Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information issued by the company [1]. Group 1: Investigation Details - The investigation is prompted by a report from Investing.com stating that Trip.com is under investigation by China's market regulator for potential antitrust violations, which led to a 17% drop in the company's American Depositary Shares on January 14, 2026 [1]. Group 2: Class Action Information - Investors who purchased Trip.com securities may be entitled to compensation through a class action lawsuit, with no out-of-pocket fees or costs due to a contingency fee arrangement [1]. - Interested investors can join the prospective class action by visiting the provided link or contacting the law firm directly [1]. Group 3: Rosen Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [1]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [1].

研究所： 2026 年 02 月 28 日 公司研究 评级：买入(维持) | | chenm | | --- | --- | | E券分析师: E券分析师: | 陈梦竹 张娟娟 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn [Table_Title] 延续高质量增长，入境游成为强劲增长引擎 ——携程集团-S（9961.HK）2025Q4 及全年财 报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/02/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 携程集团-S | -17.6% | -23.2% | -8.9% | | 恒生指数 | -1.8% | 2.6% | 12.3% | | 市场数据 | | | 2026/02/27 | | 当前价格（港元） | | | 411.40 | | 52 周价格区间（港元） | | | 397.20-613.00 | | 总市值（百万港元） | | | ...

2026 年 2 月 28 日 公司研究 25Q4 各业务营收均呈双位数增长，国际业务表现强劲 ——携程集团-S（9961.HK）25Q4 业绩点评 买入（维持） 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 7.14 | | 总市值(亿港元)： | 2857.03 | | 一年最低/最高(港 | 397.20/613.00 | | 元)： | | | 近 3 月换手率： | 31.73% | 股价相对走势 当前价：400.40 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523877 wanghangyu@ebscn.com | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -16.73 | -33.72 | -21 ...

25q4：总收入154.29亿（vs guidance148.70亿），同比增长20.84%，其中交通票务收入53.68亿（vs guidance53.50 亿），同比增长12.30%，酒店收入62.87亿（vs guidance61.50亿），同比增长21.42%，旅游度假收入10.56亿（vs guidance9.80亿），同比增长21 【个股观点】【建投海外】携程集团2025Q4财报点评：业绩略超预期，关注监管后续进展 25q4：总收入154.29亿（vs guidance148.70亿），同比增长20.84%，其中交通票务收入53.68亿（vs guidance53.50 亿），同比增长12.30%，酒店收入62.87亿（vs guidance61.50亿），同比增长21.42%，旅游度假收入10.56亿（vs guidance9.80亿），同比增长21.38%，商旅收入8.08亿（vs guidance7.30亿），同比增长15.10%，其他业务收入19.10 亿（vs guidance16.60亿），同比增长12.38%。 GPM78.96%（vs guidance78.50%），OPM16.46 ...

Group 1 - Investors are showing a bullish stance on Trip.com Group (NASDAQ: TCOM), with significant options trades indicating potential upcoming movements [1] - The sentiment among large traders is predominantly bullish at 80%, with only 10% bearish, highlighting a strong confidence in the stock [2] - The major market movers are focusing on a price range between $50.0 and $65.0 for Trip.com Group over the last three months, indicating expected price movements [3] Group 2 - Recent options activity shows a total trading volume of 1,938,767, with TCOM's price currently at $52.1, reflecting a 0.94% increase [6] - Analysts have set an average target price of $70.0 for Trip.com Group, with one analyst from Benchmark maintaining a Buy rating and a target price of $72 [5] - Another analyst from TD Cowen also maintains a Buy rating with a target price of $68, suggesting a consensus on the stock's potential [7]

