Saturday, October 13, 2012
a husband chastity
personally shot deep exotic, will the kill. News, Fang Yun's mother, committed suicide in Fuchu Huayang wife, a husband chastity. Meanwhile, the capital of imperial guards broke into the side Fuchu. Three hundred people up and down the government side, without trial, Board of Punishments, on the door directly in Chongyang beheaded. ... ... Just a day among the party lose the cloud father weep, copy Zumie home! All this as the surging tide, swept. Side can only see a cloud all occur in the eyelids, but do nothing. Remorse, pain, remorse filled heart. Fang Yun Wu Xuewen the first decision to abandon the original, feel regret. But regret is late. When Chongyang Ha, three hundred and twenty Daoguang passing in the dark when the clouds finally gave a party remorse and unwilling to roar. Daoguang passing the neck, head high side of clouds fly, he saw a Xuezhu still standing in the neck from inside their own gushing out, and then the darkness is endless ... ... ; once again woke up, the party will appear in the clouds here. ... ... ... ... inevitably surprised while, in her impression that the child but the first time in front of their own crying. Cloud looked on the shoulders of the mother party, hard and nodded. He gambled everything like a gambler, and suddenly all of the gambling be returned to this, have a second chance in life. More than a mother, or brother, father ... ..., Fang Yun lost time, never want to lose the second time. All in all, all seems like a dream. Only side clouds clear mind, all this is true, he has a second chance in life. Although not understand how all this happened, but Fang Yunming white, he would not let this opportunity to change the fate of the slip from the hands. Feeling the warmth of the mother who came, Fang Yun mind gradually calmed down, then it feels like the pain of the body a burst of tears. Pain, illness, the imperial doctor, Niangqin ... ..., waking up, just what was happening in the moment in the Bay than from the mind, gradually and memories overlap on the scene. FANG Yun thought of one thing. Fourteen years old, he had a 'disease'. Accurately, because they were flat Ding Hou, Hou town country kids together and brutally assaulted. The cause is, Xiaoping Ding Hou, a small town country cursed Quartet Hou Hou inferior origin, Fang Yun Hou child is four, is Jianzhong. FANG Yun endure, however, the top of the sentence. The results were both beaten. In that case, did not the first time, only this time particularly hard. FANG Yun ill three days, the mother has invited his wife to Beijing Huayang imperial doctor for his treatment. This incident occurred in the martial arts side road repairs soon after the clouds. Because of this, the party goes for the age of fourteen fights and martial arts have such a deep dislike, so since then, alienation Wu Road, abandoned weapons from the text. It can be said to change the fate of the source of the cloud side. Looked at the two thin arms, Fang Yun finally identified one thing. This is not a memory, but the front of what is happening. Now, he is fourteen years old, was standing on the fate of his life pass. This year, the party goes fourteen years old. He also has ten years to change the fate of the family!
He is not even a boy also so
I do not know if anyone had boarded the next day of the ninth stage, and that several young disciples are not face I believe the look, all did not think would be such a result, the decline of the humble peak has really ushered in a peerless genius. Kyi chawol understand the situation, suddenly regret not cope, she thought to tread every step ladder, never imagined do not need this. She secretly spit the tongue, facial expression of himself: Several young disciples are feeling hard to believe. Just then, a tall peak coming from the front Qinghong, a middle-aged man landed four or five years old and under, directed at the arch of the Tony LI $! t hand, said: middle-aged man also shocked. Silhouette flashing, there seventy-eight shadows fall down, hair and beard were white, also from the peak of one thousand one hundred and eleven stars in front of tall peaks. These people understand the situation, all exposed shock tolerance, and will go to the side of Tony LI disciples have guessed their thoughts, will certainly be shocked at the JI chawol qualifications, you want to be close to completely surrounded by elderly people, all very kind, such as watching the treasures in general, constantly nodding. ? peak disciple took her to sing. Next to light that several of the disciples were all stunned this year, several elders so persuaded, still people do not appreciate, did not care, I am afraid to be scared out of spread out his chin in one place is really dead than popularity. said: ; next to those disciples is not too happy, never thought of the elders of the peak for Star Shoutu, would be so humble, this is really no