Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, and a net profit of 41.77 million yuan, with a proposed cash dividend of 2.1 yuan per 10 shares, down 68.94% year-on-year [2] - In Q1 2025, the company achieved a revenue of 94 million yuan, a significant increase of 171.12% year-on-year, but reported a net loss of 1.32 million yuan [2] - The company is focusing on cultural and technological innovation, exploring C-end business through immersive experiences and AR technology [4][5] Summary by Sections Revenue and Profitability - The company's gross margin in 2024 was 32.14%, down 5.23 percentage points year-on-year, with the gross margin for large cultural performances at 28.65% and cultural tourism performances at 34.22% [3] - The company had a total order backlog of 368 million yuan at the end of 2024, with 87.88 million yuan from large cultural performance projects and 280 million yuan from cultural tourism projects [3] Business Strategy - The company has been transitioning from B-end large events to C-end cultural tourism consumption since 2022, with projects like the Shanghai 632 project generating 32.20 million yuan in revenue and 7.67 million yuan in net profit in 2024 [4] - The company is leveraging technology in its projects, including the use of low-altitude drone performances and online cultural entertainment content [4] Market Outlook - The "first launch economy" has been identified as a key task by the central economic work conference, which is expected to boost domestic demand and benefit the cultural tourism sector [5] - The tourism economy index has shown a year-on-year increase of 2.1%, indicating a positive trend in the industry [5] Financial Forecast - Revenue projections for 2025-2027 are 693 million yuan, 783 million yuan, and 866 million yuan respectively, with net profits expected to be 140 million yuan, 153 million yuan, and 167 million yuan [6][9] - The report forecasts an EPS of 0.73 yuan, 0.80 yuan, and 0.87 yuan for the same period, with corresponding P/E ratios of 36, 33, and 30 times [6][9]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, and a net profit of 41.77 million yuan, with a proposed cash dividend of 2.1 yuan per 10 shares, a decrease of 68.94% year-on-year [2] - In Q1 2025, the company achieved a revenue of 94 million yuan, a year-on-year increase of 171.12%, but reported a net loss of 1.32 million yuan [2] - The company is focusing on cultural and technological innovation, exploring C-end business through immersive experiences and AR technology [4] Summary by Sections Revenue and Profitability - The company's gross margin in 2024 was 32.14%, down 5.23 percentage points year-on-year. The gross margin for large cultural performances was 28.65%, down 8.80 percentage points, while the cultural tourism performance margin was 34.22%, down 0.96 percentage points [3] - The company had a total order backlog of 368 million yuan at the end of 2024, with 87.88 million yuan from large cultural performance projects and 280 million yuan from cultural tourism performance projects [3] Business Strategy - The company has been transitioning from B-end large events to C-end cultural tourism consumption since 2022, with projects like the Shanghai 632 project generating 32.20 million yuan in revenue and 7.67 million yuan in net profit in 2024 [4] - The company is leveraging technology in cultural performances, including the use of AR, 3D technology, and drone shows to enhance user experience [4] Market Outlook - The "first launch economy" has been identified as a key task by the central economic work conference, which is expected to boost domestic demand and benefit the cultural tourism sector [5] - The tourism economy index has shown a year-on-year increase of 2.1%, indicating a positive trend in the industry [5] Financial Forecast - Revenue projections for 2025-2027 are 693 million yuan, 783 million yuan, and 866 million yuan respectively, with net profits expected to be 140 million yuan, 153 million yuan, and 167 million yuan [6] - The estimated EPS for 2025-2027 is 0.73 yuan, 0.80 yuan, and 0.87 yuan, with corresponding PE ratios of 36, 33, and 30 times [6]

