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1、All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies c
2、overed in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on
3、 certain companies covered by DBSIs research is available to customers of DBSI in the United States at no cost. Customers can access this IR at http:/, or call 1-877-208-6300 to request that a copy of the IR be sent to them. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1,China Trav
4、el,Market gradually maturing, growth remains strong,Deutsche Bank Securities,William Bao Bean +852 2203 6247 ,William Bao Bean +852 2203 6247 20.09.2018 page 2,China travel market and consolidator bookings,Domestic travel market strong Consolidator bookings approaching 3% of the China travel market
5、,Deutsche Bank,Source: DB Research, CEIC, Units: RMBbn,William Bao Bean +852 2203 6247 20.09.2018 page 3,China travel consolidator quarterly hotel commissions,Consolidator hotel room night bookings hit 2.98m in 2Q06 Second quarter saw strong seasonal pickup,Deutsche Bank,Source: DB Research, compan
6、y reports,William Bao Bean +852 2203 6247 20.09.2018 page 4,Consolidator hotel room night market share by quarter,Hotel bookings market not a zero sum game Market continues to consolidate,Deutsche Bank,Source: DB Research, company reports,William Bao Bean +852 2203 6247 20.09.2018 page 5,Consolida
7、tor air booking market share by quarter,Consolidator air bookings hit 2.02m in 2Q06 Expect weakness in consolidator bookings in 3Q06 owing to eticket transition,Deutsche Bank,Source: DB Research, company reports,William Bao Bean +852 2203 6247 20.09.2018 page 6,Consolidator online reach per million
8、,Consolidation continues Number three-ten nowhere in sight,Deutsche Bank,William Bao Bean +852 2203 6247 20.09.2018 page 7,Consolidator metrics - customers,Customers,Customers additions,Customers from top cities,Customers,Source: DB Research, company reports. Note customers from top cities Ctrip fr
9、om top five cities, elong from top 10,William Bao Bean +852 2203 6247 20.09.2018 page 8,Consolidator metrics - hotels,Hotel partners,Guaranteed allotment hotels,Hotel commissions,Bookings from guaranteed allotment hotes,Source: DB Research, company reports.,William Bao Bean +852 2203 6247 20.09.20
10、18 page 9,Consolidator metrics - air,Air commission,eTickets as a percentage of ticket bookings,Package sales,Source: DB Research, company reports.,William Bao Bean +852 2203 6247 20.09.2018 page 10,Market trends to watch,eTicketing Low-price air tickets New entrants Travelsky, Mango, etc Economy h
11、otel chains Package tours International visas RMB strength Cross-straight tourism,Deutsche Bank,William Bao Bean +852 2203 6247 20.09.2018 page 11,William Bao Bean +852 2203 6247 ,Deutsche Bank,William Bao Bean +852 2203 6247 20.09.2018 page 12,Deutsche Bank,Important Disclosures Additional Inform
12、ation Available upon Request,1. Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company, for which it received fees.2. Deutsche Bank and/or its affiliate(s) makes a market in securities issued by this company.3. Deutsche Bank and/or it
13、s affiliate(s) acts as a corporate broker or sponsor to this company.4. The research analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her household) has a direct ownership position in securities issued by this company or derivatives thereof.5. The resear
14、ch analyst (or, in the US, a member of his/her household) is an officer, director, or advisory board member of this company.6. Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company.7. Deutsche Bank and/or its affiliate(s) has received
15、 compensation from this company for the provision of investment banking or financial advisory services within the past year.8. Deutsche Bank and/or its affiliate(s) expects to receive or intends to seek compensation for investment banking services from this company in the next three months. 10. Deut
16、sche Bank and/or its affiliate(s) holds more than five percent of the share capital of the company whose securities are subject of the research, calculated under computational methods required by German law (data as of the last trading day of the past month). 11. See footnote headed Special Disclosu
17、res for any other relevant disclosures. 14. Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from this company within the past year. 15. This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received n
18、on-investment banking securities-related services. A draft of this report was previously shown to the issuer (for fact checking purposes) and changes were made to the report before publication. Deutsche Bank and or/its affiliate(s) has a significant Non-Equity financial interest (this can include Bonds, Convertible Bonds, Credit Derivatives and Traded Loans) where the aggregate net exposure to the following issuer(s), or issuer(s) group, is more than 25m Euros.,
