近期港股市场波动中显现长期布局机遇。多家机构指出，尽管短期可能面临震荡，但驱动行情的中长期 核心逻辑依然稳固。当前调整或为投资者提供了难得的逢低入场机会。 11月19日，恒生指数下跌0.45%，报25812.77点；恒生科技指数下挫0.98%，恒生中国企业指数微跌 0.35%，市场半日成交额为1125.72亿港元。 科技板块方面，地平线机器人-W下跌2.62%，同程旅行下跌2.47%，理想汽车-W下跌2.46%。涨幅方 面，携程集团上涨2.19%，2025年第三季度归母净利润198.9亿元，同比大增194.01%。 国泰海通证券则预计四季度港股有望再创新高，指出"AI赋能"叙事深化与政策支持将提振基本面，叠加 外资回流和南向资金持续流入，资金面改善趋势明确。 相关ETF： 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头——恒生互联网ETF（513330） ...

Core Viewpoint - Citigroup's report indicates that Trip.com has shown strong booking growth in Q3, with over 60% year-on-year increase, and over 50% growth in the Asia-Pacific region, while Europe and the Middle East show encouraging momentum [1] Group 1: Financial Performance - Trip.com reported better-than-expected revenue performance in Q3, leading to an upward revision of profit forecasts for 2025 to 2027 by 1.7%, 0.3%, and 0.2% respectively [1] - The target price for Trip.com’s US stock has been raised from $85 to $86, maintaining a "Buy" rating [1] Group 2: Market Trends - The growth momentum is expected to continue into Q4 2025, despite facing a high year-on-year comparison base, driven by increased user engagement and ongoing upgrades in products and services [1] - The upcoming travel peak season is anticipated to reflect these improvements in user engagement and service offerings [1]

大华继显发表报告指，携程第三季业绩表现胜预期，营收按年增15.5%至184亿元，符合市场预期，非 公认会计原则净利达192亿元。携程预测第四季营收将按年增15至20%，符合市场预期。该行维持对 其"买入"评级，目标价由725港元轻微上调至727港元。 ...

Summary of Trip.com Group (TCOM) Conference Call Company Overview - **Company**: Trip.com Group (TCOM) - **Market Cap**: $46.0 billion - **Enterprise Value**: $39.8 billion - **12-Month Price Target**: $91.00 (current price: $72.44, upside: 25.6%) [1][5][25] Key Financial Results - **3Q25 Revenue Growth**: +16% YoY to Rmb6.1 billion, slightly above estimates [1][19] - **EBIT Growth**: +12% YoY, with EBIT margin at 33.4%, slightly above guidance [1][32] - **Net Profit**: Rmb19.2 billion, significantly up from Rmb6 billion in 3Q24 due to a one-off disposal gain [1][23] - **Revenue Contribution**: Domestic business at 65%, outbound travel at 15%, and Skyscanner at 7% [1][19] Segment Performance - **Accommodation Revenue**: Grew +18% YoY, driven by a +70% increase in international bookings [1][19][26] - **Transportation Ticketing**: Revenue growth accelerated to +12% YoY, with air ticket volume growth over +60% [1][27] - **Corporate Travel**: Revenue growth accelerated to +15% YoY, driven by an expanding customer base [1][28] - **Packaged Tours**: Remained soft at +3% YoY, below guidance due to demand for personalized travel experiences [1][19] Market Trends and Outlook - **Travel Demand**: Management remains optimistic about leisure travel demand, especially during the Golden Week holidays [1][20] - **Competitive Landscape**: Despite increased competition from Agoda and Booking.com, TCOM believes the market remains fragmented, providing growth opportunities [1][20] - **Guidance for 4Q25**: Revenue growth expected at +15-20% YoY, with accommodation and transportation ticketing segments projected to grow at +17-22% and +10-15% respectively [1][22][31] Cost Management and Margins - **Cost Control**: Personnel-related expenses grew +9% YoY, below revenue growth, contributing to margin stability [1][32] - **Sales & Marketing Expenses**: Expected to increase to ~27% of revenue in 4Q25 due to heightened marketing efforts [1][32] Shareholder Returns and Cash Position - **Share Repurchase**: Completed a $400 million annual share repurchase program [1][35] - **Cash Position**: Cash and equivalents totaled Rmb107.7 billion (approximately $15.2 billion) as of September 2025 [1][36] Additional Insights - **User Growth**: Monthly active users (MAU) grew over 70% YoY in October [1][20] - **Experience Market**: Currently generates ~Rmb5 billion GMV, seen as a complement to other booking services rather than a primary focus [1][21] - **Long-term Strategy**: TCOM aims to balance revenue growth with margin management, particularly for the Trip.com platform [1][23][25] This summary encapsulates the key points from the conference call, highlighting the financial performance, market trends, and strategic outlook for Trip.com Group.