Core Insights - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, with a net profit attributable to shareholders of 41.77 million yuan, proposing a cash dividend of 2.1 yuan per 10 shares, a decline of 68.94% compared to the previous year [1] - In Q1 2025, the company achieved a revenue of 94 million yuan, a significant year-on-year increase of 171.12%, but reported a net loss of 1.32 million yuan [1] Financial Performance - The gross margin for 2024 was 32.14%, down by 5.23 percentage points year-on-year; the gross margin for large cultural performance business was 28.65%, down by 8.80 percentage points, while the cultural tourism performance business gross margin was 34.22%, down by 0.96 percentage points [2] - The expense ratios increased, with sales expense ratio at 3.51% (up 1.31 percentage points), management expense ratio at 8.61% (up 1.53 percentage points), and R&D expense ratio at 6.52% (up 0.81 percentage points) [2] - As of the end of 2024, the company had an order backlog of 368 million yuan, including 87.88 million yuan for large cultural performance projects and 280 million yuan for cultural tourism performance projects [2] Business Strategy - The company has been optimizing its revenue structure by expanding into C-end businesses since 2022, focusing on immersive experiences and live performances [3] - In 2024, the Shanghai Liusan project generated revenue of 32.20 million yuan with a net profit of 7.67 million yuan; other projects included the Hangzhou immersive performance and Qingdao panoramic show [3] - The company is integrating technology into its offerings, utilizing AR, 3D technology, and drone performances to enhance user experience and create new online cultural entertainment content [3] Industry Outlook - The "first launch economy" has been identified as a key task in the 2024 Central Economic Work Conference, which aims to boost domestic demand through innovative consumption scenarios, positioning cultural tourism as a prime area for growth [4] - The performance industry is seen as a crucial driver for deepening the integration of culture and tourism, with a strong recovery in tourism consumption positively impacting related investments and innovations [4] - The tourism economic prosperity index increased by 2.1% year-on-year, indicating a steady upward trend in the industry [4] Investment Perspective - The company is recognized as a leading player in the digital performance content production sector, with a highly skilled team and project qualifications [5] - Revenue projections for 2025-2027 are estimated at 693 million, 783 million, and 866 million yuan, with net profits of 140 million, 153 million, and 167 million yuan respectively [5] - The estimated EPS for 2025-2027 is projected to be 0.73, 0.80, and 0.87 yuan, with corresponding PE ratios of 36, 33, and 30 times based on the closing price of 26.19 yuan per share on May 21, 2025 [5]

一、 为何指数上涨个股多跌？抱团能解释多数问题 1、 大盘指数走势及成交量强度表现 今日 A 股三大指数震荡上行，但冲高回落，沪指涨 0.21% ，深成指涨 0.44% ，创业板指涨 0.83% ，北证 50 指数再创历史新高。市场成 交额维持在 1.17 万亿，较昨日小幅放量，但个股分化严重，全市场超 3600 只个股下跌，仅 1600 余只上涨，需警惕 " 赚指数不赚钱 " 现 象。 从 资金流向 看， 北向资金小幅净流入，主要加仓新能源（宁德时代 +4% ）、医药（创新药）等板块 ； 内资机构继续围绕 新消费和部分细 分 赛道（固态电池、黄金）布局，但 题材轮动和 短线资金博弈加剧，部分 科技类 题材（如机器人、军工）大幅回调。 北交所热度：北证 50 指数再创新高，但部分个股因短期涨幅过大停牌核查，需警惕局部过热风险。 2 、 题材行业及代表个股强度表现 领涨板块： 领跌板块： 市场消息催化： • 固态电池（技术突破预期）：金龙羽（ 2 连板）、国轩高科（涨停）、领湃科技（ 20cm 涨停），宁德时代涨超 4% 。 • 黄金概念（地缘避险 + 债券回避 预期）：莱绅通灵（涨停）、晓程科技（ +10% ...

