本文来自微信公众号"山上"，作者：山上，36氪经授权发布。 作者｜王彬 封面｜《超人》 酒旅赛道已经很久没有新鲜事儿了。 这个互联网公司们最先介入的赛道，过去 20 多年来的玩法几乎没有发生过什么变化。中国最早也是最大的 OTA 平台在 1999 年诞生，那时整个中国互联 网渗透率还不足 1%，后来人们熟知的搜索引擎、社交媒体乃至电商网站们都还没有在中国出现。 增长的市场，固化的格局 即便酒旅行业发展了 20 多年，但它仍然是当前互联网行业中少有的仍处在高速增长的赛道之一。甚至可以说，随着国民经济水平的不断提高，酒旅行业 的市场想象力还在不断放大。 看看过去几年 OTA 平台们的财报你就知道了。疫情恢复后的第一年，携程 2023 年营收增速高达 122%，体量稍小的同程旅行同样实现超 80%的营收增 速。即便是进入平稳恢复期的 2024 年，携程也依然保持着近 20% 的营收增长，同程更是高达 45.8%。 与之对比，包括电商、社交、游戏等在内的多个互联网赛道近年来增长已逐渐见顶，几家互联网巨头公司们的营收增速常年维持在个位数水平，部分公司 甚至呈现负增长。今年上半年中国互联网公司市值排名中，携程位列第 7， ...

这场盗窃案的背后，是一场关于安全与责任的深度拷问。 欧洲时间7月8日，中国驻佛罗伦萨总领馆发文提醒赴意大利游客切实提高安全意识，主动加强防范。领 事通知甚至贴心发了六条避免财物损失的安全提示。 21世纪经济报道记者注意到，这是今年以来中国驻佛罗伦萨总领馆向中国游客发布的第三条关乎个人财 产安全的通知，原因无他——意大利罗马、佛罗伦萨等地盗抢事件实在太频繁发生。 7月3日正午，意大利托斯卡纳大区比萨斜塔附近，在当地旅行的30名中国游客遭遇了一场猝不及防的噩 梦——仅20分钟用餐时间，停在餐馆外的大巴被撬，全团行李、现金、奢侈品遭洗劫，损失高达数十万 元。 这场被网友称为"20分钟团灭"的盗窃案，不仅撕开了意大利旅游治安的伤疤，更将出境游产业链上的安 全漏洞、责任推诿暴露在公众视野中。 7月11日，该旅行团受害者之一金先生接受21世纪经济报道记者专访，更多未被披露的细节浮出水面： 从平台预订的隐忧，到旅行社从"消极拒赔"到"承诺补偿"的态度反转，再到保险与责任的边界模糊，这 场盗窃案的背后，是一场关于安全与责任的深度拷问。 据了解，金先生通过携程预订，但实际履约方为沈阳某旅行社。 20分钟的精准作案 "车就停在餐 ...

"AI路书"在内测时期就曾引起用户广泛关注，该产品突破传统AI被动响应模式，首创"主动提问-需求校 准-精准生成"全流程。用户提交初步需求后，AI会以选择题形式引导补充关键细节，例如"是否需要避 开台阶较多的景点？"，"餐饮偏好人均预算是多少？"，用户亦可手动添加个性化需求。需求确认后， 系统基于马蜂窝海量真实内容数据生成涵盖行程、住宿、交通、预算及实用贴士的完整方案。需要更多 个性化服务的游客，还可在路书页面一键触达马蜂窝当地指路人，享受旅行专家的一对一服务。 新浪科技讯 7月11日下午消息，马蜂窝的深度个性化的攻略定制产品"AI路书"正式宣布向所有用户开 放，同步上线"AI代订日本餐厅"、"菜单翻译"、"多语种实时翻译"等几大实用工具，直击用户出境自由 行核心痛点，实现从行程规划到目的地精细化服务的全链路智能化覆盖。 此外，马蜂窝AI旅行助手"AI小蚂"同样新增三大实用功能。日本餐厅很多需要预约，而语言障碍却曾让 不少游客"头疼不已"，有了"AI代订日本餐厅"，用户只需截图心仪餐厅界面，AI将自动识别并提取餐厅 名称、地址、营业时间及人均消费，在选定日期、人数及时段后，AI可直接拨打餐厅电话完成预订， 全 ...