comparison ah. to ... ... ; Ji chawol know, Tai Xuan door as super power, it must of started to investigate the identity of his disciples, she would have less care about, is the other side does not know what the. As long as you can down a few blind months, temporarily left Kyi's house to the person against her line of sight can be, wanted to find out if the door is the Tai Xuan her true identity, but also will open one eye close one eye, or even likely to Su Kyi's house and climbed the old relationship. The end result is that adding a low-key star Ji chawol will peak, hit them into disciples. $ Qualitative How? iron, with no wave WZ, he may not want to expose your body easily. The first-order ladder, green flash, he inverted a few meters away, fall to the ground. This ... ... the first order are not crossed? ! Presence of a few elders all looked at each other, and today this is how? Zhuo Feng when so attractive, the extreme height of the star peak often being rejected. Paradox was a genius in front of Alwutech also forgiven the moment, a frown of young qualified people actually did, for them it is kind of blow. Next to it a few disciples of this light is almost crazy. They worked extremely hard that year, through all kinds of tests, only to stand out in the crowd, as the amount of peak service disciples. Ah can not ignore the Star today, there have been peaks, which makes them quite calm, gifted it when, not even a boy also so, so that they feel then? Ji chawol blinked cleverness of the big eyes and laughed: they are interested. Ultimately, Star Feng Yu Hong, a pedestrian away, disappear down the deserted Zhuo Feng, Fan Ye and Tony LI only two. As night fell, the distant stars such as water, spilled down the front of the stars look very misty peaks, shrouded by endless brilliance. Fan Ye overlooking, I feel a little surprised, actually hook stars feng stars animation days, the endless pool Peninsula, where a lumbar hazy, bright water, like a fairyland. Standing on top of Tony LI Zhuo Feng, said: , cents supreme body of achievement, unparalleled combat capability. . ... Tony LI shook his head and said: reproduction. sigh. Before his death, but said a dozen words.
voice suddenly quiet down
Seventy-second chapter to the hope of the elderly declined several times, not left to Fan Ye, Yan said after passing through here, you can make money on this meal. You do not have a home? Eventually, the old man to Fan Ye stayed out in the backyard for him to pack a room, tell him ready to leave. Night, Ye Fan sleepless nights, and finally got up quietly to the roof light, lying there looking at the sky. At the moment, the clouds have dispersed, the moon hanging in the sky, shed-like Yuet Wah as thin smoke, the sky in little stars, such as dolphin diamond shine. Affection between the old and the girl, he inadvertently touched the deepest in my heart what kind of parents face emerge from time to time in his heart. The thought of parents, it is difficult to calm his mind, suddenly and unexpectedly missing, elderly parents must be very sad. For parents, an only child lost his later years, would be an unbearable pain, I was thinking parents sad, Fan Ye will feel upset, anxious to immediately return to their side, so that their heart quiet down, revealing smile. But the endless star fields apart from so far away, how can we go back? His heart full of feelings of powerlessness, barely hanging on looking at the stars. When parents think of the mood at the moment, Fan Ye will be very worried, since their arrival in this world, he always thought deeply hidden, will not dare to touch and remember, each time they are touched, will be difficult to calm. , we must go back. Xingyu across the endless, back home, back to the parents side. Witnessed the terrible experience of the monks, Fan Ye my mind to an hope, he felt his way home, and not completely cut off, maybe there is hope. The more firm, for his confidence in his, said: slow to adjust their own state of mind, your heart gradually calmed down, today are elderly and affection between the girl touched him a little confused and puzzled the last completely disappeared, he had his own goals and find a direction. . Knew it, felt a touch of sleepy, fell asleep in the room on. Until the second morning, the old man's voice came, so he opened his eyes only. sat up, suddenly scared of opening their eyes, said: hot, I'm on the cool room, accidentally fell asleep. because their condition is very limited. Very sensible girl, had gracefully dishes, and then a bowl of porridge for the Fan Ye, and for his grandfather, and got a bowl full, but only when her own and got a little bit, she is already a small bowl, Sheng's so little result, a few mouthfuls to eat, and then put down the dishes. Although the little girl dressed in patched clothes, but like a delicate porcelain doll generally beautiful, she patted his belly bulge, said: ; half of the