（央视财经《天下财经》）2026年春节9天超长假期叠加灵活拼假优势，激发中国游客出境游热情。旅 游平台数据显示，相关机票与住宿预订量同比显著增长，自然休闲类目的地最受游客青睐。 近日记者在北京多家旅行社门店了解到，春节出境游咨询与报名热度攀升，家庭出游及亲友结伴游占比 较高。 线上住宿平台同样火热。数据显示，春节出境住宿搜索热度同比翻倍，新西兰、挪威、泰国、意大利、 澳大利亚跻身热搜前列，皇后镇、挪威极光及峡湾、南欧海岸线等户外自然目的地最受关注。 爱彼迎中国及亚太战略财务负责人 李映文：户外今年非常热门，很多人搜索国家公园附近的民宿，或 者是搜索参与徒步、体验极光的活动。新西兰目前成为国人最热门的目的地，不仅吸引了很多渴望探险 的户外爱好者，也是很多带娃出行家庭的首选。 消费者：今年利用春节假期，包括自己的年假，计划去南美旅行，以巴西、阿根廷为主。 转载请注明央视财经 2026年春节期间，热门出境目的地机票预订同比增长80.2%，酒店预订量上涨1.2倍。泰国、马来西亚、 越南、新加坡、澳大利亚、西班牙等地最受欢迎。此外，长线目的地和个性化小团游需求明显提升。 携程北京三元桥门店店长 杜丹：像北欧加冰岛追极光 ...

Core Insights - The travel demand for the New Year's holiday in 2026 is expected to surge, with a 30% increase in bookings compared to the same period last year, driven by a significant rise in search interest for "New Year" and "cross-year" keywords, which increased over 280% in the past month [1] Group 1: Travel Trends - The report highlights two main travel trends: "ice and snow tourism" and "winter escape tourism," with users opting for short trips within 100-300 kilometers or extending their holidays for overseas travel [1] - Young users are increasingly focused on creating memorable experiences for New Year's Eve, with activities such as fireworks displays and concerts gaining popularity [2][3] Group 2: Popular Destinations - Theme parks are favored for New Year's celebrations, with top destinations including Beijing Universal Resort and Shanghai Disneyland, which features a special fireworks show [2] - There is a notable increase in flight bookings to popular ice and snow destinations like Harbin and Changchun, with ticket prices rising significantly as demand increases [4] Group 3: Accommodation Preferences - Users are showing a preference for hotels equipped with high-definition projection facilities for New Year's Eve celebrations, leading to a significant rise in bookings for specific room types [3] - In Sanya, hotel bookings are notably increasing, particularly for mid to high-end hotels, indicating a willingness to pay for quality accommodations with sea views and amenities [7] Group 4: International Travel - The "please 3 days off for 8 days" strategy is encouraging users to travel abroad, with a 30% increase in bookings for international travel products compared to previous years [8] - The introduction of visa-free policies for countries like Russia is expected to further stimulate outbound travel demand, with a 60% increase in flight bookings to Moscow [9]

数据亮眼：圣彼得堡航线猛增3.6倍，多个国内出发城市搜索量增速超10倍 | 14:08 all at (3) | | | | | 14:12 | | | | | all and 31 14:11 | | | | | | | .. Il (32) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国 < 上海-莫斯科 · 广州-圣彼得堡 · | | | | তি | < | | | | 图 | - 0 | < | | 哈尔滨-莫斯科 · | | | િ | . 国 | | 收藏泉 行程定制 | | | | | | | | | | 收藏失 行程度制 | | | | | | | 收藏贝 行程定制 | | 四 NA E- 25 | | NE | 1874 | | | 이번 | | 10 11 | 11.0 | 25 | | 48 | 09 02-10 | | NE 11 | 111,000 | 更多 | | 28 政區 8 (2278 176 ...

怀着一点兴奋和很多忐忑，8月29日，舒斐从家乡广西梧州市藤县道家村出发，到70多公里外的梧州机场，再飞2000多公里抵达北京。这是她第一次坐飞 机，也是她第一次去北方。高中成绩一般，舒斐形容自己"有点撞大运"，她从来没有想过自己能会成为村里第二个考上北京211大学的。新的路程已经展 开，18岁的女孩要先出发。 对于北京孩子子爽来说，第一次坐飞机去新疆支教，自己"还是有点忐忑"。虽然学的是学前教育，但要现场教最多120位小朋友踢足球，她从来没有试 过。1月11日，她和中华女子学院的其他同学一起，飞赴喀什。这次出发，让子爽觉得，终于有机会去尝试、去验证自己的梦想。 已经71岁的文芳又解锁了自己的一个"第一次"。10月20日，她和其他4个老伙伴一起，从郑州飞到成都，第一次坐飞机去打了一场电竞比赛。到了这个年 纪，她反而不愿再给自己预设任何结果。先出发，"中不中再说"。 青少年购买"人生第一张机票"增幅最快 23-40岁旅客占比超一半 "前几天第一次到了三里屯，有点被震撼到了，这么繁华，有这么多看起来很贵的商店。"舒斐细数着北京和老家的不同，"我们那里一碗螺蛳粉是8、9 块，北京要20多块。我好想吃老家那种甜的豆腐花 ...

