Investment Rating - The report maintains an "Outperform" rating for the travel chain industry [1][5][7]. Core Insights - The demand for service consumption shows resilience, with different opportunities corresponding to various urban depths and generational segments in China [1][61]. - The online travel agency (OTA) sector benefits from the recovery in tourism and upstream expansion, with leading companies maintaining stable profit margins [2][62]. - The hotel industry faces a supply-demand imbalance, with leading players actively seeking to expand their market share through refined operations and high-quality growth [3][63]. Demand Trends - Service consumption is experiencing robust growth, with a notable increase in consumer confidence and spending [14][18]. - The tourism sector is expected to maintain strong demand, particularly during the summer season, with a significant increase in travel intentions [35][54]. - Different generational groups exhibit varying consumption patterns, with younger consumers prioritizing experiences and social connections [25][40]. Platform Dynamics - The ecological value of platforms is becoming increasingly prominent, with competition intensifying as new players enter the market [2][62]. - Leading platforms are leveraging their ecosystem to enhance supplier relationships and drive revenue growth through innovative product offerings [64][65]. - The competitive landscape remains stable, with established players maintaining their market positions despite new entrants [67][69]. Hotel Industry Insights - The hotel supply is expanding, with a projected growth rate of 5-10% in 2025, while the RevPAR (Revenue Per Available Room) is showing signs of recovery [3][63]. - High-end and mid-range hotels are focusing on brand differentiation and operational efficiency to capture market share [3][64]. - The trend towards chain hotels is expected to continue, particularly in lower-tier cities where expansion opportunities are significant [3][63]. Investment Recommendations - Short-term demand for travel is anticipated to remain strong, with specific recommendations for companies such as Ctrip Group, Meituan, and Atour [4][7]. - The report suggests that companies with efficient operational models and strong brand recognition are likely to outperform in the medium term [4][7].

"世界那么大，全家一起去看看" 暑期亲子游，南京人更爱"北上南下" □ 南京日报/紫金山新闻记者 c 通讯员 杨展望 王腾飞 王莉 "世界那么大，全家一起去看看"。暑假来临，亲子游迎来高峰期，市民纷纷带着孩子出游。 携程办签量创3年来新高，出境"申根长线"热度飙升 今年暑假，出境游市场已经呈现出"爆发式增长"趋势。 携程平台上，今年暑期签证办理订单量较去年同期呈现两位数增长，为近3年来的峰值。"这股热潮背 后，是家庭亲子出游意愿的集中释放与长线深度游需求的结构性升级。"携程旅游相关专家称，今年暑 期家庭办签、亲子办签量同比增加16%，占整体签证订单量的22%，这意味着每5组办理签证的游客中 就有一个是家庭群体。 与此同时，暑期出境长线游复苏势头强劲，尤其以欧洲申根地区表现最为亮眼。在携程平台上，前往意 大利、挪威、德国等目的地出行意愿大幅提升，相关签证办理量同比涨幅超过80%。日本、韩国、美 国、澳大利亚、英国、法国、加拿大、越南、意大利、新西兰位列最受欢迎的签证办理国家TOP10。 亲子客群取代蜜月客群，成为出境海岛游主力军 "带两个娃走长线太累了怕搞不定，还是找个东南亚海岛'躺平'休闲比较合适。大人看海景 ...