bread, and now it is not hungry. Old man pulled her back, her little bowl full of porridge, said: Food. . Less than the elderly to prevent, not say anything, just sighed. also come here to cause trouble every day, we simply have no way to do business, and now even miss a meal of rice faster, they also spare us how? to hungry vain you. Fan Ye did not say anything on the side, quietly eating breakfast it Dayton simple, but it was difficult to calm his mind. Old man surnamed Jiang, is a very old name, back then backing up very large, but very ordinary old man, was just only one, now very difficult life. Sensible and beautiful little girl named Ting Ting, her parents died two years ago, leaving her and the elderly had each other. Fan Ye did not say anything, sooner or later after eating old said: some. The town is not so big that small is not small, can have more than a thousand households, nearly five thousand people. In the most bustling crossroads, several restaurants and pubs, grocery stores, also mostly concentrated in there, other places are mostly residential areas. Fan Ye transit in a circle in a small town, and then walked to the town, a lot of land close to town, walking distance is the mountain again, the hunters into the mountains to hunt every day. Fan Ye into the forest, the more the more he was surprised to walk, standing on a mountain overlooking found distant hills, endless, fog mist, the original forests may never end. not only peace, but also close to the mountains, there must be animals and cure, these are the things he was needed. Fan Ye transit a few half-day in the mountains, and have not gone far, however, after some time, do not hurry, goes out until close to noon, on the road found some hunters and some mining medicine people. is certainly a large beast in the hunt was culled. Distance, a few head roe deer in a mountain stream water, Fan Ye silent around in the past, and will be in the hands of a violently throw rocks, between the stream down. He then fought in the mountains a river deer, this went to the back. On the road, some hunters to see an eleven-year-old boy pulled a roe deer there is a river deer, all showing the look of surprise, Fan Ye do not care, he wants to live permanently in the town These are unavoidable. Near noon, Fan Ye back in town, will be sold to a butcher, roe deer, and then buy some rice, ginger old man with a bird zhangzi little restaurants to walk. Far around to see where a lot of people, Ting-ting through the crowd came cries of the helpless, Fan Ye's heart suddenly Old gray hair loose down, his face a lot of blood, unable to sit on the floor, full of soiled clothes patch a lot of dust. Tingting sad little crying, wipe her face with a small sleeve for the elderly, the blood, facing the front of the sound of the curses of a few evil people, weep and said: eat, and also spare us ... ... , said: blood, said: The crowd had a lot of people could not stand, but not approached, persuaded ginger old man, said: granddaughter out of here. their homes, but still leave the good. voice suddenly quiet down. Fan Ye raging anger, but did not immediately hand, the other family had an immortal man who rammed just in case, it would harm both the grandparent and grandchild. Of course, he could never let these people do not shot now does not mean that subsequently could not afterwards. This time, Huang Lian blatantly middle-aged and the departure of several other people, the crowd of people have stepped forward, persuaded the old man ginger, during which a mixture of small Tingting sad cry. Until last a long time, all personnel gradually dispersed, small Tingting big eyes red, stood leaning on the elderly, and went toward the small restaurant. Good to see such a twilight of the elderly to be so humiliated, and then see a small patch covered Tingting cry so sad, Fan Ye feel out of anger, he looked lost at the end of the street of several people, forced Zuanjin his fists.
although Ling Yu does not say there
SAN FRANCISCO, October 9 evening news, Goldman Sachs today released research
report, Youku potatoes (Nasdaq: YOKU) rating on the stock to
the following as the main Report:
Youku potatoes added to the 17% of the share price upside. More consumers are watching Internet video, which makes Youku potatoes become China's fastest growing advertising platform, and future growth is likely to come from advertising and mobile platforms before playing commercialization. We believe that the recent mergers and acquisitions in line with the the Youku principle objective of the industry structure is more reasonable. This will lead to the decline of the content bidding, to improve the efficiency of bandwidth utilization. Internet video industry is still in the early stages of development UGG Tassel Short Boots, the scale will bring long-term sustainable development and the success of the business model Timberland Hydroclimb Hybrid Shoes Sale.
