智通财经APP获悉，交银国际发布研报称，携程集团-S(09961)第二季业绩超预期，酒店业务增长胜预 期，市占率持续提升。当前内地市场竞争环境中公司处于有利地位，营销投入投放效率提升趋势将持 续，海外市场投入对整体公司利润影响可控。该行对携程估值延伸至2026年，基于2026年市盈率20倍， 将公司目标价从591港元上调至653港元，维持"买入"。 ...

Group 1 - The core viewpoint of the report indicates that Ctrip's Q2 performance exceeded expectations, with hotel business growth surpassing forecasts and market share continuing to increase [1] - The company is positioned favorably in the current competitive environment of the domestic market, with a trend of improving marketing investment efficiency expected to continue [1] - The valuation for Ctrip has been extended to 2026, with a target price adjustment from HKD 591 to HKD 653 based on a 20x price-to-earnings ratio for 2026, while maintaining a "Buy" rating [1]

花旗发表报告指，同程旅行第二季业绩符市场预期。进入下半年，由于平均每日房价进一步复苏，预期 酒店营业额增长将逐渐加快，提成率按年略有改善，业务量增长温和。该行微调对同程旅行盈利预测， 目标价由26港元上调至28港元，维持"买入"评级，因估值不高，且未来酒店业务增长有望加快。 ...

Group 1 - The core viewpoint is that JD.com is increasing its investment in the travel industry to maintain overall business growth amid a saturated e-commerce market, with the domestic travel market showing significant growth potential [3][5] - According to the Ministry of Culture and Tourism, by Q1 2025, domestic travel is expected to reach 1.794 billion trips, a year-on-year increase of 26.4%, with total spending of 1.8 trillion yuan, up 18.6% [3] - JD.com has a history of involvement in the travel sector, having launched its flight booking service in 2011 and established a travel channel in 2014, indicating a long-term commitment to this market [5][6][9] Group 2 - JD.com is competing with local lifestyle service giants like Meituan and Ele.me, and its expansion into travel services is aimed at creating a comprehensive local service ecosystem that enhances overall competitiveness [5][11] - The company is leveraging its large active user base to convert traffic into actual transactions and revenue, with a focus on high-value services like travel [5][11] - JD.com is actively recruiting talent from other OTA platforms, indicating a strong commitment to enhancing its travel business capabilities [9][11] Group 3 - JD.com is adopting a strategy to address OTA pain points by offering transparent pricing and clear services, aiming to build user trust and reputation [11] - The travel business currently includes hotel bookings, flight tickets, scenic spot tickets, and train tickets, which are core revenue-generating segments for OTAs [13] - Despite the potential for profit, JD.com faces significant challenges in competing with established OTAs that have deep-rooted partnerships and resources in the travel sector [14][16] Group 4 - JD.com currently lacks extensive high-end hotel partnerships and market penetration compared to competitors like Meituan, which poses a challenge for rapid resource expansion [16] - Established OTAs have built strong consumer trust through loyalty programs and service systems, making it difficult for JD.com to attract users from these platforms without offering compelling incentives [16] - The competition in the travel industry is expected to drive innovation in service and user experience, ultimately benefiting consumers [17]