【环球网科技综合报道】11月12日，蚂蚁国际在新加坡金融科技节（SFF2025）上宣布，正式开源其自主研发的"鹰序"（Falcon TST, Time-Series Transformer）AI预测大模型。该模型是业内首个基于多分段模式（Patch）并采用"混合专家"（Mixture of Experts, MoE）架构的大规模时序预测基础模型， 参数规模超过25亿，在多个权威基准评测中（如平均绝对误差率）取得最优的性能表现。 目前，"鹰序"AI预测大模型已在GitHub、Hugging Face以及蚂蚁国际平台全面开放，可供全球开发者与研究机构使用。 "鹰序"AI预测大模型最初用于蚂蚁国际内部的现金流和外汇风险预测。据悉，该模型可按小时、天或周进行预测，准确率超过90%，能帮助企业将外汇成本 降低最高到60%。 除金融领域外，蚂蚁国际方面还表示，"鹰序"AI预测大模型也可用于预测天气变化、节假日消费、金融市场波动、跨境人流等具有时间序列特征的数据。目 前，公司正与航空、银行、在线旅游和电商等行业等行业的合作伙伴探索具体应用。 例如，在航空业，该模型可用于优化汇率对冲策略，已有试点项目显示外汇成本显著降低；用 ...

Core Insights - Ctrip Group is positioning Turkey as a "super destination" for tourism, leveraging its local presence and global reach to enhance the visibility and appeal of Turkey's unique cultural heritage and diverse experiences [2][4]. Group 1: Turkey as a Tourism Destination - Turkey is rapidly emerging as a sought-after destination for global travelers, with Ctrip playing a crucial role in showcasing its unique cultural heritage and diverse experiences [2]. - Ctrip has established a local office in Istanbul by the end of 2024 and built a substantial local team to respond more agilely to market demands, demonstrating a long-term commitment to the Turkish tourism industry [2]. - Istanbul has been selected as one of Ctrip's "Trip.Best 2025 Global Top 100 Destinations," and Turkey is officially recognized as a "super destination" within Ctrip's global strategy [2]. Group 2: Strategic Investments and Initiatives - Ctrip's strategic investments in Turkey include the "Preferred Partner Program," customized live marketing activities, and vacation products, resulting in a 130% increase in exposure and a 40% rise in overnight stays for the Turkish tourism industry [2][4]. - The company aims to create a comprehensive tourism ecosystem that integrates hotels, flights, attractions, and itineraries, optimizing visitor experiences and generating sustainable revenue growth for local partners [4]. - Ctrip plans to enhance air connectivity, expand hotel partnerships, and upgrade tourism products in collaboration with TGA, focusing on markets in the Asia-Pacific region such as China, Japan, Malaysia, and Indonesia [4]. Group 3: Sustainable Development and Future Plans - Ctrip is committed to promoting sustainable tourism in Turkey by highlighting hotels certified by the Global Sustainable Tourism Council (GSTC) on its platforms, showcasing Turkey's efforts in sustainable tourism [4]. - The company is exploring the introduction of high-quality farm stays and resort concepts to enrich Turkey's tourism offerings, aligning with the industry's shift towards high-end, culturally authentic, and digitally innovative experiences [5]. - Ctrip aims to redefine the value of destination cooperation, focusing on sustainable growth in the tourism sector while enhancing the overall visitor experience [4].

Core Viewpoint - The article discusses the increasing complexity and hidden costs associated with purchasing airline tickets and hotel bookings on major platforms, highlighting the prevalence of consumer traps and the challenges of regulation in the industry [2][3][6]. Group 1: Consumer Traps - Consumers face numerous hidden fees and additional charges when booking flights, often disguised as "low-price" options that include bundled services [3][5]. - The practice of "big data price discrimination" and "automatic price adjustment" in hotel bookings further complicates the consumer experience, leading to unfair pricing strategies [6][7]. Group 2: Regulatory Challenges - Regulatory oversight is difficult as platforms often label their tactics as marketing or product innovation, making it hard to enforce rules [9][10]. - The hidden nature of many pricing strategies makes it challenging for consumers to identify and contest unfair practices [10][14]. Group 3: Economic Incentives - Companies like Ctrip reported significant profits, with a net profit of 17.2 billion and a growth rate exceeding 20%, indicating that the financial benefits of these practices outweigh potential penalties [15][16]. - The low cost of violating regulations encourages platforms to continue employing deceptive practices, as the potential gains are substantial compared to the risks [17][19]. Group 4: Market Dynamics - The article highlights a "bad money drives out good" effect, where honest pricing strategies lead to a loss of competitive edge, perpetuating a cycle of deceptive practices across the industry [19][20]. - In monopolistic or oligopolistic markets, these practices become institutionalized, making it harder for smaller platforms to compete without adopting similar tactics [21][22]. Group 5: Potential Solutions - The article suggests that stronger regulatory measures, increased penalties for violations, and the promotion of fair competition could help address these issues [23][24]. - Encouraging ethical practices among industry giants is also proposed as a necessary step to break the cycle of negative competition [25][26].

