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“五一”假期开启倒计时:入境游将迎爆发式增长, “反向旅游”持续带火县域市场
Mei Ri Jing Ji Xin Wen· 2025-04-29 13:16
每经记者 舒冬妮 每经编辑 魏官红 预计日均215万人次跨境流动、入境订单激增173%、中日游客"互访热"⋯⋯2025年"五一"假期开启倒计 时,中国入境旅游市场即将迎来最强劲的浪潮。政策红利的密集释放与年轻消费力的强势崛起,正共同 推动这一市场从"回血"迈向"造血"。 根据携程、同程、去哪儿等多家OTA(在线旅行社)发布的数据统计,入境游订单爆发仍是"五一"假期 最值得关注的重点。除此之外,"反向旅游"趋势也在持续带火县域旅游市场,不少年轻消费者选择前往 小城度假。 "日均215万人次",这一数字已超过2019年同期水平。4月28日,据国家移民管理局消息,今年"五一"假 期全国口岸日均出入境人员将达215万人次,同比增长27%。预计出入境客流高峰将主要集中在5月1日 和5月5日。 境外旅客购物离境退税"即买即退"等便利措施,以及签证便利化政策的推进,显著提升了入境吸引力。 国家移民管理局预测,上海浦东、广州白云、北京首都、成都天府等大型机场口岸日均出入境人员均超 1万人次。 携程数据显示,今年"五一"假期入境游订单量同比激增173%。中日游客"双向奔赴"成为最大亮点:日 本黄金周与中国"五一"假期有所重叠, ...
招银国际每日投资策略-20250429
Zhao Yin Guo Ji· 2025-04-29 02:52
Market Overview - Global markets showed mixed performance with the Hang Seng Index closing at 21,972, down 0.04% for the day but up 28.89% year-to-date [1] - The A-share market experienced a slight decline, with the Shanghai Composite Index down 0.20% and the Shenzhen Composite Index down 0.93% [3] - Southbound capital recorded a net inflow of HKD 2.03 billion [3] Company Analysis BYD Electronics (285 HK) - The company reported flat earnings for Q1 2025, primarily due to weak demand for high-end smartphones and potential tariff impacts on Apple’s assembly business [4] - The gross profit margin improved by 0.4 percentage points to 6.3% quarter-on-quarter, but decreased by 0.6 percentage points year-on-year [4] - Management maintains a positive outlook for 2025, citing growth in Apple assembly, stable Android business, strong automotive demand, and growth in servers/robots [4] Wentech Technology (600745 CH) - The company’s revenue decreased by 19.4% year-on-year to RMB 13.1 billion, but net profit surged by 82.3% to RMB 261 million [5] - The gross margin recovered to 14.0%, indicating resilience in the semiconductor business [5] - The company is transitioning to focus on semiconductor business after divesting its ODM operations, which is expected to drive future growth [5] Li Ning (2331 HK) - Retail sales growth deteriorated in April 2025, with management noting a decline in offline channels due to adverse weather and a challenging macro environment [6][7] - Despite the challenges, the company maintains its full-year guidance, expecting stable sales growth and high single-digit net profit margins [6] - The company’s Q1 retail sales growth was in line with expectations, with online channels performing strongly [7] China Pacific Insurance (2601 HK) - The company reported a 39% year-on-year increase in new business value for Q1 2025, exceeding expectations [11][12] - However, the group’s net profit fell by 18.1% to RMB 9.63 billion, primarily due to declines in bond fair value and mismatches in yield curves [11] - The management expects operational profit to maintain low single-digit growth for the year, supported by business transformation [13] Zhejiang Dingli (603338 CH) - The company’s EBIT grew by only 2% year-on-year to RMB 440 million, with net profit increasing by 42% due to non-operating income [10] - The company faces challenges from unpredictable U.S. tariff policies, which may impact demand for its products in the U.S. market [10] - The target price remains at RMB 44, reflecting a cautious outlook on profitability [10] 康方生物 (9926 HK) - The company continues to show promise with its drug AK112, which has demonstrated efficacy in clinical trials against competitors [9][10] - The ongoing trials in overseas markets are expected to yield significant data, enhancing the drug's potential for approval and market entry [9][10] - The target price for 康方生物 is set at HKD 108.03, maintaining a buy rating based on the drug's promising results [10]
“五一”经济|音乐节拉动8倍消费,入境游订单激增173%
Di Yi Cai Jing· 2025-04-28 11:29
今年"五一"假期旅游消费呈现长线爆发、跨境双向升温、县域逆袭等特征,跨市住宿订单占比超80%,入境游订 单同比激增173%。 "五一"假期临近,旅游市场热度持续攀升。据各大旅游企业预订情况显示,今年假期旅游消费呈现"长线爆发、跨 境双向升温、县域逆袭"几大特征。携程数据显示,在"请4休11"拼假策略带动下,跨市住宿订单占比已突破 80%,县域市场高星酒店消费反超高线城市,入境游订单同比激增173%。 中长线旅游升温,跨市住宿订单占比超80% 华住表示,"五一"假期期间连续2天及以上的订单占比接近50%,一些旅游资源丰富但距离相对较远的小城,如迪 庆、柳州等展现出了超高的预订热度。途家民宿表示,截至目前,平台热门城市预订量平均同比去年增长超三 成,与往年相比,今年"五一"旅客解锁了海边躺平、携宠出游、高能量民宿等新玩儿法。 去哪儿统计显示,从4月29日开始客流起量,到4月30日达到节前高峰;节后客流从5月3日开始攀升,到5月5日达 到节日期间最高峰。 谁是主力客群 途牛数据显示,出游时长方面,更多用户倾向于选择3~5天的出游行程,出游人次占比为62%。仍有近10%的用 户选择了6天及以上的出游行程,他们大多通过 ...
