过年新选择□四川日报全媒体记者 赵张冬"正月初二带爸妈去自贡看灯会。"今年春节，成都市民 张先生准备把父母从老家接到身边，陪他们来一场川南春节民俗光影之旅。他的选择，是当下反 向旅游热潮的生动缩影——传统"子女返乡"的单向团圆格局正在被"反向过年""异地团圆"模式打 破。随着马年春节临近，越来越多家庭选择告别同质化过年，或接长辈团圆，或与亲朋好友奔赴 他乡反向旅游，勾勒出一幅兼具烟火气与新鲜感的旅游出行消费新图景。"反向过年"打破传统格 局美团旅行数据显示，2月，"反向过年"的机票预订量同比增长84%，北京、上海、成都等城市跻 身热门目的地前列。不少四川游客放弃传统旅游路线，选择小众目的地解锁新体验。"在网上看到 揭阳的英歌舞非遗表演，很有感染力。"成都市民袁女士一家选择春节期间前往广东揭阳，"不仅 机票价格划算，还能深度感受当地文化。"数据显示，春节期间揭阳的机票预订量同比增长 166%，成都正是主要客源地之一。冰雪旅游是今年春节出行的另一热点，"南北互换"的出行格局 愈发明显。携程发布的预测报告显示，用户近期关于春节旅游的提问中，以哈尔滨、雪乡、长白 山、漠河为代表的北方城市/景区相关提问占比较去年春节前 ...

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by 2.48%, with the CSI 300 down by 2.13%, the STAR Market 50 down by 3.88%, the CSI 1000 down by 3.39%, the ChiNext Index down by 2.46%, and the Hang Seng Index down by 2.23% [5][4] - The best-performing sectors on February 2 were food and beverage (+1.11%) and banking (+0.17%), while the worst-performing sectors included non-ferrous metals (-7.62%), steel (-5.93%), basic chemicals (-5.69%), coal (-5.64%), and oil and petrochemicals (-5.51%) [5][4] - The total trading volume for the A-share market on February 2 was 26,066 billion yuan, with net inflow of southbound funds amounting to 1.907 billion HKD [5][4] Important Recommendations - The report highlights Dongpeng Beverage (605499) as a leading player in the energy drink sector, with clear growth drivers for 2026, including stable growth in specialty drinks, new product launches, and channel deepening [6][6] - The company is expected to achieve a revenue growth rate of 15%-20% in 2026, driven by its core specialty drink products and strong brand positioning [6][7] - Revenue projections for Dongpeng Beverage are estimated at 20,948.13 million yuan for 2025, 26,103.01 million yuan for 2026, and 31,763.13 million yuan for 2027, with corresponding net profit estimates of 4,509.80 million yuan, 5,750.23 million yuan, and 7,141.71 million yuan [6][7] Important Insights - The report discusses the implications of the EU's antitrust actions against Booking, which has seen its market share increase from approximately 60% in 2013 to over 71% in 2023, despite regulatory changes [9][10] - Investment opportunities are identified in Booking's strong market position and its shift towards a merchant model, while competitors like Expedia and Airbnb are adapting their strategies to maintain market relevance [10][10] - Catalysts for growth include the transition to a merchant model, leveraging Google advertising for traffic acquisition, and utilizing membership programs to enhance customer engagement [10][10]

Investment Rating - The industry investment rating is positive [1] Core Insights - The European Union's regulatory efforts have intensified, designating Booking as a "gatekeeper" under the Digital Markets Act (DMA), which prohibits the use of price parity clauses that restrict hotel pricing [2] - Despite antitrust measures aimed at promoting competition, Booking's market share in Europe has increased from approximately 60% in 2013 to over 71% in 2023, indicating a concentration of market power [3] - Booking is strategically shifting its business model from an agency model to a merchant model, allowing it to control pricing and cash flow while avoiding direct legal interference with hotel pricing [4] Summary by Sections Regulatory Environment - The EU's regulatory framework has evolved, with Booking being classified as a "gatekeeper" under the DMA, which mandates compliance with new rules prohibiting price parity clauses [12][18] - The historical context of antitrust actions against Booking highlights a growing trend of regulatory scrutiny across various jurisdictions [25][28] Market Competition - The competitive landscape remains concentrated, with Booking leveraging its dual-sided network effects to maintain its leading position, while competitors like Expedia and Airbnb are exploring differentiated strategies [5][6] - The cancellation of price parity clauses has not led to significant price competition among OTAs, as Booking continues to utilize algorithms and monitoring to maintain pricing control [3][56] Business Model Transformation - Booking's transition to a merchant model allows it to pre-collect payments and manage pricing, effectively circumventing legal restrictions on hotel pricing [4] - The company is investing heavily in Google advertising and membership programs to enhance its market presence and obscure pricing comparisons [4] Future Outlook - The report anticipates that the competitive dynamics in the OTA market will continue to evolve, with Booking's strong market position likely to persist despite regulatory challenges [5][6]

