Market Performance - On June 10, US stock indices all rose, with the Dow Jones Industrial Average reaching a three-month high during intraday trading [2][3] - The Dow Jones Industrial Average closed up 0.25% at 42,866.87 points, the S&P 500 rose 0.55% to 6,038.81 points, and the Nasdaq Composite increased by 0.63% to 19,714.99 points [2][3] Sector Performance - In the banking sector, major stocks showed mixed results, with JPMorgan rising 0.73%, Bank of America up 0.55%, and Goldman Sachs increasing by 0.25%, while Citigroup fell 0.17% and Morgan Stanley dropped 0.05% [3] - The energy sector saw most major stocks rise, with Schlumberger up over 4%, ConocoPhillips increasing by over 3%, and ExxonMobil and Occidental Petroleum both rising over 2% [4] - Airline stocks had mixed performance, with Southwest Airlines up over 2% and Delta Airlines rising 1%, while United Airlines fell 0.32% [5] Technology Sector - The semiconductor industry saw a broad increase, with the Philadelphia Semiconductor Index rising 2.06% and Intel increasing by over 7% [5] - Tesla's stock rose over 5%, bringing its market capitalization back above $1 trillion, reaching $1.05 trillion [5] Chinese Stocks - Chinese stocks listed in the US showed a slight increase, with the Nasdaq Golden Dragon China Index rising 0.3% [6] - Notable gainers included Yatsen Holding up over 15% and Legend Biotech rising over 8% [6] Commodity Prices - International gold prices and oil prices experienced narrow fluctuations after previous volatility [7] - On June 10, London gold prices slightly decreased but remained above $3,300 per ounce, while NYMEX WTI crude oil futures also saw a minor decline of less than 1% [8][9]

Core Insights - The travel volume between Canada and the United States has been declining for five consecutive months, indicating a significant trend in cross-border travel behavior [1] Travel Statistics - In May 2025, the number of Canadian residents returning from the U.S. by air decreased by 24.2% compared to the same period last year [1] - The number of Canadian residents returning from the U.S. by car saw a year-on-year decline of 38.1% [1] - Conversely, the number of U.S. residents traveling to Canada by car decreased by 8.4%, while air travel from the U.S. to Canada saw a slight decline of 0.3% year-on-year [1] Influencing Factors - The decline in travel is attributed to factors such as U.S. tariffs and controversial statements from former President Trump regarding annexation, which have negatively impacted the tourism industry between the two countries since the beginning of the year [1] - The decrease in passenger volume has led some airlines to reduce the number of flights to the U.S. [1]

Group 1 - The Japanese government is considering abolishing a 70-year-old tax exemption for foreign tourists to increase fiscal revenue without raising domestic taxes [1][2] - The current tax exemption allows foreign tourists to avoid a 10% consumption tax on purchases over 5,000 yen, with a daily limit of 500,000 yen for consumables [1] - In 2024, international tourists are expected to spend over 8.1 trillion yen in Japan, with approximately 2.4 trillion yen allocated for shopping [1] Group 2 - The proposal to abolish the tax exemption has raised concerns about its potential negative impact on the tourism and retail sectors [2] - The Japan Duty-Free Shop Association has indicated that the shopping tourism sector is deeply integrated into the Japanese economy, and removing the tax exemption could harm national finances [2] - In 2023, department stores saw an 86% increase in revenue from tax-exempt sales, totaling over 640 billion yen, which accounted for about 11% of their overall sales [2]

