Core Insights - Alibaba's public welfare initiative, in collaboration with Fliggy Travel, has launched five "Yiqi Xunmei" public welfare tourism routes during this year's Double 11 shopping festival, aimed at boosting local economies through tourism [1] - The initiative has developed 17 unique tourism routes across 12 counties in provinces like Guizhou, Yunnan, and Sichuan, generating a total transaction volume of 162 million yuan in the past year [1][4] Group 1: Tourism Routes - The project team spent five months preparing and understanding cultural characteristics to create differentiated scenic combinations, resulting in a unique route featuring cultural heritage sites in Shanxi [2] - The Sichuan route combines fish embroidery with the 318 ring road, allowing tourists to engage in intangible cultural heritage experiences [2] - The Guizhou route offers hands-on silver jewelry design experiences in the "first silver village" of China, while the Yunnan route integrates local coffee and tea culture [2] - Hunan's route connects natural and cultural heritage, providing immersive activities like witchcraft skill experiences and berry tea picking [2] Group 2: Economic Impact - The development of these cultural tourism routes has increased local income from accommodations and ticket sales, allowing villagers to become cultural guides and earn additional income [4] - In Hunan, local farmers and cultural inheritors have become guides, receiving nearly 4,000 yuan in additional monthly income since August [4] - In Shaanxi, forest rangers trained as natural guides are enhancing eco-tourism experiences, contributing to local beekeepers' income through honey harvesting activities [4] Group 3: Sustainable Development - The "Yiqi Xunmei Plan" aims to create sustainable income sources by transforming local scenery and culture into marketable products through a complete value chain [4] - Over the past year, the project has trained over 100,000 individuals in digital operations and guiding services, enhancing local skills and capabilities [4] - The initiative plans to expand into more underdeveloped counties, leveraging technology and platforms to showcase rural charm and warmth [4]

Core Insights - The choice of AI models by companies is shifting from technological superiority to cost-effectiveness, with Airbnb's CEO Brian Chesky highlighting the use of Alibaba's Qianwen model for its speed and lower costs [1] - Airbnb's AI customer service agent, launched in May for English-speaking users in the U.S., has significantly reduced the need for human customer service by 15% and decreased average problem resolution time from nearly three hours to six seconds [1] Group 1 - Airbnb relies heavily on Alibaba's Qianwen model for its AI customer service, despite having access to OpenAI's latest models, due to better speed and cost [1] - The AI customer service tool has been upgraded to include operational buttons and links, allowing users to make booking changes or cancellations without human intervention [1] Group 2 - Currently, there are no plans to integrate Airbnb's application with ChatGPT, as the connection tools are not fully ready, contrasting with competitors like Booking Holdings and Expedia Group [2] - Chesky mentioned that OpenAI needs to develop a robust platform for Airbnb's application to operate almost independently within ChatGPT [2] Group 3 - Airbnb has introduced new social features to encourage user connections and improve travel recommendations within the app [3] - Users can now share their Airbnb profiles after booking experiences and message each other directly, with privacy measures in place [3] - More social features are expected to be launched next year, potentially enhancing user-generated content and travel inspiration within the Airbnb platform [3]

Core Viewpoint - The report from Credit Lyonnais anticipates Tongcheng Travel's (00780) third-quarter core online travel platform (OTA) business to grow by 15% year-on-year to 4.6 billion RMB, with adjusted net profit reaching 1.03 billion RMB and a profit margin of 19% [1] Group 1: Financial Performance - Revenue from accommodation and transportation ticketing is expected to increase by 14% and 10% year-on-year, respectively [1] - The adjusted net profit forecast has been slightly raised due to improved sales and marketing efficiency [1] Group 2: Stock Rating and Price Target - The target price for Tongcheng Travel has been raised from 20 HKD to 22 HKD, maintaining a "Buy" rating [1] Group 3: Market Outlook - The performance during the National Day holiday met internal expectations, indicating a positive outlook for the fourth quarter, particularly for outbound tourism [1] - The recent acquisition of Wanda Hotel Development (00169) is expected to enhance the brand value of the existing hotel management business, although its impact on this year's financial performance is anticipated to be limited due to the need for strategic development [1]

