Core Insights - The online travel industry is gearing up for a highly competitive Double Eleven shopping festival, with major players like Fliggy and Ctrip intensifying their strategies to capture market share [1][7][13] - Fliggy is under significant pressure to perform well this year, especially after its integration with Taobao, and has already seen a 48% increase in GMV during the National Day holiday [2][3][13] - Ctrip is also taking a more aggressive approach this year, indicating a shift in its strategy compared to previous years, as it aims to capitalize on the Double Eleven event [3][4][13] Industry Dynamics - The competition among platforms has reached a new peak, with Fliggy and Ctrip as the main contenders, while other players like Meituan, Tongcheng, Douyin Life Services, and JD Travel are also vying for a share of the market [7][10] - For merchants, participating in Double Eleven is seen as a crucial opportunity to gain visibility and drive sales, akin to how physical stores prepare for the Christmas season [8][9] - The current market environment has created a necessity for platforms and merchants to engage in aggressive pricing strategies, with many brands referring to their pricing as "rescue prices" to recover from previous losses [12][13] Consumer Behavior - Despite concerns about consumer spending, there is evidence that demand remains strong, with many consumers waiting for the right moment to make purchases during the Double Eleven sales [17][21] - Consumers are increasingly making early decisions about their travel plans, with many already bookmarking deals in anticipation of the sales [21][22] - The emotional aspect of marketing plays a significant role, as consumers are accustomed to waiting for the best deals, indicating that the right product at the right price will still attract buyers [21][22]

Trip.com (TCOM) closed at $71.38 in the latest trading session, marking a +1.77% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.07%. On the other hand, the Dow registered a gain of 1.12%, and the technology-centric Nasdaq increased by 1.37%. The travel services company's shares have seen a decrease of 10.67% over the last month, not keeping up with the Consumer Discretionary sector's loss of 4.58% and the S&P 500's gain of 1.08%.The upcoming earnings release of Trip. ...

Core Viewpoint - Chinese concept stocks experienced a significant rally on Monday, with the Nasdaq Golden Dragon China Index rising over 2% [1] Group 1: Stock Performance - Alibaba's stock increased by over 3% [1] - Pinduoduo's stock rose by over 2% [1] - NetEase's stock gained over 3% [1] - JD.com's stock went up by over 2% [1] - Ctrip, Baidu, and Tencent Music each saw an increase of over 1% [1] - Beike's stock rose by over 2% [1] - NIO's stock surged by over 4% [1]

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a target price of HKD 32.00, with a current market value of USD 24.8 billion and a PE ratio of 19.01[5] - 零跑汽车 (Leap Motor) is rated as a buy with a target price of HKD 80.00, showing a potential upside of 35%[5] - 极兔速递 (J&T Express) has a target price of HKD 58.00, with a market value of USD 11.7 million and a PE ratio of 11.7[5] Group 2: Performance Overview - The basket of 25 stocks listed in the previous report had an average return of -3.9%, compared to the MSCI China Index return of -3.6%[10] - Out of the 25 stocks, 11 stocks outperformed the benchmark index[10] - The report includes a total of 25 long positions, indicating a diverse investment strategy[10]

Group 1: Overall Industry Insights - The overall tourism demand remained robust during the recent Golden Week, with positive growth in Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) for hotels, showing a mid to high single-digit growth in the industry [1] - Experts predict that the increase in hotel franchise supply will continue to exert pressure, particularly in the mid to high-end market segment [1] - The competition among online travel platforms is moderate, as smaller or newly entered operators lack supply chain and scale advantages, limiting their competition to specific niche areas [1] Group 2: Company Preferences - The company remains optimistic about the hotel sector, particularly for Huazhu Group (01179, HTHT.US) and Atour (ATAT.US), anticipating that the slowdown in competition from online travel platforms and hotel supply growth will lead to continued improvement in RevPAR [1] - The Macau gaming industry is expected to benefit from wealth effects and a low base of total gaming revenue, with a favorable outlook for Sands China (01928) and Galaxy Entertainment (00027) [1] - The company suggests buying Ctrip Group (09961, TCOM.US) and Air China (601111) (00753, 601111.SH), as both are expected to benefit from recent long-haul outbound travel demand and better-than-expected ticket prices [1]

陈浩没想到，今年双 11，他担任线上销售负责人的云南某四星级酒店，近一半的预订竟然来自抖音。 "国庆中秋双节期间，酒店总共有 700 多个间夜，我们自己的抖音直播间卖了100多个间夜，用携程的抖音直播间卖了差不多300个间夜，"陈浩告诉《财经 故事荟》，这家酒店已经入驻抖音三年。 作为OTA的龙头，携程如今在抖音开设了几十个蓝V认证的官方账号，常态化在此直播，印证了抖音在酒旅行业的巨大潜力。 抖音生活服务入局酒旅，始于2022年。2023年，抖音对生活服务业务进一步划分，拆分出大交通、旅行社、民宿等板块，并上线"日历房"，主动切入OTA 腹地。2024年抖音进行调整，打通酒旅和本地生活。 步步加码之下，抖音酒旅业务增速凶猛。抖音发布的报告显示，10月1日至10月7日，多类住宿团购销售额同比增长超5成。其中，客栈民宿团购销售额同 比增长75%，经济型、高档型、舒适型酒店分别增长69%、53%、49%。 作为后来者，抖音酒旅业务也存在挑战，比如酒店覆盖度低、核销率待提升、服务履约待完善等。 抖音正在试图补长短板。比如，针对抖音酒旅达人升级，设置了核销额的指标：L7——每月100万GMV、10万核销，L8——300 ...

