在线旅游预订平台数据显示，国内航线机票预订量同比上涨一成，国际航线同比上涨约两成。端午假期 国内航线机票预订量超293万张，杭州、北京、上海、昆明比去年端午假期更加热门，旅客同比增幅较 大；随着气温逐渐升高，乌鲁木齐、西安等西北旅游城市成为端午假期出行的热门选择。(央视新闻) ...

在数字化浪潮与消费产业链重塑的双重驱动下，旅游业正从传统单一服务模式向跨产业融合的生态化体 系跃迁。伴随着消费者对旅游的需求从"功能满足"转向"体验驱动"，人工智能、低空经济、沉浸技术等 创新力量重构旅游产业链的底层逻辑，一场围绕着技术、情感、生态的三重变革正在发生。在此背景 下，深蓝智库聚焦"旅游+"产业链重建，通过技术升级、场景创新、业态重构、服务升级、消费链条重 塑五大维度，寻路未来旅游。 技术升级 AI从工具到"副驾" 文旅场景因其体验性强、接受度高，成为商业化首站。亿航智能副总裁贺天星说到，行业正从"一拥而 上"转向规范化、可持续、标准化、规则化的发展。 eVTOL正在改写旅游的空间逻辑。沃飞长空验证飞行的"成渝低空文旅走廊"航线，能让游客半小时从成 都直达乐山大佛上空；峰飞航空将依托已获批的长江北岸空中游览航线，拓展"低空+文旅"应用场景， 先行开启武汉市汉阳区的空中观光飞行。 2025年，在线旅游行业掀起了一场前所未有的AI竞速战。在深蓝智库采访调研的平台中，所有的在线 旅游平台均接入了DeepSeek。调研还发现，今年所有在线旅游平台都在加速AI产品的迭代，平均每1— 2个月都会优化或升级AI ...

Group 1 - The core theme of the Dragon Boat Festival this year is characterized by short-distance travel, a rise in folk culture, and experience-based tourism, influenced by multiple factors such as the "no time-off" policy and the proximity to the summer vacation [1] - The parent-child travel market is experiencing a surge, with ticket bookings for popular theme parks doubling and camping activity reservations increasing by 80%, as families engage in activities like watching dragon boat races and making rice dumplings [1][3] - The value of folk culture IP is a significant highlight this Dragon Boat Festival, with searches related to folk customs increasing over 100% year-on-year, and keywords like "dragon boat" and "rice dumpling" seeing over 200% growth [2] Group 2 - Accommodation preferences show a notable shift, with high-star hotel bookings (4-star and 5-star) increasing by 30% to 50% year-on-year, significantly outpacing lower-star hotels, reflecting a demand for quality in folk culture tourism [2] - The trend of "good accommodation" and "deep experiences" is emerging, with hotel packages that include activities and dining seeing a 24% increase in bookings [2] - The rental car market is thriving, with a 47% year-on-year increase in rental bookings, indicating a preference for self-driving trips despite the lack of free highway access during the holiday [4] Group 3 - Short-distance travel is prevalent, with many travelers opting for high-speed rail within a three-hour radius, particularly in urban clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta [4] - Cross-border travel is also on the rise, with destinations like Japan, South Korea, and Southeast Asia being popular choices, particularly among travelers from the Jiangsu-Zhejiang-Shanghai region [5]

值得留意的是，本季度财报呈现出更显著的结构性特征，携程、同程的核心增长引擎分化。 携程方面，国际预订量按年增长逾60%，入境旅游预订量激增1倍，以国际业务扩张推动增长。 而同程旅行作为服务大众的OTA平台，年服务人次达19.6亿，年付费用户达到2.47亿，创下历史新高， 以满足更多大众需求推动增长。 这也折射出在线旅游行业的深层逻辑演进——通过"平行发展"获取更多市场增量，牵引整个行业的升 级，以及展现两大OTA龙头各自的独特价值。 战略"平行"，分别满足精英与大众需求 直观来看，这种"平行发展"首先源于两者不同的发展战略。最新财报也进一步验证着这一点。 比如，在客群覆盖上，携程整体侧重于满足高价值的精英用户，包括商旅、跨境游等，用户主要来自高 线城市。同程则选择了大众路线，用户群体更为广泛，在非一线市场实现较强渗透。 2025年以来，提振消费被摆在更加突出的位置，旅游等服务消费持续升温。文旅部公布的数据显示， 2025年一季度国内出游人次17.94亿，同比增长26.4%；国内居民出游总花费1.8万亿元，同比增长 18.6%。 行业的高景气也传导到了OTA企业的财报中。目前，携程、同程旅行两大OTA龙头均已发 ...