Core Insights - The eighth China International Import Expo (CIIE) concluded on November 10, with Trip.com Group showcasing its innovative achievements and service ecosystem in the inbound tourism sector as the "official travel service partner" [2][3] - Trip.com received positive feedback from international attendees, highlighting its user-friendly interface and seamless payment process, which alleviated initial concerns about booking travel in China [2] - The platform's tailored services, such as "free half-day tours" and "AI itinerary planning," significantly enhance the travel experience for first-time visitors [2][3] Company Developments - Trip.com is leveraging AI technology and localized experiences to create a "warm bridge" connecting China with the world, facilitating easier and more confident exploration for international guests [4] - CEO Sun Jie announced that by 2025, the recovery rate of inbound tourism in China is expected to reach 123%, surpassing global and Asia-Pacific averages [4] - The company is focusing on content marketing to enhance inbound tourism experiences, moving away from traditional price competition [4] Service Innovations - Trip.com has improved its non-Chinese language service offerings by 72%, with real-time translation of hotel information into 26 languages, ensuring that small and medium-sized hotels can accommodate international guests without issues [4] - The AI itinerary assistant "Trip.Planner" integrates personalized data and real-time information to predict user interests, enabling one-click planning and booking [5] - The integrated platform TripGenie collaborates with partners to enhance service and marketing efficiency [5]

Core Insights - The travel industry is undergoing a structural transformation, with trends such as "free travel," small group tours, and customized experiences gaining traction. Tourists are shifting from mere sightseeing to seeking quality and unique experiences, with social media becoming a key decision-making channel. The recovery of cross-border travel is expected to surpass 2019 levels in both visitor numbers and tourism revenue by 2024, marking a new phase of high-quality development in the industry [1] Group 1: Strategic Focus - Ctrip's team travel business is driven by a vision of "customer first, partner second, platform third," as articulated by COO and team travel CEO Li Xiaolin. The company is implementing a strategy of "two splits, two integrations, and two upgrades" to address market changes, enhancing product offerings and service experiences [2] - The strategy has already shown results, with team travel product booking conversion rates increasing by 20% and user Net Promoter Score (NPS) rising by 22%. Sales growth for good merchants outpaced the market by 38%, indicating a positive momentum in platform growth [2] Group 2: Product Innovation - Ctrip's team travel business has developed a "demand map" to categorize its product offerings. The core group tour business focuses on "value for money + real experiences," segmented into luxury, pure play, self-funded, and shopping categories to cater to price-sensitive customers, families, and older adults [4] - Private tours and customized travel are identified as growth drivers, targeting family-specific scenarios and exploring high-end, seasonal, and unique market segments [4][5] Group 3: International Expansion - The Chinese inbound tourism market is entering a "golden window," with policies like visa exemptions expected to boost the market size to $180 billion by 2030. Currently, inbound tourism accounts for less than 0.5% of China's GDP, indicating significant growth potential [7] - Ctrip's team travel business is leveraging its overseas platform to provide a global one-stop travel service, covering 22 countries and regions by 2025. The company is optimizing supply for different source markets and has reached over 50 million users through various marketing initiatives [7] Group 4: Technology Empowerment - Ctrip is utilizing AI technology to address industry pain points, enhancing user experience through a comprehensive search model and improving merchant efficiency with AI-generated content. The goal is for AI to handle 80% of information processing, allowing human resources to focus on conversion [8] Group 5: Cruise Market Development - The cruise market in mainland China is experiencing rapid recovery, with passenger numbers expected to rise from 157,000 in 2023 to 931,000 in 2024, and projected to exceed one million in 2025. Ctrip is integrating global resources to connect with over 20 cruise lines and 200 ships, establishing a robust distribution system [9] Group 6: Future Vision - Ctrip aims to build an intelligent, efficient, and personalized travel ecosystem in collaboration with global partners, focusing on high-quality and sustainable development in team travel amidst the dual opportunities of cross-border travel recovery and consumption upgrades [11]

Core Insights - Klook Technology Limited is planning an IPO on the New York Stock Exchange under the ticker symbol KLK, having filed its prospectus with the SEC on November 10, 2025, after a confidential submission on July 18, 2025 [2]. Business Overview - Klook is a regional experience platform aiming to build a digital infrastructure for the global experience economy, connecting travelers with a wide range of activities and services across over 4,200 destinations [6][8]. - As of September 30, 2025, Klook has listed approximately 310,000 experience offerings and facilitated over 65 million bookings in the past year [6]. - The company focuses on the "last mile" of travel bookings, providing instant confirmations and dynamic recommendations based on user interests and locations [8]. Market Position - Klook has become the largest regional experience platform in the Asia-Pacific region by gross transaction value (GTV) as of 2024, according to Euromonitor International [6]. - The platform's user base is primarily young, tech-savvy travelers, with over 70% of traffic coming from organic channels, indicating strong brand loyalty [10]. Financial Performance - Klook's revenue for the years 2022, 2023, 2024, and the first three months of 2025 were $129 million, $335 million, $417 million, and $407 million respectively, with corresponding net losses of $123 million, $142 million, $99 million, and $141 million [32]. - The company reported a gross profit of $172 million for the first half of 2025, with an operating loss of $9.8 million [35]. Shareholder Structure - The pre-IPO shareholder structure shows that Ethan Lin, through various entities, holds approximately 20.5% of the total shares, with significant stakes also held by investment funds affiliated with HSG (15.5%) and Softbank (11.1%) [12][13]. Management Team - The management team includes co-founders Ethan Lin (CEO), Eric Gnock Fah (President), and Bernie Xiong (CTO), all of whom have extensive backgrounds in investment banking and technology [19][20][21][22].

