Core Insights - The 8th China International Import Expo opened in Shanghai, with Ctrip Group participating as the "official travel service partner" to provide comprehensive services for overseas visitors [1][3] - Ctrip reported significant growth in inbound tourism, with ticket bookings and hotel nights for foreign tourists increasing over 100% compared to last year, and ticket sales rising over 300% [3] Group 1 - Ctrip has established a one-stop inbound tourism consultation center, offering over 10 comprehensive services for overseas visitors, emphasizing the concept of "first stop in China" [3] - The "free half-day city tour" initiative has been launched in Shanghai, Beijing, and Hong Kong, attracting over 10,000 tourists from more than 100 countries [3] - Ctrip introduced the "TASTE OF CHINA" immersive restaurant, combining digital art with culinary experiences to enhance visitors' understanding of Chinese culture [3] Group 2 - The Ctrip Global Partner Conference held in Chengdu gathered over 3,000 tourism industry elites from 74 countries and regions, setting a new record for participation [3] - Ctrip plans to continue increasing innovation investments, focusing on technology empowerment, product innovation, and global collaboration to enhance inbound tourism service experiences [3]

Core Viewpoint - Ctrip Group-S (09961.HK) announced that its audit committee will hold a meeting on November 17, 2025, to approve the financial results for the three months ending September 30, 2025, and to publish these results [1] Group 1 - The meeting of the audit committee is scheduled for November 17, 2025 [1] - The financial results will cover the period ending September 30, 2025 [1] - The company plans to announce its financial performance on November 18, 2025, before trading hours on the Hong Kong Stock Exchange [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Trip.com Group Limited 攜程集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9961） 審計委員會會議日期及 2025 年第三季度業績公告日期 攜程集團有限公司（「本公司」）之董事會審計委員會將於2025年11月17日（星期一）（香港 時間）舉行會議，藉以（其中包括）批准本公司之截至2025年9月30日止三個月的財務業績 （「業績」）及其刊發。 本公司將於2025年11月18日（星期二）（香港時間）在香港聯交所交易時間之前公佈業績。 本公司的管理層在作出相關公佈後將於美國東部時間2025年11月17日下午七時正（或香 港時間2025年11月18日上午八時正）召開電話會議。 電話會議的網上直播及重播將於網站http://investors.trip.com登載。有關電話將會被錄音， 於該網站保存十二個月。 所有參與者必須辦理預先登記方能通過使用參與者登記鏈 ...

Market Performance - Dow futures increased by 0.10%, while S&P 500 futures decreased by 0.15% and Nasdaq futures fell by 0.30% [1] Company-Specific Developments - Palantir shares dropped over 2% after investor Michael Burry disclosed a significant position in put options against the company, with a nominal value of $912 million [1] - Tesla's CEO Elon Musk announced that the AI5 chip is expected to begin mass production in 2027, with TSMC and Samsung as manufacturers, while the AI6 chip is set for release in 2028 [1] - Google proposed a new concept of building AI data centers in space to address resource limitations on Earth, utilizing solar-powered satellites with efficiency eight times greater than terrestrial counterparts [2] - Stellantis announced a global recall of 375,000 plug-in hybrid Jeep Wrangler and Grand Cherokee SUVs due to battery-related fire incidents, with the batteries produced by Samsung SDI [2] - Alphabet's acquisition of cybersecurity firm Wiz for $32 billion has passed the U.S. Department of Justice antitrust review, with plans to integrate Wiz into Google Cloud [3] - Novo Nordisk has lowered its growth outlook for its obesity and diabetes treatment drugs due to increased competition and pricing pressures in the market [3]

