智通财经记者 | 张瑶 智通财经编辑 | 汤威 1. 万豪旅享家呈献2025中秋礼盒 万豪旅享家旗下大中华区推出三款融合东方美学与匠心的中秋定制礼盒，包括携手御茶膳房打造的「御 飨青韵」月饼礼盒、与百年老字号杏花楼联名推出的「花昭月棠」月饼礼盒，以及由旗下米其林指南一 星与入选餐厅的两位主厨联袂设计的「万豪中餐厅」定制款月饼礼盒。 即日起，访问"万豪旅享家官方商城"微信餐饮小程序选购心仪礼盒，万豪旅享家会员购买指定产品还可 享有专属积分礼遇。 2. 上海半岛酒店臻呈匠心美馔，全新推出朗姆葡萄干奶黄月饼 上海半岛酒店逸龙阁推出全新月饼系列。除传统奶黄口味月饼外，还推出朗姆葡萄干奶黄月饼，同时， 紫薯糯心月饼也将回归。 全新推出的朗姆葡萄干奶黄月饼将西式甜点的风味完美融入中式传统月饼中，葡萄干预先以陈年朗姆酒 浸泡，让葡萄干充分吸收朗姆酒的香气，再与绵滑奶黄馅完美结合，每一口都洋溢着甜蜜与幸福的滋 味。除此以外，新口味的月饼礼盒采用复古木制盒子设计搭配半岛经典绿的暗花细节,极具东方韵味。 3. 璞富腾旅行集团任命黄凯迪先生为大中华及澳大利亚地区区域董事总经理 璞富腾旅行集团宣布任命黄凯迪先生为大中华及澳大利亚地区 ...

AI对在线旅游行业的改造，正在提速。 今年上半年，各大平台争相推出面向用户的各类AI旅游助手，刮起了一阵AI旋风： 马蜂窝在2025世界人工智能大会上带来了AI旅游助手APP，计划将其打造成目的地"专属管家"，不久前还上线了个性化攻略定制产品"AI路书"； 途牛在4月推出"AI助手小牛"，随后陆续更新多项功能； 飞猪则推出"飞猪AI问一问"，并第一时间接入DeepSeek-R1大模型； 同程旅行也搭上了DeepSeek这趟快车，在今年3月推出和DeepSeek整合的升级版旅游专属大模型"程心AI"； 携程则在更早前陆续推出垂直大模型"携程问道"、AI客服助手"TripGenie"； 和互联网其他细分领域相比，AI在在线旅游行业的渗透速度算不上快。尤其是C端应用侧，消费者需求高度个性化、涉及的场景及数据太多，一直是行业 一大挑战。 但深度思考、学习能力的进步，为AI提供了破壁机会。携程创始人梁建章在上半年的一场行业活动上表示，在线旅游AI智能体发展可能较慢，但整体仍 值得期待。同程旅行则在刚发布的财报中强调持续加大在AI应用领域的投入，让用户实现从"AI推荐"到"AI决策执行+预定执行"的闭环。途牛旗下的途致 ...

Core Viewpoint - The article discusses the comfort level and work-life balance in various internet companies in China, highlighting a ranking based on comfort, overtime situation, benefits, and work atmosphere. Group 1: Comfort Level Ranking - Tencent (Core Department) ranks as the most comfortable company with minimal overtime and comprehensive benefits, including high salaries and stock options [3]. - Baidu is noted as the second most comfortable company, emphasizing a stable work environment and good team collaboration [3]. - JD.com is ranked third, although there are concerns about increasing work intensity following salary hikes [3]. - Meituan (Non-Core Business) is also recognized for its comfort level, with a supportive work atmosphere [3]. Group 2: Second Tier Companies - NetEase is identified as the most comfortable in the second tier, with manageable overtime and a rich variety of food options in the cafeteria [3]. - Ctrip follows closely, offering a good work atmosphere and benefits like transportation subsidies [3]. - Alibaba (Non-Core Department) is noted for its decent benefits but has a more intense work environment [3]. Group 3: Third and Fourth Tier Companies - Intel and Pinduoduo (Core Department) are categorized in the third tier, with Pinduoduo noted for frequent overtime and high-pressure tasks [3]. - ByteDance is also in the extreme pressure category, indicating a highly competitive and stressful work environment [3]. - Huawei (Certain Grassroots Departments) and Xiaohongshu are highlighted in the fourth tier, with significant overtime and high work intensity [3].

