Core Insights - The company reported better-than-expected performance in Q3 2025, with revenue increasing by 16% to 18.4 billion yuan, surpassing market expectations by 1% due to strong accommodation and transportation revenues [1] - Non-GAAP operating profit reached 6.1 billion yuan, exceeding market expectations by 6%, primarily driven by higher-than-expected gross profit [1] - The net profit under non-GAAP was 19.2 billion yuan, significantly outperforming market expectations, mainly due to investment gains from the sale of MakeMyTrip shares [1] Domestic Growth Trends - Domestic hotel performance showed robust growth, with Q3 domestic hotel room nights increasing by 15%, better than anticipated, although Average Daily Rate (ADR) experienced a low single-digit decline [1] - For Q4, the company expects a low single-digit decline in domestic hotel prices and a 10-15% increase in room nights [1] - Domestic transportation revenue remained flat year-on-year in Q3, with volume growth in line with the industry, but ticket revenue declined due to pricing and yield management impacts; Q4 is expected to maintain this trend [1] International Travel Resilience - The company experienced strong resilience in outbound travel, with Q3 bookings for outbound flights and hotels increasing by nearly 20%, recovering to 140% of 2019 levels, significantly outperforming industry recovery [2] - Q4 is expected to maintain the same recovery level as Q3, with outbound hotel revenue likely to continue growing over 20% year-on-year [2] - Despite recent concerns regarding short-haul destinations due to public sentiment in Japan, the company anticipates limited impact in Q4, as potential user diversion may mitigate the effects on single destinations [2] Trip.com Growth and Market Strategy - Trip.com continued to grow rapidly, with international OTA bookings increasing by approximately 60% in Q3, driven by a threefold increase in inbound travel [2] - International hotel revenue for Trip.com grew by 70% year-on-year, with its share exceeding 40% [2] - The company plans to invest actively in overseas marketing during the Q4 peak season, which may raise the group’s marketing expense ratio to 27%, with expectations for Trip.com to maintain over 50% year-on-year growth [2] Earnings Forecast and Valuation - Due to better-than-expected growth in international business, the company has raised its revenue forecasts for 2025 and 2026 by 1% and 2% to 61.9 billion yuan and 69.8 billion yuan, respectively [2] - The non-GAAP net profit forecasts for 2025 and 2026 have been increased by 77% and 4% to 31.5 billion yuan and 19.7 billion yuan, respectively, considering one-time investment gains and operational leverage [2] - The company maintains an outperform rating, raising target prices for US and Hong Kong stocks by 5% and 4% to $92.5 and HK$711.7, respectively, indicating a potential upside of 30% and 28% compared to current stock prices [2]

大数据显示，今年以来，俄罗斯是热度增速最快的出境游目的地之一。截至11月19日，今年俄罗斯酒店预订量同比去年增长了43%。 编辑|金冥羽 杜波 每经编辑｜金冥羽 校对|程鹏 据CCTV国际时讯，俄罗斯总统普京11月18日宣布，俄罗斯将很快对中国公民采取对等免签措施。普京表示，这将对两国经济和人文交流产生重大影响， 显著促进两国人民交流，并将积极推动两国关系快速向前发展。 去哪儿旅行指数显示，消息带动赴俄罗斯机票搜索量猛增。截至19日上午9点，北京-莫斯科航线搜索量环比前一小时猛增3.4倍，成都出发航线环比增3.2 倍，上海出发航线环比增1.1倍，深圳环比增1.4倍，杭州、重庆均增1倍以上。 每日经济新闻综合CCTV国际时讯、封面新闻 中国至圣彼得堡航线搜索量同样显示出明显增幅。增速最快的国内出发地有武汉、天津、乌鲁木齐、上海、广州等。其中武汉同比上周增14倍，天津增5 倍，乌鲁木齐增4.5倍，上海至圣彼得堡一小时增2倍，同比上周增3倍。 ...

Group 1 - The Ministry of Culture and Tourism of China has advised tourists to avoid traveling to Japan, leading to a surge in cancellations for group tours to Japan [1] - Popular outbound travel destinations have shifted significantly, with South Korea emerging as the new top destination, followed by Thailand, Hong Kong, Malaysia, Singapore, Vietnam, and Indonesia [1] - Data from travel platforms indicates that as of November 17, Seoul is the most searched destination for outbound flights, with Bangkok, Hong Kong, Singapore, and Kuala Lumpur also showing high search volumes [1] Group 2 - There has been a notable increase in inquiries and bookings for destinations like Bali, Phu Quoc in Vietnam, Malaysia, and Singapore, with a 20% rise in product inquiries for these locations [3] - The winter travel market is seeing a growing proportion of young travelers, with nearby destinations like South Korea, Singapore, and Malaysia becoming increasingly popular due to their proximity, convenient transportation, and rich tourism resources [4]

