同程旅行：3Q25深耕大众旅游市场，第二曲线驱动估值重构

杂货铺里观自在12-06

名称：同程旅行代码：00780.HK当前股价：22.42港元（2025/12/05收盘）市值：526.69亿港元所属行业：在线旅游（OTA）一、行业发展与挑战1、竞争格局：双寡头主导：携程集团-S(09961.HK) 聚焦高端及国际业务，同程深耕下沉市场（非一线用户占比87%）。新入局者：抖音、小红书等跨界布局本地生活服务，分流中低端客群。2、上下游关联：上游：航空、酒店集团（如万达酒店）、景区...

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