Group 1 - The Russian government has officially implemented a visa-free policy for Chinese citizens, allowing them to travel to Russia for tourism and business purposes until September 14, 2026, with a maximum stay of 30 days [1] - Following the announcement, there was a significant surge in flight searches to Russia, with cities like Beijing, Shanghai, and Guangzhou showing the highest interest. For instance, the search volume for flights from Hangzhou to St. Petersburg increased by 3.6 times [1] - Year-on-year growth in flight searches from various Chinese cities to St. Petersburg and Moscow was notable, with cities like Urumqi and Qingdao experiencing increases of 16 times and 15 times, respectively [1] Group 2 - The tourism company, Zhongxin Travel, plans to enhance its offerings in Russia, focusing on unique experiences such as aurora viewing and winter sports, which are expected to attract a broader demographic of Chinese tourists [2] - Online travel service provider Tongcheng Travel reported a continuous rise in flight searches to Russia, with hotel bookings for Russian destinations increasing by over 40% year-on-year [2] - The visa-free policy is anticipated to boost inbound and outbound tourism at border ports like Heilongjiang, with a significant increase in travel experiences available to Chinese tourists in Russia [3]

Group 1 - The core point of the article is the implementation of a temporary visa-free policy for Chinese citizens traveling to Russia, effective from December 1, 2023, until September 14, 2026, which is expected to significantly boost tourism from China to Russia [1][5]. - Following the announcement, there was a notable increase in flight searches and hotel bookings for Russia, with a reported over 40% year-on-year increase in hotel reservations [1][2]. - The price of flights to Russia has become more affordable, with tickets from Beijing to Moscow starting at 1435 RMB and from Guangzhou at 1792 RMB, indicating a competitive travel market [1][2]. Group 2 - Popular destinations for Chinese tourists in Russia include Moscow, Saint Petersburg, and Murmansk, with search volumes for flights from cities like Urumqi and Qingdao increasing dramatically, by 16 times and 15 times respectively [2][5]. - The visa-free policy coincides with the peak season for outbound winter tourism, suggesting that travel to Russia could reach new highs during key holidays like New Year's and Spring Festival [5][6]. - The tourism market is expected to diversify, with companies planning to develop specialized travel packages focusing on unique experiences such as the Northern Lights and military tourism, enhancing Russia's appeal to a broader range of Chinese tourists [6].

目前的中俄航线早已满血恢复，航班量超过了疫情前的水平。 据央视新闻报道，根据俄罗斯总统普京签署的命令，自即日起至2026年9月14日（含）止，中国公民可免签证以旅游和商务目的前往俄罗斯，免签天数为30 天。 飞猪数据显示，政策公布不到一小时，平台上前往俄罗斯的机票搜索量环比前一天激增超8倍，预订量环比前一天亦大增近5倍。去哪儿平台上的俄罗斯相关 机票搜索量也瞬时激增。 免签政策对航空公司来说也是好消息，据记者了解，相比其他欧美航线，目前的中俄航线早已满血恢复，航班量超过了疫情前的水平。 根据航班管家DAST数据，2025年10月中俄往返航班量2096班次，同比2024年增长24.2%，同比2019年增长6.1%。10月通航航班量TOP3航线分别为上海浦东- 谢列梅捷沃（207班次）、北京大兴-谢列梅捷沃（169班次）、北京首都-谢列梅捷沃（124班次）。 执飞的航司中，俄罗斯航空的航班量最多（554班次），其次是东航（320班次）和西伯利亚航空（179班次）。 不少国内航司也在大幅增班俄罗斯。航班管家数据显示，同比2019年的中俄往返航班量，成都航空增班超2倍，海航、国航、东航增班均超1倍。 在此之前，俄罗斯 ...

Core Insights - Company reported 3Q25 revenue of 5.5 billion, a year-over-year increase of 10.4%, aligning closely with the expected 5.49 billion [1] - Operating profit reached 1.16 billion, exceeding expectations by 7.5%, with an operating profit margin improvement of 1.5 percentage points year-over-year [1][3] - Adjusted net profit for the quarter was 1.06 billion, surpassing expectations by 2.8% [1] Revenue Performance - Revenue of 5.5 billion was driven by improved hotel and flight prices, with core OTA business revenue from accommodation and booking services reaching 1.58 billion, a year-over-year increase of 14.7% [2] - Traffic business revenue was 2.209 billion, up 9.0% year-over-year, supported by increased user demand and enhanced value-added products and services [2] - Other business revenue, boosted by hotel management growth, reached 821 million, a year-over-year increase of 34.9%, exceeding expectations by 1.4% [2] Profitability Analysis - Operating profit of 1.16 billion represented a year-over-year increase of 19.0%, exceeding expectations by 7.5% [3] - Core OTA operating profit was 1.44 billion, with an operating profit margin of 21.1%, surpassing expectations by 1.4 percentage points [3] - Adjusted net profit was 1.06 billion, a year-over-year increase of 16.5%, primarily driven by refined subsidies and cost control [3] International Business Outlook - International ticket booking volume saw significant year-over-year growth, contributing 6% to total traffic ticket revenue, an increase of 2 percentage points [4] - The company aims to increase international business revenue contribution by over 10% in the future [4] - The proprietary app showed strong performance, with daily active users reaching a historical high, driven by the launch of the AI itinerary planning tool DeepTrip [4] Financial Projections and Valuation - Revenue projections for 2025-2027 are 19.4 billion, 21.9 billion, and 24.4 billion, respectively, with adjusted net profit estimates of 3.4 billion, 3.9 billion, and 4.5 billion [4] - Valuation switched to 2026, with a target price set at 29.4 HKD based on a 16 times PE ratio for 2026 [5]

