作者 | 闰然 编辑 | 江江 视觉 | 诺言 继美团后，刘强东要向携程、同程、飞猪出手了。 6月18日，京东宣布"0佣金"政策，进军酒旅行业，引起市场热议。6月20日，京东称："两天内，我们收 到了近5万家酒店商家的入驻申请。" 明眼人都知道，这不是跨界玩票，而是电商巨头盯上了OTA（Online Travel Agenc在线旅游平台）这块 肥肉。 京东旅行发布的公开信/图源：京东旅行 外卖市场还在热战，刘强东为什么又想要加码酒旅？他到底想要将京东的边界拓展到什么地步？ 酒旅，一块大肥肉 携程和美团，都是各自领域的绝对王者，但酒旅和外卖这两门生意却处于完全不同的境遇。 先看携程。 携程2025一季度财报毛利率维持在81%的高位。高毛利怎么来的？玩的就是规模效应。2024年，OTA市 场中，携程以56%的GMV市占率稳居第一，尤其在高端酒店市场，携程份额占比一骑绝尘。 2024年全年，携程集团净营业收入达到533亿元，同比增长达到20%；毛利润433.04亿，毛利率81%。净 利润172亿元，同比增幅高达72%。 增幅惊人，净利率也超过了30%。 | | | | For the Years Ended Dec ...

Core Viewpoint - The article discusses the resurgence of private enterprises in China, highlighting their importance in the market and the potential for growth amid a changing regulatory environment and technological advancements [1][2]. Group 1: Importance of Private Enterprises - The significance of the private sector has been recognized by high-level policymakers [2]. - The regulatory cycle for the private economy has eased, indicating a more favorable environment for growth [2]. - Private enterprises are leading China's ambition to "go global" [2]. Group 2: Financial Performance and Valuation - Since the low point in 2022, private enterprises have seen profits and return on equity (ROE) increase by 22% and 1.2 percentage points, respectively [2]. - Compared to their historical performance and state-owned enterprises, private companies are currently undervalued [2]. - The top ten leading companies, referred to as "Chinese Prominent 10," are expected to enhance their market dominance, similar to the "Mag 7" in the U.S. [2][4]. Group 3: Growth Projections - The selected ten companies are projected to achieve a profit growth rate of 17% over the next decade, with a 13% growth expected in the next two years [5]. - Despite macroeconomic challenges, these companies are expected to maintain double-digit profit growth [5]. Group 4: Market Dynamics and Opportunities - The market concentration of the top ten companies in China is only 17%, compared to 30% in the U.S., indicating potential for growth [4]. - The article emphasizes the importance of selecting individual stocks within the private sector, as there are significant differences in returns [6]. - Many of these companies are expanding their businesses overseas, particularly in emerging markets along the "Belt and Road" initiative [6]. Group 5: Sector Focus and IPO Trends - The consumer services sector is viewed as superior, with healthcare stocks gaining attention due to past regulatory challenges [7]. - Recent interest in Hong Kong IPOs is noted, with around 60 companies planning or applying for listings, presenting further investment opportunities [7].

Market Overview - Global stock markets showed mixed performance, with the Hang Seng Index closing at 23,530, up 1.26% for the day and 38.03% year-to-date [1] - The S&P 500 index in the US decreased by 0.22% for the day but is up 25.12% year-to-date, while the Nasdaq fell by 0.51% but has risen 29.55% year-to-date [1] Industry Insights - The MSCI China Healthcare Index has increased by 31.7% since the beginning of 2025, outperforming the MSCI China Index by 18.2% [4] - The Chinese innovative drug sector is expected to continue its trend of overseas transactions, with a projected total scale of approximately $52.2 billion in 2024, accounting for about one-third of the global licensing transaction scale [4] - The report highlights that the global life sciences M&A transaction total is around $150 billion annually, with a small proportion attributed to Chinese companies, indicating significant growth potential for outbound transactions [4] Investment Recommendations - The report recommends several companies in the healthcare sector, including 三生制药 (3SB), 百济神州 (BGB), and 信达生物 (IDB), as having solid fundamentals and reasonable valuations [5] - In the automotive sector, 吉利汽车 (Geely) is rated as a buy with a target price of 24.00, representing a potential upside of 48% [6] - In the technology sector, 腾讯 (Tencent) is also rated as a buy with a target price of 660.00, indicating a potential upside of 31% [6]

