Core Viewpoint - Ctrip Group-S (09961) saw a significant increase in stock price, rising over 4% in the afternoon trading session, reflecting positive market sentiment driven by upcoming holiday travel demand [1] Group 1: Market Performance - As of the latest report, Ctrip Group-S's stock price reached 599.5 HKD, with a trading volume of 830 million HKD [1] - The company is benefiting from a surge in travel bookings during the New Year's holiday, with a notable increase in demand for flights, hotels, and homestays [1] Group 2: Travel Trends - Reports indicate that the New Year's holiday will see a three-day break combined with a "take 3 days off for 8 days" trend, effectively stimulating travel consumption [1] - Domestic travel is showing a diverse pattern characterized by "north-south crossover, urban-rural linkage, and varied scenarios," while outbound travel interest has significantly increased compared to previous years [1] Group 3: Statistical Insights - According to Citigroup's research, the National Immigration Administration reported an average of 2.2 million daily inbound and outbound travelers during the New Year's holiday, marking a year-on-year increase of 28.6% and surpassing 2019 levels by approximately 28% [1] - Outbound travel from mainland residents saw a year-on-year growth of 39.1%, indicating robust recovery in cross-border tourism [1] Group 4: Future Outlook - Citigroup maintains a "buy" rating for Ctrip Group-S and Tongcheng Travel, anticipating a strong performance during the upcoming Spring Festival, which will have a 9-day holiday in 2026, one day longer than in 2025 [1]

Market Performance - Major US stock indices closed higher, with the Dow Jones reaching a record high, driven by strong gains in financial stocks [1][3] - The Dow rose by 594.79 points, or 1.23%, closing at 48,977.18 points; the Nasdaq increased by 160.19 points, or 0.69%, to 23,395.82 points; and the S&P 500 gained 43.58 points, or 0.64%, ending at 6,902.05 points [3] Sector Performance - The S&P 500 energy sector index rose by 2.7%, with major stocks like ExxonMobil and Chevron seeing significant increases due to military actions in Venezuela [5] - The S&P 500 financial sector index increased by 2.2%, with both Goldman Sachs and JPMorgan Chase rising over 3% and reaching all-time highs [6] Technology Stocks - Most large-cap tech stocks saw gains, with Tesla up 3.10%, Amazon up 2.9%, and Meta up 1.29%. However, Microsoft fell by 0.02%, Nvidia dropped by 0.39%, and Apple decreased by 1.38% [3][4] Cryptocurrency and Related Stocks - Cryptocurrency-related stocks experienced a rise, with Strategy stock increasing nearly 5% and Coinbase surging by 7.8% as Bitcoin prices hit a three-week high [6] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.49%, with notable gains in stocks like Beike up over 6% and Bilibili and Tencent Music each up over 3% [6]

