Summary of the Conference Call Company Overview - The conference call pertains to Far East Horizon Co., Ltd. and its 2024 interim performance results [1] Key Points and Arguments - The call was hosted by the Chairman, Executive Director, and CEO of Far East Horizon, Mr. Kong Fanxing [1] Other Important Content - The presence of key executives indicates a focus on transparency and engagement with stakeholders [1]

Key Points 1. Company and Event Information - **Company**: Yuan Dong Hongxin Co., Ltd. - **Event**: 2024 Mid-Year Financial Results Conference - **Attendees**: Board of Directors Chairman, Executive Director, and CEO of Yuan Dong Hongxin Co., Ltd., Mr. Kong Fanxing, Chairman of the Board of Directors of Hongxin Construction Development Co., Ltd. - **Document ID**: 1

相关研究报告： 摘 要 请务必阅读正文后的免责声明 国家 层面 长江三角洲，简称长三角，这一地理位置现包括上海、江苏、浙江、安徽三省一市的行政区划。其中，以上 海市，江苏省南京、无锡、常州、苏州、南通、扬州、镇江、盐城、泰州，浙江省杭州、宁波、温州、湖州、嘉 兴、绍兴、金华、舟山、台州，安徽省合肥、芜湖、马鞍山、铜陵、安庆、滁州、池州、宣城等 27 个城市为中心 区域。 1 / 19 请务必阅读正文后的免责声明 2018 年 6 月 《长三角地区一体 化发展三年行动计 划（2018-2020 年）》 聚焦"一极三区一高地"战略定位，坚持上海龙头带动，苏浙皖各扬所长，深化跨 省市合作，促进全方位协同，在规划政策体系、改革开放、现代化产业体系、区域 协调发展、生态环境共保联治等方面取得新的突破，推动长三角地区强劲活跃增长 极的功能不断巩固提升。 资料来源：公开资料，远东资信整理 图 1：当前长三角一体化发展重点任务 二是要加快完善体制机制一体化。长三角区域需加快完善一体化体制机制，打破行政壁垒，增强一体化意识， 加大制度和体制机制创新，推动在重点领域和区域的更大突破。同时，加强改革举措协同，促进公共服务便利共 享 ...

选东歼充・打业歼充 2024 年 7 月 26 日 4tata Max 17.01 research@feer.com.c 中国旅游业发展新建教会将与政权 補 夫 旅游业素有战略产业、兵生产业和朝阳产业感性， 本文查点聚焦连病病因禁济业发展新趋势，系开现象、病因及相 应发展建议分析。 近年以未，表国杀济市场消费结构办技从现无济党向休闲度 復深度旅游转型：同时，旅游与相关业态办连续合，乡村旅游、 质养养养养、好学养养养领域深入发展：徐花现代在总找未支撑， 沉浸真文旅客形式的智慧旅游办技发展： 茂 饼胶控子稳转段下， 涂溶市场技复持续增长：城市 IP 引擎赋能文涂市场火爆，引領茶 济市场登馆模具变革创新。 从近期表因禁济业新趋势成国这样未看，表因原良收入整体 持续增长、消费结构明显化升级，为谈济市场发展注入动力: 失地杀将业新政策条出台，赋能杀将业办长复苏和高质查发展： 现代在总裁未助推产业经济数字化转型，为条将业智慧化转型升 级模供技术支撑：杀将业界与善通员众对中年文化自位心、认同 感增强，动力涂海资源开发布涂海市场繁荣。 展望未未，秦国杀济业应以二十品三中全会关于进一步全面 深化改革、推进中国式现代化重委精神 ...

Investment Rating - The report does not explicitly state an investment rating for the tourism industry Core Insights - The tourism industry in China is characterized as a strategic, happiness, livelihood, and sunrise industry, showing strong recovery and growth post-pandemic [4] - Recent trends indicate a shift from sightseeing to leisure and deep travel, with a significant increase in the number of national-level tourist resorts approved in 2024 [5][7] - The integration of tourism with related sectors such as education, healthcare, and rural development is driving diversification and meeting varied consumer demands [8] - The market is experiencing a robust recovery, with domestic travel and revenue showing significant year-on-year growth in 2023 [11][15] - The rise of high-traffic cultural IPs is transforming marketing strategies within the tourism sector, leveraging digital platforms for enhanced consumer engagement [19][23] Summary by Sections Recent Trends in Tourism Development - The transition from sightseeing to leisure and deep travel is accelerating, with a notable increase in national-level tourist resorts [5][7] - The emergence of new accommodation types, such as themed homestays, is becoming a hallmark of deep tourism [7] - Various new tourism formats, including rural, educational, and wellness tourism, are gaining traction [8] Causes of New Trends - Continuous growth in residents' income and an upgrade in consumption structure are fueling tourism demand [25][29] - Central and local government policies are actively promoting the recovery and high-quality development of the tourism sector [30] - Advances in modern information technology are facilitating the digital transformation of the tourism industry [31][32] Future Development Suggestions - Emphasizing high-level development of leisure and experiential tourism through improved management and service quality [34] - Implementing measures to sustain the recovery momentum of the tourism industry, including enhancing regional tourism resource development [34] - Promoting the integration of tourism with related sectors to foster innovation and diversification [35]