成都因何入选“2025全球100经典目的地”?
Mei Ri Jing Ji Xin Wen· 2025-04-27 11:25
每经记者 谢陶 每经编辑 唐元 一直以来,成都都是一座难以被定义的城市。其文化底蕴与自然肌理相得益彰,迸发出独树一帜的文旅吸引力。 正如爱尔兰驻华大使安黛文(Ann Derwin)此前在接受记者采访时所言,"成都是一座充满生活魅力与艺术气息的公园城市,热情、随和、开放,我每次来 都会有不同的发现。" 而在全球顶尖品质生活杂志《Monocle》主编安德鲁·塔克(Andrew Tuck)看来,"成都则是一座能够引发人们广泛文化共鸣的城市,历史的多重性,文化的 丰富性,总能带给人意外之喜。跟许多世界级的城市一样,成都拥有极强的文化标识度(cultural identity),居住其间的人们骨子里透露着乐观与自信。" 日前,携程集团发布2025携程口碑榜全球年度榜单。成都再次不负众望,入选了"2025全球100经典目的地""2025全球50亲子目的地""2025全球50艺术瑰宝目 的地"等多个榜单。 "打卡成都大熊猫繁育研究基地,游览都江堰景区的水利奇迹,体验天府之国的悠闲。"谈及成都的上榜理由,携程口碑榜给予了如是的官方评价。 那么,在成都登上诸多榜单的背后,其文旅有何差异化竞争优势?未来如何进一步提升文旅产业吸引 ...
上一轮中概股退市风波的启示
GUOTAI HAITONG SECURITIES· 2025-04-25 06:30
Group 1 - The core viewpoint of the report highlights that US-listed Chinese stocks exhibit characteristics such as concentrated market capitalization, multiple listings for leading companies, concentrated industry distribution, and a slowdown in the expansion of listings [2][8] - As of April 18, 2025, there are 390 Chinese companies listed in the US (excluding OTC), with a total market capitalization exceeding $900 billion. The top 25% of these stocks contribute over 98% of the total market value, with the top five companies (Alibaba, Pinduoduo, NetEase, JD.com, and Ctrip) accounting for approximately 60% of the total market capitalization [8][2] - The report indicates that 73% of the top 25% of Chinese stocks have achieved dual listings, with 45% completing dual primary listings and 26% achieving secondary listings in Hong Kong [2][8] Group 2 - The previous round of delisting crises for Chinese stocks began in 2020 and continued to evolve through 2021-2022, characterized by significant declines in stock prices, particularly for those not listed in Hong Kong, which experienced a greater average decline compared to those with dual listings [3][4] - The report outlines five phases of the delisting crisis, starting with the signing of the HFCAA by former President Trump, leading to a gradual escalation of market reactions and stock price declines, particularly after the SEC established implementation rules [3][16] - The report suggests that the current delisting situation may have a relatively controllable short-term impact on the market, as many leading Chinese stocks have already achieved dual listings, with a significant portion of their market value now in Hong Kong [4][21] Group 3 - The report emphasizes that the current policy environment is continuously improving, facilitating the return of Chinese stocks to the Hong Kong market. The Hong Kong Stock Exchange has optimized its listing system for Chinese stocks, lowering the thresholds for secondary listings [21][4] - It is projected that within the next 3-5 years, approximately 24% of the market capitalization of Chinese stocks may meet the conditions for returning to Hong Kong, with less than 5% not qualifying for secondary listing conditions [21][4] - The influx of southbound capital is expected to provide additional liquidity support for the return of Chinese stocks to the Hong Kong market, as this capital shows a strong preference for new economy assets [20][21]
