证券日报网讯 宋城演艺（300144）8月4日在互动平台回答投资者提问时表示，国内旅游市场受气候、 节假日等因素影响具有明显的淡旺季特征，暑期通常是经营旺季。 ...

Core Viewpoint - The night tourism industry in China is expected to grow significantly, with total spending projected to reach 1.91 trillion yuan in 2024, marking a year-on-year increase of 21.7% [1][7][20]. Night Tourism Industry Definition and Types - Night tourism refers to various tourism and leisure activities conducted between dinner and bedtime, extending tourism activities from day to night. Key projects include night sightseeing, cultural experiences, dining, shopping, and emerging activities like night camping and night cycling [2][5]. Current Development Status of Night Tourism Industry - In 2024, the total number of domestic tourists in China is expected to reach 5.615 billion, with urban residents accounting for 4.37 billion and rural residents for 1.245 billion [5][7]. Night Tourism Industry Development Environment - Related Policies - New policies encouraging night economy activities, including dining, cultural entertainment, and tourism, are being implemented across various regions in China to promote high-quality development of the night economy [14][16]. Night Tourism Industry Competitive Landscape - The night tourism industry has formed a competitive landscape characterized by a "national team leading, cultural tourism groups competing, and new forces breaking through" model. Key players include Liard, Xi'an Tourism, Overseas Chinese Town, and Songcheng Performance [17][19]. Night Tourism Industry Development Strategies - Developing night tourism is seen as an effective way to achieve high-quality and connotative development in the tourism industry. It can promote structural reforms and upgrades in tourism supply, enhance the overall utilization of tourism resources, and improve the tourist experience [20].

