November 20th, Krypton Research: JPMorgan issued a report stating that Ctrip's third-quarter performance was impressive, with revenue growing 16% year-on-year. They believe that the company's stock price is attractive and expect high visibility of sustainable revenue growth in the next three to five years, with an expected annual compound growth rate reaching the mid-double digits. The bank maintains a "shareholding" rating on the company, raising the target price from HK$550 to HK$600, expecting the company's stock price to rise in the next 12 months. JPMorgan stated that Ctrip's mainland business is growing steadily, with accelerated growth expected in the coming quarters, and domestic travel revenue is expected to accelerate to low-double-digit levels year-on-year. As for outbound tourism, it is expected that Ctrip's market share will improve, surpassing overall market growth, and outbound travel bookings are expected to grow by approximately 20%, 25%, and 40% in the first, second, and third quarters of this year, respectively.