TONGCHENGTRAVEL (00780) surged more than 3% in late trading, closing at HK$22.6 with a turnover of HK$161 million. The National Bureau of Statistics reported a 0.7% year-on-year increase in China's November CPI, signaling continued recovery in consumer spending. Service prices rose 0.7%, outpacing goods inflation, highlighting resilient demand in service consumption. Notably, tourism prices climbed 2.0% year-on-year in November, with cumulative growth for January-November reflecting sustained pricing power in travel demand.

Changjiang Securities noted that the online travel agency (OTA) sector has stabilized competitively, with TONGCHENGTRAVEL strengthening its leadership through user base, supply chain efficiency, and operational focus. The firm's profitability is improving via optimized marketing, targeted subsidies, and higher-margin outbound travel, suggesting further room for sales expense ratio and take rate improvements to drive sustained margin expansion.