支撑评级的要点 同程旅行：下沉市场的OTA 龙头。公司由同程网和艺龙合并而来，是中国领先的一站式旅游服务平 台，目前已成功跻身OTA 行业前三。核心业务为在线旅游平台，为用户提供包括交通、住宿预订及各 种配套增值旅游产品及服务。疫后公司业绩迅速反弹并屡创新高，2024 年公司实现营收173.4 亿元，同 比+45.8%；经调整净利润 27.9 亿元，同比+26.7%。 OTA 行业：受益于旅游市场高景气度，博弈加剧冲击有限。1）规模： 受益于文旅行业高景气度，24 年在线旅游市场规模重回万亿。低线城市当前渗透率低，且旅游花费增 速高，未来为重要增量市场。交通在线预订GMV 占比较高，渗透率超8 成；住宿在线预订渗透率仍处 爬升阶段。 机构：中银证券 研究员：李小民/宋环翔 同程旅行作为国内下沉市场的OTA 龙头企业，有望享受大众旅游的时代红利，背靠腾讯和携程两大股 东，自身流量和供给资源优势显著。首次覆盖，给予买入评级。 2）格局：当前市场为一超多强，携程占据半壁江山，同程，美团，飞猪等平台错位竞争，各立山头。 内容、电商平台加速入局，流量端优势显著，但供应链资源仍显不足，对格局冲击有限。3）议价能 力：交通 ...

Core Points - The agreement between China and Malaysia on mutual visa exemption for holders of ordinary and official passports will take effect on July 17, 2025, marking a new phase in bilateral relations and enhancing people-to-people exchanges and economic cooperation [3] - The agreement allows for visa-free entry for Chinese and Malaysian passport holders for stays not exceeding 30 days, with a cumulative stay of 90 days within 180 days, for various purposes including tourism and business [3] - As of July 2023, China has established mutual visa exemption agreements with Singapore, Thailand, and Brunei among the ten ASEAN countries, with 47 countries benefiting from unilateral visa exemption policies to China [4] Industry Insights - Malaysia has emerged as a top travel destination for Chinese tourists this summer, with hotel bookings increasing by 43% year-on-year [4] - Kuala Lumpur, Tawau, and Langkawi are the most popular cities for Chinese travelers, with Kuala Lumpur being the top city for outbound travel from China according to recent data [4] - In the first four months of 2023, 1.4 million Chinese tourists visited Malaysia, a 37.8% increase compared to the same period in 2024, with projections suggesting that the total number of Chinese tourists to Malaysia could reach 5 million this year [4]

2025年已过半，上半年文旅上市公司股价表现如何？谁暴涨，谁暴跌？本期知酷文旅将进行汇总。 目前，知酷文旅重点关注的A股、港股、美股的文旅上市公司共有55家，涵盖旅游景区、酒店、在线旅游平台、旅行社、文旅供应链企业等多个类别。 55家文旅上市公司上半年市值变化情况 据知酷文旅统计，自2025年1月1日起至6月30日，55家文旅上市企业有31家市值上涨，24家市值下降。 其中涨幅最高的前三名分别为万达酒店发展173.65%、飞扬集团140.7%、金马游乐92.68%。市值上涨的公司中，有12家公司涨幅超过20%，有19家公司涨 幅超过10%。 | | | 2025年上半年文旅上市公司市值涨跌幅 | | | | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 公司名称 | 上半年市值涨跌跌 | 截至6月30日总市值 (单位:亿元) | | 1 | 00169.HK | 万达酒店发展 | 173.65% | 26.99 | | 2 | 01901.HK | 飞扬集团 | 140.70% | 1.26 | | 3 | 300756.SZ | 金马游乐 | 92.68% | 45 ...

