Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].

新京报讯 据"文旅北京"微信公众号消息，7月7日，北京市文旅局发布暑期北京旅游消费提示。2025年 暑期将至，为了让游客在京期间有一个安全、愉快的暑期行程，请注意以下事项： 二、做好防护，保证行程安全 自入夏以来，北京已多次发布高温预警。建议来京游客在挑选旅游项目以及行程规划时，务必密切关注 气象预报信息，避开高温时段出行，或优先选择室内项目；出行时，做好防晒措施并及时补充水分。倘 若在出行过程中出现中暑症状，需立即转移到阴凉通风处休息。 在参加戏水、漂流、夜游等特色活动时，一定要严格按照要求穿戴救生衣或其他安全装备，在活动过程 中严格遵守景区的各项安全规定，以防发生人身伤害或财物损失的情况。遇到紧急情况，可及时向景区 工作人员求助。 三、关注场所信息，官方渠道购票 鉴于暑期游客数量激增，部分热门场所的门票或参观资格十分抢手，市场上随之出现了"买讲解保进 馆""讲解带门票"等所谓高价门票信息。但是，这些热门景区或场所大多自有预约平台，不存在和第三 方平台的合作，并且已对社会公众有此类信息的提示。建议市民和游客登录官方网站或小程序了解预约 政策、预约时间等信息，提前预约购买门票。另外，针对旅行社产品中涉及热门景 ...

石家庄市正定国际机场旅游服务中心的建设启用，标志着石家庄机场与石家庄市文旅局在"航空+旅 游"领域的合作迈入新的深度，以旅游服务中心为载体，充分发挥各自优势，搭建多功能综合服务平 台。服务中心的启用也充分发挥了石家庄机场作为"入冀游"航空门户的服务功能，将助力提升旅客从落 地伊始的全流程旅行体验，有力促进石家庄及河北文旅资源的高效引流与价值转化。 中国民航网 通讯员李夏 报道：7月初，石家庄市正定国际机场旅游服务中心在2号航站楼抵达层核心区 域全新亮相。服务中心聚焦国内外游客需求，为游客提供旅游信息咨询、旅游交通集散、旅游预订以及 公共文化宣传展示等多项服务，全面提升旅游服务品质与游客出行体验，让游客从落地那一刻起就能感 受到石家庄的热情与温度。 石家庄市正定国际机场旅游服务中心总面积约170㎡。以"荷风水韵"为设计主题，巧妙融入本地自然景 观元素；配备专职工作人员，为游客提供旅游信息咨询、旅游交通集散、宣传展示、旅游预订、便民服 务等服务；配备高清触控查询机，可获取景区导览、航线接驳、酒店预订等服务；免费提供应急药品、 休闲桌椅等便民设施，满足游客多样化需求；设有文创展销区，集中展示冀字号工艺品与本土特产， ...

转自：前瞻产业研究院 行业主要上市公司：华侨城(000069.SZ)、张家界(000430.SZ)、三湘印象(000863.SZ)、曲江文旅 (600706.SH)、复星旅游文化(01992.HK)、宋城演艺(300144.SZ)等 本文核心数据：景区数量;从业人员数量;接待游客数量 1、全国A级旅游景区数量变化 2020-2024年全国共有A级旅游景区数量逐年递增，2024年年末共有A级旅游景区16541个，较2023年增加820 个。 2、全国A级旅游景区直接从业人员 2021-2024年全国A级旅游景区直接从业人员数量波动递增，2024年年末共有从业人员165.3万人，较2023年 增加4.6万人。 3、全国A级旅游景区接待游客数量 2021-2024年全国A级旅游景区接待游客数量波动递增，2024年全年接待游客数量67.6亿人次，较2023年增加 10.1亿人次。 5、国家级夜间文化和旅游消费集聚区 从2021年到2024年，文旅部公布了三批次的国家级夜间文化和旅游消费集聚区名单，共计345家。从数量分 布情况看，上海、江苏、山东、四川暂居榜首，均入选16家;浙江、福建、广东、广西、重庆均入选15家， ...

Core Points - The 2025 China Original Folk Song Festival was inaugurated in Hohhot, aiming to showcase the achievements in the protection and inheritance of traditional music and intangible cultural heritage in China [1][2] - The festival featured various activities including opening performances, cultural fairs, concentrated exhibitions of original folk songs, grassroots cultural outreach, and closing performances [1] - The Ordos sub-venue hosted 65 traditional music performance teams, highlighting the rich diversity of Chinese folk music [1][2] Group 1 - The theme of the festival is "Original Heavenly Sound, Folk Songs of Chinese Feelings," emphasizing the cultural exchanges among different ethnic groups in China [1] - The performances included a variety of traditional music styles, such as pastoral songs, labor songs, and regional instrumental music, showcasing the unique charm of each ethnic group's music [1][2] - The event in Ordos served as a vivid example of the deep integration of intangible cultural heritage and tourism, promoting cultural appreciation and heritage protection [2] Group 2 - The festival featured notable performances such as the Shanxi folk song "Peach Blossom Red, Apricot Blossom White," and the Jiangsu folk song "Planting Across the River," which reflect the local cultural essence [2] - The closing performance included the Shandong Zou City Pingpai Guqing music, demonstrating the extraordinary charm of traditional wind and percussion music [2] - The event was a heartfelt tribute to the collective memory and cultural genes of the Chinese nation, with Ordos providing effective organization and an inclusive atmosphere for this national cultural event [2]