Core Insights - The Ministry of Culture and Tourism of China has issued a warning for Chinese tourists to avoid traveling to Japan recently [1] - There has been a noticeable increase in cancellations and changes to travel plans to Japan, with many tourists opting for refunds on flights and hotels [1] - Popular outbound travel destinations have shifted, with South Korea emerging as the top destination for Chinese tourists [1] Travel Industry Impact - Major travel companies have reported a surge in cancellations for trips to Japan, with flight refunds being largely hassle-free [1] - Hotel refunds depend on local hotel policies, but travel agencies are actively working to facilitate no-loss refunds [1] - Data from Qunar indicates that South Korea, particularly Seoul, has become the most searched destination for outbound travel [1] Booking Trends - There is a significant increase in bookings for other Southeast Asian destinations, including Thailand, Malaysia, Singapore, Vietnam, and Indonesia [1] - The search volume for Singapore, Sydney, and Bali has increased by over 10% compared to the previous week [1]

Group 1: Core Insights - The Chinese government has decided to resume group tours for Chinese citizens to Canada, reflecting a significant increase in outbound travel demand [1][4] - There has been a notable surge in flight searches to Canadian cities, with Toronto seeing a 61% increase, Montreal 223%, and Ottawa 137% year-on-year [1] - The resumption of group tours is expected to cater primarily to middle and high-income families, business travelers, and senior citizens, which will drive growth in the North American travel market [4][9] Group 2: Inbound Tourism - The extension of visa-free policies for countries like France until December 31, 2026, is aimed at enhancing international travel to China and reflects China's commitment to high-level openness [3][5] - Data indicates that France has seen a 40% increase in travel orders to China during the recent National Day holiday, highlighting the positive impact of visa policies on inbound tourism [5] - Sweden is also set to implement a visa-free policy, with a 37.4% increase in flight bookings from Sweden to China noted this year [6] Group 3: New Travel Products - Various new travel products to Canada have been launched, including group tours, local tours, and private tours, catering to diverse traveler preferences [7] - Popular travel itineraries include a 4-7 day tour covering Quebec, Ottawa, and Montreal, and a 5-7 day tour featuring Banff and Vancouver, indicating a preference for nature and cultural experiences [7] - The online application process for Canadian visas is in place, with the first group tour scheduled for January 15, 2026, priced at 39,999 yuan per person [7] Group 4: Market Trends - Canada is recognized as a popular long-haul travel destination, with its natural beauty and multicultural cities attracting more outbound travelers, particularly high-end customers [9] - The resumption of direct flights from Guangzhou to Vancouver by China Southern Airlines is expected to further boost travel product offerings to Canada [9] - The recent policy changes are anticipated to enhance China's competitiveness as a travel destination and foster deeper cultural and economic exchanges with Europe [9]

Core Viewpoint - The National Immigration Administration of China has announced 10 measures to enhance immigration and exit-entry management services, including the expansion of the "full online processing" pilot program for issuing exit-entry documents for residents, increasing the number of pilot cities from 20 to 50 starting November 20 [1] Group 1: Policy Changes - The expansion of the "full online processing" pilot program aims to improve the convenience of outbound travel for residents in non-first-tier cities [1] - The new measures are expected to facilitate the processing of exit-entry documents, thereby encouraging more residents to travel abroad [1] Group 2: Market Trends - According to Tongcheng Travel, the volume of visa applications on their platform has increased by over 30% year-on-year in the first three quarters of this year [1] - Non-first-tier city residents show a higher enthusiasm for visa applications compared to those in first-tier cities [1] - During the recent National Day and Mid-Autumn Festival holidays, bookings for group tours to Europe from non-first-tier city users increased by over 140%, while bookings for group tours to the Americas rose by over 32% [1] Group 3: Company Initiatives - Tongcheng Travel has enhanced its outbound visa services by launching a pilot program in Suzhou, collaborating with the local subway system to upgrade the visa application experience [1] - The upgraded visa application center at subway stations offers services such as "2-hour rapid pre-review, full refund for visa refusals, and door-to-door collection within 2 kilometers," with nearly 10,000 users served to date [1]