Youku and potatoes of the merger is to keep the size of the first step in the process of integration of the Internet video industry. A leading Internet video company should strengthen the leading position by expanding the scale to purchase premium content and strong brand to attract more advertisers North Face Denali Hoodie Sale. We believe that their main advantage is that for rapidly changing forms of advertising, consumer goods advertisers who wish to build a strong Internet brand. Although the current macroeconomic situation, there is a challenge, but we expected that Internet video will continue to grow rapidly. IResearch expects 2011-2014, Internet video advertising revenue compound annual growth rate of 56%, while the the advertisers advertising spending compound annual growth rate of only 13%. We expect that, from 2012 to 2015, potatoes Youku's revenue compound annual growth rate of 43%, sufficient scale of the combined company will ensure a profit in the fourth quarter of 2013, and to achieve positive free cash flow in 2015 North Face Denali. We expect that the long-term rate will be 17% of the net profit Youku potatoes.
our target price is equivalent to 2014 and forward-looking price-earnings ratio of 103 times in 2015 and 39 times. Earnings time and the uncertainty of the long-term profitability of the current stock price.
Youku potatoes faces key risks include: weak advertising needs, execution risk, market competition after the merger, earnings the northface jackets, and the industry's long-term margin outlook. (Viking)
Share to: (function () {var user = sinaSSOManager.getSinaCookie (); if (user) {document UGGs Tassel Short Sale.write ('> guess you like
the following as the main Report:
Youku potatoes added to the 17% of the share price upside. More consumers are watching Internet video, which makes Youku potatoes become China's fastest growing advertising platform, and future growth is likely to come from advertising and mobile platforms before playing commercialization. We believe that the recent mergers and acquisitions in line with the the Youku principle objective of the industry structure is more reasonable. This will lead to the decline of the content bidding, to improve the efficiency of bandwidth utilization. Internet video industry is still in the early stages of development UGG Tassel Short Boots, the scale will bring long-term sustainable development and the success of the business model Timberland Hydroclimb Hybrid Shoes Sale.
Youku and potatoes of the merger is to keep the size of the first step in the process of integration of the Internet video industry. A leading Internet video company should strengthen the leading position by expanding the scale to purchase premium content and strong brand to attract more advertisers North Face Denali Hoodie Sale. We believe that their main advantage is that for rapidly changing forms of advertising, consumer goods advertisers who wish to build a strong Internet brand. Although the current macroeconomic situation, there is a challenge, but we expected that Internet video will continue to grow rapidly. IResearch expects 2011-2014, Internet video advertising revenue compound annual growth rate of 56%, while the the advertisers advertising spending compound annual growth rate of only 13%. We expect that, from 2012 to 2015, potatoes Youku's revenue compound annual growth rate of 43%, sufficient scale of the combined company will ensure a profit in the fourth quarter of 2013, and to achieve positive free cash flow in 2015 North Face Denali. We expect that the long-term rate will be 17% of the net profit Youku potatoes.
our target price is equivalent to 2014 and forward-looking price-earnings ratio of 103 times in 2015 and 39 times. Earnings time and the uncertainty of the long-term profitability of the current stock price.
Youku potatoes faces key risks include: weak advertising needs, execution risk, market competition after the merger, earnings the northface jackets, and the industry's long-term margin outlook. (Viking)
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necklace of the problem
SAN FRANCISCO, Oct. 10 morning news , Credit Suisse today released research
report Timberland
Leisure Shoes, maintaining Tencent stock
The following is the summary report :
in view of the weak macroeconomic environment , we will Tencent 2013 display advertising revenues are expected to fall 6.3% . We expected , not included in the video ads , Tencent display ad revenue fell 1% , are included in the video advertising grew 11% in 2013 . Despite the fierce competition in the network video market , but in view of factors such as traffic rose in 2013 , the Tencent network video revenues will continue to increase by 85 % .
in September due diligence air max store, the majority of respondents to the social advertising showed a strong interest. We believe that this trend is a good news for Tencent, China 's largest SNS platform .