Core Insights - JD.com has rapidly captured 31% of the food delivery market and is now targeting the hotel and travel industry with a "three years zero commission" offer, receiving 50,000 applications from hotels within two days [2][3] - Unlike food delivery, hotel bookings are a low-frequency demand, making it challenging for JD.com to convert users who do not currently have travel plans [2][3] - To succeed in the hotel industry, JD.com must not only attract merchants but also drive consumer conversions to build a sustainable ecosystem [3] Market Strategy - Selling pre-sale hotel vouchers could be a viable strategy for JD.com, as they offer more flexibility compared to traditional booking methods [4][5] - Pre-sale vouchers can help lock in consumer demand and convert traffic into actual sales for both JD.com and participating hotels [5][10] - The pre-sale voucher model gained popularity during the pandemic, providing a lifeline for hotels and enabling platforms like Ctrip to recover financially [7][8] Competitive Landscape - JD.com aims to challenge established players like Ctrip, which currently holds a significant market share in the OTA sector [9][17] - The competitive dynamics are influenced by the established habits of consumers who are accustomed to using Ctrip for hotel bookings, making it difficult for newcomers to gain traction [17][18] - JD.com is leveraging its existing user base and partnerships with four-star and above hotels to position itself against Ctrip [19][20] Supply Chain Integration - JD.com is not just entering the OTA space but is also focusing on the entire hotel supply chain, aiming to reduce costs for hotel operators [11][12] - The company has already engaged with many hotels as major clients for its electronics and supply chain services, indicating a strong foundation for its hotel supply chain strategy [11][12] - JD.com plans to streamline the supply chain by reducing intermediaries and leveraging its logistics network to lower costs for hotels [12][13] Financial Services Opportunity - JD.com has the potential to explore financial services related to hotel bookings, similar to Ctrip's "buy now, pay later" model, which has seen growth in revenue [21][22] - The integration of financial services could enhance JD.com's offerings and provide additional value to consumers and hotel partners [22]

Group 1 - Cainiao has established a cross-border logistics network for parcel delivery among the six Gulf countries, with delivery times as fast as three days [2] - Tongcheng Travel signed a memorandum of understanding with the Ras Al Khaimah Tourism Development Authority to enhance brand promotion, optimize visitor experiences, and develop data-driven products [2] - Three major credit rating agencies—Fitch, S&P, and Moody's—maintained high credit ratings for the UAE, reflecting confidence in its economic fundamentals and fiscal policies [2] Group 2 - Dubai welcomed 8.68 million international tourists from January to May 2025, a 7% increase year-on-year, indicating strong recovery in the tourism sector [3] - The UAE is expanding cooperation with China in renewable energy and infrastructure, aiming to deepen the comprehensive strategic partnership [3] - CIMC Group is focusing on the Middle East as a key area for overseas business expansion, actively seeking strategic cooperation opportunities [4] Group 3 - The Hunan-UAE Economic and Trade Cooperation Exchange Conference was held to promote practical cooperation in trade, investment, and industry [4] - Hunan Broadcasting Group signed strategic cooperation memorandums with the Dubai Economic and Tourism Bureau and the Royal Commission for AlUla in Saudi Arabia [4] - IFZA Free Zone hosted a delegation from Shanghai Jiao Tong University, enhancing business cooperation between China and the UAE [6] Group 4 - The 12th GLA Global Logistics Conference was held in Dubai, gathering nearly 2,000 logistics professionals to discuss industry challenges and opportunities [6] - KEZAD Group signed a 50-year cooperation agreement with Witthal to establish the UAE's first lithium battery recycling plant, with a total investment of 40 million dirhams [6] - The luxury goods market in the Middle East is experiencing growth, driven by strong tourism and consumer spending, with a projected 6% increase in sales in 2024 [7] Group 5 - The UAE is expected to attract nearly 10,000 millionaires in 2025, maintaining its status as a preferred destination for wealthy individuals [7] - Qatar Investment Promotion Agency plans to visit Beijing to strengthen investment relations between China and Qatar [8] - Qatar established a $200 million stock fund to attract foreign asset management institutions, focusing on local stock market investments [8]

