海外行业报告 | 行业动态研究 港股周报（2025.04.28-2025.05.02） 证券研究报告 AI 方面，阿里云 4 月 29 日发布通义 Qwen3 系列，旗舰模型 Qwen3-235B 在代码、数学、通用 能力等基准测试中表现领先，LiveCodeBench v5 得分 70.7。DeepSeek 发布 Prover-V2，V2 模型通过递归+强化学习，数学推理能力大幅提升，V-2 671B 在 miniF2F-test 上取得 SOTA 性 能。小米 4 月 30 日开源首个推理大模型 MiMo-7B，数学推理能力和代码能力超越 o1-mini， AIME-25 得分 55.4，LiveCodeBench v5 得分 57.8。 智能驾驶方面，短期看政策收紧低阶智驾宣传，但未来或在高阶智驾层面仍有政策引导和激励。新 车发布周期有望驱动市场预期升温。目前主流主机厂标配激光雷达的趋势已基本确定，持续看好头 部主机厂【小鹏、小米、理想】、激光雷达【禾赛、速腾】和芯片提供商【地平线】。 OTA 方面，携程"五一"首日数据显示，国内游保持较高热度，入出境游增速表现亮眼：携程平 台国内景区门票预订量同比增长 ...

Core Insights - During the 2025 "May Day" holiday, Xi'an's cultural tourism sector showed significant growth, with a total of 14.75 million visitors, representing a year-on-year increase of 5.2%, and total tourism revenue reaching 12.334 billion yuan, up 7.55% [1] Group 1: Cultural and Historical Attractions - Over 20 cultural and historical venues in Xi'an operated in "extended hours" mode, effectively increasing their capacity to receive visitors [2] - Major attractions like the Terracotta Army Museum, Shaanxi History Museum, and Xi'an Museum saw visitor numbers of 333,900, 69,200, and 83,800 respectively, with year-on-year growth rates of 16.1%, 19.9%, and 125.8% [2] - The overall reception of 3A-level and above scenic spots reached 7.8158 million visitors, a 2.4% increase year-on-year [2] Group 2: Performing Arts - A total of 803 performances were held across 19 major theaters, marking a 29.7% increase [3] - New productions like "The Legend of the Camel Bell" and "The Fire of the Ancient City" attracted significant audiences, with the latter receiving 44,000 visitors [3] - The "Chang'an Love" performance saw a 4.2% increase in attendance, with 56,000 visitors during the holiday [3] Group 3: Integrated Business Models - The Xi'an SKP mall hosted a non-heritage food festival and various promotional activities to enhance consumer engagement [6] - A "big gift package" was distributed during the auto show, which included discounts for scenic spots and performances, leading to over 19,000 vehicle sales [6] - New immersive experiences and XR products were well-received, with significant growth in the delivery of cultural tourism-related packages [6] Group 4: Collaborative Development - Measures such as visitor flow control in popular areas improved the overall visitor experience [7] - The Long'an Academy and "Reading+" initiatives hosted unique events that boosted tourism in their respective areas [7] - Tourist numbers in the Xixian New Area and other scenic spots saw substantial year-on-year increases, indicating a more balanced development in the cultural tourism landscape [7] Group 5: Urban Tourism Dynamics - Popular tourist streets and cultural districts like the Four Seas Tangren Street and North Courtyard Gate saw increased visitor interest [8] - The addition of new entrances to the city wall enhanced tourism around the area, contributing to a 5% revenue increase for surrounding commercial complexes [8] - Core areas in Lianhu District experienced over a 10% increase in foot traffic due to promotional activities [9]

Expedia Group (EXPE) is scheduled to report its first-quarter 2025 results on May 8.The Zacks Consensus Estimate for EXPE’s first-quarter 2025 revenues is currently pegged at $3.03 billion, indicating a 4.76% increase from the year-ago quarter’s reported figure.The consensus mark for earnings is pinned at 42 cents per share, which has been revised downward by 2 cents over the past 30 days. The figure suggests a 100% increase from the year-ago reported figure.EXPE surpassed the Zacks Consensus Estimate for e ...

Global Business Travel Group Inc (GBTG) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants Jennifer Thorington - Director of Investor RelationsPaul Abbott - Chief Executive OfficerKaren Williams - Chief Financial OfficerPeter Christiansen - DirectorEric Bock - Chief Legal Officer, Global Head of M&A and Compliance and CorporateLee Horowitz - Co-Head Internet Equity ResearchDuane Pfennigwerth - Senior MD Conference Call Participants Stephen Ju - AnalystYehuda Silverman - Equity Research Anal ...

