跨境与出境游出行同样迎来强势复苏。受惠于过境免签政策持续优化，春节期间入境用户的打车订单量 同比大幅增长74%，其中来自韩国、俄罗斯、马来西亚及新加坡的用户最为活跃。不仅如此，内地游客 赴港游热情高涨，在香港地区的打车需求较平日上涨58%。海外出行方面，东南亚及日韩城市持续火 热，整体用车需求在2月20日达到整个假期的最高峰。 长假效应有效重塑了民众的节日行程规划，"先回家、后出游"成为今年主流的出行节奏。针对家庭及亲 友探访场景，六座车呼叫量较平日激增141%。出行轨迹上，正月初一集中于走亲访友，而初三至初五 则迎来旅游打车高峰，前往海滩海岛与非遗景点的日均需求同比分别上涨41%和19%。此外，长假也进 一步引爆了租车市场，滴滴租车订单量同比大涨80%，平均租期超过6天，广州、深圳、北京等位列热 门取车城市前五，且呈现出明显的"多峰值"取还车规律。 在本地生活及文娱出行方面，传统年俗活动展现出强劲的消费拉动力。春节期间，打车前往各地灯会现 场的需求较平日大涨135%，而前往庙会的打车热度更是飙升超12倍，自贡、石家庄、贵阳等多地文旅 地标成为出行爆点。与之呼应的是激增的能源补给需求，全国充电订单同比增长37 ...

三线及以下城市异地打车上涨 95% 春节期间，返乡打车需求依旧旺盛，三线及以下城市异地打车订单相比平日上涨95%，距离阻挡不了回家的热情，100公里以上远距离订单量相比平日上涨 43%。 返乡出行带动下，重庆市垫江县、江苏省沛县等地打车订单同比分别增长43%、21%。为了更好地服务区县城市，滴滴在下沉市场联合代理商，根据各地区 实际情况，优化区县维度的出行体验，提升乘客的打车需求，助力县域经济发展。截至目前，滴滴授权代理商覆盖全国 25个省/自治区，北至哈尔滨阿城， 南抵海南乐东，西达新疆喀什，东及黑龙江鸡西，织密了县域出行网络。 "反向过年"助力今年春节团圆叙事的"双向迁徙"，常驻三线及以下城市的55岁以上用户在一线及新一线城市的异地打车订单日均同比上涨45%。反向过年与 假期出游叠加作用下，一线城市春节打车需求旺盛，创近年春节打车涨幅新高，其中异地打车订单日均同比上涨20%。春节期间，杭州日均打车订单同比上 涨21%，深圳、重庆、武汉、长沙、广州等一线新一线城市订单均呈现两位数涨幅。 流动中国年味浓，人们"马"不停蹄奔向团圆。滴滴出行数据显示，"双向奔赴"成2026年春节出行新看点，三线及以下城市异地打车 ...

Investment Rating - The report maintains a "Strong Buy" rating for Alibaba, Pinduoduo, JD Group, and Vipshop, indicating a positive outlook for these companies in the e-commerce sector [10][11]. Core Insights - The e-commerce sector is expected to see stable profit growth, with Alibaba Cloud's revenue accelerating and the potential for AI cloud business growth. The report highlights the low valuations of leading e-commerce companies [1][10]. - In the local lifestyle segment, Meituan's long-term competitiveness and investment value remain intact despite competitive disruptions [11]. - The travel sector is projected to maintain high growth, with recommendations to focus on OTA and scenic spots closely related to outbound tourism, as well as transportation and hotels driven by business travel demand [1][11]. Industry Scale - The industry comprises 131 listed companies, with a total market capitalization of 1,292.5 billion and a circulating market value of 1,199.0 billion [3]. Industry Index Performance - The absolute performance of the industry index shows increases of 3.7% over one month, 12.7% over six months, and 20.3% over twelve months [4]. Key Company Investment Recommendations and Valuations - **Alibaba**: Expected to benefit from the pricing power in the cloud market, with projected non-GAAP net profits of 924 billion, 1,344 billion, and 1,809 billion for FY2026-2028. Target price set at 194 HKD per share [10]. - **Pinduoduo**: Anticipated non-GAAP net profits of 1,158 billion, 1,323 billion, and 1,625 billion for 2025-2027, with a target price range of 139-174 USD per share [10]. - **JD Group**: Projected non-GAAP net profits of 264 billion, 327 billion, and 510 billion for 2025-2027, with a target price of 125-150 HKD per share [10]. - **Vipshop**: Expected non-GAAP net profits of 88 billion, 94 billion, and 96 billion for 2025-2027, with a target price of 24.74 USD per share [11]. Major Industry News - Alibaba released the Qwen 3.5 model, which has shown excellent performance in various benchmarks, enhancing productivity for developers and enterprises [19][20]. - During the Spring Festival, the Qianwen app facilitated nearly 200 million orders, indicating a significant increase in user engagement and transaction volume [21]. - ByteDance launched the Doubao 2.0 model, optimized for large-scale production environments, enhancing its capabilities in complex task execution [22].

