金吾财讯 | 中信建投研究称，由于全球地缘冲突日益发散，中国安全稳定的特点得以不断体现，消费回流和吸引境外消费时机成熟。中国具有最全面的工业和供应链体系，能源战略和出海战略将推动文化和品牌在海外市场获取更强的议价能力。当下时点不应再纠结于不动产价格或者资本市场价格对于消费的边际影响，树立“四个自信”有助于重整居民消费信心，推动消费板块整体回暖。该机构提到，国内OTA龙头凭借供应链深耕和交易、场景闭环等垂类赛道能力和认知，相较AI仍有明显比较优势，但未来需更考虑协同和融入AI能力，让AI成为重要流量来源和入口，重塑流量逻辑和消费意愿唤醒的逻辑；互联网巨头以往较难挑战OTA龙头主要仍系两者核心比较优势不同，而当前互联网巨头需求增量市场逻辑下，或拥有流量优势、技术优势、多业务交叉协同优势等，行业竞争要素重塑，OTA龙头需深耕供给优化和渠道价值。
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