Group 1 - Trip.com Group Limited (NASDAQ: TCOM) is set to report its Q2 results on August 27th after market close, indicating a significant upcoming event for the company [1] - The company holds a substantial market share in the Chinese online travel market, highlighting its competitive position within the industry [1] Group 2 - The investment philosophy discussed emphasizes identifying mispriced securities through understanding financial drivers, which can lead to better investment returns [1]

Core Viewpoint - Ctrip has demonstrated resilience and profitability, achieving a record revenue of 53.3 billion RMB in 2024, despite challenges in the international business and airline ticket pricing [4][12]. Group 1: Company Performance - Ctrip's gross margin remains above 80%, even with slight declines due to international business impacts [4]. - The company has maintained a strong market position with a significant first-mover advantage and lower fee rates compared to domestic competitors [4]. - In Q1 2023, Ctrip's revenue reached 9.2 billion RMB, surpassing the 8.164 billion RMB from Q1 2019, indicating a recovery to pre-pandemic levels [12]. Group 2: Leadership and Management - CEO Sun Jie has been leading Ctrip for nine years, successfully navigating the company through the pandemic and into a new competitive landscape [4][11]. - Sun Jie is recognized for her unique leadership style, combining sensitivity and decisiveness, which has contributed to her effectiveness as a manager [5][10]. - Under her leadership, Ctrip has made significant strides in promoting gender equality within the company, with female executives making up approximately 40% of the management team [9]. Group 3: Challenges and Opportunities - Ctrip faces increasing competition from other online travel agencies (OTAs) and the growing trend of hotel chains establishing their own sales channels, which could impact Ctrip's commission rates [13][14]. - The company is leveraging AI and expanding its offline business to cater to the elderly demographic, which has shown a purchasing power 30% above average [15]. - Ctrip's international business revenue has increased by 4% year-on-year, now accounting for 14% of total revenue, reflecting a strategic focus on globalization and high-quality service [14][15]. Group 4: Future Outlook - Ctrip's early establishment of network effects provides a competitive edge, making it difficult for new entrants to gain market share [16]. - The company is positioned to capitalize on favorable market conditions and has a strategic focus on innovation and technology as key drivers for future growth [15][16].

Global Market Overview - The Hang Seng Index closed at 25,177, down 0.37% for the day but up 25.51% year-to-date [1] - The S&P 500 closed at 6,449, down 0.01% for the day and up 9.65% year-to-date [1] - The Shanghai Composite Index rose by 0.85% to 3,728, with a year-to-date increase of 11.23% [1] Industry Insights - The healthcare sector showed resilience, with major life sciences companies reporting better-than-expected performance in 2Q25, leading to upward revisions in annual guidance [5][6] - The pharmaceutical industry is facing pressure on profit margins due to external factors, but major pharmaceutical companies continue to invest in R&D, indicating a stable outlook for innovation [8] - The retail sector in the U.S. demonstrated resilience with a monthly growth rate increase from 0% in the first half of the year to 0.7% in July, indicating strong consumer spending [4] Company Analysis - Tongcheng Travel reported a total revenue of RMB 4.7 billion in 2Q25, a 10% year-on-year increase, with adjusted net profit rising by 18% to RMB 775 million, exceeding expectations [8] - Xtep's sales for the first half of 2025 grew by 7% to RMB 6.8 billion, with net profit increasing by 21% to RMB 913 million, surpassing forecasts [13] - Leap Motor achieved a revenue of RMB 14.2 billion in 2Q25, a 42% quarter-on-quarter increase, marking its first positive operating profit [14] Investment Ratings - Leap Motor is rated as a "Buy" with a target price of HKD 80, reflecting a strong growth outlook driven by new model launches and expanding sales [14] - Xtep maintains a "Buy" rating with a target price of HKD 7.39, supported by robust sales performance and operational efficiency [12] - Tongcheng Travel is also rated as a "Buy," with a target price of HKD 24.00, based on its strong core business performance [8]

的100种玩法体验"发布。受访者供图 保育专家李湛伟介绍，在"飞船乐园100种玩法体验"中，游客可在园区体验珊瑚科普课堂，未来长隆还 将联合院士专家团队，在海底共同种植珊瑚，为珊瑚野外种群复壮贡献力量。 自2024年开业以来，长隆飞船乐园持续探索沉浸式场景与生态教育的融合路径，此次与携程的战略合 作，将构建"内容-流量-服务"三位一体的文旅闭环生态。双方将实现会员体系互通、入境游多语种服务 突破及场景化产品创新等深度协同。针对年轻客群和家庭客群的消费需求，实现"线上精准引流+线下 沉浸体验"闭环，打造海洋生态课堂。 来源：中国青年报客户端 中国青年报客户端讯（邓泳怡 中青报·中青网记者 林洁）近日，长隆集团与携程集团联合发布"飞船乐 园的100种玩法体验"，推出"探秘动物之家"系列课程、"让山看见海之我在长隆种珊瑚"公益体验以及互 动摄影体验，以"游乐即学习"的理念，共创沉浸式研学新生态。 "飞船乐园 长隆飞船乐园以沉浸式宇宙探索和海洋生态科普为核心，开园以来接待游客量已达近1000万人次，成为 全国亲子游的热门目的地之一。 ...

