9月23日，携程宣布，针对台风"桦加沙"影响，携程酒店、机票、旅游等产品已为用户启动重大突发事 件保障举措。 酒店产品：针对近期预定广东、海口、香港、澳门等地受影响的订单，携程已开启兜底保障，将全力协 调，降低用户退订损失。 针对因受台风"桦加沙"直接影响无法出行或产生目的地滞留，订单出发返程日期为9月23日至24日，目 的地及出发地（含行程中转地）为香港、澳门、广州、深圳、江门、中山、东莞、珠海、惠州、湛江、 阳江、茂名、潮州、佛山等地受影响的旅游订单，携程启动"重大灾害旅游体验保障金"，对行程受直接 影响而取消所产生的订单最终损失予以保障。 （智通财经记者 唐莹莹） ...

Core Viewpoint - Major online travel platforms such as Ctrip, Fliggy, and Qunar have activated emergency response measures in response to Typhoon "Haikui," providing guarantees for affected travelers [1][2][3] Group 1: Ctrip's Response - Ctrip has initiated significant emergency measures for hotel, flight, and travel products, offering a safety net for travelers affected by the typhoon [1] - For bookings in regions like Guangdong, Haikou, Hong Kong, and Macau, Ctrip has launched a guarantee to minimize cancellation losses for travelers [1] - Ctrip's "Major Disaster Travel Experience Guarantee Fund" will cover losses for orders canceled due to direct impacts from the typhoon for travel dates of September 23-24 [1] Group 2: Fliggy's Response - Fliggy has also activated an emergency response mechanism, providing refund and modification guarantees for affected flight, hotel, and travel orders [2] - The platform is monitoring real-time policies from 26 airlines regarding free cancellation and modification for flights in and out of Guangdong, Hainan, and Hong Kong [2] - For hotel bookings in cities like Shenzhen, Guangzhou, and Sanya, Fliggy will offer free cancellation and modification for stays on September 23-24 [2] Group 3: Qunar's Response - Qunar has similarly initiated emergency guarantees for hotel bookings in affected areas, including Guangdong, Hong Kong, Macau, and Haikou for the same dates [3] - The platform is closely monitoring updates from railway and transportation authorities to ensure compliance with refund and modification services [3] - Qunar has received free cancellation policies from multiple airlines for flights affected by the typhoon and will continue to assist travelers with their ticket modifications [3]

Core Insights - The Ministry of Culture and Tourism held a press conference on September 23, highlighting travel safety tips for the upcoming Mid-Autumn Festival and National Day holiday, which will create an 8-day "super golden week" [1] - Travel demand is expected to surge, with peak travel anticipated from September 27 to October 12, driven by long-distance trips, short local trips, and immersive local experiences [1] Travel Trends - Ctrip reported a 45% year-on-year increase in cross-province travel orders for the golden week [1] - Meituan indicated a 73% year-on-year growth in travel bookings as of September 22, with the "post-00s" demographic accounting for 62% of travelers and high-star hotel bookings increasing by 115% [1] - Top domestic travel destinations include Hainan, Xinjiang, Inner Mongolia, Yunnan, Guangdong, Tibet, Anhui, Gansu, Sichuan, and Qinghai, based on Meituan data [1] Regional Travel Insights - Ctrip noted a 58% year-on-year increase in holiday orders for cities located at the intersections of multiple provinces, with specific cities like Hezhou and Ganzhou seeing order increases of 88% and 70%, respectively [3] - Popular outbound travel destinations include Japan and Thailand, with Malaysia and Singapore also ranking among the top five [3] - Emerging hotspots for Chinese tourists include Uzbekistan, Georgia, and Kazakhstan, with rental orders in these countries increasing by 3x, 2x, and 10x, respectively [3] - Orders for trips to Kenya and Tanzania have surged by 130% year-on-year, indicating a growing interest in more distant destinations [3] Safety Recommendations - Tourists are advised to prepare adequately before travel, including checking weather and traffic conditions, and choosing licensed travel agencies [5] - Emphasis on safety measures such as ensuring vehicle condition for self-driving trips, wearing seatbelts, and adhering to fire safety regulations during travel [5] - Tourists should exercise caution when participating in high-risk activities and follow safety guidelines provided by operators [5] - A call for responsible tourism behavior, including adherence to laws, environmental protection, and careful selection of travel products to avoid "unreasonably low-priced tours" [5]