Group 1 - Major stock index futures show mixed performance, with Dow futures up 0.10%, S&P 500 futures down 0.15%, and Nasdaq futures down 0.30% [1] - Palantir shares fell over 2% after investor Michael Burry disclosed a significant position in put options, with a nominal value of $912 million, leading to a nearly 8% drop on the day [1] - Chinese concept stocks experienced a broad decline, with Alibaba down 2.02%, Pinduoduo down 0.62%, NetEase down 1.92%, Ctrip down 2.06%, and JD.com down 2.93% [1] Group 2 - Tesla CEO Elon Musk announced that the AI5 chip is expected to begin mass production in 2027, with TSMC and Samsung as manufacturers, while the AI6 chip is set to launch in 2028 [1] Group 3 - Google proposed a new concept of building AI data centers in space to address resource limitations on Earth, utilizing solar-powered satellites with efficiency eight times that of similar panels on Earth [2] - Stellantis announced a global recall of 375,000 plug-in hybrid Jeep Wrangler and Grand Cherokee SUVs due to battery-related fire incidents, with the batteries produced by Samsung SDI [2] - The U.S. government shutdown has reached a record duration of 36 days, surpassing the previous record of 35 days from late 2018 to early 2019 [2] Group 4 - Alphabet's $32 billion acquisition of cybersecurity firm Wiz has passed antitrust review by the U.S. Department of Justice, with plans to integrate Wiz into Google Cloud [3] - Novo Nordisk has lowered its growth outlook for obesity and diabetes treatment drugs due to increased competition and pricing pressure, despite strong sales growth in the first nine months of 2025 [3]

Group 1 - The core theme of the news is the deep collaboration between Ctrip Group and the China International Import Expo, showcasing its innovative inbound tourism services and commitment to enhancing the travel experience for international visitors [1][5] - Ctrip Group is recognized as the "official travel service partner" for the expo, providing comprehensive services including flight bookings, hotel accommodations, and local experiences, highlighting its strength as a leading global travel service provider [1][3] - Inbound tourism continues to thrive, with Ctrip reporting over 100% growth in flight segments and hotel nights for foreign visitors compared to the previous year, and a remarkable 300% increase in ticket sales [1][3] Group 2 - The establishment of China's first one-stop inbound tourism consultation center aims to provide extensive services for overseas tourists, promoting a cross-industry collaboration model [3] - The "Go China" annual marketing campaign achieved over 500 million global exposures, while the new "FLiP !T Trips" initiative invites over a thousand international influencers to experience various local cultures [3] - Ctrip's "free city half-day tour" program has successfully hosted over 10,000 tourists from more than 100 countries, enhancing long-term travel interest [3][5] Group 3 - Ctrip Group's exhibition at the expo also emphasizes its multi-dimensional practices in ESG and corporate sustainability, focusing on carbon reduction in tourism, family-friendly travel services, and community inclusivity [5] - The company plans to continue investing in innovation, leveraging technology and global partnerships to enhance inbound tourism services and promote a more open and friendly image of China [5]

Core Insights - Hong Kong's fintech market is experiencing a resurgence, with major players like Ant Group and JD.com making significant investments and expansions in the region [2][3][7] - The city is positioning itself as a hub for fintech innovation, particularly in areas like Web3 and virtual currencies, aiming to attract capital and facilitate the overseas expansion of mainland companies [2][6][12] Group 1: Market Developments - In October, Ant Group and Alibaba made headlines by purchasing properties in Hong Kong and establishing Ant's overseas headquarters there [2] - JD.com quickly obtained an insurance brokerage license, indicating a competitive push into the market [2] - The Hong Kong Monetary Authority has issued a total of 8 virtual bank licenses since 2019, with many shareholders being major mainland internet and fintech giants [4][5] Group 2: Financial Performance and Trends - As of the end of 2024, the total assets of the 8 virtual banks established in Hong Kong are less than 80 billion HKD, serving only a few million customers [5] - In Q1 2025, new insurance policy premiums in Hong Kong surged to 93.4 billion HKD, a year-on-year increase of 43.4%, marking a record high since data collection began in 2001 [6] Group 3: Strategic Moves by Major Players - Ant Group is investing 7.2 billion HKD in real estate and acquiring the largest Hong Kong-based brokerage, Yau Ching Securities, for 2.814 billion HKD, gaining multiple SFC licenses [7][8] - JD.com is also actively pursuing SFC licenses to enhance its operational capabilities in Hong Kong [8] Group 4: Opportunities for Expansion - Hong Kong is seen as a testing ground for mainland fintech companies to refine their products and business models before entering other overseas markets [9] - The establishment of the "Mainland Enterprises Going Global Task Force" aims to assist companies in leveraging Hong Kong as a platform for international expansion [9] Group 5: Regulatory Environment and Future Outlook - The development of stablecoins is emerging as a significant variable in the fintech sector, with Hong Kong poised to lead in this area following the approval of the "GENIUS Act" in the U.S. [11][12] - Hong Kong's regulatory framework is evolving to support the issuance of stablecoins, with the first licenses expected to be issued soon [12][13] - The city aims to become a resilient international fintech hub, focusing on the tokenization of real-world assets as a key area of investment [13]

