Wedbush：全球旅游复苏渐显但分布不均，住宿板块存薄弱环节

Group 1 - The overall travel industry performance is expected to improve compared to initial expectations, despite current travel data being below 2024 levels [1] - The recovery progress within the industry is uneven, with international travel demand remaining robust, but hotel bookings (including alternative accommodations) showing a slowdown in July [1] - Airbnb reported a better-than-expected Q3 outlook, driven by strong summer travel demand, but warned that growth may be difficult to maintain later in the year due to a high base from the previous year [1] Group 2 - Booking Holdings experienced healthy demand growth in the European market, but the growth rate is continuously slowing, with July booking nights increasing by 5%, down from 10% in Q2 [1] - The travel trends outside the U.S. have weakened compared to Q2, with Q3 booking nights growth expected to decline from 7.7% in Q2 to 5.5% [1] - Expedia's travel trends are more optimistic than initially expected, with July alternative accommodation booking nights growth declining by about 300 basis points to 1% [2]