中金：旅游AI化提速 OTA核心竞争力再审视

Core Insights - Global OTA platform stocks are under pressure due to concerns that Google's new AI features may challenge their market position by providing personalized travel services directly connected to the supply chain [1] Group 1: Google AI Integration - Google is integrating its AI search functionalities into a unified workflow, allowing users to plan trips through conversational AI rather than traditional keyword searches [1] - The "personalized smart" feature for paid subscribers in the U.S. can read users' Gmail for flight/hotel bookings and generate customized recommendations without repeated input [1] - Google announced in late 2025 the addition of a Canvas tool for organizing travel plans, which utilizes real-time data from flights and hotels, along with Google Maps, to create visual itineraries [1] Group 2: Supply Chain and Fulfillment Challenges - The integration of supply chains is complex, as large hotel chains are easier to connect directly, but many non-standard and independent hotels will take longer to integrate with AI [2] - Travel involves high-value, non-standard products that require significant fulfillment services, with many scenarios still needing manual handling [2] - The main customer acquisition channels for OTAs may change, necessitating observation of collaborations between OTAs and AI companies [2] Group 3: Domestic OTA Implications - Comprehensive platforms in China are competing for AI traffic, with vertical platforms actively embracing AI [3] - Alibaba announced in early 2026 that its Qianwen AI will fully integrate with Taobao, Gaode, and Fliggy, setting an industry benchmark [3] - China's travel and hospitality sector has higher demands for supply chain capabilities and fulfillment guarantees, leading to a relatively delayed impact from AI compared to overseas OTAs [3]