Market Overview - The US stock market indices collectively declined on Tuesday, with the Hang Seng Index ADR falling to 25,866.46 points, down by 85.94 points or 0.33% compared to the Hong Kong close [1]. Company Performance - Major blue-chip stocks mostly experienced declines, with HSBC Holdings closing at HKD 108.602, up by 0.56% compared to the Hong Kong close, while Tencent Holdings closed at HKD 623.88, down by 0.81% [3]. - Tencent Holdings saw a decrease of HKD 5.12 or 0.81% in its ADR price, closing at HKD 623.88 [4]. - Alibaba Group's ADR fell by HKD 4.20 or 2.57%, closing at HKD 159.00 [4]. - Xiaomi Group's ADR dropped by HKD 1.30 or 2.91%, closing at HKD 43.42 [4]. - AIA Group's ADR decreased by HKD 0.30 or 0.38%, closing at HKD 79.62 [4]. - NetEase's ADR fell by HKD 3.40 or 1.54%, closing at HKD 216.80 [4]. - Ctrip Group's ADR declined by HKD 4.50 or 0.81%, closing at HKD 548.50 [4]. - BYD's ADR decreased by HKD 2.00 or 2.02%, closing at HKD 97.10 [4]. - The Hong Kong Stock Exchange's ADR fell by HKD 3.20 or 0.75%, closing at HKD 425.60 [4].

