OTA在各自领域形成分野 携程集团近年来各项收入数据(亿元) ● 住宿预订 ● 交通票务 ● 旅游度假 ● 商旅管理 ● 其他 600 400 200 0 2022年 2025上半年 2020年。 。 ·2021年 · · · · 2023年。。 2024年 途牛近年来各项收入数据（亿元） 10° ● 打包旅游 ● 其他 5 0 2021年 2025上半年 2020年 2022年 2024年 2023年 同程旅行近年来各项收入数据(亿元) 目 200 - ● 住宿预订 ● 交通票务 ● 其他 150 100 50 0 。2021年 2022年 。2023年 2024年 2025上半年 2020年。 数据来源：公司财报 携程股价增长有其原因 中国OTA行业市场规模逐年递增 OTA行业市场规模(亿元) 同比变化(%) 15,000 50% 12,000 40% 9,000 30% 6,000 20% 3,000 10% 0 0% 2021年 2022年 2024年 2020年 2023年 从近年10月旅游APP的月活人数来看,携程始终遥遥领先 从左至右分别为2022年10月,2023年10月,2024年10月的月 ...

央视网消息：假日期间，中国各地不断上新文旅活动，通过非遗精品展、民俗体验等方式，为游客提供全方位、沉浸式的文化体验。 在上海，举行第二届上海国际光影节，以"数漫杨浦，一起Young"为主题，节日期间，杨浦滨江、五角场等地标纷纷变身炫彩秀场，将原 中华造船厂的120吨塔吊转化为一个巨大的艺术装置，串联起杨浦从工业时代到科技未来的百年辉煌。五角场商圈则用"二次元"展示年轻范 儿，为包括五角场彩蛋、江湾体育场在内十余栋建筑，度身定制联名款IP变装秀。 节日期间，江苏南京高淳老街上，高淳108节板龙、跳五猖、漆桥小马灯、蚌蟹乐等高淳重点非遗集中亮相。苏州虎丘景区举办金秋庙会 节庆展会活动。每天上、下午各安排一场民俗大巡游，巡游队伍由舞龙舞狮、安顺地戏、木偶戏曲等多种民俗表演元素组成。 今年国庆中秋假期，江西省启动"赣潮涌动 乐GO江西"金秋主题嘉年华活动，推出超1100余项文旅主题活动和优惠政策，庐山、三清山、 武功山等重点景区推出"国庆特惠套票"。 2025年浙江省金秋文旅消费季期间，预计累计发放文旅消费券4775万元，联合286家"百县千碗"门店推出秋日美食品鲜福利。辽宁大连面 向消费者发放总额1500万元的消费 ...

Group 1: Travel and Transportation - The railway department expects to send 18.4 million passengers on September 30, with plans to add 2,002 trains to meet travel demand [2] - National civil aviation anticipates operating 19,207 flights and transporting 2.44 million passengers on the same day [6] - Major cities are experiencing increased traffic flow towards out-of-town destinations starting from the afternoon of September 30 [4] Group 2: Accommodation and Booking Trends - There is a surge in hotel and homestay bookings as the National Day and Mid-Autumn Festival approach, with Beijing leading in hotel booking rates, surpassing Shenzhen and Shanghai by 6 percentage points [10] - Coastal cities are seeing a hot booking situation, with homestay reservations increasing by over 30% year-on-year [10] Group 3: Cultural and Tourism Consumption - A national cultural and tourism consumption month has been launched, with over 480 million yuan in subsidies to enhance travel experiences [11] - Various regions are distributing consumption vouchers, with Zhejiang province planning to issue 47.75 million yuan in tourism vouchers [12][16] Group 4: Food Supply and Market Stability - The supply of "vegetable basket" products is sufficient and prices are stable as the holidays approach, with over 10 million tons of daily supply for key vegetables [25] - The Ministry of Commerce has initiated a monitoring system for essential goods during the holiday period to ensure supply meets consumer demand [30]

