校对 赵琳 编辑 张冰 新京报贝壳财经讯（记者程子姣）11月15日，飞猪数据显示，"双11"期间，平台整体履约GMV（成交 总额）较去年增长30%。交易用户数同比增长超20%，其中88VIP（会员）交易用户数增长约30%，并 贡献了头部商家七成以上的成交。囤完旅游，核销进度也在加快，截至11月14日24时，已出行或入住的 活动商品GMV同比增长超30%。 ...

Investment Rating - The report assigns a "Buy" rating to multiple companies within the industry, indicating a positive outlook for their stock performance [15]. Core Insights - The implementation of the new advertising law on October 1 has reclassified traffic acquisition costs as advertising and promotional expenses, impacting tax deductions for businesses [4][6]. - The policy aims to curb short-term operational models reliant on heavy spending for traffic, encouraging businesses to focus on brand building and long-term operations [4][6]. - During the National Day holiday, significant increases in travel and consumption were reported, with high engagement on platforms like Gaode and Fliggy [7][9]. - Tencent has demonstrated strong confidence in its long-term value by repurchasing approximately HKD 609.6 billion worth of shares this year, reflecting a robust cash flow situation [10]. - JD.com has reported impressive sales growth during its Double Eleven promotion, with significant increases in various product categories and user engagement [11]. - ByteDance's Seed team has made substantial advancements in AI technology, showcasing a strong output despite organizational changes [12][13]. Policy Impact - The new advertising law affects different market participants variably, with live commerce platforms facing the most significant challenges due to their reliance on traffic acquisition costs [6]. - Major platforms are adapting by introducing new promotional tools and optimizing their merchant structures to mitigate the impact of the policy [6]. Company Performance - Alibaba's performance during the National Day holiday was highlighted by a 48% increase in GMV for travel services compared to the previous year [9]. - Tencent's share buyback program is expected to exceed HKD 800 billion for the year, positioning it as a leading example of shareholder returns in the Hong Kong market [10]. - JD.com has seen a 70% increase in orders for electronic products during its promotional period, indicating strong consumer demand [11]. Market Trends - The report notes a shift in focus among businesses from short-term traffic acquisition to sustainable brand development, driven by regulatory changes [4][6]. - The travel and consumption sectors are experiencing a resurgence, with significant increases in user engagement and spending during holiday periods [7][9].

Group 1 - The overall booking amount for the 2025 National Day and Mid-Autumn Festival holiday increased by 48% year-on-year, with the number of bookings rising by 30% [1] - Global hotel bookings reached a historical high, with the number of room nights increasing by 78% compared to last year, and over 100 cities in China saw hotel room nights double [1] - More than 100 hotel brands on the Fliggy platform experienced significant business growth, with major brands like Jinjiang, Huazhu, and Marriott seeing outstanding booking performance during the holiday [1] Group 2 - New hotels that joined Fliggy saw an average daily room night increase of 83% from October 1 to October 8 compared to the May Day holiday [1] - Despite the growth in bookings, the hotel industry faced challenges, with the average revenue per available room (RevPAR) declining by 5% year-on-year in the first half of the year, along with decreases in occupancy rates and average room prices [1] - Alibaba Group integrated Fliggy and Ele.me into its China e-commerce business group, maintaining their independent management while aligning business strategies [2] Group 3 - The introduction of a direct entry for Fliggy on the Taobao app has enhanced consumer experience, leading to a significant increase in traffic and high-spending customer segments [2] - During the holiday period, 88VIP users contributed to a 120% increase in hotel room nights, with all major hotels in collaboration with Fliggy seeing room night growth of up to 9 times [2] - Fliggy launched a pre-sale for the Double 11 shopping festival on October 4, featuring promotional offers from well-known hotel brands [2]

Core Insights - Fliggy announced a 48% year-on-year growth in GMV for the 2025 National Day and Mid-Autumn Festival holiday, with service users increasing by 30%, leading the tourism market [1] Group 1: Performance Metrics - Fliggy's domestic flight and global hotel bookings reached historical peaks, achieving record single-day highs [1] - Hotel business saw a significant increase, with hotel night stays from October 1 to October 8 rising by 78% compared to last year [1] - Orders for travel services booked through Taobao for the National Day holiday increased by 74% year-on-year as of October 8 [1] Group 2: Consumer Engagement - The integration of Fliggy with Alibaba's Taobao app has created a new primary entry point, enhancing consumer experience and business opportunities [1] - The 88VIP users contributed to a 120% increase in hotel order volume, with per capita spending on the rise [1] Group 3: Future Outlook - Encouraged by the growth during the Golden Week, tourism merchants are actively preparing for the upcoming Double 11 shopping festival [1] - Fliggy's "God Coupons" for Double 11 were officially launched on the evening of October 4 [1]

Core Insights - The performance of Fliggy during the 2025 National Day and Mid-Autumn Festival holiday showed significant growth, with a GMV increase of 48% and service user growth of 30% compared to the previous year [1] - The Ministry of Culture and Tourism reported that domestic travel during the holiday reached 888 million trips, an increase of 123 million trips from the previous year, with total spending of 809 billion yuan, up by 108 billion yuan [1] - Fliggy's user growth rate is nearly double that of the overall market, while its transaction scale growth exceeds the market by over three times, indicating the effectiveness of Alibaba's consumer platform strategy [1] Group 1 - Fliggy's hotel night volume saw a significant year-on-year increase of 78%, with over 100 hotel brands experiencing at least double growth in night volume [2] - The average daily rate (ADR) for hotels also showed healthy growth, indicating improved transaction quality [2] - The 88VIP membership program has surpassed 53 million members, with these users spending 8-10 times more than regular users, contributing to a 120% increase in hotel night volume during the holiday period [2] Group 2 - Nearly 20 hotel groups have partnered with Fliggy to offer exclusive discounts for 88VIP members, resulting in all participating hotels doubling their order volume year-on-year, with some experiencing up to five times growth [2] - The integration of Fliggy into Alibaba's ecosystem, including a direct entry on Taobao's homepage, has enhanced consumer experience and driven strong growth in traffic and high-spending customer segments [1]

