Foreword 全 球 A R / V R 行 业 发 展 趋 势 报 告 2 0 2 5 | F a s t d a t a 极 数 前言 全球AR/VR行业 发展趋势报告 全 球 A R / V R 行 业 发 展 趋 势 报 告 2 0 2 5 | F a s t d a t a 极 数 Contents | Foreword | 3 | | --- | --- | | 全球AR/VR行业发展现状 | 7 | | 全球AR/VR市场重点企业研究 | 35 | | 全球AR/VR行业发展趋势 | 60 | Global AR/VR Industry Development Trend Report 2025 0 2 科技的快速发展孕育了一个新的数字前沿领域，那就是虚 拟宇宙，也就是我们谈论的元宇宙（Metaverse），虚拟宇宙 最初构思于尼尔·斯蒂芬森的科幻小说《雪崩》中，小说中虚拟 宇宙由虚拟人物居住，并以数字方式相互交流。如今，虚拟宇 宙已成为现实。虚拟宇宙被宽泛地定义为一个沉浸式空间网络， 融合了物理世界和计算机生成的虚拟世界，它提供了独特而革 命性的沟通、互动和创造新体验的方式。 尽管当下被人 ...

Investment Rating - The report indicates a strong recovery and growth potential in the Chinese B&B industry, suggesting a positive investment outlook for 2025 [4][5]. Core Insights - The Chinese B&B industry is experiencing a transformation driven by changing consumer expectations, economic factors, and the values of younger generations, leading to a demand for diverse, personalized, and peak life experiences [4][6]. - The market size of the B&B industry reached 42.27 billion yuan in 2024, with over 50% of consumer spending coming from first-tier and new first-tier cities [18][19]. - The number of B&B enterprises exceeded 400,000 by 2024, with nearly 60% established within the last three years, indicating a surge in new business formations [21][22]. - The financing scale for the B&B industry reached 4.49 billion yuan in 2024, marking a seven-year high, with significant interest in smart B&Bs from venture capital [27][30]. Summary by Sections Current Status of the Chinese B&B Industry - Domestic tourism numbers reached 5.62 billion in 2024, a year-on-year increase of 14.8%, providing a solid foundation for the B&B industry's growth [8]. - The potential for B&B transformation is significant, with 17.5 million housing units identified as suitable for conversion into B&Bs by the end of 2024 [14][18]. Consumer Insights in the Chinese B&B Industry - The primary consumer demographic includes males aged 80s and 90s, with a rising influence from the post-00s generation [56][59]. - Over 60% of B&B users hold a bachelor's degree or higher, and nearly 70% have a monthly income exceeding 10,000 yuan [61][64]. - Family vacations, couple trips, and solo travel are identified as the top three consumption scenarios for B&Bs [66]. Development Trends in the Chinese B&B Industry - The report highlights a growing demand for unique accommodation experiences, with travelers increasingly seeking outdoor and unconventional lodging options [113][114]. - There is a notable rise in the demand for remote work-friendly accommodations, catering to the expanding digital nomad demographic [117]. - The trend towards health and wellness vacations is becoming a significant niche within the B&B market, alongside the increasing necessity for pet-friendly travel options [118][119].

Investment Rating - The report indicates a strong recovery in the Chinese tourism industry, with significant growth in key metrics, suggesting a positive investment outlook for the sector in 2024 [5][9][12]. Core Insights - The Chinese tourism market is transitioning into the Experience Tourism Era (Tourism 3.0), emphasizing personalized and transformative travel experiences, particularly among younger travelers [6][7][38]. - Domestic tourism revenue reached 5.75 trillion yuan in 2024, a 17.1% increase year-on-year, surpassing pre-pandemic levels [9][10]. - The number of domestic tourists is projected to reach 5.62 billion in 2024, marking a 14.8% increase compared to 2023 [5][12]. - The outbound tourism market is also experiencing robust growth, with 144 million outbound travelers in 2024, a 42.6% increase from the previous year [22][23]. - Online transaction rates in the tourism sector have reached 51.5%, indicating a shift towards digital platforms for travel bookings [27][28]. Summary by Sections Annual Summary of the Chinese Tourism Industry - The report highlights a significant recovery in the tourism industry, with domestic tourism revenue and visitor numbers approaching or exceeding 2019 levels [5][9][12]. - Key metrics such as air travel and railway passenger numbers have also shown strong growth, with air travel increasing by 17.9% and railway travel by 10.8% year-on-year [5][12]. Insights into the Chinese Tourism Market - The shift to Experience Tourism emphasizes the importance of unique and personalized travel experiences, driven by the preferences of younger generations [6][39]. - The report notes that over half of Generation Z travelers prioritize experiences over material possessions, indicating a cultural shift in travel preferences [39][46]. - The demand for authentic local experiences is reshaping travel decisions, with travelers increasingly seeking activities that reflect local customs and culture [42][88]. Development Trends in the Chinese Tourism Industry - The report identifies key trends such as the rise of digital nomads and the increasing influence of social media on travel decisions, particularly among younger travelers [129][110]. - The importance of sustainability and responsible travel practices is highlighted, with younger travelers showing a preference for eco-friendly options [92][105]. - The report emphasizes the need for tourism providers to adapt to changing consumer preferences and leverage technology to enhance the travel experience [64][61].