文｜商业范儿 AI浪潮汹涌来袭，去哪儿网高调宣称开启"用AI改写行业"的第四次创业，欲借技术东风重塑未来。但看 似光鲜的转型之路背后，却是消费投诉的"暗流涌动"。 从五一期间酒店民宿毁约涨价的典型案例，到消费者在平台维权遭遇的重重困境，去哪儿网暴露出商家 监管缺失、客服流程混乱等诸多弊病。 一边是豪言壮志布局AI，一边是基础服务漏洞百出，这家老牌OTA的"AI门票"究竟是破局密钥，还是治 理遮羞布？ 5月14日，中国消费者协会发布的《"五一"消费维权舆论报告》显示，在1日至6日的6天监测期内，共收 集到"消费维权"相关信息20889961条，日均348万条。其中，"消费服务"问题最为突出，与之有关的负 面信息共747154条，占吐槽类信息的46.87%，日均信息量12.5万条。 作为"消费服务"投诉中毁约涨价的典型案例，《"五一"消费维权舆论报告》提到了网友小丁的遭遇。两 个多月前，她通过"去哪儿"平台预订了"五一"期间贵阳的一家便捷酒店，临近假期却被告知无法入住， 而该酒店此时的价格已涨到500多元一晚，是原来价格的4倍。 中国消费者协会指出，假日消费热潮下，部分商家利用市场供需失衡牟取暴利。一些酒店民宿无 ...

Core Insights - Airbnb is expanding its offerings beyond accommodation to include local experiences and services, aiming to enhance user engagement and connection with local cultures [3][12][69] - The new services address the common pain point of inadequate hospitality in vacation rentals, with initial offerings including private chefs, photography, and wellness services [5][12][72] - The company is focusing on high-frequency local living experiences to drive engagement, especially as international travel from China is on the rise, with a reported 25% increase in bookings [20][76] Service Offerings - Airbnb has launched ten categories of services, with most starting below $50, featuring professionals like Michelin-star chefs and personal trainers [5][72] - The service aims to provide convenience and enhance the overall travel experience by allowing users to book local services directly through the app [5][12] Experience Projects - The experience offerings are designed to connect travelers with local culture through unique activities, available in over 650 cities globally [12][20] - Experiences include culinary tours, outdoor activities, and art workshops, emphasizing the importance of local insights and connections [15][20][68] - The company aims to create deep connections between travelers and local communities, moving away from superficial tourist experiences [19][69] Market Trends - There is a growing trend among Chinese travelers towards interest-driven travel, with a focus on food, culture, and nature [20][76] - Airbnb's research indicates that 95% of Chinese travelers are likely to book experience projects during their trips, highlighting a significant market opportunity [76] Strategic Goals - Airbnb's strategy includes enhancing user engagement through innovative service offerings and experiences, aiming to redefine the travel experience [69][75] - The company is focused on integrating these new offerings into its existing platform to improve user experience and satisfaction [73][75] - Future growth is expected to come from expanding service and experience offerings, which are anticipated to positively impact core accommodation bookings [75][76]

