好消息！计划赴韩旅游购物的朋友，专属福利来啦～ 近日，飞猪正式与世界排名第七的韩际新世界免税店签署战略合作，双重优惠叠加友好入境政策，赴韩采购更划算、更省心！ 后续有赴韩游玩、采购计划的话，不妨关注飞猪App内的专属权益，解锁省心又省钱的旅游购物新体验。 更贴心的是，优惠信息不用费心找！飞猪App会全程同步：出发前提前知晓福利详情，旅韩期间实时更新折扣动态，回国后也能跟进权益，全程高效获取 优惠，购物不用慌。 当下赴韩也更便捷，韩国本就是中国游客热门出境游目的地，还稳居飞猪双11海外目的地囤货榜前五。入境政策更是放宽。韩国政府9月29日起面向中国 团体游客试行免签入境政策，直到明年6月30日。免签政策试行期间，中国三人以上团体游客可免签入境韩国并停留15天。济州地区与此前相同，个人和 团体游客均可免签入境并停留30天。 此次合作核心福利直接拉满，飞猪会员专属权益全覆盖：不管是线上下单，还是去韩际新世界免税店的2个机场店、1个市内店线下消费，都能享专属折 扣，满额不仅能减免，还能解锁额外回馈，实打实省开支。 ...

他还表示，其实佣金在8%到15%之间，很多民宿都没有意见。但真正的问题在于，除却这些显 性成本，行业内还存在着更为隐蔽的平台费用。"有些OTA（在线旅游平台）的综合抽成比例高 达30%到40%。我们不禁要问，在如此高的费率挤压下，民宿真正的市场空间和利润空间在哪 里？"他直言不讳地指出，"我的营业收入在很大程度上被视作平台的收益来源，这导致利润的大 头被分走。很多时候，平台挣得比我们这些实际提供服务的经营者还要多，这确实是在挣'血汗 钱'。" 今日晚间，云南省旅游民宿行业协会会长贺双全通过官方账号直播回应表示，"我们欢迎OTA平 台合理的竞争行为，你可以让你的软件更优化、广告更少、界面更简单、用起来更方便，但凭什 么我喜欢用什么App要由你来决定？必须让我去你的平台买东西？必须让我们民宿来站队？这其 实是我们特别反对的地方，是不是已经牵扯到了垄断？我们其实希望平台越来越规范，也就是说 百花齐放。" 贺双全还表示，"云南省旅游民宿行业协会的第一步动作是收集证据，如果哪家云南民宿受到了 这样的欺压，受到了这样的压迫，受到了这样的霸凌，你把资料提供给我们，我们用隐性埋名的 方式，用集体诉讼的方式，向市场监督管理局去 ...

Core Viewpoint - The Yunnan Provincial Tourism Homestay Industry Association has initiated collective legal action against online travel platforms (OTAs) like Ctrip for alleged abuse of market dominance, raising concerns about unfair competition practices in the homestay industry [1][4]. Group 1: Allegations Against OTAs - The association has received multiple complaints from its members regarding OTAs using their market power to impose unfair practices, including "choose one from two" clauses, arbitrary commission increases, unfair trading conditions, and traffic blocking [1][4]. - These practices are said to severely infringe on the legitimate rights of homestay operators, disrupt fair market competition, and hinder the healthy development of the industry [1][4]. Group 2: Association's Response and Actions - The association's president, He Shuangquan, emphasized the need for fair competition and criticized the notion that platforms should dictate which apps users must use or force homestays to align with specific platforms [1][4]. - The first step in their action plan involves collecting evidence from affected homestays to support a collective lawsuit to be submitted to the market supervision administration [1][4]. Group 3: Commission and Fee Concerns - He Shuangquan noted that while commissions typically range from 8% to 15%, hidden platform fees can lead to total commission rates as high as 30% to 40%, raising questions about the market and profit space for homestays [1][4]. - The president pointed out that the revenue generated by homestays is often viewed as a source of income for the platforms, resulting in platforms earning more than the service providers themselves, which he described as "blood money" [1][4].