We believe that self - service delivery system Tencent once more active in 2013 to sell its open platform advertising to advertisers Therefore , we expect that the proportion of social advertising Tencent advertising revenue increased from 11% in 2012 to 39 % in 2015 UGG Payton Boots. In addition to revenue growth Northface Windstopper, the two-dimensional code may become a new catalyst for to promote Tencent mobile business growth Nike Air Max Ultra 365.
view of the display advertising market challenges faced in 2013 , we will Tencent 2013 profit forecast by 2% . Tencent revenue due to the social advertising revenue will make a contribution , so we will Tencent 2013 profit is expected to increase by 1% UGG Women's Tularosa Lace-up, the price target raised to HK $ 300 from HK $ 294 , while maintaining on Tencent stock outperformed the broader market ( Sail ) < / p > Share to : (function () {var user = sinaSSOManager.getSinaCookie (); if (user) {document.write ('> guess you like
The following is the summary report :
in view of the weak macroeconomic environment , we will Tencent 2013 display advertising revenues are expected to fall 6.3% . We expected , not included in the video ads , Tencent display ad revenue fell 1% , are included in the video advertising grew 11% in 2013 . Despite the fierce competition in the network video market , but in view of factors such as traffic rose in 2013 , the Tencent network video revenues will continue to increase by 85 % .
in September due diligence air max store, the majority of respondents to the social advertising showed a strong interest. We believe that this trend is a good news for Tencent, China 's largest SNS platform .
We believe that self - service delivery system Tencent once more active in 2013 to sell its open platform advertising to advertisers Therefore , we expect that the proportion of social advertising Tencent advertising revenue increased from 11% in 2012 to 39 % in 2015 UGG Payton Boots. In addition to revenue growth Northface Windstopper, the two-dimensional code may become a new catalyst for to promote Tencent mobile business growth Nike Air Max Ultra 365.
view of the display advertising market challenges faced in 2013 , we will Tencent 2013 profit forecast by 2% . Tencent revenue due to the social advertising revenue will make a contribution , so we will Tencent 2013 profit is expected to increase by 1% UGG Women's Tularosa Lace-up, the price target raised to HK $ 300 from HK $ 294 , while maintaining on Tencent stock outperformed the broader market ( Sail ) < / p > Share to : (function () {var user = sinaSSOManager.getSinaCookie (); if (user) {document.write ('> guess you like
competition will remain fierce
the
SAN FRANCISCO, Oct. 10 evening news, the U.S. investment bank ThinkEquity
today released investment report, maintain Ctrip stock (Nasdaq: CTRP)
following is a summary of the contents of the report:
10.1 Golden Week data released by the Chinese government is very optimistic, and we believe that this reflects the Chinese tourism market and consumer spending growth, despite the current macro The economic situation is relatively sluggish. Therefore, we still believe that Nike Air Max 90 Shoes Outlet, Ctrip third quarter and fourth quarter results are expected to be very strong. This means that at the same time, fierce competition in China's tourism market may not quickly cool down. On the contrary UGGs Short Dylyn, the market competition will remain fierce.
Golden Week Data:
Chinese government released data show that 10.1 Golden Week, the number of domestic tourists increased by 40.9 percent last year, the proportion was 18.8%. Tourism-related revenue grew 44.4% last year, the proportion was 25.5%. The number of air passengers increased by 27%, compared to 5.2% last year. Predetermined hotel the number of visitors grew by 36% last year to 20.6% UGG Bailey Button Bomber Boots. It should be noted that last year's Golden Week holidays, for seven days, and this year 8 days UGGs Suburb Tall.
:
remains stable: the number of domestic tourists increased by 40.9% last year,
the proportion was 18.8%. Tourism-related revenue grew 44.4% last year, the
proportion was 25.5%. Predetermined hotel the number of visitors grew by 36%
last year to 20.6%.
market competitive: We believe that Ctrip third quarter and fourth quarter results are expected to be very strong. This means that at the same time, fierce competition in China's tourism market may not quickly cool down. On the contrary UGG Classic Tall Sparkles Sale, the market competition will remain fierce.
Valuation: We maintain our Ctrip stock (Li)
Share to: (function () {var user = sinaSSOManager.getSinaCookie () UGG Liberty Sale; if (user) {document.write ('> guess you like
following is a summary of the contents of the report:
10.1 Golden Week data released by the Chinese government is very optimistic, and we believe that this reflects the Chinese tourism market and consumer spending growth, despite the current macro The economic situation is relatively sluggish. Therefore, we still believe that Nike Air Max 90 Shoes Outlet, Ctrip third quarter and fourth quarter results are expected to be very strong. This means that at the same time, fierce competition in China's tourism market may not quickly cool down. On the contrary UGGs Short Dylyn, the market competition will remain fierce.