Core Insights - The State Council held a meeting on July 31, 2025, to implement personal consumption loan interest subsidy policies and service industry loan interest subsidy policies, aimed at reducing credit costs for residents and financing costs for service industry entities, thereby stimulating consumption potential and enhancing market vitality [1] Group 1: Beneficiary Analysis - The "policy intensity - industry elasticity - valuation safety margin" three-dimensional model was constructed to identify beneficiaries, leading to three main beneficiary lines [2] - Key beneficiaries in the consumer finance infrastructure layer include: - China Merchants Bank (招商银行) with over 20% market share in consumer loans, expected to see growth in its consumer loan business due to the subsidy policy [2] - BYD (比亚迪) benefiting from reduced car purchase costs through auto loan subsidies, likely to boost sales in the electric vehicle sector [2] - Hengsheng Electronics (恒生电子) anticipated to receive numerous orders for bank subsidy system upgrades due to increased demand [2] - Tongqinglou (同庆楼), a regional restaurant leader, expected to expand operations and improve service quality due to reduced financing costs [2] - Ningbo Bank (宁波银行), which has the highest proportion of small and micro loans in the industry, will see new growth opportunities from the subsidy policy [2] Group 2: Consumption Recovery and Upgrade - Beneficiaries in the consumption recovery layer include: - Wuliangye (五粮液), a high-end liquor brand, expected to benefit from the recovery of high-end consumption in banquet scenarios [3] - Songcheng Performance (宋城演艺), a leader in the cultural tourism sector, likely to attract more visitors and enhance performance due to tourism subsidies [3] - Yili (伊利股份), a dairy industry leader, expected to benefit from the upgrade in dairy consumption and cost reductions [3] - Midea Group (美的集团), anticipated to see increased demand for home appliances due to the combination of old-for-new policies and interest subsidies [3] - Haitian Flavoring (海天味业), expected to experience growth in demand for condiments as the restaurant industry recovers [3] - Yanghe (洋河股份), benefiting from the recovery of banquet consumption in the mid-range liquor segment [3] Group 3: Long-term Value and Innovation - Beneficiaries in the consumption upgrade empowerment layer include: - Heng Rui Medicine (恒瑞医药), expected to see growth in innovative drugs and medical consumption due to increased resident spending [5] - Aier Eye Hospital (爱尔眼科), benefiting from rising demand for refractive surgery as consumer spending on eye health increases [5] - Haier Smart Home (海尔智家), anticipated to see growth in high-end smart home product sales due to interest subsidies [5] - China Duty Free Group (中国中免), expected to benefit from the recovery of inbound tourism and support for duty-free consumption [5] - Gree Electric (格力电器), likely to see increased demand for home appliances due to favorable policies and channel reforms [5] Group 4: Economic Impact - The "double interest subsidy" policy is distinct from traditional infrastructure stimulus, as it aims to precisely activate consumer demand to drive economic circulation, demonstrating stronger targeting and effectiveness [7]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 700,000 yuan [1] Group 1: Salary Insights - Over 21% of company secretaries earn more than 1 million yuan annually [1] - The highest salary in the social services sector was recorded at 1.9451 million yuan for Yang Linyan from Action Education, while the lowest was not specified [1] - The average salary for secretaries in the social services sector is approximately 640,500 yuan [1] Group 2: Demographics and Background - The average age of secretaries in the social services sector is 45.15 years, with the majority (57%) aged between 40-49 [1] - The oldest secretary is Duan Zhongpeng from Shoulu Hotel, aged 58, earning 1.7522 million yuan in 2024 [1] - Educational qualifications show that there is one PhD, 44 master's degree holders, and 35 bachelor's degree holders among the secretaries, indicating a high requirement for comprehensive qualifications [1] Group 3: Employment and Roles - A significant portion (69%) of secretaries also hold other positions such as directors, financial directors, or legal advisors within their companies [1] - Most secretaries come from financial or legal backgrounds, with some having business backgrounds [1] - There are 8 secretaries who faced regulatory warnings or criticisms in 2024-2025, indicating some compliance issues within the sector [1] Group 4: Career Background - Among the current secretaries, 5 have a background in sell-side roles, with Xu Wenfeng from Chuangye Heima receiving a salary above the industry average at 835,600 yuan [1] - Guo Lei from Zhongxin Tourism previously worked at Huatai Securities, showcasing diverse career paths within the role of company secretary [1]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The social services sector has an average salary of 640,500 yuan for its secretaries, with the highest salary being 1.9451 million yuan and the lowest at 248,300 yuan [1] - A significant portion of secretaries, 69%, hold multiple positions within their companies, indicating a trend of dual roles among executives [7] Salary Distribution - In 2024, 1,144 secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] - The majority of secretaries (49%) earn between 500,000 and 1 million yuan [1] - The highest-paid secretary in the social services sector is Yang Linyan from Action Education, with a salary of 1.9451 million yuan in 2024 [1] Age and Educational Background - The average age of secretaries in the social services sector is approximately 45.15 years, with the most common age group being 40-49 years [3] - The educational qualifications of secretaries show a high standard, with 1 PhD, 44 Master's, and 35 Bachelor's degrees, indicating the industry's demand for comprehensive skills [5] Employment and Background - A majority of secretaries (69%) hold multiple roles, such as directors or financial officers, which may correlate with higher compensation due to stock incentives [7] - Many secretaries come from financial or legal backgrounds, with some having unique career paths, such as Gong Yafang from Zhonggong Education, who has an administrative management degree [9] - Among the 80 secretaries in the social services sector, 8 have faced regulatory warnings or criticisms for violations in 2024-2025 [9] Notable Cases - Xu Wenfeng from Chuangye Heima has the longest tenure among secretaries with a salary of 835,600 yuan, while Guo Lei from Zhongxin Tourism, previously at Huatai United Investment Bank, earns only 318,000 yuan [10][11] - The report also notes that some secretaries have transitioned from sell-side roles to their current positions, such as Ma Xiao and Zhang Xu, who joined Lisheng Sports and Xince Standards, respectively [11]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Over 21% of the secretaries earned more than 1 million yuan annually, indicating a significant compensation level within the industry [1] Salary Distribution - The average salary for secretaries in the social services sector is approximately 640,500 yuan, with the highest salary being 1.9451 million yuan for Yang Linyan from Action Education [1] - The lowest salary recorded is 248,300 yuan for Meng Lei from Xi'an Catering, with the majority of secretaries (49%) earning between 500,000 to 1 million yuan [1] Age and Experience - The average age of secretaries in the social services sector is about 45.15 years, with the majority (57%) aged between 40 and 49 [3] - The oldest secretary is Duan Zhongpeng from Shoulv Hotel, aged 58, while the youngest is Zhang Yueyan from Electric Science Institute, aged 31 [3] Educational Background - The educational qualifications of secretaries show a high standard, with 1 PhD, 44 Master's degrees, and 35 Bachelor's degrees, indicating no low-education individuals in these roles [5] - The highest-paid secretary with a PhD is Lü Gang from Tianfang Biao, earning 609,100 yuan in 2024 [5] Job Responsibilities - A significant number of secretaries (69%) hold multiple positions within their companies, such as directors or financial officers, which may correlate with higher compensation [7] - The average salary for those holding multiple roles is 667,300 yuan, compared to 614,900 yuan for those solely serving as secretaries [7] Background and Compliance - Many secretaries come from financial or legal backgrounds, with some having unique career paths, such as Gong Yafang from Zhonggong Education, who has a background in administrative management [9] - Among the 80 secretaries in the social services sector, 8 have faced regulatory warnings or criticisms, with some being recorded for serious violations [9] Notable Cases - Xu Wenfeng from Chuangye Heima has the longest tenure among secretaries and earns 835,600 yuan, while Guo Lei from Zhongxin Tourism, with a background in investment banking, earns only 318,000 yuan [10][11] - Other notable transitions include former analysts from securities firms joining companies in the social services sector, indicating a trend of experienced professionals moving into these roles [11]