2月2日，2026年春运正式启动，春节出行预订也已进入冲刺期。 飞猪数据也显示，今年春节的节中出游趋势明显，节中入住的酒店预订量同比增长71%，大年初三（2 月19日）为入住最高峰。 值得一提的是，今年"反向过年"趋势明显。 一方面是传统"子女返乡"的单向团圆格局被打破，越来越多的长辈"反向"进城。 美团旅行数据显示，2026年春运期间，"反向过年"的车票预订量增长明显。2月初至2月中下旬，"反向 过年"的机票预订量同比增长84%。春节假期的火车票尚未开售时预约单量就已增长过半。从机票的预 订情况看，"反向过年"Top10热门目的地为北京、上海、成都、重庆、广州、深圳、昆明、西安、杭 州、天津。 美团旅行交通业务负责人表示，近年来，平台观察到"反向过年"的趋势愈发显著，"反向过年"出行流向 一二线城市或小众目的地的，因票源充足，票价普遍比返乡方向低30%至50%，且错峰出行能避开拥 堵。 另一方面是外国游客来华体验"中国年"。 多家在线旅游平台的报告显示，为期9天的"史上最长春节假期"转瞬将至，游客积蓄已久的热情被彻底 点燃，旅游市场供需两旺春秋旅游披露的数据显示，在2月到来前，春节假期出游预订人次已超去年同 ...

春运首日，长线出行市场呈现"一路向西"的特征。同程旅行数据显示，截至2月2日13点，国内机票预订 热度最高的五大热门目的地为贵阳、成都、昆明、重庆、西安，且出发地多集中在上海、温州、杭州、 宁波、深圳等长三角和珠三角区域城市。值得注意的是，京津冀、长三角、珠三角也是春运首日短途出 行热度最高的区域，客源结构以商旅和休闲度假人群为主。 临近春节，商旅人士的密集外出拜访，以及出行旅客的临时休憩，也拉升了春运首日的酒店预订热度。 同程旅行数据显示，截至2月2日13点，北京、上海、广州、深圳的酒店搜索热度相比上周同期增长超过 70%。火车站、机场周边，以及热门商圈附近酒店在当天入住的部分产品已显示售罄状态。钟点房、大 床房、家庭房成为预订热度较高的热门房型。 2月2日，2026年全国春运正式拉开帷幕。返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日 呈现运力需求旺盛、出行目的地多元、酒店预订升温等特征。同程旅行数据显示，2月2日，国内和国际 机票均价相比上周同期略有提升，但总体保持平稳，预计将在2月7日开始呈现明显上扬。西部城市不仅 成为春运首日国内热门航线的目的地，成都和重庆的酒店预订热度仅次于北上广深，领跑 ...

临近春节，商旅人士的密集外出拜访，以及出行旅客的临时休憩，也拉升了春运首日的酒店预订热度。 同程旅行数据显示，截至2月2日13点，北京、上海、广州、深圳的酒店搜索热度，相比上周同期增长超 过70%。火车站、机场周边，以及热门商圈附近酒店在当天入住的部分产品已显示售罄状态。钟点房、 大床房、家庭房成为预订热度较高的热门房型。 2月2日，2026年全国春运正式拉开帷幕。返乡探亲、学生放假、旅游度假多重客流叠加，使得春运首日 呈现运力需求旺盛、出行目的地多元、酒店预订升温等特征。同程旅行数据显示，2月2日，国内和国际 机票均价相比上周同期略有提升，但总体保持平稳，预计将在2月7日开始呈现明显上扬。西部城市不仅 成为春运首日国内热门航线的目的地，成都和重庆的酒店预订热度仅次于北上广深，领跑国内非一线城 市。 春运首日，长线出行市场呈现"一路向西"的特征。同程旅行数据显示，截至2月2日13点，国内机票预订 热度最高的五大热门目的地为贵阳、成都、昆明、重庆、西安，且出发地多集中在上海、温州、杭州、 宁波、深圳等长三角和珠三角区域城市。值得注意的是，京津冀、长三角、珠三角也是春运首日，短途 出行热度最高的区域，客源结构以商 ...

