智通财经APP获悉，OTA概念股早盘普涨，截至发稿，同程旅行(00780)涨5.45%，报22.25港元；携程集团-S(09961)涨3.49%，报507.5港元。
消息面上，6月18日，京东宣布以“最高三年0佣金”政策正式进军酒旅行业。国信证券指出，6月下旬京东官宣入局酒旅阶段带来扰动，但高星酒店资源与用户壁垒稳固，预计补贴与佣金率有望维持相对平稳，且龙头股东回报有望更积极；而低星级酒店用户敏感性较高，易受竞争扰动，此前股价调整已有所反应，考虑龙头补贴效率改善、平台价格率先转正带来缓冲，影响相对可控。
该行表示，此前市场对于OTA行业竞争对龙头短期季度性业绩扰动存在担忧，但目前来看一方面互联网平台即时零售外卖配送补贴可能对酒旅竞争形成部分分流，同时OTA行业本身是侧重资源整合与履约服务的行业，注重BD与客服等人力资源的搭建，在龙头对中高星酒店库存资源的把控力更强背景下，短期单靠补贴增加难以持续获取更强调服务品质的用户。往后看，一方面暑期出游预计维持景气，同时价格压力也已经逐步扭转，OTA估值有望逐步修复。
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