Group 1 - The stock price of Songcheng Performance as of July 30, 2025, is 8.71 yuan, down 0.02 yuan or 0.23% from the previous trading day [1] - The trading volume on that day was 291,722 hands, with a transaction amount of 255 million yuan, and a fluctuation of 1.49% [1] - Songcheng Performance is a representative enterprise in China's cultural performance industry, primarily engaged in the investment, development, and operation of theme parks and cultural performances [1] Group 2 - The company has recently signed two new light-asset projects in Qingdao and Taizhou in 2025 [1] - Existing light-asset projects include Changsha Tanhe Ancient City, Yichun Mingyue Qian Guqing Scenic Area, Zhengzhou Huangdi Qian Guqing Scenic Area, and Three Gorges Qian Guqing Scenic Area [1] - Revenue from light-asset projects comes from brand authorization service fees and operational management fees [1] Group 3 - The company will continue to monitor market opportunities and expand new projects in line with market conditions [1] - On July 30, 2025, the net outflow of main funds for Songcheng Performance was 16.4633 million yuan, accounting for 0.08% of the circulating market value [2]

证券日报网讯宋城演艺（300144）7月30日在互动平台回答投资者提问时表示，公司目前已开业的轻资 产项目有长沙炭河古城、宜春明月千古情景区、郑州黄帝千古情景区、三峡千古情景区，2025年新签订 了青岛和台州两个轻资产项目。轻资产项目收入包括两部分：一是公司向业主方提供品牌授权、节目编 创等一揽子服务并收取服务费用2.6亿元，公司按照向业主方递交分阶段工作成果并经其确认后分阶段 确认此部分收入；二是公司在委托经营管理期间按项目年经营收入的一定比例收取经营管理费。 ...

证券日报网讯宋城演艺7月30日在互动平台回答投资者提问时表示，公司持续关注市场机会，将结合市 场环境和自身节奏综合考虑拓展新项目。 （文章来源：证券日报） ...

证券日报网讯宋城演艺7月30日在互动平台回答投资者提问时表示，公司严格遵守法律法规及监管规定 履行信息披露义务，目前无应披露未披露事项，并始终以积极、严谨、客观的态度与投资者保持良好沟 通，传递公司价值。 （文章来源：证券日报） ...