当世界的目光投向中国，北京、上海、重庆等世界级旅游城市早已成为入境游客的必到之地。 上海外滩，华灯初上。一家名为"Taste of China中国味"的餐厅里，来自亚美尼亚的游客安雅换上汉服，在餐桌前落座。 冷菜呈上，造型如中式塔台，层叠之间尽显匠心；西湖龙井斟入杯中，茶香氤氲。用餐间隙，她拿起剪刀，学着剪出一朵窗 花。餐桌旁，川剧变脸瞬息万变，安雅看得目不转睛。 "这个体验形式太有意思了，能从四个不同视角欣赏沉浸式展演，和单纯看屏幕的感受完全不一样，还有很多体验互动，氛 围感拉满了。"她说。 这是一餐饭，又不止于一餐饭。当世界的目光投向中国，北京、上海、重庆等世界级旅游城市早已成为入境游客的必到之 地。而今年春节，故事正在更多地方发生。 安徽黄山、广东潮州、江苏无锡、江西上饶——这四个城市，正是这一梯队的典型代表，有望在未来一年迈入A级行列。它 们不是传统意义上的入境游重镇，却正在成为外国游客深度探索中国的新选择之一。 潜力之城的背后 潜力之城的崛起，并非偶然。 潜力之城：入境游的下一站 根据携程海外平台数据，在入境游领域，中国已有3个城市的入境游客占比超过14.4%，达到世界级水平，被定义为A+级。 另有 ...

Group 1 - Haidilao increased by 5.943% [1] - HSBC Holdings rose by 5.469% [1] - Longfor Group saw a rise of 4.596% [1] - Master Kong Holdings increased by 3.758% [1] Group 2 - Leap Motor declined by 3.712% [1] - Tongcheng Travel dropped by 4.973% [1] - SenseTime-W fell by 5.364% [1]

马年春节九天假期已经落幕。国内游方面，各地 " 年味儿游 " 成顶流，海南购物游火爆；出入境游 方面，越来越多的外国游客选择到中国过年，冬奥会的举办则推高了米兰的预订热度。另外，这个春节 假期， AI 技术正进一步渗透到旅行的全过程。 本报记者 赵熠如 2026年春节假期，旅游市场玩出了新花样：AI进一步渗透到旅行全过程，订单量暴涨超800%；小 机场带火一批小城游，旅客量实现翻番；传统年味儿成为各地吸引游客的最强"IP"；出入境游也迎 来"双向奔赴"，入境游机票订单量增长近10倍，冬奥会带火意大利出境游。 小城游订单大增 这个春节假期，AI技术正进一步渗透到旅行的全过程。 春节假期期间，飞猪 AI订单量比节前增长了800%以上，简单实惠的AI订门票最受欢迎，订单量大 增超24倍。越来越多的高客单价服务也由 AI来完成，这些 AI订单中，机票平均每张成交价格超过700 元、酒店平均每晚成交价格接近300元，杭州、上海、重庆、武汉、郑州等是AI订酒店的热门目的地。 同程旅行旗下旅行智能体 DeepTrip的数据显示，有关春节的提问当中，交通票务相关问题占比约 57.4%，景点游玩相关内容占比约20%，地方过年习 ...

Core Viewpoint - In 2026, Ctrip faces significant regulatory scrutiny, including antitrust investigations and financial misconduct allegations, highlighting the consequences of its long-standing market dominance and questionable business practices [1][2][13]. Regulatory Scrutiny - On January 14, 2026, the State Administration for Market Regulation announced an antitrust investigation into Ctrip for allegedly abusing its market dominance [11]. - On February 13, 2026, the Financial Regulatory Bureau, in conjunction with other regulatory bodies, conducted interviews with Ctrip and five other travel platforms regarding misleading advertising and inadequate consumer protection in their lending practices [3][4]. Consumer Complaints - Users have reported being unknowingly enrolled in Ctrip's financial products, such as "Naked Flower," during hotel bookings, leading to unexpected debts [5][6]. - Complaints on the Black Cat Complaint platform regarding Ctrip's financial services have exceeded 22,000, with issues primarily related to aggressive debt collection practices [9]. Business Model Critique - The current business model of Ctrip has been criticized for transforming users from "bookers" into "debtors," raising ethical concerns about its financial practices [4][10]. - The intertwining of travel services and financial products has led to a perception of exploitation rather than value creation, prompting calls for a return to service-oriented practices [10][14]. Market Position and Competition - Ctrip holds a dominant position in the online travel market, with an estimated market share of 57% in GMV for 2024, and when combined with its affiliated platform Tongcheng, it accounts for nearly 70% of the OTA market [12]. - The Yunnan Provincial Tourism Homestay Association has initiated actions against Ctrip for unfair competition practices, including "forced choice" and unilateral commission increases, which threaten the survival of smaller businesses [12].