Market Overview - On February 13, 2026, a significant asset sell-off occurred in global financial markets, particularly impacting U.S. stock indices. The Dow Jones Industrial Average fell by 669.42 points (1.34%) to close at 49,451.98, while the Nasdaq Composite Index dropped 469.32 points (2.03%) to 22,597.15. The S&P 500 Index also declined by 108.71 points (1.57%) to 6,832.76 [1]. Commodity Market Impact - The sell-off extended to the commodity markets, with gold and silver experiencing substantial declines. COMEX gold futures fell by 3.08% to $4,941.4 per ounce, while COMEX silver futures plummeted by 10.62% to $75.01 per ounce [2][3]. Technology Sector Reaction - Major technology companies were severely affected, with Apple’s stock price dropping by 5%, resulting in a market value loss of over $120 billion (approximately 800 billion RMB). Other tech giants like Microsoft, Amazon, Tesla, Meta, and Nvidia also saw significant declines [3][4]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index, which includes many Chinese concept stocks, fell by 3% on the same day, indicating a collective sell-off in this sector. Over 40 Chinese concept stocks experienced substantial declines, with Tencent Music down 10.57% and Alibaba down 3.40% [3][4][6]. Employment Data Influence - The catalyst for this market turmoil was a strong U.S. employment report released on February 11, showing a non-farm payroll increase of 130,000 in January, significantly above the expected 70,000. This led to a shift in market expectations regarding Federal Reserve interest rate cuts, with the probability of a March rate cut dropping from 19.6% to 6% [5][6]. Capital Expenditure Concerns - Major tech companies announced aggressive capital expenditure plans for 2026, with Alphabet projecting $175 billion to $185 billion and Amazon estimating $200 billion, both nearly doubling their 2025 expenditures. This raised investor concerns about the return on such investments, especially as many companies reported record profits but saw stock price declines [10][11]. Market Sentiment and Volatility - The market's fear and volatility increased sharply, with the VIX index rising significantly. The sell-off was exacerbated by algorithm-driven trading, which triggered stop-loss orders and led to extreme price movements [15][16][17]. Global Market Impact - The financial turmoil that began in Wall Street quickly spread to global markets, with Asian and European stock markets opening lower in response to the U.S. declines [18].

Core Insights - Didi Chuxing predicts a 45% increase in demand for intercity rides before the Spring Festival, with a 40% rise in rides to major transportation hubs like airports and train stations [2][6] Group 1: Service Enhancements - Didi has optimized online guidance and offline signage at airports and train stations to improve the ride-hailing experience during the Spring Festival [2][6] - The company has established dedicated passenger waiting areas and Didi stations at various transportation hubs to enhance the efficiency of transfers during the busy travel period [2][6] - Travelers can automatically locate their pickup points using the Didi app upon arrival at airports or train stations, with additional features like video walking guides available at some locations [2][6] Group 2: Waiting Area Facilities - Dedicated waiting areas equipped with seating, charging stations, and WiFi have been set up at major airports and train stations, with plans for further expansion [2][6] - While waiting for their rides, passengers can check screens in the waiting areas for real-time updates on driver arrivals and parking locations [3][7] Group 3: Innovative Features - Didi is implementing a "find the car" model at select locations, allowing users to verify vehicles through LED screens and access vehicle entry information via the app [3][7] - The company has deployed ride-hailing guides at over 100 popular airports and train stations to assist users with navigation and the ride-hailing process during the Spring Festival [3][7] - Didi has upgraded services in 313 airports and train stations across 165 cities with the support of local authorities [3][7]

Core Viewpoint - Didi Chuxing anticipates a 45% increase in demand for intercity rides during the Spring Festival travel season, with a 40% rise in rides to major transportation hubs like airports and train stations [1] Group 1: Service Enhancements - Didi has optimized online guidance and offline signage at airports and train stations to improve the user experience during the Spring Festival [1] - The app now features automatic location detection for users at airports and train stations, along with step-by-step walking directions to designated pickup points [2] - Didi has established dedicated waiting areas at major airports and train stations, equipped with seating, charging stations, and WiFi to enhance passenger comfort while waiting for rides [8][10] Group 2: Innovative Features - Users can check real-time driver arrival information through screens in waiting areas, and some locations have implemented a "find the car" system using LED screens for vehicle identification [11] - Didi has deployed over 100 ride-hailing guides at popular airports and train stations to assist users with navigation and the ride-hailing process during peak travel times [15] Group 3: Expanded Services - Didi offers pre-booking options for airport and train station pickups, allowing users to input flight numbers for timely driver arrivals [18] - The company has launched enhanced rental services with guarantees and promotional activities, expanding its offerings to 226 popular routes across 55 cities [18] - Didi has implemented service upgrades in 313 airports and train stations across 165 cities, aiming to continuously improve travel experiences for users [18]

