距离2026年春节仅剩一周，而第一批请假的人已开始提前过年。来自美团旅行的数据显示，春节酒店入住小高峰从2月7日开启，首批"请6休17"的游客率先 入住酒店，马年春节"酒店提前订"同比增长63%。 云南方面，截至2月上旬，云南春节文旅预订增速达54%。芒市网红体验"缅式洗头"热度上涨182%，网红大集"丙午街集市"热度上涨156%，当地美食"活螃 蟹"搜索量上涨123%，更多云南小城成为游客热衷探索的目的地。 小城玩法多 "反向过年"Top10黑马酒店目的地出炉 反向过年浪潮下，一线城市游客去秘境小城、少数民族聚居区寻找传统年味。美团旅行数据显示，云南普洱、德宏、保山、迪庆，成为春节一线城市游 客"反向过年"黑马酒店预订目的地。 游客青睐于这些小城，当然是因为其有区别于大城市的玩法。例如，去普洱景迈山徒步古茶林、去德宏赶集买1米长的"网红大豆荚"、去保山逛咖啡庄园、 去迪庆过藏历新年……更多小众、地道的在地体验，让游客"像本地人一样悠闲生活"，吸引一线城市游客"去小城过大年"。 春节家庭游热度高企、"反向过年"等新趋势频出，更多本地玩法成为吸引异地游客的金字招牌。美团旅行相关负责人表示，平台已上线"新春欢聚游 ...

Core Viewpoint - The announcement of spring and autumn holiday arrangements in various cities in Jiangsu Province is expected to boost travel demand and create new opportunities for the tourism market, particularly for family-oriented travel [1][3][4] Group 1: Spring Holiday Arrangements - Cities such as Nanjing, Suzhou, and Xuzhou have scheduled spring holidays from April 1 to April 3, aligning with the Qingming Festival to create a continuous 6-day holiday [1] - The arrangement is designed to facilitate family travel, with schools providing childcare services for families facing difficulties [3] Group 2: Autumn Holiday Arrangements - The autumn holiday in cities like Yangzhou and Lianyungang is planned to connect with weekends in November, creating extended breaks of up to 5 days [2] - This structure aims to enhance travel opportunities during the autumn season, with specific dates to be confirmed later [2] Group 3: Travel Demand Insights - Following the announcement, there was a significant increase in search volume for travel-related keywords, with over a 120% rise in interest for spring travel and family trips [2] - Popular destinations include warm climates suitable for family vacations, such as Sanya, Xishuangbanna, and overseas locations like South Korea and Malaysia [2] Group 4: Policy Implications - The integration of school holidays with paid leave for workers is seen as a strategic move to alleviate travel congestion during peak periods and promote a new tourism product ecosystem [3][4] - Various provinces are exploring similar holiday arrangements, indicating a broader trend towards flexible holiday scheduling to enhance consumer spending and travel opportunities [4]

