炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：新知财商早观 2025年的携程，就像一艘在风浪中调整航向的巨轮，既没有偏离航线，也尚未找到平稳前行的节奏。 文丨新知君 编辑丨新知君 2025年的时间轴行至终点时，携程集团站在了一个充满矛盾的十字路口。 资本市场的聚光灯下，它交出了一份堪称亮眼的年度成绩单：全年营收628.5亿元，同比增长15.8%；归 母净利润386.7亿元，同比激增189.3%，其中三季度经调整净利润同比暴涨221.2%的表现，直接拉动全 年盈利水平大幅提升。中信建投、中金等机构纷纷给出"买入"评级，中信建投更是将目标价上调至 715.52港币，理由是"国际业务突破、AI战略落地见效，核心竞争力持续巩固"。 但与财务数据的红火形成鲜明对比的，是贯穿全年的负面舆情风暴。 从上半年的"大数据杀熟"投诉量同比增长40%，到下半年云南民宿协会联合200余家商家公开指控其"垄 断定价、强制二选一"，再到四季度因柬埔寨旅游合作项目未充分提示安全风险引发用户集体维权，"卸 载携程"的话题多次冲上微博热搜，相关话题阅读量累计超50亿次。 更严峻的是监管层面的压力，2025年下 ...

良渚遗址是中华五千年文明史的实证。"在发掘和研究过程中，我们对于反山与水利系统的关系，以及 反山自身的空间结构有重要发现。"浙江省文物考古研究所研究员、良渚古城及水利系统考古项目负责 人王宁远说。 2023年9月，习近平总书记在浙江考察时强调："要更好担负起新时代新的文化使命，赓续历史文脉，加 强文化遗产保护，推动优秀传统文化创造性转化、创新性发展。" 深入贯彻落实习近平总书记重要指示精神，余杭区围绕良渚遗址，建设良渚文化大走廊，着力加强文化 遗产保护，千年文脉生机勃发。 步入位于余杭区的中国历代绘画大系典藏馆，"大音希声——宋代绘画中的音乐"主题展览引人入胜，以 原创音乐、复原编创曲目等形式为古画"配音"。"仿佛穿越时空，体验感特别强。"游客王蕊说。 冬日，浙江杭州市余杭区，良渚古城反山遗址的考古现场，考古队员正在对一处遗址剖面进行三维影像 记录。 《 人民日报 》（ 2025年12月24日 01 版） 余杭区持续打造高能级文化地标集群。良渚文化大走廊上，良渚古城遗址公园、中国历代绘画大系典藏 馆、余杭美术馆等串珠成链，公共文化空间不断拓展。良渚文化大走廊南翼，余杭区正推进杭州城市新 中心中轴线建设，浙江音 ...

Core Insights - The National Day and Mid-Autumn Festival holiday saw a 14.6% year-on-year increase in average spending per traveler, with the "post-95" generation making the highest proportion of bookings [1] - There is a noticeable trend of multi-destination travel, with a 5% increase in average bookings for transportation and a 4.6% increase for accommodations and activities compared to last year [1] - The number of travelers expanded significantly, covering over 180 countries and regions, with a strong growth in travel to lesser-known destinations [1] Domestic Travel Market - Emerging destinations gained popularity during the holiday, with orders for places like Jingdezhen and Luzhou increasing by 60% and 45% respectively compared to last year [2] - The "post-95" generation accounted for nearly 25% of bookings, while the "post-05" generation saw a 61% increase in bookings [2] - University students are increasingly exploring long-distance travel, with a 63% increase in flight bookings and a 110% increase in international flight bookings compared to last year [2] Travel Trends - The trend of self-driving travel has increased, with rental car orders rising by approximately 60% during the holiday [5] - The variety of travel experiences is expanding, with domestic activity orders increasing by 78% and outbound activity orders rising by nearly 30% compared to last year [5] - The AI travel assistant "Ask It" launched by the company saw a significant increase in daily users, with a peak usage on October 3rd [5] Post-Holiday Travel Opportunities - Following the holiday, there is a notable drop in prices for flights and hotels, with some flights costing less than 400 yuan and high-star hotels priced around 300 yuan [6] - Shandong province experienced a 22% increase in travel bookings, with significant growth in chartered tours and customized travel options [6]