她以数据与案例进一步阐释了"沉浸式"消费的趋势。在目的地层面，"下沉"与"去景区化"并行。今 年"五一"，携程平台上四线及以下城市旅游热度同比增长25%。在消费层面，用户更加"价值敏感"，理 性分层显著。玩法上，趋势则明确指向"慢沉浸"：今年上半年连住2日及以上用户占比提升7.2%，深度 沉浸类玩乐项目搜索量同比激增300%。"这证明了市场为'沉浸感'付费的强烈意愿。"她总结道。 秦静强调，Z世代与"新银发族"正成为驱动市场创新的双引擎。Z世代是"为一场演出赴一座城"的主力， 青睐社交化与沉浸式体验；而"新银发族"消费力强劲，追求品质深度游，其错峰长周期出行有助于平衡 行业淡旺季。"这两大人群，一个引领潮流玩法，一个定义品质深度，共同驱动市场创新。" 秦静提到，当前文旅消费市场正在发生多维度的深刻演变，主要体现在目的地、消费理念、客群与玩法 四大层面。"目的地的内涵正在被重新定义，它不再是单一的景点，而是一个可体验的'场域'。" 她指 出，文旅与生活场景正在深度融合，为游客提供了更丰富、更有层次的选择。 12月12日，在每日经济新闻联合海南国际经济发展局于海口举办的"2025第十四届上市公司发展年会·国 际消 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical sector, highlighting ongoing commercialization and active business development opportunities [16]. Core Insights - The 2025 National Medical Insurance Directory and the first version of the Commercial Health Insurance Innovative Drug Directory were released, adding 114 new drugs, including 111 new drugs approved within the last five years. The success rate for negotiations was 88.19% [6][7]. - Fosun Pharma's subsidiary has licensed an oral GLP-1 drug to Pfizer, with potential milestone payments totaling up to $15.85 billion [3][7]. - The report emphasizes the importance of clinical progress in key pipelines for companies like BeiGene, Innovent Biologics, and others [9]. Summary by Sections Domestic Policy Developments - The 2025 National Medical Insurance Directory includes 114 new drugs, with 112 successfully negotiated from 127 that entered the bidding process. Most renewals were completed at original prices, with an average price reduction of 8.4% for 15 drugs [6][7]. Domestic Pharmaceutical Company Updates - Fosun Pharma's subsidiary has signed a licensing agreement with Pfizer for the oral GLP-1R agonist, with an upfront payment of $150 million and potential milestone payments [3][7]. - The approval of clinical trials for HLX22 (HER2 monoclonal antibody) for breast cancer treatment has been granted [3][7]. - New clinical data for a BCL2 inhibitor from Innovent Biologics showed promising results in treating various blood cancers [3][7]. International Pharmaceutical Company Updates - Wave Life Sciences reported positive Phase I data for WVE-007, showing significant reductions in visceral fat and overall body fat after treatment [8]. - Structure Therapeutics announced positive results for its oral GLP-1R agonist, achieving notable weight loss in clinical trials [8]. - Roche received EU approval for Gazyva/Gazyvaro for treating lupus nephritis, marking a significant advancement in autoimmune disease treatment [8]. Investment Recommendations - The report suggests focusing on innovative drugs and companies with active business development opportunities, particularly in the context of ongoing clinical advancements [9].

2025年12月12日，在中国旅游研究院、中国旅游协会共同主办的"2025中国旅游集团化发展论坛"上，飞 猪入选"2025中国旅游集团20强"。一同入选的还有中国旅游集团、华侨城集团、首旅集团、中青旅控 股、锦江国际集团、携程集团、春秋集团等。 从2009年开始，中国旅游研究院发起中国旅游集团专题调查，迄今已连续开展17年。本年度中国旅游集 团20强，继续根据企业申报、诚信背书的原则，按照营业收入决定入围名单。 今年以来，飞猪增长曲线持续上扬，并多次刷新纪录。在刚刚过去的双11，飞猪平台大促、日销双双强 劲增长，整体履约GMV较去年增长30%。在出游高峰的"十一"假期，飞猪旅游服务履约GMV较去年增 长48%，服务人次较去年增长30%，倍数级领涨旅游市场。 旅游商家也在飞猪收获了高增长。今年双11，飞猪平台GMV破亿品牌，最高接近10亿元。GMV超过 1000万元的活动商家数量同比增长约30%，其中旅行社商家数量同比增长160%。不少首次参加双11的 中小商家也收获了100万元以上的好业绩。 专家认为，基于飞猪开放平台模式，商家可在平台上自主经营，发展品牌、沉淀会员资产，进而提升用 户黏性和复购。这种模式更侧 ...

