Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The consumer services industry index rose by 3.82% from November 7 to November 20, 2025, outperforming the CSI 300 index by approximately 6.56 percentage points during the same period [9][10]. - The report highlights strong growth in domestic travel, with outbound hotel and flight bookings reaching 140% of the levels seen in the same period of 2019, and inbound tourism bookings increasing by over 100% year-on-year [33][27]. - The implementation of digital technologies in the cultural and tourism sectors is expected to enhance the supply side of the tourism industry, promoting upgrades and new consumption scenarios [22][33]. Summary by Sections Market Review - The consumer services index continued its upward trend, ranking fourth among all CITIC first-level industry indices [9]. - The performance of sub-sectors varied, with comprehensive services down by 0.43%, while tourism and hotel sectors saw increases of 4.54% and 6.26%, respectively [10]. - A total of 27 listed companies in the industry reported positive returns, with the top five performers being Jinjiang Hotels, Junting Hotels, Caesar Travel, Changbai Mountain, and China Duty Free, showing increases of 11.23%, 9.49%, 9.16%, 9.08%, and 8.48% respectively [14] [10]. Industry News - The State Council issued an opinion to accelerate the application of digital technologies in the cultural and tourism sectors, aiming to integrate various digital experiences [22]. - Xiangyuan Cultural Tourism signed a strategic cooperation agreement with the government of Kunshan City to enhance the local tourism industry [23]. - Ctrip's Q3 report indicated a robust recovery in domestic travel, with significant increases in international bookings [27]. Company Announcements - Junting Hotels announced a cash acquisition of the remaining 21% stake in its subsidiary, aiming for full ownership [28]. - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, with a total revenue of 30.6 billion yuan [24]. Weekly Perspective - The report suggests focusing on specific stocks such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand [34][35].

中新网上海新闻11月10日电(记者 康玉湛)近日，记者采访时获悉，全球顶级好莱坞视觉特效公司"数字 王国"有意联合多家国际企业，参与打造以人工智能为技术支持、联合多个国际知名IP的一系列综合型 文旅项目并逐步落地上海。 诞生于好莱坞的数字王国是感官体验虚拟化先锋。 面对人工智能激发的浪潮，数字王国主张科技与艺术共生——即，推出让想象力落地的专利成果，加速 其在消费级赛道的商业转化。遵循这一理念，数字王国已相继发布由人工智能驱动的影像创作解决方 案"汉堡"和一站式影像创作平台"AI DOMAIN"，并逐步应用于商业广告、游戏影像的构建过程。 此外，通过上述技术能力与上海政策资源的深度绑定，数字王国计划实现从技术服务商向城市级AI生 态构建者的转型，同时为上海人工智能高地建设提供"科技+文化+城市"三位一体的创新范式。 经过30多年的蜕变，数字王国已实现虚拟人、视觉特效和可视化的全球性拓展，代表作包括荣获奥斯卡 金像奖"最佳视觉效果"的《泰坦尼克号》等。拟合作的多家国际企业则聚焦新时代现场娱乐，将虚拟 人、人工智能与Web3技术深度融合，致力于为用户打造实时、互联的现场体验。 作为全球最大内部开放式多功能沉浸式娱 ...