Core Insights - Ctrip Group reported significant growth in revenue and profit for Q3 2025, driven by strong global travel demand and robust international business performance [1] - The company's net operating revenue reached 18.3 billion RMB, a 16% increase year-over-year and a 24% increase quarter-over-quarter [1] - Net profit soared to 19.9 billion RMB, up approximately 193% compared to the same period in 2024, and a substantial increase from 4.9 billion RMB in the previous quarter [1] Revenue Breakdown - International OTA platform bookings increased by about 60% year-over-year, with inbound travel bookings more than doubling [1] - Outbound hotel and flight bookings reached 140% of the levels seen in the same period of 2019 [1] - Accommodation bookings, the main revenue driver, generated 8 billion RMB, reflecting an 18% year-over-year growth [1] - Transportation ticketing revenue was 6.3 billion RMB, a 12% increase year-over-year [1] - Travel vacation business revenue was 1.6 billion RMB, showing a slight 3% year-over-year increase but a significant 49% increase quarter-over-quarter [1] - Business travel management revenue reached 756 million RMB, up 15% year-over-year [1] Strategic Focus - Ctrip's leadership emphasized the importance of leveraging artificial intelligence to optimize travel experiences and enhance service capabilities [2] - The company aims to build a vibrant and interconnected international tourism ecosystem through collaboration with partners [2]

Core Insights - The 15th National Games has generated significant economic activity, with licensed merchandise sales reaching 680 million yuan as of November 15, marking a record in both quantity and variety of products [3][7] - The event has led to a 26% year-on-year increase in flight bookings to Guangzhou, Shenzhen, and Zhuhai, and a 20% increase in overall cultural tourism consumption in Guangzhou [8][9] - The mascots "Xiyangyang" and "Lerongrong" have become popular cultural icons, driving high demand for related merchandise, with some products seeing price increases on secondary markets [6][4] Merchandise and Sales - The event attracted 33 licensed manufacturers and 44 licensed retailers, resulting in over 2,800 approved licensed products across 20 categories, the highest in history [3][6] - The popularity of the mascots has led to long queues and limited availability of certain merchandise, with some items selling out quickly [4][6] - The Guangzhou Cultural Group reported over 500 products for sale, with expectations of continued high demand for at least another two weeks [6] Tourism and Economic Impact - The event has spurred the development of tourism packages that combine event tickets with local attractions, enhancing the "ticket root economy" into a broader tourism experience [8][9] - Companies like Lingnan Holdings and Ctrip are leveraging the event's popularity to create integrated tourism products, promoting a seamless experience from event attendance to local exploration [8][9] - The Guangdong government has initiated a consumption season with a budget of 3.5 billion yuan to stimulate local spending, further supporting the tourism and cultural sectors [10] Future Prospects - The integration of sports, culture, and tourism is seen as a sustainable growth model for the Guangdong-Hong Kong-Macao Greater Bay Area, with ongoing efforts to enhance infrastructure and cooperation among the three regions [10] - The event is expected to serve as a model for future cultural and sports tourism initiatives, potentially establishing the area as a world-class destination [10]

Core Viewpoint - Trip.com Group Ltd is entering a new growth phase characterized by structural advantages rather than just post-recovery tailwinds, leading to a more durable expansion cycle [1][2] Financial Performance - In Q3 2025, Trip.com reported a 16% year-over-year increase in net revenue, reaching 18.3 billion Chinese yuan ($2.580 billion), exceeding expectations across various segments [3] - Adjusted EBITDA was 6.35 billion yuan, outperforming forecasts by over 6%, and non-GAAP EPADS was $3.87, benefiting from asset sales [4] Future Outlook - For Q4 2025, management is optimistic about domestic and outbound travel trends, raising revenue guidance with a forecast of 17% growth driven by leisure and cross-border demand [5] - International expansion is seen as a key growth catalyst for fiscal 2026 and beyond, with low online penetration in APAC markets and rising long-haul travel demand [6] Analyst Rating and Price Target - Analyst Fawne Jiang maintains a Buy rating and raises the price target to $82, based on a 16x multiple of the fiscal 2026 non-GAAP EPS estimate of $4.43, reflecting a 15-20% mid- to long-term earnings growth profile [7]

周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净营业收入约183亿 元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折旧及摊销前利润) 约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订同比增长超过 100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

Group 1 - Trip.com (NASDAQ: TCOM) experienced a rise in trading in Hong Kong and pre-market trading in the United States following strong quarterly results [1] - There were initial bearish concerns regarding earnings potentially falling short before the quarterly release [1] - The article emphasizes the importance of observing megatrends and technological advancements for investment insights, while also highlighting the necessity of focusing on fundamentals and company details [1] Group 2 - The author has a beneficial long position in TCOM shares through various means, indicating a personal investment interest [2] - The article expresses the author's own opinions and does not involve compensation from any company mentioned [2]

Core Insights - Ctrip (TCOM.US) experienced a pre-market increase of approximately 3.7%, reaching a peak of $73.5 [1] - The company reported third-quarter net operating revenue of 18.3 billion yuan, a year-on-year increase of 16% [1] - Net profit for the quarter was 19.9 billion yuan, significantly up from 6.8 billion yuan in the same period of 2024 [1] International Business Performance - Ctrip's international business showed strong performance, with total bookings on the international OTA platform increasing by approximately 60% year-on-year [1] - Inbound travel bookings surged by over 100% year-on-year [1] - Bookings for outbound hotels and flights have risen to 140% of the levels seen in the same period of 2019 [1] Technological Advancements - Ctrip's Chairman Liang Jianzhang revealed that the company is enhancing the entire travel service process through artificial intelligence technology [1] - The improvements span from itinerary planning to real-time bookings, smart customer service, and personalized recommendations [1] - The technological empowerment has significantly enhanced user experience [1]