随着暑期临近，邮轮旅游市场迎来年度旺季。6月9日，携程发布的数据显示，截至目前，暑期邮轮产品 预订量同比增长超60%，其中海外长线邮轮产品表现尤为亮眼，预订量同比激增120%，"乘邮轮，深度 游"正成为国人探索世界的热门新选择。 ...

Company Analysis - SANY International is expected to return to a growth trajectory in 2025, driven by stable demand for tunneling machines, strong growth in large port equipment, and better-than-expected performance in domestic wide-body vehicles [5] - The emerging business segments, including photovoltaic, lithium energy, and intelligent mining, are projected to have manageable losses, estimated at approximately 200 to 250 million RMB this year, alleviating market concerns [5] - The target price for SANY International has been raised to HKD 8.7, maintaining a 2025 P/E ratio of 11 times, consistent with the average since 2017, indicating an attractive buying point at the current valuation of 8 times [5] - BYD's management emphasizes that all business operations are under the listed company, with controllable liquidity risks regarding accounts payable totaling 244 billion RMB for FY24 [6] - The company aims for overseas sales to exceed 900,000 units this year, with total sales expected to maintain over 20% growth [6] - BYD's long-term sales targets include 4-6 million units overseas and 6-7 million units domestically, with a market share of 30% in the domestic new energy vehicle market [6] Industry Analysis - The semiconductor industry is witnessing strong performance, with Broadcom reporting record revenue of USD 15 billion for Q2 2025, a year-on-year increase of 20.2% [4] - The revenue guidance for Q3 2025 is set at USD 15.8 billion, with semiconductor business expected to grow by 25% to USD 9.1 billion, driven by AI semiconductor and software infrastructure [4] - The Asian markets are experiencing a resurgence in foreign investment, with net inflows of USD 10.65 billion in May, the highest monthly net inflow since February of the previous year [3]

京东的扩张并没有停止。马上又要来"整顿"酒旅行业了。 近日，多个媒体报道京东以3倍薪资从飞猪、同程、携程等知名OTA挖人。配合京东App首页出现旅行、机票等入口的动作来看，"酒店+机票"业务即将成 为京东挺进的新战场。 外卖之后，轮到酒旅OTA平台迎战了。 01.挖行业墙角，闪击酒旅 有媒体援引一位OTA平台员工的说法，"京东在用三倍薪资挖我们的人。" 从公开层面的招聘来看，3月起，京东在线上招聘平台发布了多个"酒旅"相关招聘信息，覆盖产品经理、后端开发、航空运营、运营等岗位，岗位需求特 意标注"携程、美团优先"。 如技术产品经理岗-酒旅方向的薪资待遇为"25-50K每月，19薪"其岗位要求，"负责京东酒旅相关业务相关产品规划和设计，通过B和C的能力建设，持续 优化用户的交易体验，提升用户规模"，其任职要求5年以上酒旅平台产品经验。 文 | 闻旅派，作者 | Augustus，编辑 | Sette 除了机票以外，京东在酒店端也给出了补贴。以北京798区域全季酒店为例，同一房型领券后京东比携程便宜8元。 同时，京东还在社交平台进行一系列的营销活动，3月24日，京东旅行官方账号在小红书发布"京东旅行订机票无捆绑" ...

