Core Viewpoint - The success of the Jiangsu Province's first urban football league ("Su Chao") reflects the potential of sports consumption and urban service consumption, indicating a shift in local state-owned enterprises from "participating" in urban operations to "coordinating" urban operations [1][2]. Group 1: Asset Integration - Nanjing Commercial Tourism Co., Ltd. announced a major reform and restructuring plan led by its controlling shareholder, Nanjing Tourism Group, aiming to integrate Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group into a comprehensive development and operation platform for cultural tourism and sports [3][4]. - Nanjing Tourism Group, established in December 2017, has total assets of 51.122 billion yuan and focuses on six major business segments, including scenic area operations and hotel services [4][5]. - The restructuring will not change the main business of Nanjing Commercial Tourism, nor will it alter the controlling shareholder or actual controller [4][6]. Group 2: Comprehensive Operation Platform - The restructuring is still in the planning stage, and the specific plan is yet to be determined, with the potential to create a comprehensive operation platform covering cultural tourism, sports industry, and commercial development in Nanjing [6]. - This platform is expected to enhance the overall competitiveness of Nanjing's cultural tourism and sports industries, providing long-term growth opportunities for Nanjing Commercial Tourism as the only listed platform [6][7]. Group 3: Consumption Stimulus Policies - The Nanjing government has introduced a "1+3" discount initiative linked to the "Su Chao" event, allowing ticket holders to enjoy discounts at 200 scenic spots and restaurants, thereby stimulating consumption [7][8]. - The integration of state-owned assets is anticipated to normalize such government-enterprise collaborative consumption stimulus policies, creating a closed loop of "event traffic - consumption conversion - state-owned revenue" [8].