高线城市发热搜索峰值已过，出行仍处低位

行业专题研究报告 证券研究报告 消费行业研究 2022年12月22日 买入（首次评级） 国金证券研究所 分析师：廖馨瑶（执业S1130522060005）分析师：许孟婕（执业S1130522080003）联系人：叶思嘉 liaoxinyao＠gjzq.com.cn xumengjie＠gjzq.com.cn yesijia＠gjzq.com.cn 联系人：俞敏浩yuminhao＠gjzq.com.cn 高线城市发热搜索峰值已过，出行仍处低位 䫏餴鹤鳓 #$D&'()*+&,-./ffi12#3456789:;<=o@#ABCDEFGHIGJ45oK)*+&LMNO+&PQR(STMUVW#345$X#345YZ-1[\1]^_`@#A;aobcd45)*+ &efghVWijkl2mT'(`_an2oImT'(,pH./ffi1o q$Wrst)*+&uvwxy2Wr89pHz<oBC[|]Wr~øÄIÅÇ245)*+&t3ÉÑÖWrhVuvwxyÜoáàRâ+&245)*+&efijuvP'(ÑÖ89uväz2ãåç$éè$êëí'o#345Wr+&P89=ì9;Hîï45ñóoò$ôöõ3úùûsôöü†f¢2£§•¶ß®©;™oùûrDõ^¨Q®ÆP®©Ø‹±«’3ú¥µoï’1[\11^2<⁄ôö?-Pü†89pHf¢0ºoo¡Hôöæø¿Ü;2,®¡Zy¬dZëƒ7&™Ud2 «»P…L92 «»À`ÃÕ2Ø‹Œœ–—“ijo<⁄£§•¶ßºę‘9’÷¯+&ÿf™M]⁄¤o ‹$›fis«»flÀÅÇ2o®©,‡·*oBC‚„bcd›fi®©¡Z™M23ɉÂÊÁÀ`#ËÅÇoáàRâ+&2›fiÈ-ÍÎCÏÉÌÀ`ÄIÅÇ2Ó<⁄45DÔ2∑Ò$úÚ$åçí'-QÛÙ„ffi1›fiıˆ ˜4À`ÄIÅÇ2‚„bcd›fiıˆ˜4˘11\˙Ó˚¡Zij2¸˝˛DÈ‚›fiˇ-«»!R#$2o® ©Î,‡·*oáàRâ+&2ÄD'(3ɉœ%˜4+&˘bcdhVW&ijd=V'2()‚„ÄD* +P<⁄452ãåç$,-íP‰Âœ%˜4+&-11\˙’1[\Dg/uvij2oij¡Z01Ä22¸˝ ˛D3Éùû,®#Ë0134o 5$‰Âs6-“=j2ø034A¿7É2omT)8+&:9an45‰Âø0349U:;4oo<=QR> ?BC@„bA2QR6-“;<=dWV=j2ø0349A¿7É2349A¿BCtD'ëƒDÔE™CÏÉFøGHxyoï’1[.1J<⁄‰ÂKLÆMQR6-“D1[¤Nefú‘OPQRSTU2QRV-¯ÄWXÿ)34 굥ꤗ䲿爙 9YZ1¤$efú‘ON1[.11UP[Z¤=[[RSTo\ę$]Ë$åçí)8+&:9an45ø0U:;4o BC;4¡Z01flˇ-!^ËÜ_3ÉFø34À`$abc¥µde!õØ)_fghi™MbjPk9L01lØ)Pmn_&ào‹pqtrsCÏtumno !"#$ vwxy[ z⁄xy[ #$D&'()*+&,-./ffi12#3456789:;<=Z q$Wrst)*+&uvwxy2Wr89pHz<[ ò$ôöõ3úùûsôöü†f¢2£§•¶ß®©;™[ ‹$›fis«»flÀÅÇ2o®©,‡·*[ 5$‰Âs6-“=j2ø034A¿7É] mni|1] &'#$ z⁄1s)*+&tMNO+&QR(STMN1[~1141[~1⁄UZ z⁄[s<⁄45)*+&[ z⁄Zs45ÑÖ89t)*+&hwxyN^)D‘91[~1141[~1⁄ef11~11411~1⁄U[ z⁄[s<⁄ôö?