高盛最近提出一个新口号，那就是以中国的"民营十巨头"对标"美股七姐妹"。高盛集团分析师说，中国民营企业中期投资价值正显著增强，尤其是"民营 十巨头"。 中国的"民营十巨头"是指腾讯、阿里巴巴、小米、比亚迪、美团、网易、美的、恒瑞医药、携程以及安踏。 "美股七姐妹"是指这两年风光无限的"科技七巨头"(Magnificent 7)：苹果、谷歌、亚马逊、微软、Meta、特斯拉、英伟达。美股的亮眼表现，大部分是七 姐妹带动的。 "民营十巨头"能带中国经济起飞吗？ "十巨头"对标"七姐妹"？ 高盛分析师有炒流量的嫌疑。但，即便是高盛炒流量，这个事情也值得国人思考。 其实在高盛之前，华尔街分析师JeffWeniger也曾炒过港股科技"十兄弟"的口号。"十兄弟"是指：小米、阿里巴巴、腾讯、美团、比亚迪、京东、网易、百 度、中芯国际、吉利。但"十兄弟"口号没炒起来。高盛只是接着炒。 你知道中国的"民营十巨头"总市值多少吗？1.6万亿美元。 拿腾讯来说，第一季度营收为1,800.2亿元人民币，同比增长13%；净利润为478.2亿元人民币，同比增长14%。阿里第一季度收入2364.54亿元，同比增长 7%；非公认会计准则净利润为 ...

Investment Rating - Investment rating for the industry is "Positive" (maintained) [1] Core Views - The industry is experiencing a dual high growth in store efficiency and number of stores, particularly in the tea and coffee sectors, with significant increases in average store efficiency [27][31][38] - The OTA (Online Travel Agency) market is characterized by high barriers to entry, making it difficult for new entrants like JD to disrupt established players [12][21] - The toy and trendy play market is seeing substantial growth, with brands like Pop Mart leading in sales during promotional events [22][23] Summary by Relevant Sections Travel and Tourism - JD announced an expansion in its OTA layout, launching a "Hotel PLUS Membership Plan" to enhance its hotel booking services [12] - The OTA market is difficult to penetrate due to high customer loyalty and established service standards [21] Trendy Play - During the 618 promotional period, the toy and trendy play sector saw significant sales growth, with Pop Mart topping the sales charts [22][23] - The market for trendy toys is thriving, with numerous brands achieving triple-digit growth in sales [22] Tea and Coffee - As of May 2025, there are 515,500 tea shops in China, with a net increase of 29,300 shops in May alone, and the average monthly store efficiency for tea shops is 212,200 yuan, up 7.6% year-on-year [31][38] - The coffee sector also shows positive trends, with 179,600 coffee shops and an average monthly store efficiency of 503,100 yuan, also reflecting a 7.6% year-on-year increase [31][38] - Major brands like Mixue Ice City and Luckin Coffee are expanding rapidly, with significant net increases in store numbers [37][38]

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 *ST锦港将退市，下周49股解禁市值达587.2亿 *ST锦港公告称收到上交所决定终止公司股票上市，6月30日进入退市整理期。公司此前存在多项违法 事实，一季度末股东户数7.88万户。此外，下周将有49股解禁，合计解禁市值587.2亿元，铁建重工、龙 芯中科解禁规模居前，7股解禁比例超50%，9只解禁股一季度业绩亏损。详情>> 一线城市房价加速下跌，楼市止跌尚早 统计局数据显示，5月一线城市二手房价集体下跌且跌幅扩大，新房价格环比也由持平转为下降。70个 大中城市中仅3个城市二手房价环比略有上涨，全国房价可能无一城市上涨。58安居客研究院数据表明 百城二手房挂牌量同比增长，卖房者更着急。去年10月救市反弹效果渐消，此时谈楼市止跌抄底为时尚 早。详情>> 跨境支付通6月22日上线，内地与香港金融合作再升级 6月20日，中国人民银行与香港金融管理局联合公告，内地与香港快速支 ...

Group 1 - JD.com has launched a "JD Hotel PLUS Membership Program" offering up to three years of zero commission for hotel merchants, which has sparked significant discussion within the hotel industry [3][4] - The company is expanding into the hotel and travel business, reportedly hiring talent from competitors like Fliggy, Tongcheng, and Ctrip at three times the salary [4] - JD.com aims to provide supply chain services to the hotel industry, optimizing costs and potentially reducing operational expenses for hotels [6] Group 2 - The Online Travel Agency (OTA) sector is identified as a lucrative segment within the travel industry, with a penetration rate exceeding 60% in China [7] - Major OTA players like Ctrip and Tongcheng have reported impressive financial results, with Ctrip achieving a net revenue of 53.3 billion yuan in 2024, a 19% year-on-year increase, and a net profit of 17.2 billion yuan, up 72% [9][11] - Ctrip's gross margin has consistently remained above 75%, indicating its strong profitability compared to other sectors, including luxury goods [12] Group 3 - Despite the growth in domestic tourism, the hotel industry is facing challenges, with major hotel chains like Huazhu and Jinjiang reporting declining profits in 2024 [15][18] - The overall revenue for star-rated hotels in China decreased from 160.9 billion yuan in 2023 to 155.7 billion yuan in 2024, highlighting the industry's struggles [15] - The OTA platforms are seen as the primary beneficiaries of the booming travel market, while hotels and travel agencies are under financial pressure due to high commission rates and competition [31][33] Group 4 - The article emphasizes the need for companies to move away from a "winner-takes-all" mentality and consider the interests of partners for sustainable growth [33][38] - JD.com's entry into the hotel and travel sector raises questions about its ability to compete with established OTA giants like Ctrip [37]