Summary of Pan-Asia Internet Research Conference Call Industry Overview - **Pan-Asia Internet Sector**: The conference call focused on the outlook for the Pan-Asia internet sector, highlighting the impact of AI adoption on monetization and margins for 2026 [1][4]. Key Insights by Region China Internet - **Performance**: China's internet sector led in 2025 with a +31% return, outperforming the US (+20%), Korea (+14%), SEA (+11%), Japan (+10%), and India (+9%) [5]. - **AI Focus**: Key themes for 2026 include: - Growth in recurring revenues from cloud infrastructure and AI model usage. - Competition among AI chatbots for user traffic. - Companies deploying proprietary AI agents for user engagement and monetization [8]. - **Top Picks**: Tencent and Alibaba as core AI plays, along with Trip.com and NetEase for stable earnings growth [8]. India Internet - **Operating Margins**: Expected improvement in operating margins driven by operating leverage and better unit economics, particularly for companies like Swiggy and Paytm [7]. - **Key Themes**: - Intense competition in quick commerce. - Regulatory easing for fintech, particularly for Paytm. - Rebound in online travel agencies (OTAs) due to sustained demand [7]. - **Top Picks**: Eternal and MakeMyTrip [7]. Korea Internet - **Market Dynamics**: - Coupang expected to gain market share in e-commerce and food delivery. - Integration of AI in KakaoTalk to enhance search capabilities [9]. - Selective approach to gaming due to competition and delays in major game releases [9]. - **Top Picks**: Coupang for e-commerce, Krafton for gaming, and HYBE for K-pop entertainment [9]. Japan Internet - **Growth Drivers**: - Solid online ads market driven by video and staffing ads, while search ads stagnate. - Mid-single-digit growth expected in e-commerce, supported by AI recommendations [10]. - **Top Picks**: Recruit and Nintendo [10]. ASEAN Internet - **Growth Potential**: - SEA positioned as an AI data center hub, supporting digital economy growth. - Intensifying competition between Shopee and TikTok in e-commerce [11]. - **Top Picks**: Grab and GoTo for operational efficiencies and potential synergies from consolidation [11]. Financial Metrics and Valuations - **China Internet Valuations**: - Alibaba Group: Target price of $225, representing a 54.9% upside [13]. - JD.com: Target price of $44, with a 57.8% upside [13]. - **Korea Internet Valuations**: - Coupang: Target price of $28, with an 18.7% upside [12]. - Krafton: Target price of $440, with a 78.9% upside [12]. - **India Internet Valuations**: - Eternal: Target price of $440, with a 58.3% upside [12]. Additional Insights - **Regulatory Developments**: Anticipated changes in India's laws regarding multi-brand retail FDI and fintech regulations [7]. - **Consumer Behavior**: Increased productivity from AI tools may lead to more leisure time, benefiting sectors like travel and online gaming [8]. This summary encapsulates the key points discussed during the conference call, providing insights into the performance and outlook of the Pan-Asia internet sector across various regions.

Core Insights - The 2026 Guizhou Inbound Tourism Cooperation Launch Conference and the 2026 Global Tour Guizhou event are taking place from January 5 to 7 in Guiyang, attracting over 1,500 representatives from the global tourism industry [1][3] - The event aims to enhance the "Colorful Guizhou" brand strategy, improve the efficiency of connecting global high-quality tourism resources, and position Guizhou as an internationally influential mountain tourism destination [3][5] Event Structure - The conference features a diverse format including a launch ceremony, an industry conference, and three thematic sub-forums, designed to create a professional global cultural tourism cooperation platform [3][5] - Following the conference, global travel merchants will conduct on-site inspections of Guizhou's premium tourism routes to experience the region's natural and cultural charm [3][5] Market Potential - Guizhou's inbound tourism is experiencing significant growth, with a 40% year-on-year increase in inbound tourist numbers and a 54% increase in consumption in 2025 [5] - The report indicates that inbound tourist numbers from Malaysia and Thailand have doubled in the first half of the year, showcasing Guizhou's emergence as a new popular destination for global travelers [5] Cultural Promotion - The conference emphasizes Guizhou's unique cultural heritage through performances and presentations that highlight the region's diverse tourism resources [6][8] - The "2025 Guizhou Inbound Tourism Development Report" was released, providing valuable data and insights for marketing strategies and international promotion paths [8] Strategic Discussions - Experts at the conference engaged in discussions on building core attractions, innovative product marketing, and collaborative industry ecosystems to transform Guizhou's natural ecology and ethnic culture into top-tier tourism products [8] - Guizhou is optimizing inbound tourism services and smart experiences to enhance its international reception capacity, with collaboration from Ctrip to ensure the stable development of Guiyang's tourism market [8]

Core Viewpoint - Citigroup's report indicates that the Ministry of Culture and Tourism forecasts 142 million domestic tourist trips and revenue of 84.79 billion yuan during the three-day New Year holiday in 2026, representing a compound annual growth rate of 2.6% and 3.1% respectively compared to the three-day holiday in 2024 [1] Group 1 - The average spending per person is recorded at 597 yuan, which is a 1% decrease compared to the 2024 level [1] - Citigroup believes that domestic travel performance during the New Year is stable, while cross-border travel shows robust growth [1] - The upcoming Spring Festival is expected to be more significant, with a strong performance anticipated due to a nine-day holiday in 2026, one day longer than in 2025 [1] Group 2 - Citigroup maintains a "buy" rating for Trip.com and Tongcheng Travel [1]