Core Insights - The article emphasizes the importance of digital transformation in the cultural and tourism industry, highlighting the integration of digital technology to enhance visitor experiences and operational efficiency [1][4][6] Group 1: Digital Transformation in Cultural and Tourism Industry - The Chinese government’s "14th Five-Year Plan" advocates for the deep integration of the digital economy with the real economy, particularly in cultural and tourism sectors [1] - Digital technologies such as online booking, virtual exhibitions, and AI are increasingly being adopted in the cultural tourism industry, improving visitor experiences and operational management [1][4] - The Beijing Dongcheng District is leading efforts in digital transformation by leveraging cultural roots and technology to create a robust digital IP ecosystem that supports economic development [2][4] Group 2: Trends and Opportunities - Cross-industry collaboration is a significant trend, with cultural tourism sites partnering with tech companies to enhance visitor engagement through AR and VR technologies [4][6] - The "Digital Cultural Tourism Industry Development Action Plan" aims to cultivate 100 benchmark digital cultural tourism projects by 2026, with a projected consumption scale exceeding 1.5 trillion yuan [5] - Digital cultural tourism is seen as a way to overcome the limitations of traditional tourism, allowing for a more interconnected and immersive visitor experience [6] Group 3: Challenges and Solutions - The cultural tourism market faces issues of homogenization, with over 60% of digital IPs focusing on similar themes, leading to low visitor satisfaction and repeat purchase intentions [7] - Many cultural tourism enterprises report that significant investments in digital technology do not yield expected results, with 30% indicating that VR/AR projects often fail due to poor user experience [9] - Strengthening copyright awareness and utilizing blockchain technology for IP protection are recommended to mitigate risks associated with digital IP infringement [9][10]

风语筑副总经理兼董事会秘书李成在与投资者的交流中，重点阐述了公司的战略规划与技术创新方向。李成表示，风语筑将继续巩固其在国内数字展示行业 的核心竞争力，特别是在政府端展览展示业务领域的龙头地位。目前，公司已参与全国31个省市自治区中25个省会级规划展示馆的建设，并借助存量更新改 造的业务机会，进一步提升市场份额。 在城市更新领域，风语筑成功打造了多个标杆项目，如合肥城市记忆馆和衢州天王塔项目。这些项目通过结合当地政府资源与风语筑的设计、运营能力，实 现了从传统景区到数字化、沉浸式文旅体验的转型。 其中，在合肥城市记忆馆项目中，风语筑利用数字技术重现了合肥的历史风貌，通过多媒体展示和互动体验，让游客仿佛穿越时空，感受城市的变迁。该项 目不仅成为当地的文化新地标，还通过市场化运营，实现了经济效益与社会效益的双赢。 在衢州天王塔项目中，通过光影技术和数字内容的创新设计，并充分挖掘衢州佛文化的传播与发展，通过综合运用声、光、电、影等高科技展览手法展现佛 文化意境，该项目成功打造了一个具有地域文化特色的IP，吸引了大量游客，成为衢州文化旅游的新亮点。不仅提升了城市的文化形象，还为当地创造了可 观的旅游收入，得到了当地政 ...

Core Insights - The "Shopping Season in China 2025" in Shenzhen concluded with over 670 events, followed by the "New Year Consumption Season" featuring more than 500 promotional activities from November to February [1][3] Group 1: Economic Impact - Shenzhen's total retail sales of consumer goods reached 756.08 billion yuan, with a year-on-year growth of 3.6% from January to September [1] - During the shopping season, key commercial districts saw a significant increase in foot traffic and sales, with 26 monitored districts recording 19.49 billion yuan in sales and 19.975 million visitors from October 1 to 8, marking a growth of approximately 20% [3] Group 2: Event Highlights - The shopping season focused on 15 major consumption hotspots, including summer consumption, AI consumption, and duty-free shopping, with monthly themes of "Joyful Shopping in August," "Fashionable Shopping in September," and "Brand Shopping in October" [3] - The opening of Shenzhen's first city duty-free store during the shopping season aimed to attract outbound travelers and promote domestic consumption [3] Group 3: Future Initiatives - The upcoming "Enjoy Winter, Shop Shenzhen" New Year Consumption Season will include four monthly themes, seven new consumer experiences, and over 500 promotional activities [4] - Shenzhen plans to release a "Consumption Map" and "Must-Buy List" to enhance shopping convenience and promote local brands [5] - The city aims to attract 1,200 new flagship stores and concept stores by the end of the year, while also fostering new business models like "AI + Consumption" and digital tourism [5]