Core Insights - Chinese hotel operators are expanding into Southeast Asia to meet the growing outbound tourism demand from China [1][2] - Southeast Asia is a popular travel destination for Chinese tourists, with countries like Thailand, Malaysia, and Singapore ranking high among preferred destinations [1] - The region is expected to attract over 120 million international tourists in 2025, with tourism revenue projected to exceed $350 billion [1] Group 1: Market Expansion - Jinjiang Hotels (China) is targeting Southeast Asia as a key market for its second growth curve, with plans to expand its 7 Days Inn brand [2][5] - The company has signed intentions for 10 projects in Malaysia, focusing on major cities and popular tourist areas [4] - Jinjiang Hotels aims to establish a self-circulating management system for development, construction, and operation in Southeast Asia [5] Group 2: Strategic Approach - The company is adopting a "light asset entry + localized deep cultivation" strategy for its overseas expansion [5] - Jinjiang Hotels has deployed management teams to key markets such as Malaysia, Indonesia, and Vietnam to enhance local operations [4][5] - The brand is building a diverse portfolio that includes high-end to budget options, catering to various traveler segments [5] Group 3: Market Impact - The expansion of Jinjiang Hotels is expected to enrich the hotel supply in emerging cities in Southeast Asia [5] - The loyalty program coverage is anticipated to expand, providing more reasons for diverse traveler groups to explore new destinations in the region [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On November 3, the liquidity at the beginning of the month was ample; the bond market fluctuated within a narrow range, with long - term bonds performing slightly better; the main indices of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds across all maturities generally increased, and the yields of 10 - year government bonds in major European economies generally increased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - The National Association of Financial Market Institutional Investors revised the "Administrative Measures for Registration Experts of Non - Financial Enterprise Debt Financing Instruments" to optimize the management mechanism and improve work efficiency, with investor representatives accounting for no less than 30% [3] - The Debt Management Department of the Ministry of Finance was listed on the official website of the Ministry of Finance, with responsibilities including formulating and implementing government domestic debt management systems and policies, and preventing and resolving implicit debt risks [4] - In response to the U.S. Treasury Secretary's statement about potential tariff hikes if China continues to restrict rare - earth exports, the Chinese Foreign Ministry stated that dialogue and cooperation are the right ways to solve problems [5] - The "upgraded" China - EU export control dialogue and consultation was held in Brussels, aiming to promote the stability and smoothness of the industrial and supply chains [6] - The central bank renewed a bilateral local currency swap agreement with the Bank of Korea, with a scale of 400 billion yuan [6] - Hong Kong announced major policy initiatives to promote the development of the digital asset ecosystem, including relaxing regulatory restrictions on virtual asset trading platforms and promoting the "one - stop" clearing and settlement of tokenized money funds [7] 3.1.2 International News - The U.S. ISM manufacturing PMI in October was 48.7, indicating an eight - month consecutive contraction due to production decline and weak demand, but there were signs of a potential rebound in future orders [8] 3.1.3 Commodities - On November 3, international crude oil and natural gas futures prices continued to rise, with WTI 12 - month crude oil futures up 0.11%, Brent 1 - month crude oil futures up 0.19%, COMEX 12 - month gold futures up 0.44%, and NYMEX natural gas prices up 12.72% [9] 3.2 Liquidity 3.2.1 Open Market Operations - On November 3, the central bank conducted 78.3 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with a net withdrawal of 25.9 billion yuan as 337.3 billion yuan of reverse repurchases matured on the same day [11] 3.2.2 Funding Rates - On November 3, the liquidity at the beginning of the month was ample. DR001 decreased by 0.57bp to 1.313%, and DR007 decreased by 3.64bp to 1.419%. Other major funding rates also showed downward trends [12][13] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On November 3, the bond market fluctuated within a narrow range, with long - term bonds performing slightly better. The yield of the 10 - year Treasury bond active issue 250016 decreased by 0.25bp to 1.7900%, and the yield of the 10 - year China Development Bank bond active issue 250215 decreased by 0.35bp to 1.8600% [15] - **Bond Tendering Results**: Multiple bonds were tendered on November 3, including agricultural development and China Development Bank bonds, with details such as issue scale, winning yield, and multiples provided [17] 3.3.2 Credit Bonds - **Secondary Market Transaction Anomalies**: One industrial bond ("H0 Baolong 04") rose by over 25%, and one urban investment bond ("20 Jinzhou New City Bond") fell by over 31% [17][18] - **Credit Bond Events**: Several companies announced credit - related events, such as overdue debts, risk warnings, and listing as dishonest被执行人 [21] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On November 3, the three major A - share indices rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 0.55%, 0.19%, and 0.29% respectively. The main indices of the convertible bond market also rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.19%, 0.15%, and 0.25% respectively [20] - **Convertible Bond Tracking**: Taiping Convertible Bond and Weining Convertible Bond announced that they were about to trigger the conditions for downward revision of the conversion price [22] 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On November 3, the yield of the 2 - year U.S. Treasury bond remained unchanged at 3.60%, while the yields of other maturities generally increased. The yield spread between 2 - year and 10 - year U.S. Treasury bonds and between 5 - year and 30 - year U.S. Treasury bonds both widened by 2bp [23][24] - **European Bond Market**: The yields of 10 - year government bonds in major European economies generally increased on November 3, with Germany, France, Italy, Spain, and the UK seeing increases of 2bp, 2bp, 3bp, 3bp, and 3bp respectively [26][27] - **Daily Price Changes of Chinese - funded U.S. Dollar Bonds**: The daily price changes of Chinese - funded U.S. dollar bonds as of the close on November 3 were provided, including bonds issued by companies such as New World Development and Lenovo Group [29]