Core Insights - The demand for intercity ride-hailing services during the Spring Festival is expected to increase by 45% compared to pre-Spring Festival levels, with a 40% rise in demand for rides to major transportation hubs like airports and train stations [1] Group 1: Service Enhancements - Didi has optimized online guidance and offline signage at airports and train stations to improve the user experience, including the establishment of dedicated passenger waiting areas and Didi stations [1] - The Didi app now features automatic location detection for users at airports and train stations, along with step-by-step walking guidance to the designated pick-up points [2] - Dedicated waiting areas equipped with seating, charging stations, and WiFi have been set up at major airports and train stations to enhance passenger comfort while waiting for their rides [6] Group 2: Innovative Features - Users can check the arrival status of their drivers through screens in the waiting areas, and some locations have implemented a "find the car" system using LED screens for vehicle identification [9] - Didi has deployed ride-hailing guides at over 100 popular airports and train stations to assist users with route guidance and the ride-hailing process during peak travel times [12] Group 3: Booking and Rental Services - Didi offers a "book a ride" or "airport transfer" service through its app, allowing users to input flight numbers for timely driver arrivals [14] - The company has expanded its charter services to 226 popular routes across 55 cities, and introduced enhanced rental services with guarantees and promotional activities [14] - Didi has implemented experience optimization measures in 313 airports and train stations across 165 cities, aiming to continuously improve service capabilities [14]

Core Insights - Didi is launching a promotional campaign for its overseas ride-hailing service to cater to Chinese families traveling abroad during the Spring Festival, offering discounts and convenience [1][2]. Group 1: Promotional Offers - New users of Didi's overseas service can enjoy a 90% discount on their first ride, with a maximum deduction of 60 RMB per order, while existing users can receive a 50% discount [2]. - The promotional campaign is available in countries such as South Korea, Thailand, Singapore, and the Philippines, with varying discount rates in different regions [2][11]. Group 2: Service Coverage - Didi's overseas ride-hailing service is operational in over 1,000 cities across 12 countries, including regions in Asia, Oceania, and Africa [4][11]. - Popular destinations for Chinese travelers include Seoul, Bangkok, Kuala Lumpur, and Sydney, with specific attractions like Lotte Duty-Free in Seoul and the Grand Palace in Bangkok being favored [4]. Group 3: User Experience Enhancements - The Didi overseas service features a Chinese interface, real-time translation for communication with drivers, and 24/7 Chinese customer support to enhance user experience [7][9]. - Payment methods include popular Chinese options like Alipay and WeChat Pay, with automatic currency conversion and clear cost breakdowns, making it user-friendly for travelers [9][11]. Group 4: Additional Services - Didi offers charter services in countries like Egypt, Singapore, New Zealand, Thailand, and Australia, providing transparent pricing and communication in Chinese [11]. - The international business of Didi has expanded to 14 countries, including Mexico and Brazil, allowing local users to access ride-hailing services through the DiDi Rider app [11].

Core Insights - Didi is launching a promotional campaign for its overseas ride-hailing service to cater to Chinese families traveling abroad during the Spring Festival, offering discounts and convenient services [2][3]. Group 1: Promotional Offers - New users of Didi's overseas service can enjoy a 90% discount on their first ride, with a maximum deduction of 60 RMB per order, while existing users can receive a 50% discount [3]. - The promotional campaign is valid until February 24 and covers countries such as South Korea, Thailand, Singapore, and the Philippines, with varying discount rates in different regions [3][12]. Group 2: Service Coverage - Didi's overseas service is currently available in 12 countries and over 1,000 cities, including popular destinations like Seoul, Bangkok, Kuala Lumpur, and Sydney [5][12]. - The app allows seamless switching between domestic and international ride-hailing services without the need for additional downloads or account registrations [5]. Group 3: User Experience Enhancements - The Didi app features a Chinese interface, real-time translation for communication with drivers, and 24/7 Chinese customer service to assist users during their travels [8][10]. - Payment methods include popular Chinese options like Alipay and WeChat Pay, with automatic currency conversion and clear cost breakdowns, making the process user-friendly [10][12]. Group 4: Additional Services - Didi offers charter services in 11 countries, allowing for flexible itinerary planning with transparent pricing and communication facilitated by Chinese-speaking drivers [12]. - The international business has expanded to 14 additional countries, including Mexico and Brazil, where local users can access ride services through the DiDi Rider app [12].

Group 1 - The core viewpoint of the article highlights the regulatory actions taken by Beijing's market supervision authority against major online platforms involved in train ticket sales due to consumer complaints about issues like false ticket grabbing and price fraud [1][3]. Group 2 - The Beijing market supervision authority will intensify regulatory enforcement to combat illegal activities such as false ticket grabbing and misleading transactions [3]. - A comprehensive review and rectification of platform pages will be conducted, including the removal of misleading promotional products and adjustments to promotional content to prevent consumer confusion regarding partnerships with 12306 [4]. - Platforms are required to ensure clear pricing, prominently display the content and prices of value-added services, and rectify issues where displayed ticket prices do not match actual payment amounts, thereby safeguarding consumer rights [4].