深圳购物季开展了超670场分项活动。图为国庆中秋期间，龙华壹方天地吸引游客125万人次。(受访单 位供图) 为期3个月的"购在中国2025深圳购物季"近日落下帷幕，超670场活动正式收官。"深圳跨年消费季"精彩 接力，超500场次促消费活动将贯穿今年11月至明年2月。 作为万亿级消费城市，深圳一直将促消费扩内需作为经济增长的重要引擎。今年1-9月，深圳全市社会 消费品零售总额达7560.81亿元，同比增长3.6%。今年以来，全球规模最大的室内滑雪场前海冰雪世 界、全球最大的实体书城湾区之眼、全国最大的户外水上舞台欢乐剧场等一批高品质文旅地标先后投入 运营，进一步丰富了消费场景，激活了深圳消费市场。 深圳购物季 跨年消费季 商文旅体一齐发力 此次接棒的"悦享暖冬乐购深圳"跨年消费季，涵盖四个月度主题活动，七大消费新体验、八大商文旅体 品牌IP、九条服务便利化措施、十项持续性工作举措，计划开展超过500场次促消费活动。 在推荐消费品牌、促进购物便利化方面，深圳将发布"消费地图"和"必购必带清单"。深圳市商务局副局 长周明武介绍，将结合十五运会、APEC会议契机，培育发布一批特色消费线路、"打卡胜地"和美食地 图； ...

Core Insights - The conference aimed to promote the integration of data elements with the cultural tourism industry, aligning with the national "Artificial Intelligence+" initiative to enhance the value of data elements [1][5]. Group 1: Digital Economy and Data Development - Yangzhou has been recognized as one of the top 100 cities in China's digital economy for four consecutive years and has been approved as a core area for the National Digital Economy Innovation Development Pilot Zone [2]. - The city has successfully launched three national first cultural and tourism data products on the Shenzhen Data Exchange, with total data collection exceeding 10 billion [2]. - Yangzhou has established a "Digital Grand Canal" computing power community, ranking among the top in the nation for computing power capabilities [2]. Group 2: Policy Framework and Talent Development - Yangzhou has developed a comprehensive digital transformation policy framework termed "1+4+N" and established a digital innovation working committee [3]. - The city is focusing on cultivating high-skilled talent in data annotation through industry-education integration, which has been recognized as an exemplary case for 2025 [3]. Group 3: Digital Integration in Cultural Tourism - The Jiangsu Provincial Department of Culture and Tourism has implemented digital construction plans to promote the deep integration of "digital + cultural tourism" [4]. - Yangzhou's "Xiaoyangzhou" smart service platform has become the first in the nation to integrate AI cultural tourism models and digital human technology [4]. Group 4: Data Sharing and Collaboration Initiatives - The conference featured the release of the "Cultural Tourism High-Quality Data Set Industry Co-Building Yangzhou Initiative," aimed at breaking down data barriers and promoting secure data sharing [7]. - A total of 18 high-quality data sets were released, covering various sectors including cultural tourism and audio annotation for music education [8]. Group 5: Future Directions and Industry Engagement - The conference served as a significant milestone for Yangzhou in advancing "digital cultural tourism," with a focus on connecting data resources with industry needs [8]. - The establishment of the "National Data Annotation Industry-Education Integration Development Base (East China)" aims to cultivate and supply professional talent for the cultural tourism data industry [7].

Core Insights - The conference on high-quality data sets and data labeling in the cultural tourism industry was held in Yangzhou, Jiangsu, focusing on the integration of data elements with the cultural tourism sector [3][4] - The event highlighted the importance of data as a new production factor driving high-quality economic development, particularly in the context of the digital economy [3][4] - Yangzhou's advancements in digital economy and data capabilities were emphasized, showcasing its position as a core node in national data infrastructure [3][5] Group 1: Conference Highlights - The conference gathered industry experts, scholars, and government officials to discuss the deep integration of data and cultural tourism [3][4] - Yangzhou's historical significance and its current digital transformation were underscored by local officials, indicating a robust digital governance framework [3][4] - The establishment of the "National Data Labeling Industry Education and Integration Development Base (East China)" was announced, with several companies joining [5] Group 2: Data and Technology Focus - The conference addressed the need for high-quality data set construction and the development of the data labeling industry as crucial for advancing artificial intelligence [4] - Suggestions were made for demand-side and supply-side stakeholders to enhance collaboration and improve data quality and standards [4] - The event featured the launch of 18 high-quality data sets across various sectors, including cultural tourism and audio labeling [5] Group 3: Future Directions - A collaborative initiative was introduced to promote standardized data sharing and ecological development within the cultural tourism sector [5] - The conference served as a platform for fostering cooperation and innovation in the digital economy, particularly in relation to cultural tourism [5] - Yangzhou's digital economy initiatives were presented as a model for other regions, emphasizing the potential for growth and development in the sector [3][5]

