CANADA - 2025/09/21: In this photo illustration, the Booking Holdings logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesBooking (BKNG) may be nearing a key inflection point. After a stretch of consolidation off its record highs, the stock is once again pressing into a price zone that has repeatedly signaled the start of meaningful upside. With sentiment cooling and valuation resetting, this lat ...

周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净营业收入约183亿 元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折旧及摊销前利润) 约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订同比增长超过 100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

智通财经APP获悉，周二，携程网(TCOM.US)涨3%，报73.04美元。财报显示，今年第三季度，携程净 营业收入约183亿元，同比增长16%；归母净利润约199亿元，同比增长192.6%；经调整EBITDA(息税折 旧及摊销前利润)约63.46亿元。第三季度携程国际OTA平台总预订同比增长约60%，其中入境旅游预订 同比增长超过100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 ...

携程集团绩后上涨超2%。消息面上，携程集团近日发布2025年第三季度业绩，三季度净营业收入达183 亿元人民币，同比增16%。主要得益于全球旅游需求的持续增强。季度净利润达199亿元人民币，较 2024年同期的68亿元人民币，同比大幅增长。 11月18日早盘，港股三大指数集体下跌。盘面上，科网股普跌，汽车股走弱。主流ETF方面，A股同赛 道规模最大的恒生科技指数ETF（513180）跟随指数下跌，持仓股中，小鹏汽车、联想集团、小米集 团、蔚来、理想汽车、比亚迪（002594）股份等跌幅居前，华虹、携程集团、中芯国际等少数公司上 涨。 申万宏源指出，在线旅游公司的收入增速快于旅游大盘，受益于线上转化率的提升，以及用户大部分是 休闲用户，商旅占比少。携程和同程旅行今年没有受到近期新进入竞争玩家的影响，反而国内的营销效 率在提升，同时出境游和纯海外业务的增速更高也提供长期的业绩增长驱动力。 此外，携程本季度的国际业务表现尤为亮眼。具体来看，国际OTA平台的总预订量同比增长约60%，入 境旅游预订量同比增长超过100%。同时，出境酒店和机票的预订量已攀升至2019年同期水平的140%。 ...

Core Insights - Expedia reported earnings per share (EPS) of $757, exceeding estimates of $692, indicating strong financial performance [1] - Revenue also surpassed expectations, coming in at $4.1 billion compared to estimates of $4.28 billion [1] - Booked room nights reached 108 million, exceeding estimates of 103.87 million, reflecting robust consumer demand [1][2] - The company anticipates fourth quarter revenue growth of 6 to 8%, significantly higher than the estimated 2.7% [1] Market Reaction - Shares of Expedia increased by almost 9% following the earnings report, indicating positive market sentiment [2] - The strong report suggests that consumers are willing to spend discretionary income on travel, which is a positive sign for the industry [2][3] - The upcoming holiday travel season is expected to benefit from this strong consumer spending trend [3] Performance Context - The reported numbers are considered "huge" and well above expectations, which is crucial for favorable market reactions [3][4] - The performance indicates a strong consumer base, although it is important to monitor which segments of consumers are driving this spending [3]

Core Insights - The online travel platform "Qunar" reported a significant increase in both inbound and outbound travel during the National Day and Mid-Autumn Festival holiday period in China, indicating a strong recovery in the tourism sector [1][2] Inbound Travel - Inbound travel saw a more than 30% year-on-year increase in the number of flight bookings made by foreign passport holders for domestic flights in China, covering nearly 100 cities [1] - The top ten cities favored by foreign tourists included Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Hangzhou, Xiamen, Qingdao, Haikou, and Shenyang [1] - Shanxi Datong led in the growth of foreign flight bookings, with an increase of over 700%, followed by Lijiang in Yunnan with over 500%, and Yinchuan in Ningxia with over 400% [1] - The countries with the highest number of tourists visiting China were South Korea, Japan, Vietnam, Malaysia, and Singapore, with Mongolia showing the fastest growth in flight bookings to China, increasing by over 900% [1] Outbound Travel - Outbound travel also experienced a significant increase, with flight bookings for popular destinations rising by over 30% year-on-year [2] - The age group of 23 to 30 years accounted for 39% of users purchasing outbound tickets, while those aged 31 to 40 made up 30% [2] - The platform recorded hotel bookings in 4,588 cities outside of China, with the top ten countries for hotel reservations being Japan, Thailand, South Korea, Malaysia, Vietnam, Indonesia, Australia, Russia, the United States, and Singapore [2] - Egypt saw the highest growth in hotel bookings, with a year-on-year increase of 200%, while Norway's hotel bookings rose by 120% [2]

