Group 1 - Ctrip (TCOM.US) stock rose approximately 2% to $77.94 in pre-market trading, indicating a potential new high at the opening [1] - The National Development and Reform Commission held a press conference on September 17 regarding policies to expand service consumption, which positively impacts the travel sector [1] - Data from multiple travel platforms show that the peak for National Day travel bookings has arrived earlier this year, with a significant increase in outbound travel [1] Group 2 - According to Zhongxin Tourism, the number of outbound travelers during the National Day holiday increased by 130% compared to the same period last year, with transaction volume growing over 120% [1] - Ctrip and Tongcheng Travel have both shown strong performance this week, reaching historical highs, reflecting market optimism towards the travel sector [1]

Core Points - Ctrip Group has announced a special guarantee plan due to the delay of Disney's Adventure Cruise affecting customer itineraries [1] - The guarantee plan offers free rescheduling or full refund services for eligible flight and hotel bookings impacted by the cruise delay [1] - Ctrip will contact affected customers by September 30, 2025, to provide solutions and will refund any additional losses by the end of September [1] Summary by Category Company Actions - Ctrip has implemented a special guarantee plan for customers affected by the delay of Disney's Adventure Cruise [1] - The plan applies to customers with bookings from December 15, 2025, to March 12, 2026 [1] - Ctrip will provide support for round-trip flights to Singapore and local hotel bookings made through its platform within 7 days of the original itinerary [1] Customer Support - Ctrip's customer service team will reach out to affected customers to offer either free rescheduling or cancellation without loss [1] - The company aims to minimize actual losses for customers by refunding any additional costs incurred during the rescheduling or cancellation process [1] - Refund processes are being coordinated with Disney Cruise Line, with implementation expected within the week [1]

2025 年 9 月 17 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 45,675 | -0.85 | 29.99 | | 恒生工商业 | 15,108 | 0.84 | 34.29 | | 恒生地产 | 18,991 | -1.46 | 27.35 | | 恒生公用事业 | 36,666 | 0.02 | 2.81 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 环球主要股市上日表现 收市价 升跌（%） 单日 年内 恒生指数 26,439 0.19 31.80 恒生国企 9,386 0.23 28.76 恒生科技 6,078 1.48 36.02 上证综指 3,862 -0.23 15. ...

【环球网财经报道 记者 郑湘琪】 从蜿蜒壮丽的大洋路到世界闻名的悉尼歌剧院，从色彩斑斓的大堡礁 到萌态可掬的考拉，澳大利亚拥有独具特色的自然景观与人文风貌。 "我们非常荣幸能作为主宾国参加本届服贸会，这体现了中澳两国在旅游和服务贸易领域日益紧密的合 作关系。"澳大利亚旅游局大中华区总经理韩彬（Nick Henderson）在采访中表示，澳大利亚组建了历届 最大规模展团，近60家机构和企业参展，希望通过服贸会这个平台让更多中国消费者了解到澳大利亚丰 富的旅游资源和优质的服务体验，巩固两国之间的旅游纽带。 澳大利亚旅游局公布的数据显示，在2024年7月至2025年6月期间，中国赴澳游客数量同比增长19%，达 到95.2万人次。"这一增长幅度在全球市场中位居首位，彰显出中国旅游市场的巨大发展潜力。"韩彬强 调，"中国始终是澳大利亚最重要的旅游市场之一。" 多维联动，织密中澳旅游合作网 目前，澳大利亚旅游局与中国旅游业界展开多层次合作。其中在OTA平台方面，澳大利亚旅游局与携程 等平台建立了多年合作关系。韩彬透露，"比如携程历届'618''双11'的活动，我们都会积极参加。今年7 月，澳大利亚旅游局还与携程正式签署了 ...

