（原标题：陕旅IPO揭秘旅游演艺生意：《长恨歌》年收入超6.8亿，毛利率超80%） 而在《长恨歌》演出的销售方面，最大一部分来自旅行社销售，线上直销散客、导游销售则分列第二、 三位。以2024年为例，40.79%销售来自于旅行社，线上散客销售比例为34.99%，来自导游的销售占到 13.96%。 "免费"的华清宫 "为一场演出赴一座城"，随着一批文旅企业冲刺IPO，旅游演艺的生意在资本市场揭开了面纱。 9月15日，陕西旅游文化产业股份有限公司（以下简称"陕西旅游"）在回复IPO首轮问询时披露，公司主 打实景演艺项目《长恨歌》2024年销售收入超6.8亿元，毛利率则高达84.06%。 《长恨歌》收入占据半壁江山 据招股书介绍，陕西旅游务集旅游演艺、旅游索道、旅游餐饮、旅游项目投资及管理为一体，依托华清 宫、华山等优质旅游资源，为游客提供旅游产品及服务体验。在旅游演艺业务方面，陕西旅游打造了大 型实景历史舞剧《长恨歌》、大型实景影画《12·12西安事变》、大型红色实景演艺《铁道游击战》等 优质旅游演艺作品。 据介绍，《长恨歌》以唐明皇与杨贵妃的爱情故事为主线，在故事发生地华清宫重现了白居易《长恨 歌》中的篇章，单 ...

Core Viewpoint - The Chinese capital market has undergone significant transformation during the "14th Five-Year Plan" period, focusing on legal construction, market system improvement, and risk prevention to enhance its role in supporting the real economy and national strategy [1] Institutional Reconstruction and Market System Improvement - Breakthroughs in legal construction have been achieved, with the implementation of the new Securities Law and the introduction of over 60 supporting rules following the release of the new "National Nine Articles" [4] - The market system has become more multi-layered and comprehensive, with the establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and Growth Enterprise Market [4] - As of August this year, the total market capitalization of A-shares has surpassed 100 trillion yuan, marking a significant increase compared to the end of the "13th Five-Year Plan" [4] Market Function Optimization - Over the past five years, the financing scale of the exchange market reached 57.5 trillion yuan, with the proportion of direct financing rising to 31.6%, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [5] - The ability of the capital market to support technological innovation has significantly improved, with over 90% of newly listed companies being technology firms [5] Risk Prevention and Regulatory Enforcement - The annualized volatility of the Shanghai Composite Index has decreased to 15.9%, down 2.8 percentage points from the "13th Five-Year Plan" period, indicating enhanced market resilience [6][7] - The bond default rate has remained low at around 1%, and significant progress has been made in cleaning up the private equity fund sector [7] - Regulatory enforcement has intensified, with 2,214 administrative penalties issued over five years, resulting in a total fine of 41.4 billion yuan, reflecting a 58% increase in the number of penalties [7] Investor Protection System Improvement - The China Securities Regulatory Commission has improved rules related to share reduction, quantitative trading, and margin trading, enhancing investor protection mechanisms [8] - Notable cases have resulted in over 3.8 billion yuan in compensation to investors, significantly improving the quality of investor rights protection [8] Balancing Reform and Opening - Achievements during the "14th Five-Year Plan" are characterized by profound institutional and structural changes, transitioning from scale expansion to quality enhancement in the capital market [9] - Future challenges include enhancing institutional inclusiveness, attracting long-term capital, and improving the quality of listed companies [9] - The path for market development in the "15th Five-Year Plan" includes comprehensive reforms in investment and financing, increasing the entry of long-term capital, and enhancing regulatory precision [9]

Core Viewpoint - The article emphasizes the importance of intelligent manufacturing as a core engine for high-quality development in China's economy, particularly in the context of the digital economy's rapid growth [1]. Group 1: Economic Growth and Digital Transformation - In the first half of 2025, China's digital industry achieved a business revenue growth of 9.3% year-on-year, highlighting the acceleration of digital economic development and the transition towards new quality in the economy [1]. - The theme for the 2024-2025 "Respected Enterprises" initiative is "Intelligent Creation for the Future, Moving Towards New Heights," focusing on leveraging new technologies for cost reduction and efficiency improvement [1]. Group 2: Evaluation Criteria for Respected Enterprises - The evaluation of respected enterprises will be based on five dimensions: operational quality, innovation breakthroughs, public trust, social contribution, and annual impact [2][4]. - From 2022 to 2024, 1,861 companies showed continuous revenue growth, 1,066 companies had consistent net profit growth, and 3,312 companies experienced total asset growth over three years [2]. - Only 253 companies demonstrated growth across all five dimensions for three consecutive years, with notable representation from the power equipment, machinery, pharmaceutical, automotive, and electronics industries [2]. Group 3: Evaluation Process and Goals - A diverse jury composed of public reviewers, industry experts, scholars, and entrepreneurs will rigorously assess the nominated enterprises to identify those significantly contributing to economic development, technological innovation, and public welfare [3]. - The announcement of the shortlisted enterprises for the 2024-2025 "Respected Enterprises" will begin on September 23, aiming to highlight outstanding companies that contribute to high-quality economic development in China [3].