5月19日，华为在成都发布两款鸿蒙电脑，这是鸿蒙操作系统首次在电脑端正式发布，标志着国产操作 系统在电脑领域实现重要突破。无论是对于电子信息产业，还是对于中国制造，这都是具有里程碑意义 的标志性事件。 华为选择将这一重大盛事放在成都举办，究竟有怎样的背景和逻辑？ "这一次，我们又回来了，回到了梦开始的地方。"5月19日下午，华为终端BG首席执行官何在发布会上 说到。其实，在华为发展早期，华为和成都就开始携手合作，20多年来，双方的合作范围不断扩大，关 系日益紧密。成都梦与华为梦，织成了同一个创新梦。 早在2000年，华为成都研究所就在成都高新西区成立。拥有万余名员工的成都研究所是华为全球主力研 发中心之一，坐拥全球认证检测中心成都实验室、亚洲最大的华为IT兼容性实验室、全球首个5G试验 外场等。 2024年，华为与成都又携手共同竞逐人工智能赛道。6月，华为在蓉举办了一场新质生产力城市峰会。 会上，华为（四川）人工智能与智改数转创新推广中心、华为（西南）数字机器人创新中心、华为（成 都）数字服务创新中心三大中心揭牌。 2025年，华为和成都的互动更加密切。成都市党政代表团到大湾区拜访华为并签署深化战略合作协议。 ...

报告还强调，南康家具产业的成功经验为全国传统产业转型升级提供了宝贵借鉴，也为推动"好房子"建 设提供了有力支撑。 本次发布会还举行了"南康绿色家具品牌联盟"启动仪式，标志着南康家具产业向绿色化、标准化、国际 化迈出了重要一步。(完) （文章来源：中国新闻网） 南康区被誉为"中国实木家居之都"，在推动家具产业绿色化、智能化方面取得了显著成效。中共赣州市 南康区委副书记、南康区人民政府区长李赣兴表示，南康家具产业以"0苯0甲醛"油改水技术为突破口， 实现了从传统"制造"向"智造""绿造"的跨越。通过政府引导、技术支撑、龙头示范和市场驱动，南康家 具产业集群去年总产值突破2800亿元，成为当地经济的重要支柱。 清华大学五道口金融学院研究员岳安欣发布了《中国南康绿色家居产业首发经济研究报告》。报告指 出，首发经济通过技术创新、资源配置优化和产业链赋能，为南康家具产业的绿色转型提供了强大动 力。南康区政府通过财政补贴、金融支持和技术突破等措施，正推动着1200多家家具企业的绿色转型， 实现了显著的环保成效和经济效益。 在当前房地产市场转型升级的关键时期，"好房子"理念已成为行业发展的核心方向，良好的居住品质成 为当下撬 ...

Core Viewpoint - The launch of high-profile product events has become a significant method for cities in China to showcase their competitiveness, which is closely tied to the local industrial chain development [1][5]. Group 1: Huawei's Product Launch - Huawei's recent product launch in Chengdu introduced the "MateBook Fold Extraordinary Master," the world's lightest and largest commercial foldable laptop, marking a significant breakthrough for domestic operating systems in the commercial computer sector [2]. - The event highlights the importance of innovation in the "first launch economy," which aims to stimulate consumer demand through novel products and services [2]. - Chengdu was chosen for this significant event due to its historical collaboration with Huawei, including the establishment of a research institute in 2000 and multiple strategic partnerships over the years [2]. Group 2: Chengdu's Economic Strategy - Chengdu is actively promoting the "first launch economy" through initiatives like the "Three-Year Action Plan for Promoting the Development of the First Launch Economy (2025-2027)," aiming to host over 1,000 high-profile launch events and cultivate 500 new consumer brands by the end of 2027 [3]. - The city is leveraging its strong infrastructure, diverse industrial base, and rich talent pool to attract brands and consumers, thereby enhancing its competitive edge in hosting product launches [4]. Group 3: Chengdu's Electronic Information Industry - Chengdu has established itself as a key electronic information industry base, with over 2,300 regulated enterprises in the sector, generating revenue of 1.36 trillion yuan, a 4.8% increase year-on-year [6]. - The city ranks among the top ten global electronic information industry clusters, with significant contributions to chip assembly and testing, as well as a strong presence in software and intelligent terminal production [6]. - The emphasis on the "first launch economy" aligns with the broader economic development needs in China, aiming to enhance urban commercial vitality and attract resources [6].