算法"杀熟"需多元共治 □ 刘 诚 □ 随着算法技术的演进，大数据"杀熟"现象已完成从简单粗放到复杂隐蔽的根本性形态变迁。其核心路 径是从基于静态身份的显性价格差异，转向依托人工智能、融合多元情境的隐性系统性博弈 □ 大数据"杀熟"的盛行与平台经济发展阶段直接相关。本质上，这是一种着眼于短期利润再分配的"掠 夺性增长"，而非通过创新与服务提升实现价值增量的"创造性增长"，若任由其蔓延，将从根本上动摇 市场公平原则，危及平台经济的可持续性与长期投资价值 □ 面对日益隐蔽且系统化的算法差别定价，治理须超越单一的事后处罚思维，转向涵盖法律规制、技术 审计、市场结构优化与社会监督的系统性重构。其核心在于重新平衡平台算法权力与消费者权利，引导 技术向善，保障市场公平 近期，市场监管总局依据《中华人民共和国反垄断法》，对携程集团涉嫌滥用市场支配地位实施垄断行 为立案调查，释放了强监管信号。2月1日，正式施行的《网络交易平台规则监督管理办法》更是划出红 线，明确规定平台不得在消费者不知情的情况下，对同一商品或服务在同等条件下设置不同价格或收费 标准。此举旨在根治长期存在的大数据"杀熟"乱象。 然而，现实挑战不容小觑。大数据 ...

证 券 研 究 报 告 春节旅游跟踪报告 超长假期+政策助力催生全面景气，酒店涨价 推荐（维持） 幅度超预期 ❑ 风险提示：宏观经济波动；高频数据更新不及时；政策落地不及预期。 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 锦江酒店 | 600754.SH | 28.28 | 0.85 | 1.09 | 1.21 | 33.14 | 25.97 | 23.34 | 1.98 | 推荐 | | 首旅酒店 | 600258.SH | 17.46 | 0.80 | 0.88 | 0.96 | 21.93 | 19.89 | 18.19 | 1.67 | 推荐 | | 古茗 | 01364.HK | 28.48 | 1.05 | 1.10 | 1. ...

25Q4 财报点评：业绩超预期，国际化驱动延续 携程集团-S(09961) 证券研究报告 旅游及景区 / 公司点评 / 2026.02.27 投资评级:买入(维持) | 基本数据 | 2026-02-26 | | --- | --- | | 收盘价(港元) | 400.40 | | 流通股本(亿股) | 7.14 | | 每股净资产(元) | 204.59 | | 总股本(亿股) | 7.14 | 最近 12 月市场表现 -16% -6% 4% 14% 25% 35% 携程集团-S 恒生指数 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 分析师 罗婉琦 SAC 证书编号：S0160525090005 luowq@ctsec.com 相关报告 1. 《国内 OTA 龙头，海外增长前景广阔》 2025-09-11 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业 ...

A long-term investor passionate about Equity Research. My investment objective is to identify market asymmetries with positive reward-to-risk. I invest in high-quality, wide-moat companies that generate strong cash flow and trade at a fair price relative to their value. My research interests cover technology & semiconductors. Please feel free to subscribe to my channel to support its development.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a net operating revenue of 15.4 billion RMB for Q4 2025, which is a year-over-year increase of 21%, exceeding expectations by 3.6% [7] - The adjusted EBITDA for the same quarter was 3.4 billion RMB, also up 15% year-over-year, surpassing expectations by 7.7% [7] - The company's internationalization strategy continues to drive growth, with international OTA platform bookings increasing by approximately 60% year-over-year [7] - The company is leveraging AI technology to enhance transaction efficiency and service quality, positioning itself for long-term growth [7] - Revenue projections for 2026-2028 are estimated at 71.7 billion RMB, 81.9 billion RMB, and 91.8 billion RMB respectively, with Non-GAAP net profits of 19.1 billion RMB, 21.9 billion RMB, and 24.8 billion RMB [7] Financial Performance - For 2024, the company expects operating revenue of 53.3 billion RMB, with a growth rate of 19.73% [6] - The projected net profit for 2024 is 17.1 billion RMB, reflecting a significant increase of 72.08% year-over-year [6] - The earnings per share (EPS) for 2024 is estimated at 26.10 RMB, with a price-to-earnings (PE) ratio of 19.03 [6] - The return on equity (ROE) for 2024 is projected to be 11.97% [6] Business Segment Performance - Accommodation booking revenue for Q4 2025 was 6.3 billion RMB, driven by strong demand for outbound and international hotel bookings [7] - Transportation ticketing revenue reached 5.4 billion RMB, with significant growth in international flight bookings [7] - The revenue from vacation services was 1.1 billion RMB, benefiting from the expansion of international services [7] - Business travel management revenue was 800 million RMB, primarily due to an increase in corporate clients [7]