Summary of Conference Call Notes Industry Overview - The conference call discusses the service consumption promotion policy, focusing on local services and travel consumption, which is expected to benefit sectors such as dining, OTA (Online Travel Agencies), scenic spots, and hotels [1][4]. Key Points and Arguments - **Service Consumption Promotion Policy**: The policy aims to stimulate local service consumption and travel services, with specific benefits expected in the dining and travel sectors [1][4]. - **Dining Sector Benefits**: The dining industry is anticipated to benefit significantly from consumption vouchers, with companies like Yum China, Green Tea, and Haidilao expected to gain from increased consumer spending [1][5]. - **Travel Industry Gains**: OTA platforms such as Ctrip, Tongcheng, and Didi are expected to directly benefit from subsidies. Mid-to-high-end hotels like Atour, Huazhu, and Jinjiang are also likely to see positive impacts [1][6]. - **Sports Industry Growth**: A new policy aims for the sports industry to exceed 7 trillion yuan by 2030, significantly surpassing market expectations. The current size of the sports industry is approximately 3.67 trillion yuan, indicating a need for substantial growth over the next seven years [1][9][10]. - **Specific Measures in Sports Policy**: The policy includes 20 specific measures aimed at expanding sports product supply, stimulating consumption, and enhancing service levels [1][11][12]. Additional Important Insights - **Impact of Upcoming Holidays**: The alignment of the Mid-Autumn Festival and National Day in 2025 is expected to create a long holiday effect, boosting travel demand [1][14]. - **Stock Market Reactions**: Recent stock price increases are attributed to positive outlooks for the upcoming holiday season and changes in investor sentiment, with recommendations for various companies across H-shares and A-shares [1][15]. - **Potential Beneficiaries**: Companies involved in the ice and snow economy, such as Changbai Mountain and Tianfu Culture Tourism, are identified as clear beneficiaries of the new sports policy [1][13]. This summary encapsulates the key insights from the conference call, highlighting the expected impacts of government policies on various sectors and the potential investment opportunities arising from these developments.