Core Insights - Booking.com has reached a mutual agreement with French tax authorities to pay 153 million euros for a tax reassessment covering the period from 2006 to 2018 [2] Financial Performance - Booking.com exhibits a free cash flow yield of 5.5%, which is considered high compared to other stocks [7] - The company has a 3-year average revenue growth of 19.9% and an operating margin of 30.8%, indicating strong fundamentals [7] - Currently, Booking.com stock is trading 12% below its 2-year high and 8.0% below its 1-month high, with a price-to-sales ratio lower than its 3-year average [7] Investment Strategy - Investing in a diversified portfolio, such as the High Quality Portfolio (HQ), has shown to outperform benchmarks like the S&P 500, achieving returns over 91% since its launch [4][10] - The HQ Portfolio has a win rate of approximately 74% for the 12-month horizon, producing an average return of nearly 18% even during stable periods [11] Market Volatility - Booking.com has experienced significant stock declines in the past, including nearly 100% during the Dot-Com Bubble and around 66% during the Global Financial Crisis [8] - The stock has also faced drops of approximately 27% and 40% due to corrections and inflation shocks in 2018, and a 45% decline during the Covid selloff [8]

Core Insights - Fliggy announced a 48% increase in Gross Merchandise Volume (GMV) for travel services during the 2025 National Day and Mid-Autumn Festival holiday compared to the previous year [1] - The number of service users increased by 30% year-on-year during the same period [1] - In the hotel business, the number of hotel nights booked from October 1 to October 8 increased by 78% compared to last year [1]

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 本文来自微信公众号： 刺猬公社 （ID：ciweigongshe） ，作者：毛巾，编辑：园长，题图来自：视 觉中国 又是一年繁忙的出游季，在国庆黄金周全民出行大潮下，鲜有人注意到国内的旅行攻略鼻祖——穷游 网，在上个月悄悄"诈尸"了。 9月，穷游网宣布旗下出行APP"穷游行程助手"回归，一时间引发不少资深老用户的关注。很多十几 年前的老穷游er们，在看到行程助手再次复活后，纷纷在穷游网官方公众号的推文下留言，表达对长 旅行攻略的怀念。当年被穷游锦囊帮助过的人们也开始在评论区彼此认亲，仿佛那个一人一背包一攻 略走天下的年代，从来没有远去过。 刺猬公社 . 互联网内容行业观察与研究 图源穷游网公众号评论区 与公众号相比，穷游网的小红书账号则略显冷清，同样的消息发布近一个月，只有寥寥几十个收藏和 点赞。一个是颇为"古典老派"的行程助手，一个是当下最多旅行攻略发布的内容平台，二者放在一起 总显得有些格格不入，也向广大用户和旅行爱好者们提出一个问题—— 在这个讲究打卡和出片的轻 旅行时代，我们真的还需要一份细致的日程表和攻略吗？ 落后了N个版本的"上古化石" 在应用商店找到 ...

以下文章来源于36氪企业舆情报告 ，作者36氪 36氪企业舆情报告 . 舆情大数据，帮你看清市场全貌、看懂涨跌原因。 携程集团公司日报 来源｜ 36氪企业全情报（ID：EV36kr） 携程集团10月9日 缩量上涨1.81% 561.00 10.00 +1.81% 昨日收盘价551.00 ；当日收盘价551.00 截止10月9日，此事件匹配的到全网舆情信息总量为 8144条 ，正面信息 5724 条 ，占比 7 0.3% ，负面信息 70 条 ，占比 0.9% ，中性信息 2350 条 ，占比 28.8 % ， 事件舆论呈现出 显著正面 的倾向 。 该事件全网传播篇次 为 8144 条 ，事件主要传播渠道为 今日头条平台 ，传播篇次 895条 ，占比 10.99％ 。 ｜渠道传播分析 当日开盘价560.00 ；交易量247.86万股 换手率0.42 % ；缩量幅度 0.02% 3日涨幅 -2.35 % ；5日涨幅 -5.87% 成交额：15.37 亿；总市值：4002.98 亿 较过去一年的平均收盘价 +0.11% ；较过去一年的日均交易量 + 0.06% "携程平台双节旅游数据亮眼" 舆情分析 携程数据显示， ...

Group 1: Travel Trends - The eight-day National Day and Mid-Autumn Festival holiday significantly boosted travel orders on platforms like Meituan, with a growth of over 30% compared to the 2024 holiday [2] - The Greater Bay Area emerged as a popular destination, with attractions like Shenzhen's Huafa Ice and Snow Miracle ranking first among "post-00s" preferred spots, and a 13% increase in "post-00s" visitors to Changlong Tourist Resort due to Guangdong consumption vouchers [2] - Data from Fliggy indicated a substantial rise in travel bookings in Guangdong, with chartered tours up by 331% and ticket bookings increasing by 18% [6] Group 2: Cross-Border Travel - Hong Kong remains the top choice for mainland tourists traveling abroad, with a 120% year-on-year increase in consumption transactions by Hong Kong residents visiting the mainland [10] - The use of online platforms for transportation in Hong Kong saw over a fivefold increase in orders during the holiday [6] - WeChat payment transactions in overseas destinations like New Zealand and Italy increased by 131% and doubled, respectively, indicating a growing trend in cross-border tourism [10] Group 3: Culinary Tourism - The holiday period saw a surge in culinary tourism, with many food cities attracting visitors through "must-eat" lists, leading to a 180% increase in traffic for the "must-eat" list on platforms like Dazhong Dianping [21] - Guangdong's food scene benefited from the "taste tour" trend, with local restaurants experiencing significant business growth, including a 300% increase in local dining orders [21] - Notable restaurants in Guangzhou and Shenzhen reported extraordinary increases in customer traffic, with some establishments seeing order volumes rise by over 310% [21][25]