25日晚，越南铁路总公司在同登火车站举行仪式，欢迎搭乘列车的游客。据越南媒体报道，恢复开行的河内（嘉林）站至南宁站间国际旅客列车 每天开行两趟，由河内嘉林火车站发车，驶往中国南宁火车站。驶抵后，再由南宁火车站返抵嘉林火车站。 票价方面，河内至南宁单程票价约100万越南盾（约合277元人民币）。其中4岁以下儿童免票，4至12岁儿童半价，6人以上团体可享受7.5折优 惠。越南铁路总公司下辖的河内、嘉林、北江、同登等火车站可现场购买国际联运旅客列车票。 据新华社消息，中国游客可在桂林北、南宁、崇左、凭祥站等车站售票窗口持护照购票。旅客需提前办理纸质签证或准备免签材料，在中国凭 祥、越南同登口岸车站分别办理通关业务。 据了解，2009年1月1日起，中国南宁至越南河内（嘉林）站间国际旅客列车开行，2020年2月初，中越国际旅客列车临时停运。今年是中越建交75 周年暨"中越人文交流年"。 【环球时报驻越南特派记者 杨晔 环球时报特约记者 刘长煌】据《越南网报》26日报道，5月25日一列中越国际联运旅客列车驶抵越南谅山同登火 车站。这标志着时隔5年中越国际联运旅客列车恢复通车，再次开行。 越南铁路总公司表示，中越国际联运旅 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$24.00, representing a potential upside of 17.1% from the current price of HK$20.50 [5]. Core Insights - The company reported a strong performance in Q1 2025, with total revenue of RMB 4.4 billion, a year-on-year increase of 13%, exceeding both the report's and Bloomberg's expectations by 0.7% and 0.9% respectively. Adjusted net profit reached RMB 788 million, up 41% year-on-year, also surpassing forecasts [1][2]. - The core OTA business revenue was RMB 3.8 billion, accounting for 86.6% of total revenue, with a year-on-year growth of 18.4%, driven by strong performance in transportation ticketing and other services [2]. - The report anticipates stable growth in profits for the full year, with a projected 25% increase in operating profit and an 18% rise in non-GAAP net profit for the core OTA business in 2025 [1]. Summary by Sections Q1 2025 Performance - Total revenue was RMB 4.4 billion, a 13% increase year-on-year, with adjusted net profit at RMB 788 million, reflecting a 41% growth [1]. - The core OTA business saw revenue of RMB 3.8 billion, up 18.4% year-on-year, driven by growth in transportation ticketing and accommodation services [2]. Q2 2025 Outlook - For Q2 2025, total revenue is expected to reach RMB 4.7 billion, a 10% year-on-year increase, with core OTA revenue projected to grow by 13% [3]. - The report notes that while core OTA revenue growth may slow due to seasonal factors, a recovery is anticipated in the second half of the year [3]. Profitability and Margins - The overall operating margin improved to 18.7% in Q1 2025, up from 11.8% in Q1 2024, with the core OTA business margin expanding to 29.2% [4]. - The report predicts continued expansion of the core OTA's non-GAAP operating margin to 25.5% in Q2 2025, supported by healthy revenue growth and optimized sales and marketing expenses [4]. Financial Projections - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2%, while non-GAAP net profit expectations remain largely unchanged [1][12]. - The company is expected to achieve total revenues of RMB 19.5 billion in 2025, with a year-on-year growth rate of 12.4% [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net operating revenue of 13.8 billion yuan in Q1 2025, representing a year-on-year growth of 16%, in line with Bloomberg consensus expectations. The adjusted EBITDA was 4.2 billion yuan, with an EBITDA margin of 30%. The Non-GAAP net profit was 4.2 billion yuan, showing a year-on-year increase of 3%, which is better than Bloomberg consensus expectations [7] - The international business continues to grow significantly, with outbound travel maintaining stable growth. The cross-border flight capacity has recovered to 83% of pre-pandemic levels, and hotel and flight bookings for outbound travel have exceeded 120% of the same period in 2019, outperforming the market by 30%-40% [7] - Domestic tourism demand remains strong, with inbound tourism also experiencing robust growth. In Q1, the number of inbound travelers increased by 40% year-on-year, with 75% coming from visa-free regions. The company's platform saw a nearly 100% year-on-year increase in inbound bookings, with hotel bookings in major visa-free countries in the Asia-Pacific region surging over 240% [7] - The company continues to focus on enhancing its international business through better product experiences and customer service, with a sales expense ratio of approximately 21% in Q1, which is better than expected [7] - The profit forecast for 2025-2027 has been adjusted, with the adjusted net profit for 2025, 2026, and 2027 projected at 17.6 billion, 19.7 billion, and 22 billion yuan respectively, corresponding to P/E ratios of 18, 16, and 15 times [7] Financial Summary - Total revenue for 2023 is projected at 44.51 billion yuan, with a year-on-year growth of 122.12%. For 2024, revenue is expected to reach 53.29 billion yuan, reflecting a growth of 19.73% [1] - The company's net profit attributable to shareholders for 2023 is estimated at 9.92 billion yuan, with a staggering year-on-year growth of 606.91%. The forecast for 2024 is 17.07 billion yuan, indicating a growth of 72.08% [1] - The latest diluted EPS for 2023 is projected at 13.90 yuan, with a P/E ratio of 32.27 times [1]

2025年5月17-18日，"共享未来：构建开放包容的经济与金融体系"2025年清华五道口全球金融论坛在广 东省深圳市成功召开。18日下午，主题讨论十三"金融助力文化和旅游业成为支柱产业"顺利举办。 图为圆桌讨论现场 主题会议以圆桌讨论形式展开，中国人民银行原副行长李东荣，世界知识产权组织中国办事处主任刘 华，中国文化产业投资母基金管理有限公司总经理于春玲，中国动漫集团党委副书记、总经理刘鹏， 腾讯云副总裁、腾讯智慧文旅负责人方腾飞围绕金融赋能文化和旅游业展开讨论。清华大学五道口金 融学院文创金融研究中心主任赵岑主持会议。 赵岑 清华大学五道口金融学院文创金融研究中心主任 赵岑表示，把文化旅游业培育成为支柱产业这一重大战略定位的提出，充分地彰显了党 中央的战略思考和战略魄力，提振了市场信心。赵岑指出，从数据来看，我国文化和旅 游业迎开门红。春节假期、"五一"假期，全国国内出游人次和国内游客出游总花费均保 持增长。今年一季度，全国规模以上文化与旅游类企业收入增长6.2%，产业智能化、 数字化发展趋势明显。今年1-4月，文化和旅游业投融资活动出现双回升，反映出这一 领域巨大的增长潜力。赵岑认为，在文化和旅游业发展 ...