Group 1: Internet Platform Companies - Tencent has a gross margin of 53% and a net margin of 33.7%, dominating the social media space [1] - Trip.com has a gross margin of 81.76% and a net margin of 32.02%, holding a market share of 65-70% in high-star hotels [1] - Pinduoduo reports a gross margin of 60.9% and a net margin of 28.6%, affected by losses from TEMU [1] - NetEase Games shows a gross margin of 57.14% and a net margin of 28.2% [1] Group 2: Fast-Moving Consumer Goods (FMCG) Brands - Leading FMCG brands like Nongfu Spring and Coca-Cola have net margins around 20%, with Coca-Cola at 22.6% due to its innovative business model [2] - Second-tier brands like PepsiCo and Nestlé have net margins around 10%, often due to insufficient brand loyalty or high pricing with low scale [3] - Third-tier brands such as Master Kong and Uni-President operate with net margins around 5%, relying on low prices for market share but struggling with brand loyalty and production scale [4] Group 3: Chain Beverage Companies - Top-tier chain beverage companies like Bawang Tea have a net margin of 20.3%, benefiting from brand premium [5] - Starbucks typically has a net margin of around 15%, but faces margin pressure due to increased competition [6] - Second-tier brands like Mixue Ice City and Gu Ming have net margins of 17.94% and 16.99%, respectively, leveraging scale advantages [6] Group 4: Hardware Companies - Apple has a gross margin of 46.2% and a net margin of 24%, while Xiaomi has a gross margin of 20.4% and a net margin of 6.44% [8] - NVIDIA shows a gross margin of 78.9% and a net margin of 57%, compared to AMD's gross margin of 50.2% and net margin of 15.3% [8] Group 5: Business Insights - High net margins (above 30%) often indicate monopolistic products, while margins below 15% suggest competitive pressures [9] - Companies with single-digit net margins typically rely on price wars, indicating weak product differentiation and low competitive advantage [14] - Trends in gross and net margins can reveal significant insights about a company's market position, as seen with Tesla and BYD [15]

事件： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25Q1公司的毛利率达到68.8%，同比+3.8pcts，主要受益于营收增长带来的规模效应提升。25Q1公司的经 调整净利润率与核心OTA利润率均同比提升，经调整净利润率达到18.0%，同比+3.6pcts。核心OTA业务利 润率达到29.2%，同比+6.6pcts，环比+0.8pcts。主要得益于公司精细化补贴投放，更关注ROI水平，销售 费用率同比下降且应用AI提升内部运营效率。25Q1公司销售费用率为33.2%，同比-2.2pcts。预计25Q2公 司的销售费用率将进一步同比下降，核心OTA利润率将同比持续提升。另外，公司于25年4月17日公告收 购万达酒管，有望补齐高端酒管的短板，打造更完善的酒管品牌矩阵，未来 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in demand for "staycation" and "parent-child travel" during the Dragon Boat Festival, with a 73% year-on-year growth in bookings for one-stop packages at high-star hotels in county areas, where parent-child families account for 33% of the bookings [1] - The "child-rearing economy" is driving new growth in the accommodation industry during the Dragon Boat Festival, with high-star vacation hotels that integrate child-friendly restaurants, local cuisine, and children's amusement parks becoming popular among users on Meituan Travel [1] - There has been a remarkable surge in the search for "hotel dining group purchases" on Meituan, with a week-on-week increase of 233%, and a 25% year-on-year growth in online transaction orders for high-star hotel dining [1] Group 2 - A representative from Meituan Travel stated that the rise of "staycation" and "hotel relaxation" reflects an upgrade in tourism consumption, as people's demands are shifting towards deeper travel experiences due to improved living standards and a more mature tourism ecosystem [2] - The combination of "accommodation + dining" and "accommodation + tickets" created by high-star hotels is becoming a core factor in attracting consumers, enhancing holiday consumption experiences and creating new business growth points [2]

Core Insights - The popularity of traditional cultural experiences during the Dragon Boat Festival, such as dragon boat racing and zongzi making, has increased by 105% compared to last year [1] - Family travel during the Dragon Boat Festival has seen a growth of approximately 20% year-on-year [1] - Ticket bookings for popular theme parks have more than doubled compared to last year [1] Travel Trends - The main travel preferences include 2-hour high-speed train trips and short-distance self-driving tours [1] - Car rental bookings for the Dragon Boat Festival have increased by 47% compared to last year [1] - High-speed train stations have become the most popular locations for car pick-up and drop-off [1]