携程集团-S(9961.HK)盘初涨近4%报574.5港元。消息面上，元旦假期第一天，全社会跨区域人员流动量预计超2.08亿人次，比去年同期 增长21%。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

综合韩联社等韩国媒体12月31日报道，韩国政府决定对来自中国、印度及部分东南亚国家团体游客的签 证费免除措施再延长6个月，以持续推动赴韩旅游"增长势头"。 当地时间12月31日，韩国经济副总理兼企划财政部长官具润哲表示，原定于当日到期的团体旅客（C-3- 2）限时免除签证手续费措施，将会延续至明年6月底。该决定是在31日上午的韩国政府增长战略工作组 会议上公布的。 延长措施的适用对象为来自中国、印度、越南、菲律宾、印度尼西亚和柬埔寨6国的团体游客。具润哲 表示，韩国政府将"为稳定民生，进一步激活内需而努力"，延长免除措施旨在"持续推动来韩旅游热 潮"。 韩媒报道称，C-3-2签证的办理手续费为1.8万韩元（约合90元人民币）。韩国政府原计划将该临时优惠 措施实施至2025年年底，但考虑到入境旅游持续回暖，为巩固复苏势头，决定延长。 孔尔军 韩国经济 副总理兼企划财政部长官具润哲（资料图） 图源：韩媒 ...

据泰媒报道，12月19日，知名广告技术服务公司Yango Ads最新发布的2025年第三季度旅游报告显示， 使用俄语的游客群体将泰国作为旅游目的地的搜索量环比增长49%，与2024年同期相比增长15%，是东 南亚地区被搜索最多的国家。这数据反映出泰国旅游业的复苏方向与国家旅游目标一致，外国游客人数 持续稳步提升。 泰国主要旅游目的地普吉岛、芭堤雅、曼谷依然极具吸引力：普吉岛稳居泰国最受欢迎目的地首位，搜 索量同比增长8%；芭堤雅位列第二，搜索量同比增长17%；曼谷排名第三，得益于商务旅行、都市生 活方式以及各类活动，其搜索量同比增长32%。此外，华欣的搜索量同比增长15%，象岛同比增长8%， 是备受俄语游客关注的新兴旅游城市。同时，长途旅游需求依然强劲，特别是俄语游客群体，其对曼谷 的关注度同比大幅增长49%。 ...

证券研究报告·行业研究·汽车与零部件 客车12月月报： 11月内外需同环比修复，期待年底翘尾行情 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年12月23日 请务必阅读正文之后的免责声明部分 推荐客车板块，优选【宇通+金龙】 2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反应到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素 ...

Investment Rating - The industry investment rating is "Buy" for the recommended companies Yutong and King Long [3][4]. Core Insights - The bus industry is expected to benefit from China's automotive manufacturing becoming a global leader in technology output, with overseas market contributions potentially recreating a market equivalent to China within 3-5 years [2]. - The domestic market has seen a recovery in demand, with expectations for a year-end surge in sales driven by tourism recovery and bus replacement needs [2]. - The absence of price wars in the domestic market is anticipated to support profitability, alongside a favorable oligopoly market structure and decreasing lithium carbonate costs [6]. Summary by Sections Industry Overview - In October 2025, the overall production of the bus industry in China was 50,000 units, with year-on-year growth of 13.2% and month-on-month decline of 8.8% [9][10]. - The wholesale volume for the same month was also 50,000 units, reflecting a year-on-year increase of 14.96% and a month-on-month increase of 3% [9][10]. - The terminal sales for buses reached 47,000 units, with a year-on-year increase of 8.73% but a month-on-month decline of 17.84% [14]. Company Performance - Yutong is recognized as a "model student" with high growth and dividend attributes, with projected net profits of 4.63 billion, 5.52 billion, and 6.68 billion yuan for 2025-2027, representing year-on-year growth of 12%, 19%, and 21% respectively [4]. - King Long is noted for its rapid progress, with projected net profits of 440 million, 640 million, and 830 million yuan for 2025-2027, showing significant year-on-year growth of 182%, 45%, and 28% respectively [4]. Market Dynamics - The domestic bus market is characterized by a stable market share for leading companies, with Yutong and King Long maintaining significant positions [31]. - In October, Yutong's domestic bus sales were 404 units with a market share of 11.5%, while King Long sold 1,111 units with a market share of 31.6% [31]. - The export market for buses saw a total of 3,845 units in October, with a year-on-year increase of 10% but a month-on-month decline of 31% [40].