Core Viewpoint - The meeting emphasized the importance of developing the cultural tourism industry in Wuhan as a strategic pillar industry, aligning with national directives to enhance quality of life and drive high-quality development [2][3][4]. Group 1: Development Goals - The city aims to build a world-renowned cultural tourism destination, which is seen as a concrete action to fulfill the important requirements set by the national leadership [3][4]. - The cultural tourism sector is recognized as a new strategic pillar industry that significantly impacts the economy and people's livelihoods [3][4]. Group 2: Strategic Initiatives - The plan includes resource integration around key areas such as "Two Rivers and Four Banks" and major cultural sites, promoting efficient use and unified operation of cultural venues [4][5]. - There is a focus on diversifying tourism products, including the development of historical districts and new tourism formats like industrial, rural, and educational tourism [4][5]. Group 3: Brand and Market Development - The initiative aims to create distinctive brands leveraging Wuhan's historical and cultural resources, including the Long River cultural brand and red tourism brand [4][5]. - The city plans to cultivate influential cultural tourism enterprises and support the growth of small and medium-sized businesses in the sector [4][5]. Group 4: Service Quality and Management - Enhancements in service quality are prioritized, including the development of a comprehensive tourism service system and improved urban management to create a visitor-friendly environment [4][5]. - The meeting highlighted the need for a coordinated approach to establish a "big cultural tourism" framework, ensuring effective implementation of key tasks [5][6].

今年"5·19中国旅游日"主题为"锦绣山河，美好旅程"。为推动旅游业高质量发展，各地因地制宜，积极 推出形式多样的主题活动，鼓励和吸引游客更多参与旅游体验，乐享旅游幸福，让锦绣山河成为广大游 客的美好旅程目的地。 重庆市南川区黎香湖镇充分利用湖景资源优势，通过湖畔露营、水上运动、特色民宿等乡村旅游产品带 动当地经济发展。图为游客在黎香湖边露营。（重庆市南川区纪委监委供 甘昊旻 摄） 厦门市同安区瞄准"微度假"需求精准发力，大力推动引客下乡、流量进村，在乡村旅游方面形成观光、 休闲、研学等多元业态。图为游客们在莲花镇军营村体验采茶制茶。（厦门市同安区纪委监委供 苏银 坂 摄） 广西壮族自治区阳朔县利用遇龙河得天独厚的山水资源，打造夜游项目，推动乡村旅游持续升温。图为 近日，游客在白沙镇遇龙河体验夜游项目。（广西壮族自治区阳朔县纪委监委供 夏立慧 摄） 海南省海口市聚焦多业态协同，持续丰富旅游产品供给，各景区和乡村旅游点纷纷推出创新体验项目， 全力打造时尚消费活力之城。图为海口骑楼老街通过光影投影技术生动展现海洋文化与妈祖文化内涵。 （海南省海口市纪委监委供 康登淋 摄） "诗豪善郡•福寿连州"。广东省连州市积极 ...

Core Viewpoint - The financial sector plays a crucial role in transforming the cultural and tourism industry into a pillar industry, requiring a comprehensive support system to promote high-quality development [1] Group 1: Conditions for Cultural and Tourism Industry as a Pillar Industry - The cultural and tourism industry must meet two fundamental prerequisites: improved living standards leading to increased demand for cultural and tourism services, and the need for better global understanding of China and its culture [2] - Seven specific conditions are necessary for the cultural and tourism industry to thrive, including resource endowment, policy support, market demand, infrastructure development, industry integration, and sustainability [2] - Four indicators can measure whether the cultural and tourism industry qualifies as a pillar industry: GDP contribution, industry outreach, employment capacity, and potential for future economic development and innovation [3] Group 2: Financial Support for Cultural and Tourism Industry - Financial support for the cultural and tourism industry must be precise, with a focus on long-term investments, as seen in the animation market where investment recovery typically takes six to eight years [4] - The "3+1 model" is being explored to support cultural projects, which includes guiding market-oriented investment funds, establishing thematic funds, and promoting regional funds with local government involvement [4] - Financial institutions need to recognize the real and future value of the cultural and tourism industry, and collaborate to elevate the industry to new heights [4] Group 3: Role of Digital Technology - Digital technology serves as a key link between finance and the cultural and tourism industry, providing optimal application scenarios for enhancing financial support [5] - Establishing a financial system that aligns with the development of the cultural and tourism sector is essential, alongside leveraging digital technology to address asset valuation challenges [5]