Group 1 - The domestic tourism market experienced a surge during the 8-day National Day and Mid-Autumn Festival holiday, with "multi-destination tours" becoming a popular choice among travelers [1] - The average booking volume for transportation-related products increased by 5% year-on-year, while hotel, tour packages, and ticket bookings rose by 4.6% [1] - Emerging destinations saw significant growth in orders, with orders for Jingdezhen increasing by 60%, and orders for the Luzhou Wine Festival rising by 45% [1] Group 2 - The popularity of smaller cities is attributed to the opening of new highways and railways, enhancing travel convenience within a 300-kilometer radius [2] - The proliferation of AI assistants has made travel planning more accessible, with the AI product "Ask One" from Fliggy seeing a fivefold increase in daily users compared to the summer [2] - The AI photo guide feature experienced peak usage on October 3, providing professional audio explanations for various attractions [3] Group 3 - The number of users utilizing DeepTrip for travel planning significantly increased during the holiday compared to the May Day holiday, with major cities like Shanghai and Guangzhou showing the highest usage [3] - The top five provinces for travel planning using DeepTrip were Shandong, Jiangsu, Xinjiang, Yunnan, and Heilongjiang [3]

Group 1 - The core viewpoint of the articles highlights a significant increase in travel activity during the National Day and Mid-Autumn Festival holidays, with a 14.6% year-on-year rise in average spending per traveler [1] - The trend of multi-destination travel is evident, with a 5% increase in average bookings for transportation and a 4.6% increase for accommodations and activities compared to last year [1] - The number of travelers has expanded to over 180 countries and regions, showing a notable growth from the previous year, with a strong increase in travel to lesser-known destinations [1] Group 2 - The post-95 generation (born between 1995 and 1999) accounted for nearly a quarter of the total bookings during the holidays, while the post-05 generation (born after 2005) saw a 61% increase in bookings [1] - University students are shifting from short, local trips to longer, more immersive travel experiences, with a 63% increase in overall flight bookings and a 110% increase in international flight bookings compared to last year [2] - The AI travel assistant "Ask It" launched by the company has gained popularity, with daily user numbers increasing more than fivefold during the holiday period, particularly for its photo-based audio guide feature [2]

Core Insights - The National Day and Mid-Autumn Festival holiday saw a 14.6% year-on-year increase in average spending per traveler, with post-95 generation tourists making the highest booking share [1] - There is a noticeable trend of multi-destination travel, with a 5% increase in average bookings for transportation and a 4.6% increase for accommodations and activities compared to last year [1] - The number of destinations visited expanded significantly, covering over 180 countries and regions, with a strong growth in travel to lesser-known cities in East Asia, Southeast Asia, and Europe [1] Domestic Travel Trends - Emerging destinations gained popularity during the holiday, with orders for places like Jingdezhen and Luzhou increasing by 60% and 45% respectively compared to last year [2] - The post-95 generation accounted for nearly 25% of total bookings, while the post-05 generation saw a 61% increase in booking numbers [2] - University students are increasingly opting for long-distance travel, with a 63% increase in flight bookings and a 110% increase in international flight bookings compared to last year [2] Changes in Travel Behavior - The trend towards self-driving trips has increased, with rental car orders rising by approximately 60% year-on-year, particularly for those renting cars after arriving by plane or train [3] - The variety of activities offered has expanded, with domestic travel experiences increasing by 78% and outbound travel experiences growing by nearly 30% [3] - The use of AI travel assistants has surged, with daily users of the AI product "Ask It" increasing over five times compared to the summer peak [3] Post-Holiday Travel Opportunities - Following the holiday, there are significant price reductions for flights and hotels, with some flights costing less than 400 yuan and high-star hotels in various cities priced around 300 yuan [4]

Core Insights - Xiaohongshu announced its largest-ever campus recruitment for 2026, opening eight major job categories, with a significant increase in technical positions, which surged by 2.5 times [1][3]. Group 1: Recruitment and Talent Development - The company is in a rapid growth phase, necessitating a large influx of talent due to the emergence of new businesses and functions [3]. - Xiaohongshu places high importance on the potential and growth of campus recruits, as past recruits have quickly developed into key business personnel, reinforcing the commitment to invest in campus recruitment and training [3][42]. - The "Shu Guang Plan" is a two-year growth program for all campus recruits, aimed at helping them quickly understand the company culture and integrate into the organization [46][50]. Group 2: AI Technology System - Xiaohongshu's AI technology system is divided into five key components, which support its large UGC community of over 350 million monthly active users [10][8]. - The AI infrastructure provides the necessary support for efficient operation of AI models and technologies, enhancing user experience and content accuracy [16]. - The search and recommendation algorithms emphasize community interaction and personalized user experiences, moving beyond traditional keyword matching [15][23]. Group 3: Career Guidance and Skills Development - During the live session, experts emphasized that potential is more important than experience for young job seekers, highlighting the value of learning and dedication [34][35]. - The balance between cutting-edge research and practical application in the AI field was discussed, with a focus on the greater opportunities in commercial applications compared to academic exploration [38]. - Xiaohongshu encourages recruits to find their interests and develop unique value while remaining aware of external developments in the industry [39].

