晨间快照：香港及中国市场每日

29 June 2026 What’s Hot Today: ►Trip.com (9961 HK, HK$305.20, HK$198bn) Macro andregulatory headwinds cap near-term performance Trip.composted1Q26revenueofRMB16.2bn(+17%YoY/+5%QoQ),drivenbyChineseNewYeartravelandoverseasexpansion.Netprofitfell41%YoYtoRMB2.5bnonone-offinvestmentlosses,whileadjustednetprofitdeclinedjust7%YoYtoRMB3.9bn.Lookingforward,managementtrim2Q26guidanceto3%- 8%YoY growth due to the macro headwinds,while the ongoing antitrust Accommodation-Spring Festival travel demand drives growth:revenuereachedRMB6.5bn(+17%YoY/+3%QoQ),accountingfor40%oftotal.GrowthwasdrivenbyresilienttraveldemandduringtheChineseNewYearholidayandsteadyexpansioninoverseashotelbookings.Themanagementexpectstosustain Transportticketing-momentum fading going into Q2:revenue reachedRMB6.1bn(+12%YoY/+13%QoQ),accountingfor38%oftotal.ThegrowthwasalsodrivenbytraveldemandduringtheChineseNewYearholiday,aswellassupportfrom international air tickets and ground transportation demand. Managementexpects transport ticketing to face headwinds in 2Q26 from MorningSnapshot HongKong&ChinaMarketDaily 29 June 2026 Advertising,packagedtoursandcorporatetravelbeatexpectations:Otherrevenue(mainlyadvertising)rose33%YoYtoRMB1.8bn,moderatingfromtheexceptional54%growthin4Q25duetohighbase.Packagedtoursrevenuegrew19%YoYtoRMB1.1bn(+7%QoQ),drivenbyresilientoutboundvacationdemandandseasonaltailwindsduringtheChineseNewYearholiday.Corporatetravelrevenueincreased20%YoYtoRMB0.7bn(-15%QoQ),supportedbysteadygrowthincorporatebookingsandbenefitedfromtheoverseasexpansionofChinese Overseasbusinessmomentumbuildsfurther:thecompanyserved7mninboundtravelersin1Q26(+90%YoY),thankstotheeasingofChina’svisafreepolicieswhichnowcovermorethan80countries.Theaveragestaylengthenedto5.1days,up11%YoY,withtravelersfromEuropeandtheUnitedStatesaccountingforaround25%ofthetotal.Moreover,theplatformconnectedover110klocalpartnerstointernationaldemand,ofwhich InternationalOTAplatformbookingsgrewroughly65%YoYin1Q26,withmobileAppvolumereachingrecordhigh.Abroad-basedgrowthwasobservedacrosskeysourcemarkets,withAPACremainingthelargestwhileEuropeandtheUSbothregisteredrobustgrowths. Coreprofitabilitybeatexpectationsin1Q26:GPMeasedfurtherto79.6%mainlyduetoahighermixoflower-margininternationalbusinesses.Coreoperatingprofitrose11%YoYtoRMB4.0bn,cappedbya17%YoYjumpinoperatingexpenses.However,netprofitdeclined41%YoYtoRMB2.5bn,withNPMfallingto16%bothYoYandQoQ,primarilyattributabletomark-to-marketlossesfrominvestmentportfolio.Excludingthesefairvaluefluctuationsandshare-basedcompensation,theadjusted net profitattributabletoshareholders reached MorningSnapshot HongKong&ChinaMarketDaily 29 June 2026 Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Ourviews:Management'sdownwardrevisionofits2Q26guidancetriggeredasharpsell-offintheshares.However,itisbelievedthattheadjustmentwasaprudentassessmentofthemacroconsumptiontrendsanddidnotembedthepotentialregulatoryriskofatakeratecaponaccommodation.Thecompany'snear-termoutlookisconstrainedbythreefactorsnamely,asluggishconsumptionrecovery,lingeringantitrustoverhang, Thekeyissueforthemarketisnolongerwhetherafinewillbeimposed,butwhethertheregulatoryoutcomeextendstoacaponaccommodationtakerates.Aone-offpenaltywouldlikelypresentamanageablenear-termimpact,whilethetake-raterestrictionwouldimposestructuralheadwindstoprofitabilityandvaluation.The So urce: B lo o mberg Kingsway Research Team AnalystHoward WongAlan LiAmelia Deng Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofany KFS,incl