Core Insights - The article emphasizes the transformative impact of AI on customer service and user experience, shifting the focus from traffic and efficiency to service experience and deepening user relationships [1][10]. Group 1: Large Enterprises Leading Service Chain Reconstruction - Leading companies are deeply integrating AI into their core business channels, significantly enhancing operational efficiency and creating unprecedented service scenarios that build user loyalty and competitive barriers [3]. Group 2: Alibaba's Tmall - Tmall is upgrading its engine for the 2025 Double 11 event, transforming its AI system into a "smart retail hub" that enables precise matching of 20 billion products with hundreds of millions of consumers and coordinates offline inventory from millions of stores [4]. - The AI system addresses efficiency bottlenecks by constructing a decision-making hub that comprehensively understands products and users [4]. - The platform's recommendation click-through rate increased by 10%, and merchant advertising ROI improved by 12%, with some brands experiencing order growth of several times in stores integrated with flash purchase [4]. - This practice marks the entry of e-commerce competition into the "computing power dividend" era, where AI becomes a foundational infrastructure for retail [4]. Group 3: Carrefour - Carrefour collaborates with Google Cloud to create a digital expert and chief content officer using generative AI, achieving a conversion rate of up to 70% [5]. - The AI-driven "wine steward" interacts with customers to understand their needs and recommends wine from a database, while the "personalized showcase" generates content based on user behavior [6]. - The AI wine steward's conversion rate is remarkably high at 70%, and the automated content generation significantly enhances team productivity [6]. Group 4: L'Oréal - L'Oréal's AI beauty advisor "Beauty Genius" on WhatsApp provides personalized services 24/7, accumulating over 480,000 conversations [7]. - This tool integrates L'Oréal's research database and product catalog to offer personalized consultations, virtual try-ons, and product recommendations [7]. - Consumers who interacted with the AI advisor showed significantly higher conversion rates and average order values compared to those who did not [7]. Group 5: Ctrip - Ctrip's "AI Trip Planner" simplifies complex travel planning into a one-stop, personalized smart service [8]. - The assistant uses Ctrip's vertical model and real-time data to predict user interests and optimize routes, significantly enhancing decision-making efficiency by 40% [8]. - This service integrates various resources into a unified smart interface, reinforcing Ctrip's core value as a one-stop platform [8]. Group 6: Small and Medium Enterprises Innovating with AI - Many small and medium enterprises are leveraging deep insights into vertical markets to achieve innovative breakthroughs in user service through agile AI applications [10]. Group 7: Tingmei Xiaowu - Tingmei Xiaowu transforms thousands of stores into personalized skincare service centers using an AI skin detection device, creating a closed-loop service model [11]. - The transformation leads to a repurchase rate exceeding 60% and a conversion rate over 30%, with some stores experiencing several times growth in performance [11]. - This practice establishes a new standard for "human-centered service" in physical retail by applying AI deeply in service processes [11]. Group 8: Bottle Planet - Bottle Planet employs an AI-based user analysis and co-creation mechanism to enhance traditional tasting channels and upgrade user service experiences [12]. - This mechanism allows AI to analyze user feedback and generate optimized strategies, creating a sustainable feedback loop for product refinement [12]. - The practice expands the channel's function from a transaction point to a relationship maintenance and value co-creation interface, providing a lightweight path for deepening channel value [12]. Conclusion - As algorithms begin to understand needs and data flows can anticipate expectations, service becomes a starting point for building trust, transforming cold efficiency into perceivable care, and shifting the value focus from scale and speed to depth and relationships [13].

马年春节临近，在9天长假的催化下，大众出行计划将有更多选择。怎么过一个年味十足的春节、 如何规划更省钱、哪些城市成热门……结合相关平台数据，看大家如何选。 1月26日，广州非遗市集上，香港吹糖人师傅薛锦屏在指导小朋友吹糖人。（受访单位供图） 同程旅行数据显示，春节国内酒店预订热门城市TOP10榜单，基本被一线、新一线城市霸榜， 但"国家历史文化名城"福建福州闯出一席之地，跻身第10名。2025年，三坊七巷、烟台山、上下杭等3 个街区全年接待游客超5500万人次，创历史新高。 | 2025 - FDE France | | | | --- | --- | --- | | 预订 澳门城市 0 | | | | 线新一线城市霸榜下 | | | | 福州「异年突起」跻身前十 | | | | 热度排名 | 城市 | 热度排名 城市 | | TOP1 | 北京 | TOP6 西安 | | TOP2 广州 | | TOP7 深圳 | | TOP3 | 上海 | TOP8 成都 | | TOP4 | = | TOP9 哈尔滨 | | TOP5 重庆 | | TOP10 福州 | 2026年福州新春文化旅游月活动时间从2月6日持 ...

