金吾财讯 | 华泰证券研报指，国内旅游行业3Q整体呈现人次增长有韧性，但是人均消费较弱的情况，展望4Q，客运数据与酒店ADR数据均展现较好回暖迹象，行业增长或有加速。3Q25 OTA平台收入基本符合VA一致预期（简称“预期”下同），增速中枢高于海外的趋势延续，携程、同程3Q25间夜量同比保持中低双位数增长，其中携程国际平台板块增长迅速，而同程ADR增速则领先行业回正。3Q25利润兑现依旧优于收入，国内更稳定的格局下，携程、同程在3Q旺季以精细化补贴、提升运营效率实现了超预期的利润释放，与海外龙头利润率差距进一步缩窄。估值层面，国内OTA平台在更高的收入增速中枢和利润释放潜力下，26年预期PE仍低于海外OTA。
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