Core Viewpoint - The article emphasizes the need to curb price irregularities in the tourism sector in Guizhou Province, highlighting the government's commitment to maintaining a fair and orderly market environment [2][3]. Group 1: Government Actions - The Guizhou Provincial Market Supervision Administration held a meeting with major travel platforms such as Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, urging them to comply with relevant laws and regulations to prevent price irregularities [2]. - The administration reported potential issues such as "choose one from two," price manipulation through technology, and price fraud, and warned of legal risks associated with these practices [2]. - A follow-up will involve close monitoring of the competitive landscape, with strict penalties for non-compliance and public exposure of typical cases to deter violations [2]. Group 2: Industry Self-Regulation - Various tourism industry associations in Guizhou initiated a campaign to maintain price order during the summer season, advocating for self-discipline among operators [3]. - The Guizhou Travel Agency Association and Guiyang Tourism Association emphasized the importance of fair, legal, and honest pricing practices, particularly addressing issues like temporary price hikes and misleading pricing [3]. - The Guizhou Consumer Association urged consumers to pay attention to pricing information and called on operators to adhere to clear pricing standards to foster a trustworthy consumption environment [3]. Group 3: Regulatory Reminders - On July 31, the Guizhou Provincial Market Supervision Administration issued a reminder to the accommodation industry, stressing the need for compliance with pricing laws and regulations [4]. - The reminder included directives to ensure clear and truthful pricing, prohibiting unilateral contract cancellations and unauthorized price increases after booking [4]. - Penalties for violations include fines of up to 5,000 yuan for minor infractions, with more severe penalties for price fraud and collusion, reaching up to 500,000 yuan and 3 million yuan respectively [4].

约谈会上，贵州省市场监管局针对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定 价、订单生效后毁约或加价、价格欺诈、哄抬价格等问题进行了通报，进一步提示了违法风险；要求相 关平台企业严格遵守相关法律法规，积极履行平台主体责任，切实加强自律和合规建设；立即开展全面 自查自纠，禁止价格欺诈、哄抬价格、价格串通、滥用市场支配地位等违法行为，切实维护公平竞争的 市场秩序。 据"贵州市场监管"公众号消息，8月5日下午，贵州省市场监督管理局集中约谈携程、同程、抖音、美 团、飞猪等五家涉旅平台企业，要求相关平台企业严格遵守《中华人民共和国价格法》《中华人民共和 国反垄断法》《明码标价和禁止价格欺诈规定》等法律法规规章，坚决制止价格乱象，维护公平、有 序、诚信的市场环境。 责任编辑：王翔 截至发稿，各平台尚无官方回应。 ...

智通财经记者 唐莹莹 消息显示，约谈会上，贵州省市场监管局针对相关平台企业可能存在的实施"二选一"、利用技术手段干 预商家定价、订单生效后毁约或加价、价格欺诈、哄抬价格等问题进行了通报，进一步提示了违法风 险；要求相关平台企业严格遵守相关法律法规，积极履行平台主体责任，切实加强自律和合规建设；立 即开展全面自查自纠，禁止价格欺诈、哄抬价格、价格串通、滥用市场支配地位等违法行为，切实维护 公平竞争的市场秩序。 编 消息指出，下一步，贵州省市场监管局将对相关平台企业竞争态势保持密切关注，对顶风违法，整改不 到位的平台企业及平台内经营者，将依法从严从快查处，并公开曝光典型案例，形成有力震慑，坚决维 护我省旅游市场良好秩序和消费者合法权益。 另据贵州省市场监督管理局8月5日的消息，近日，贵州省市场监管局召开规范旅游业价格秩序工作会 议，会上，贵州省内多家涉旅行业协会（商会）就维护贵州"避暑季"价格秩序发起倡议。 本 8月5日，据贵州省市场监督管理局（贵州省知识产权局）价监反垄断处发布的消息，8月5日下午，贵州 省市场监督管理局集中约谈携程、同程、抖音、美团、飞猪等五家涉旅平台企业，要求相关平台企业严 格遵守《中华人民 ...

