Group 1: Domestic Tourism and Entertainment Market - The domestic tourism and entertainment market experienced a strong start during the New Year holiday, with a more than 4-fold increase in domestic scenic spot ticket bookings year-on-year [1] - The film market also performed well, with box office revenue surpassing 700 million yuan by January 3, 2026, marking the first consumption boom of the year [1][4] Group 2: Ice and Snow Tourism Trends - Ice and snow tourism became a popular choice during the New Year, with a significant rise in deep-play experiences, such as ice fishing and traditional fishing [2] - The "00s" generation accounted for 39% of travelers, indicating a shift towards experiential consumption among younger demographics [2] - Consumer enthusiasm led to a notable increase in travel-related purchases, with average spending rising over 30% year-on-year [2] Group 3: Growth in Inbound Tourism - Inbound tourism saw robust growth, particularly in Hainan, where the "duty-free shopping + beach vacation" model attracted international visitors [3] - Ticket bookings for inbound tourism increased by 110% year-on-year, with some destinations experiencing over 30-fold growth in experience-based product bookings [3] - The overall trend indicates a shift from sightseeing to deeper thematic tourism among international visitors [3] Group 4: Film Industry Highlights - The New Year film box office reached over 700 million yuan, with popular films like "The Hidden Kill" and "The Legend of the Qin" leading the box office [4][5] - "The Hidden Kill" and "The Legend of the Qin" both surpassed 100 million yuan in box office revenue, showcasing the appeal of diverse film genres [4][5] - The success of various films during the New Year period indicates a positive outlook for the Chinese film market in 2026 [4][5]

Core Viewpoint - Trip.com has launched a stablecoin payment feature for global users, supporting USDT and USDC, aimed at enhancing its overseas travel business and expanding its financial ecosystem [1][2][6]. Group 1: Stablecoin Payment Launch - Trip.com has quietly integrated stablecoin payments without a formal announcement, allowing users to pay for hotel bookings and flights using USDT and USDC across multiple blockchains including Ethereum, Tron, Polygon, and Solana [2][6]. - The payment process is simplified, requiring only a name and email for hotel reservations, thus reducing barriers for users without traditional banking access [1][6]. Group 2: Strategic Intent and Market Opportunity - The introduction of stablecoin payments is part of Trip.com's long-term financial strategy, which began with its 2013 alignment with American Express and continued with acquiring a payment license in 2020 [2][6]. - Over 80% of the global population lacks international credit cards or bank accounts, creating a significant market opportunity for seamless cross-border payments, particularly in emerging markets like Southeast Asia, Latin America, and Africa [2][6]. Group 3: Regulatory Challenges - Analysts note that while stablecoin payments provide a pathway for users to bypass traditional financial barriers, they face regulatory challenges including anti-money laundering, consumer protection, and asset reserve transparency [3][7]. - Trip.com has previously faced scrutiny over personal information handling and credit collection practices, highlighting the need for robust risk management as it innovates in payment solutions [3][7]. Group 4: Competitive Landscape - Trip.com is not alone in exploring stablecoin payments; major companies like PayPal, Meta, Ant Group, and Bank of America have also ventured into this space [4][8]. - PayPal has launched its own PYUSD stablecoin, while Stripe and Shopify have developed solutions to facilitate stablecoin transactions for merchants, indicating a growing trend in the industry [4][8].

Core Insights - The tourism market in Jiangsu experienced a strong start for the New Year 2026, with a total of 19.43 million visitors and a total consumption of 9.613 billion yuan from December 31, 2025, to January 3, 2026, reflecting year-on-year increases of 15.62% and 15.27% respectively [1] Group 1: Visitor Statistics - A total of 781 monitored tourist attractions, 365 rural tourism sites, 97 night-time cultural tourism consumption areas, 253 cultural and museum venues, 32 leisure tourism streets, and 62 tourism resorts contributed to the visitor numbers [1] - The daily average number of visitors and consumption during the New Year period showed significant growth compared to the same period in 2025 [1] Group 2: Inter-Provincial Tourism - From January 1 to January 2, 2026, the daily average number of visitors from outside the province and inter-city visitors within Jiangsu increased by 42.15%, leading to a total of 6.902 billion yuan in cross-regional tourism consumption through UnionPay channels, which is a year-on-year increase of 35.62% [1] - Jiangsu accounted for 12.08% of the national tourism consumption total, maintaining its position as the top province in the country [1] Group 3: Online Travel Platforms - During the same period, Meituan ranked second nationally in terms of tourism order volume and consumption amount for Jiangsu, while Ctrip and Fliggy ranked third in order volume [1] - Tongcheng ranked third in order volume for Jiangsu tourism, and Baidu data indicated that Jiangsu ranked second in receiving domestic tourists [1]