智通财经APP获悉，高盛首席中国股票策略师刘劲津在近期发布研究报告《中国策略 —— 中国民营企 业(POEs)的复兴》。该延研报认为，当下形势已转变。自 2020 年末以来，占整个上市企业市值 60% 的 中国民营企业，市值蒸发近 4 万亿美元，且相较于国有企业板块(含股息)表现落后 56 个百分点，目前 中国民营企业正在股票市场重新找回 "魔力"。高盛预计上市民营企业板块的市场集中度会随时间推移 而提高。在此背景下的分析表明，现有的十大领军企业 ——"中国卓越十企(Chinese Prominent 10)"，有 能力增强其在股票市场的主导地位，类似美国的 "Mag 7(七大科技巨头)" 股票。 主要论据如下： 1) 私营部门的重要性已得到高层政策制定者的认可; 2) 依据我们更新后的专有指标，针对民营经济的监管周期已有所缓和; 3) 持续的人工智能和技术突破改写了叙事，为民营企业点亮了增长前景; 4) 民营企业引领着中国 "走向全球" 的雄心; 5) 自 2022 年低谷以来，民营企业的利润和净资产收益率(ROE)已分别提升 22% 和 1.2 个百分点，且在 行业整合过程中，随着利润率正常化，可能会进一 ...

近日，国内多家酒店商家向媒体反映，在线旅游平台携程涉嫌强制开通"调价助手"功能，未经商家允许 即可在后台直接修改房间定价，导致商家利润受损。此外，商家若想退出携程平台，也面临重重阻碍。 作为国内在线旅游（OTA）市场的龙头，携程的市场占有率超过50%，其强势行为被质疑"店大欺客"， 甚至胁迫商家参与无序竞争。 "调价助手"变"强制调价" "我们根本没有主动开通这个功能，但携程后台直接修改了我们的房间价格，导致部分房型售价低于成 本价。"一位不愿具名的酒店经营者向媒体表示。据了解，"调价助手"本是携程推出的一项自动化调价 工具，可根据市场供需调整房价，但商家通常拥有自主选择权。然而，近期多家酒店发现，该功能被默 认或强制开启，携程甚至能在商家不知情的情况下调整价格。 "如果价格被压得太低，我们不仅赚不到钱，还可能因低价扰乱市场而影响其他渠道的销售。"另一位酒 店业主表示，他曾多次尝试关闭该功能，但携程客服以"系统默认""无法单独关闭"等理由推脱。 业内人士指出，携程此举涉嫌滥用市场支配地位，剥夺商家的自主定价权。根据《中华人民共和国电子 商务法》和《中华人民共和国反垄断法》，平台不得强制商家接受不合理的服务条款 ...

Core Viewpoint - JD.com has officially entered the hotel and travel market, launching its "JD Hotel PLUS Membership Program" with a promise of up to three years of zero commission for hotel merchants, aiming to disrupt the existing online travel agency (OTA) landscape dominated by Ctrip and others [2][3][29]. Group 1: Market Context - The OTA market has shown strong profitability, with Ctrip reporting a net profit of 17.2 billion yuan for 2024, a 72% year-on-year increase, and a net profit margin of 34% in Q1 2025 [3]. - Despite the recovery in the tourism industry, hotel merchants are struggling with high commission fees imposed by OTAs, leading to a situation where revenue growth does not translate into profit [3][4]. - The competitive landscape is characterized by significant market share held by Ctrip, which commands approximately 56% of the market, while other players like Meituan and Fliggy hold much smaller shares [15][18]. Group 2: JD.com's Strategy - JD.com aims to leverage its entry into the hotel and travel sector as a strategic extension of its local lifestyle services, following its successful foray into the food delivery market [23][27]. - The company is actively recruiting for various positions in the hotel and travel sector, indicating a serious commitment to building a robust operational framework [25][27]. - JD.com is positioning itself to offer a unique selling proposition with "no bundling" for flight tickets and a focus on providing high-quality customer traffic to hotel partners [29][32]. Group 3: Challenges Ahead - JD.com faces significant challenges in the hotel and travel market, as it must compete against established players like Ctrip, which has a stronghold on market resources and customer loyalty [10][18]. - The experience of other challengers, such as Fliggy, highlights the difficulties of gaining market share despite offering lower commission rates, as service quality and operational efficiency remain critical factors [15][17][32]. - JD.com must develop its own supply chain and operational capabilities to avoid reliance on existing OTA frameworks, which could limit its pricing and inventory control [33][34].