当"比赛第一，友谊第十四"的标语刷屏社交网络，江苏省城市足球联赛（以下简称"苏超）正以燎原之势点燃消费市场。 图源来自Pixabay免版税图库 而苏超的"出圈"也恰逢政策红利密集释放。4月央行等四部门出台《金融支持体育产业高质量发展指导意见》，明确强化足球基础设施金融保障；5月底发改 委《促进体育消费实施方案》更要求"打造区域特色赛事IP"。 在消费提振需求迫切的2025年，这场政府主导的业余联赛，正以地域文化为燃料，以城市荣誉感为引擎，催化出"赛事经济"的全新叙事。 地域认同引发观赛狂潮，一场情绪消费完成酝酿 众所周知，江苏是个"散装省份"，实力相当的十三个地级市一直"互不相让"。 而这次苏超联赛虽是地方赛事，但据江苏媒体《现代快报》报道，第二轮联赛共有5.9万名球迷走进球场，场均观赛人数9852人，已超越中甲、直逼中超， 成功跻身"全球顶级联赛"。 开赛仅三轮，这场被网友戏称为"十三太保内斗"的赛事已吸引超18万球迷涌入现场，抖音相关话题播放量突破8亿次，更在资本市场掀起波澜。 6月3日，金陵体育以"20CM"涨停领涨板块，共创草坪连续两日涨停，双象股份、康力源、棕榈股份等跟涨，足球概念股整体涨幅超5%， ...

2025 年 6 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 23,654 | 0.60 | 38.75 | | 恒生国企 | 8,577 | 0.67 | 48.68 | | 恒生科技 | 5,219 | 0.57 | 38.65 | | 上证综指 | 3,376 | 0.42 | 13.49 | | 深证综指 | 2,000 | 0.92 | 8.80 | | 深圳创业板 | 2,025 | 1.11 | 7.06 | | 美国道琼斯 | 42,428 | -0.22 | 12.57 | | 美国标普 500 | 5,971 | 0.01 | 25.18 | | 美国纳斯达克 | 19,460 | 0.32 | 29.64 | | 德国 DAX | 24,276 | 0.77 | 44.92 | | 法国 CA ...

Group 1 - The tourism sector is facing potential challenges due to high inflation and ongoing trade wars, which could impact travel and leisure activities [1] - Observing megatrends can provide insights into societal advancements and investment opportunities, although identifying these trends can be complex [1] - The importance of fundamentals, quality of leadership, and product pipeline is emphasized for uncovering investment opportunities [1] Group 2 - The focus has shifted towards marketing and business strategy for medium-sized companies and startups, indicating a trend in investment analysis [1] - Experience in international development and evaluation of startups and emerging technologies highlights a diverse background in assessing market potential [1] - The integration of personal interests in megatrends and technological developments with fundamental analysis is crucial for investment strategies [1]

Company Analysis - NIO's 1Q25 performance fell short of expectations, with revenue 2% lower than predicted and a gross margin of 7.6%, which is 0.7 percentage points below forecast due to lower vehicle gross margins [2] - The operating loss for 1Q25 was 6.4 billion, which was 1 billion better than expected, primarily due to higher sales and management expenses [2] - The net loss for 1Q25 reached 6.9 billion, widening by 1.3 billion compared to expectations [2] - NIO's 4Q25 breakeven target appears overly optimistic, requiring sales of 150,000-160,000 units and a gross margin of 17%, which is deemed difficult to achieve [6] - Despite the launch of new models, the 2025 sales forecast has been reduced by 30,000 units to 350,000, implying a need for significant sales growth in the latter half of the year [6] - The projected net loss for 2025 is expected to be 16.2 billion [6] - For 2026, even with a sales target of 500,000 units, NIO is still projected to incur a net loss of 9.4 billion [7] Industry Insights - The Chinese stock market saw gains, particularly in healthcare, utilities, and materials sectors, while industrials and telecommunications lagged [5] - The US job openings data indicated economic resilience, boosting market confidence and leading to increases in US stocks, the dollar, and oil prices [5] - The Eurozone's May CPI growth rate fell to 1.9%, below the ECB's 2% target, supporting further rate cuts [5] - The new pricing mechanism for CGN Mining is significantly above market expectations, alleviating long-standing concerns about pricing uncertainty [8] - The new contract pricing for uranium has increased from $61.78 to $94.22 per pound, which is substantially higher than the current market contract price of $80 [8][9]