Core Insights - The National Day and Mid-Autumn Festival holiday has led to a significant increase in tourist activity, with many scenic spots experiencing sold-out tickets on the first day of the holiday [1][2] - The holiday period, lasting 8 days, has resulted in an extended average stay for tourists, with a notable increase in visitors staying 7-8 days in the same city compared to the same period in 2024 [1] - The newly recognized UNESCO World Heritage site, the Western Xia Tombs, has seen a surge in interest, with a 114% increase in search volume since September 1 [1][2] Tourist Trends - The peak travel day was October 1, with a sustained travel trend expected from September 27 to October 12, indicating a shift towards later holiday travel [3] - There is a growing trend of tourists opting for less crowded, cost-effective county-level destinations, with a 51% increase in pre-orders for county tourism compared to the previous year [3] - Popular county destinations such as Dongtai in Jiangsu, Haining in Zhejiang, and Jingxi in Guangxi have seen over 100% growth in tourism pre-orders compared to last year [3] Scenic Spot Preparations - Scenic spots, including the Western Xia Tombs, have implemented measures to manage the influx of visitors, such as extending opening hours and adding temporary parking facilities [2] - The Western Xia Tombs has launched a feedback system for visitors to enhance their experience during the busy holiday period [2]

Core Insights - The tourism market in China experienced a significant surge during the National Day and Mid-Autumn Festival holiday, with family travel becoming the dominant trend [1][5] - Data from Qunar indicates that on October 1, the number of users flying domestically reached a peak, with foreign travelers increasing by over 40% compared to last year [1] - The overall travel demand is expected to exceed previous years due to the extended holiday period and the combination of family reunion needs [5] Group 1: Family Travel Trends - Families accounted for 43% of travelers on the first day of the holiday, an increase of 3 percentage points from last year [5] - Notable growth was observed in the age groups of 0-12 years (31% increase), 60 years and above (33% increase), and 13-18 years (42% increase) [5] - The top 20 popular destinations included major cities such as Beijing, Shanghai, and Chengdu, with a focus on natural, theme park, and historical attractions [5] Group 2: Emerging Travel Patterns - Reverse tourism and visits to smaller cities gained popularity, with nearly 2000 county hotels booked on October 1 [7] - The top 10 popular county destinations included places like Jiuzhaigou in Sichuan and Yangshuo in Guangxi, with a notable 30% increase in hotel bookings in Jingdezhen due to the viral "Chicken Chop Brother" [7] - There was a significant rise in searches for less crowded destinations, with a 110% increase in interest for niche locations [7][8] Group 3: Self-Driving and Travel Preferences - Self-driving travel saw a notable increase, with Tuniu reporting a nearly 10% rise in user travel numbers compared to last year [9] - The combination of National Day and Mid-Autumn Festival led to peaks in both vacation and family visits, with a significant preference for staggered travel [9] - On October 1, Tuniu reported a more than 130% increase in domestic travel compared to the previous day, with self-driving trips seeing a threefold increase [9]

Group 1 - Ctrip (TCOM.US) saw a pre-market increase of 2.94%, reaching $76.3 [1] - There is a significant increase in travel willingness among residents during the Mid-Autumn Festival and National Day holidays, with a notable rise in short-distance and charter travel bookings, which have doubled year-on-year [1] - Domestic and outbound travel markets are both experiencing growth, with popular destination routes selling out in advance [1] Group 2 - As of September 13, over 4.52 million domestic flight tickets have been booked for the upcoming holidays, representing a more than 25% increase in daily ticket bookings compared to the same period last year [1] - For inbound and outbound flights, over 1.29 million tickets have been booked, with a daily booking increase of approximately 14% year-on-year [1]

Core Insights - The summer transportation period in China's civil aviation sector has concluded, with a total of 147 million passengers transported, averaging 2.37 million passengers per day, representing a year-on-year increase of 3.6% [1] - The international air transport market has expanded significantly, with the number of countries served increasing to 80, and an estimated 123,000 international passenger flights scheduled [1] - The peak of international passenger flights occurred in early August, with approximately 2,100 flights per day, reaching 93% of the levels seen in 2019 [1] Domestic Market Trends - Popular outbound destinations during the summer included East Asia and Southeast Asia, with significant increases in flights to emerging markets such as South Asia, Central Asia, and Europe, particularly to Maldives, Switzerland, and Sri Lanka, where flight volumes increased by over 50% year-on-year [1] - The number of foreign tourists entering China has seen a notable increase, especially from visa-exempt countries like the UAE, Saudi Arabia, and Bahrain, with a year-on-year growth exceeding 50% [3] Travel Behavior Changes - Data from online travel booking platforms indicate that foreign tourists are increasingly exploring beyond traditional hub cities, with ticket bookings extending to 144 cities across China [5] - There has been a remarkable increase in ticket bookings for destinations such as Datong in Shanxi, which saw a 9-fold increase, and Yiwu in Zhejiang, which experienced a 2.6-fold increase, highlighting a trend towards exploring lesser-known cities and historical sites [5]