Group 1 - The Guizhou Provincial Market Supervision Administration held a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with laws such as the Price Law and Anti-Monopoly Law, aiming to eliminate price irregularities and maintain a fair market environment [1] - The meeting highlighted issues such as "choose one of two" practices, price manipulation through technology, contract breaches, price fraud, and price gouging, urging companies to strengthen self-regulation and compliance [1] - The administration will closely monitor the competitive landscape and take strict actions against companies that violate regulations, including public exposure of typical cases to deter misconduct [1] Group 2 - The Guizhou Provincial Market Supervision Administration convened a meeting to standardize price order in the tourism industry, where various industry associations advocated for self-regulation and fair pricing practices during the summer tourism season [2] - The Guizhou Provincial Tourism Association and Guiyang Tourism Association emphasized the need for operators to adhere to principles of fairness, legality, and honesty in pricing, particularly addressing issues like temporary price hikes and misleading pricing practices [2] - The Guizhou Consumer Association urged consumers to pay attention to price information when selecting accommodations and dining, while operators must implement clear pricing practices to foster a trustworthy tourism environment [2] Group 3 - On July 31, the Guizhou Provincial Market Supervision Administration issued a warning letter to the accommodation industry, mandating strict adherence to pricing laws and regulations, and prohibiting practices that disrupt normal pricing order [3] - The warning letter specified that operators must clearly display prices and cannot unilaterally breach contracts or raise prices after a booking is confirmed, nor can third-party platforms manipulate published prices [3] - Penalties for non-compliance include fines up to 5,000 yuan for minor violations, with more severe penalties for price fraud (up to 500,000 yuan), price gouging (up to 3 million yuan), and collusion in price manipulation (up to 5 million yuan) [3]

转自：北京日报客户端 下一步，省市场监管局将对相关平台企业竞争态势保持密切关注，对顶风违法，整改不到位的平台企业 及平台内经营者，将依法从严从快查处，并公开曝光典型案例，形成有力震慑，坚决维护我省旅游市场 良好秩序和消费者合法权益。 来源：贵州市场监管 8月5日下午，贵州省市场监督管理局集中约谈携程、同程、抖音、美团、飞猪等五家涉旅平台企业，要 求相关平台企业严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》《明码标价和禁止价 格欺诈规定》等法律法规规章，坚决制止价格乱象，维护公平、有序、诚信的市场环境。 约谈会上，省市场监管局针对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定价、订 单生效后毁约或加价、价格欺诈、哄抬价格等问题进行了通报，进一步提示了违法风险；要求相关平台 企业严格遵守相关法律法规，积极履行平台主体责任，切实加强自律和合规建设；立即开展全面自查自 纠，禁止价格欺诈、哄抬价格、价格串通、滥用市场支配地位等违法行为，切实维护公平竞争的市场秩 序。 ...

Investment Rating - The report maintains an "Overweight" rating for the Chinese discretionary consumption sector [2] Core Insights - The overall consumption in China has received some support from national policies and e-commerce platform subsidies, but competition among brands and retailers has intensified, leading to potential risks of underperformance in earnings for many companies [2][3] - The report anticipates that the recovery of the current consumption cycle may take longer compared to the 2010s, which could result in faster capital rotation and less patience from investors [2] - Chinese companies are becoming increasingly competitive overseas, with international expansion seen as a significant growth driver for profitability [2] Summary by Sections Overall Consumption Performance - In the first half of 2025, China's total retail sales increased by 5.0% year-on-year, but there was a slowdown in sales data during the second quarter [5][6] - The home appliance sector showed strong performance with a year-on-year growth of 30.7% due to trade-in subsidies, supporting overall retail data [5][6] E-commerce and Competitive Landscape - The 618 shopping festival saw a total GMV of 855.6 billion RMB, a 15.2% increase year-on-year, but the competition was tougher than in 2024, leading to challenges for brands [5][6] - The report predicts that the upcoming Double 11 shopping festival will continue this trend of intense competition, potentially leading to downward adjustments in earnings guidance for many companies [5][6] Sector-Specific Insights Home Appliances - The report expects the central government's trade-in subsidies for durable goods to be extended into the second half of 2025, but the marginal benefits may decline due to previously released demand [5][6] - A potential price war is anticipated in the fourth quarter of 2025 due to demand slowdown and competition from emerging brands [5][6] Tourism - The tourism sector is expected to benefit from continued consumer demand for experiential consumption, although domestic air travel has slowed down in 2025 [5][6] - The report is optimistic about leading companies in the hotel sector outperforming the industry, with expectations of moderate year-on-year recovery in RevPAR metrics [5][6] Toys and Jewelry - The toy and jewelry sectors are currently performing strongly, with expectations for continued momentum into the second half of 2025 [5][6] - The overseas market is seen as a bright spot for toy companies, despite tariff threats, with new product launches anticipated in the fourth quarter [5][6] Apparel - The apparel sector's performance in the second quarter of 2025 was below expectations, leading to increased competition among brands in the Chinese market [5][6] - High-end brands are expected to accelerate their overseas expansion, albeit at the cost of some profit margins [5][6] Valuation and Market Outlook - The report notes that the consumption sector's valuations remain at historically low levels, with only a few leading companies showing higher valuations due to market concentration [9][10] - Without significant economic stimulus, the recovery of the consumption sector's profitability may take longer than previous cycles, limiting the upward movement of valuation multiples [9][10] Stock Selection Logic - The report highlights specific companies such as Anta, Tongcheng Travel, Pop Mart, and Blokus as having strong potential for growth both domestically and internationally [2][5]

