5月19日，携程将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实 际披露日期以公司公告为准）。 5月24日，携程(TCOM)盘中上涨2.03%，截至00:23，报62.3美元/股，成交1.03亿美元，总市值407.19亿 美元。 财务数据显示，截至2024年12月31日，携程收入总额532.94亿人民币，同比增长19.73%；归母净利润 170.67亿人民币，同比增长72.08%。 大事提醒： 公司通过携程和去哪儿提供一站式旅游服务。 天巡提供的产品和服务覆盖超过50个国家和地区以及超过35种语言。 公司提供移动应用,其他移动渠道,多语言网站,线下门店和客户服务中心等并且向用户提供丰富的产品、 服务和内容。截至2023年12月31日,公司有36,249名员工。 本文源自：金融界 作者：行情君 公司的住宿业务在全球提供超过170万种住宿服务,涵盖酒店、汽车旅馆、度假村、住宅、公寓、民宿、 招待所及其他物业。 公司的机票业务提供来自超过600家航空公司的机票服务,覆盖全球220多个国家和地区的3,400个机场。 公司主要通过Trip.com和天巡为非中国大陆用户提供旅行产品的预订。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of 13.8 billion (up 16% year-on-year), operating profit of 3.6 billion (margin of 26%), and adjusted net profit of 4.2 billion (up 3% year-on-year) [4][7] - The international business continues to show strong growth, driven by favorable visa-free policies, with overseas OTA platform bookings up 60% year-on-year and inbound tourism bookings more than doubling [4][5] - The company expects revenue for 2025, 2026, and 2027 to be 61.4 billion, 68.5 billion, and 76.5 billion respectively, with year-on-year growth rates of 15%, 12%, and 12% [7] Financial Performance Summary - Q1 2025 revenue breakdown: accommodation booking revenue of 5.5 billion (up 23% year-on-year), transportation ticketing revenue of 5.4 billion (up 8% year-on-year), and other business revenue of 1.4 billion (up 33% year-on-year) [4] - The company anticipates adjusted net profits of 18.7 billion, 21.8 billion, and 24.7 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3%, 16%, and 14% [7][10] - The total market capitalization is 34.79 billion HKD [9]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Insights - The company reported Q1 2025 earnings with total revenue of 13.8 billion (up 16% YoY), operating profit of 3.6 billion (margin of 26%), and adjusted net profit of 4.2 billion (up 3% YoY), all exceeding Bloomberg consensus estimates [4][7] - The international business continues to show strong growth, with overseas OTA platform bookings up 60% YoY and inbound tourism bookings more than doubling, driven by strategic investments and favorable visa policies [4][5] - The company expects revenues of 61.4 billion, 68.5 billion, and 76.5 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of 18.7 billion, 21.8 billion, and 24.7 billion for the same years [7][10] Summary by Sections Q1 2025 Performance - Overall revenue reached 13.8 billion (YoY +16%), slightly above consensus estimates by 0.22% - Operating profit was 3.6 billion (margin of 26%), exceeding consensus by 7.34% - Adjusted net profit was 4.2 billion (YoY +3%), surpassing consensus by 8.99% [4] Business Segment Performance - Accommodation booking revenue was 5.5 billion (YoY +23%), above consensus by 1.39% - Transportation ticketing revenue was 5.4 billion (YoY +8%), slightly above consensus by 0.20% - Vacation business revenue was 0.9 billion (YoY +7%), below consensus by 5.90% - Business travel management revenue was 0.6 billion (YoY +12%), above consensus by 4.36% - Other business revenue was 1.4 billion (YoY +33%), slightly below consensus by 0.96% [4] International Business Growth - The overseas OTA platform's booking volume increased by 60% YoY, with inbound tourism bookings more than doubling, largely due to strategic positioning and visa policy benefits - Inbound tourist numbers surged by 40.2% YoY, with 75% of visitors from visa-free countries, particularly from South Korea, Thailand, Malaysia, and Indonesia, where hotel orders increased by over 240% [4][5] Future Revenue and Profit Projections - Expected revenues for 2025, 2026, and 2027 are 61.4 billion, 68.5 billion, and 76.5 billion respectively, with YoY growth rates of +15%, +12%, and +12% - Adjusted net profit projections for the same years are 18.7 billion, 21.8 billion, and 24.7 billion, with YoY growth rates of +3%, +16%, and +14% [7][10]

