8月13日，途牛(TOUR)开盘上涨2.06%，截至21:30，报0.789美元/股，成交2153.0美元，总市值9152.16 万美元。 财务数据显示，截至2025年03月31日，途牛收入总额1.18亿人民币，同比增长8.85%；归母净利润-469.8 万人民币，同比减少133.77%。 大事提醒： 作者：行情君 8月15日，途牛将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，途牛公司是中国领先的在线休闲旅游服务商,可以为消费者提供的跟团和自助等打包旅游产 品,还有丰富的机票、酒店、签证等单项旅游产品。途牛航线覆盖了中国420多个出发城市和全球所有热 门目的地。途牛通过各种线上和线下渠道(包括tuniu.com网站),提供一站式休闲旅游解决方案和令人瞩目 的客户体验,包括3000多名专业客户服务代表、一星期7天24小时呼叫中心、约500家线下零售店和34家 本地自营旅行社,并提供丰富的后续服务和保障。 本文源自：金融界 ...

Group 1 - The core viewpoint of the article highlights a significant increase in foreign tourists opting for cultural trips to smaller cities in China, with a notable rise in homestay bookings during the summer of 2025 [1] - The cities with the fastest growth in homestay bookings include Jin Cheng, Kaifeng, Xinxiang, Xinzhou, and Linfen, with Jin Cheng experiencing over a 200% increase in bookings compared to the previous year [1] - The expansion of China's 240-hour visa-free transit policy has contributed to the rise in inbound tourism, with foreign tourists now exploring a wider range of destinations beyond major cities [1] Group 2 - Foreign tourists show a preference for unique accommodation types such as lofts, boutique inns, standalone villas, and old-style houses, which account for over 25% of bookings on the platform [2] - The majority of foreign tourists in Shanghai's Airbnb-style accommodations are from South Korea, with a trend of young friends traveling together, while tourists from other countries tend to travel as families [2] Group 3 - Smaller cities like Diqing in Yunnan and Ili in Xinjiang are gaining popularity among foreign tourists, with significant growth in homestay bookings [3] - The homestay bookings in places like Baoshan in Yunnan and Turpan in Xinjiang have seen over 100% year-on-year growth, while bookings in Tongren, Guizhou, and Longyan, Fujian, have increased by 63% and 50%, respectively [3]

Core Insights - Airbnb's stock has decreased by approximately 11% over the past month despite a strong Q2 performance, with revenue increasing by 13% year-over-year to $3.1 billion, surpassing the consensus of $3.03 billion, and an EPS of $1.03 exceeding expectations of $0.94 [2][4][6] Financial Performance - User engagement reached record levels, contributing to a three-year average growth rate of 20%, significantly outpacing the S&P 500's growth of 5.2% [6] - Over the last year, Airbnb's sales increased by 10% to approximately $12 billion, more than double the market's 4.5% increase [6] Growth Initiatives - The company is investing $200 million in its next growth phase, which includes updating its app with AI-driven personalization, expanding into "Services & Experiences," and hosting high-profile celebrity events [4] - These initiatives aim to enhance user engagement and diversify revenue, but they may take time to scale and could impact profitability [4] Market Position and Valuation - Airbnb trades at a premium compared to the S&P 500, with price-to-sales at 6.6x, price-to-earnings at 29.3x, and price-to-free-cash-flow at 17.0x, which exceed the index's ratios [5] - The valuation is less expensive than Booking Holdings (7.3x sales, 37.7x earnings) but significantly higher than Expedia (1.7x sales, 22.1x earnings), reflecting confidence in stable growth without expecting a significant surge [5] Investor Sentiment - The recent stock decline is viewed as a readjustment of expectations rather than a sign of trouble, with Airbnb maintaining a premium brand and robust growth [6] - Investors face the decision of whether to accept slower short-term returns for potentially stronger long-term growth [6]

Group 1 - The core viewpoint of the article highlights the increasing interest of foreign tourists in smaller cities in China, with a significant rise in homestay bookings during the summer of 2025 [1] - Data from Tujia indicates that foreign tourists have made homestay reservations in 253 cities across China this summer, with notable growth in bookings in Baoshan, Yunnan, and Turpan, Xinjiang, both exceeding 100% year-on-year [1] - The top five cities for foreign tourist homestay bookings are Shanghai, Guangzhou, Beijing, Chengdu, and Shenzhen, with Dali, Kunming, and Lijiang from Yunnan also ranking in the top ten [1] Group 2 - Foreign tourists show a preference for unique accommodation types, including lofts, boutique inns, standalone villas, and old-style houses, which account for over 25% of bookings on the Tujia platform [1]

Core Viewpoint - UBS Wealth Management's Investment Office highlights the increasing southbound capital flow through the Hong Kong Stock Connect amid ongoing tariff and trade tensions, indicating a positive outlook for certain sectors in the Chinese market [1] Group 1: Southbound Investment Trends - In the first half of this year, the southbound investment turnover through the Shanghai-Hong Kong Stock Connect accounted for 23% of the total turnover in Hong Kong stocks, compared to 18% projected for 2024 and only 9% in 2020 [1] Group 2: Sector Performance Outlook - UBS emphasizes that with new favorable factors emerging, Chinese technology stocks are likely to continue performing well, particularly in the online gaming, cloud services, online travel, and electric vehicle sectors [1] - There is an expectation of increased southbound capital inflow into growth-oriented and high-dividend stocks, especially in state-owned enterprises within the financial, telecommunications, energy, and utilities sectors [1]

