《指南》显示，2025年上半年，东南亚游客赴华旅游需求呈现多元化趋势。上海、重庆、广州、北京、 成都位列东南亚游客首选目的地前五，其中重庆年浏览量增长率359%，增长最快。东南亚游客对自然 风光与文化体验的需求最为显著，张家界、黄山等自然景区搜索量同比增长110%，故宫、苏州园林等 文化地标热度增幅超80%。 携程榜单负责人表示，东南亚游客来华不再满足于传统景点打卡，而是追求融合都市休闲、自然疗愈与 文化沉浸的复合型体验。(完) 中新网12月5日电(黄蕾)在中国与新加坡、马来西亚、泰国等东南亚国家的签证互免政策的推动下，不 少海外游客开启首次来华旅行。 携程榜单(Trip.Best)近日于新加坡圣淘沙名胜世界发布的《2025东南亚出入境旅游趋势指南》显示，今 年以来，该平台上东南亚游客赴华订单量同比增幅显著，其中新加坡游客赴华旅游订单用户数同比增长 达138%，在全球KOL对于来华旅游持续好评影响下，沉浸式体验中国已被更多东南亚游客列入行程规 划。 （文章来源：中国新闻网） ...

新华财经北京12月5日电（记者丁雅雯）5日，途牛旅游网公布了截至2025年9月30日未经审计的第三季 度业绩报告。三季度，途牛业务继续保持增长，持续实现季度盈利。今年以来，公司主营业务打包旅游 产品收入持续保持两位数的同比增长，三季度打包旅游产品收入同比增长超12%。 渠道多元化方面，途牛继续推进"线上直播+线下门店"协同发力，加速构建更为丰富的渠道体系。线上 直播方面，途牛聚焦多元化新媒体平台拓展，积极开拓更多私域流量，持续深化达人、头部商家及异业 合作；组建规模化直播专属核销团队，加速推动转化率、核销率的显著增长。今年第三季度，途牛直播 渠道支付金额同比增长90%，核销金额同比增长70%。今年前三季度，途牛直播渠道累计核销金额已超 2024年全年。 （文章来源：新华财经） 途牛旅游网CEO于敦德先生表示："面对不断增长和演进的出游需求，我们持续提升产品与需求的匹 配，同时将AI应用到更多场景中，进一步提升客户体验和运营效率。" ...

Core Insights - The report from Tongcheng Travel indicates a significant increase in search interest for "New Year" and "cross-year" keywords, with a month-on-month rise exceeding 280% [1][2] - Overall booking activity for flights, hotels, and homestays during the New Year holiday has increased by nearly 30% compared to the same period last year [1][2] Travel Trends - The top 10 popular scenic spots for the New Year holiday include Beijing Universal Resort, Zhuhai Chimelong Ocean Kingdom, Harbin Ice and Snow World, and Laojun Mountain Scenic Area, with theme parks occupying four of these spots [1][2] - There is a growing demand for temple visits for New Year blessings, with Suzhou Hanshan Temple, Hangzhou Lingyin Temple, and Shanghai Longhua Temple receiving increased attention, showing an overall interest increase of over 80% [1][2] - The implementation of a free admission policy at Lingyin Temple is expected to boost visitor numbers for New Year blessings [1][2] Popular Destinations - The report highlights popular ice and snow tourism destinations, including Meili Snow Mountain in Yunnan, Gongga Snow Mountain in Sichuan, Yulong Snow Mountain in Yunnan, and Dagu Glacier in Sichuan, all making it to the top 20 list [1][2] - The trend for warm-weather escapes is also prominent, with a 36% month-on-month increase in flight bookings from major cities like Beijing and Tianjin to popular warm destinations such as Sanya, Haikou, Kunming, Guangzhou, and Xiamen [1][2]

Core Insights - The travel demand for the New Year's holiday in 2026 is expected to surge, with a 30% increase in bookings compared to the same period last year, driven by a significant rise in search interest for "New Year" and "cross-year" keywords, which increased over 280% in the past month [1] Group 1: Travel Trends - The report highlights two main travel trends: "ice and snow tourism" and "winter escape tourism," with users opting for short trips within 100-300 kilometers or extending their holidays for overseas travel [1] - Young users are increasingly focused on creating memorable experiences for New Year's Eve, with activities such as fireworks displays and concerts gaining popularity [2][3] Group 2: Popular Destinations - Theme parks are favored for New Year's celebrations, with top destinations including Beijing Universal Resort and Shanghai Disneyland, which features a special fireworks show [2] - There is a notable increase in flight bookings to popular ice and snow destinations like Harbin and Changchun, with ticket prices rising significantly as demand increases [4] Group 3: Accommodation Preferences - Users are showing a preference for hotels equipped with high-definition projection facilities for New Year's Eve celebrations, leading to a significant rise in bookings for specific room types [3] - In Sanya, hotel bookings are notably increasing, particularly for mid to high-end hotels, indicating a willingness to pay for quality accommodations with sea views and amenities [7] Group 4: International Travel - The "please 3 days off for 8 days" strategy is encouraging users to travel abroad, with a 30% increase in bookings for international travel products compared to previous years [8] - The introduction of visa-free policies for countries like Russia is expected to further stimulate outbound travel demand, with a 60% increase in flight bookings to Moscow [9]