1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证 机构，致力于"为企业战略决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业 计划书专业解决方案"的专业咨询顾问机构。 2）专精特新"小巨人"&单项冠军市场占有率、市场排名认证服务-中金企信国际咨询。 3）项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询： 集13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、 战略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提 升项目单位申报项目的通过效率。 4）中金企信国际咨询定制服务-依托自建数据库、专业自建调研团队及官方&各领域专家顾问、国内外官方及三方数据渠道资源 等为各领域客户提供专属定制类全套解决方案。 一、中国 OTA 行业：下沉与细分赛道驱动行业持续增长 旅游市场仍存增量空间：疫情后，国内旅游市场快速复苏。其中，我们认为四个方面因素 ...

中国OTA平台多元化拓展驱动业务增长 目前，OTA平台行业已深度参与中国消费者的日常生活，成为消费者日常生活中必不可少的一部分。随 着OTA平台在消费者中的渗透率不断提升，OTA平台市场规模取得快速增长。尽管目前中国OTA平台主 要使用人群是国内消费者，但是凭借着整合多项业务生态能力，中国OTA平台在"出行+"拓展中不断延 伸。中国OTA平台在不断跟随消费趋势、为消费者提供更丰富、更便捷的服务的过程中构建更为多元化 的增长曲线，打开未来增长空间。 新业态的拓展进行时 智通财经APP获悉，浦银国际发布研报称，中国公司对消费趋势以及市场动态的清晰洞察促使公司在住 宿和票务预订已经相当稳定的当下仍持续扩张业务范畴。在居民出行需求旺盛、文旅行业高景气度的基 础上，中国OTA平台将受益于我国出行人数的提升、出入境游的恢复，业务需求有望持续增长。同时， 考虑到当下OTA平台之间的竞争格局较为稳定，更加看好国内OTA平台的业务多元化发展驱动业务提 升。 浦银国际主要观点如下： 旅游市场仍存增量空间 疫情后，国内旅游市场快速复苏。其中，四个方面因素将有力拉动旅游市场增量空间增长：(1)低线市 场消费者：低线市场庞大的市场规模 ...

爱奇艺（IQ US；买入；目标价：2.45 美元）- 1Q25 业绩符合预期；加大营 销及内容投入影响短期利润率 爱奇艺公布 1Q25 业绩：总收入同比下降 9%，但环比增长 9%至 71.9 亿元， 符合一致预期；非 GAAP 营业利润同比下降 58%，但环比回升 13%至 4.59 亿元，符合一致预期。展望 2Q25，我们预计总收入环比基本持平，但非 GAAP 营业利润率将环比下降，主因公司加大对内容生态和微剧获客的投入。 我们认为公司在微剧领域的投入短期会对利润率产生影响，但长期来看将完 善爱奇艺内容生态，并创造增量变现机会。鉴于短期利润率压力，我们下调 FY25-27 年费 GAAP 盈利预测至 7 亿/15 亿/18 亿元（前值：14 亿/16 亿/18 亿元）。我们将目标价下调至 2.45 美元，基于 13x 3Q25-2Q26E non-GAAP EPS（前值：2.60 美元，基于 13x FY25E PE）。公司当前估值仅对应 8x FY26E PE，相较同行仍然有安全边际。维持买入评级。（链接） Boss 直聘（BZ US；买入；目标价：21.0 美元）- 招聘需求维持韧性；全年 盈利指引不 ...

此外，由于今年端午节"撞期"儿童节，亲子出游比例大幅攀升。携程平台上，亲子家庭旅游订单占比达 35%，端午期间国内亲子酒店搜索热度同比去年同期上升45%，亲子出行进入品质化阶段，亲子酒店中 高星供给超过一半。 备受关注的境内游方面，携程平台上，今年端午假期入境游酒店搜索热度超1倍。入境游前十的客源国 为马来西亚、韩国、新加坡、泰国、美国、俄罗斯、日本、英国、澳大利亚、法国；入境游前十目的地 为上海、北京、广州、成都、重庆、深圳、杭州、昆明、青岛、西安。至此，深圳已连续多个假期上榜 入境游热门城市。 携程数据显示，端午出境游热门目的地前十位分别为日本、韩国、中国香港、泰国、马来西亚、美国、 法国、意大利、西班牙、中国澳门。受签证便利度和飞行时长影响，上海-大阪、上海-香港、上海-首 尔、北京-东京、北京-香港等多条飞行时长在3小时内的出境航线受到欢迎。埃及、俄罗斯、越南等特 色目的地酒店热度涨幅领先，分别上涨193%、133%和119%。 【深圳商报讯】（首席记者袁静娴）端午假期将至，恰好"撞期"儿童节。5月21日，记者从携程发布的 2025年端午假期出游趋势预测报告中了解到，本次假期将激起亲子家庭的出游热情， ...