近日，同程旅行推出"9元起抽春节酒店盲盒"活动，以"低成本+社交助力+多场景适配"的创新玩法，为 旅客打造高性价比住宿体验。截至2月8日，已有超10万用户参与该活动。活动将持续至2月14日，用户 抽取的盲盒酒店产品最晚入住时间为2月23日。 本次春节酒店盲盒活动打造了阶梯式盲盒产品矩阵，可覆盖春节期间各类住宿场景，满足不同用户的需 求。其中，"9元中转歇脚盲盒"专为春节假期出行旅客设计，部分酒店紧邻机场、高铁站等交通枢纽， 成为本次活动的爆款产品。"99元冬日限定"盲盒产品，则包含浪漫约会、全家聚会、冬日限定三大主 题，分别适配情侣出游、家庭团聚、冰雪和避寒旅游等场景，满足假期多元化住宿需求。 同程旅行数据显示，本次春节酒店盲盒的热门参与城市与假期出行趋势高度契合。"9元中转歇脚盲 盒"的热门解锁城市集中在广州、长沙、深圳、北京、成都等，这些城市也是用户春节假期出行的热门 始发地与目的地，"99元冬日限定"盲盒则在三亚、海口、昆明、哈尔滨、长春等避寒和冰雪旅游城市备 受欢迎。 参与抽取盲盒的用户中，90后和00后用户合计占比超过75%。在"反向过春节"的趋势下，部分70后用户 参与抽取"99元全家聚会盲盒"的 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [50]. Core Insights - The upcoming Spring Festival holiday, lasting 9 days, is expected to significantly boost travel demand, leading to high market activity in the travel and tourism sector [4][43]. - The social service sector experienced a decline of 3.44% in the past two trading weeks, ranking 24th among 31 industries in the Shenwan classification [13][21]. - The travel market is anticipated to reach a historical peak with an estimated 9.5 billion people traveling during the Spring Festival, driven by various factors including extended holiday periods and increased domestic travel [33][38]. Summary by Sections Market Review & Industry Dynamics - The social service sector's performance was below the market average, with a 3.44% decline compared to a 1.71% drop in the Shanghai Composite Index [13][21]. - The hotel and catering sub-sector saw a slight increase of 0.64%, while other sub-sectors like education and professional services experienced declines of 6.26% and 5.25%, respectively [17][20]. Investment Recommendations - Companies with strong growth potential in the travel chain and related industries include Tongcheng Travel, Huangshan Tourism, and Lijiang Shares, among others [4][43]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [4][43]. - The recovery of cross-border travel is likely to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [4][43]. Company Dynamics & Announcements - Notable company announcements include China Travel Service forecasting a revenue of 11.339 billion yuan for 2025, reflecting a 13.88% year-on-year increase, while other companies like Zhongxin Tourism and Fengshang Culture are expecting significant declines in net profits [37][38]. - The duty-free shopping market in Hainan saw a 44.8% year-on-year increase in January 2026, indicating a strong recovery in consumer spending [30][31]. Travel Data Tracking - The domestic travel market shows positive trends, with a significant increase in hotel bookings and flight reservations during the Spring Festival period [30][31]. - The international flight volume has recovered to 85.59% of the 2019 levels, indicating a steady recovery in the travel sector [21][38].

在返程出行热度高涨的同时，热门城市机场和火车站周边的酒店和钟点房产品预订热度也出现大幅提 升。同程旅行数据显示，截至2月8日，入住时间在正月初六的一线城市机场和火车站周边酒店搜索热 度，相比上周同期增长超1倍。北京南站、上海虹桥站、成都东站、深圳北站、重庆北站附近的部分酒 店钟点房产品相对紧俏。（编辑：陈虹莹 校对：李佳洹 审核：程凌） 《中国民航报》、中国民航网 记者许晓泓 报道：2月8日，正月初六（2月22日）火车票正式开售，带动 出行热度明显走高。同程旅行数据显示，截至2月8日，预订正月初六出行的国内机票中，一线城市及省 会城市为热门目的地，其中成都市位居国内机票预订热门出发地和目的地前二。务工、商旅及旅行返程 人群是国内机票的预订主力。正月初六出行的国内热门航线TOP5为：成都—上海、重庆—深圳、昆明 —上海、贵阳—北京、西安—深圳。 同程旅行数据显示，预计从正月初六开始迎来春节假期返程高峰。在预订正月初六出行的国内机票用户 中，"80后""90后""00后"合计占比超过70%。国内机票预订热度最高的十大出发地为：成都、重庆、昆 明、贵阳、西安、北京、郑州、长沙、广州、上海；国内机票预订热度最高的十大 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

