瑞银：上调同程旅行目标价至26.5港元

Core Viewpoint - UBS expects Tongcheng Travel's core OTA revenue to achieve a 14% year-on-year growth in the third quarter, approaching the upper end of its previous guidance of 10%-15% [2] Revenue Insights - Despite normalized travel demand during the National Day holiday, Tongcheng's hotel revenue is expected to remain resilient, with accommodation revenue growth likely nearing the mid-teens percentage range [2] - In the transportation segment, third-quarter revenue is anticipated to achieve high single-digit year-on-year growth [2] Target Price Adjustment - UBS has raised the target price for Tongcheng Travel from HKD 25.5 to HKD 26.5 while maintaining a "Buy" rating [2]