Group 1 - Ctrip Group and the Turkish Tourism Promotion and Development Agency have announced a deepened strategic partnership to promote Turkey as a "super destination" for global tourists [1] - Ctrip's data indicates that inbound flight bookings to Turkey are expected to grow by 38% year-on-year in the first half of 2025, while hotel bookings are projected to increase by 16% [1] - Major source markets for Turkey include the UK, Germany, and China, with Indonesia showing remarkable growth in bookings, up 178% year-on-year [1] Group 2 - In Q3, Ctrip's outbound hotel and flight bookings reached 140% of the same period in 2019, with a year-on-year growth of nearly 20%, outperforming market trends [1] - Popular outbound destinations include Japan, South Korea, and Southeast Asia, with Europe, particularly Iceland and Norway, showing significant booking increases [1] - Ctrip's overall accommodation booking revenue in Q3 grew by 18% year-on-year and 29% quarter-on-quarter, driven by strong tourism demand during summer and the National Day holiday [1] Group 3 - The company's international business saw a total booking volume growth of approximately 60% in Q3, with the Asia-Pacific region remaining a key focus [1] - The Trip.com app experienced a 69% year-on-year growth in monthly active users globally (excluding mainland China) during October and November, with a 64% increase in the Asian market [1] - Domestic hotel prices showed signs of stabilization, with a narrowing year-on-year decline in Q3, and a rising trend during the Golden Week [1] Group 4 - Ctrip's adjusted net profit forecast for 2025 has been raised from 18.3 billion to 32.3 billion, maintaining projections of 20 billion and 22 billion for 2026 and 2027 respectively [2] - The adjusted PE ratios for 2025-2027 are projected to be 11, 17, and 16 times, respectively, reflecting confidence in the company's overseas business growth [2]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating on Trip.com Group (09961), highlighting strong growth potential in its overseas business and an upward revision of the adjusted net profit forecast for 2025 from 18.3 billion to 32.3 billion yuan [1] Recent Events - Trip.com has deepened its strategic partnership with the Turkish Tourism Promotion and Development Agency, aiming to position Turkey as a "super destination" for global travelers. Data shows that inbound flight bookings to Turkey are expected to grow by 38% year-on-year in the first half of 2025, with hotel bookings increasing by 16%. Notably, Indonesia's booking volume surged by 178% year-on-year, contributing to the rising popularity of inbound tourism in Turkey [1] International Business Growth - Outbound travel: In Q3, Trip.com's outbound hotel and flight bookings reached 140% of the same period in 2019, with a year-on-year increase of nearly 20%. During the Golden Week, bookings grew by approximately 30%. Popular destinations include Japan, South Korea, and Southeast Asia, with Europe showing significant growth, particularly in Iceland and Norway. Despite a decrease in cross-border flight prices compared to last year, they remain above pre-pandemic levels, while hotel prices have stabilized [2] - International business: Q3 saw a 60% year-on-year increase in total bookings on Trip.com, with the Asia-Pacific region being a key operational focus, growing over 50%. New markets in the Middle East and Europe also showed impressive growth. The company has achieved rapid market share growth and plans to continue investing globally, especially in the Asia-Pacific region. According to Sensor Tower data, the Trip.com app's monthly active users (MAU) outside mainland China grew by 69% year-on-year, with a 64% increase in the Asian market [2] Domestic Market Trends - Domestic hotel prices have shown signs of stabilization, with Q3 overall accommodation booking revenue increasing by 18% year-on-year and 29% quarter-on-quarter, driven by strong tourism demand, particularly during the summer and National Day holidays. There is a diverse and growing demand for unique and immersive travel experiences among domestic consumers, with increased bookings in major cities like Beijing, Shanghai, Chengdu, and even remote areas. Hotel price declines narrowed to low single digits in Q3, with an upward trend during the Golden Week. Inbound travel bookings on Trip.com increased by over 100% year-on-year in Q3, with the Asia-Pacific region as the main source market, alongside strong growth from Europe and the United States [3]