Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival will last for 8 days, leading to a surge in travel bookings, with some popular routes already sold out [1] - Consumers are planning their trips earlier than in previous years, with a preference for domestic long-distance travel products, and a diverse range of travel experiences such as deep experience tours and cultural exploration tours are emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% year-on-year increase in global international tourist arrivals in the first half of 2025, with approximately 690 million outbound trips recorded in the first half of this year, an increase of about 33 million compared to the same period last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Policy support is expected to enhance duty-free and tax refund shopping, benefiting domestic retailers, shopping centers, and duty-free operators [2] Group 3 - Relevant Hong Kong-listed travel-related stocks include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism supply chain such as Macau sector stocks, China Travel International Investment Hong Kong, and China Duty Free Group [3]

Group 1 - The upcoming "Golden Week" during the National Day and Mid-Autumn Festival is expected to see a surge in travel bookings, with some popular products already sold out [1] - Consumers are planning their trips earlier than in previous years, showing a preference for domestic long-distance travel products, and a diverse range of travel experiences is emerging to meet varied consumer demands [1] - The United Nations World Tourism Organization forecasts a 5% increase in global international tourist arrivals in the first half of 2025, with a total of approximately 690 million outbound trips recorded in the first half of this year, marking an increase of about 33 million compared to last year [1] Group 2 - Morgan Stanley projects that China's inbound tourism retail market will grow over threefold in the next decade, from $14 billion in 2024 to $60 billion by 2034, increasing its share of the overall tourism retail market from 10% to 25% [2] - The rise of globally recognized brands and improved shopping experiences are key drivers for this growth, with Chinese consumer electronics and brands like Pop Mart attracting tourists and stimulating shopping demand [2] - Domestic retailers, shopping centers, and duty-free operators in China are expected to benefit significantly from policy support aimed at enhancing tax-free and refund shopping experiences [2] Group 3 - Relevant Hong Kong stocks in the tourism sector include online travel agencies like Trip.com Group and Tongcheng Travel, as well as companies in the tourism industry chain such as Macau-related stocks, China International Travel Service, and Huazhu Group [3]

9月5日，买方大佬凌鹏就市场预测中际旭创（300308）2027年的利润预测超过250亿而进行点评，他灵魂发问一个零部件制造业公 司可以达到这么高的年利润，并质疑线性外推的合理性。 而随着凌鹏质疑中际旭创2027年利润250亿的预测，国盛通信某分析师直接在朋友圈怒怼："买你的白酒去吧，老登。" （文章来源：第一财经） 9月8日周一开盘，高位算力硬件股持续下挫，截至发稿，中际旭创、新易盛（300502）跌超10%，胜宏科技（300476）跌近10%， 寒武纪（688256）跌超6%，生益电子（688183）、天孚通信（300394）跌幅居前。 这不禁让人想到2021年夏天的"你算老几"事件。彼时方正证券科技与电子首席分析师陈杭因向疑似为中芯国际光刻胶技术负责人的 杨晓松直言"你算老几"，彼时正是半导体行业行情火热之际。就在上述事件发生后的周一开盘，2021年8月2日，市场风格突然暴力 切换，基建、白酒大反攻，而之前狂奔猛进的半导体熄火。芯片ETF逆市大跌2.11%，盘中最大跌幅接近5%。 对于当下的后市展望，某公募基金经理接受第一财经采访时表示，像光模块，现在基本对应明年将近20倍的估值，如果想要继续涨 的话， ...

2025.09.08 本文字数：801，阅读时长大约1.5分钟 作者 | 第一财经 王媛丽 而随着凌鹏质疑中际旭创2027年利润250亿的预测，国盛通信某分析师直接在朋友圈怒怼："买你的白酒 去吧，老登。" 封图 | AI生成 9月5日，买方大佬凌鹏就市场预测中际旭创（300308）2027年的利润预测超过250亿而进行点评，他灵 魂发问一个零部件制造业公司可以达到这么高的年利润，并质疑线性外推的合理性。 同时上述基金经理还表示，整体来看，市场虽然有波动，部分板块过热调整，甚至调整幅度比较大，但 整体还是在牛市的氛围当中。但是确实有些板块涨得过快过高，这种风险也是要规避的，所以还是要尽 量去做一些高抛低吸的交易。像固态电池、机器人涨了之后，可能后面其他的主题，比如说医药类脑机 接口，包括核聚变这些，如果都有催化的话会有不错的弹性。 这不禁让人想到2021年夏天的"你算老几"事件。彼时方正证券科技与电子首席分析师陈杭因向疑似为中 芯国际光刻胶技术负责人的杨晓松直言"你算老几"，彼时正是半导体行业行情火热之际。就在上述事件 发生后的周一开盘，2021年8月2日，市场风格突然暴力切换，基建、白酒大反攻，而之前狂奔猛 ...