针对因受台风"桦加沙"直接影响无法出行或产生目的地滞留，订单出发返程日期为9月23日至24日，目 的地及出发地（含行程中转地）为香港、澳门、广州、深圳、江门、中山、东莞、珠海、惠州、湛江、 阳江、茂名、潮州、 佛山等地受影响的旅游订单，携程启动"重大灾害旅游体验保障金"，对行程受直 接影响而取消所产生的订单最终损失予以保障。 携程已开启兜底保障，将全力协调，降低用户退订损失。 针对台风"桦加沙"影响，携程酒店、机票、旅游等产品已为用户启动重大突发事件保障举措。针对近期 预定广东、海口、香港、澳门等地受影响的订单，携程已开启兜底保障，将全力协调，降低用户退订损 失。 ...

携程年赚172亿，毛利率高达81%，甚至超过腾讯和阿里，却因后台"调价助手"强制干预商家定价，被 多家酒店实名举报。这究竟是怎么一回事呢？ ...

Summary of Trip.com Group Ltd Conference Call Company and Industry Overview - **Company**: Trip.com Group Ltd (TCOM.O) - **Industry**: China Internet and Other Services, specifically focusing on the travel industry in the Asia Pacific region Key Points and Arguments 1. **Upcoming Catalyst**: The travel industry data release around the National Day and Mid-Autumn Festival is expected to be a significant catalyst for share prices [1][2] 2. **Holiday Data Expectations**: Strong travel data is anticipated due to the overlap of the two holidays, which is not the case in 2024, where a 6.3% year-over-year (YoY) growth was recorded [2] 3. **Impact on Earnings**: The holiday data will be crucial for TCOM's 4Q25 earnings, with the Ministry of Cultural and Tourism expected to report tourist receipts data on October 9 [2] 4. **Potential Outcomes**: - Scenario 1: Tourist receipts up 7% YoY (40% probability) - Scenario 2: Tourist receipts up 8% YoY or above (40% probability) - Scenario 3: Tourist receipts up 6% YoY or below (20% probability) [3] 5. **Stock Price Implications**: - Scenario 1: Share price remains flat (US$77) - Scenario 2: Share price increases by 5%+ (US$81) - Scenario 3: Share price decreases by 5% (US$73) [4][5] Financial Metrics and Projections 1. **Current Stock Rating**: Overweight with a price target of US$83.00, indicating an 8% upside from the current price of US$76.79 [6] 2. **Market Capitalization**: Approximately US$52.886 billion [6] 3. **Earnings Projections**: - EPS (Rmb): 26.20 for FY 2024, increasing to 33.50 by FY 2027 - Revenue (Rmb million): Expected to grow from 53,294 in FY 2024 to 76,381 in FY 2027 [6] 4. **Valuation Ratios**: - P/E Ratio: Expected to range from 20.4 in FY 2024 to 16.6 in FY 2027 - ROE: Projected to be around 13.8% in FY 2024, stabilizing around 12.1% by FY 2027 [6] Risks and Considerations 1. **Upside Risks**: - Strong pent-up demand in the travel sector - Reduced competition in lower-tier cities leading to improved margins [12] 2. **Downside Risks**: - Softer macroeconomic growth in China affecting price-sensitive consumers - Increased competition from domestic players like Tongcheng Travel and Meituan [13] Additional Insights - The upcoming holiday data is viewed as a critical indicator for both Trip.com and its competitor Tongcheng Travel, suggesting a broader impact on the online travel agency (OTA) sector [2][4] - The analysis indicates a cautious optimism regarding the travel industry's recovery, contingent on macroeconomic conditions and competitive dynamics [12][13]