Global Market Overview - The Hang Seng Index closed at 24,508, down 1.60% for the day but up 45.32% year-to-date [1] - The Shanghai Composite Index closed at 3,573, down 1.18% for the day and up 20.11% year-to-date [1] - The U.S. Dow Jones closed at 44,131, down 0.74% for the day and up 17.09% year-to-date [1] Hong Kong Stock Performance - The Hang Seng Financial Index closed at 44,485, down 1.37% for the day and up 49.16% year-to-date [2] - The Hang Seng Real Estate Index closed at 18,268, down 2.31% for the day and down 0.33% year-to-date [2] Chinese Stock Market Insights - The Chinese stock market saw a rebound, with sectors like materials, information technology, and finance leading gains, while telecommunications and consumer staples lagged [3] - A total of 1.96 million new A-share accounts were opened in July, a 71% year-on-year increase [3] - The People's Bank of China indicated a preference for a strong RMB policy, with personal stock trading income remaining tax-exempt [3] Investment Opportunities - Geely Automobile (175 HK) is rated as a buy with a target price of 24.00, representing a 34% upside potential [4] - Luckin Coffee (LKNCY US) is rated as a buy with a target price of 44.95, indicating a 21% upside potential [4] - Tencent (700 HK) is rated as a buy with a target price of 660.00, suggesting a 22% upside potential [4] Sector Analysis - The equipment manufacturing sector, represented by companies like Sany International (631 HK) and Zoomlion (1157 HK), shows strong buy ratings with target prices indicating significant upside potential [4] - The semiconductor sector, including companies like Horizon Robotics (9660 HK) and Beike Micro (2149 HK), is also rated as a buy, reflecting optimism in technological advancements [4]

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

Core Insights - Ctrip hosted a live streaming event called "Strawberry Party" at the Beijing International Tourism Resort, attracting nearly 9 million views and over 6.8 million participants [1] - The event features a series of performances from various artists, creating a multi-genre music festival that runs from July 25 to August 30, with activities designed to provide an immersive experience [3] - Ctrip has integrated its content capabilities with supply chain resources to offer a one-stop package of "tickets + accommodation," resulting in a significant increase in search volume and hotel bookings [5] Group 1 - The "Strawberry Party" is a key summer event that combines music, art, and lifestyle, featuring performances from artists across different genres [3] - The event includes additional attractions such as a cultural market, pet pool, and interactive sports areas, enhancing the overall sensory experience for attendees [3] - Ctrip's marketing strategy has led to a 185% increase in search volume for the "Strawberry Festival," demonstrating the effectiveness of its promotional efforts [5] Group 2 - The event is positioned as a new cultural and tourism experience, particularly appealing to young audiences and short-distance travelers in the Beijing suburbs [5] - The Deputy District Mayor of Yanqing praised Ctrip's innovative approach to driving cultural tourism consumption through content-driven marketing [5]

Core Viewpoint - Ctrip (TCOM) shows a 2.41% increase in stock price, reaching $62.09 per share, with a total market capitalization of $40.582 billion as of August 4 [1] Financial Performance - As of March 31, 2025, Ctrip's total revenue is 13.83 billion RMB, reflecting a year-on-year growth of 16.17% [1] - The net profit attributable to shareholders is 4.277 billion RMB, showing a slight decrease of 0.81% year-on-year [1] Company Overview - Ctrip Group Limited is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021 [1] - The company operates major brands including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide high-quality travel booking experiences [1] Business Operations - Ctrip's accommodation services offer over 1.7 million options, including hotels, motels, resorts, apartments, and other properties [2] - The flight booking service provides tickets from over 600 airlines, covering more than 3,400 airports in over 220 countries and regions [2] - Trip.com and Skyscanner cater to non-mainland Chinese users, with Trip.com offering services in 24 languages and 35 local currencies [2] - As of December 31, 2023, the company employs 36,249 staff members [2]