Company Performance - Trip.com (TCOM) stock increased by 1.26% to $62.88, outperforming the S&P 500's daily gain of 0.03% [1] - Over the last month, TCOM shares decreased by 14.04%, while the Consumer Discretionary sector lost 3.17% and the S&P 500 gained 0.6% [1] Upcoming Financial Results - The upcoming EPS for Trip.com is projected at $0.72, indicating a 20.00% increase compared to the same quarter of the previous year [2] - Revenue is estimated to be $2.1 billion, reflecting a 20.05% increase compared to the same quarter of the previous year [2] Annual Forecast - Zacks Consensus Estimates forecast earnings of $6.38 per share and revenue of $8.71 billion for the year, showing changes of +77.72% and 0%, respectively, compared to the previous year [3] - Recent analyst estimate revisions indicate optimism regarding Trip.com's business and profitability [3] Analyst Ratings - The Zacks Rank system rates Trip.com as 1 (Strong Buy), with a historical average annual return of +25% for stocks rated 1 since 1988 [5] - The Zacks Consensus EPS estimate has remained stagnant over the past month [5] Valuation Metrics - Trip.com has a Forward P/E ratio of 14.64, which is lower than its industry's Forward P/E of 17.9, indicating a valuation discount [6] - The company holds a PEG ratio of 1.84, compared to the Leisure and Recreation Services industry's average PEG ratio of 1.47 [6] Industry Context - The Leisure and Recreation Services industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 181, placing it in the bottom 27% of over 250 industries [7] - Research indicates that top-rated industries outperform the bottom half by a factor of 2 to 1 [7]

值得注意的是，随着近年来入境游市场快速复苏，海外游客的旅行方式也从走马观花式的景点观光，转 向深度文化体验。博物馆和文物遗址成为他们了解中华文明的重要渠道。携程海外平台上，多语言文博 类产品资源同比增长63%，2025年入境游客订购文化博物馆类旅游产品订单量增长220%，成交票量增 长198%，人工讲解类产品预订量同期提升28倍，以天坛公园、故宫博物院、秦始皇陵博物馆等为代表 的传统历史人文景区最受青睐。 业内人士认为，从非遗活化里触摸历史脉搏，在博物馆精讲中解锁文化密码，于美食手作间品味匠心传 承，沿城市行走路线感知烟火人间。这些创新产品，不仅延伸了游客的消费链条，更让文化价值在一次 次体验中完成传递与共鸣。旅游，正在成为中国文化走出去的鲜活桥梁，既让世界在沉浸式体验中读懂 真实立体的中国，也化作中国人文化自信的有力印证。 "餐厅即景点，用餐即旅行"的理念在此得到验证。超过85%的客人不仅满意于"熊猫厨师"呈现的创意菜 品，更对七道菜背后串联的中国地理人文叙事产生浓厚兴趣。一位澳大利亚游客说，正是屏幕中中国北 部的壮丽风光，直接促成了她下一步的旅行计划。用餐后深入了解中国的兴趣被激发。 如果说美食是入口，那 ...

携程数据显示，2025年博物馆、非遗体验、人工讲解等文化产品数量同比增长13%，订单量同比增长超 一成，成交票量同比增长14%。平台通过整合非遗工坊、民俗演艺、特色餐饮等多元业态，不断推出创 新产品，将文化资源转化为可体验、可消费的旅行产品，积极尝试文化传播到旅游消费的良性循环。 一餐饭，让世界读懂中国美食文化 在上海外滩老市府内，"Taste of CHINA 味"沉浸式文化体验餐厅用两个小时的用餐体验，为国际游客打 开了感知中国的快速通道。这间餐厅提供英、俄、日等多语种版本内容和服务，海外客源占比超过 90%，客人来自全球五大洲的21个国家和地区。 从舌尖到心间 中国文化如何借旅游走向世界 中新网1月23日电 近日，社交平台上"当中国人很酷"的话题持续升温，中国文化热潮以席卷之势走向全 球，入境游市场也呈现出从观光向体验转型的趋势。从古建探访到非遗手作，从戏曲欣赏到汉服体验， 文化深度体验游正成为年轻游客的出行新选择。 携程海外平台为参赛选手提供接送机、翻译导游、当地景区等专项入境游服务，深度激活赛事经济，让 全球跑者能够"跑一场马，品一座城"，赛后消费转化率是普通游客的3.2倍。 一件文物，让世界看懂中 ...

