CITCTRA@EC2605A

Tongcheng Travel Releases 2026 Spring Festival Tourism Consumption Report

Citi Issues Positive Report on Trip.com and Tongcheng Tour

Spring Festival Passenger Flow Growth, Citibank Maintains Buy Ratings for Ctrip and Tongcheng

Tongcheng Travel: Tourism Boom During the Spring Festival Holiday

Financial Regulatory Bureau et al. Urge Six Travel Platforms to Standardize Lending Practices

Tongcheng Travel Integrates Content into Yuanbao

Trip.com: Hot Spring Travel Demand from Mainland China to Hong Kong Soars, Booking Prices Up Over 130%

Tongcheng's HopeGoo Expands into Taiwan and Southeast Asia and Invests in Generative Optimization Engine

CLSA Report: Tongcheng Travel's Hotel Business Revenue Growth to be More Prominent in 2026

Citibank Maintains Buy Rating on Ctrip and Tongcheng, Sees Limited AI Impact on Tourism in the Near Term

Significant Increase in Travel and Hotel Bookings on the First Day of 2026 Spring Festival Transport Rush

Tongcheng Travel Releases 2026 Spring Festival Travel Trend Report

Citi Slightly Ups 2025-2027 Profit Forecasts for Trip.com Group and Maintains Buy Rating

Tongcheng Travel Releases 2026 Spring Festival Travel Trends Report

CLSA report: Ctrip anti-monopoly investigation affects Tongcheng Travel's stock price

Increased Visitors at Shichahai Ice Rink and TONGCHENG TRAVEL's Digital Ticketing Services

Tongcheng Travel Wholly Acquires 100% Equity of Firefly Micro-loan

Tongcheng Travel Sees Peak Booking Period for Spring Festival Overseas Tours

Citi Report: Mild Domestic Tourism Performance in 2026 New Year's Day, Increased Bookings for Tongcheng Travel

Tongcheng Travel Releases 2026 New Year's Day Holiday Travel Consumption Report

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HSBC's research report indicates that tourism demand during this year's Lunar New Year holiday in mainland China is strong, with the number of travelers reaching 596 million and tourism consumption exceeding 800 billion RMB. The average daily air passenger volume increased by 7.3%, and air capacity grew by 4.6%. Trip.com and TONGCHENGTRAVEL both received "Buy" ratings, with target prices of $90 and HKD 26, respectively. Air China and China Southern Airlines were rated as "Reduce," with target prices of HKD 4.3 and HKD 3.3

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Trip.com

"Large Banks" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL

Citigroup's research report indicates that during the Lunar New Year holiday, domestic tourism in China performed robustly, with the number of tourists reaching 596 million and industry revenue reaching 803 billion RMB, representing an approximate growth of 19% compared to last year. The average daily number of tourists and revenue both increased, and the number of cross-border tourists also rose. Citigroup maintains a "Buy" rating on Trip.com and TONGCHENGTRAVEL, with target prices of $82 and HKD 28, respectively

Citi: Domestic tourism performance during the Lunar New Year holiday is stable, continues to recommend buying Trip.com and TONGCHENGTRAVEL

Citi maintains a "Buy" rating for Trip.com and TONGCHENGTRAVEL, expecting domestic demand to improve during the Spring Festival holiday. According to data from the Ministry of Transport, the inter-regional flow of people from February 15 to 21 reached 2.08 billion, a year-on-year increase of 9.3%. Passenger volumes for railways, civil aviation, highways, and waterways increased by 9.9%, 7.8%, 9.2%, and 29.5%, respectively. Citi believes that the concentrated demand for returning home before the long holiday and the rebound in passenger volume indicate a positive trend in domestic travel demand. The target price for Trip.com in the US stock market is $82, while the target price for TONGCHENGTRAVEL is HKD 28

Citigroup maintains "Buy" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring

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During the Spring Festival period, more and more families are choosing to "celebrate the New Year in reverse," that is, bringing their parents to big cities for the New Year instead of returning to their hometowns. Data from online travel platforms shows that during the Spring Festival holiday in 2026, the number of flight bookings to cities such as Beijing, Shanghai, Chengdu, and Guangzhou has significantly increased, especially the number of travelers aged 60 and above, which has grown by 1.6 times compared to the same period in 2025

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Air ticket bookings have doubled, and "reverse New Year" has become a new choice for family reunions during the Spring Festival

The Financial Regulatory Administration and the Market Supervision Administration conducted interviews with six travel platforms, including TONGCHENGTRAVEL, Amap, Fliggy, Ctrip, Airline Travel Alliance, and Qunar, pointing out issues in their lending businesses. They require companies to standardize marketing practices, avoid misleading promotions, clearly disclose loan information, remind consumers to borrow rationally, improve customer complaint handling, enhance service quality, and protect consumer rights