Core Viewpoint - Shenzhen is launching over 500 promotional consumption activities as part of the "Yue Enjoy Warm Winter, Happy Travel Guangdong" consumption season, aiming to enhance consumer experience and stimulate economic growth [1][4]. Group 1: Event Overview - The consumption season will integrate Shenzhen's unique winter advantages and quality cultural tourism resources, offering themed activities monthly and weekly [1][3]. - Activities will include sports events related to the "15th National Games" and various community sports activities [1][3]. Group 2: Technological and Cultural Integration - The event will feature technology innovations, including demonstrations of electric vertical takeoff and landing vehicles, and establish new product experience zones in collaboration with local tech companies [3][4]. - Cultural experiences will be highlighted through events like "Han and Tang Carnival" and intangible cultural heritage workshops, promoting cultural confidence [3][4]. Group 3: Economic Development Initiatives - Shenzhen plans to enhance its first-release economy by introducing measures to attract brands to open flagship stores and launch new products [4]. - The city aims to innovate consumption formats by promoting new business models such as "AI + consumption" and digital cultural tourism [4]. Group 4: Consumer Experience Optimization - The city will leverage the upcoming APEC meeting to implement new duty-free policies and improve the inbound consumer experience [4][5]. - Shenzhen's retail sales reached 756.08 billion yuan from January to September this year, reflecting a 3.6% year-on-year growth, emphasizing its role as a major consumption city [4]. Group 5: New Landmarks and Marketing Strategies - New cultural and tourism landmarks, such as the world's largest indoor ski resort and the largest outdoor water stage, have opened, enriching the consumer landscape [5]. - The city plans to enhance its marketing efforts in conjunction with the APEC meeting to promote Shenzhen on a national and global scale [5].

Core Points - The "Yuexiang Warm Winter, Enjoy Guangdong" consumption season aims to stimulate urban consumption potential and enhance Shenzhen's attractiveness by integrating local cultural and tourism resources [3][4] - The event will feature over 500 promotional activities, focusing on monthly themes and various consumer experiences [5][6] - The initiative will leverage upcoming events like the APEC meeting and the "15th National Games" to promote Shenzhen as a global tourism and consumption destination [7][8] Group 1: Event Overview - The "Yuexiang Warm Winter, Enjoy Shenzhen" consumption season is designed to align with provincial initiatives and highlight Shenzhen's unique characteristics [3][4] - The event will include themed activities, sports events, and cultural experiences to engage consumers [3][5] Group 2: Consumer Experience Enhancements - The consumption season will introduce new consumer experiences, including technology showcases and exclusive offers for residents of Hong Kong and Macau [3][5] - A comprehensive service system will be established to support tourism and cultural activities, enhancing the overall visitor experience [7][8] Group 3: Financial Support and Payment Solutions - Financial institutions will be encouraged to enhance consumer finance services and support promotional activities during the consumption season [9][10] - Various payment solutions will be implemented to facilitate consumer transactions, especially for international visitors [10] Group 4: Regulatory and Quality Assurance Measures - The market supervision bureau will focus on improving service quality and consumer confidence during the consumption season [11][12] - A multi-faceted approach will be taken to address consumer disputes and enhance the overall shopping experience [12]