Citi Reports 4% Year-on-Year Increase in Pax Throughput During First 17 Days of Spring Festival Travel Rush; Trip.com Group Rating Maintained at Buy
Passenger Throughput Growth: The Ministry of Transport reported a 4% year-on-year increase in nationwide passenger throughput during the first 17 days of the Spring Festival travel rush, with notable growth in all transport sectors: railway (2.8%), airline (5.2%), roadway (4%), and waterway (18.4%).
Strong Holiday Performance: In the first four days of the nine-day Spring Festival holiday, total passenger volume surged by 6.8% year-on-year, with significant increases in railway (3.5%), airline (7.7%), roadway (6.8%), and waterway (26.9%) transport.
Market Outlook: Citi Research highlighted an optimistic outlook for the Chinese market, maintaining a "Buy" rating for Trip.com Group and Tongcheng Travel, with target prices set at US$82 and $28, respectively.
Short Selling Data: As of February 16, 2026, Trip.com Group experienced short selling of $17.31 million, with a short selling ratio of 31.367%.
Trade with 70% Backtested Accuracy
Analyst Views on 00780
About the author
Citi Reports Strong Domestic Tourism During Lunar New Year Holiday; Maintains Buy Ratings for TRIP.COM and TONGCHENGTRAVEL
Lunar New Year Travel Statistics: During the nine-day Lunar New Year holiday, domestic travel traffic and industry revenue in mainland China reached 596 million and RMB803 billion, respectively, both up approximately 19% from the previous year.
Daily Growth Rates: The daily average travel traffic and industry revenue grew by 5.7% and 5.5% year-over-year, indicating strong performance in the tourism sector.
Citi Research Insights: Citi Research noted that the robust tourism performance reflects healthy momentum in both domestic and outbound tourism markets, which benefits online travel platforms.
Market Impact on Trip.com: Despite positive tourism trends, the share price of Trip.com may be influenced by an ongoing investigation by the State Administration for Market Regulation, leading Citi to maintain a Buy rating on Trip.com and Tongcheng Travel.
Citi Maintains Buy Rating on TRIP.COM-S/TONGCHENGTRAVEL, Anticipates Robust Domestic Demand for Lunar New Year
Passenger Flow Increase: During the first seven days of the Lunar New Year holiday, China's cross-regional passenger flow reached 2.08 billion, a 9.3% year-on-year increase, indicating a rebound in domestic travel demand.
Travel Demand Trends: The surge in passenger volume was attributed to family reunions before the holiday, with a balanced demand for both long and short-haul travel benefiting online travel agencies.
Citi's Ratings: Citi maintained a Buy rating for Trip.com Group and Tongcheng Travel, with target prices set at USD82 and HKD28 respectively, reflecting confidence in their market performance.
Upcoming Earnings Report: Trip.com is expected to announce its fourth-quarter results soon, with analysts predicting that the stock price may remain stable until the announcement.
TONGCHENGTRAVEL: Air Travel Demand Soars 38% Year-on-Year During China's Mid-Spring Festival; Hotel Prices Average 30% Higher Compared to Pre-Lunar New Year Period
Travel Trends During Lunar New Year: Airline travel in mainland China is expected to increase by 38% during the peak travel period of February 18-19, 2026, compared to the previous year, with a projected 50% year-over-year rise in passengers flying at least twice during the Spring Festival holiday.
Hotel Occupancy and Pricing: Domestic hotel occupancy rates are significantly higher during the Lunar New Year, with average prices exceeding 30% above those on the eve of the Spring Festival, and some tourist cities seeing rates more than double the usual prices.
Short Selling Data: TONGCHENGTRAVEL (00780.HK) reported a short selling amount of $24.46 million, with a short selling ratio of 24.126%.
Market Outlook: Citi maintains a 'Buy' rating for Trip.com Group, noting a 4% year-over-year increase in passenger throughput during the first 17 days of the Spring Festival travel rush.