Group 1: Overview of "Su Travel Loan" - "Su Travel Loan" has provided financial support to 194 cultural and tourism enterprises, with a total loan amount of 2.179 billion yuan as of September 27 [1] - The initiative is a collaboration between Jiangsu Provincial Finance Department, Cultural and Tourism Department, and Local Financial Management Bureau, aimed at enhancing financing for the tourism sector [1] - A total of 60 million yuan in fiscal funds will be invested by the end of this year to subsidize 1% of the guarantee fees or loan interest [1] Group 2: Impact on Tourism Attractions - Suzhou Panmen Scenic Area has launched a classical performance during the holiday, supported by a 10 million yuan loan from Jiangsu Bank to meet seasonal funding needs [1] - The "Su Travel Loan" has enabled the development of various themed events, such as the "National Tide Carnival" in Liang Tang Village, which received a 50 million yuan loan for infrastructure and event preparation [2] - The "Romantic Flower Sea" event in Zhenjiang, funded by a 10 million yuan loan, combines patriotism with leisure activities, enhancing visitor experience [2] Group 3: Support for Film and Entertainment - The "Su Travel Loan" has facilitated upgrades in cinema experiences, with a 20 million yuan loan enabling the introduction of VR content and new business models in Nanjing [3] - The film "Nanjing Photo Studio" has achieved a box office of over 3 billion yuan, with Jiangsu Bank providing 9.4 million yuan to support the expansion of the company [3] Group 4: Hotel Industry Transformation - Jiangsu Yuehu Hotel Management Co. has utilized the "Su Travel Loan" to upgrade facilities and transition from a single accommodation provider to a comprehensive cultural tourism service provider, achieving sales of approximately 70 million yuan from new local products [4]

熊宝宝旅游集散（镇江）有限公司 总经理 陈汉晨 9月30日下午，润州区召开2025年第九期"政企直通车"恳谈会，聚焦金秋文旅消费，倾听企业在行业发展中遇到的实际困难和真切诉求，面对面研究解决 方案，实打实推动政企同向，结成文商旅融合发展"共同体"，为润州文旅产业高质量发展注入持久动能。区委书记徐心田主持会议，区委副书记、区长徐 燕，副区长刘向华、李德升参加恳谈会。 会上，金山景区、熊宝宝旅行社、谁与争锋国际羽球联盟、吉藏文化、柒喜茶餐厅等10家文旅企业代表畅所欲言，既分享发展中的成绩与思考，也坦诚提 出当前面临的困难与挑战，更围绕润州文旅产业长远发展分享真知灼见，不断丰富润州文旅内涵和品牌。 金山景区 副主任 徐丹霞 总经理 薛飞 润州区足球协会 负责人 赵磊 谁羽争峰国际羽球联盟 总经理 陈诗妍 江苏有线镇江润州广电中心 总经理 王凯 江苏吉藏文化创意产业发展有限公司 吉庆里壹号 创始人 汤燕玲 柒喜茶餐厅 创始人 郑紫荆 镇江万达商管公司 总经理 李健 雅阁璞邸酒店 总经理 周玉华 编辑：徐晨晨 左右下一页 参会区领导认真倾听、边听边记，不时就具体问题与企业负责人互动，积极回应企业关切，要求相关部门、属地 ...

Group 1 - The company reported a loss attributable to shareholders of approximately HKD 98.8 million for the year ending June 30, 2025, compared to a loss of approximately HKD 50.5 million for the year ending June 30, 2024, indicating an increase in loss of HKD 53.3 million year-over-year [1] - The main business segments of the company include credit operations, hotel operations, and property leasing [1] - The increase in loss for the year ending June 30, 2025, was primarily due to an increase in impairment losses on properties by approximately HKD 44.7 million, fair value losses on investment properties by approximately HKD 9.8 million, and an increase in provisions for impairment of receivables by approximately HKD 2.6 million [1] Group 2 - Despite the high interest rate environment and declining property market, the company managed to maintain healthy cash flow through diversification, allowing it to withstand the complex economic situation [2] - The board is confident that by maintaining stable operations in existing business segments, the company can achieve continuous improvement in its business and financial conditions in the future [2]

每经记者｜舒冬妮 每经编辑｜张海妮 倒计时！2025年国庆、中秋相连形成的8天"超级黄金周"即将正式开启，旅游市场或将迎来全面升温。 综合携程、同程、去哪儿、航旅纵横等多个平台的数据来看，今年"超级黄金周"跨省游、出境游及入境游预订量均超过去年同期。其中，出境游、长线深 度游表现尤为亮眼，携程平台上跨省游订单同比增长45%。 此外，旅客"拼假"趋势显著，出行半径明显扩大，追求"情绪价值"与"深度体验"成为这个假期的鲜明主题。从跨省交界游的兴起到中亚国家的走红， 从"治愈式体验"的搜索热到"拼假错峰"，游客不仅走得更远，也玩得更深。 "治愈系"酒店搜索热度上涨正是今年"情绪经济"强势崛起的生动注脚。当下，年轻人早已不满足于酒店的住宿功能，大家愿意为情绪价值付费，"心价 比"已取代"性价比"成为消费决策核心。 长线游占比提升，拼假潮拉长消费周期 这个假期，8天长假显著推动了长线旅游需求。携程数据显示，截至目前跨省游订单量同比增长45%。同程的报告指出，"请3休12"的拼假策略带动9月26 日至28日出游产品预订热度同比上涨26%，北京、成都、重庆等城市在假期前已迎来首波客流高峰。 交通出行数据同样印证"走得远"的 ...