Core Viewpoint - Hong Kong Travel (00308) has seen a significant stock price increase following the announcement of acquisitions related to the Jilin Songhua Lake International Resort and Beijing Wanbingxue Sports Co., Ltd. [1] Group 1: Acquisitions - Hong Kong Travel, in collaboration with China Travel Capital and Jilin Province Travel Control Group, has acquired 75% stakes in both Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. from Vanke Group [1] - The completion of the acquisition is expected in the second half of 2025, with projected annual visitor numbers exceeding 350,000 and revenues surpassing 300 million yuan during the stabilization period [1] Group 2: Financial Performance - The company reported a stock price increase of over 13%, settling at 1.58 HKD with a trading volume of 310 million HKD [1] - Citigroup noted improvements in operational and business development quality, with enhanced hotel performance and stable transportation and travel document services, which offset losses from investment property fair value and theme park impairments [1] Group 3: Strategic Focus - The company is focusing on four major natural and cultural tourism destinations: Ningxia, Yunnan, Xinjiang, and Guangxi, aiming to build brand benchmarks through a balanced approach [1]

Group 1 - Hong Kong Travel (00308) saw a stock price increase of over 13%, closing up 8.22% at HKD 1.58, with a trading volume of HKD 310 million [1] - Hong Kong Travel International announced the acquisition of 75% stakes in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. from Vanke Group, in collaboration with China Travel Capital and Jilin Province Travel Control Group [1] - The project is expected to have an annual visitor volume exceeding 350,000 and generate over HKD 300 million in revenue, contributing to incremental profits for the company [1] Group 2 - The completion of the acquisition is anticipated in the second half of 2025, according to CICC [1] - Citigroup noted improvements in the company's operational and business development quality, with enhanced hotel performance and stable transportation and travel document services, offsetting losses from investment property fair value and theme park impairments [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港中旅國際投資有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00308 | 說明 | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,536,633,709 | | 0 | | 5,536,633,709 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 5,536,633,709 | | 0 | | 5,536,633, ...

Group 1: Company Overview - Hesai Technology (00308.hk) has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, planning to issue up to 51.2362 million shares [1] - The company, founded in 2014, initially focused on laser gas sensors before shifting to the autonomous driving sector, developing LiDAR technology [4] Group 2: Financial Performance - Hesai Technology's net revenue increased from 1,202.7 million in 2022 to 1,877.0 million in 2023, with an expected net revenue of 525.3 million by Q1 2025, representing a year-on-year growth of 46.3% [4] - The total delivery of LiDAR units reached 547,900 in the first half of 2025, marking a year-on-year increase of 276.2% [4] Group 3: Market Expansion - The company's LiDAR products are widely used in both the automotive and robotics sectors, with deliveries in the robotics field reaching 98,300 units in the first half of 2025, a year-on-year growth of 692.9% [5] - Hesai Technology is expected to expand its market presence in China and overseas, particularly in the context of increasing penetration of L2+/L3 autonomous driving technologies [5] Group 4: Industry Impact - The successful IPO of Hesai Technology serves as a significant reference for other Chinese concept stocks considering a return to Hong Kong, signaling a potential reopening of this channel [3][6] - The company is the first to complete its IPO through the newly launched "Science and Technology Enterprise Fast Track," which simplifies the listing process for tech companies [6][7] Group 5: Future Prospects - Hesai Technology's successful return to the Hong Kong market may encourage more Chinese innovative companies to follow suit, especially in the rapidly developing fields of autonomous driving and robotics [8] - The company aims to enhance its technological research and development, improve delivery capabilities, and expand market share to provide substantial returns to shareholders [8]