Core Insights - Fliggy announced a 48% increase in Gross Merchandise Volume (GMV) for travel services during the 2025 National Day and Mid-Autumn Festival holiday compared to the previous year [1] - The number of service users increased by 30% year-on-year during the same period [1] - In the hotel business, the number of hotel nights booked from October 1 to October 8 increased by 78% compared to last year [1]

Core Insights - Fliggy announced a 48% year-on-year growth in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday, with a 30% increase in service users, leading the tourism market significantly [1] - The hotel business showed remarkable performance, with a 78% year-on-year increase in hotel night stays from October 1 to October 8 [1] - The integration of Fliggy into Alibaba's China e-commerce group has resulted in a new primary entry point within the Taobao app, enhancing user experience and creating new business opportunities [1] Group 1 - The number of travel service orders booked through Taobao for the National Day holiday increased by 74% year-on-year as of October 8 [1] - The 88VIP users contributed to a 120% year-on-year increase in hotel orders, with a rising average spending per user [1] - Tourism merchants are actively preparing for the upcoming "Double 11" shopping festival, encouraged by the growth in business during the National Day holiday [1]

Core Insights - Fliggy announced a 48% year-over-year growth in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday, with service users increasing by 30% compared to last year [1] - The domestic flight and global hotel bookings on Fliggy reached historical peaks, setting new single-day records [1] - Hotel business showed remarkable performance, with hotel night stays from October 1 to October 8 increasing by 78% year-over-year [1] Group 1: Business Performance - On the first day of the National Day holiday, Fliggy's integration into Alibaba's China e-commerce group reached 100 days, enhancing its strategic position in the consumer market [1] - A new primary entry point for Fliggy was added within the Taobao app, facilitating synergy with the newly launched Taobao VIP membership system [1] - As of October 8, the order volume for Fliggy's National Day holiday travel services booked through Taobao increased by 74% compared to last year [1] Group 2: Consumer Trends - The introduction of exclusive discounts and various travel benefits led to a 120% increase in hotel orders from 88VIP users, with per capita spending on the rise [1] - Encouraged by the growth during the Golden Week, travel merchants are actively preparing for this year's Double 11 sales event [1] - Fliggy officially launched its "God Coupons" for the 2025 Double 11 on the evening of October 4 [1]

Core Insights - Fliggy announced a 48% increase in GMV for travel services during the 2025 National Day and Mid-Autumn Festival holiday compared to last year, with service users growing by 30% [1] Group 1: Performance Metrics - Domestic flight and global hotel bookings on Fliggy reached historical peaks, setting new single-day records [1] - Hotel business showed significant growth, with hotel night stays from October 1 to October 8 increasing by 78% year-on-year [1] - Orders for Fliggy's National Day holiday travel services through Taobao increased by 74% compared to last year [1] Group 2: Strategic Developments - Fliggy has integrated a new primary entry point within the Taobao app, enhancing collaboration with the newly launched Taobao VIP membership system [1] - The synergy from this integration is translating into a new consumer experience and business opportunities [1] - 88VIP users contributed to a 120% increase in hotel order volume, with per capita spending on the rise [1] Group 3: Future Outlook - Encouraged by the growth during the Golden Week, travel merchants are actively preparing for this year's Double 11 sales [1] - Fliggy's "God Coupons" for the 2025 Double 11 event officially started on October 4 [1]

Group 1: Data Privacy Issues - Dior has confirmed a data breach involving unauthorized access to customer data, including names, gender, phone numbers, email addresses, mailing addresses, spending amounts, preferences, and other collected information [1] - The company has initiated an investigation and is taking measures to control the situation, which may impact consumer trust in the luxury brand [1] - This incident highlights data security challenges in the luxury sector's digital transformation, potentially leading to increased compliance costs and a push for enhanced information security investments [1] Group 2: Shiseido's Financial Performance - Shiseido reported net sales of 228.24 billion yen (approximately 10.87 billion RMB) for Q1 2025, a year-on-year decline of 8.5% [2] - The company achieved an operating profit of 7.20 billion yen (approximately 350 million RMB), recovering from a loss of 8.7 billion yen in the same period last year [2] - To address declining travel retail sales, Shiseido has restructured its operations by integrating its China and travel retail businesses under unified management [2] Group 3: Alibaba's Marketing Strategy - Alibaba's Fliggy platform launched its "618" sales event, which runs from May 13 to June 20, featuring a record number of merchants and products [3] - The event covers over 160 countries and regions, with a focus on live streaming across multiple platforms, including WeChat and Xiaohongshu, to reach a broader audience [3] - This strategy reflects a trend towards comprehensive marketing in the travel sector, aiming to secure inventory and enhance revenue management ahead of the summer travel season [3] Group 4: Haidilao's New Business Venture - Haidilao has opened a new bakery brand named "拾㧚耍•SCHWASUA" in Hangzhou, focusing on low-priced products with an average customer spend of around 10 RMB [4] - The bakery offers over 50 products, with many priced below 10 RMB, including various baked goods and beverages [4] - This move leverages Haidilao's supply chain advantages and aims to expand its business model, although it faces risks associated with cross-industry ventures [4]