同程旅行日前发布《2026年春节旅行趋势报告》（以下简称"报告"）。报告显示，"史上最长春节假 期"叠加拼假小浪潮，积极提振新春文旅市场活跃度。我省延续元旦假期"量价齐升"趋势，跻身2026春 节热门年味目的地TOP10。 同时，山西省文化和旅游厅正式发布2026年"非遗贺新春"系列民俗活动，全省共推出逾百项非遗主题体 验，为全国游客奉上一场贯穿新春时节的文化盛宴。同程研究院高级研究员分析认为，山西省非遗年俗 系列活动精准契合了当下游客对"深度文化体验"与"情绪价值"的强烈需求，把剪纸、皮影、传统庙会等 转化为可参与、可沉浸的春节活动，从而塑造了差异化的目的地吸引力。（记者王宇） 报告显示，顺应"追寻年味"的主流趋势，全国多地文旅纷纷掀起"年味抢客潮"。我省凭借传统与现代碰 撞融合的"非遗年味"，截至1月27日，春节酒店整体预订热度相比去年春节同期上涨297％，增速水平在 全国各省份中排到首位。此外，从上海、北京、广州等一线城市飞往太原武宿机场的春节机票预订也在 持续走热，2月13日、2月14日出发的多个航班经济舱机票已涨至全价。 ...

2026.02. 07 "我就打算回南宁老家待两三天，正月初二就跟父母出去旅游了，从老家出发去周边的城市玩。"在广州工作的95后宋女士说，父母年轻时就离开了老家 来到城市生活，他们也没有整个春节都呆在老家的想法，很愿意出去走走。 在北京工作的林先生今年打算回福建安溪农村老家过年，顺便带着家里老人周边游，"现在老人自己也很想多出去旅游"。 国务院新闻办公室最近举行的新闻发布会介绍了2026年春运形势和工作安排。国家发展改革委副主任李春临在会上表示，综合研判，除客流规模有望创 新高以外，今年春运还将呈现一些新的特点。 其中，从出行方式看，自驾出行规模高位运行，现在流行父母到子女家过年，就是常说的"反向春运"，此外"先回家、再出游"等成为近年来的新趋势。 广东省体改研究会执行会长彭澎对第一财经分析，现在很多人过年回到农村老家，仅待两三天走亲访友，然后就出门旅游。这种过年方式的变化，反映 了随着经济社会发展，人们的收入水平、消费理念不断迭代提升，交通等多方面的服务也在升级。 本文字数：1723，阅读时长大约3分钟 作者 | 第一财经 林靖 "史上最长"春节假期即将到来。 近年来随着我国经济社会的发展，消费观念的不断升 ...

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report aligns with the views of CITIC Lyon Research, indicating that the risk of AI replacing online travel agencies (OTAs) is not imminent in China due to stricter supply chain control by OTAs [5]. - The hotel management business is expected to contribute more significantly to revenue growth in 2026, although it may come with increased initial expenditures [5]. - The impact of Google's new flight booking feature on the global OTA sector is viewed as narrative-driven, with limited effects anticipated in the Chinese market due to local OTAs' advantages [5]. - The report highlights that the market risk appetite has notably decreased, despite the potential benefits from the hotel management business [5]. Revenue and Business Segmentation - The revenue from transportation ticketing services accounts for 50.7%, while accommodation booking services contribute 32.8%, and other services make up 16.5% [10]. - The company primarily serves users in low-tier cities in China, offering services such as accommodation booking, transportation ticketing, and online advertising [9]. Market Dynamics - The report notes that the ongoing antitrust investigation into Ctrip has increased market attention on the company, but it argues that this logic is flawed as both companies share a hotel inventory pool [6]. - Approximately 60-70% of the hotel transaction volume on the company's platform comes from Ctrip's inventory, suggesting limited benefits from any changes in Ctrip's commission structure [6]. - The competitive landscape in the Chinese OTA market is intensifying, with potential risks to profit margin expansion remaining uncertain until the outcomes of the Ctrip investigation are clearer [6]. Catalysts - Upcoming financial reports and guidance, particularly regarding profit margins, as well as travel data around major holidays, mergers, and capital allocation strategies are identified as key catalysts [7].