Core Viewpoint - Vanke continues its "slimming" plan by divesting its ice and snow business, which was once highly anticipated [1] Group 1: Transaction Details - On August 26, Hong Kong Travel signed a share transfer agreement with Vanke's subsidiaries to acquire 75% of Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Vanke Ice and Snow Sports Co., Ltd. [2] - The transaction includes two core assets: the heavy asset Songhua Lake Resort and the light asset Vanke Ice and Snow management platform [4] - The Songhua Lake Resort, located in Jilin Province, covers an area of 220 hectares, has 50 ski trails totaling 55 kilometers, and can accommodate 15,000 visitors daily [4] Group 2: Background of Vanke's Ice and Snow Business - Vanke's involvement in the ice and snow industry began in 2011, with the official operation starting in 2015 when the Songhua Lake Ski Resort opened [5] - The ice and snow division was established in 2017, aiming to capitalize on the booming ice and snow industry following Beijing's successful bid for the 2022 Winter Olympics [6][7] - However, the ice and snow industry is characterized by high investment, long cycles, and slow returns, leading Vanke to subsidize its ski resorts and related assets through real estate sales [8][10] Group 3: Financial Performance and Strategic Shift - In 2020, Vanke's ice and snow business accounted for only 1.03% of the group's total revenue, prompting the company to dissolve its independent ice and snow division [11] - Vanke reported a loss of 49.48 billion yuan in 2024, facing increasing liquidity pressure and a concentrated debt repayment [13] - In response, Vanke announced a comprehensive "slimming" plan to gradually exit non-core businesses, including the ice and snow sector [14][15] Group 4: Hong Kong Travel's Entry - Hong Kong Travel, established in 1992, is a significant player in tourism investment and operations [16][17] - The acquisition of Vanke's ice and snow assets marks a strategic expansion into the ice and snow tourism sector, which Hong Kong Travel has previously lacked [21] - Post-acquisition, Hong Kong Travel plans to enhance the Songhua Lake Resort by expanding ski trails and updating equipment [23] Group 5: Industry Trends - Vanke's divestment of its ice and snow business reflects a broader trend of real estate companies retreating from the cultural tourism sector amid industry adjustments [24] - Major players like Evergrande and Wanda have also been divesting cultural tourism assets to alleviate liquidity pressures [26] - The shift in ownership towards state-owned enterprises and specialized tourism operators indicates a transition from real estate-driven models to professional operational approaches in the industry [27][28]

Core Viewpoint - Vanke continues its "slimming" plan by divesting its ice and snow business, with Hong Kong Travel Group acquiring a 75% stake in two of Vanke's subsidiaries related to the ice and snow sector [1][10]. Group 1: Transaction Details - The transaction involves two core assets: the heavy asset Songhua Lake Resort and the light asset Wan Ice and Snow management platform [3]. - Songhua Lake Resort, located in Jilin Province, covers an area of 220 hectares, features 50 ski trails totaling 55 kilometers, and has a daily reception capacity of 15,000 visitors [3]. - Wan Ice and Snow Company manages seven ski resorts for the 2024-2025 season, operating 115 ski trails over 390 hectares, with an annual visitor capacity of nearly 2 million [3]. Group 2: Historical Context - Vanke's involvement in the ice and snow business began in 2011, with significant operations starting in 2015 when the Songhua Lake Ski Resort opened [4]. - The ice and snow division was established in 2017, aiming to capitalize on the booming ice and snow industry following China's successful bid for the 2022 Winter Olympics [4][5]. Group 3: Financial Performance and Challenges - The ice and snow industry is characterized by high investment, long cycles, and slow returns, leading Vanke to rely on real estate to subsidize its ski resorts and related assets [7]. - In the 2016-2017 season, Songhua Lake generated revenue of 110 million yuan, while real estate sales exceeded 300 million yuan, indicating a reliance on real estate for profitability [8]. - By 2020, Vanke's ice and snow business accounted for only 1.03% of total revenue, prompting the company to dissolve its independent ice and snow division [8]. Group 4: Industry Trends - The divestment of Vanke's ice and snow business reflects a broader trend in the real estate sector, where companies are retreating from the cultural tourism segment amid deep industry adjustments [16]. - Major real estate firms, including Evergrande and Wanda, have been selling off cultural tourism assets to alleviate liquidity pressures, with state-owned enterprises becoming the primary acquirers of these assets [17][18].