China Equity Strategy Taking stock of 2Q25: From tariffs to potential reforms Equity Macro Research 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Global Markets Strategy 18 May 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wendy Liu AC (852) 2800-1087 wendy.m.liu@j ...

Group 1: Market Overview - The report highlights a recent rally in the Hong Kong stock market, with the Hang Seng Index closing at 23,827 points, up 146 points or 0.62% from the previous day [2] - The trading volume in the main board increased by 5.1% to HKD 216.3 billion, indicating a recovery in market activity [2] - Despite a net inflow of capital from the Northbound trading, the amount decreased significantly by 77.5% to HKD 1.427 billion [2] Group 2: Industry Performance - Among the 12 Hang Seng Composite Industry indices, 11 sectors saw gains, with the materials, healthcare, energy, and consumer discretionary sectors leading the way, rising between 1.30% and 3.68% [2] - The only sector that declined was consumer staples, which fell by 0.37% [2] Group 3: Company Analysis - Xiaopeng Motors - Xiaopeng Motors reported a strong Q1 performance with total revenue of RMB 15.81 billion, a year-on-year increase of 141%, and a net loss reduced by 51% to RMB 660 million [4] - The company plans to launch five model upgrades in Q2 and two new models in Q3, indicating a robust growth momentum [4] - Xiaopeng Motors' ADR surged by 12.3% following the earnings announcement, reflecting positive market sentiment [4] Group 4: Company Analysis - Trip.com Group - Trip.com Group reported a steady Q1 performance with net revenue of RMB 13.9 billion, a year-on-year increase of 16%, meeting market expectations [6] - The accommodation booking segment grew by 23%, while transportation ticketing revenue increased by 8%, contributing significantly to overall revenue growth [6] - The company anticipates continued revenue growth in Q2, benefiting from a stable domestic market and expanding international operations [7] Group 5: Financial Forecast and Valuation - The report adjusts the revenue and profit forecasts for 2025, expecting a 15% year-on-year revenue growth, with accommodation bookings projected to grow by 16% and transportation bookings by 9% [8] - The target price for Trip.com Group is set at HKD 591 (9961.HK) / USD 76 (TCOM.US), corresponding to a 20x price-to-earnings ratio for 2025, maintaining a "Buy" rating [8] - The company has repurchased USD 84 million worth of shares year-to-date, with plans for further buybacks in the Hong Kong market [8]

姜春水分别在两个专题会议上提出了工作要求。货物暨危险品运输方面，他要求各单位一要坚持系统治 理、源头防范，以"时时放心不下"的责任感做好货物及危险品收运、存储、装卸、运输等全流程监管； 二要坚持底线思维，依托货运及危险品风险分级防控和隐患排查治理双重预防机制加强对重点区域、重 点岗位、重点环节的监督检查，及时发现和消除安全隐患；三要坚持平衡安全和发展，以"确保安全、 提高效率、规范操作、支持发展"为原则推进跨境电商的发展。服务举报方面，他要求各单位一要提高 思想认识，正确认识服务举报在提升服务工作质与效方面的重要性，并以此为抓手补短板、促提升；二 要落实主体责任，各航空公司和OTA平台要采取有效措施确保航空销售代理人持续合规，切实维护航空 旅客运输市场秩序；三要坚持"以人民为中心"思想，畅通旅客投诉反馈渠道，提升投诉处理能力，及时 高效回应旅客诉求。四要坚持法制思维，健全服务质量管理体系，统一处置标准，用一个问题解决一类 问题，同时要多渠道对民航规章和服务标准进行宣传，引导旅客合理表达诉求。（编辑：王亚玲 校 对：金杰妮 审核：韩磊） 《中国民航报》、中国民航网 记者胡夕姮 通讯员曹施凯报道：近日，华东地区运 ...