Core Insights - The "boomerang ticket" travel trend is gaining popularity among young travelers, allowing them to turn layover cities into travel destinations while significantly reducing costs compared to direct flights [1][2][3] Group 1: Market Demand and Growth - The "boomerang ticket" concept involves travelers using multi-segment flights to explore multiple destinations, effectively creating a "one trip, multiple experiences" model [2] - Online travel platforms like Ctrip and Fliggy are rapidly adapting to this trend by offering search and recommendation features for "boomerang tickets," with Fliggy reporting a 95% increase in search volume and a 54% increase in bookings by December 2025 [2] - Social media platforms are amplifying the trend, with related topics on Douyin and Xiaohongshu garnering millions of views, facilitating knowledge sharing among travelers [2] Group 2: Economic Impact and Value Proposition - The high cost-effectiveness of "boomerang tickets" is a primary driver of its popularity, as they often offer lower prices compared to direct flights, with an average single-segment booking price of approximately 356 yuan, which is about 44% lower than the overall average for direct flights [4][5] - Airlines and airports are enhancing services for layover travelers, with initiatives like free accommodation and meals, which further increase the attractiveness of "boomerang tickets" [5][6] - The model is stimulating local tourism economies by attracting visitors to secondary cities that may not be traditional tourist hotspots, thus filling gaps in conventional travel routes [6] Group 3: Challenges and Future Development - Despite its growth, the "boomerang ticket" model faces challenges, including potential risks related to flight delays and complex multi-segment cancellation policies, which can increase costs for travelers [7] - There is a need for improved service quality across different regions, as inconsistencies in free accommodation and meal standards can lead to traveler dissatisfaction [7] - Experts believe that non-first-tier airports could benefit significantly from this model, potentially leading to new economic opportunities in transit-related services [7][8]

Core Viewpoint - Ctrip (09961) shows signs of a potential short-term rebound despite a recent decline, with technical indicators suggesting a strong buy signal due to oversold conditions [1][2]. Group 1: Stock Performance - On January 29, Ctrip's stock closed at 482.2 HKD, down 2.66% with a trading volume of 20.16 billion HKD, indicating a lack of significant bottom-fishing activity [1]. - Ctrip's performance was similar to that of NetEase (09999), both experiencing declines over 2.5%, while Baidu (09888) only saw a minor drop of 0.38% [1]. - The Relative Strength Index (RSI) for Ctrip is at 38, indicating it is in the oversold territory, suggesting a potential for a technical rebound [1]. Group 2: Technical Indicators - Multiple moving averages have issued strong buy signals for Ctrip, with a signal strength of 9, indicating a robust buy recommendation [1]. - The short-term moving average pressure is evident, with a need for the stock to surpass the MA10 at 483.58 HKD for a rebound to be confirmed [1]. Group 3: Support and Resistance Levels - As of January 30, Ctrip's latest price is 485 HKD, reflecting a 0.58% increase, with resistance levels identified at 531 HKD (Resistance 1) and 585 HKD (Resistance 2) [2]. - Short-term support levels are at 457 HKD (Support 1) and 379 HKD (Support 2), with a 56% probability of a rebound if the stock can maintain above the 457 HKD support [2]. Group 4: Derivative Products - Two call options are highlighted for investors expecting a short-term rebound: - Morley Call Option (24926) with a leverage of 4.7 and an exercise price of 531.38 HKD, noted for its low premium [6]. - Morgan Call Option (24761) with a leverage of 4.6 and a slightly lower exercise price of 530.88 HKD, suitable for conservative investors [6]. - Two put options are recommended for those anticipating continued downward movement: - Bank of China Put Option (19962) with a leverage of 11.4 and an exercise price of 420.88 HKD, ideal for high-risk tolerance investors [7]. - Morley Put Option (20768) with a leverage of 12.4 and a balanced risk profile, suitable for investors seeking to capitalize on price declines [8].