OTA平台的良好表现源于"生态协同+全球化+供应链创新"的模式创新。这些平台凭借数字化能力精准匹 配供需、优化服务体验、创新产品组合，在行业调整期实现了增长。 8月13日，据《观点指数 2025中国房地产全产业链发展白皮书》显示，当前文旅行业正经历明显的结构 性调整，不同领域呈现出分化态势。从细分板块数据来看，在线旅游OTA业务凭借数字化优势保持增 长，传统文旅企业则普遍面临增长放缓的情况，行业格局出现重塑的迹象。 文旅集团营收平均规模为16.07，营收平均增速-11.53%，平均净利润率-0.4%，净利润率增速低 至-185%，这一数据反映出重资产运营模式在消费需求变化中的适应能力有待提升。 地方文旅处境更为困难，营收平均规模仅1.04，营收平均增速-19%，平均净利润率-42.0%，净利润率增 速-355%，对"门票经济"的依赖以及产品同质化等问题较为突出。 观点指数认为，行业分化的本质是模式迭代速度的不同。传统文旅企业需要加快从"资源依赖"向"产品 创新+运营提效+生态协同"转型：或借助在线平台对接流量资源，或深耕在地文化打造差异化IP，或引 入数字化工具优化运营体系。只有主动适应变革，才能在消费需求向 ...

8月13日，途牛(TOUR)盘中上涨3.18%，截至00:11，报0.791美元/股，成交8.92万美元，总市值9171.89 万美元。 财务数据显示，截至2025年03月31日，途牛收入总额1.18亿人民币，同比增长8.85%；归母净利润-469.8 万人民币，同比减少133.77%。 大事提醒： 8月15日，途牛将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，途牛公司是中国领先的在线休闲旅游服务商,可以为消费者提供的跟团和自助等打包旅游产 品,还有丰富的机票、酒店、签证等单项旅游产品。途牛航线覆盖了中国420多个出发城市和全球所有热 门目的地。途牛通过各种线上和线下渠道(包括tuniu.com网站),提供一站式休闲旅游解决方案和令人瞩目 的客户体验,包括3000多名专业客户服务代表、一星期7天24小时呼叫中心、约500家线下零售店和34家 本地自营旅行社,并提供丰富的后续服务和保障。 本文源自：金融界 作者：行情君 ...

暑期过半，北京持续稳居境内热门旅游目的地首位，文旅市场热度不减。8月12日，北京商报记者从多 家在线旅游平台获悉，7月全国最火目的地中北京仍居榜首；同时，伴随基础设施完善，三线及以下小 城游客量激增。聚焦北京市场，热门景区TOP10中古迹类占比达六成，主题公园类占两成，环球影城位 居主题公园类第一。散客需求旺盛下，以家庭亲子为主力的游客更注重文化内涵，带动深度体验与精讲 服务需求显著上升。 北京持续领跑，小城热度激增 暑期过半，全国各地迎来了众多游客，从热门目的地来看，北京仍居榜首，不少小城也持续受到游客的 青睐。 去哪儿数据显示，7月，全国最火的TOP10目的地分别为北京、上海、成都、青岛、杭州、西安、贵 阳、广州、重庆、深圳。同时，在美团旅行报告中，北京也位居暑期境内热门旅游目的地榜首。凭借深 厚的历史文化底蕴及多元魅力，北京继续稳居境内热门旅游目的地榜首。 上述平台数据还显示，北京酒店预订热门商圈主要集中在"鸟巢"及奥体中心地区，前门、天坛公园及崇 文门区域、国贸CBD及朝阳大悦城周边、劲松和潘家园地区、北京环球影城度假区及周边。 北京之外，这个暑期三、四线小城热度同样激增。从机票预订来看，去哪儿数据显 ...

携程网(TCOM.US)盘前涨1.04%，报60.1美元。消息面上，财政部、中国人民银行、金融监管总局印发 《个人消费贷款财政贴息政策实施方案》，2025年9月1日至2026年8月31日期间，居民个人使用贷款经 办机构发放的个人消费贷款(不含信用卡业务)中实际用于消费，且贷款经办机构可通过贷款发放账户等 识别借款人相关消费交易信息的部分，可按规定享受贴息政策。贴息范围包括单笔5万元以下消费，以 及单笔5万元及以上的家用汽车、养老生育、教育培训、文化旅游、家居家装、电子产品、健康医疗等 重点领域消费。(格隆汇) | TCOM 携程网 | | O | | --- | --- | --- | | 59.480 + +0.680 +1.16% | | 收盘价 08/11 15:59 美东 | | 60.100 ↑ 0.620 +1.04% | | 盘前价 08/12 04:03 美东 | | 二分 24 号 (8) 9 日 (0) | | ● 快捷交易 | | 最高价 60.130 | 开盘价 60.000 | 成交量 423.43万 | | 最低价 59.390 | 昨收价 58.800 | 成交额 2.52亿 | ...

Group 1 - Chengdu's Cultural, Broadcasting and Tourism Bureau is distributing a total of 10 million yuan in tourism accommodation vouchers through four platforms: Meituan, Ctrip, Qunar, and Fliggy [1] - The voucher distribution is divided into two rounds: the first round from August 11 to September 20 with an allocation of 5 million yuan, and the second round from September 21 to October 28 also with 5 million yuan [1] - The vouchers offer various discounts based on spending thresholds, including reductions of 40 yuan for 180 yuan spent, 80 yuan for 280 yuan, 120 yuan for 380 yuan, 200 yuan for 580 yuan, and 300 yuan for 780 yuan [1] Group 2 - To enhance tourism demand, platforms are launching seasonal activities, such as Meituan's "Summer Gathering" offering a 288 yuan travel voucher package, and Ctrip's various promotional campaigns for summer and graduation [2] - Chengdu has introduced 26 themed scenic spots under the "Vibrant World Games in Chengdu" initiative, connecting 13 main event venues to encourage deeper exploration of the city's cultural and sports tourism [2]