Core Insights - The ongoing competition in the food delivery sector has unexpectedly provided more "oxygen" to the entire industry, rather than leading to mutual destruction [1][3] - The integration of platforms like Ele.me into Taobao Flash Purchase and the increase in traffic sources for JD.com and Meituan have benefited the overall industry [3][9] OTA Industry Dynamics - The OTA industry is being redefined by the intense competition in the food delivery sector, which has created new traffic sources [9][10] - Historically, the OTA market has been characterized by weak competition, with Ctrip holding over 60% market share prior to the food delivery wars [4][14] - Ctrip has established a strong customer mindset and has optimized supply in hotel products, making it a key player in demand distribution [6][12] Market Trends and Performance - During the recent National Day holiday, domestic travel saw significant growth, with 888 million trips taken, a 16.1% increase from the previous year, and total spending reaching 809 billion yuan, up 15.4% [11] - Ctrip's performance has been consistently strong, with its market value exceeding 170 billion HKD at the time of its IPO in 2021 [6][7] Competitive Landscape - The OTA industry is transitioning from weak to strong competition, with new players like Fliggy emerging as significant competitors to Ctrip [8][12] - The competitive intensity in the OTA sector is expected to be less severe than in the food delivery industry due to its cyclical nature [13][14] Future Growth Opportunities - The OTA market has reached a saturation point domestically, prompting companies to seek growth through international expansion [17][19] - Ctrip's international travel bookings have seen over 60% year-on-year growth, indicating potential in overseas markets [18][20] - The current market environment is favorable for consumers, with increasing options for travel and lower costs in the Asia-Pacific region [20][21] Conclusion - The competition in the OTA sector is expected to lead to continuous service optimization, benefiting both consumers and businesses [15][23] - The industry is poised for growth through international expansion, with companies needing to adapt to local market conditions [22][24]