央视网消息：秋冬独有的美景带火各地文旅市场。日，陕西彬州市义门镇千亩柿子成熟了火红的柿子挂满枝头，吸引了大批游客前来游 为了方便自驾游游客前来旅游，当地交管部门协调开辟了多个免费停车场。为了鼓励游客选择公共交通出行，当地相关部门还在高铁站开 通了免费公交旅游专线，为游客提供了更多便利的交通服务。 新疆昆玉：初冬胡杨美如画 在新疆昆玉市以西的大片沙漠中，随着天气渐冷，胡杨的树叶不再那么金黄耀眼，沙漠也多了一些苍凉，更增添了几分美感。胡杨树虬曲 的枝干挺立大漠，斑驳的树影和树下的落叶，如同一幅美不胜收的画卷，晕染出层次分明的色彩。 玩。 在陕西彬州市义门镇罗店村，大片的柿子林褪去翠绿，换上一袭红装，吸引大批游客前来游玩。当地供销联社在罗店村口搭建起了供销集 市，集中向游客推介十余种本地特产。 24日，黑龙江漠河再次出现美丽的极光景象，吸引大批游客前来赏雪追光。为了帮助游客增强"极光游"体验感，当地还专门打造了全国首 个极光主题博物馆，进一步丰富旅游消费业态场景。 黑龙江漠河：再现极光美景 极光博物馆丰富游客体验 当日，在漠河北极村,粉色、紫色为主的极光在夜空慢慢舞动，同一时刻还出现了壮观的"寒夜光柱"，让恰好在漠 ...

Core Insights - Ctrip Group reported strong financial performance for Q3 2025, with revenue reaching 18.3 billion yuan, a year-on-year increase of 16%, and a net profit of 19.9 billion yuan [1] - The company benefited from robust travel demand during the peak season, with both domestic and international markets showing healthy growth [1] Revenue Breakdown - Accommodation booking revenue was 8 billion yuan, up 18% year-on-year, driven by strong outbound travel and international hotel bookings [1] - Transportation ticketing revenue reached 6.3 billion yuan, a 12% increase year-on-year, supported by strong growth in international air bookings [1] - Vacation revenue was 1.6 billion yuan, growing 3% year-on-year, primarily due to the expansion of international product lines [1] - Business travel management revenue was 756 million yuan, up 15% year-on-year, as more companies adopted this service [1] International Business Performance - The international OTA platform saw total bookings increase by approximately 60%, with the Asia-Pacific region being the largest contributor [2] - Inbound travel bookings more than doubled year-on-year, with strong growth also observed in Europe and the U.S. [2] - Outbound hotel and flight bookings increased nearly 20% year-on-year, reaching 140% of the levels seen in the same period of 2019 [2] Demographic Trends - Demand from both senior and young travelers is strong, indicating a trend of intergenerational diversity [3] - The number of users in the "Old Friends Club" grew over 70%, with affluent senior travelers focusing on quality travel experiences [3] - Young travelers are increasingly driven by experiential tourism, with significant revenue growth in this segment due to events like concerts [3] Future Outlook - The company expects to achieve revenues of 61.56 billion yuan, 70.78 billion yuan, and 80.36 billion yuan for 2025-2027, with year-on-year growth rates of 15.5%, 15.0%, and 13.5% respectively [3] - Projected net profits for the same period are 31.92 billion yuan, 20.58 billion yuan, and 23.86 billion yuan, with growth rates of 87.0%, -35.5%, and 15.9% respectively [3] - Ctrip's domestic business advantages and potential growth in international markets suggest long-term investment value, with a target PE of 20.5X for 2026 [3]