Core Insights - The tourism industry is undergoing a transformation driven by digitalization and the reshaping of the consumer industry chain, moving from a traditional service model to an integrated ecosystem [1] - The demand for travel is shifting from "functional satisfaction" to "experience-driven," with innovations such as artificial intelligence, low-altitude economy, and immersive technology reshaping the underlying logic of the tourism industry [1] - The focus is on rebuilding the "tourism+" industry chain through five dimensions: technological upgrades, scenario innovation, business model restructuring, service upgrades, and reshaping the consumer chain [1] Industry Trends - By 2025, the online travel industry is experiencing an unprecedented AI race, with platforms like Tongcheng Travel, Fliggy, and Mafengwo rapidly updating their AI products [2] - Online travel platforms are integrating the Deep-Seek model to enhance itinerary planning, intelligent customer service, and supply chain optimization [2] - Key trends include accelerated product iterations, reduced user decision-making time, AI replacing online customer service, and a high demand for technical talent [2][10] Product Development - All surveyed online travel platforms have integrated Deep-Seek, with an average product iteration cycle of 1-2 months [4] - Mafengwo launched its AI travel assistant "AI Xiaoma," which fully integrates Deep-Seek and its own vertical fine-tuning model [4] - Fliggy's AI product "Ask" and Tuniu's AI assistant "Xiaoniu" have also been rapidly launched, indicating a competitive environment [4][5] User Experience Enhancement - AI products are helping users shorten decision-making time and improve itinerary planning, with some platforms developing "budget management" features [7][8] - Mafengwo's "AI Xiaoma" supports real-time Q&A, itinerary planning, and personalized recommendations, while Fliggy's "Ask" includes multiple professional assistant functions [7][8] - The average browsing time for users planning trips to destinations like Xinjiang and Australia is significantly reduced with the help of AI [8] Talent and Investment - The demand for technical roles such as algorithm engineers and AI product managers is increasing due to investments in AI customer service and itinerary planning [10][11] - Companies like Ctrip and Tongcheng Travel are actively hiring for these positions, with salaries ranging from 20,000 to 50,000 yuan per month [11] - R&D expenses are rising, with Ctrip reporting a 16% year-on-year increase in Q4 2024 R&D costs, and Tongcheng Travel's service development expenses also increasing [11] Challenges and Future Outlook - Current AI technology is not mature enough to replace complex tasks, with many platforms relying on human-AI collaboration for personalized services [13][14] - The future of the industry may involve a battle between content-driven platforms and supply chain-based online travel platforms, with AI enhancing service frequency [15] - Overall, both capital and national policies are optimistic about the application prospects of AI in the tourism industry [16]

Group 1: Core Insights - The integration of AI technology is significantly reshaping the landscape of the cultural and tourism industry, injecting new vitality and development opportunities [1] - AI is helping Online Travel Agencies (OTAs) overcome traditional bottlenecks, enhancing marketing efficiency and opening new profit paths through data analysis and machine learning [2] - AI applications in customer service are improving user experience by providing 24/7 support and quick responses to common inquiries, thus reducing reliance on human labor [4] Group 2: AI in OTA Platforms - The launch of AI products like "Ask One" by Fliggy demonstrates how AI can provide personalized travel plans by analyzing user needs and preferences [3] - The use of AI in OTAs allows for a shift from broad marketing strategies to precision marketing, improving return on investment [2][5] - The integration of AI systems in OTAs enables a closed-loop process from AI recommendations to decision execution and booking [5] Group 3: AI in the Hotel Industry - AI is transforming hotel operations by enhancing service response, room management, revenue strategies, and personalized experiences [6] - The introduction of AI-driven digital concierges and smart room management systems is improving operational efficiency and guest satisfaction [6][7] - AI is redefining revenue management in hotels by enabling precise pricing and inventory optimization based on market dynamics [7] Group 4: Marketing and Consumer Engagement - AI technology allows tourism companies to analyze visitor experiences and preferences, leading to targeted marketing and personalized offers [8] - The ability of AI to generate visual content enhances promotional efforts for hotels and destinations, increasing consumer engagement [8]

Group 1 - Multiple online travel platforms are launching AI assistants to enhance travel planning and improve user experience, addressing the time-consuming nature of travel research [1][2] - Fliggy's AI product "Ask One" operates as a 24/7 online travel customization team, offering various services such as itinerary assistance, route customization, and local recommendations [1] - Mafengwo's "AI Roadbook" provides deep personalization by actively asking users questions to better understand their needs, creating tailored travel plans that include itineraries, accommodations, and practical tips [2] Group 2 - Tuniu's "AI Assistant Little Cow" analyzes user needs from vague information, providing clear recommendations and intelligent evaluations of selected products and itineraries [2] - Tongcheng Travel has upgraded its "Chengxin AI" to enhance user experience by facilitating a seamless transition from AI recommendations to decision execution and booking [2] - Trip.com has introduced TripGenie, an AI assistant that supports multiple languages to assist overseas users with travel inquiries, reflecting the growing demand for customized travel options [3]