Deep Mehta +1(212)357-8419 | deep.mehta@gs.com Goldman Sachs & Co. LLC 5 January 2025 | 9:49PM EST 2024 US Factor Review Ujjwal Mahajan +1(332)245-7708 | ujjwal.mahajan@gs.com Goldman Sachs India SPL Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investm ...

哈尔滨酒店消费 洞察报告 哈尔滨酒店消费洞察报告 2024 Foreword Looking Ahead To 2025 2023年及2024年全国乃至全世界的旅行业，都向前迈进了 一大步。旅行者挤满了机场、车站及热门景区，服务游客的餐 厅也重新恢复了生机，酒店大堂也更加的有活力。特别是一些 城市借助新的媒体营销方式，为城市的旅游业复苏及发展带来 了巨大的推动力，哈尔滨就是其中的优秀代表，所以本文我们 聚焦哈尔滨旅游，特别是酒店行业，为用户展开一幅哈尔滨旅 游业的消费洞察画卷，以期为关注哈尔滨旅游的游客、旅游从 业者及旅游行业投资者带来有价值的洞见。 现在世界比以往任何时候都运转的更快，旅行者以更快的 速度展现其旅游需求的多变，但同时也欣赏能够放慢脚步的时 刻，他们花时间建立面对面的联系。他们模糊了商务旅行和休 闲旅行的界限，找到无论场合扩展视野的方法。最终，旅行者 达成了共识，那就是对"花小钱办大事"表现出普遍的赞赏， 越来越多的旅行者更加的关注"支出体验比"，在旅行预算之 内，旅行者越来越看重旅行本身带来的独特体验。 展望2025年，我们充满信心和乐观，我们期待已久的新的 旅行黄金时代已经到来，各个年龄段 ...

Contents EM Flows Weekly Feast or Famine? Thanksgiving brings continued outflows for EM bond funds EM Flows Weekly includes fund flow data, non-resident EM portfolio flow data, weekly retail fund flow models, EM-dedicated retail bond fund beta trackers, and historical cross-asset fund flows. • EM bond flows were -$2.7bn (-0.72% of weekly AUM, ↓ from -$2.5bn); EM equity flows were -$4.3bn (-0.33% of weekly AUM,↑ from -$6.6bn). • YTD flows to EM bonds and equities: -$24.7bn and -$23.8bn, respectively. • EM Bo ...

Summary of Conference Call Company or Industry Involved - The discussion revolves around the factor research in the context of the open-source precision engineering factor system named KYFETA [1] Core Points and Arguments - The KYFETA system is introduced as a unique factor research framework [1] - The application of the KYFETA system is emphasized, indicating its potential utility in various contexts [1] Other Important but Possibly Overlooked Content - The call highlights the significance of factor research in enhancing precision engineering methodologies [1]

Industry Overview - The global tourism industry generated $3.3 trillion in revenue in 2023, directly contributing 3% to global GDP [3] - In 2019, China's domestic tourism revenue accounted for 5.8% of GDP, dropping to 1.7% during the pandemic, but rebounding to 5.1% in Q1 2024 [3] - Tourism serves as a crucial economic driver, creating jobs, stimulating infrastructure investment, and promoting sustainable development [3] Rural Tourism Development - Rural tourism received 784 million visitors in Q1 2024, setting a new historical record [26] - The rural tourism industry surpassed 900 billion yuan in output value in 2023, playing a significant role in rural economic revitalization [27] - Rural tourism directly and indirectly created over 60 million jobs, making it a vital industry for rural employment [30] Market Performance - Domestic tourism reached 1.419 billion trips in Q1 2024, a 16.7% year-on-year increase [6] - Average per-trip spending in domestic tourism reached 1,071 yuan in Q1 2024, showing strong consumption recovery [9] - Major holiday tourism markets remained robust, with Spring Festival, Qingming, and May Day holidays setting new records for domestic travel [8] Consumer Behavior - 80s and 90s generations constitute the most important visitor groups for rural tourism [32] - The average travel distance for rural tourism exceeded 200 kilometers, with medium and long-distance travelers accounting for nearly half of visitors [33] - The average stay duration for rural tourism exceeded two days in Q1 2024, indicating increasing attractiveness [35] Emerging Trends - Short video platforms have become powerful tools for rural tourism marketing, with over 200 million content creators and nearly 800 billion annual views [68] - The number of new farmers with professional skills returning to rural areas increased by 62.7% in four years, significantly contributing to rural revitalization [56] - Short video platforms have gathered over 800 million potential rural tourism users, making them the largest traffic platform for rural tourism marketing [67] Challenges and Solutions - Many rural tourism projects face challenges in planning, marketing, and talent acquisition [39][44] - The "1+1+1+X" methodology proposes government-led strategies, creation of tourism IPs, and cultivation of quality service providers [50][51][52] - Content marketing through short videos has become the core capability for rural tourism promotion, enabling precise user targeting and complete booking fulfillment [69][66] Future Outlook - Rural tourism marketing should focus on brand exposure, stable growth, and long-term operation through short video platforms [71] - The integration of "advertising + content + IP" strategies will help rural tourism projects achieve nationwide customer acquisition [73] - Continuous optimization of marketing strategies and user asset management will drive the next growth cycle for rural tourism [75]