Global Market Overview - The Hang Seng Index closed at 26,344, down 0.76% for the day but up 31.33% year-to-date [1] - The S&P 500 and Nasdaq in the US saw increases of 0.44% and 0.70% respectively, with year-to-date gains of 13.81% and 18.01% [1] - The Shanghai Composite Index rose by 0.22%, reflecting a year-to-date increase of 14.23% [1] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index fell by 0.85%, while the Hang Seng Industrial and Commercial Index decreased by 0.68% [2] - The Hang Seng Property Index dropped by 1.25%, indicating a year-to-date increase of 23.48% [2] - The energy and consumer staples sectors in the Chinese stock market experienced declines, while materials, healthcare, and information technology sectors saw gains [3] Monetary Policy and Economic Outlook - The People's Bank of China is expected to continue a loose monetary policy, with potential reserve requirement ratio cuts of 50 basis points and interest rate cuts of 10 basis points in Q4 [3] - The steel industry in China will implement capacity controls, prohibiting new capacity additions from 2025 to 2026, with an expected annual growth of around 4% in value added [3] Company Focus - Geely Automobile (175 HK) is rated as a buy with a target price of 25.00, representing a 34% upside potential [4] - Luckin Coffee (LKNCY US) is also rated as a buy, with a target price of 44.95, indicating a 20% upside [4] - Tencent (700 HK) has a target price of 705.00, suggesting a 10% upside potential [4] Technology Sector Insights - Nvidia plans to invest $100 billion to support OpenAI in building a 10GW data center, leading to a nearly 4% increase in its stock price [3] - The semiconductor sector is highlighted with companies like Horizon Robotics (9660 HK) and North Huachuang (002371 CH) rated as buy, with target prices indicating significant upside potential [4] Investment Opportunities - The report identifies several companies with strong growth potential, including BYD Electronics (285 HK) and Salesforce (CRM US), both rated as buy with substantial upside targets [4] - The healthcare sector is represented by companies like BeiGene (ONC US) and 3SBio (1530 HK), both rated as buy, indicating confidence in their future performance [4]

Group 1 - The core viewpoint of the article highlights the significant increase in travel demand during the National Day holiday, driven by emotional value, time efficiency, and cost-effectiveness, with a shift from sightseeing to experiential travel [1][3][7] Group 2 - Inter-provincial border cities have become popular travel destinations, with a 58% year-on-year increase in holiday orders, particularly in cities like Zhaotong, Hezhou, and Ganzhou, which saw order increases of 95%, 88%, and 70% respectively [2] - High cost-effectiveness is a key consideration for travelers, with some destinations still offering competitive prices for flights and hotels compared to the previous year [2] Group 3 - Emotional value is now a primary factor in destination selection, with a 60% increase in hotel search interest for remote destinations like Xinjiang and Tibet, appealing to urban dwellers seeking relaxation and a return to nature [3] - Unique experiential products combining scenery, culture, and activities are gaining popularity, with significant interest in offerings like hotel stays with scenic views and cultural workshops [3] Group 4 - The autumn season has seen a rise in interest for fall-themed travel, with destinations like Benxi and Wushan experiencing increased search interest due to their autumn foliage [4] Group 5 - In outbound tourism, short-haul destinations like Japan and Thailand remain popular, while countries along the Belt and Road Initiative, such as Uzbekistan and Georgia, are emerging as hotspots for self-driving trips [5] - Safari experiences in Kenya and Tanzania have seen a 130% increase in holiday orders, reflecting a growing interest in unique travel experiences [5] Group 6 - The inbound tourism market is thriving, with significant interest from countries like South Korea and Japan, aided by recent visa-free policies that have boosted Russian tourist arrivals by 75% [6] - Major Chinese cities are enhancing their tourism services to accommodate international visitors, with initiatives like multilingual guides and cultural experiences [6] Group 7 - The evolving preferences for emotional value and niche exploration among travelers indicate a more diversified, in-depth, and emotionally driven travel market, supported by policy openness and service innovation [7]