Investment Rating - The report maintains a "Buy" rating for Ctrip Group-S (09961.HK) with a target price of 648.83 HKD, based on expected strong performance in the upcoming months [5]. Core Insights - Ctrip Group's Q3 2025 performance shows robust growth driven by strong travel demand, with total revenue reaching 18.3 billion RMB, a year-on-year increase of 16%. The net profit attributable to shareholders was 19.9 billion RMB, and adjusted EBITDA was 6.3 billion RMB [1][2]. Revenue Breakdown - Accommodation booking revenue was 8 billion RMB, up 18% year-on-year, supported by strong outbound travel and international hotel bookings. Transportation ticketing revenue reached 6.3 billion RMB, a 12% increase, driven by robust international flight bookings. Vacation revenue was 1.6 billion RMB, growing 3%, primarily due to the expansion of international product lines. Business travel management revenue was 756 million RMB, up 15% as more companies adopted these services [2]. International Business Performance - Ctrip's international OTA platform saw total bookings increase by approximately 60% year-on-year, with the Asia-Pacific region being the largest contributor. All regions experienced growth exceeding 50%, with mobile bookings accounting for over 70% of total bookings. Inbound travel bookings more than doubled, with significant growth from the Asia-Pacific, Europe, and the US. Outbound hotel and flight bookings increased nearly 20%, reaching 140% of the levels seen in the same period of 2019 [2]. Demographic Trends - There is a strong demand from both senior and young travelers, indicating a trend of intergenerational diversity. The number of users in Ctrip's "Old Friends Club" grew over 70%, with affluent senior travelers focusing on quality travel experiences. Ctrip is customizing more products and services for this demographic. Young travelers are increasingly drawn to experience-driven travel, with revenues from this segment seeing triple-digit growth [2]. Profit Forecast and Investment Suggestion - The report anticipates continued enthusiasm for leisure travel, projecting revenues of 61.56 billion RMB, 70.78 billion RMB, and 80.36 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.5%, 15.0%, and 13.5%. Net profits are expected to be 31.92 billion RMB, 20.58 billion RMB, and 23.86 billion RMB, with growth rates of 87.0%, -35.5%, and 15.9% respectively. The report highlights Ctrip's significant domestic business advantages and the potential for international business to contribute additional growth [2][4].

Core Insights - Thailand has welcomed over 28 million foreign tourists this year, with a notable decline of 7.18% year-on-year in visitor numbers [1] - The top five source countries for tourists are Malaysia, China, India, Russia, and South Korea, with Malaysia leading at approximately 4.06 million visitors [1] - Despite the decrease in tourist numbers, the total revenue generated from tourism is approximately 1.308 trillion Thai Baht [1] Tourist Statistics - From January 1 to November 16, Thailand received a total of 28,277,276 foreign tourists [1] - In the week from November 10 to 16, there were 689,431 foreign tourists, averaging about 98,490 visitors per day [1] - South Korean tourists showed the fastest growth in the past week, with a 15.98% increase, attributed to the onset of the winter holiday season [1]

Core Viewpoint - Concerns over deteriorating Sino-Japanese relations have led to a significant sell-off in tourism-related stocks in Tokyo, with some stocks dropping over 10% due to fears of reduced Chinese tourist visits [2] Group 1: Stock Performance - Stocks of major department stores such as Mitsukoshi Isetan fell by 10.64%, and Takashimaya dropped by 6.29% [2] - Shiseido, which heavily relies on Chinese consumer spending, saw its stock decline by over 11%, marking the largest single-day drop since early April [2] - The operator of Tokyo Disneyland, Oriental Land Company, experienced a stock decrease of approximately 5%, while All Nippon Airways Holdings fell by 4.74% [2] Group 2: Investor Sentiment - Investors are reacting to expectations that the Chinese government's travel warnings will negatively impact the performance of related companies, prompting a rapid sell-off of stocks [2] Group 3: Economic Impact - According to the Japan National Tourism Organization, nearly one-fifth of international visitors to Japan in 2024 are expected to come from China, amounting to about 7 million people [2] - Nomura Research Institute predicts that the Chinese government's travel advisories could lead to a reduction in Japan's tourism revenue by approximately 2.2 trillion yen (about 14.3 billion USD), which may drag down Japan's real GDP by 0.36% [2]

Core Viewpoint - Concerns over deteriorating Sino-Japanese relations have led to a sell-off in tourism-related stocks in Japan, with some stocks dropping over 10% due to fears of decreased demand from Chinese tourists [1] Group 1: Stock Performance - Stocks of major department stores such as Mitsukoshi Isetan fell by 10.64% and Takashimaya by 6.29% [1] - Shiseido, which heavily relies on Chinese consumer spending, saw its stock drop by over 11% [1] Group 2: Investor Sentiment - Investors are reacting to expectations that the Chinese government's travel warnings will negatively impact the performance of related companies, prompting a rapid sell-off of stocks [1] Group 3: Economic Impact - Nomura Research Institute predicts that the Chinese government's travel warnings could lead to a reduction in Japan's tourism revenue by 22.124 trillion yen, which may result in a 0.36% decrease in Japan's actual GDP [1]

