情绪消费专题系列之二：OTA助力快乐出游

Investment Rating - The report maintains a strong investment rating for the social services industry, particularly focusing on the OTA sector [1]. Core Insights - The overall trend in tourism is upward, with domestic travel showing significant growth. In the first half of 2025, domestic residents made 3.285 billion trips, a year-on-year increase of 20.6%, and spent 3.15 trillion yuan, up 15.2% [5][10]. - Major OTA platforms like Trip.com and Tongcheng Travel have reported strong performance, with robust growth in core services such as accommodation and transportation bookings [10][13]. - The competitive landscape in the OTA market is characterized by a few dominant players, with Trip.com leading and several strong competitors like Tongcheng and Feizhu [16][41]. - The OTA industry has established significant barriers to entry through strong supply chain relationships and consumer loyalty, particularly for leading companies like Trip.com [20][70]. - New consumer demands are being met by OTAs through AI tools and innovative product offerings, catering to both younger travelers and the elderly demographic [87][80]. Summary by Sections 2025H1 Tourism Market Recovery - The tourism market is recovering, with OTAs outperforming expectations. Domestic travel is on the rise, with significant increases in both the number of trips and spending [5][10]. OTA's Role in Connecting Supply and Demand - OTAs effectively link fragmented upstream suppliers (hotels, airlines) with diverse consumer demands, creating a strong two-sided scale effect [20][28]. Competitive Landscape and Barriers - The OTA market has evolved into a "one strong, many strong" competitive structure, with Trip.com as the leader and others like Tongcheng and Meituan following closely [41][46]. Adapting to New Consumer Needs - OTAs are adapting to new consumer preferences by offering experience-based travel products and leveraging AI to enhance operational efficiency [80][87]. Investment Recommendations - The report suggests focusing on leading OTA companies like Trip.com and Tongcheng Travel, which are well-positioned to capitalize on the ongoing recovery in tourism and changing consumer preferences [10][86].