Citi Reports 4% Year-on-Year Increase in Pax Throughput During First 17 Days of Spring Festival Travel Rush; Trip.com Group Rating Maintained at Buy
Passenger Throughput Growth: The Ministry of Transport reported a 4% year-on-year increase in nationwide passenger throughput during the first 17 days of the Spring Festival travel rush, with notable growth in all transport sectors: railway (2.8%), airline (5.2%), roadway (4%), and waterway (18.4%).
Strong Holiday Performance: In the first four days of the nine-day Spring Festival holiday, total passenger volume surged by 6.8% year-on-year, with significant increases in railway (3.5%), airline (7.7%), roadway (6.8%), and waterway (26.9%) transport.
Market Outlook: Citi Research highlighted an optimistic outlook for the Chinese market, maintaining a "Buy" rating for Trip.com Group and Tongcheng Travel, with target prices set at US$82 and $28, respectively.
Short Selling Data: As of February 16, 2026, Trip.com Group experienced short selling of $17.31 million, with a short selling ratio of 31.367%.
CN NAFR Engages in Discussions with Six Travel Platforms, Including TRIP.COM-S and Amap, to Advocate for Standardized Marketing Practices
Regulatory Discussions: The National Administration of Financial Regulation (NAFR), along with SAMR and PBOC, held discussions with six travel platform companies regarding their lending operations with financial institutions.
Marketing Practices Standardization: Companies are required to standardize marketing practices, avoid misleading promotional language, and clearly disclose lending institution names and credit product information.
Responsible Borrowing Advisory: The platforms must advise borrowers on responsible borrowing and ensure accessible customer complaint channels for resolving disputes.
Consumer Rights Protection: The focus is on enhancing service quality and effectively safeguarding consumers' legitimate rights and interests.
HSI Closes with a 233-Point Decline; BUD APAC Drops Over 5%; KNOWLEDGE ATLAS Soars Nearly 30%
Market Performance: The HSI closed at 27,032, down 233 points (0.9%), with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD238.705 billion.
Company Earnings: BUD APAC was the worst-performing blue-chip stock, down 5.2% after reporting a 32.6% drop in net profit. Other companies like Lenovo and NetEase also saw declines despite some reporting increased profits.
Regulatory Actions: The Beijing Municipal Market Supervision Bureau engaged with 12 online ticket sales platforms, resulting in declines for companies like Trip.com and Meituan, which fell 3.9% and 4.5%, respectively.
AI Sector Growth: Following Premier Li Qiang's call for AI innovation, AI stocks like SenseTime and Knowledge Atlas saw significant gains, with Knowledge Atlas soaring 28.7% after launching a new product.
Citi Reports Strong Domestic Tourism During Lunar New Year Holiday; Maintains Buy Ratings for TRIP.COM and TONGCHENGTRAVEL
Lunar New Year Travel Statistics: During the nine-day Lunar New Year holiday, domestic travel traffic and industry revenue in mainland China reached 596 million and RMB803 billion, respectively, both up approximately 19% from the previous year.
Daily Growth Rates: The daily average travel traffic and industry revenue grew by 5.7% and 5.5% year-over-year, indicating strong performance in the tourism sector.
Citi Research Insights: Citi Research noted that the robust tourism performance reflects healthy momentum in both domestic and outbound tourism markets, which benefits online travel platforms.
Market Impact on Trip.com: Despite positive tourism trends, the share price of Trip.com may be influenced by an ongoing investigation by the State Administration for Market Regulation, leading Citi to maintain a Buy rating on Trip.com and Tongcheng Travel.
Citi Maintains Buy Rating on TRIP.COM-S/TONGCHENGTRAVEL, Anticipates Robust Domestic Demand for Lunar New Year
Passenger Flow Increase: During the first seven days of the Lunar New Year holiday, China's cross-regional passenger flow reached 2.08 billion, a 9.3% year-on-year increase, indicating a rebound in domestic travel demand.
Travel Demand Trends: The surge in passenger volume was attributed to family reunions before the holiday, with a balanced demand for both long and short-haul travel benefiting online travel agencies.