Core Insights - The 2025 Fliggy "Double 11" Global Travel Festival achieved record-breaking sales, with overall fulfillment GMV increasing by 30% compared to last year [1] - The number of participating users and their spending power continued to rise, with transaction user numbers growing over 20% year-on-year [1][2] - The event saw significant participation from travel agencies, with the number of merchants achieving over 10 million yuan in GMV increasing by approximately 30% [1] Group 1 - Fliggy reported that the number of 88VIP transaction users grew by about 30%, contributing to over 70% of the sales from top merchants [1] - The GMV of travel products that have been used or booked by consumers increased by over 30% year-on-year as of November 14 [1] - The number of travel agency merchants increased by 160%, indicating strong growth in the sector [1] Group 2 - Consumers placed orders for over 6 million promotional items during the "Double 11" event, including nearly 1 million flight tickets and approximately 3 million hotel packages [2] - The share of outbound travel products accounted for nearly half of the total orders, while inbound travel made a strong debut with GMV increasing by over 4 times compared to the peak travel season earlier in the year [2] - Fliggy's CEO emphasized the importance of resource integration and efficient connection between quality supply and diverse demand to ensure mutual benefits for consumers and merchants [2]

Core Insights - The 2025 Fliggy Double 11 Global Travel Festival achieved record sales, with overall fulfillment GMV increasing by 30% compared to last year, driven by Alibaba's "big consumption platform" [1] - The number of participating users and their spending power continued to rise, with transaction user numbers growing over 20% year-on-year, and 88VIP users increasing by approximately 30% [1][5] - Fliggy's CEO emphasized the importance of resource integration and mechanism design to enhance the connection between quality supply and diverse demand, aiming for a "win-win" situation for consumers and merchants [1] User Engagement and Sales Performance - Over 60 million activity items were sold during the event, with outbound travel accounting for nearly half of the sales [4] - The GMV for inbound travel products increased by over 400% compared to the peak season earlier this year [4] - The number of merchants achieving over 10 million GMV during Double 11 grew by approximately 30%, with travel agency merchants increasing by 160% [6][8] Marketing and Product Strategy - Fliggy's official live streaming matrix contributed to a 70% increase in GMV for activity products, with the number of products exceeding 10 million GMV doubling year-on-year [6][8] - The event showcased innovative travel experiences, such as glacier hiking and international cruises, with significant sales figures reported [10] - The introduction of unique product strategies, such as themed family rooms, helped new hotels gain visibility and achieve substantial sales during the event [10]

Core Insights - The Australian tourism industry is experiencing significant growth from Chinese tourists, with a reported increase in visitor numbers and spending [3]. Group 1: Visitor Statistics - China is the second-largest source market for Australian tourism, with 981,400 Chinese visitors expected from September 2024 to August 2025, representing a 16% year-on-year increase [3]. - The number of Chinese tourists in Australia is the fastest-growing segment of inbound visitors [3]. Group 2: Spending Trends - In the past year, Chinese tourists spent AUD 11.7 billion (approximately RMB 54.4 billion) in Australia, marking a 29% increase year-on-year [3]. - Chinese tourists have the highest overall spending among global visitors, with vacation tourists being the primary drivers of this expenditure [3].

Core Insights - The Australian Tourism Bureau's China Industry Conference will be held from November 10-13, 2025, highlighting the importance of the Chinese market for Australian tourism [1] - China is the second-largest source market for tourists to Australia, with an expected 981,400 visitors from China between September 2024 and August 2025, representing a 16% year-on-year increase [1] - In the past year, Chinese tourists spent AUD 11.7 billion (approximately RMB 54.4 billion) in Australia, marking a 29% increase and making them the highest spenders among global tourists, with vacation tourists being the primary drivers of this growth [1]