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see record-high passenger flow and transportation volume across railways and civil aviation, with significant increases in both sectors compared to previous years [1][4]. Railway Sector - The China National Railway Group anticipates sending 539 million passengers during the Spring Festival travel period from February 2 to March 13, 2026, representing a 5% year-on-year increase [1]. - On peak travel days, over 14,000 passenger trains are expected to operate, with a 5.3% increase in seating capacity compared to the previous year [1]. - The railway ticketing service will enhance support for key passenger groups, including additional discounts for college graduates and continued services for students and workers [1][3]. Civil Aviation Sector - The civil aviation sector is projected to transport 95 million passengers during the Spring Festival, with a daily average of 2.375 million passengers, marking a 5.3% increase [4]. - Major airlines are expected to operate 657,000 flights, also reflecting a 5% increase year-on-year [4]. - The top three airlines (China Eastern, Air China, and China Southern) will account for 43% of the flights, while the top 20 airlines will represent 90% of the total operations [4]. Ticket Pricing and Trends - As of January 15, 2026, the average pre-sale price for domestic economy class tickets during the Spring Festival is 1,064 yuan (including tax), which is 20% higher than the actual transaction price from the previous year [5]. - The peak ticket prices are expected around the Spring Festival, with significant price drops possible for travelers who adjust their travel dates [5]. - Popular domestic travel destinations are dominated by southern cities, with Shantou leading in booking growth at 186% year-on-year [5]. International Travel - During the Spring Festival, outbound travel is primarily focused on Southeast Asia, with Thailand being the most popular destination [6]. - There has been a significant reduction in flights to Japan, with a cancellation rate of 36% for flights during the travel period [6]. - The demand for customized outbound travel packages has increased, with an 18% rise in pre-orders for long-haul trips [6].

Group 1: Market Overview - The Hong Kong stock market showed a positive sentiment with all three major indices rising, led by the Hang Seng Tech Index which increased by 1.11% [1] - The market exhibited characteristics of "policy-driven technology" and "strengthening of safe-haven assets," with total market turnover rising to HKD 250.5 billion [1] - Southbound capital saw a significant rebound, with a net inflow of HKD 13.9 billion, indicating renewed investor interest [1] Group 2: Sector Performance - The technology sector was the main driver of the rebound, particularly stocks related to robotics, which surged following favorable policies from the Ministry of Industry and Information Technology [2] - Semiconductor stocks also performed well, reflecting a recovery in investor confidence towards hard technology sectors [2] - In contrast, the domestic demand and real estate sectors showed weakness, with sportswear stocks declining due to disappointing quarterly results from leading companies [2] Group 3: Company Analysis - Trip.com Group - Trip.com Group is under investigation for potential anti-competitive practices, specifically regarding its "price adjustment assistant" feature, which automatically adjusts hotel prices based on market data [5][6] - Following the announcement of the investigation, the company's ADR fell by 17% and its Hong Kong stock price dropped by 19% [5] - The potential financial impact of the investigation could result in fines ranging from HKD 400 million to HKD 4 billion, which may affect the company's adjusted net profit for 2026 [7] Group 4: Competitive Landscape and Valuation - The investigation's timeline is estimated to be around 4-6 months, with potential penalties based on previous cases indicating fines of 1%-10% of the previous year's sales [7] - Despite the investigation, Trip.com is expected to maintain its leading position in the OTA market, although there may be slight adjustments in commission rates [7] - The target price for Trip.com has been adjusted to HKD 551 (9961.HK) / USD 71 (TCOM.US) based on a revised valuation of 16 times the 2026 earnings, down from 20 times [8]