Group 1 - The core viewpoint of the investment strategy report highlights the potential new main lines driven by policies and events, emphasizing the role of ETFs as a key investment tool in a "slow bull" market [2] - The report suggests that the 2025 surge in the innovative drug sector is a result of the resonance between policy, industry, demand, and globalization, indicating that "new" assets in the pharmaceutical sector remain a long-term investment direction [4] - The analysis focuses on five key areas for macroeconomic and investment outlooks for 2026, including supply-demand contradictions, price assessments, financial conditions, economic transformation, and overseas stock-bond allocation experiences [7][8] Group 2 - The pharmaceutical industry is expected to see investment opportunities in 2026, with recent adjustments leading to relatively low valuations, which may restart an upward trend in 2026 [4] - The report recommends focusing on hard technology in pharmaceuticals and specific sub-sectors, including innovative drugs (leading BIC and FIC pipelines), innovative medical devices (imaging, high-value consumables, consumer devices), and medical AI [4] - Tuniu's performance dialogue will explore strategies for recovering outbound tourism, including product upgrades, channel optimization, and private domain operations to reshape competitiveness [11]

Core Insights - The company achieved revenue of 5.509 billion yuan in Q3 2025, representing a year-on-year increase of 10.4%, and an adjusted net profit of 1.06 billion yuan, up 16.5% year-on-year [1] - The adjusted net profit margin reached 19.2%, an increase of 1 percentage point year-on-year [1] Revenue Breakdown - The core OTA (Online Travel Agency) business showed robust growth with revenue of 4.609 billion yuan, up 14.9% year-on-year; however, vacation revenue decreased by 8.0% to 900 million yuan due to impacts in Southeast Asia and reduced buyout business [1] - Within the OTA business, accommodation revenue was 1.580 billion yuan (+14.7%), transportation revenue was 2.209 billion yuan (+9.0%), and other revenues, including hotel management, reached 821 million yuan (+34.9%) [1] Accommodation and Transportation Insights - The accommodation booking business benefited from increased room nights, a recovery in ADR (Average Daily Rate) since Q2, and a shift towards higher-quality products, leading to a 15% year-on-year revenue growth in Q3 [1] - The transportation business saw a 9% year-on-year revenue increase in Q3, supported by normalized domestic flight demand, with expectations for further improvement in the company's take rate [1] Hotel Management Business - The hotel management business, identified as the company's second growth curve, maintained high growth, with nearly 3,000 hotels in operation as of the end of September, an increase of about 300 from Q2, and 1,500 hotels in preparation [2] - Wanda Hotel Management is expected to be consolidated in Q4, contributing some revenue, although its impact on the annual results is limited [2] International Travel Business - The outbound travel business turned profitable in Q3 and is expected to reach breakeven for the full year; the international air ticketing business showed strong growth, accounting for 6% of total transportation ticketing revenue, up 2 percentage points year-on-year [2] - The company aims to increase the share of outbound travel business in ticketing and hotel revenue to 10-15% in the future [2] Profitability and Forecast - The company's profitability is on an upward trajectory, with the adjusted net profit margin continuing to improve, reaching 19.2% in Q3, up 1 percentage point year-on-year [2] - The company forecasts overall revenues of 19.32 billion, 21.66 billion, and 24.60 billion yuan for 2025-2027, with adjusted net profits of 3.37 billion, 3.87 billion, and 4.40 billion yuan respectively, corresponding to a PE ratio of 14, 13, and 11 times at the current stock price [3]

携程数据显示，免签政策后，平台"柬埔寨"相关旅游关键词当日搜索量环比增长20%。 金吾财讯 | 携程(09961)午后维持高位，截至发稿，涨3.46%，报553.5港元，成交额9.23亿港元。 金吾财讯 | 携程(09961)午后维持高位，截至发稿，涨3.46%，报553.5港元，成交额9.23亿港元。 柬埔寨政府当地时间12月2日发布官方文件说，将于2026年6月15日至10月15日期间对中国公民试行免签 政策。文件说，柬埔寨政府同意对从中国前往柬埔寨的中国公民试行免签政策，允许停留14天。在4个 月试行期内，中国公民无需申请签证，也无需缴纳任何费用，只需填写电子入境卡即可入境，且可以多 次入境柬埔寨。 柬埔寨政府当地时间12月2日发布官方文件说，将于2026年6月15日至10月15日期间对中国公民试行免签 政策。文件说，柬埔寨政府同意对从中国前往柬埔寨的中国公民试行免签政策，允许停留14天。在4个 月试行期内，中国公民无需申请签证，也无需缴纳任何费用，只需填写电子入境卡即可入境，且可以多 次入境柬埔寨。 携程数据显示，免签政策后，平台"柬埔寨"相关旅游关键词当日搜索量环比增长20%。 ...