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [4][6][21] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to reach €8.3 billion [9][10] - Revenue rose by 4% to €621 million, driven by solid transaction growth and increased demand for products and services [9][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger with global multinational customers, up 6%, while small and medium enterprises (SME) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2% [13] - The company maintained a high customer retention rate of 96% over the last twelve months [15] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific [14] - The U.S. air TTV growth was 3%, consistent with major U.S. airlines' commentary on corporate spend growth [12] - The meetings and events business saw a 2% year-over-year increase in the number of meetings and an 8% increase in spend for full year 2025 [33][60] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation despite economic uncertainty [5][6] - Continued investment in technology transformation, including automation and AI, is aimed at improving customer experience and productivity [16][30] - The capital allocation strategy includes a $300 million share buyback authorization and a focus on M&A opportunities [43][44] Management's Comments on Operating Environment and Future Outlook - Management noted more economic uncertainty and less visibility for the full year but expressed confidence in the company's long-term growth prospects [6][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on share gains and operating efficiency [25][39] - Adjusted EBITDA is expected to grow faster than revenue, with a full-year midpoint adjusted EBITDA guidance of $510 million, representing a 7% growth [40][41] Other Important Information - The company received two credit rating upgrades during the quarter, reflecting strong momentum [24] - Adjusted operating expenses declined by 1% year-over-year, demonstrating effective cost control [19][23] - The merger agreement with CWT was amended to reduce the purchase price and the number of shares issued [19][43] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management indicated that premium and international volumes held up better than domestic, with a slight increase in average ticket prices and hotel rates [47][48] Question: Can you comment on SME wins and transaction values? - Management noted that while SME wins rose, organic growth in the SME segment has been lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process will be complete in early June, with a trial set for September 8, aiming for closure by the end of 2025 [52] Question: How has the macro environment evolved intra-quarter? - Management observed a stable trend in transaction growth, with most customers in a wait-and-see mode regarding travel policies and budgets [58][60] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content access, which strengthens its value proposition in a weaker economic environment [64]

Sabre's multi-source content platform now features Air France and KLM's NDC offers, giving travel agencies access to exclusive fares, continuous pricing, and richer travel optionsSOUTHLAKE, Texas, May 6, 2025 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR), a leading global travel technology company, today activated Air France's and KLM's New Distribution Capability (NDC) content in its travel marketplace. Sabre-connected agencies can now access extra options, exclusive promotions, and better fares thanks ...

Amex GBT Q1 2025 Earnings Presentation May 6, 2025 GBT Travel Services UK Limited (GBT UK) and its authorized sublicensees (including Ovation Travel Group and Egencia) use certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the "American Express Global Business Travel" and "American Express GBT Meetings & Events" brands and in connection with its business for permitted uses only under a limited license from American Express (Licensed Marks). The License ...

五一出行数据【华福商社】 要点 ⭕1、旅游数据 全国数据 根据已有的前三日交运数据，我们预计全国五一假期出行人次的增速预计在 5%至 10%左 右，符合预期。 图：2019-2025 年节假日恢复度 数据来源：文旅部 目的地数据 【省市县】 假期第一天 江苏全省纳入监测的 644 家 A 级旅游景区、195 个省级以上乡村旅游重点村和 84 家 博物馆共接待游客 565.74 万人次，游客消费总额达 20.95 亿元，同比 2024 年分别增长 17.8%和 17.2%。 安徽省 5A 级旅游景区共接待游客 36.3 万人次，门票收入 1921.9 万元，同比 2024 年 分别增长 18.5%和 15.2%。 湖南省当日客流 996.24 万人次，同比增长 31.40%。 济南市重点监测的 30 家景区共接待游客 53.8 万人次，同比增长 1.3%，营业收入 2124.5 万元，同比增长 2.1%。 假期第二天 湖南省客流 1439.86 万人次，同比增长 33.88%，其中省外游客 242.25 万人次，占比 为 16.82%。 "五一"假期前两日，全市累计接待国内游客 807.33 万人次，同比增长 ...

"与此同时，游玩体验的多样性和趣味性越发重要，海岛度假、雨林徒步、沙漠骆驼骑行、星空露营、 茶山采风等玩法备受消费者青睐，避开人流、躺平式度假、深度体验在地文化等需求集中释放。"飞猪 旅行相关负责人表示。 "近年来，高速公路、高铁及机场网络不断拓展，为低线城市游客的出行提供了极大的便利，三四线城 市游客旅游渗透率不断提高，并逐渐成为旅游市场的新兴力量。"途牛旅游网相关负责人表示，今年"五 一"假期，六盘水、葫芦岛、漳州、遵义等客源地出游人次同比增长均超过了70%。此外，大同、营 口、揭阳、宿迁、南平、阜阳等地用户的出游热情也保持了较高的增长趋势。 新华财经北京5月6日电（记者丁雅雯、李唐宁）旅游平台的数据显示，今年"五一"假期，"反向旅游"再 度走热，县城高星酒店预定火爆。 （文章来源：新华财经） "五一"假期，不少人将目光投向了性价比更高的县域地区。美团旅行显示，今年"五一"假期，县城高星 酒店预订量同比增长超80%。相比拥堵的热门城市，"诗画江南"浙江桐庐县、"长诗圣地"安徽怀宁 县、"皖北江南"安徽凤台县、"上梅古镇、蚩尤故里"湖南新化县均成为人们寻找"松弛感"的热门之选。 "'味蕾游'的走红也让众多小 ...

Analysts on Wall Street project that Expedia (EXPE) will announce quarterly earnings of $0.42 per share in its forthcoming report, representing an increase of 100% year over year. Revenues are projected to reach $3.03 billion, increasing 4.8% from the same quarter last year.The consensus EPS estimate for the quarter has been revised 4.9% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timefr ...