-‘9ü†+&[ z⁄[s<⁄£§•¶ßºę‘9’÷¯+&[ z⁄]s<⁄45›fiıˆ+&NÄX’1[.1⁄U] z⁄⁄s<⁄45‰Âœ%+&NÄX’1[.1⁄U] z⁄JsÅÇbAd<⁄KL‰ÂÆM6-“hÉô:ÉädA¿NÄX’[][[c1[c1JU⁄ z⁄Qs11\˙Ñ<⁄KL‰Âø0kH=jN¤[][1ÖÄX’[][[c1[c1JU⁄ z⁄1]s45‰Â8934Ü9zá#NÄX’[][[c1[c1J‘9U⁄ z⁄11s45‰Â8934Ü9záqNÄX’[][[c1[c1J‘9UJ z⁄1[s\ę5‰Âø034àâJ z⁄1Zs]Ë5‰Âø034àâJ z⁄1[såç5‰Âø034àâQ z⁄1[sä%ã5‰Âø034àâQ z⁄1]så-5‰Âø034àâQ z⁄1⁄súÚ5‰Âø034àâQ z⁄1Jsçé5‰Âø034àâQ z⁄1Qsèê5‰Âø034àâQ z⁄[]såç!ÿÆë<⁄ÆM349]fN¤[][1U1] z⁄[1s]Ë!ÿÆë<⁄ÆM349]fN¤[][1U1] ♧ծ㢴侨㖑⼓〄掚䭷侨➠㖈昭㗗꣌媯♧絁㙹䋑䵂程䔂䏞䊺넞⡙㔐衅 @#ABCDEFGHIGJ45oK)*+&LMNO+&PQR(STMUVW#345$X#345YZ-1[ \1]^_`@#A;aobcd45)*+&efghVWijkl2mT'(`_an2oImT'(,pH. /ffi1o z⁄1s)*+&tMNO+&QR(STMN1[~1141[~1⁄U íìîï∑2MNO6789ï;_ñóïI2)86789ï;o -./01234-5678019:;<= !"#$%"&'()*+ -./01234-5678019:;<= ✳ծⴀ遤♸〄掚䭷侨僈儑餏湱Ⱒⴀ遤䔂䏞㢅✵⡛⡙ BC[|]Wr~øÄIÅÇ245)*+&t3ÉÑÖWrhVuvwxyÜoáàRâ+&245)*+&efijuvP'(ÑÖ89uväz2ãåç$éè$êëí'o#345Wr+&P89=ì9;Hîï45ñóo !"3$&'¿/012()*+3456789:;1<#=<<><#=<7@A<<=<<><<=<7B -./01234-5678019:;<= ♲ծ䘯鷻⿺絁♳嶊餩䘯鷻雧⽀姻䌢✽翫緸⼕毫꨽宠넞㟞 ùûrDõ^¨Q®ÆP®©Ø‹±«’3ú¥µoï’1[\11^2<⁄ôö?-Pü†89pHf¢0ºoo¡Hôöæø¿Ü;2,®¡Zy¬dZëƒ7&™Ud2«»P…L92 «»À`ÃÕ2Ø‹Œœ–—“ijo< ⁄£§•¶ßºę‘9’÷¯+&ÿf™M]⁄¤o z⁄[s<⁄ôö?-‘9ü†+& -./01234-5678019:;<= z⁄[s<⁄£§•¶ßºę‘9’÷¯+& -./01234-5678019:;<= 㔋ծ㢪⽁鵘⸂䧴「䕧ㆇ⡎꨽宠➠傊抠掚 BC‚„bcd›fi®©¡Z™M23ɉÂÊÁÀ`#ËÅÇoáàRâ+&2›fiÈ-ÍÎCÏÉÌÀ`ÄIÅÇ2Ó<⁄45DÔ2∑Ò$úÚ$åçí'-QÛÙ„ffi1›fiıˆ˜4À`ÄIÅÇ2‚„bcd›fiıˆ˜4 ˘11\˙Ó˚¡Zij2¸˝˛DÈ‚›fiˇ-«»!R#$2o®©Î,‡·*oáàRâ+&2ÄD'(3É ‰Âœ%˜4+&˘bcdhVW&ijd=V'2()‚„ÄD*+P<⁄452ãåç$,-íP‰Âœ%˜4+&-11\˙’1[\Dg/uvij2oij¡Z01Ä22¸˝˛D3Éùû,®#Ë0134o !"C$%"&'DEFG*+7HIJ<#.<7B -./01234-5678019:;<= !"7$%"&'LMNO*+7HIJ<#.<7B -./01234-5678019:;<= ❀ծ귬껏姅⚌桧㔐⼮崨宐䛪㢕岚⸓ぢ♴ <=QR>?BC@„bA2QR6-“;<=dWV=j2ø0349A¿7É2349A¿BCtD'ëƒDÔE™CÏÉFøGHxyoï’1[.1J<⁄‰ÂKLÆMQR6-“D1[¤Nefú‘OPQRSTU2QRV-¯ÄWXÿ)349YZ1¤$efú‘ON1[.11UP[Z¤=[[RSTo z⁄JsÅÇbAd<⁄KL‰ÂÆM6-“hÉô:ÉädA¿NÄX’[][[c1[c1JU z⁄Qs11\˙Ñ<⁄KL‰Âø0kH=jN¤[][1ÖÄX’[][[c1[c1JU -./01234-5678019:;<=-./01234-5678019:;<=?