Core Insights - The domestic tourism market in China experienced a strong start for the 2026 New Year holiday, with ticket bookings for scenic spots increasing over four times year-on-year, leading to the term "snow mountain crowds" becoming a key phrase for this year's New Year tourism [1] Group 1: Popular Destinations - Major tourist destinations in China include Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Nanjing, Chongqing, Xi'an, and Tianjin, with provinces like Guangxi, Jiangsu, Henan, Zhejiang, and Shandong seeing a doubling in tourism orders [3] - Guangxi's tourism orders surged by 170% due to over 400 cultural and tourism activities, including performances and markets [3] - Lesser-known destinations like Anji saw a 930% increase in orders due to unique outdoor skiing experiences, while Qingyuan achieved a 774% growth, and other destinations like Xichang and Jingdezhen also reported significant increases [3] Group 2: Mountain Tourism - The trend of "New Year climbing" was particularly popular this year, with famous mountains like Huangshan, Wudang Mountain, Lushan, Jiuhua Mountain, and Zhangjiajie experiencing over a 150% increase in ticket bookings, with Huangshan seeing a 544% rise [4] - The combination of "snow after clouds and rime" became a viral sensation on social media, attracting many families and young tourists [4] Group 3: Ice and Snow Tourism Trends - New trends in ice and snow tourism emerged, with southern regions like Anji seeing a 930% increase in orders for outdoor skiing, while Shanghai's ice world bookings grew over five times [6] - Northern regions offered unique experiences such as ice fishing and traditional fishing culture, appealing to younger tourists seeking "cool" rather than just "cold" experiences [6] Group 4: Inbound Tourism Growth - The inbound tourism market in China showed strong growth, with experiential travel product bookings increasing over 30 times, with popular destinations including Shanghai, Beijing, and Guangzhou [7] - The "duty-free shopping + beach vacation" model in Hainan attracted international tourists, with Sanya's inbound orders increasing by 170% [7] - Emerging destinations like Li County, Heihe, Nanning, Yantai, and Foshan also showed significant growth in inbound tourism [7]

Core Insights - The 2026 New Year's holiday saw a significant surge in domestic and outbound travel, with an estimated 590 million trips taken, reflecting a 19.5% year-on-year increase in travel volume [2] - The travel demand was driven by a combination of short trips within major city clusters and long-distance travel, particularly to popular destinations like Northeast China, Hainan, and Yunnan [3][4] - The winter travel trend, especially ice and snow tourism, dominated the holiday, with ice-themed destinations accounting for about 40% of the top domestic travel routes [4] Domestic Travel Market - The domestic tourism market experienced a robust start, with a notable increase in bookings for flights, hotels, and accommodations during the holiday [3] - Popular short-distance trips were prevalent among major city clusters, while long-distance travel to scenic areas like the Northeast and Hainan was also in high demand [3] - The rise of "prayer tourism" led to increased interest in mountainous scenic spots, with hotel bookings in these areas rising over 23% [3] Ice and Snow Tourism - Ice and snow tourism emerged as a leading theme during the holiday, with significant demand for flights to Harbin and other snowy destinations [4] - Harbin Ice and Snow World was particularly popular, with a 45% increase in bookings for day tours [4] - Other notable snowy destinations included Xiling Snow Mountain and Yulong Snow Mountain, which saw a rapid increase in visitor interest [4] Outbound Travel Trends - Outbound travel saw a marked increase, with popular themes including island vacations and destinations with visa-free entry [9] - Key short-haul outbound routes included flights from Shanghai to Singapore and Beijing to Seoul, while long-haul routes featured destinations like Moscow and Sydney [10] - The introduction of visa-free entry for Chinese passport holders to Turkey significantly boosted interest in travel to the country, with search volumes for flights to Istanbul increasing by 320% [10] Inbound Travel Growth - The inbound tourism market also showed strong growth, with ticket bookings increasing by over 110% during the holiday [11] - Popular destinations for inbound tourists included major cities like Shanghai and Beijing, with significant increases in bookings for experiential travel products [11] - The "duty-free shopping + beach vacation" model in Hainan attracted international visitors, with orders for Sanya increasing by 170% [11]

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]