Golden Week Data:
Chinese government released data show that 10.1 Golden Week, the number of domestic tourists increased by 40.9 percent last year, the proportion was 18.8%. Tourism-related revenue grew 44.4% last year, the proportion was 25.5%. The number of air passengers increased by 27%, compared to 5.2% last year. Predetermined hotel the number of visitors grew by 36% last year to 20.6% UGG Bailey Button Bomber Boots. It should be noted that last year's Golden Week holidays, for seven days, and this year 8 days UGGs Suburb Tall.
:
market competitive: We believe that Ctrip third quarter and fourth quarter results are expected to be very strong. This means that at the same time, fierce competition in China's tourism market may not quickly cool down. On the contrary UGG Classic Tall Sparkles Sale, the market competition will remain fierce.
Valuation: We maintain our Ctrip stock (Li)
Share to: (function () {var user = sinaSSOManager.getSinaCookie () UGG Liberty Sale; if (user) {document.write ('> guess you like
had no commitment with him
SAN FRANCISCO, Oct. 11 evening news, Barclays (Barclays) today released
investment report UGG
Classic Tall Dylyn Boots, maintain Ctrip stock (Nasdaq: CTRP)
The following is a summary of the contents of the report:
hot 10.1 Golden Week: According to data released by the media and government departments, 10.1 Golden Week, the number of domestic tourists in China reached 425 million Michael Kors iPhone Cases, a year-on-year an increase of 23.3%. Average per capita consumption of 495 yuan, the overall domestic tourism revenue reached 210.5 billion yuan, a year-on-year growth of 26%. Retail sales reached 801 billion yuan, a year-on-year growth of 15%. The main reasons for promoting the growth of the indicators: 1) this year's Golden Week holiday for eight days, one day more than in previous years Northface Down Jackets Sale; 2) the Government to abolish the high-speed toll, stimulate the part of tourists and car travel; 3) some of the tourist attractions reduce ticket prices to attract tourists; 4) price war between online travel agency brought promotions also attracted some tourists.
destination hotel booking: Government data show that the top 39 tourist cities contributed 78.6 billion yuan of tourism revenue, 37% of the total revenue. Hotel reservation, Beijing, Shanghai and Guangzhou, the first three major cities. The top ten tourist cities as Beijing, Shanghai, Hangzhou, Xiamen, Xi'an, Qingdao, Suzhou, Chengdu, Nanjing and Dalian. 10 cities hotel occupancy rate of over 95%.
aviation traffic: Government data show the ticket revenue was 8.16 billion yuan, higher than last year's 6 UGGs Mini Bailey Button Boots.5 billion yuan. Railway ticket revenue of 3.32 billion yuan last year to 2.75 billion yuan. China's civil aviation data show that the number of flights to 77 Northface Gore Tex Jackets,800 flights, an increase of 32%. Transported 7.6 million passengers North Face Backpacks, domestic and international travelers Capital International Airport Day Shipping passenger traffic of more than 23 million passengers, an increase of 7.1%.
retail sales: Commerce Department data show that during the Golden Week national tourism-related retail sales reached 801 billion yuan, a year-on-year growth of 15%. Year-on-year increase, Guangzhou, Tianjin, Liaoning, Guangxi and Shanxi, respectively, 26%, 23%, 19%, 20% and 19%, respectively. Hong Kong Tourism Board data show, received 980,000 visitors, a year-on-year growth of 20% during the Golden Week Hong Kong. The per capita expenditure has dropped from 5,000 yuan to 6,000 yuan, a year-on-year decline of 25%.
hotel cost: Government data show, most of the city's hotel demand are on the rise. Extended working hours in order to meet the demand, Beijing and Henan. Shanghai, Tianjin, Qingdao, Liaoning and Jilin hotel cost, respectively, year-on-year growth of 29%, 25%, 22%, 19% and 16%.