Group 1 - The National Energy Administration and four other departments released guidelines to promote high-quality development of energy equipment [1] Group 2 - The document emphasizes accelerating breakthroughs in high-reliability, long-life, and high-efficiency electrolysis hydrogen production equipment, as well as developing large-scale off-grid hydrogen production technology to facilitate the local consumption and utilization of renewable energy [2] - It highlights the need to develop large-diameter hydrogen-resistant high-strength steel pipeline materials, high-performance carbon fiber materials, and new composite materials, while also strengthening storage and transportation technologies for solid, liquid, and cryogenic high-pressure hydrogen [2] - The guidelines call for the research and development of high-temperature sealing and hydrogen-resistant materials, tackling key technologies for long-term hydrogen storage and hydrogen-electric synergy, and advancing critical equipment such as hydrogen-rich vertical furnaces and high-power, high-stability fuel cells [2]

Group 1 - The core point of the article highlights the strategic acquisition of a stake in Shenzhen Zhuoyu Technology by FAW Group, indicating a shift in focus towards the intelligent upgrade of fuel vehicles amidst the electric vehicle trend [1][2] - FAW Group will acquire 35.8% of Zhuoyu Technology, leading to a shared control structure with the existing major shareholder, New Territory, which will now hold 34.85% [2] - Zhuoyu Technology's "oil-electric intelligence" strategy allows both fuel and electric vehicles to utilize the same intelligent driving solutions, providing a competitive edge in markets where fuel vehicles still hold significant shares [2][3] Group 2 - Zhuoyu Technology has established a subsidiary in Germany to accelerate local R&D and certification, aiming to meet stringent European regulations and facilitate future international expansion [2][3] - The company is positioned uniquely in the industry, with capabilities that extend beyond just algorithms or single sensors, offering a comprehensive suite of hardware and software solutions [2][3] - Zhuoyu Technology currently holds less than 5% of the ADAS market in China, while FAW Group commands 10-15% in the passenger vehicle market and 5-10% in the commercial vehicle market, creating a typical upstream-downstream relationship [3] Group 3 - The acquisition is recognized as a simple case by regulatory authorities, as the market shares of both companies do not trigger antitrust concerns, but the industry trend of deepening ties between automakers and suppliers is noteworthy [3] - Zhuoyu's dual-platform service capability enhances its survival and bargaining power in a market where electric vehicles have not yet fully replaced fuel vehicles [3][4] - The next two to three years will be critical for the proliferation of advanced driver-assistance systems (ADAS), and the support from FAW Group could be pivotal for Zhuoyu's growth and the competitive landscape in China's intelligent driving sector [4]

Core Viewpoint - Mediterranean Shipping Company (MSC) has opened its 32nd office in Greater China, located in Shenyang, which signifies the company's commitment to expanding its business presence in the region and meeting diverse transportation needs of local customers [1] Group 1 - The Shenyang office is positioned in a central city of Northeast China and serves as an important logistics hub [1] - The establishment of this office marks another milestone in MSC's ongoing development in Greater China [1] - MSC aims to connect regional markets with global markets and promote multimodal transport development through this strategic move [1]

Group 1 - The motorcycle industry in China is facing significant challenges, with a current capacity utilization rate of only 39.85%, compared to 72.2% in the automotive industry [3][4] - The "ban and limit motorcycle" policies in over 100 cities are restricting market growth, with industry experts calling for a reevaluation of these regulations [3][9] - The 2025 China International Motorcycle Expo showcased a growth in exhibitors, with 950 participating companies, indicating a potential for industry recovery despite current market struggles [3][4] Group 2 - Motorcycle sales in China have declined from 20.19 million units in 2021 to 19.92 million units in 2024, representing a decrease of over one-third compared to the peak sales of over 30 million units in 2007 [4][5] - Exports of Chinese motorcycles have increased, with figures rising from 8.97 million units in 2021 to 11.02 million units in 2024, primarily targeting markets in Latin America, Africa, and Southeast Asia [5][6] - The introduction of a 35% tariff on motorcycles by the Mexican government, effective by the end of 2026, poses a new challenge for Chinese motorcycle exports [7][8] Group 3 - The new national standard for electric bicycles, effective from September 1, 2025, may lead to a significant decline in sales and further reduce the industry's capacity utilization [9][10] - The demand for motorcycles, especially high-displacement models, remains strong in cities like Wuhan, despite strict regulations that hinder consumption [10][11] - If motorcycle bans are lifted in over 100 cities, it is estimated that domestic sales could increase by 3 to 5 million units annually, with electric motorcycles and light motorcycles exceeding 40 million units [11]