Core Insights - Adidas has opened its first global flagship store for the Trefoil brand in Shanghai, marking a significant milestone in its "In China, For China" strategy [1][4][8] Store Opening and Design - The flagship store is located at 322 Anfu Road and is the first international sports brand store in the area, which is known for its fashion and cultural appeal [1][4] - The store is housed in a historical cinema building, integrating classic brand elements with local culture, providing a unique shopping experience [5][6] - The store spans approximately 290 square meters over two floors, featuring a central stage area and four themed "cinema" zones, enhancing the cultural resonance with consumers [5][6] Product Launch and Marketing Strategy - On the opening day, Adidas launched a global first with its Trefoil pet series, emphasizing the emotional connection between pets and their owners through fashion [7] - The company aims to leverage the "first launch economy" by introducing exclusive products in the store, enhancing consumer engagement and experience [8] - Adidas is focusing on localized operations and innovation to improve product and service quality, aiming to capture the evolving consumer preferences for experiential shopping [8] Financial Performance - In Q1, Adidas reported global revenues of €6.153 billion, a 13% year-on-year increase, with operating profit rising 82% to €610 million [9] - The Greater China region achieved revenues of €1.029 billion, also reflecting a 13% year-on-year growth, marking eight consecutive quarters of quality growth [9]

Group 1 - The Sichuan Provincial Department of Commerce has developed a policy application guide to better serve enterprise development, covering various incentive measures in commerce and service industries, with a maximum incentive of 10 million yuan [1] - Incentives for high-level first stores opened in Sichuan from April 1 to September 30 include up to 3 million yuan for Asian-level first stores, 1 million yuan for Chinese first stores, and 500,000 yuan for Southwest first stores [1] - For the "Shu Li An Yi" consumption new scene operators recognized from 2023 to 2025, the provincial finance will provide a subsidy of 50% of the actual promotional investment, with a maximum of 1 million yuan per entity [1] Group 2 - For used car sales, eligible used car dealerships can receive incentives up to 5 million yuan [2] - Export credit insurance premium subsidies are available for companies with an export volume of 5 million USD or less, providing full premium subsidies for short-term export credit insurance with a rate not exceeding 0.08% [2] - Incentives for trade enterprises achieving certain scale and growth standards range from 6,000 yuan to 10 million yuan [2] - Traditional service industry enterprises that meet specific conditions can receive incentives based on sales volume, with 1 million yuan for sales of 100 million to 300 million yuan, 2 million yuan for 300 million to 500 million yuan, and 4 million yuan for sales exceeding 500 million yuan [2]

Core Insights - The recent "10 Measures to Boost Consumption" initiative in the Xia Mountain area has generated significant excitement among locals, indicating a potential shift towards becoming a "value-for-money paradise" for consumers [1] Group 1: Policy Initiatives - The first major policy involves the distribution of consumption vouchers across various sectors, including dining, tourism, and retail, allowing even small vendors to participate [2] - A focus on enhancing the quality and safety of dining experiences is emphasized, alongside the promotion of local tourism and hospitality [4] - The initiative includes a push for new consumption models, such as the "first store economy" and the integration of local agricultural products into e-commerce platforms [9] Group 2: Consumer Engagement - The introduction of themed promotions in local markets, such as discounts for bargaining in local dialects, has been well-received, showcasing innovative marketing strategies [13] - The development of tourism packages at attractive prices, such as a comprehensive ticket for various local attractions, has proven popular among visitors [14] - Transportation incentives, including fuel rebates for out-of-town visitors and discounted travel options, are designed to encourage tourism [15] Group 3: Community and Cultural Initiatives - The transformation of local markets into vibrant cultural spots, featuring live demonstrations and unique products, has attracted both locals and tourists [16] - Training programs for local hospitality providers aim to enhance service quality and customer experience [17] - The establishment of a "non-heritage night market" offers unique cultural experiences, further enriching the local tourism landscape [18] Group 4: Regulatory and Support Measures - A commitment to rapid response for consumer complaints has been established, enhancing consumer trust and satisfaction [20] - The initiative includes efforts to promote local stories and culture through innovative marketing strategies, such as QR codes for audio guides [21]