Core Viewpoint - The report from CICC anticipates Tongcheng Travel (00780) will see a 15% year-on-year growth in its core online travel agency (OTA) business for Q3, reaching 4.6 billion RMB, with an adjusted net profit of 1.03 billion RMB and a profit margin of 19% [1] Financial Performance - Revenue from accommodation and transportation ticketing is expected to increase by 14% and 10% year-on-year, respectively [1] - The adjusted net profit forecast has been slightly raised due to improved sales and marketing efficiency [1] Target Price and Rating - The target price for Tongcheng Travel has been increased from 20 HKD to 22 HKD, maintaining a "Buy" rating [1] Seasonal Performance - The performance during the National Day holiday met internal expectations, indicating strong demand [1] - The fourth quarter's outbound tourism performance is deemed crucial for the group's growth prospects in 2026 [1] Acquisition Impact - The recent acquisition of Wanda Hotel Development (00169) is expected to have a limited impact on this year's financial performance due to the need for strategic development [1] - The acquisition is believed to enhance the brand value of the existing hotel management business and improve earnings per share [1]

Core Insights - Airbnb CEO Brian Chesky stated that the company is "heavily relying on Alibaba's Qwen model," claiming it is "better and cheaper than OpenAI" [1] - Chesky mentioned that while Airbnb will use OpenAI's latest models, they are not extensively used in production due to the availability of faster and cheaper alternatives [1] Group 1 - The statement from Airbnb's CEO has sparked discussions in Silicon Valley, highlighting a significant shift in the global AI competitive landscape [5] - Notable AI researchers have provocatively questioned whether Silicon Valley is built on the Qwen model, indicating a growing recognition of Alibaba's influence [5] Group 2 - Alibaba CEO Wu Yongming emphasized that Qwen aims to create "the Android of the AI era," focusing on an open model to build a prosperous ecosystem with global developers [5] - The strategy has shown significant results, with Qwen models achieving over 600 million downloads globally and spawning more than 170,000 derivative models, making it one of the most popular open-source model matrices [5]

Core Viewpoint - Credit Lyonnais forecasts that Tongcheng Travel's core online travel agency (OTA) business revenue will grow by 15% year-on-year to 4.6 billion yuan in Q3, with adjusted net profit reaching 1.03 billion yuan and a profit margin of 19% [1] Group 1: Revenue and Profit Expectations - The expected revenue growth for the accommodation and transportation ticketing segments is 14% and 10% year-on-year, respectively [1] - The fourth quarter's outbound tourism performance is deemed crucial for the group's growth prospects in 2026 [1] Group 2: Acquisition Impact - The recent acquisition of Wanda Hotel Development is expected to have a limited impact on this year's financial performance due to the need for the group to establish a development strategy and the limited time remaining in the year [1] - The acquisition is anticipated to enhance the brand value of the group's existing hotel management business and improve earnings per share [1] Group 3: Target Price Adjustment - The target price for Tongcheng Travel has been raised from 20 HKD to 22 HKD, maintaining a "Buy" rating [1]