Core Insights - The total number of inbound and outbound trips in Macau has surpassed 200 million as of November 9, 2023, setting a new record for the fastest achievement of this milestone, 29 days earlier than last year [1] - The average daily crossings in Macau have reached 640,000, reflecting a year-on-year increase of 9.8% [1] Group 1: Traffic Growth - The increase in traffic is attributed to the support of national policies and various facilitation measures for border crossings [1] - Macau has seen multiple record-breaking single-day crossings, including 142,000 at the Hong Kong-Zhuhai-Macau Bridge on February 1, and 837,000 on May 2 across all ports [1] - The Hengqin port also recorded a single-day crossing of 128,000, marking a new high [1]

Core Insights - Brunei's tourism industry is showing positive recovery signs, with a significant increase in visitors from China, who accounted for 28,714 arrivals, representing 15.5% of all air arrivals, making China the second-largest source of tourists for Brunei [1] Group 1: Tourism Recovery - The majority of Chinese visitors come for leisure, business, or family visits, indicating a restoration of confidence in travel between the two countries [1] - The implementation of a 14-day visa-free entry policy for Chinese citizens in March has enhanced travel convenience and deepened economic and cultural ties [1] Group 2: Air Connectivity - Brunei Royal Airlines has launched direct flights from Nanning and Hangzhou, along with regular flights to Beijing and Hong Kong, which strengthens air connectivity and meets the growing travel demand from Chinese tourists [1]

Group 1 - The Macau tourism market showed significant recovery during the 8-day National Day holiday, with a total of 1.144 million inbound travelers, averaging 143,000 daily, representing increases of 1.9% and 2.8% compared to 2024 and 2019 respectively [1][2] - Mainland travelers accounted for the majority, with 943,000 visitors, making up 82.4% of total inbound traffic, while Hong Kong travelers represented 11.2% [1] - International travelers also saw a notable increase, with 57,000 arrivals, averaging about 7,200 daily, marking a substantial rise of 29.9% compared to 2024 [1] Group 2 - The 2025 National Day holiday was extended to 8 days, enhancing its significance as a key tourism period for Macau [2] - The Macau government organized various events, such as the 33rd Macau International Fireworks Display Contest and community tourism activities, to create a festive atmosphere and encourage local spending [2] - Hotel occupancy rates were high, averaging 87.9% during the holiday, with a peak of 93.5% on October 2, while the average room rate was approximately 1,698.8 MOP, down 7.8% from the previous year [2]

Core Insights - During the National Day and Mid-Autumn Festival holiday from October 1 to 8, Yunnan's airports handled over 1.82 million passengers, with a total of 12,808 flight takeoffs and landings, and cargo volume exceeding 10,700 tons, showing year-on-year increases of 2.95%, 4.92%, and 15.80% respectively [1] - Yunnan is recognized as a significant gateway to South Asia and Southeast Asia, benefiting from its favorable climate and rich tourism resources, making it a popular destination for travel and residence [1] - The recovery of international and regional flight routes is notable, with increased frequency on routes such as Kunming to Bangkok, and high passenger traffic on routes to Kuala Lumpur, Penang, and Sabah, establishing them as important channels for cross-border tourism [1] Industry Developments - Airports in Yunnan have been renovated and enhanced for the holiday period, featuring immersive cultural experiences and local traditions, such as the "Pu'er Life Experience Zone" at Kunming Changshui International Airport and the integration of Mid-Autumn Festival traditions with Dai culture at Xishuangbanna Gasa International Airport [2] - The artistic performance "Wanjing" at Diqing Shangri-La Airport showcases national sentiment through sign language dance, while staff at various airports don ethnic costumes, combining warm service with regional characteristics, enhancing the overall travel experience [2]

Core Insights - During the 2025 National Day Golden Week, China's tourism consumption demand showed significant resilience, with a year-on-year increase in nationwide travel volume, particularly in eastern cities like Shanghai and Nanjing [3] - The southern and western regions experienced slightly weaker performance due to weather factors, but self-driving trips and scenic area visits continued to rise, leading to a notable improvement in hotel occupancy rates, with some areas achieving record high RevPAR [3] - Retail and dining sectors recorded steady growth during the holiday, indicating a rational consumer behavior leaning towards mid-to-high-end experiences, with larger brands and companies demonstrating stronger performance elasticity amid industry competition [3] - Short trips and day tours became mainstream, while some traditionally popular tourist destinations like Hainan saw slow recovery due to weather impacts [3] - Huazhu Group, as an industry leader, has a dense layout in high-demand areas, achieving significant increases in occupancy rates and revenue per room during the Golden Week, benefiting from the tourism recovery [3] - The group's efficient operations and multi-brand strategy are expected to help it maintain a leading position amid the upgrading of domestic consumption structures [3]