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The China Banking and Insurance Regulatory Commission interviewed six travel platforms including Trip.com and Gaode regarding issues in their lending businesses

The Financial Regulatory Administration, in conjunction with the State Administration for Market Regulation and the People's Bank of China, held discussions with six travel platform companies (TONGCHENGTRAVEL, Amap, Ctrip, Fliggy, TravelSky, and Qunar) to require them to standardize the marketing practices of their lending businesses, prohibit misleading advertising, clearly disclose loan information, remind consumers to borrow rationally, improve customer complaint handling, enhance service quality, and protect consumer rights

- The financial regulatory authorities conducted discussions with six travel platform companies regarding their collaboration with financial institutions for loan services.  
- They emphasized the need for these companies to standardize marketing practices, avoid misleading promotions, and ensure clear disclosure of loan information to borrowers.  
- Additionally, the companies are urged to improve customer service and effectively handle consumer disputes to protect consumer rights.

The Financial Regulatory Administration, in conjunction with the State Administration for Market Regulation and the People's Bank of China, interviewed six travel platform companies

HopeGoo, a subsidiary of TONGCHENGTRAVEL, has been developing in Hong Kong for nearly two years, with monthly active users exceeding 1 million, and plans to expand into the Taiwan and Southeast Asia markets. CEO Shen Wenjing stated that HopeGoo has attracted a large number of young users, with 80% being under 40 years old, and a high repurchase rate. The company is investing in Generative Engine Optimization (GEO) to enhance AI applications and drive sales. Shen Wenjing pointed out that travel AI is still in its infancy, and the OTA business model is unlikely to change in the next 3 to 5 years

HopeGoo, a subsidiary of TONGCHENGTRAVEL, has surpassed 1 million monthly active users in Hong Kong over the past two years, targeting GEO to capture opportunities in travel AI

Citi released a research report stating that TONGCHENGTRAVEL will not benefit from the antitrust investigation of Trip.com, maintaining a "Hold" rating. The report mentioned that Chinese OTAs have strict control over the supply chain, and agency-based artificial intelligence is common in the United States, but it is not an imminent risk in China. It is expected that TONGCHENG's hotel management business will play a more important role in revenue growth by 2026, with a target price maintained at 22 yuan

In "The Big Banks," Citigroup: TONGCHENGTRAVEL is unlikely to benefit from the Ctrip antitrust investigation, maintaining a "Hold" rating

Citigroup released a research report indicating that the stock price adjustments of Trip.com and TONGCHENGTRAVEL are partly due to investors' concerns about agent-based artificial intelligence (AI). The report believes that in the short to medium term, AI will have little impact on the online travel industry, as leading platforms have strong bargaining power and can offer better prices. Nevertheless, online travel platforms may collaborate with large language model applications to maintain their market position. Citigroup maintains a "Buy" rating on Trip.com and TONGCHENGTRAVEL, with target prices of $82 and HKD 28, respectively

Citi: Short to medium-term agency-style AI has little impact on the industry, maintains "Buy" rating for Trip.com and TONGCHENGTRAVEL

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TONGCHENGTRAVEL released the "2026 Spring Festival Travel Trend Report," predicting that the 2026 Spring Festival travel season will start on February 2 and end on March 13. The report shows that domestic flight ticket prices will slightly increase during the Spring Festival travel period, with popular departure cities including Guangzhou, Chongqing, and Beijing. The demand for multiple trips by civil aviation and railways has significantly increased, with first-time users expected to grow by more than 30%. The application of travel AI will also become a major highlight of the Spring Festival travel season, with related inquiries increasing by over 100%

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TONGCHENGTRAVEL: Travel AI-related inquiries during the Spring Festival have doubled, and the number of first-time flight users has increased by over 30% year-on-year

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TRIP.COM-S(09961) fell 19.23%, with a trading turnover 15.8 Billion HKD, and a year-to-date fell 17%. AFFLUENT FDN(01757) fell 17.15%, with a trading turnover 42.9 Million HKD, and a year-to-date rose 87.3%. IVD MEDICAL(01931) fell 12.8%, with a trading turnover 19.9 Million HKD, and a year-to-date fell 16.8%.

CITCTRA@EC2605A(20629.HK)

"Large Banks" Huizheng: Strong tourism demand during the mainland Lunar New Year holiday, recommend buying Trip.com and TONGCHENGTRAVEL

Citi: Domestic tourism performance during the Lunar New Year holiday is stable, continues to recommend buying Trip.com and TONGCHENGTRAVEL

Citigroup maintains "Buy" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring

Air ticket bookings have doubled, and "reverse New Year" has become a new choice for family reunions during the Spring Festival

The China Banking and Insurance Regulatory Commission interviewed six travel platforms including Trip.com and Gaode regarding issues in their lending businesses