Financial Performance - In Q1 2025, Ctrip Group reported net operating revenue of 13.8 billion, a year-on-year increase of 16% and a quarter-on-quarter increase of 7% [1] - The net profit for the same period was 4.3 billion [1] - Revenue from key business segments included accommodation bookings at 5.5 billion, transportation ticketing at 5.4 billion, travel vacation at 0.947 billion, and business travel management at 0.573 billion [1] International Business Growth - Ctrip's international OTA platform saw overall travel booking volume increase by over 60% year-on-year, attributed to strategic investments in overseas markets and service optimization [1] - The inbound travel business experienced significant growth, with inbound orders increasing by approximately 100% and hotel bookings from major visa-free regions in the Asia-Pacific rising over 240% [2] - Outbound travel orders exceeded 120% of pre-pandemic levels from 2019 in Q1 [1] Market Impact - The rapid growth in international and inbound travel has injected liquidity into the market, enhancing foreign exchange consumption and creating more job opportunities [2] - Chinese tourists' spending power has significantly contributed to the global tourism market, increasing China's influence in global tourism consumption [2] - Ctrip aims to leverage its comprehensive range of Chinese tourism products and strong service capabilities to become the preferred platform for global travelers visiting China [2]

Core Insights - Ctrip Group reported a net operating revenue of 13.8 billion RMB for Q1 2025, a year-on-year increase of 16% [1] - The net profit attributable to shareholders was 4.3 billion RMB, unchanged from the same period in 2024 [1] - The diluted earnings per share were 6.09 RMB [1] Business Performance - International OTA platform bookings increased by over 60% year-on-year [1] - Inbound travel bookings saw a growth of over 100% year-on-year [1] - Outbound hotel and flight bookings exceeded 120% of the pre-pandemic levels in 2019 [1] Revenue Breakdown - Accommodation booking revenue reached 5.5 billion RMB, up 23% year-on-year, driven by growth in accommodation bookings [1] - Transportation ticketing revenue was 5.4 billion RMB, an 8% increase year-on-year, attributed to the rise in ticket bookings [1] - Vacation business revenue amounted to 947 million RMB, a 7% year-on-year increase, mainly due to growth in vacation bookings [1] - Business travel management revenue was 573 million RMB, up 12% year-on-year, supported by an increase in business travel orders [1] - Business travel management revenue decreased by 18% quarter-on-quarter due to seasonal effects [1] Industry Outlook - The tourism industry maintained strong growth momentum in Q1 2025, supported by robust consumer demand and favorable policies [2] - The company emphasized its diversified market layout, which positions it to respond to global economic fluctuations and seize emerging opportunities [2] - The CEO highlighted the importance of innovation and customer-centric solutions to meet the evolving needs of travelers, contributing to sustained growth and long-term value creation for stakeholders [2]

Group 1: Domestic Travel Trends - During the 2025 "May Day" holiday, 314 million domestic trips were made, representing a year-on-year increase of 6.4% [1] - Total spending by domestic tourists reached 180.27 billion yuan, marking an 8.0% increase compared to the previous year [1] - The aviation sector transported 11.15 million passengers during the holiday, with an average of 2.23 million passengers per day, reflecting an 11.8% increase from 2024 and a 55.4% increase from 2019 [2] Group 2: Hainan Duty-Free Shopping - Hainan's duty-free shopping market saw a total consumption of 510 million yuan during the "May Day" holiday, with 79,100 shoppers participating [3] Group 3: Hotel Performance - Atlantis Sanya received 120,000 visitors during the holiday period, achieving an average hotel occupancy rate of 94% [4] Group 4: New Hotel Developments - Minor Hotels announced plans to open the Anantara Clear Water Bay Sanya Resort in October 2027, featuring 90 guest rooms [5] Group 5: Investment Activity - Boyu Capital is set to acquire a 42%-45% stake in Beijing SKP, maintaining control alongside Radiance Company, which will continue to hold a majority stake [6]

Group 1 - The article highlights that during the May Day holiday, domestic travel in China reached 314 million trips, indicating a strong desire for travel among the population [1] - Major cities like Beijing and Shanghai saw significant tourist numbers, with Beijing receiving nearly 18 million visitors and Shanghai 16.5 million, generating tourism revenues of 20.98 billion yuan and 20.1 billion yuan respectively [7][9] - Despite these figures, Beijing and Shanghai ranked lower compared to some new first-tier cities, attributed to their smaller geographical areas and limited capacity for accommodating tourists [11][13] Group 2 - Sichuan province experienced a booming tourism market during the May Day holiday, with 30.79 million visitors and ticket revenues exceeding 330 million yuan, marking a historical high [34][36] - The success in Sichuan is linked to various cultural events and promotional activities, including concerts and performances that attracted large audiences [39][42] - In contrast, while Sichuan's tourism revenue was impressive, it was not the highest among all provinces during the holiday [53] Group 3 - Hangzhou emerged as a leading tourist destination, with its West Lake attracting a record 954,900 visitors on May 2 alone, contributing to high consumption revenue [57][59] - The city implemented various consumer incentives, including issuing 59.17 million yuan in consumption vouchers, which stimulated local spending by 1.532 billion yuan [67] - Events featuring popular artists also played a significant role in boosting tourism and local economy, exemplified by a concert that drew over 30,000 attendees [64]

