本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 云顶新加坡 GENS SP 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 新加坡旅游与酒店行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 2025 年四季度/财年业绩速评 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 25 日发布的题为《4Q/FY25 results first take》的报告， 云顶新加坡（GENS）2025 财年净利润为 3.9 亿新加坡元（同比-33%），低于预期，主要因运 营成本超预期、胜率下降及 2025 年四季度坏账拨备增加。展望 2026 年，管理层预计非博彩业务将持续复苏，因作 为圣淘沙名胜世界（RWS）2.0 升级计划主要组成部分的资产翻新已基本完成，并有望进一步扩大规模以吸引更多游 客。博彩业务方面，新管理层将专注于夺回市场份额的战略，特别是 ...

（原标题：1个月入境300万！中国、马来西亚游客成泰国旅游复苏主力） 这得益于多项促进出行的积极措施，包括：针对中国游客的刺激措施；提升国 家安全形象的"Trusted Thailand"政策；政府推行的"Ease of Traveling"便利出行 措施，以提高赴泰旅游的便利性；取消TM.6出入境卡，以及推动并鼓励航空公 司增加航班数量。 据星暹日报 2月11日报道，2026年首月，泰国接待外国游客突破300万人次， 旅游创收达1670亿泰铢，中国游客以417999人次成为泰国旅游复苏主力。 2月7日，泰国旅游与体育部次长纳塔里雅表示，自1月1日至2月1日，赴泰 外国游客累计达300万人，为泰国创造约1672亿泰铢的收入。外国游客人数排 名前五的国家分别是：中国417999人，马来西亚315115人，俄罗斯281673人， 印度237371人，以及韩国173546人。 ...

Core Viewpoint - InterContinental Hotels Group has successfully navigated the challenges posed by the COVID-19 pandemic and has returned to a growth trajectory, achieving record revenues and profits in recent years [2][6]. Financial Performance - In 2020, InterContinental's revenue was halved compared to 2019 due to pandemic-related restrictions, leading to significant losses of $260 million [4][5]. - By 2021, as travel restrictions eased, revenue began to recover, but profitability was not fully restored until late in the year [5]. - In 2022, the company reported record revenue of $4.92 billion and a profit of $628 million, equating to $3.90 per share [6]. - The first half of 2025 has shown even stronger performance, with earnings reaching a record of $469 million, or $3 per share [6]. Industry Context - The travel and entertainment industry faced severe disruptions during the pandemic, but demand for travel-related services surged during the post-pandemic recovery, benefiting companies like InterContinental [7].

Group 1 - Ctrip Group's stock (9961.HK) rose nearly 4% to HKD 574.5 at the beginning of trading [2] - On the first day of the New Year holiday, the total inter-regional movement of people is expected to exceed 208 million, representing a 21% increase compared to the same period last year [2]

Group 1 - The South Korean government has decided to extend the visa fee exemption for group tourists from China, India, and certain Southeast Asian countries for an additional six months to continue promoting tourism growth [1][3] - The extension applies to group tourists from six countries: China, India, Vietnam, the Philippines, Indonesia, and Cambodia [3] - The visa fee for the C-3-2 visa is 18,000 KRW (approximately 90 RMB), and the original plan was to implement this temporary exemption until the end of 2025, but it has been extended due to the ongoing recovery in inbound tourism [3]

Core Insights - The report from Yango Ads indicates a significant increase in search volume for Thailand as a travel destination among Russian-speaking tourists, with a month-on-month growth of 49% and a year-on-year increase of 15%, making Thailand the most searched country in Southeast Asia [1] Group 1: Tourism Recovery - The data reflects the recovery direction of Thailand's tourism industry, aligning with the national tourism goals, as the number of foreign tourists continues to rise steadily [1] Group 2: Popular Destinations - Phuket remains the most popular destination in Thailand, with a year-on-year search volume increase of 8% [1] - Pattaya ranks second, showing a year-on-year search volume growth of 17% [1] - Bangkok, benefiting from business travel and urban lifestyle activities, ranks third with a year-on-year search volume increase of 32% [1] Group 3: Emerging Destinations - Hua Hin's search volume has increased by 15% year-on-year, while Koh Chang has seen an 8% increase, indicating their rising popularity among Russian-speaking tourists [1] - Long-distance travel demand remains strong, particularly among Russian-speaking tourists, with a notable year-on-year growth of 49% in interest towards Bangkok [1]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [55]. Core Insights - The bus industry is positioned to become a global leader in technology output, with overseas market contributions expected to replicate the scale of the Chinese market within 3-5 years [2]. - Key drivers include favorable national policies, advanced technology and product quality, and a recovering domestic market without price wars [2]. - The report recommends focusing on Yutong and King Long as preferred stocks within the bus sector, both rated as "Buy" [3][4]. Summary by Sections Industry Overview - In November 2025, the overall production of the bus industry in China reached 55,000 units, with year-on-year and month-on-month increases of 14.90% and 10.47% respectively [10][11]. - The wholesale volume for the same period was 53,000 units, reflecting a year-on-year increase of 15.78% and a month-on-month increase of 7.28% [10][11]. Company Performance - Yutong's projected net profit for 2025-2027 is expected to grow by 20% annually, reaching 4.94 billion, 5.92 billion, and 7.03 billion yuan respectively, maintaining a "Buy" rating [4]. - King Long is anticipated to show significant profit recovery, with net profits projected at 440 million, 640 million, and 830 million yuan for the same period, reflecting growth rates of 182%, 45%, and 28% respectively, also rated as "Buy" [4]. Market Dynamics - The domestic market has seen an end to price wars, which is expected to positively impact demand, driven by tourism recovery and public transport upgrades [2]. - The report highlights that the bus industry is on track to challenge previous market peaks from 2015-2017, with potential for new growth ceilings [6]. Sales and Exports - In November 2025, the total sales of buses reached 49,000 units, with significant increases in both wholesale and terminal sales across various bus types [10][13]. - Exports of large and medium buses totaled 4,294 units in November, marking a year-on-year increase of 25% and a month-on-month increase of 12% [35][36]. Regional Performance - Bus sales showed strong seasonal trends, with most regions experiencing year-on-year increases in November 2025, particularly notable in Northeast and South China [24]. - The report indicates that the market concentration remains high, with leading companies like Yutong and King Long maintaining significant market shares in both domestic and export markets [30][36].

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]