Ctrip benefit: than expected tourism data show that this year's Golden Week Ctrip online travel agency revenue contribution higher than in previous years. By providing a substantial discount, we believe that the the Ctrip fourth quarter hotel booking and holiday products business will be strong growth. We expect Ctrip hotel bookings for the third quarter of year-on-year increase of 25%, will reach 28% in the fourth quarter.
the Ctrip discount service: Beginning in October, Ctrip further promotion coupon service; 1) Star Award and Samsung low-grade hotels, Ctrip per room night, the highest return of 101 yuan, higher than the previous RMB 80 yuan; 2) for the high-end hotels, each night highest return of 201 yuan, higher than the previous RMB 180-190 yuan. We believe that this price war will continue for a period of time, a predetermined amount of the increase may compensate for the lower revenue per room.
valuation: We maintain Ctrip shares (Li)
Share to: (function () {var user = sinaSSOManager.getSinaCookie (); if (user) {document.write ('> guess you like
The following is a summary of the contents of the report:
hot 10.1 Golden Week: According to data released by the media and government departments, 10.1 Golden Week, the number of domestic tourists in China reached 425 million Michael Kors iPhone Cases, a year-on-year an increase of 23.3%. Average per capita consumption of 495 yuan, the overall domestic tourism revenue reached 210.5 billion yuan, a year-on-year growth of 26%. Retail sales reached 801 billion yuan, a year-on-year growth of 15%. The main reasons for promoting the growth of the indicators: 1) this year's Golden Week holiday for eight days, one day more than in previous years Northface Down Jackets Sale; 2) the Government to abolish the high-speed toll, stimulate the part of tourists and car travel; 3) some of the tourist attractions reduce ticket prices to attract tourists; 4) price war between online travel agency brought promotions also attracted some tourists.
destination hotel booking: Government data show that the top 39 tourist cities contributed 78.6 billion yuan of tourism revenue, 37% of the total revenue. Hotel reservation, Beijing, Shanghai and Guangzhou, the first three major cities. The top ten tourist cities as Beijing, Shanghai, Hangzhou, Xiamen, Xi'an, Qingdao, Suzhou, Chengdu, Nanjing and Dalian. 10 cities hotel occupancy rate of over 95%.
aviation traffic: Government data show the ticket revenue was 8.16 billion yuan, higher than last year's 6 UGGs Mini Bailey Button Boots.5 billion yuan. Railway ticket revenue of 3.32 billion yuan last year to 2.75 billion yuan. China's civil aviation data show that the number of flights to 77 Northface Gore Tex Jackets,800 flights, an increase of 32%. Transported 7.6 million passengers North Face Backpacks, domestic and international travelers Capital International Airport Day Shipping passenger traffic of more than 23 million passengers, an increase of 7.1%.
retail sales: Commerce Department data show that during the Golden Week national tourism-related retail sales reached 801 billion yuan, a year-on-year growth of 15%. Year-on-year increase, Guangzhou, Tianjin, Liaoning, Guangxi and Shanxi, respectively, 26%, 23%, 19%, 20% and 19%, respectively. Hong Kong Tourism Board data show, received 980,000 visitors, a year-on-year growth of 20% during the Golden Week Hong Kong. The per capita expenditure has dropped from 5,000 yuan to 6,000 yuan, a year-on-year decline of 25%.
hotel cost: Government data show, most of the city's hotel demand are on the rise. Extended working hours in order to meet the demand, Beijing and Henan. Shanghai, Tianjin, Qingdao, Liaoning and Jilin hotel cost, respectively, year-on-year growth of 29%, 25%, 22%, 19% and 16%.
Ctrip benefit: than expected tourism data show that this year's Golden Week Ctrip online travel agency revenue contribution higher than in previous years. By providing a substantial discount, we believe that the the Ctrip fourth quarter hotel booking and holiday products business will be strong growth. We expect Ctrip hotel bookings for the third quarter of year-on-year increase of 25%, will reach 28% in the fourth quarter.
the Ctrip discount service: Beginning in October, Ctrip further promotion coupon service; 1) Star Award and Samsung low-grade hotels, Ctrip per room night, the highest return of 101 yuan, higher than the previous RMB 80 yuan; 2) for the high-end hotels, each night highest return of 201 yuan, higher than the previous RMB 180-190 yuan. We believe that this price war will continue for a period of time, a predetermined amount of the increase may compensate for the lower revenue per room.
valuation: We maintain Ctrip shares (Li)
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