Summary of Conference Call Transcript Company or Industry Involved - The discussion revolves around a company that is focused on maintaining long-term stable dividends while addressing current pricing concerns. Core Points and Arguments - The company emphasizes the importance of supporting future long-term stable dividends, indicating a commitment to shareholder returns despite market fluctuations [1] - There is a concern regarding the recent decline in pricing, which may impact the overall investment amount, suggesting that the anticipated investment may not be as significant as initially thought [1] Other Important but Possibly Overlooked Content - The dialogue hints at a strategic evaluation of investment levels in light of current market conditions, which could influence future financial planning and dividend policies [1]

Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to a company involved in long-term stable dividend support and investment considerations. Core Points and Arguments - The company emphasizes the importance of maintaining a long-term stable dividend, indicating a commitment to shareholder returns [1] - There is a mention of a recent decline in price, raising questions about the overall investment amount and its implications for future investments [1] Other Important but Possibly Overlooked Content - The dialogue suggests a cautious approach to investment, reflecting on current market conditions and their potential impact on financial strategies [1]

Summary of Conference Call Company/Industry Involved - The document discusses a company that has experienced a rise in interest rates. Core Points and Arguments - The interest rate has increased by approximately 1.2% [1] - There has been a slight decrease in recent comparisons to 2023 [1] Other Important but Possibly Overlooked Content - No additional significant details or insights were provided in the document.

Group 1: Disclosure Requirements - The transformation entities must disclose their carbon reduction paths and progress at least once a year until the financing term expires[3] - The disclosure must include the actual use of raised funds, such as allocation and investment direction[3] - A tiered disclosure principle is established, with at least three levels of disclosure based on completeness and verifiability[38] Group 2: Carbon Reduction Standards - The directory specifies minimum and advanced carbon reduction standards for various industries, which are prerequisites for obtaining transformation financial support[6] - The minimum standard (entry value) is the required carbon intensity level for projects to qualify for financial support, while the advanced value is the target reference level[6] Group 3: Financial Market Insights - As of March 2024, China has 1,712 green bonds with a total balance of CNY 19,324.01 billion, making it the second-largest green bond market globally[15] - Transformation bonds, which support high-carbon industries' low-carbon transitions, account for only 169 bonds with a total balance of CNY 1,571.51 billion, representing about 8% of the green bond market[15] Group 4: Industry Coverage - The directory includes six major industries: aviation, automotive, maritime, petroleum, chemical manufacturing, and black metal smelting[55] - Specific carbon reduction paths are outlined for each industry, focusing on energy efficiency, process optimization, and technology upgrades[27] Group 5: Importance of Transformation Finance - High-carbon industries' transition to low-carbon is crucial for the overall green transformation of the economy, yet current financial support for these activities is insufficient[47] - The demand for green low-carbon investment in China over the next 30 years is estimated to reach CNY 487 trillion, indicating a significant need for transformation finance[67]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2] Core Views - Local industrial investment platform companies (local industrial investment companies) are defined as enterprise legal entities controlled by local governments or government departments, primarily engaged in equity investments, industrial funds, and guiding funds to promote local industrial structure optimization and modernization [4] - These companies differ from traditional urban investment companies (UICs) as they focus more on market-oriented operations and industrial incubation, cultivation, and guidance, with less reliance on government subsidies [5] - The rapid development of local industrial investment companies is driven by the transformation of UICs and national support for industrial economic development [18][22] Summary by Sections Definition and Characteristics of Local Industrial Investment Companies - Local industrial investment companies are controlled by local governments and engage in equity investments, industrial funds, and guiding funds to promote industrial structure optimization [4] - They focus on market-oriented operations, with less than 30% of their business in public welfare or quasi-public welfare infrastructure projects [5] - Their income is primarily market-driven, unlike UICs, which rely heavily on government payments or subsidies [5] Case Studies of Local Industrial Investment Companies Shandong State-owned Assets Investment Holding Co Ltd - The company is primarily engaged in IT, pharmaceuticals, and trade, with significant investments in strategic emerging industries and financial sectors [9][11] - Its IT business, operated by Inspur Group, generated revenues of 1051 6 billion yuan in 2022, with a gross margin of 15 23% [10] - The company focuses on strategic emerging industries, financial investments, and asset management, with significant investments in new energy and advanced manufacturing [11] Hefei Industrial Investment Holding Group Co Ltd - The company is involved in manufacturing, supply chain, and cultural education services, with a focus on strategic emerging industries such as semiconductors and new energy [14][16] - Its manufacturing business, primarily film materials, generated revenues of 25 26 billion yuan in 2022, accounting for 31 04% of total revenue [16] - The company manages 48 self-managed funds, with a cumulative paid-in scale exceeding 54 billion yuan, supporting over 700 enterprises and achieving 51 IPOs [16] Background of Rapid Development Transformation of UICs - Urbanization in China has slowed, with the urbanization rate reaching 65 22% in 2022, leading to reduced infrastructure investment and the need for UICs to transform [18] - The expectation of government bailouts for UICs has diminished, and local governments face increasing debt pressures, further pushing UICs to transition to market-oriented operations [19] - Stricter regulations on local government debt and UIC financing have made it difficult for UICs to raise funds, accelerating their transformation into local industrial investment companies [20] National Support for Industrial Economic Development - The 20th National Congress emphasized the construction of a modern industrial system, focusing on advanced manufacturing, strategic emerging industries, and modern services [22] - Local industrial investment companies, with their regional expertise, are well-positioned to drive industrial development and align with national strategic goals [22]