Core Insights - China has decided to resume travel agency operations for Chinese citizens traveling to Canada, aiming to meet outbound travel demand and enhance people-to-people exchanges between China and Canada [2] - Online travel service provider Qunar reported a significant increase in flight searches to various Canadian cities following the announcement, with searches to Toronto up 61%, Montreal up 223%, and Ottawa up 137% [2] - The number of international flight tickets to Canada from China has increased by 28.1% year-on-year from January to October 2023 [2] Group 1: Travel Demand and Trends - Canada has been a popular destination for Chinese travelers, with over 737,000 visitors in 2018, but the number dropped significantly due to the pandemic, with only about 225,000 visitors in 2023, less than one-third of the peak numbers in 2018 and 2019 [2] - In response to the policy change, travel agency Zhongxin Tourism has launched multiple winter-themed travel packages covering major cities in Canada, which have received positive market feedback and high enrollment rates [3] - A travel agency operator in Vancouver noted that Canada remains a favored North American destination for Chinese tourists, despite a decline in group tours and visitor numbers due to reduced direct flights in recent years [3] Group 2: Flight Operations and Capacity - Prior to the pandemic, there were over 100 weekly flights between major cities in China and Canada, which dropped to only 6 during the pandemic, but flight volumes are now recovering [4] - According to data from flight analysis agency Hangban Guanjia, the number of round-trip flights on the China-Canada route reached 319 in October 2025, a year-on-year increase of over 2.5 times, although it is still down 64.4% compared to 2019 [4] - The top three routes in October included Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [4]

Group 1 - The North American outbound tourism market is expected to heat up with the resumption of group tours for Chinese citizens to Canada, as announced by the Chinese Ministry of Foreign Affairs [1] - Flight search volume to Canadian cities has significantly increased, with searches for Toronto up 61%, Montreal up 223%, and Ottawa up 137% compared to the previous year [1] - The resumption of group tours to Canada is seen as a positive development for the tourism industry, enhancing the travel destination matrix in North America and providing more diverse outbound travel options for tourists from Shanghai [1] Group 2 - Companies are preparing to launch new travel products for Canada, including seasonal themes such as tulip viewing in spring, maple leaf viewing in autumn, and ice hockey and skiing in winter [1] - The focus is on ensuring smooth visa processing for tourists and integrating supply chain resources, prioritizing partnerships with airlines and local travel agencies that offer Chinese language services [2] - The Americas division is actively negotiating to expedite product development and launch for Canadian outbound tourism products, pending official notification from tourism authorities [2]

Group 1 - The Chinese government has decided to resume travel agency operations for group tours of Chinese citizens to Canada, aiming to meet outbound travel demand and promote people-to-people exchanges between China and Canada [1] - Following the announcement, there was a significant increase in flight search volumes for Canadian cities on travel platforms, with Toronto seeing a 61% year-on-year increase, Montreal 223%, and Ottawa 137% [1] - From January to October this year, international flight volumes to Canada increased by 28.1% compared to the same period last year [1] Group 2 - Travel agencies like Zhongxin Tourism have quickly launched multiple winter-themed travel routes to Canada, covering major cities such as Toronto, Ottawa, Montreal, Vancouver, and Victoria, with unique experiences like castle hotel stays [1] - The company is preparing for a major product line for Canada in 2026, offering seasonal themed products such as spring tulip viewing, autumn foliage tours, and winter activities like ice hockey and aurora viewing [1] - According to data from Hangban Guanjia, the number of round-trip flights on the China-Canada route in October 2025 reached 319, a year-on-year increase of over 2.5 times [2] Group 3 - In October, the top three routes for flights to Canada were Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [2] - Domestic airlines accounted for 67.4% of the flight volume, with the three major airlines (China Eastern, China Southern, and Air China) having a nearly equal share [3] - Canadian Airlines operated 104 flights in October, leading among carriers, with a year-on-year increase of over 2.1 times compared to 2024, but a 65.3% decrease compared to 2019 [3]

Core Viewpoint - China Eastern Airlines (00670) has seen a significant stock price increase of over 30% in the past six trading days, with a current price of 4.14 HKD and a trading volume of 128 million HKD, driven by a surge in outbound travel during the National Day and Mid-Autumn Festival holidays [1] Group 1: Market Performance - The stock price of China Eastern Airlines rose by 3.76% as of the latest report [1] - The airline's stock has experienced a cumulative increase of over 30% in the last six trading days [1] Group 2: Travel Demand - The outbound travel market has shown significant growth during the recent holiday period, with popular destinations including Japan, Thailand, Malaysia, South Korea, and Singapore for Chinese tourists [1] - According to Ctrip data, China Eastern Airlines holds a traditional advantage in flight schedules to Japan, South Korea, and Thailand, with market shares of 27.84%, 31.52%, and 31.13% respectively for the summer and autumn seasons of 2025, leading the industry [1] Group 3: New Routes and Passenger Trends - China Eastern Airlines plans to launch new routes including Beijing Daxing to Muscat and Shanghai Pudong to Auckland and Buenos Aires, marking the first flights for these routes by a Chinese airline [1] - The airline reports that over 50% of its long-haul flights to Europe are comprised of transfer passengers, with the transfer passenger ratio for the Shanghai-Kazan route reaching 70-80% [1] - Data from third-party platforms indicates a 14% year-on-year increase in domestic transfer passengers at Shanghai Airport [1]