携程商旅:2024-2025年商旅管理市场白皮书
Sou Hu Cai Jing· 2025-04-25 04:24
今天分享的是:携程商旅:2024-2025年商旅管理市场白皮书 报告共计:113页 《2024 - 2025年商旅管理市场白皮书》由携程商旅发布,对中国及全球商旅管理市场进行了全面深入的剖析,展现了商旅行业的发展现状、趋势以及面临的 挑战与机遇。 1. 市场发展历程与现状:中国商旅市场历经十年发展,从1.0到5.0时代,实现了线上化、移动化、电子化、数智化、全球化的转变。受疫情影响,商旅行业 经历波动后,2024年市场规模超越2019年,进入全新增长期。全球商旅市场也在2024年恢复至疫情前水平,预计2028年规模将达2万亿美元,中国保持全球 最大商务旅行市场地位。 2. 市场趋势:企业经营信心增强,2024 - 2025年国内外差旅预算和频次均呈上升趋势。不同行业差旅情况各异,如制造业、信息与通信业差旅规模增长显 著。出差目的中,国内侧重客户拜访,国际偏重会展。MICE活动数量总体增加,且不同活动类型呈现不同发展趋势。下沉市场差旅占比趋稳,部分行业下 沉明显。 3. 全球化与AI影响:全球化背景下,跨境商旅增长强劲,中国"免签朋友圈"扩容,国际差旅占比上升,东南亚仍是主要目的地。中企出海和外企来华趋势明 显 ...
Trip.com (TCOM) Stock Dips While Market Gains: Key Facts
ZACKS· 2025-04-24 23:00
Company Performance - Trip.com closed at $57.62, reflecting a -1% change from the previous trading session, underperforming compared to the S&P 500's gain of 2.03% [1] - Over the last month, Trip.com's shares decreased by 7.78%, while the Consumer Discretionary sector and the S&P 500 saw losses of 4.94% and 5.07%, respectively [1] Earnings Forecast - The upcoming earnings report is expected to show an EPS of $0.86, representing a 3.61% increase from the same quarter last year [2] - Revenue is projected at $1.91 billion, indicating a 15.93% growth compared to the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are estimated at $3.44 per share, a decrease of 4.18% from the prior year, while revenue is expected to reach $8.45 billion, an increase of 14.02% [3] - Recent changes in analyst estimates suggest a positive outlook for the company's business and profitability [3] Valuation Metrics - Trip.com has a Forward P/E ratio of 16.9, which is slightly lower than the industry average of 16.98 [6] - The company also has a PEG ratio of 1.04, compared to the industry average PEG ratio of 1.17 [7] Industry Context - The Leisure and Recreation Services industry, part of the Consumer Discretionary sector, holds a Zacks Industry Rank of 139, placing it in the bottom 44% of over 250 industries [8] - Historically, the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]
中概退市:这次“狼真会来”?别怕,不是末日!
海豚投研· 2025-04-24 09:56
自4月3日美国总统特朗普正式宣布"对等关税"以来,中美之间多次互相提高关税,目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温,中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是:① 近日美国财政部长曾表示, 不排除以在美上市的中概公司强制退市,作为两国间谈判的筹码之一;② 2月21日, 白宫发布了"America First Investment Policy"备忘录中,也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段,美国政府尚没有进行任何实质性的动作。但历史上,中概退市威胁并非没有先例: 2020年~2022年间美国政 府就曾以HFCAA法案下,无法获得中概上市公司的审计监管权的原因,正式推进过中概在美退市。 尽管后续中美两国政府达成了协议,中概从美股全面退市并没真正发生,但仍有中移动等公司在争端期间被美政府强制退市,后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见,无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产,虽然最终落地的概率应当非常小,但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...
