Core Points - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the Electronic Commerce Law and regulations against unfair competition [1] - The investigation revealed that the platform imposed unreasonable restrictions on transactions and pricing of operators within the platform through service agreements, transaction rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [1] Company Summary - Ctrip Travel Network is under scrutiny for non-compliance with electronic commerce laws and regulations, which could impact its operational practices and market reputation [1] - The administrative actions taken by the Zhengzhou Market Supervision Administration highlight the regulatory environment and the importance of fair competition in the online travel industry [1] - The company is required to implement comprehensive reforms to protect the legal rights of operators on its platform and maintain a fair market order [1]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].

Group 1 - Disney's "Wonder" cruise has postponed certain voyages, affecting travelers' itineraries [1][2] - Ctrip has announced a special guarantee plan for affected customers, offering free rescheduling or full refunds for eligible flight and hotel bookings [1] - The guarantee applies to customers impacted by the cruise's postponement for travel dates between December 15, 2025, and March 12, 2026 [1] Group 2 - Fliggy has also introduced a special guarantee for affected users, providing full refunds or free rescheduling for flight and hotel bookings related to the Disney cruise [2] - The refund will be processed back to the original payment method, while any fare differences for rescheduling will be covered by Fliggy [2] - Fliggy is proactively contacting consumers to address any additional concerns beyond the guarantee [2]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) closed at 26,438 points after reaching a high of 26,601 points, indicating a high open but a low close, which disappointed investors [1] - Technical signals suggest a "sell" with support levels at 25,860 points and 25,385 points, while resistance levels are at 26,642 points and 27,600 points [1] Group 2: Trip.com Group (09961.HK) - Trip.com Group's stock price has steadily increased over the past two weeks, rising by 4.09% to 597.5 HKD, although short-term technical signals indicate a "sell" [7] - Support levels are at 561 HKD and 520 HKD, while resistance is at 613 HKD [7] Group 3: Geely Automobile (00175.HK) - Geely's closing price is near the middle line of the Bollinger Bands, but the overall technical signal is leaning towards "sell" [14] - Support levels are at 18.3 HKD and 17.9 HKD, with resistance at 19.8 HKD and 20.3 HKD [14] Group 4: Meituan-W (03690.HK) - Meituan's stock price closed at 100.3 HKD, with technical signals indicating a "buy" [20] - Resistance levels are at 107.5 HKD and 117.7 HKD, while support levels are at 96 HKD and 91.7 HKD [20] Group 5: Lenovo Group (00992.HK) - Lenovo's stock closed at 11.7 HKD, close to the upper Bollinger Band, with a technical signal of "sell" [26] - Support levels are at 11.1 HKD and 10.9 HKD, while resistance levels are at 12.1 HKD and 12.5 HKD [26] Group 6: Bilibili-W (09626.HK) - Bilibili's stock reached a high of 220 HKD and closed at 212 HKD, with a technical signal of "sell" indicating potential adjustments after reaching high levels [32] - Short-term support levels are at 195 HKD and 181 HKD, with recommendations for longer expiration dates on options to mitigate time decay [32]

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]

Core Viewpoint - Ctrip will bear the losses related to flight and hotel bookings due to the postponement of Disney's cruise operations, providing free rescheduling or full refund services for affected customers [1][2] Group 1: Company Actions - Ctrip announced a guarantee plan for customers affected by the postponement of Disney's cruise, applicable to bookings made for travel dates between December 15, 2025, and March 12, 2026 [1][2] - The company will cover the costs for affected customers who book round-trip flights to Singapore and local hotel reservations within 7 days before or after their original travel dates [1][2] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1][2]

Core Insights - The launch of Fliggy AI's "Ask Me" photo explanation feature aims to enhance the travel experience by providing professional audio guides when users take pictures of exhibits, historical sites, and landmarks [1][7] - The AI is designed to offer detailed explanations about artifacts and architecture, utilizing a specialized dataset focused on cultural and tourism knowledge [1][6] Feature Overview - The "Ask Me" feature allows users to receive real-time audio explanations by simply photographing an object or site, creating an interactive travel experience [1][6] - The AI has been trained to recognize intricate details of cultural artifacts and buildings, ensuring accurate and engaging storytelling [1][6] User Interaction - After an initial explanation, the AI encourages users to ask further questions, enhancing engagement and exploration of the subject matter [6] - The AI's voice has been specifically designed to be soft and natural, improving the overall user experience [6] Data and Training - The AI has already learned about 676 popular attractions and museums, with ongoing collaborations to enhance its knowledge base [7] - Fliggy is investing resources in data collection, cleaning, and annotation to ensure high-quality training for the AI [6][7] Market Potential - With the upcoming holiday season, there is an expected surge in demand for cultural site explanations, positioning the "Ask Me" feature as a valuable tool for tourists seeking free and high-quality guidance [7]