从出行需求看，亲子游仍是第一大刚需。暑运民航国内航线亲子客群占比预计约为35%，以亲子游及亲子跨城探亲需求为主，北京、 西安等位居暑期亲子旅行热门目的地前列。 另外一类出行需求则为避暑，"哪儿凉快去哪儿"是每年暑期旅游不变的主题。去哪儿方面对记者表示，西北、云南和东北等平均温度 低于25摄氏度的地区，成为避暑游首选目的地，酒店预订增幅位居前列。 从预订数据看，去哪儿平台上暑期热度蹿升最快的避暑游城市TOP10为：新疆博尔塔拉、云南昭通、云南楚雄、内蒙古鄂尔多斯、黑 龙江伊春、吉林长春、黑龙江佳木斯、辽宁抚顺、辽宁营口和贵州兴义。 随着高考、中考结束，一年持续时间最长的暑期游拉开大幕。 作为暑期出行晴雨表，OTA平台预订数据开始出现变化。同程旅行日前发布的《2025暑运出行趋势报告》显示，6月17日开始，暑运 机票及火车票迎来预订高峰。《中国经营报》记者从去哪儿方面了解到，6月25日，出现今年暑假第一个出行小高峰。 相比其他出行旺季，暑期游跨度长且多为刚需。如何以更好性价比出行，记者综合多个平台数据发现，选对时间、地点是关键，随着 大批避暑航线、铁路线路批量上新，今年前往西北、东北等地更便捷，成本更低。此外因为 ...

5月28日，美团宣布跟万豪旅享家推出联合会员，主要内容为美团点评体系会员与万豪万豪旅享家全面打通，黑钻会员可直接成为万豪金卡，并拥有参与 白金挑战的活动资格。 万豪的白金会员可在入住时享受多重礼遇，包括赠送双早、客房升级、行政酒廊、积分加赠等，在商旅人士群体中比较具有吸引力。 理论上讲，万豪白金会员需要每年入住50个付费房晚。 但最近几年，实际获得该会员等级的门槛大大降低，用户有多种渠道完成白挑，通常只需要8晚即可满足条件，例如这次跟美团的渠道合作。 有网友调侃到， "钛金遍地走，白金多如狗。""这次拼好房上线，行政酒廊真要变成菜市场了。" 美团跟万豪搭线，双方各有所需。 美团主营的外卖和即时零售等业务，利润空间远不如酒旅，而酒旅里中低端业务赚钱能力又远不如高星酒店。 尽管美团早在2018年Q1间夜量就已超过携程系总量，但中高星市场，携程仍具有显著优势。 美团希望通过跟万豪、洲际等高星品牌的合作，放大行业内的影响力，进一步建立用户心智。 万豪这边则面临迫切的业绩压力，Q1财报显示其在全球市场表现强劲的同时，大中华区RevPAR和ADR均有所下跌：RevPAR为71.2美元，同比减少 1.6%；ADR为112. ...

无论是电商时代的"二选一"、外卖的"佣金争议"还是今天 的"平台调价"，平台与商家的博弈始终拷问着数字经济的公平 性。平台应谨慎对待定价权的归属与边界——这个关乎平台立 身合法性的关键之问。 作者： 高若瀛 封图：图虫创意 正值暑期旅游旺季，携程被曝未经商家同意擅自下调酒店房间价格。商家介绍，平台通过商家版后 台的内置程序"调价助手"，比对其他平台同类型产品的价格，一旦发现高于其他平台，该程序就会 自动调低产品价格。商家认为，"调价助手"打乱了酒店的经营节奏。 其实，不仅是携程，其他OTA（在线旅游）平台都有类似功能，只是对商家的强制要求程度不 一。尽管可以手动调回价格，商家却不堪其扰，控诉平台越权。该事件也再次将数字经济的矛盾推 向台前：定价权究竟属于企业、平台还是市场？ 商家的质疑不难理解：作为提供产品和服务的主体，定价权理应由商家掌控。在传统市场，通过供 需关系逐步形成均衡价格，这个逻辑是成立的。 但无论是大品牌还是中小商家，它们都是平台生态中的一部分。拥有定价干预权的平台，在使用这 个能力时应尤为慎重。尽管平台常宣称算法定价更科学，能快速匹配供需，但现实中，效率的实现 更可能是以牺牲多方利益为代价的。 ...