中游：1）化工：PTA开工率回升；PX开工率近期回落；聚酯、尿素开工率处今年高位。2）基建：沥青开工率来 到近三年低位。 关注5月关税战对上游原材料的影响 中观事件总览 生产行业：4月制造业PMI回落。 1）4月份，制造业采购经理指数（PMI）为49.0%，比上月下降1.5个百分点，制 造业景气水平有所回落。从企业规模看，大、中、小型企业PMI分别为49.2%、48.8%和48.7%，比上月下降2.0、1.1 和0.9个百分点，均低于临界点。 服务行业：五一假期旅游消费增长较多。 1）据工信部，一季度，我国规模以上互联网和相关服务企业完成互联 网业务收入4118亿元，同比增长1.4%；规模以上互联网企业研发经费增速加快，共投入研发经费204.5亿元，同比 增长4.6%。2）据文化和旅游部数据中心测算，假期5天全国国内出游3.14亿人次，同比增长6.4%；国内游客出游 总花费1802.69亿元，同比增长8.0%。 数据来源：央视新闻，iFind，华泰期货研究院 行业总览 宏观日报 | 2025-05-07 上游：1）能源：国际油价假期受关税影响回落较多。2）有色：铜、锌、镍受关税影响价格震荡。3）建材：水泥、 ...

Group 1: Travel and Tourism Data - During the five-day May Day holiday, 314 million domestic trips were made in China, representing a year-on-year increase of 6.4% [1] - Domestic tourists spent a total of 180.27 billion yuan during the holiday, marking an 8.0% increase compared to the previous year [1] Group 2: Hotel Industry Performance - Huazhu Group reported that its hotels received nearly 6.3 million guests during the May Day holiday, 1.3 times more than the same period last year [2] - The overall hotel occupancy rate exceeded 84%, with peak occupancy reaching 97% from May 1 to May 3, and on May 2, occupancy hit 103% [2] - Jinjiang Hotels (China) reported nearly 8.9 million guests from April 30 to May 4, a 13% increase year-on-year, with over 5,000 hotels fully booked for three consecutive days [2] Group 3: Performance in Smaller Cities - Many third and fourth-tier cities showed strong growth, with cities like Bengbu, Huaihua, and Yangjiang reporting hotel occupancy rates exceeding 100% [3] - Jinjiang Hotels noted that the average occupancy rate in Qianjiang reached 104%, the highest in the country during the holiday [3] Group 4: Resort and Vacation Destination Success - The Atlantis Sanya hotel achieved an average occupancy rate of 94% during the holiday, with 120,000 visitors [4] - Several Club Med resorts reported occupancy rates exceeding 95% during the holiday period [4] Group 5: Inbound Tourism Growth - Huazhu Group received over 43,000 foreign guests during the holiday, 1.75 times more than last year [6] - Jinjiang Hotels reported a 4.7 times increase in foreign guests compared to the previous year, with top source countries including Russia, South Korea, and Thailand [6] Group 6: Rise of the Homestay Industry - Tujia reported that the homestay industry experienced its "hottest May Day" with a booking increase of over 30% compared to last year [7] - Popular destinations for homestays included Chengdu and Chongqing, with Guangdong becoming the top province for homestay bookings [7] Group 7: Impact of Music Events - Numerous concerts and music festivals contributed to increased homestay bookings, with some cities experiencing booking increases of over 80% due to local events [8]

作 者丨张晓慧 编 辑丨孙超逸 刚刚过去的"五一"假期，深圳的大梅沙、深圳湾公园、南头古城、K11、咖啡节都挤满了人， 不少网友感叹，原来深圳不仅适合打工，也适合旅游。 深圳官方数据显示， 2 0 2 5年"五一"假期（5月1日至5月5日），深圳全市共接待游客6 9 6 . 3 6 万人次，同比增长3 6 . 3%；实现旅游收入5 4 . 3 2亿元，同比增长4 0 . 8%。 有山有海，有各类公园和商圈，深圳的旅游禀赋正在被更多人看到。携程"五一"假期旅行数 据报告显示，深圳分别入选五一国内热门旅游目的地、入境游热门目的地前十名。 游客为何滚滚而来？ 2 0 2 5年"五一"假期，深圳接待游客数量较去年有超过三成的涨幅，深圳并不是旅游城市，为 何会突然吸引这么多游客？ 南方财经全媒体记者注意到，一方面，深圳有丰富的山海自然旅游资源，如东西涌、桔钓 沙、马峦山等吸引不少游客前来；另一方面，"五一"假期期间，深圳举办了多场大型文体活 动，比如许嵩、卫兰演唱会吸引到不少外地歌迷，中超联赛现场观赛人数也超过2 . 8万人。 此外，跨境旅游依然是"五一"的大热门，深圳成为热门目的地和主要中转地。 深圳边检数据显示，5 ...