长沙晚报掌上长沙9月17日讯（全媒体记者 吴鑫矾）9月17日，2025年国庆中秋假期首日（10月1日）火 车票正式开售。美团旅行发布数据显示，连日来火车国庆中秋假期票进入"抢票模式"，抢票热度明显高 于往年，其中北京、成都、重庆、西安、郑州、南京、长沙、武汉、青岛、上海等城市火车票热度最 高，不少热门线路出现"开票即候补"的情况。 根据预测，2025年国庆中秋假期，全国铁路的客流高峰预计相对集中在9月29日至10月1日以及10月7日 至8日，其中9月29日至10月1日的客流量相对集中，预计将达到假期客流的30%以上。 针对还未选好目的地的旅客，美团旅行上线"火车票热力地图"，可以根据出发地为用户推荐热门到达城 市，并筛选出小众城市榜、折扣榜，为用户反向出游、捡漏好价提供支持。 "我和朋友最近一直在选国庆中秋假期出去玩的目的地，纠结了很久，最终通过美团旅行的火车票热力 地图获得灵感，被'种草'了惠东。从长沙过去的票价很合适，并且这类小众目的地不用人挤人，也不用 担心抢不到票。"长沙的刘女士表示，假期出行她最怕的就是选好目的地却抢不到票，热力地图帮她解 决了这个困扰，她准备去广东省惠州市的惠东县和朋友一起度过一个 ...

Core Points - Ctrip has announced a special guarantee plan for customers affected by the postponement of the Disney Wonder cruise, which is scheduled from December 15, 2025, to March 12, 2026 [1][2] - The plan includes free rescheduling or cancellation services for flights and hotel bookings made through Ctrip within 7 days before or after the original travel date [2][3] - Ctrip will cover any additional losses incurred by customers, with refunds processed through Ctrip Wallet by the end of September [1][3] Summary by Categories Customer Impact - Customers who booked flights and hotels through Ctrip during the affected travel period will be contacted by customer service by September 30, 2025 [2][3] - The company acknowledges the inconvenience caused by the cruise delay and is actively seeking solutions to minimize customer losses [2] Service Offerings - Ctrip provides two options for affected customers: rescheduling their travel dates or canceling their bookings [2] - All refunds for hotel and flight bookings will be processed according to normal cancellation policies [3] Company Commitment - Ctrip emphasizes its commitment to customer service and aims to provide excellent support during this situation [3]

Core Insights - The upcoming Mid-Autumn Festival and National Day holidays are expected to see a significant increase in travel bookings, with consumers taking advantage of the "拼假" (staggered leave) strategy to extend their holidays [2][4] Travel Booking Trends - Travel bookings for the upcoming holidays are approximately 3.5 days ahead of last year, with substantial increases in reservations for flights, hotels, tickets, car rentals, and tour packages [2] - In Shanghai, travel bookings for the holiday period have increased by over 40% year-on-year, with car rental bookings rising by 89% [4] Consumer Behavior - Over 60% of consumers plan to travel across provinces, and nearly 30% intend to travel abroad, with many opting for staggered leave to maximize their holiday time [4] - The trend of multi-destination travel is becoming more pronounced, with popular domestic cities including Beijing, Shanghai, and Chengdu seeing significant interest [5] Cultural and Event-Driven Travel - There is a notable trend of integrating cultural events with travel, as searches for hotels and attractions near popular performances and exhibitions have increased by 1.5 times year-on-year [7] - Companies are actively promoting travel packages that combine cultural and commercial elements, enhancing the overall travel experience [8] International Travel Insights - International hotel bookings have expanded to cover 2,852 cities, with Japan, Thailand, and South Korea being the top destinations [10] - The mutual visa exemption policy between China and Russia is expected to boost travel to Russia, with significant increases in search and booking activity for cities like Moscow and St. Petersburg [10][11] Inbound Tourism - Inbound tourism is also experiencing growth, with foreign tourists booking stays in nearly 100 domestic cities, with Shanghai and Beijing being the most popular [11]