Core Viewpoint - The recent postponement of certain voyages of the Disney Wonder cruise has significantly impacted travelers, leading to concerns over who will bear the associated costs [1] Group 1: Impact on Travelers - The postponement has resulted in financial losses for some travelers due to changes in flight and hotel bookings [1] - Affected travelers have reported issues with their travel arrangements, prompting responses from online travel agencies (OTAs) [1] Group 2: OTA Response - Ctrip Cruise announced a special guarantee plan on September 16, offering free rescheduling or full refunds for eligible flight and hotel bookings affected by the cruise delay [1] - The guarantee applies to Ctrip Cruise customers whose travel dates fall between December 15, 2025, and March 12, 2026 [1] - Ctrip will contact affected customers by September 30, 2025, to provide solutions and will refund any additional losses incurred during the rescheduling process [1] Group 3: Disney Wonder Specifications - The Disney Wonder has a gross tonnage of 208,000 tons and can accommodate 6,700 passengers and 2,500 crew members [1]

Group 1 - The report from Citigroup highlights new policies from the Ministry of Commerce aimed at attracting more inbound tourists and optimizing student holiday arrangements, which may significantly boost long-term family travel [1] - The upcoming National Day holiday will last for 8 days, one day longer than last year, leading to strong travel demand, particularly for long-distance and outbound travel [1] - The China Railway Group predicts that during the 12-day railway transport period, passenger volume will reach 219 million, averaging 18.25 million passengers per day, compared to 177 million passengers during the 10-day period last year, averaging 17.7 million per day [1] Group 2 - Citigroup maintains a "Buy" rating for Trip.com and Tongcheng, with target prices set at $85 and HKD 28 respectively [1]

Core Viewpoint - Disney's cruise ship, the Disney Adventure, has postponed some voyages, prompting Ctrip to offer free rescheduling or full refunds for affected customers [1] Group 1: Impact on Customers - Ctrip announced a guarantee plan for customers affected by the postponement of the Disney Adventure cruise, covering flights and hotel bookings [1] - The guarantee applies to Ctrip cruise customers whose travel dates fall between December 15, 2025, and March 12, 2026 [1] - Ctrip will assist affected customers in booking round-trip flights to Singapore and local hotel reservations within 7 days before or after the original travel dates [1] Group 2: Collaboration and Implementation - Ctrip is working with Disney Cruise Line to facilitate the refund process for affected customers [1] - The implementation of the refund process is expected to begin within the week [1]

Core Viewpoint - Disney's Adventure Cruise has postponed some voyages, prompting Ctrip to offer free rescheduling or full refunds for affected customers [1] Group 1: Impact on Customers - Ctrip announced a guarantee plan for customers affected by the postponement of Disney's Adventure Cruise, applicable for travel dates from December 15, 2025, to March 12, 2026 [1] - The guarantee includes support for round-trip flights to Singapore and local hotel bookings made through Ctrip within 7 days before or after the original travel dates [1] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1]

Group 1 - Disney's Adventure cruise has postponed some voyages, affecting travel plans for customers [1] - Ctrip announced a free rescheduling or full refund service for eligible flight and hotel bookings impacted by the cruise delay [1] - The guarantee applies to Ctrip cruise customers affected by the postponement for travel dates between December 15, 2025, and March 12, 2026 [1] Group 2 - Ctrip will provide support for customers to book round-trip flights to Singapore and local hotel reservations within 7 days before and after the original travel schedule [1] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1]

Core Viewpoint - The travel demand in China is significantly increasing during the Mid-Autumn Festival and National Day holidays, with a notable rise in short-distance trips and high-quality long-distance travel options [1] Group 1: Company Performance - Ctrip (TCOM.US) shares rose over 2%, reaching $75.83 [1] - The booking volume for nearby and chartered trips has doubled year-on-year, indicating a strong recovery in the travel sector [1] Group 2: Industry Trends - Domestic flight ticket bookings for the upcoming holidays have exceeded 4.52 million, with a daily average increase of over 25% compared to the same period last year [1] - International flight ticket bookings have surpassed 1.29 million, with a daily average increase of approximately 14% year-on-year [1]