游客为何滚滚而来？ 2025年"五一"假期，深圳接待游客数量较去年有超过三成的涨幅，深圳并不是旅游城市，为何会突然吸 引这么多游客？ 南方财经全媒体记者注意到，一方面，深圳有丰富的山海自然旅游资源，如东西涌、桔钓沙、马峦山等 吸引不少游客前来；另一方面，"五一"假期期间，深圳举办了多场大型文体活动，比如许嵩、卫兰演唱 会吸引到不少外地歌迷，中超联赛现场观赛人数也超过2.8万人。 此外，跨境旅游依然是"五一"的大热门，深圳成为热门目的地和主要中转地。 深圳边检数据显示，5月1日至5月5日，深圳边检总站查验出入境人员超451万人次，同比增长34%，其 中入境人员约225万人次，出境人员约226万人次。 南方财经全媒体记者张晓慧深圳报道 刚刚过去的"五一"假期，深圳的大梅沙、深圳湾公园、南头古城、K11、咖啡节都挤满了人，不少网友 感叹，原来深圳不仅适合打工，也适合旅游。 深圳官方数据显示，2025年"五一"假期（5月1日至5月5日），深圳全市共接待游客696.36万人次，同比 增长36.3%；实现旅游收入54.32亿元，同比增长40.8%。 有山有海，有各类公园和商圈，深圳的旅游禀赋正在被更多人看到。携程"五一" ...

Group 1: E-commerce and Delivery Services - Taobao's "Flash Purchase" service achieved over 10 million orders within just six days of its launch, significantly boosting orders for Ele.me, the delivery service partner [2] - The nationwide launch of Taobao Flash Purchase led to record-breaking order volumes in 39 cities, with over 1,000 brands experiencing peak sales [2] - Popular beverage brands like Jasmine Milk Tea and Nayuki's Tea saw their order volumes increase by nearly 300% and over 200% respectively, following the launch [2][3] Group 2: Automotive Industry - Nezha Auto experienced a significant app failure during the May Day holiday, affecting remote vehicle control and data updates, which was attributed to a system fault [4] - The company confirmed that the issue was not related to service disruptions and has since been resolved, with ongoing investigations to prevent future occurrences [4] Group 3: Financial Services - Ant Group is reportedly planning to list its overseas arm, Ant International, in Hong Kong, as it engages with relevant authorities [5] - Ant International currently accounts for approximately 20% of Ant Group's revenue, focusing on cross-border payment services [6] Group 4: Technology Sector - Apple reported a revenue of $95.4 billion for Q2 of fiscal year 2025, marking a 5% year-over-year increase, with a net profit of $24.78 billion [7] - iPhone revenue reached $46.8 billion, showing a 2% increase, while Mac and iPad revenues grew by 7% and 15% respectively [8] Group 5: Trade and Tariffs - President Trump announced a 100% tariff on all foreign-made films, citing a decline in the U.S. film industry due to foreign competition [9] - This move is expected to escalate trade tensions, impacting market sentiment and leading to declines in U.S. stock futures and the dollar [9] Group 6: Consumer Market Trends - The May Day holiday saw a 6.3% increase in sales for key retail and catering enterprises, with significant growth in travel and dining sectors [10] - Domestic travel destinations experienced a surge in visitor numbers, with some provinces reporting double-digit growth in tourism revenue [11] Group 7: Corporate Leadership Changes - Warren Buffett announced plans for a leadership transition at Berkshire Hathaway, proposing that Abel will officially take over as CEO by the end of the year [12][13] - Buffett emphasized that he will remain involved in the company, while Abel will have full decision-making authority [13][14] Group 8: Market Performance of Listed Companies - As of April 30, 2025, over 5,100 listed companies in China reported resilient performance, with 74% achieving profitability [15] - The total revenue for listed companies was 71.8 trillion yuan, with a slight decline of 0.7%, while net profit decreased by 2.3% to 5.2 trillion yuan [15]

五一假日期间，全省80个重点监测景区累计接待游客668.75万人次，同比增长12.55%；累计门票收入 2.21亿元，同比增长7.58%。 山西省文化和旅游厅消息，综合通讯运营商和山西省旅游大数据联合实验室专项调研数据显示，2025年 五一假日期间，全省共接待国内游客2272.11万人次，同比增长22.40%；实现旅游总花费160.33亿元， 同比增长27.61%。 ...