Core Insights - The trend of "Beng County" tourism among young people has gained popularity this year, with Alibaba's public welfare initiative collaborating with Fliggy to launch five "Yiqi Xunmei" public welfare travel routes during the Double 11 shopping festival [1] - The initiative aims to promote tourism in underdeveloped counties, providing high-cost performance travel options while generating real income for local communities [1][5] - The "Yiqi Xunmei Plan" has successfully developed 17 unique travel routes in collaboration with 12 counties in provinces like Guizhou, Yunnan, and Sichuan, achieving a total transaction volume of 1.62 billion yuan [1][5] Summary by Sections Public Welfare Travel Routes - Five public welfare travel routes have been launched, focusing on underdeveloped counties such as Yongshun in Hunan, Lancang in Yunnan, and others, offering affordable travel options [1] - The routes are designed to enhance local tourism and provide financial support to these regions [1] Cultural and Tourism Integration - The project has developed unique travel experiences that combine cultural heritage and natural beauty, such as the "Fish Tong Embroidery + 318 Ring Line" in Sichuan and the "China's First Silver Craftsman Village" in Guizhou [3][5] - Local residents are trained to become cultural guides, enhancing their income and promoting local culture [5] Economic Impact - The initiative has led to increased income for local residents, with some earning an additional 4,000 yuan per month as cultural guides [5] - The program has trained over 100,000 individuals in digital operations and tour guide services, promoting sustainable income sources for rural communities [5] Future Plans - The "Yiqi Xunmei Plan" aims to continue exploring and promoting lesser-known cultural and natural attractions in underdeveloped counties [6] - The initiative seeks to leverage technology and platforms to connect rural tourism resources, enhancing visibility and appeal [6]

【环球网科技综合报道】10月22日，爱彼迎Airbnb CEO布莱恩·切斯基在媒体采访中表示，公司正"大量 依赖阿里巴巴的通义千问模型"，并直言"比OpenAI更好更便宜"。他同时表示，"我们也会使用OpenAI 的最新模型，但通常不会在生产环境中大量使用，因为有更快、更便宜的模型可供选择。" 阿里巴巴CEO吴泳铭曾明确提出，通义千问致力于打造"AI时代的Android"，通过全面开放模型，与全 球开发者共同构建一个繁荣的生态系统。这一策略已取得显著成效：截至目前，通义千问系列模型在全 球的累计下载量已超过6亿次，催生了超过17万个衍生模型，成为全球最受欢迎的开源模型矩阵之一。 （勃潺） 这一表态在硅谷引发热议，有AI研究者更是挑衅意味的抛出："硅谷是建立在通义千问之上的 吗？"（The valley is built on Qwen?）——迅速凸显出一个新的市场现实：全球AI竞争格局迎来深刻转 变，阿里巴巴通义千问模型正从美国巨头手中赢得关键客户。 ...

Core Viewpoint - CICC maintains the revenue and profit forecasts for Tongcheng Travel (00780) for 2025 and 2026, with an outperform rating and a target price of HKD 28, indicating an upside potential of 28% [1] Group 1: Revenue and Profit Forecasts - For Q3 2025, CICC expects core OTA revenue to grow by 14% year-on-year, with total group revenue increasing by 9% to RMB 5.45 billion, and Non-IFRS net profit projected at RMB 1.02 billion [2] - The hotel segment is expected to see a 10-15% increase in room nights, with a stable share of three-star hotels, leading to a 14% growth in accommodation revenue [2] - The transportation segment is projected to grow by 9%, benefiting from a 3% increase in domestic flight passenger volume and a rise in international ticket sales [2] Group 2: Overall Business Performance - The company maintains a 15% growth expectation for core OTA revenue in 2025, driven by steady growth in domestic accommodation and transportation, along with contributions from international business [3] - The hotel management business is expected to continue its high growth trajectory, with the completion of the acquisition of Wanda Hotel Management in Q4 [3] - CICC maintains the forecast for the company's Non-IFRS net profit at RMB 3.3 billion for 2025, supported by efficient cost control and enhanced international business monetization [3]

来源：格隆汇APP 格隆汇10月22日｜中金发表报告，预计同程旅行第三季收入按年增9%至54.5亿元，核心OTA收入按年 增14%至45.9亿元；Non-IFRS净利润为10.2亿元。中金基本维持同程旅行2025全年收入和利润指引，核 心OTA收入按年增15%，Non-IFRS净利润33亿元；核心OTA业务中住宿、交通业务国内部分稳健增长， 海外部分贡献增量；其他业务中酒管业务维持高增长，且第四季完成对万达酒管的并购。中金维持对 其"跑赢行业"评级，目标价为28港元。 ...