Core Viewpoint - The Zacks Leisure and Recreation Services industry is experiencing growth driven by optimized business processes, partnerships, and digital initiatives, with strong demand for concerts and cruise bookings supporting this trend [1] Industry Overview - The Zacks Leisure and Recreation Services industry includes various recreation providers such as cruise operators, entertainment and media owners, theme park operators, and event organizers, thriving on economic growth and consumer demand [2] Trends Shaping the Industry - The cruise industry is benefiting from strong demand and increasing booking volumes, particularly in North America and Europe, with solid pricing and onboard spending contributing positively [3] - Theme park operators are experiencing improved visitation and rising consumer spending, aided by technology integration like augmented and virtual reality, while live entertainment firms are capitalizing on pent-up demand for events [4] - Rising disposable incomes in the U.S. are boosting leisure travel demand, with a shift towards experiential travel preferences and technological advancements enhancing consumer engagement [5] Industry Ranking and Performance - The Zacks Leisure and Recreation Services industry holds a Zacks Industry Rank of 50, placing it in the top 21% of 243 Zacks industries, indicating positive near-term prospects [6][7] - Despite the positive outlook, the industry has underperformed compared to the broader sector and the S&P 500, with a growth of 10.1% over the past year compared to 13% for the sector and 16.2% for the S&P 500 [10] Valuation Metrics - The industry trades at a forward 12-month price-to-sales (P/S) ratio of 2.49X, lower than the S&P 500's 5.36X and the sector's 2.35X, with historical trading ranges between 1.68X and 6.37X [13] Notable Companies - **Trip.com Group (TCOM)**: Benefiting from a 60% year-over-year surge in international reservations, with strong inbound travel bookings more than doubling; expected sales and earnings growth of 15.5% and 2.8% in 2025 [16][17] - **Carnival Corporation (CCL)**: Experiencing sustained demand and record pricing levels, with forward bookings for 2026 outpacing capacity growth; projected sales and earnings growth of 6.5% and 51.4% in 2025 [20][21] - **Norwegian Cruise Line Holdings (NCLH)**: Strong consumer demand and record advance ticket sales of $4 billion; expected sales and earnings growth of 6% and 14.8% in 2025 [24][25] - **Marriott Vacations Worldwide (VAC)**: Anticipating benefits from strong leisure travel demand and digitization initiatives, with expected sales and earnings growth of 3% in 2025 [28][29]

香港联交所最新资料显示，10月15日，美国资本集团减持携程集团-S(09961)19.711万股，每股作价 541.8317港元，总金额约为1.07亿港元。减持后最新持股数目约为7509.07万股，最新持股比例为 10.89%。 ...

此外，美国大型银行股盘前普跌，美国银行跌超3%，花旗集团跌1.7%，高盛、富国银行跌约1.4%，摩 根大通跌超1%。 编辑｜钉钉 10月17日， 美股三大股指期货走低，截至发稿，均跌超1%。 美股科技"七姐妹"盘前普跌，微软跌0.9%，Meta、亚马逊、苹果、谷歌A跌1%，特斯拉、英伟达跌 2%。 中概股盘前普跌，携程、理想汽车、腾讯音乐跌2%，哔哩哔哩、拼多多、百度、阿里巴巴跌3%，蔚来 跌5%。 ...

Group 1 - The core viewpoint is that the Hang Seng Technology sector is in the early stage of a macro liquidity recovery and an AI technology cycle, presenting high mid-term allocation value [1] Group 2 - The current fundamentals of Hang Seng Technology benefit from the explosion in application and content driven by new technological changes, with the AI technology cycle at its starting point [2] - The long-term logic involves competition for user numbers and engagement in a diminishing traffic dividend environment, which tests organizational capabilities [2] - High-quality companies are showing strong shareholder return capabilities post traffic dividend decline, with a focus on tracking EPS changes and policies, particularly in the consumer sector [2] Group 3 - The Hang Seng Technology sector is currently influenced by the Federal Reserve's transition to a liquidity easing phase, following the fastest and most extensive rate hikes since the 1980s [3] - The current price-to-earnings ratio (TTM) for Hang Seng Technology is at the 34th percentile of the past five years [3] Group 4 - Investment recommendations suggest focusing on AI-related sectors, particularly those likely to achieve performance realization first [3] - The AI hardware and computing power supply chain is expected to maintain high prosperity due to accelerated capital expenditure from global major companies [3] - The software application and content ecosystem are in the early stages of AI empowerment, with optimism for overseas software performance and other industry advancements [3] Group 5 - The e-commerce, local life, and advertising technology sectors are performing steadily under policy stimulus and operational efficiency improvements [3] - The acceleration of smart driving and mobility scenarios is anticipated to become a new growth driver for the industry [3] Group 6 - Recommended companies for investment include Tencent Holdings as a preferred choice, Alibaba and Baidu as mid-term elastic stocks, and Lenovo, Yueda Group, Trip.com, and Sunny Optical as stable slow-growth options [3] - Elastic stocks include Kuaishou, Horizon Robotics, Kingdee International, and Xpeng Motors [4]