当"野生球场"的热度持续发酵，"挂票"成为全网热议的热梗，永州借"湘超"联赛的"泼天流量"走出了一条"体育搭台、消费唱戏"的特色发展之路。在市委 市政府指导下，市商务局精准施策，以"湘超+消费"场景创新为抓手，将赛事高人气成功转化为"永品"消费高销量，两场主场赛事为商文旅、游购娱、吃 住行等区域消费注入强劲动能。 周密布局，构建"线上+线下"全域消费联动体系。 通过电子屏"第二现场"和商超延长营业等创新举措，赛事将进一步拉近与市民的距离，让足球热情点燃整座城市。各县市区主要商圈、广场、交通枢纽等 地的户外电子显示屏将统一设置为赛事"第二现场"，实时直播精彩比赛。协调城区主要商场、超市等夜经济集聚区在比赛日延长营业时间至23:00，部分 餐饮门店还推出"球迷套餐""深夜食堂"等特色服务。依托商超广场、延伸消费场景，全城电子屏打造"第二现场"，商超延长营业助力球迷狂欢。欧雅、滨 湖、南华、华天等多家酒店入住率与餐饮营收均实现同步攀升，入住率和餐饮营收均实现10%以上的增长。中邦、大润发等大型商超客流量最高增幅达 50%。夜间消费活力更显强劲，湘江西路及育才路沿路夜宵小吃营业额环比显著增长。 长效赋能，以体育热度转 ...

国庆中秋假期，出游热度高，无疑将引发又一轮消费热潮。记者了解到，这段时间，酒店民宿、机票都 迎来集中预订高峰，哪些地方、哪种玩法更受消费者青睐呢？数据来说话。 民宿的数据显示，今年双节的民宿预订量，同比增长超过三成。预订增速最快的城市，包括广西钦州、 甘肃陇南、江苏泰州、湖北孝感等小众城市。值得一提的是，第一批"拼假"的游客已经抵达酒店。平台 数据显示，在"请3休12"的"拼假"热潮带动下，平台上9月26日到9月28日出游产品预订热度较去年同期 上涨26%，更长的假期带来更强的出游意愿。 湖南张家界某民宿负责人邓开友：农庄的预订情况，在"十一"假期的前三天将近达到100%。假期后面 几天的预订情况，目前是百分之九十几。入境游的外国客人入住达到了40%左右的占比。 订票平台显示，双节长假机票预订量增幅显著。目前包括机票、火车票、用车等在内的交通服务人均预 订量较去年增长约4.2%，且有进一步上涨势头。其中高铁和"飞机+高铁"的"串游"特征尤为显著，人均 预订量较去年增长7%。同时，典型的多目的地游玩商品，如长线游、租车等，预订量也同比去年分别 增长53%、93%。 多地发放消费优惠券提升旅游体验 记者了解到，在 ...

Core Insights - The tourism industry has been experiencing a strong recovery since 2022, with a double-digit compound growth rate in tourist numbers, and is expected to maintain high growth into 2025 [1][2] - Major holidays in 2025, including the upcoming National Day, have seen record-high travel enthusiasm, with significant increases in both domestic and international travel bookings [1][2] - The recovery in the tourism sector is anticipated to create investment opportunities, particularly in the OTA (Online Travel Agency) sector, with companies like Ctrip and Tongcheng Travel showing substantial stock price increases [1][7] Industry Trends - Domestic tourism in China has shown a remarkable increase, with 3.285 billion trips taken in the first three quarters of 2025, reflecting a year-on-year growth of 20.6% [2] - International tourism is also recovering, with 690 million international tourists globally in the first half of the year, a 5% increase, largely driven by China's performance [2] - The trend of mass tourism is evident, with a notable rise in travel from lower-tier cities, as rural tourism outpaces urban tourism growth [4] Structural Changes - The tourism structure is being reshaped, with a focus on experiential travel and innovative tourism models, such as high-end customized tours and luxury cruises [5] - AI technology is evolving within the industry, leading to the emergence of new demand avenues and enhancing user experiences across the tourism value chain [5][6] - Government policies are increasingly supportive, with measures aimed at fostering cultural and tourism consumption, contributing to the sector's stability and growth [6] Investment Opportunities - The ongoing recovery in the tourism sector and the rise of AI in travel are creating investment opportunities, particularly for leading companies in the OTA space like Ctrip and Tongcheng Travel [7][9] - Ctrip has shown robust growth in its accommodation and transportation booking segments, with revenue growth exceeding 20% [7] - Tongcheng Travel has become a major player in the lower-tier city market, with 87% of its registered users coming from non-first-tier cities, and has maintained double-digit growth in its core business segments [8]