们 在新疆看到，冰雪、特色体验与落脚点的日常承接，正在一起构成"留下来"的理由。携程平台数据显 示，2025年新疆冰雪季订单量同比上升7%。这份热闹背后，是服务升级与岗位增长的现实课题。 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 文旅热起来之后拼什么 文旅热起来之后拼什么 ...

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Legal Action and Investor Rights - Investors who purchased Trip.com Group Limited securities may be entitled to compensation through a contingency fee arrangement without any out-of-pocket costs [2] - Rosen Law Firm is preparing a class action to seek recovery of investor losses [2] Group 2: Market Reaction and Regulatory Investigation - On January 14, 2026, Trip.com stock fell 17% after the company disclosed it is under investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4] - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4]