@/ABCDEFGH 2)‰Âùû34ˇ-pòTô2¸˝]45&àÜr;öõâoÓ<⁄‰ÂV-¯‘9efDúù2)*+&89efDûù2¸˝ü`1[.1J‘9&à⁄Vú2†mT45:Ü°)*+&efÉä$‰Âø0uv=jffi12<⁄ã\ę$¢-$]Ë$åçí_D&45,pHV-ø0ef£§A¿$)*+&efuvújffi1o z⁄1]s45‰Â8934Ü9zá#NÄX’[][[c1[c1J‘9U -./01234-5678019:;<=?@/IJKLMNONNPQNPQQRQNPQAKLNONNPQQPQQRNONNPQQPQAS z⁄11s45‰Â8934Ü9záqNÄX’[][[c1[c1J‘9U -./01234-5678019:;<=?@/TUVWXJYZ[\&S K)*+&:_aÉäP<⁄45ü2\ę$]Ë)8+&_a=d‰Âø0U:;4•¿P0¶Ä22ï’1[.1J ‰Âø0349TóD[][1Xÿ)P[]¤$[]¤2îG\ę1[.11)8+&_`an$ß^cщÂø0349WVuvU:ú;®'2]Ë1[.1Z)8+&Tó_`an21[.1]cщÂø0349ú;U:oåç11\É©™´¨C2ÅÇbcd‰ÂùûÆ`#Ë342oØd_^±DÔE™√Iß=2)8+&1[.1[_`ano‰Âø0&à¥dµ/ë>\ę$]ËP201vU:ú;2√hÉ=dIWy2ï’1[.1J34’WXÿ)PQ¤2ä%ã: /ë>V'2BCflt457XUøí_ºxyo z⁄1[s\ę5‰Âø034àâz⁄1Zs]Ë5‰Âø034àâ -./01234-5678019:;<=-./01234-5678019:;<= z⁄1[såç5‰Âø034àâz⁄1[sä%ã5‰Âø034àâ -./01234-5678019:;<=-./01234-5678019:;<= K)*+&,-újP<⁄45ü2#345å-$úÚ‰Âø0349K(;WXÿ)Y⁄]¤0ºÄôɧ2îG å-hÉÅÇbc$™´34dP#Aæø4Üùû¿211.Z]¡(YZ34™´d#‘vø0&à34’WXÿ) ⁄]¤$:9Äô2BCt¬'´µÑYô†?£«í»xyoîï)*+&‘efújÄôP45ü2ãçé$èêï’1[.1J‰Âø0349Tó¡(;=’WXÿ)P[]¤$ZZ¤2Ä¥(;… À=#ño z⁄1]så-5‰Âø034àâz⁄1⁄súÚ5‰Âø034àâ -./01234-5678019:;<=-./01234-5678019:;<= z⁄1Jsçé5‰Âø034àâz⁄1Qsèê5‰Âø034àâ -./01234-5678019:;<=-./01234-5678019:;<= ÆëÃÆM]f2›fi$˘iíÕŒœ–—fÄ;PÆM2X“F”—fÄ;PÆM2;4:9flÄô$A¿=‘k9flÄ’oÓåçDÔ2¸˝;öàâ·÷$=ÿ‰$ŸÂòëÆMP’÷ø0flü†&à2[][[.11.Z]⁄[][[.1[.Q )1Ó[][1Xÿ)D ¤Pø0flü†349Tó‹‹ú;Qc1[c[QRST2X“F”—fÄ;$›™´ü†—fÄ;NŸÂYZ]¤P$=ÿ‰Y1]¤P$·÷zfi<&UPÆM34:9Äô2냙D=(1<⁄=ÿ‰_›fi®©]Ã⁄VÄfl‡o34ÄôP]Ë5˚ü=ÿ‰<⁄ÆM34·“‚IH<⁄·÷ÆMo z⁄[]såç5!ÿÆë<⁄ÆM349]fN¤[][1Uz⁄[1s]Ë5!ÿÆë<⁄ÆM349]fN¤[][1U -./01234-5678019:;<=-./01234-5678019:;<= 굥ꤗ䲿爙 BC;4¡Z01flˇ-!^ËÜo3ÉFø34À`$abc¥µde!õØ)2„ùû34,‰ÛÂÊÁo fghi™MbjPk9L01lØ)Pmno fghi™M¡Zbj2ùûËùûØ)ÈÍÎ2ùûØ‹,‰ÛÂÄDÏÌÓÔo &ào‹pqtrsCÏtumnoø]p