8月18日，携程(TCOM)开盘上涨2.04%，截至21:30，报63.64美元/股，成交885.78万美元，总市值415.95 亿美元。 Trip.com通过本地网站提供的产品和服务覆盖24种语言和35种本地货币。 资料显示，携程集团有限公司是全球领先的一站式旅行平台,提供全面的旅游产品、服务及差异化旅行 内容。对许多亚洲游客以及越来越多来自世界各地的游客而言,公司是其优选的旅游平台。公司协助用 户探索旅游,为其激发灵感、提供信息,以完成高性价比的旅游预订,并提供随时随地的行中服务,以及鼓励 用户分享旅游体验。公司成立于1999年,2003年在纳斯达克上市并于2021年在香港联交所上市,运营品牌 主要包括:携程,去哪儿,Trip.com以及天巡。公司将继续秉承使命,"追求完美旅程,共建美好世界"。 公司通过携程和去哪儿提供一站式旅游服务。 公司的住宿业务在全球提供超过170万种住宿服务,涵盖酒店、汽车旅馆、度假村、住宅、公寓、民宿、 招待所及其他物业。 公司的机票业务提供来自超过600家航空公司的机票服务,覆盖全球220多个国家和地区的3,400个机场。 公司主要通过Trip.com和天巡为非中国大陆用户提 ...

每经记者｜岳楚鹏 每经编辑｜陈柯名 高涵 ④ 【中概股普涨，爱奇艺涨超15%】中概股普涨。截至盘前，小鹏汽车上涨2.94%，携程上涨1.86%，迅雷上涨20.18%，爱奇艺上涨15.07%，怪兽充电上 涨16.6%。 ⑤ 【美联储放松银行加密货币监管，加密货币交易所股齐跌】当地时间15日，美联储发声明称，已停止其在2023年设立的"新型活动监管计划"，该计划 的部分职能是加强银行业的加密货币业务监管。有业内人士担忧，这会使得加密货币市场竞争加剧。截至发稿，Coinbase下跌1.67%，Circle下跌1.07%， Bullish下跌4.39%。 ⑥ 【Wegovy获美批准治疗肝病，诺和诺德涨超4%】近日，诺和诺德公司的明星减肥药Wegovy获得了美国食品药品监督管理局的批准，用于治疗代谢性 脂肪性肝炎，适用于肝脏中度至晚期瘢痕组织的成年人。美国食品药品监督管理局表示，该疾病影响约6%的美国成年人。截至发稿，诺和诺德上涨 4.02%。 ⑦ 【OpenAI员工将出售60亿美元股票】近日，据媒体援引知情人士透露，OpenAI现任和前任员工计划向包括Thrive Capital、软银集团和Dragoneer Inv ...

Core Viewpoint - The current earnings season is crucial for determining potential financial outcomes for the next two quarters and year-end results, leading to volatility in stock prices as investors adjust their expectations [1] Group 1: Consumer Discretionary Sector - The consumer discretionary sector, particularly travel stocks, has faced market discounting due to inflation and tariff uncertainties, impacting future growth potential reliant on consumer confidence [2] - Companies like Expedia Group, Trip.com Group, and United Airlines are highlighted as key players in the travel sector, benefiting from increased interest in international travel driven by spending patterns and currency fluctuations [3] Group 2: Expedia Group Inc. - Expedia reported earnings per share (EPS) of $4.24, exceeding Wall Street's expectation of $4.13, resulting in a 7.4% stock rally in one week and 14.2% over the month [4] - Analysts project Expedia's EPS to reach $5.43 for Q3 2025, indicating a 28% growth from current figures, suggesting significant future growth potential [5] - The stock's price-to-growth (PEG) ratio is 0.7x, indicating that growth is not fully priced in, with an effective upside potential of 30% [6][7] Group 3: Trip.com Group - Trip.com delivered an EPS of $0.87, surpassing the expected $0.65, leading to a 5% rally in stock price [8] - The consensus rating for Trip.com is a Buy, with a price target of $77.3, suggesting a 25% upside potential from current trading levels [10] - Trip.com has a premium price-to-sales (P/S) ratio of 5.5x, significantly higher than the leisure industry's average of 2.7x, reflecting strong market confidence in its future sales [11] Group 4: United Airlines Holdings Inc. - United Airlines experienced a 12% stock rally in one week, with an EPS of $3.87, above the consensus of $3.81, indicating strong performance [13][14] - The PEG ratio for United Airlines is 0.4x, implying a substantial upside potential of 60% [14] - Institutional investors, such as the Vanguard Group, have increased their holdings in United Airlines, reflecting confidence in the stock's future growth potential [16]