Citi's Ratings: Citi maintained a Buy rating for Trip.com Group and Tongcheng Travel, with target prices set at USD82 and HKD28 respectively, reflecting confidence in their market performance.
Upcoming Earnings Report: Trip.com is expected to announce its fourth-quarter results soon, with analysts predicting that the stock price may remain stable until the announcement.
TONGCHENGTRAVEL: Air Travel Demand Soars 38% Year-on-Year During China's Mid-Spring Festival; Hotel Prices Average 30% Higher Compared to Pre-Lunar New Year Period
Travel Trends During Lunar New Year: Airline travel in mainland China is expected to increase by 38% during the peak travel period of February 18-19, 2026, compared to the previous year, with a projected 50% year-over-year rise in passengers flying at least twice during the Spring Festival holiday.
Hotel Occupancy and Pricing: Domestic hotel occupancy rates are significantly higher during the Lunar New Year, with average prices exceeding 30% above those on the eve of the Spring Festival, and some tourist cities seeing rates more than double the usual prices.
Short Selling Data: TONGCHENGTRAVEL (00780.HK) reported a short selling amount of $24.46 million, with a short selling ratio of 24.126%.
Market Outlook: Citi maintains a 'Buy' rating for Trip.com Group, noting a 4% year-over-year increase in passenger throughput during the first 17 days of the Spring Festival travel rush.
Citi Reports 4% Year-on-Year Increase in Pax Throughput During First 17 Days of Spring Festival Travel Rush; Trip.com Group Rating Maintained at Buy
Passenger Throughput Growth: The Ministry of Transport reported a 4% year-on-year increase in nationwide passenger throughput during the first 17 days of the Spring Festival travel rush, with notable growth in all transport sectors: railway (2.8%), airline (5.2%), roadway (4%), and waterway (18.4%).
Strong Holiday Performance: In the first four days of the nine-day Spring Festival holiday, total passenger volume surged by 6.8% year-on-year, with significant increases in railway (3.5%), airline (7.7%), roadway (6.8%), and waterway (26.9%) transport.
Market Outlook: Citi Research highlighted an optimistic outlook for the Chinese market, maintaining a "Buy" rating for Trip.com Group and Tongcheng Travel, with target prices set at US$82 and $28, respectively.
Short Selling Data: As of February 16, 2026, Trip.com Group experienced short selling of $17.31 million, with a short selling ratio of 31.367%.
CN NAFR Engages in Discussions with Six Travel Platforms, Including TRIP.COM-S and Amap, to Advocate for Standardized Marketing Practices
Regulatory Discussions: The National Administration of Financial Regulation (NAFR), along with SAMR and PBOC, held discussions with six travel platform companies regarding their lending operations with financial institutions.
Marketing Practices Standardization: Companies are required to standardize marketing practices, avoid misleading promotional language, and clearly disclose lending institution names and credit product information.
Responsible Borrowing Advisory: The platforms must advise borrowers on responsible borrowing and ensure accessible customer complaint channels for resolving disputes.
Consumer Rights Protection: The focus is on enhancing service quality and effectively safeguarding consumers' legitimate rights and interests.
HSI Closes with a 233-Point Decline; BUD APAC Drops Over 5%; KNOWLEDGE ATLAS Soars Nearly 30%
Market Performance: The HSI closed at 27,032, down 233 points (0.9%), with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD238.705 billion.
Company Earnings: BUD APAC was the worst-performing blue-chip stock, down 5.2% after reporting a 32.6% drop in net profit. Other companies like Lenovo and NetEase also saw declines despite some reporting increased profits.
Regulatory Actions: The Beijing Municipal Market Supervision Bureau engaged with 12 online ticket sales platforms, resulting in declines for companies like Trip.com and Meituan, which fell 3.9% and 4.5%, respectively.
AI Sector Growth: Following Premier Li Qiang's call for AI innovation, AI stocks like SenseTime and Knowledge Atlas saw significant gains, with Knowledge Atlas soaring 28.7% after launching a new product.
