Tianmu Lake Tourism Co.,Ltd.(SH:603136) Da Gong Guo Ji·2025-03-06 06:25Investment Rating - The report does not explicitly state an investment rating for the industry but highlights the positive impact of local state-owned enterprises (SOEs) in the cultural tourism sector, particularly in relation to the success of the film "Ne Zha 2" [1][4]. Core Insights - The success of "Ne Zha 2" is attributed to the robust support from local SOEs in infrastructure development, cultural resource integration, and industry platform establishment, which are crucial for enhancing the competitiveness of the cultural tourism industry [1][4]. - Local SOEs are actively investing in the cultural tourism sector, driven by policy support, resource advantages, and the growing consumer market, thereby playing a significant role in optimizing industry layout and enhancing competitiveness [4][5]. - The cultural tourism industry is experiencing a shift towards diversified, personalized, and high-quality development, creating ample market opportunities for local SOEs [6][12]. Summary by Sections Section 1: Support from Local SOEs for "Ne Zha 2" - The film's success is linked to the contributions of local SOEs in urban infrastructure and cultural industry investments, with over 14,000 operational cinemas and more than 86,000 screens in China as of 2023, surpassing the U.S. [2][3]. Section 2: Policy, Resources, and Market Demand - National policies emphasize enhancing cultural tourism product supply and diversifying consumption scenarios, supported by local government initiatives such as project subsidies and easing foreign investment restrictions [4][5]. - The cultural tourism sector is projected to generate revenues of 14,151 billion yuan in 2024, with a year-on-year growth of 6.0%, and domestic travel expected to reach 5.75 trillion yuan, reflecting a 17.1% increase [6][12]. Section 3: Current Status and Case Studies of Local SOEs in Cultural Tourism - Local SOEs are integrating regional cultural tourism resources and managing them effectively, with examples including the establishment of the Xuzhou Cultural Tourism Group and the acquisition of Tianmu Lake assets by Liyang City Investment Group [9][10][11]. - The restructuring of Xuzhou Cultural Tourism Group has led to diversified business operations, with revenues reaching 650 million yuan in 2023, a significant increase from 18 million yuan in 2018 [10][12]. Section 4: Recommendations for Local SOEs in Cultural Tourism Investment - Local SOEs should deepen resource integration and asset revitalization, utilizing financial tools like REITs to enhance asset liquidity and market value [13][14]. - Emphasizing technological empowerment and innovation, local SOEs can reshape the cultural tourism value chain by implementing smart services and data asset management [14][15]. - Strengthening industry collaboration across cultural and tourism sectors can enhance the overall ecosystem, as demonstrated by successful partnerships like the one between Chengdu Cultural Tourism Group and Tencent [15].