Mei Ri Jing Ji Xin Wen·2025-11-18 03:32Core Viewpoint - The Hong Kong stock market experienced a collective decline, with technology and automotive stocks leading the downturn, while Ctrip Group's strong quarterly performance stands out as a positive highlight in the online travel sector [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market fell collectively on November 18, with technology stocks experiencing widespread declines and automotive stocks weakening [1] - The largest ETF in the A-share sector, the Hang Seng Technology Index ETF (513180), followed the index down, with significant declines in holdings such as XPeng Motors, Lenovo Group, Xiaomi Group, NIO, Li Auto, and BYD [1] Group 2: Ctrip Group's Financial Performance - Ctrip Group reported a net operating revenue of 18.3 billion RMB for Q3 2025, reflecting a year-on-year increase of 16%, driven by sustained global travel demand [1] - The company's net profit for the quarter reached 19.9 billion RMB, a substantial increase from 6.8 billion RMB in the same period of 2024 [1] Group 3: International Business Growth - Ctrip's international business showed remarkable performance, with total bookings on its international OTA platform increasing by approximately 60% year-on-year, and inbound tourism bookings more than doubling [1] - Outbound hotel and flight bookings have surged to 140% of the levels seen in the same period of 2019 [1] Group 4: Industry Insights - According to Shenwan Hongyuan, the revenue growth of online travel companies is outpacing the overall travel market, benefiting from improved online conversion rates and a predominance of leisure travelers [1] - Ctrip and Tongcheng Travel have not been adversely affected by new competitors entering the market this year; instead, domestic marketing efficiency has improved, and the growth rates for outbound travel and pure overseas business provide long-term performance growth drivers [1]