Core Viewpoint - The announcement indicates that Ctrip Travel Information Technology (Shanghai) Co., Ltd. has reduced its stake in Shoulu Hotel by 25,206,000 shares, representing 2.26% of the total share capital, bringing its ownership down to 10% from 12.26% [1] Group 1 - Ctrip Shanghai executed a block trade to reduce its shareholding in Shoulu Hotel [1] - The reduction in shareholding touches the 1% threshold and the 5% whole number multiple [1] - The transaction occurred on November 10, 2025 [1]

Core Insights - The trend of "southern migration" for winter escape is gaining momentum, with a significant increase in flight bookings to warmer destinations like Hainan, Yunnan, and Guangxi, showing a year-on-year growth of approximately 100% from October 18 to November 10 [1][2] - There is a notable shift towards lesser-known destinations such as Jian Shui in Yunnan and Ba Ma in Guangxi, indicating a desire for new experiences among travelers [2] - The middle-aged and elderly demographic remains the primary market for winter travel, accounting for nearly 35% of travel participants [3] Travel Trends - The booking volume for long-term stays in southern provinces has increased by about 20% year-on-year, with a more than 10% rise in bookings for stays of 7 days or more [4] - The demand for larger accommodations is evident, with over 81% of long-term stay bookings being for multi-bedroom properties, particularly those with three beds, which saw a growth of over 22% [4] Popular Activities - The "hot spring +" vacation model is becoming increasingly popular, with significant booking activity in hot spring resorts and hotels in locations like Tengchong and Guangzhou [5] Market Preparation - Travel companies are proactively preparing for the upcoming New Year and Spring Festival markets, with enhanced product offerings that include cultural experiences and family-friendly activities [6][7] - The extended 9-day holiday for the 2026 Spring Festival is influencing family travel plans, prompting families to coordinate longer trips to popular destinations like Hainan [6][7]

Core Insights - The ongoing 15th National Games, co-hosted by Guangdong, Hong Kong, and Macau, is significantly boosting the sports and tourism consumption market, showcasing a vibrant "sports platform, tourism performance" model [1][8] - There is a notable increase in travel demand, with flight bookings to major event cities like Guangzhou, Shenzhen, and Zhuhai rising by 26% year-on-year during the event [1][8] Travel Demand - Flight bookings to Guangzhou surged by 28.8%, while Shenzhen saw an 18.4% increase, indicating strong interest in attending the games [1][8] - Visitors are combining their attendance at the games with tourism, as exemplified by a family from Beijing who planned to enjoy both the opening ceremony and local attractions in Guangzhou [2] Accommodation Trends - Hotel bookings in key commercial areas around sports venues have seen significant increases, with Shenzhen's Longgang district experiencing a 125% rise in reservations [3] - In Guangzhou, hotels near major venues like the Olympic Sports Center and Tianhe Sports Center reported a 23% increase in bookings, while Shenzhen's overall hotel orders grew by nearly 20% [3][4] Event Impact on Local Economy - The event has led to a 20% overall increase in tourism consumption in Guangzhou, with local ticket bookings up by 61.6% and hotel orders increasing by 15.4% [8] - The "sports + tourism" model is proving effective, as visitors are eager to explore local cultural and tourism resources alongside attending the games [8] Industry Response - Platforms like Ctrip and Tongcheng Travel are launching promotional campaigns to cater to the surge in demand, offering bundled packages that include event tickets, hotel stays, and local attractions [7][8] - The event is enhancing the image and market appeal of the Guangdong-Hong Kong-Macau Greater Bay Area as a world-class tourism destination [8][9]

Core Insights - The 15th National Games (referred to as "15th Games") significantly boosted hotel bookings in the host cities, particularly around major sports venues [1] Group 1: Event Impact - The 15th Games took place from November 9 to 21 in Guangdong, Hong Kong, and Macau, leading to a notable increase in accommodation consumption in these areas [1] - Hotel bookings in cities like Guangzhou and Shenzhen showed growth compared to the same period last year, with specific venues attracting a large number of visitors [1] Group 2: Booking Statistics - In Shenzhen, hotel orders increased by nearly 20% during the event period, with the Longgang competition area, home to the Universiade Sports Center, experiencing a 125% rise in bookings compared to last year [1] - In Zhuhai, hotels near the Hengqin International Tennis Center, the venue for tennis events, saw a 50% increase in bookings during the Games [1]