与此同时，大银幕的热度也延续到了旅途之中，跟着影视剧去旅行，成为一股不可忽视的假日旅游 新势力。根据飞猪旅行的数据，《飞驰人生3》的取景地甘孜、德令哈，《镖人：风起大漠》的取景地 克拉玛依，酒店间夜量同比增长超过1倍。 在传统与科技的碰撞中，今年春节文化旅游市场呈现出更加多元的玩法。综合同程旅行、飞猪等第 三方旅行平台的《春节旅游消费报告》，传统年俗文化依然是春节旅游市场的"大菜"，追寻传统"年味 儿"成为春节国内游的主流，广东、福建、浙江等地举办的各类迎新春年俗活动是文旅消费的大热 门，"跟着AI过大年"成为春节出游新时尚。 春节期间，传统年味儿成为各地吸引游客的最强IP，从广东汕头的英歌舞，到福建泉州的簪花围， 再到浙江各地的市集，南北年味大比拼将红红火火的节日氛围拉满。 同程旅行方面表示，今年春节假期主打传统特色"年味游"的十大热门目的地依次为：汕头、福州、 北京、赣州、苏州、九江、上海、泉州、德宏、开封。其中，汕头的旅游热度增幅领先，成为春节国内 游的最强"黑马"；福州以"新春文化旅游月"为主题，举办了超1800场活动；赣州、德宏等具有少数民族 特色的迎新年传统文化活动，凭借其强烈的视觉体验和参与感， ...

Core Insights - The Guangdong Province online tourism market is expected to continue its strong growth during the 2026 Spring Festival, with a 23.7% increase in visitor numbers and a 21.5% increase in tourism spending compared to 2025, solidifying its position as the leading tourism province in China [1] Group 1: Visitor Trends - Guangzhou, Shenzhen, and Zhuhai are the top three cities in terms of visitor numbers, with both Guangzhou and Shenzhen experiencing over 20% growth, while Zhuhai saw a 13.7% increase [2] - The eastern Guangdong region shows significant growth, with Shantou ranking fourth in visitor numbers and fourth in spending, with increases of 26.4% and 37.8% respectively [2] - The western Guangdong region also demonstrates strong growth, with Zhanjiang and Maoming showing visitor increases of 39.8% and 35.4%, and spending increases of 49.1% and 49.8% respectively [2] Group 2: Inbound Tourism - The inbound tourism market in Guangdong is experiencing a simultaneous increase in both visitor numbers and spending, with an 8.0% rise in inbound visitors and a 26.8% rise in spending during the 2026 Spring Festival [2] - This indicates a growing consumer capacity and willingness among inbound tourists, enhancing Guangdong's attractiveness in the international tourism market [2] Group 3: Domestic Tourism Structure - The visitor structure for the online tourism market in Guangdong during the 2026 Spring Festival shows a "strong external, stable internal" pattern, with 66.7% of visitors coming from outside the province and 33.3% from within [3] - This highlights Guangdong's strong appeal as a popular travel destination, particularly for visitors from other provinces [3] Group 4: Vacation Product Demand - There is a robust demand for vacation products in Guangdong, with a 35.8% increase in bookings and a 29.9% increase in spending during the 2026 Spring Festival [4] - The vacation market is expanding, with a focus on cost-effectiveness and competitive pricing for vacation products [4] - Popular vacation routes are driven by "cultural experiences + family-friendly activities," with the top route being a cultural deep-dive in Chaoshan, accounting for 20.8% of bookings [4]

