Core Points - Ctrip has announced a special guarantee plan for customers affected by the postponement of the Disney Wonder cruise, which is scheduled from December 15, 2025, to March 12, 2026 [1][2] - The plan includes free rescheduling or cancellation services for flights and hotel bookings made through Ctrip within 7 days before or after the original travel date [2][3] - Ctrip will cover any additional losses incurred by customers, with refunds processed through Ctrip Wallet by the end of September [1][3] Summary by Categories Customer Impact - Customers who booked flights and hotels through Ctrip during the affected travel period will be contacted by customer service by September 30, 2025 [2][3] - The company acknowledges the inconvenience caused by the cruise delay and is actively seeking solutions to minimize customer losses [2] Service Offerings - Ctrip provides two options for affected customers: rescheduling their travel dates or canceling their bookings [2] - All refunds for hotel and flight bookings will be processed according to normal cancellation policies [3] Company Commitment - Ctrip emphasizes its commitment to customer service and aims to provide excellent support during this situation [3]

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]

Global Market Overview - The Hang Seng Index closed at 26,439, up 0.19% for the day and up 31.80% year-to-date [2] - The Southbound capital recorded a net inflow of HKD 3.189 billion [2] - The Chinese stock market showed mixed results, with sectors like consumer discretionary and industrial technology rising, while materials, healthcare, and real estate fell [2] Economic Indicators - China's Ministry of Commerce plans to promote orderly opening in the internet and cultural sectors [2] - Japan's government is expected to increase fiscal expansion, with potential tax cuts for households and inflation subsidies [2] - The U.S. retail sales increased by 0.6% month-on-month in August, marking the third consecutive month of exceeding expectations [3] Sector Performance - The automotive sector shows strong potential with companies like Geely Automobile and XPeng Motors rated as "Buy" with target prices indicating significant upside [4] - The equipment manufacturing sector, including companies like SANY International and Zoomlion, is also rated as "Buy" with positive growth forecasts [4] - The consumer discretionary sector, particularly Luckin Coffee and Green Tea Group, is highlighted for its growth potential, with target prices suggesting substantial upside [4] Investment Recommendations - Geely Automobile (175 HK) is rated "Buy" with a target price of HKD 25.00, indicating a 31% upside [4] - SANY International (631 HK) is rated "Buy" with a target price of HKD 8.90, suggesting a 29% upside [4] - Luckin Coffee (LKNCY US) is rated "Buy" with a target price of USD 44.95, indicating a 14% upside [4]

Core Insights - Australia is participating as the guest country at the current service trade fair, highlighting the growing cooperation between China and Australia in tourism and service trade [1] - The Australian Tourism Board anticipates a 19% year-on-year increase in Chinese visitors from July 2024 to June 2025, reaching 952,000 tourists, indicating significant growth potential in the Chinese tourism market [1][2] - The Australian Tourism Board has established multi-layered cooperation with the Chinese tourism industry, including partnerships with major OTA platforms like Ctrip and various airlines to enhance travel accessibility [1][2] Tourism Promotion Strategies - The Australian Tourism Board launched the second phase of the "Hello Australia" promotional campaign, targeting global markets including China, featuring local celebrities to encourage tourism [2] - Customized promotional content for Chinese tourists was released, including short films and interactive events, to strengthen emotional connections with potential visitors [2][3] - Data from Ctrip indicates that Australia is the top long-haul destination for Chinese tourists during the 2025 Spring Festival, reflecting its popularity [2] Consumer Trends and Product Development - The Australian Tourism Board is responding to the trend of younger Chinese tourists seeking personalized and immersive experiences, such as hiking and diving, rather than traditional sightseeing [3] - Chinese tourists' spending in Australia exceeded AUD 9 billion, marking a 28% increase year-on-year, showcasing their growing economic impact [2][3] - New high-quality outdoor and eco-tourism products are being developed to meet the demand for deeper experiences, including sustainable tourism initiatives [3][4] Cultural Engagement and Customization - The Australian Tourism Board emphasizes cultural experiences as a vital part of tourism, collaborating with Chinese partners to create culturally rich travel products [4] - Customized travel offerings are being developed around Chinese festivals, such as romantic destination recommendations for the Qixi Festival, to cater to specific traveler needs [4] - The "Hello Australia" campaign aims to share Australian stories and provide unforgettable experiences for Chinese tourists [4][5] Future Outlook - The Australian Tourism Board expresses optimism about the future of tourism cooperation between China and Australia, anticipating a resurgence in Chinese tourist numbers [5] - China is currently the second-largest source of inbound tourists for Australia, with expectations to regain the top position soon [5]

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]