（原标题：情绪价值领跑国庆旅游：新疆等远途目的地搜索涨60%，"治愈式体验"成主流） 今年国庆假期恰逢中秋节，形成长达八天的"超级黄金周"，如果额外请假三天，还可拼出长达十二天的 超长假期。这一特殊假期结构，激发出多样化的旅行需求。 携程近日发布的2025国庆旅游趋势预测显示，截至目前，黄金周假期跨省游订单量同比增长45%。情绪 价值、时间效率与性价比已成为影响出行决策的三大关键要素，旅客出游偏好正在从简单的"去看"加速 转变为"去体验"。 省际交界游走红 高性价比目的地受青睐 旅客对情绪价值的关注还体现在旅游产品的选择上。具备 "场景+文化+体验"的复合型产品受到欢迎， 诸如"躺在酒店床上看日照金山"、"庭院温泉赏星空"、"森林别墅小熊猫陪玩"、"长江三峡边民宿观巫 山云雨"等特色体验搜索热度大幅上升。寺庙禅修、非遗手作、地方文化工坊等活动也广受青睐，让旅 行更具身心疗愈的意义。以天津为例，近期推出的盆栽艺术展、非遗手作体验、海河夜景漫游等主题文 旅体验为游客提供文化疗愈之旅，当地多家酒店也推出入住即体验相声茶馆夜等传统文化活动的产品， 为旅途赋予更多情绪享受。 此外，金秋时节，赏秋主题显著升温。比如辽宁本 ...

Core Insights - The tourism market in Chengdu is experiencing a significant surge ahead of the upcoming "super holiday" during the Mid-Autumn Festival and National Day, with Chengdu ranking as the 5th most popular inbound tourism destination and 2nd in flight bookings as of September 21 [1][2] Group 1: Policy and Strategy - Chengdu's tourism growth is driven by a "policy + scene" dual strategy led by the government, featuring a comprehensive activity matrix including live broadcasts and themed guides [2][3] - The city has launched substantial consumer subsidies, distributing 85 million yuan in shopping vouchers and over 40 million yuan in dining vouchers, covering a wide range of products and services [3] Group 2: Events and Activities - Chengdu has organized over 300 events, including cultural festivals and sports competitions, to enhance the tourism experience and stimulate economic activity [4][5] - The integration of sports events, such as the ATP250 tennis tournament and various international competitions, has created a "viewing + experience + consumption" model, boosting local economic activity [5] Group 3: Economic Impact - The city's approach has transformed it from a simple tourist destination to a comprehensive consumption hub, leveraging consumer vouchers to amplify spending [5] - Chengdu's unique blend of ecological beauty and cultural vibrancy has positioned it as a desirable destination, appealing to both tourists and locals [6][7]

Core Viewpoint - Porsche is adjusting its product strategy to include more brand-specific internal combustion engine models, extending the market lifecycle of existing fuel and plug-in hybrid models, and delaying the launch of certain electric vehicle models [2][3]. Group 1: Product Strategy Adjustments - The new SUV project, originally planned for a pure electric platform, will now first launch internal combustion and plug-in hybrid versions before progressing to electric models based on market conditions [2]. - Porsche will continue to update its existing electric lineup, which includes the Taycan, Macan, Cayenne, and the upcoming 718 series sports cars [2][3]. - The timeline for the electric platform originally set for the 2030s will be adjusted, with a focus on technical restructuring and collaboration with other brands under the Volkswagen Group [3]. Group 2: Market Response and Financial Implications - The management cites a significant slowdown in demand growth for luxury electric vehicles as a reason for optimizing the structure and pace of its powertrain strategy [3]. - This adjustment aims to improve mid-to-long-term financial performance, although it will result in substantial depreciation and provisions in the short term due to the reorganization of platforms and projects [3]. - Extending the lifecycle of fuel and hybrid products will help maintain stable sales and cash flow, allowing more time for technical restructuring and cost optimization of the electric platform [3]. Group 3: Brand and Market Positioning - The introduction of distinctive internal combustion engine models is seen as a strategy to stabilize user recognition and market position before electric vehicles are fully matured [5]. - The choice to continue producing fuel vehicles is not only about financial balance but also about preserving the brand's spirit, as engine sound and driving experience remain key attractions for users [5]. - The strategy reflects the reality that the path to electrification is not linear, and a multi-faceted approach may be the most prudent route until electric vehicle technology is fully developed [5].