Group 1 - The core point of the article is that Thailand's foreign tourist arrivals increased by 2.5% month-on-month in June, reaching 2.32 million visitors [1]

A股午评：创业板指涨超2%，光伏概念盘中爆发 金十数据7月8日讯，今日，A股三大指数开盘涨跌互现，盘中持续走高。截至中午收盘，上证指数收涨 0.58%，深证成指收涨1.27%，创业板指收涨2.26%。光伏概念盘中大幅走强，首航新能、通威股份等多 股涨停，亚玛顿呈"地天板"；消费电子概念回升，工业富联涨停；游戏概念表现俱佳，冰川网络领涨； 除此以外，稀土永磁、半导体、盲盒经济、工程机械等概念早盘收涨。银行、保险等大金融概念集体低 迷，农牧饲渔、冰雪经济、旅游酒店等概念早盘走弱。资金面上，沪深两市半日成交额达8730亿，较昨 日放量约1012亿，主力资金净流入约15亿。 ...

电影院里座无虚席、演出市场人满为患、演唱会门票供不应求、户外音乐节人头攒动……文化消费成为当前满足群众精神文化需求、拉动经济 增长的重要引擎。 来自中国演出行业协会的数据，2024年全国演出市场总体收入达到796.29亿元，同比增长7.61%。据国家电影局统计，2025年1月28日至2月4 日，2025年春节档总票房达95.10亿元，创造5年来的新高，刷新了中国影史春节档票房的纪录。中国艺术研究院教授支菲娜向前来采访的《经 济》杂志记者表示，2021年春节档的票房为78亿元，2022年为60.35亿元，2023年为67.58亿元，2024年为80.16亿元。她认为，2025年的"开门 红"，显示出中国电影市场的强大韧性和消费潜力。 随着居民物质生活的不断丰富和改善，包括演出在内的文化消费正逐渐成为新的消费热点，拉动着内需，释放出强劲活力，成为拉动国民经济 增长的重要力量。而在北京，在环京地区，不同的演出形式也在异彩纷呈，为文化强国建设贡献着力量。 希肯：新三板挂牌演出企业精品剧目多 为纪念伟大的抗美援朝精神，希肯打造了话剧《上甘岭》。安庭告诉记者，这部大戏至今已演出了近百场，它集成了IP元素、科技元素、内容 ...

Group 1 - Sichuan is a region known for its unique natural scenery, rich historical culture, and delicious cuisine, attracting numerous tourists [1] - The trip lasted five days and four nights, allowing for an in-depth experience of local customs and landscapes [1] Group 2 - The average expenditure per person during the trip was approximately 800-1000 yuan [3][14] - The tour guide, Linlin, provided excellent service, ensuring a well-planned itinerary and flexible adjustments based on the group's needs [3][14] Group 3 - The itinerary included visits to significant cultural and natural sites such as Wuhou Shrine, Jinli Ancient Street, Dujiangyan, Qingcheng Mountain, Jiuzhaigou, and Huanglong [6][8][9][10] - Local delicacies sampled included Chengdu's famous snacks like Chuan Chuan Xiang and Rabbit Head, showcasing the rich Ba-Shu cultural atmosphere [7] Group 4 - Travel tips highlighted the importance of being prepared for variable weather, especially in mountainous areas, and the potential for altitude sickness in regions like Jiuzhaigou [16] - Recommendations for local cuisine included Sichuan hotpot, Mapo tofu, and traditional snacks like Zhong Shui Jiao and Tang Nuo Guo Zi, emphasizing the region's culinary diversity [18]

Core Viewpoint - The summer tourism market in Ningxia is experiencing significant growth, driven by increased air travel and enhanced connectivity, making it a popular destination for tourists [2][6][8]. Group 1: Air Travel Expansion - Yinchuan Hedong International Airport has expanded its flight network for the summer season, adding new direct flights to popular tourist cities such as Xiamen and Qingdao, and increasing flight frequencies from 2-3 to 4-5 daily for key cities like Shanghai and Guangzhou [2][6]. - The airport's passenger throughput has seen a year-on-year increase of 25%, with a significant portion attributed to tourists visiting Ningxia [6][7]. Group 2: Tourist Demographics - The summer season attracts a large number of students and families, with many taking advantage of affordable flight options to explore Ningxia's natural and cultural attractions [2][4]. - Family travel is particularly prominent, with parents utilizing the summer break to expose their children to new experiences, supported by increased flight availability [2][4]. Group 3: Integrated Travel Services - The seamless connection between air travel and high-speed rail has facilitated cross-city tourism in Ningxia, with a 40% year-on-year increase in tourists utilizing this combined travel method [3][6]. - The airport has introduced various special services for summer travelers, including discounts for students and family packages, enhancing the overall travel experience [4][5]. Group 4: Economic Impact - The surge in tourism has positively impacted local industries, with hotel occupancy rates nearing 100% and restaurants experiencing high demand, particularly for family-oriented dining options [7][8]. - The integration of air travel and tourism has led to the creation of bundled products, allowing tourists to purchase flight tickets along with discounted attraction tickets, making travel planning more convenient and cost-effective [7][8].