Core Viewpoint - Ctrip reported a net profit of 4.8 billion yuan in Q2, a significant increase from 3.8 billion yuan in the same period last year, leading to scrutiny from regulatory authorities due to alleged price manipulation practices [1][5]. Group 1: Financial Performance - Ctrip's net profit for Q2 reached 4.8 billion yuan, marking a 26% year-on-year increase [5]. - The fastest-growing segment for Ctrip in Q2 was "accommodation booking," generating 6.2 billion yuan in revenue, up 21% year-on-year [5]. - In contrast, the combined profit of the top two hotel groups in the industry was only 1.83 billion yuan, highlighting the disparity in profitability [5]. Group 2: Regulatory Scrutiny - Ctrip was summoned by the Zhengzhou Market Supervision Administration for violating e-commerce laws and regulations, specifically regarding unreasonable restrictions on transaction prices [3][4]. - This marks the second time within 45 days that Ctrip has faced scrutiny for price manipulation, following a previous meeting with the Guizhou Market Supervision Administration [4]. Group 3: Industry Impact - Hotel operators expressed satisfaction with the regulatory actions against Ctrip, as they believe the platform has been profiting excessively at their expense [4][5]. - The regulatory body has imposed three corrective measures on Ctrip, including revising contract terms, optimizing pricing tools, and establishing a long-term compliance mechanism, which may lead to a restructuring of operational costs [4]. Group 4: Pricing Practices - Ctrip's "pricing assistant" tool has been criticized for automatically adjusting hotel prices without consent, often leading to lower prices that harm hotel profitability [22][31]. - The tool operates by monitoring competitor prices and adjusting hotel rates accordingly, which has led to complaints from hotel owners about loss of pricing autonomy [22][25]. - Many hotel operators have reported that the pricing assistant can change rates multiple times a day, creating significant operational challenges [22][25]. Group 5: Market Position - Ctrip holds a dominant position in the hotel and travel market, with a GMV market share of 56%, indicating that over half of the market transactions occur through its platform [34]. - The platform's strong market presence allows it to exert significant pressure on hotel operators, who feel compelled to comply with its pricing and commission structures [34].

Core Insights - The report highlights a positive outlook for the Chinese internet and software sectors, particularly focusing on the valuation enhancement opportunities within the Chinese internet software segment [4] - The report emphasizes the strong liquidity trends in the A+H stock market and a more optimistic narrative surrounding AI applications, suggesting that AI software applications may match the growth of hardware sectors in the medium to long term [4] Market Performance - The Hang Seng Index closed at 26,545, showing a year-to-date increase of 32.33%, while the Hang Seng Technology Index rose by 40.87% [1] - The report notes mixed performance in the Chinese stock market, with Hong Kong stocks in materials, energy, and consumer discretionary leading gains, while healthcare, utilities, and conglomerates saw declines [3] Sector Analysis - The report identifies key companies in the internet and software sectors that are expected to drive growth, including Alibaba, Baidu, Microsoft, Tencent, and Kuaishou, due to their strong cloud business growth and AI-driven revenue potential [4] - It also suggests that companies like Datadog and Kingdee International have room for valuation improvement and should be monitored for substantial progress in AI monetization [4] Stock Recommendations - The report provides a list of stocks with buy ratings, including Geely Automobile (target price 25.00, current price 18.96), Li Auto (target price 80.00, current price 65.15), and Tencent (target price 705.00, current price 642.00), indicating potential upside [5] - Specific recommendations include companies in various sectors such as healthcare (BeiGene, target price 359.47), consumer staples (Proya, target price 129.83), and technology (Xiaomi, target price 62.96) [5]