Core Insights - The tourism market in China has experienced rapid growth during the combined National Day and Mid-Autumn Festival holiday, with domestic travel reaching 888 million trips and total spending of 809 billion yuan, marking significant increases from the previous year [1][2] Group 1: Travel Trends - Long-distance travel has become the mainstream choice, with outbound travel seeing substantial growth and travelers expanding their travel radius, leading to increased spending [1] - Ctrip's report indicates that long-distance domestic travel orders have increased by 3 percentage points year-on-year, while orders for outbound long-distance travel to various European destinations have doubled [1] - Tuniu's data shows a double-digit increase in travel numbers compared to the same period last year, with significant growth in self-driving and free travel options domestically, and nearly a doubling of outbound free travel participants [1] Group 2: Traveler Demographics - The younger generation, particularly those aged 20-30, has become the dominant demographic for travel, accounting for over 50% of flight and train ticket orders during the holiday [2] - Family groups represent over 80% of travelers, highlighting the "reunion economy" as a key consumption trend during the long holiday [2] Group 3: Travel Duration Preferences - The extended 8-day holiday has led to more travelers opting for longer trips, with 46% of domestic long-distance travelers choosing 5-6 day itineraries, and 65% of outbound long-distance travelers preferring trips lasting 10-13 days [2]

Core Insights - Fliggy announced a 48% year-on-year growth in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday, with a 30% increase in service users, leading the tourism market significantly [1] - The hotel business showed remarkable performance, with a 78% year-on-year increase in hotel night stays from October 1 to October 8 [1] - The integration of Fliggy into Alibaba's China e-commerce group has resulted in a new primary entry point within the Taobao app, enhancing user experience and creating new business opportunities [1] Group 1 - The number of travel service orders booked through Taobao for the National Day holiday increased by 74% year-on-year as of October 8 [1] - The 88VIP users contributed to a 120% year-on-year increase in hotel orders, with a rising average spending per user [1] - Tourism merchants are actively preparing for the upcoming "Double 11" shopping festival, encouraged by the growth in business during the National Day holiday [1]

Core Insights - Fliggy announced a 48% year-over-year growth in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday, with service users increasing by 30% compared to last year [1] - The domestic flight and global hotel bookings on Fliggy reached historical peaks, setting new single-day records [1] - Hotel business showed remarkable performance, with hotel night stays from October 1 to October 8 increasing by 78% year-over-year [1] Group 1: Business Performance - On the first day of the National Day holiday, Fliggy's integration into Alibaba's China e-commerce group reached 100 days, enhancing its strategic position in the consumer market [1] - A new primary entry point for Fliggy was added within the Taobao app, facilitating synergy with the newly launched Taobao VIP membership system [1] - As of October 8, the order volume for Fliggy's National Day holiday travel services booked through Taobao increased by 74% compared to last year [1] Group 2: Consumer Trends - The introduction of exclusive discounts and various travel benefits led to a 120% increase in hotel orders from 88VIP users, with per capita spending on the rise [1] - Encouraged by the growth during the Golden Week, travel merchants are actively preparing for this year's Double 11 sales event [1] - Fliggy officially launched its "God Coupons" for the 2025 Double 11 on the evening of October 4 [1]

Core Insights - The "super golden week" during the National Day and Mid-Autumn Festival saw record-high tourism activity, with an estimated 2.432 billion trips made, averaging 304 million trips per day, a year-on-year increase of 6.2% [1] Group 1: Travel Trends - There is a noticeable trend towards long-distance and high-quality travel, with a significant increase in bookings for multi-city trips and high-quality accommodations [2][5] - The younger demographic, particularly those aged 23 to 40, has become the main force in outbound travel, with a 63% increase in international ticket purchases among teenagers aged 13 to 17 [3][6] - The demand for personalized and immersive travel experiences is rising, with travelers increasingly seeking unique destinations and experiences rather than traditional tourist spots [4][5] Group 2: Travel Behavior Changes - Travelers are shifting from standardized group tours to customized itineraries, often with smaller group sizes and specific themes [4] - The popularity of night tourism has surged, with a 200% increase in searches for night activities during the holiday period [9] - The trend of "串游" (multi-destination travel) has expanded, with travelers exploring over 180 countries and regions, reflecting a shift from classic to niche destinations [5] Group 3: Economic Impact - The cost of travel has increased significantly, with many travelers facing higher prices for flights and accommodations compared to previous years [10][12] - The average domestic flight price during the holiday was 849 yuan, showing stability compared to previous years, while long-distance travel demand has notably increased [11] - The trend of staggered travel has gained popularity, allowing travelers to avoid peak prices and enhance their travel experience [12]

Core Insights - Fliggy announced a 48% increase in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday compared to last year, with service users growing by 30% [1] Group 1: Performance Metrics - Domestic flight and global hotel bookings on Fliggy reached historical peaks, setting new single-day records [1] - Hotel business showed significant growth, with hotel night stays from October 1 to October 8 increasing by 78% year-on-year [1] - Orders for Fliggy's National Day holiday travel services through Taobao increased by 74% compared to last year [1] Group 2: Strategic Developments - Fliggy has integrated a new primary entry point within the Taobao app, enhancing collaboration with the newly launched Taobao VIP membership system [1] - The synergy from this integration is translating into a new consumer experience and business opportunities [1] - 88VIP users contributed to a 120% increase in hotel order volume, with per capita spending on the rise [1] Group 3: Future Outlook - Encouraged by the growth during the Golden Week, travel merchants are actively preparing for this year's Double 11 sales [1] - Fliggy's "God Coupons" for the 2025 Double 11 event officially started on October 4 [1]