这个夏天，京东沉迷撒币。。。 前段时间，跟美团、饿了么，在外卖领域战了个天昏地暗，隔几天就上个新闻。 三家围绕 " 一元奶茶 " 打响的补贴战，更是让差评君一杯接一杯的喝奶茶。 现在都有点不敢上称了。。。 前几天，又大张旗鼓，针对酒店商家整了个 " 最高三年 0 佣金 " ，进军酒旅。 时间节点很巧妙，6 月底到 8 月中旬是旅游行业的黄金时段，暑假，是发力酒旅业务的好时机。 同时，在 618 前后密集搞事，还能顺势为电商业务吸引吸引关注。 蓄谋已久的感觉。。。 京东在商家侧打出了免佣，在消费者端则是：补贴 + 无捆绑。 随后，差评君尝试搜索了不同价位、不同类型的酒店。 以品牌酒店全季为例，京东旅行价格为 334 元，同类型平台上，同酒店、同房型、同时段贵 10~50 元不等。 以高端酒店杭州西溪十里芳菲度假村落为例，京东旅行价格为 1077 元，同样，同类型平台贵了 142~200 元不等。 但搜索过程中，遇到了不少酒店无房可订的情况，而同时段，其他平台是有可订房间的。 也就是说，在补贴后，京东有不错的价格优势，但在房型资源上有待进步。 除了优惠以外，京东在机票这块，强调无捆绑的心智，将其明确标注在订票栏。 ...

正值暑期旅游旺季，携程被曝未经商家同意擅自下调酒店房间价格。商家介绍，平台通过商家版后台的 内置程序"调价助手"，比对其他平台同类型产品的价格，一旦发现高于其他平台，该程序就会自动调低 产品价格。商家认为，"调价助手"打乱了酒店的经营节奏。 其实，不仅是携程，其他OTA（在线旅游）平台都有类似功能，只是对商家的强制要求程度不一。尽管 可以手动调回价格，商家却不堪其扰，控诉平台越权。该事件也再次将数字经济的矛盾推向台前：定价 权究竟属于企业、平台还是市场？ （作者 高若瀛） 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 但平台对价格的控制并非铁板一块，而是呈现出多样化的特征：如直接定价多见于平台的自营业务，但 可能通过流量倾斜制造不公平竞争；其次是参考价或指导价，名曰参考，但多数商家也并不敢随意偏 离；其三是限价，如要去商家遵守全网最低价等条款，本质上也是平台间争夺定价权的工具。 此次事件中，平台以比对价格避免客户流失为由调整价格的行为，介于"参考价"与"限价"之间：商家有 权拒绝，但为了维持排名又不得不接受。因此，在平台的商业生态中，定价权并不天然地掌握在商家手 中，而是商家的品牌价值、市 ...

Core Viewpoint - The summer travel booking surge is underway, with a significant increase in both domestic and outbound travel compared to last year, indicating a strong recovery in the tourism sector [1][6]. Group 1: Summer Travel Trends - The number of summer travel bookings has increased by over 35% compared to the same period last year, with outbound travel bookings seeing a 60% year-on-year growth [1]. - Graduation trips are a key trend this summer, characterized by short, frequent trips that combine both short and long-distance travel, with a focus on emotional value and unique experiences [3][4]. - Popular destinations for graduation trips include cities like Shanghai, Beijing, and Guangzhou, with attractions such as theme parks and cultural venues being favored [4]. Group 2: Family and Child-Centric Travel - Family travel, particularly for parent-child trips, constitutes over 40% of summer travel bookings, with peak travel expected from mid-July to mid-August [4][6]. - Popular domestic destinations for family trips include Beijing, Sanya, and Lijiang, with themes like cultural exploration and beach relaxation being highly sought after [4]. Group 3: Outbound Travel Insights - The outbound travel market is experiencing explosive growth, with visa application orders increasing by double digits compared to last year, reaching a three-year peak [6]. - Family-oriented travel is a significant driver, with family visa applications increasing by 16%, making up 22% of total visa orders [6]. - Popular outbound destinations include Italy, Norway, and Germany, with visa applications for these countries rising by over 80% [6][7].