在入境冰雪游方面，携程数据还显示，今冬冰雪目的地入境游订单同比近乎翻倍增长，河北、新疆、内 蒙古增幅均超130%，其中，东南亚客源占比近七成。12月，随着国际游客度假高峰到来，这一趋势预 计将达到顶点。 北京商报讯（记者 吴其芸）12月4日，携程平台数据显示，截至目前，2025年11月至2026年2月，国内 滑雪及冰雪景区门票预订量同比激增约70%，海外相关预订也增长50%。尤其在滑雪项目上，今年11月 以来，国内雪场门票预订量同比增幅高达近2.2倍，套票产品更受青睐，反映出游客对深度、一站式体 验的追求。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The current competitive landscape for Online Travel Agencies (OTAs) is stabilizing, with the company focusing on enhancing operational efficiency and deepening its presence in the tourism industry. The company's profitability is on an upward trajectory due to optimized user marketing strategies, refined subsidies, and improved profitability in outbound travel. There remains potential for further increases in sales expense ratios and take rates, which are expected to support continuous growth in profit margins [2][6][9]. Revenue and Profitability - In Q3 2025, the company achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%. Adjusted net profit reached 1.06 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, reflecting a 1 percentage point increase year-on-year [6][9]. - The core OTA business saw steady growth, with revenue of 4.609 billion yuan in Q3, a 14.9% increase year-on-year. The hotel management business also maintained high growth, with revenue from hotel management and other services reaching 0.821 billion yuan, up 34.9% [9]. Future Projections - The company is projected to achieve overall revenues of 19.32 billion, 21.66 billion, and 24.60 billion yuan for the years 2025, 2026, and 2027, respectively. Adjusted net profits are expected to be 3.37 billion, 3.87 billion, and 4.40 billion yuan for the same years, corresponding to a price-to-earnings (PE) ratio of 14, 13, and 11 times at the current stock price [2][9].

Core Viewpoint - The company reported a revenue of 5.51 billion yuan for Q3 2025, representing a year-on-year increase of 10.4%. The core OTA platform generated a revenue of 4.61 billion yuan, up 14.9% year-on-year, with a net profit attributable to shareholders of 980 million yuan, reflecting a 23.0% increase year-on-year [4][15][16]. Group 1: Business Growth - The trend of growth in accommodation and transportation services continues, with Wanda Hotel Management's consolidation in October expected to provide ongoing expansion opportunities [1][4]. - The accommodation booking segment achieved a revenue of 1.58 billion yuan, up 14.7% year-on-year, outpacing the overall industry growth, driven by an increase in the proportion of three-star and above hotels, which boosted the Average Daily Rate (ADR) [4][16]. - The transportation ticketing service generated a revenue of 2.21 billion yuan, a 9.0% year-on-year increase, with international ticketing and ancillary product revenues growing rapidly [4][16]. - Other business segments reported a revenue of 820 million yuan, up 34.9% year-on-year, primarily benefiting from the rapid expansion of hotel management services, with a clear incremental space expected in Q4 due to the consolidation of Wanda Hotel Management [4][16]. - The vacation business segment saw a revenue decline of 8.0% year-on-year to 900 million yuan, attributed to decreased travel demand in Southeast Asia [4][16]. Group 2: User Operations - The focus of user operations has shifted from quantity to quality, with good progress in promoting the company's own app. As of Q3 2025, the average monthly paying users reached 477,000, a year-on-year increase of 2.8%, although the growth rate decreased by 6.4 percentage points compared to Q2 2025 [2][5][16]. - The current strategy emphasizes enhancing the Average Revenue Per User (ARPU) and leveraging high customer unit prices and frequency through the self-owned app, which achieved a record high in daily active users before the National Day holiday [5][16]. Group 3: Profitability - The company's gross margin for Q3 2025 was 65.7%, an increase of 2.3 percentage points year-on-year. The proportion of service development, sales and marketing, and administrative expenses in revenue decreased year-on-year, indicating further optimization potential in cost management [3][17]. - The core OTA platform's margin was 31.2%, up 0.1 percentage points year-on-year, while the adjusted net profit margin was 19.2%, reflecting a year-on-year increase of 1.0 percentage points. The company's profitability continues to show an upward trend, with significant potential for further improvement in the future [3][17].