Market Overview - On February 24, 2026, U.S. stock markets experienced a significant drop, with all three major indices falling over 1%. The Dow Jones Industrial Average dropped by 821.91 points, closing at 48,804.06, a decline of 1.66%. The S&P 500 fell by 71.76 points to 6,837.75, down 1.04%. The Nasdaq Composite also declined by 258.80 points, closing at 22,627.27, a drop of 1.13% [1][2]. Sector Performance - The software services, information technology services, and financial sectors were heavily impacted, while precious metals and non-ferrous metals sectors showed resilience, indicating a shift of funds from high-risk assets to traditional safe havens like gold. The price of gold reached a critical level of $5,200 per ounce, with a daily increase of over 2% [2]. Company-Specific Impact - International Business Machines Corporation (IBM) faced a catastrophic decline, with its stock price plummeting by 13.15%, marking its largest single-day drop since March 2020. This decline was attributed to advancements in artificial intelligence, particularly a new capability from the startup Anthropic that modernizes the COBOL programming language, which is crucial for many legacy systems [3][4][5]. AI Disruption - The introduction of AI tools like Claude Code threatens traditional business models reliant on outdated technologies, as they can significantly reduce the time and resources needed for modernizing legacy systems. This has raised concerns about IBM's future, as it is a major provider of COBOL systems [5][6]. Broader Technology Sector Trends - Other major tech companies also saw declines, with Microsoft down 3.21%, Tesla dropping over 3%, and Amazon falling 2.30%. However, Nvidia and Apple managed to stay slightly positive, indicating a selective investment approach within the tech sector [8][9]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 0.95%, showing resilience compared to U.S. indices. However, individual stocks exhibited significant volatility, with declines in cloud computing and online travel sectors. Notably, NIO, a Chinese electric vehicle company, surged by 4.34% due to strong operational data [10][22]. Global Market Reaction - European markets followed the U.S. trend, with major indices like the DAX and CAC40 closing lower. The global market exhibited interconnectedness, with panic selling in the U.S. quickly affecting European stocks [13].

Core Viewpoint - The Chinese government is intensifying efforts to regulate "involutionary" competition and promote a unified national market, shifting from rule-setting to institutionalized regulation in 2026 [1][2]. Group 1: Regulatory Actions - Since the beginning of 2026, regulatory bodies have conducted over ten actions to address "involutionary" competition, focusing on potential monopoly risks among leading enterprises [2]. - The State Administration for Market Regulation has explicitly prohibited leading companies from engaging in practices such as capacity agreements and price fixing during discussions with top photovoltaic companies [2]. - Recent irrational competitive behaviors among platform enterprises, particularly in the food delivery sector, have drawn regulatory scrutiny due to practices like "subsidy dumping" and "choose one from two" [2][3]. Group 2: Policy Framework and Implementation - The regulatory framework for addressing "involutionary" competition has been continuously improved, forming a comprehensive governance loop covering pre-, mid-, and post-implementation stages [3]. - The focus of regulatory enforcement in 2026 will be on institutionalization and normalization, with an emphasis on inter-departmental collaboration and industry self-regulation [3][4]. Group 3: Market Transition - The shift in focus from "price competition" to "quality and innovation" is aimed at fostering high-quality competition across various sectors, including photovoltaic and new energy vehicles [4][5]. - The revision of pricing laws and the introduction of rules for internet platform pricing behavior are designed to curb unfair pricing practices and clarify market competition boundaries [4]. Group 4: Economic Implications - The return to reasonable pricing is expected to enhance profit margins, creating a positive cycle where profits drive research and development, ultimately leading to higher quality outputs [5][7]. - The government aims to resolve the issue of oversupply and improve price relationships, which are essential for transitioning from "involutionary" competition to "value-oriented" competition [5][6]. Group 5: Future Outlook - The regulatory approach in 2026 will emphasize a systematic and precise strategy, focusing on innovation encouragement, intellectual property protection, and quality standards [8]. - The expectation is that positive changes will manifest within a year in key industries, although the maturation of the entire market ecosystem may take 2 to 3 years [8].