今年 7 月 18 日，派拉蒙影业公司出品的电影《魔法蓝精灵》将在国内欢乐上映。这群由比利时漫画家贝约（Peyo) 创造的蓝色小精灵，凭借着"活泼 又聪明、可爱又机灵"的形象收获了全世界的喜爱。为庆祝全新电影上映，Airbnb爱彼迎邀请两组家庭前往比利时森林——蓝精灵诞生之地，沉浸式 体验一日精灵村生活。 恰逢在最新电影中，蓝爸爸离开蓝精灵村，踏上了惊心动魄的冒险。贝约的外孙 Nicolas Tytgat 将作为爱彼迎体验达人，带领客人们感受一系列以电 影为灵感的蓝色魔法活动，且一整天都不用担心格格巫的捣乱！Nicolas兴奋地表示："我从小在蓝精灵的魔法世界中长大。这次能够邀请粉丝们来到 蓝精灵的诞生地比利时，走进我外祖父创造的童话世界，感受这片森林承载的童心和想象力，对我和每一个蓝精灵迷都意义非凡。" 爱彼迎数据显示，超八成家庭游客会将目的地特色体验纳入行程考量，越来越多家庭希望在旅行中远离喧嚣、亲近自然。这场蓝精灵奇幻森林体验 将于当地时间 2025 年 8 月 3 日星期日举行，两个家庭将分别参加一场 4 小时的免费体验。客人们将学习如何像"3 个苹果高"的蓝精灵一样探索世 界、享受美食、翩翩起舞。体 ...

Core Insights - The summer tourism market for 2025 has officially started, with family travel, particularly for parents with children, becoming the dominant force driving market growth [1][2] - The overall market size is experiencing growth, with significant increases in bookings for flights, hotels, and tickets, particularly for long-distance travel and international destinations [1][2] Group 1: Family Travel Dominance - The family travel segment, especially those traveling with children, is a key driver of market growth, with parent-child travelers accounting for over 34% of domestic airline passengers [2][3] - Popular destinations for family travel include Beijing, Shanghai, Chengdu, and Kunming, with theme parks like Shanghai Disneyland and Beijing Universal Studios being top choices [2][3] Group 2: Travel Timing and Trends - The peak travel period for family trips is predicted to be from mid-July to mid-August, aligning with school vacation schedules, leading to increased flight prices during this time [3] - There is a notable increase in first-time flyers, with an estimated 6 million expected to fly for the first time this summer, indicating a growing demand for related services [6] Group 3: Diverse Travel Options - Families are seeking high cost-performance and flexible travel options, leading to a rise in multi-modal travel solutions, such as connecting flights and combinations of air and ground transport [4][5] - The popularity of self-driving trips is also increasing, with significant growth in car rental orders, particularly in regions like Sanya, Chengdu, and Qingdao [5] Group 4: Quality and Experience Focus - There is a growing demand for quality travel experiences, with high-star hotel bookings increasing by over 20% and deep travel experiences gaining popularity [7][8] - The trend towards long-term stays is evident, with a 40% increase in long-term rental orders in the vacation rental sector, highlighting a shift in consumer preferences towards immersive travel experiences [7][8] Group 5: Young Consumer Behavior - The university student demographic is showing significant growth in travel participation, with a 77% increase in travel numbers and a 6% rise in average spending [8] - The focus on quality experiences over traditional travel styles is becoming more pronounced among younger travelers [8]

Core Insights - The report highlights the strong growth potential of Tongcheng Travel, a leading OTA in China's lower-tier markets, benefiting from the tourism boom and support from major shareholders Tencent and Ctrip [3][6][8] - In 2024, Tongcheng Travel is projected to achieve revenue of CNY 17.34 billion, a year-on-year increase of 45.8%, and an adjusted net profit of CNY 2.79 billion, up 26.7% year-on-year [6] Company Overview - Tongcheng Travel is formed from the merger of Tongcheng and eLong, positioning itself as a top three player in the OTA industry, providing comprehensive travel services including transportation and accommodation bookings [6][8] - The company has a significant user base from non-first-tier cities, allowing it to capitalize on the growth in lower-tier markets [8] Industry Analysis - The online travel market is expected to exceed CNY 1 trillion in 2024, driven by high demand in the cultural tourism sector and low penetration rates in lower-tier cities [7] - The current market structure is characterized by a dominant player (Ctrip) and several strong competitors (Tongcheng, Meituan, Feizhu), with a focus on differentiated competition [7] - The bargaining power in the transportation sector is low due to high supplier concentration, while the accommodation sector has a higher bargaining power with lower supplier concentration [7]

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].