Company Coverage

报告摘要

We expect solid travel demand during the Mid-Autumn Festival and National Day holidays, supported by the extended travel window driving longer stays, extended travel distances and stronger outbound demand. Booking data from TCOM and TT point to resilient long-haul and international travel, although overall passenger growth remains moderate. We expect OTA companies’ growth to be supported by international business expansion and AI-enhanced operating efficiency, partly offset by softer domestic travel demand regulatory adjustments. Maintain MARKET WEIGHT. Top BUY: Trip.com.