Group 1: Traditional Travel Destinations - Major domestic travel destinations in China during the Spring Festival include Beijing, Chengdu, Shanghai, Guangzhou, Shenzhen, Harbin, Sanya, Xi'an, Chongqing, Fuzhou, Xiamen, and Wuhan, showcasing strong tourist appeal [1] - Domestic travel orders during the Spring Festival reached a new high, with ticket orders increasing by over 80% year-on-year and hotel night bookings rising by 75% [1] - There was a significant increase in travel demand during the extended holiday, with orders from the second to the fifth day of the new year growing by approximately 30% year-on-year [1] Group 2: Emerging Niche Destinations - Unique and culturally rich niche destinations saw significant growth during the Spring Festival, with orders from Yan'an in Shaanxi increasing by 70% [1] - Other niche destinations such as Tongchuan and Shangluo in Shaanxi also experienced accelerated growth, while Tai'an in Shandong and Pu'er in Yunnan saw increases of 65% and 59%, respectively [1] - Border and coastal destinations like Keke Xili in Xinjiang, Wenchang in Hainan, and Chongzuo in Guangxi achieved notable order growth of 59%, 56%, and 56% [1] - Diverse cultural and natural experiences in cities like Hohhot in Inner Mongolia, Yuxi in Yunnan, Shuanghe in Xinjiang, and Wuxi in Jiangsu all reported growth rates above 48% [1] Group 3: AI Travel Assistants - The integration of AI in the travel industry has surged, with AI helping users book meals, flights, hotels, and movie tickets becoming a new trend [2] - On travel booking platforms, AI-driven travel services have seen explosive growth, with users asking more specific and in-depth questions, averaging 17.4 words per query [2] - During the Spring Festival, AI orders on Fliggy increased by over 800% compared to the pre-holiday period, with ticket bookings via AI rising more than 24 times [2] - Popular AI booking destinations include Emei Mountain, Huangshan, and Qingming Riverside Garden, with average ticket prices exceeding 700 yuan and hotel prices nearing 300 yuan [2]

Core Insights - The article highlights the transformation of China's inbound tourism, moving from superficial sightseeing to immersive cultural experiences, as evidenced by foreign tourists participating in traditional activities during the Spring Festival [1][3]. Group 1: Inbound Tourism Trends - The "Come to China for the New Year" trend has emerged as a global tourism consumption phenomenon, with daily inbound and outbound passenger volume exceeding 2.05 million during the 2026 Spring Festival, marking a 14.1% year-on-year increase [3]. - There is a structural shift in the demand from overseas tourists, with immersive cultural experiences becoming the core demand rather than mere sightseeing [3]. Group 2: Supply Side Upgrades - The changing demand is driving the cultural tourism supply side to accelerate upgrades, with major online travel platforms like Ctrip moving beyond traditional functions to engage in detailed, on-the-ground operations around cultural resources [5]. - Ctrip has launched over 6,000 intangible cultural heritage (ICH) tourism products covering nearly 50 categories, standardizing previously scattered ICH skills into marketable products [7]. Group 3: Visitor Engagement and Economic Impact - The deep cultural experiences have led to longer visitor stays, with 42% of inbound tourists in Wuxi staying 4-7 days during the 2026 Spring Festival, a 14% increase year-on-year [7]. - The overall order volume for ICH-themed scenic spots in Jiangsu, Guangdong, Jiangxi, and Anhui increased by 43% during the Spring Festival, with overseas platform orders surging by 284% [7]. Group 4: Local Policy and Service Enhancements - Local service systems are being improved, with Jiangsu promoting inbound facilitation and Wuxi implementing ten measures for foreign tourist services, creating a seamless experience for visitors [8]. - Ctrip plans to collaborate with Wuxi on various cultural events in 2026, further integrating culture and tourism [8].