携程 20250603 摘要 二季度国内酒店预订保持双位数增长，虽价格同比下降，但降幅收窄。 酒店供应量同比增长 5%-10%，需求端常态化增长趋势明显，交通方面 保持稳健的双位数增长，预计国内旅游将持续常态化增长。 出境游运力恢复至 80%-85%，自由行、酒店及机票恢复度达 120%- 125%。携程国际版一季度增速约 60%，目标全年增长 50%以上，预 计全年收入增速维持在 15%左右。关注亚太市场进展，下半年有望受益 于航线进一步恢复。 目前国内业务占总收入 60%-65%，出境业务约 15%，纯海外业务 20%。Trip.com 贡献约 13%，超过疫情前水平。目标未来三到五年国 际业务贡献 50%以上收入，Trip.com 贡献 20%左右。 Skyscanner 以机票搜索为主，Trip.com 早期以机票为主，现酒店收入 占比超 40%且逐步提升。酒店比例提升将对携程利润结构有明确帮助， 可参考国内市场经验。 Trip.com 已进入 30 多个市场，四季度为旺季，三季度也相对繁忙。亚 太地区部分航线尚未完全恢复，如泰国。欧洲大部分地区已恢复甚至超 过 2019 年水平。新加坡、日本和韩国等 ...

Core Viewpoint - The Hong Kong stock market is undergoing a transformation, with the AI industry cycle expected to lead the market upward, supported by strong capital inflows and a favorable policy environment [2][3]. Group 1: Market Trends - The Hang Seng Index opened down 0.05%, while the Hang Seng Tech Index fell by 0.34%, with Ctrip Group (09961) declining by 2% [1]. - Historical trends indicate that each market cycle has a leading industry, with the current AI industry cycle likely to drive the Hong Kong stock market upward [2]. Group 2: Capital Inflows and Valuation - Significant capital inflows from mainland China are enhancing the pricing power of Hong Kong stocks, with foreign capital gradually improving its allocation towards Chinese assets [2]. - The Hang Seng Index's price-to-earnings (PE) ratio has increased from approximately 7.5 times to 10.5 times, aligning with the ten-year average, indicating ongoing valuation recovery [3]. Group 3: IPO Market and Investment Opportunities - The year 2025 is anticipated to be a significant year for Hong Kong's IPO market, providing a crucial platform for domestic companies to raise foreign capital [3]. - The Hong Kong stock market is evolving into a global technology capital hub, attracting high-quality domestic tech companies and linking them with international capital [4]. Group 4: Policy Support and Market Structure - The Hong Kong government has implemented several policies to support the stock market, including lowering stamp duties and optimizing trading mechanisms to enhance liquidity and attractiveness [5]. - The influx of quality core assets into the Hong Kong market is expected to influence trading in the A-share market, potentially shifting pricing power southward [4].

◎记者 曾庆怡 在线旅游平台飞猪6月2日发布的《2025端午假期出游快报》显示，短途自驾、周边度假等轻量化的旅游 方式成为端午假期的出行首选。端午假期中，该平台上国内租车服务的预订量同比增长约30%。值得一 提的是，该平台上人均旅游消费在去年的基础上继续增长。其中，包含门票、露营、包车游等在内 的"轻度假"型商品人均消费同比增长8.8%。 "城市微度假"成热门选择 除了周边游，来一场"城市微度假"也是不少市民游客在今年端午假期的重要出游方式。 在上海青浦，江南小镇的古典韵味与时尚现代的消费业态在国家级旅游休闲街区蟠龙天地融合为一。这 里特定主题的"蟠龙水集"打造了兼具自然和人文的创新消费场景。 挂艾草，包粽子，制香囊，龙舟竞渡……民俗体验、周边短途游、避暑游催热了今年端午假期的文旅市 场。其中，由周边短途游需求所形成的"微度假"模式正成为激发端午文旅消费活力的重要动力。 "民俗热"带动周边游升温 "景区太会整活了！节假日的氛围在这一刻爆了！"一位江苏游客感叹道。透过他分享的照片，上海证券 报记者看到，端午节当天，一位身着古装、扮作苏东坡的演员在江苏苏州虎丘景区内手执雄黄朱砂笔为 小游客轻点眉心。 记者从苏州市 ...