Core Insights - The tourism market in China experienced a strong start in the 2026 New Year holiday, with a significant increase in cultural and tourism consumption, particularly among younger demographics [1][4][7] Group 1: Tourism Market Performance - Domestic scenic spot ticket bookings increased by over 400% year-on-year during the New Year holiday [1] - Shanghai emerged as the most popular travel destination, with a notable rise in travel from the post-90s and post-00s generations, who accounted for 39% and 33% of travelers respectively [4] - The overall tourism consumption in Shanghai reached 12.271 billion yuan, with 6.8203 million visitors during the holiday [5] Group 2: Travel Trends and Preferences - The trend of "self-care travel" gained traction, with younger travelers seeking experiences that provide personal enjoyment rather than traditional sightseeing [4] - The search volume for "New Year travel" increased by 125% year-on-year, indicating a growing interest in themed experiences such as fireworks shows and concerts [4] - Popular domestic travel destinations included Shanghai, Beijing, Guangzhou, and Sanya, with self-driving trips also gaining popularity [4][5] Group 3: Emerging Travel Segments - Hainan became a top choice for winter escape travel, with hotel bookings increasing significantly due to the island's duty-free shopping appeal [7] - Lesser-known destinations like Anji and Qingyuan saw remarkable growth in bookings, with increases of 930% and 774% respectively, driven by unique experiences [7] - The demand for vacation rentals surged, with a 160% year-on-year increase in bookings for popular cities like Chengdu and Guangzhou [8] Group 4: Events and Entertainment - Major concerts and events during the New Year period attracted significant travel, with hotel bookings near event venues seeing substantial increases [9] - The average number of items purchased per consumer increased by over 20%, and the average spending rose by over 30% compared to the previous year [9] Group 5: International Travel Trends - Outbound travel saw a dramatic rise, with bookings for car rentals and tours increasing by over 1000% and 210% respectively [13] - The inbound tourism market also showed strong growth, with ticket bookings for attractions increasing by 110% year-on-year [13][14] - Popular inbound destinations included Shanghai, Beijing, and Guangzhou, with significant increases in visitors from neighboring countries [14]

Core Viewpoint - Chinese assets experienced a strong start in 2026, with significant gains in various indices and stocks, indicating a continuation of the structural bull market from 2025 and a clear investment theme for the year ahead [1][2]. Group 1: Performance of Chinese Assets - The Nasdaq Golden Dragon China Index surged nearly 4%, while leveraged ETFs for Chinese stocks saw increases of over 10% and 8% respectively [2]. - Major Chinese stocks performed well, with Baidu Group rising over 12%, and other notable gains from companies like WanGuo Data and JinkoSolar, which increased by over 8% and 7% respectively [2]. - The Hong Kong market also showed strong performance, with the Hang Seng Index up 2.76% and the Hang Seng Technology Index up 4% [2]. Group 2: Currency Movements - The offshore RMB/USD exchange rate broke above 6.97, reaching a high of 6.9662, marking the strongest level since May 2023 [3]. - Factors contributing to the RMB appreciation include a strong Chinese stock market, increased demand for currency conversion from export companies, and a weakening US dollar [4]. Group 3: Global Market Trends - Global markets continued their strong performance from 2025, with Asian markets achieving their best opening since 2012, led by gains in AI and semiconductor stocks [5]. - Major US tech stocks also saw gains, with the Philadelphia Semiconductor Index rising over 4% and ASML ADR increasing by over 8% [6]. - Investor sentiment remains optimistic, with significant net inflows into global equity funds, totaling $26.54 billion in the last week of 2025 [6].

Core Viewpoint - Ctrip Group's stock price increased by 4.96%, currently at HKD 581.50, with a trading volume of HKD 551 million [1] Group 1: Industry Insights - The Ministry of Transport of China reported that on December 31, 2025, the inter-regional passenger flow reached 20.7763 million trips, a month-on-month increase of 33.7% and a year-on-year increase of 25.4% [1] - On January 1, 2026, the expected inter-regional passenger flow is projected to be 20.813 million trips, with a month-on-month increase of 0.2% and a year-on-year increase of 21% [1] Group 2: Company Performance - Guosen Securities forecasts that tourism demand will continue to be robust, with Ctrip benefiting from a comprehensive product supply and high-quality service, maintaining a strong domestic market position and deep competitive moat [1] - Ctrip's market share is steadily increasing, and profit margins are expected to gradually improve [1] - The company is capitalizing on the opportunity for international expansion and the benefits of inbound policy changes, maintaining a rapid growth strategy that has been validated in multiple regions, driving overall revenue growth of over 15% [1] - Ctrip's significant share buyback plan and regular dividend arrangements reflect a positive stance on shareholder returns [1]