Core Viewpoint - The article discusses the ongoing antitrust investigation against Ctrip, highlighting the grievances of accommodation providers regarding high commission rates and restrictive practices that limit their ability to sell on other platforms, leading to a significant impact on their business operations [2][3][4][5][15]. Group 1: Ctrip's Business Practices - Ctrip's commission costs for accommodation providers have remained high, reaching 30%-40%, while the market demand has decreased, leading to complaints from merchants who feel they are working for the platform [2][3][12]. - The "Special Label" (特牌) system implemented by Ctrip requires higher commission rates and restricts merchants from selling on other platforms, which has led to significant dissatisfaction among providers [4][5][6][8]. - Ctrip's practices have prompted regulatory scrutiny, with the National Market Supervision Administration launching an investigation into potential monopolistic behavior, including the use of big data to manipulate consumer pricing [3][16]. Group 2: Market Dynamics and Merchant Challenges - The supply-demand imbalance in the Yunnan accommodation market has intensified, with many merchants relying heavily on Ctrip for bookings, leading to a situation where losing access to Ctrip would mean losing a significant portion of their customer base [8][11]. - Merchants report that the effectiveness of Ctrip's advertising and promotional tools has diminished, with rising costs for clicks and competition among providers leading to increased financial strain [12][15]. - The article notes that Ctrip's market share in the online travel agency (OTA) sector is substantial, with estimates suggesting it controls nearly 70% of the market when including its strategic investments [15][16]. Group 3: Regulatory and Industry Implications - The ongoing antitrust investigation could lead to significant penalties for Ctrip, similar to those faced by other major companies in the past, which may include fines based on their annual revenue [16][17]. - Industry experts suggest that while regulatory actions may address some issues, they may not resolve the fundamental challenges of oversupply and insufficient demand in the market [17][18]. - Ctrip's international expansion efforts are highlighted as a potential avenue for growth, as the company seeks to tap into the inbound tourism market, which remains underdeveloped compared to other countries [18][19].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information [1] Group 1: Legal Action and Investor Rights - Investors who purchased Trip.com Group Limited securities may be entitled to compensation through a contingency fee arrangement without any out-of-pocket costs [2] - Rosen Law Firm is preparing a class action to seek recovery of investor losses [2] Group 2: Market Reaction and Regulatory Investigation - Trip.com stock fell 17% on January 14, 2026, following the announcement of an investigation by China's market regulator for potential antitrust violations [3] Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [4] - The firm has been ranked No. 1 for securities class action settlements in 2017 and has recovered hundreds of millions of dollars for investors over the years [4]

Core Viewpoint - China's hotel industry is experiencing a paradox where record numbers of travelers are leading to declining room rates, largely attributed to the discounting practices of Trip.com Group Ltd [1][4]. Group 1: Impact of Trip.com on Hotel Operators - Hotel operators, such as those in Zhejiang province, report that nightly rates have fallen to levels not seen in over a decade due to Trip.com's frequent discount campaigns [2][3]. - Operators are compelled to cut prices by at least 15% to maintain visibility on Trip.com, which has become essential for connecting travelers with small operators [3][4]. - The dominance of Trip.com, which controls approximately 56% of China's online travel market, has contributed to a recovery in domestic tourism, with nearly 5 billion trips recorded in the first three quarters of 2025 [6]. Group 2: Regulatory Concerns and Market Dynamics - The Chinese government is investigating Trip.com for alleged antitrust violations, focusing on its market position and the deflationary effects on the hotel sector [4][5]. - Revenue per room in China remained flat in 2025, contrasting with gains in other Asian markets, indicating a stagnation in profitability despite increased demand [5]. - The hotel industry faces challenges such as oversupply and cautious consumer spending, leading to significant losses as hotels reduce rates to fill vacancies [7]. Group 3: Exclusive Arrangements and Market Practices - Trip.com's "er xuan yi" exclusivity arrangements limit competition by preventing top-tier merchants from listing on rival platforms, which has drawn regulatory scrutiny [8][9]. - Merchants not bound by these exclusivity agreements report being pressured to offer the lowest prices on Trip.com's platform to avoid penalties like reduced search rankings [9].

美股中概股盘前多数上涨，拼多多涨7%，哔哩哔哩涨4%，阿里巴巴涨3%，携程涨2%，京东涨1%，蔚 来涨0.6%。 ...

第一条，是平台企业利润高企与"实体经济优先"导向的冲突。与传统行业的垄断不一样，平台企业 的垄断往往不是为了从用户身上赚取超额利润。他们信奉"羊毛出在猪身上"，给用户的价格越低、服务 越好，用户黏性就越大，进而增强平台对商家的话语权，流量费和佣金就挣得越多。所以，平台往往把 用户当上帝，转头从商家身上多挣钱。当携程被调查时，还有不少用户因为"服务好"为携程说好话，也 从侧面证明了平台依托用户获得的议价能力。 然而，这种"流量至上、成本转嫁"的模式，隐患越来越大。自从电商平台出现，平台冲击实体经济 就一直是个热门话题。商家交的流量费虽然高，但只要挣得不少，还能撑得住。问题是，商家身上 的"羊毛"是有限的，经不住平台持续狠薅。 以携程为例，其2025年前三季度的净利润达290亿元，而据媒体统计，同期整个A股旅游链各子板 块净利润合计也才约190亿元。就算剔除非经常性收入，平台的"烈火烹油"与酒店、航司、旅行社等实 体企业的经营困境，对比依然刺眼，也不符合2025年中央经济工作会议强调的"推动平台企业和平台内 经营者、劳动者共赢发展"的要求。 第二条红线更关键。平台利用流量和技术优势，制定规则、挤压商家利润，表面看 ...