TRIP.COM(TCOM) - 2024 Q4 - Annual Report
2025-04-11 11:07
Financial Performance - For Q4 2024, Trip.com Group reported net revenue of RMB12.7 billion (US$1.7 billion), a 23% increase year-over-year, driven by stronger travel demand [3]. - For the full year 2024, net revenue reached RMB53.3 billion (US$7.3 billion), representing a 20% increase from 2023 [4]. - Net income for Q4 2024 was RMB2.2 billion (US$300 million), compared to RMB1.3 billion for the same period in 2023 [22]. - Adjusted EBITDA for Q4 2024 was RMB3.0 billion (US$408 million), an improvement from RMB2.9 billion for the same period last year [5]. - Accommodation reservation revenue for Q4 2024 was RMB5.2 billion (US$709 million), a 33% increase from the same period in 2023 [6]. - Transportation ticketing revenue for Q4 2024 was RMB4.8 billion (US$655 million), a 16% increase year-over-year [8]. - Packaged-tour revenue for Q4 2024 was RMB870 million (US$119 million), a 24% increase from the same period in 2023 [10]. - Total revenue for the year ended December 31, 2024, was RMB 53,377 million (USD 7,313 million), representing an increase from RMB 44,562 million in 2023 [42]. - Net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million (USD 2,338 million), up from RMB 9,918 million in 2023, reflecting a growth of 72.5% [42]. - The company reported a gross profit of RMB 43,304 million (USD 5,934 million) for the year ended December 31, 2024, compared to RMB 36,389 million in 2023, indicating a year-over-year increase of 18.9% [42]. - Adjusted EBITDA for the year ended December 31, 2024, reached RMB 17,070 million, reflecting a margin of 32% [44]. - The total net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million, an increase from RMB 9,918 million in the previous year [44]. Assets and Liabilities - As of December 31, 2024, the balance of cash and cash equivalents was RMB90.0 billion (US$12.3 billion) [28]. - Total current assets increased to RMB 112,120 million (USD 15,360 million) as of December 31, 2024, from RMB 88,732 million in 2023, marking a growth of 26.4% [40]. - Cash, cash equivalents, and restricted cash rose to RMB 51,093 million (USD 7,000 million) by December 31, 2024, compared to RMB 43,983 million in 2023, an increase of 16.0% [40]. - The company’s total assets reached RMB 242,581 million (USD 33,233 million) as of December 31, 2024, up from RMB 219,137 million in 2023, reflecting an increase of 10.7% [40]. - The company’s total liabilities increased to RMB 99,099 million (USD 13,576 million) as of December 31, 2024, from RMB 96,131 million in 2023, a growth of 3.1% [40]. - Trip.com Group Limited's shareholders' equity rose to RMB 142,739 million (USD 19,555 million) as of December 31, 2024, compared to RMB 123,006 million in 2023, indicating an increase of 16.1% [40]. Shareholder Returns and Future Plans - The company plans to undertake a share repurchase program of up to US$400 million and an ordinary cash dividend of approximately US$200 million for the financial year 2024 [29]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [44]. Earnings and Expenses - Operating expenses for the year ended December 31, 2024, totaled RMB 29,127 million (USD 3,991 million), compared to RMB 25,065 million in 2023, representing a rise of 16.3% [42]. - Earnings per ordinary share (diluted) for the year ended December 31, 2024, was USD 3.39, compared to USD 2.39 in 2023, an increase of 41.8% [42]. - Interest income decreased to RMB 517 million for the year ended December 31, 2024, down from RMB 593 million in the previous quarter [44]. Quarterly Performance - Net income for the three months ended December 31, 2023, was RMB 1,342 million, a significant increase from RMB 1,297 million in the previous quarter [44]. - Non-GAAP net income attributable to Trip.com Group Limited for the three months ended December 31, 2024, was RMB 3,038 million, up from RMB 2,675 million in the previous quarter [44]. - The company reported a diluted non-GAAP income per share of RMB 4.35 for the three months ended December 31, 2024, compared to RMB 4.00 in the previous quarter [44]. - The adjusted EBITDA margin for the three months ended December 31, 2023, was 28%, indicating a decrease from 36% in the previous quarter [44]. - The company’s income from operations for the year ended December 31, 2024, was RMB 14,177 million, compared to RMB 11,324 million in the previous year [44]. - The company’s equity in income of affiliates for the three months ended December 31, 2024, was RMB (359) million, compared to RMB (351) million in the previous quarter [44].
Trip.com Group Filed 2024 Annual Report on Form 20-F
Prnewswire· 2025-04-11 10:33
Core Insights - Trip.com Group Limited has filed its annual report on Form 20-F, which includes audited financial statements for the three years ending December 31, 2024, with the Securities and Exchange Commission on April 11, 2025 [1] - The annual report is accessible on the Company's investor relations website, and holders of the Company's securities can request a free copy [1] Company Overview - Trip.com Group Limited is a leading global one-stop travel platform that offers a comprehensive suite of travel products and services, catering primarily to travelers in Asia and increasingly worldwide [2] - The Company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and was founded in 1999, listed on Nasdaq in 2003, and on HKEX in 2021 [2] - The mission of the Company is "to pursue the perfect trip for a better world" [2]