Core Viewpoint - The article discusses the performance and market dynamics of China's top internet companies in 2025, highlighting a clear differentiation among them in terms of market capitalization, profitability, and strategic direction as they transition from rapid expansion to a focus on quality growth [5][14]. Group 1: Market Capitalization and Rankings - The top 10 internet companies in China by market capitalization at the end of 2025 show stability in rankings, with Tencent, Alibaba, and Pinduoduo maintaining their positions, while other companies like Xiaomi and NetEase have seen upward movement [6][12]. - Tencent leads with a market cap of $728.7 billion, followed by Alibaba at $351.6 billion and Pinduoduo at $161.6 billion, with significant year-to-date stock price increases of 45%, 77%, and 17% respectively [9][10]. - The second tier includes Xiaomi, NetEase, and Meituan, with Xiaomi's market cap at $131.5 billion and a stock price increase of 14%, while Meituan's market cap has decreased by 32% [11][13]. Group 2: Revenue and Profitability Trends - Revenue growth is observed across the top companies, with only Baidu experiencing a slight decline, while Xiaomi leads with a 32.5% revenue increase [18]. - Profitability shows a stark contrast, with companies like Alibaba, Meituan, and JD.com facing pressure due to high marketing costs, particularly in the competitive food delivery sector, leading to "increased revenue without increased profit" [18][19]. - In contrast, companies like Tencent and NetEase have maintained strong profit margins through their gaming and social media ecosystems, with Tencent's gaming revenue exceeding $180 billion in the first three quarters of 2025 [20]. Group 3: Emerging Players and Market Dynamics - The mid-tier companies ranked 11th to 20th have shown significant stock price increases, indicating market recognition of their potential, with Giant Network leading with a 245% increase [23][24]. - Companies like Tencent Music and Kingsoft Office are highlighted as having potential for upward movement into the top tier, driven by their stable business models and market opportunities [25]. - The article emphasizes that while the top tier remains stable, the mid-tier companies are crucial to watch for future market shifts, as they may capitalize on emerging trends and niche markets [26].

Group 1 - Ctrip Group-S (09961.HK) saw an intraday increase of nearly 5%, with a current rise of 4.33%, trading at 578 HKD [2] - The trading volume reached 424 million HKD [2]

Core Viewpoint - Ctrip Group's stock price increased by approximately 5%, reaching 578 HKD, driven by positive travel demand forecasts and strong financial performance indicators [1] Group 1: Market Performance - Ctrip Group-S (09961) saw a stock price increase of 4.33% with a trading volume of 424 million HKD [1] - The overall cross-regional personnel flow in China is projected to reach 20,776.3 million trips by December 31, 2025, reflecting a month-on-month growth of 33.7% and a year-on-year growth of 25.4% [1] Group 2: Industry Outlook - The tourism demand is expected to continue to be robust, with Ctrip benefiting from a strong product offering and quality service [1] - Ctrip's domestic market share is steadily increasing, supported by a solid competitive advantage, with profit margins anticipated to gradually improve [1] Group 3: Strategic Initiatives - Ctrip is positioned to capitalize on the international expansion opportunities and favorable inbound policies, maintaining a rapid growth strategy focused on scale [1] - The company has implemented a significant share buyback plan and regular dividend arrangements, indicating a proactive stance on shareholder returns [1]

Core Insights - The travel market is evolving into a "sentiment economy," characterized by diversified demand, deeper experiences, and integrated scenarios, driven by younger demographics and new travel trends like "boomerang routes" and nature therapy [1][6] Group 1: Travel Trends - The report highlights the emergence of "immersive geographical corridors" in Southwest and Northeast China, with destinations like Tibet's Shannan having the longest average stay of 11 days, reflecting a strong demand for tranquil nature and deep experiences [2] - Young travelers are increasingly favoring "boomerang" travel patterns, using transit cities to connect multiple destinations at lower costs, leading to a surge in orders from smaller cities, with growth rates exceeding 200% in non-traditional tourist areas [3] Group 2: Cross-Industry Integration - The trend of "travel +" is evident, with orders for "festival-performance-exhibition + tourism" increasing by 161%, and pet-friendly hotel bookings rising by 30%, indicating a broadening of travel scenarios [5] - The integration of cultural experiences into travel is becoming a structural and sustainable new tourism category, with global orders for festival-related activities growing by 156% [13][20] Group 3: Emotional Economy - The concept of "emotional economy" is becoming a core driver, with searches related to relaxation and healing increasing sevenfold, indicating a shift from mere consumption to emotional value in travel [6][7] - Seasonal travel trends reflect emotional needs, with specific activities tied to holidays, such as seeking traditional experiences during the Spring Festival and nature-focused trips during the May Day holiday [7] Group 4: Inbound Tourism Growth - Inbound tourism in China is experiencing a significant rebound, with a 100% increase in bookings in the first three quarters of 2025, particularly from visa-exempt countries, where orders have surged by an average of 153% [8][10] - The report emphasizes the potential for growth in inbound tourism, noting that current revenue from this sector accounts for less than 0.5% of GDP, compared to over 10% in Thailand, suggesting a potential market increase of 1 to 2 trillion RMB if it reaches comparable international levels [12] Group 5: Audience Engagement - The boundary between travel and performance is blurring, with 83% of performance-related activities occurring in different locations, and younger audiences (under 34) contributing nearly 80% of orders [15] - The trend of combining ticket purchases with travel services is gaining popularity, with composite products showing a year-on-year order growth of 161%, indicating a shift towards more competitive pricing and integrated travel experiences [17][18]