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly highlighting the recent developments in drug approvals and partnerships [1][5]. Core Insights - The 2025 National Medical Insurance Directory and the first version of the commercial health insurance innovative drug directory were released, adding 114 new drugs, including 111 new drugs approved within the last five years. The success rate for negotiations was 88.19% [1][6]. - Fosun Pharma's subsidiary has licensed an oral GLP-1 drug to Pfizer, with potential milestone payments totaling up to $15.85 billion [2][7]. - The report emphasizes the importance of ongoing clinical trials and the introduction of innovative drugs in the market, which are expected to drive growth in the pharmaceutical sector [10]. Summary by Sections Domestic Policy Developments - The 2025 National Medical Insurance Directory includes 114 new drugs, with 112 successfully negotiated from 127 that entered the bidding process. Most renewal drugs were renewed at original prices, with an average price reduction of 8.4% for 15 drugs [6][7]. Domestic Pharmaceutical Company Updates - Fosun Pharma's subsidiary has signed a licensing agreement with Pfizer for the global development and commercialization of an oral GLP-1R agonist, with an upfront payment of $150 million and potential milestone payments [2][7]. - The approval of clinical trials for HER2 monoclonal antibodies for breast cancer treatment has been granted, indicating progress in innovative cancer therapies [2][7]. - New clinical data for a BCL2 inhibitor was presented, showing promising efficacy and safety in treating various blood cancers [2][7]. Overseas Pharmaceutical Company Updates - Wave Life Sciences reported positive Phase I data for an siRNA drug targeting obesity, showing significant reductions in visceral fat and overall body fat [3][9]. - Structure Therapeutics announced positive results for its oral GLP-1 small molecule, demonstrating substantial weight loss in clinical trials [3][9]. - Roche received EU approval for a CD20 monoclonal antibody for treating lupus nephritis, marking a significant advancement in autoimmune disease therapies [3][9]. Investment Recommendations - The report suggests focusing on innovative drugs and companies with active business development opportunities, particularly those with promising clinical pipelines [10].

Core Insights - The snowfall in Beijing has led to a significant increase in search interest for major tourist attractions, particularly the Palace Museum and Universal Beijing Resort [1][2] - Ticket sales for the Palace Museum are sold out for the weekend of December 13-14, with a notable increase in booking interest for deep-dive tours and day trips [1][2] - Universal Beijing Resort has also seen a surge in ticket bookings, with an increase of over 80% compared to the previous week [1][2] Summary by Category - **Weather Impact**: Snowfall has affected various districts in Beijing, resulting in medium to heavy snow in most areas and localized blizzards [1][2] - **Tourism Trends**: The search volume for "Palace Museum" surged by 90% and for "Universal Beijing Resort" by over 40% compared to the previous two days [1][2] - **Booking Data**: The booking interest for the Palace Museum's weekend tours has more than doubled compared to the previous week, while Universal Beijing Resort's ticket bookings have increased significantly [1][2]

Group 1 - The first snowfall of 2025 in Beijing has led to a surge in interest for winter tourism, particularly in popular attractions like the Forbidden City and Universal Beijing Resort [1] - Search volume for the Forbidden City increased by 90% and for Universal Beijing Resort by over 40% compared to the previous two days [1] - Tickets for the Forbidden City on December 13 and 14 have sold out, with deep-dive tour packages and day trip products seeing over a 100% increase in bookings compared to the previous week [1] Group 2 - Due to the high demand for tickets to the Forbidden City and Universal Beijing Resort, visitors are turning to other scenic spots suitable for snow viewing, resulting in increased popularity for historical buildings and parks [2] - Attractions such as Summer Palace, Yuanmingyuan, Temple of Heaven, Yonghe Temple, Jingshan Park, Beihai Park, and Badaling Great Wall have entered the top 10 popular scenic spots [2]

Group 1 - The first snowfall of 2025 in Beijing occurred on December 12, with significant snowfall reported in various districts, including Yanqing, Mentougou, and Fangshan, leading to increased interest in winter tourism [1] - The search interest for top attractions such as the Palace Museum and Universal Beijing Resort surged, with keyword searches for the Palace Museum increasing by 90% and for Universal Beijing Resort by over 40% compared to the previous two days [1] - Tickets for the Palace Museum were sold out for December 13 and 14, with a significant increase in bookings for deep-dive tours and day trips, more than doubling compared to the previous week [1] Group 2 - Due to the high demand for tickets to the Palace Museum and Universal Beijing Resort, visitors turned to other scenic spots suitable for snow viewing, resulting in increased visitation to historical sites and parks [2] - Popular attractions such as Summer Palace, Yuanmingyuan, Temple of Heaven, Yonghe Temple, Jingshan Park, Beihai Park, and Badaling Great Wall entered the top 10 list of popular scenic spots [2]