消费是拉动经济增长的主引擎。党的二十届四中全会提出，以新需求引领新供给，以新供给创造新需 求，促进消费和投资、供给和需求良性互动。当前，消费需求正向高品质消费升级，尤其是年轻消费群 体越来越愿意为能带来情绪价值的产品和服务买单。一座城市如何拨动年轻消费者心弦？辽宁省沈阳市 有自己的"独门绝技"。 调查显示，年轻人的消费理念和消费需求正从功能性向情绪性转变，消费行为承载着个性表达、情感陪 伴与社交价值等多重意义。面对消费者结构和需求变化，该怎样撬动年轻群体消费？ 沈阳市精研社会消费心理，以丰富多元的情绪价值供给，打开了诱人的消费"盲盒"，吸引"头回客"变回 头客。喜剧周、音乐节、旗袍节、体育赛事等遍地开花，百变沈阳总有新花样来"宠粉"。利用首发经 济、演出经济、赛事经济等各种活动场景释放情绪价值，正成为沈阳拉高消费热度的"流量密码"。 悦己—— 从松弛感到满足感 "快乐是免费的，特别快乐可能就得花点儿。"这是"搞笑圈"脱口秀主理人刘海斌的口头语。 幽默是一门生意，沉浸式体验也是一种产业。"抓住年轻人的心，就等于抓住了年轻人的消费。我们在 推销一种年轻时尚的生活方式。"刘海斌说，在沈阳中街可以体验多样的幽默艺术， ...

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.N) [5] Core Insights - Tencent Music's total revenue for Q3 2025 reached 8.46 billion RMB, a year-over-year increase of 20.6%, surpassing Bloomberg's consensus estimate of 8.23 billion RMB, driven by better-than-expected growth in non-subscription revenue [1] - The adjusted net profit attributable to the parent company for Q3 2025 was 2.405 billion RMB, reflecting a year-over-year growth of 32.6% [1] - The online music revenue was 6.97 billion RMB, up 27.2% year-over-year, accounting for 82.3% of total revenue, while social entertainment services and other revenues declined by 2.7% [1] Revenue Structure Summary - Subscription revenue reached 4.50 billion RMB, growing 17.2% year-over-year, with a music MAU of 551 million, a decrease of 4.3% year-over-year [2] - The number of paid subscribers increased by 5.6% year-over-year to 126 million, with a net addition of 1.3 million users from the previous quarter [2] - Non-subscription revenue was 2.47 billion RMB, showing over 50% year-over-year growth, with strong performance in advertising and live events [2] Expense Summary - Total expenses for Q3 2025 were 1.31 billion RMB, a year-over-year increase of 7.6%, with sales and marketing expenses rising by 18.2% due to increased content promotion and channel spending [3] Profit Forecast and Valuation Summary - The adjusted net profit forecast for 2025-2027 has been slightly revised down to 9.70 billion RMB, 10.98 billion RMB, and 12.51 billion RMB, respectively [3] - Revenue projections for 2025, 2026, and 2027 are 32.78 billion RMB, 37.30 billion RMB, and 41.92 billion RMB, with growth rates of 15.4%, 13.8%, and 12.4% respectively [4]

Core Insights - The Golden Week holiday from October 1 to 8 saw a total of 2.433 billion cross-regional trips in China, averaging 304 million trips per day, representing a year-on-year increase of 6.3% compared to the same period in 2024 [1] - Shanghai's entry and exit numbers reached 978,000, with transportation tools exceeding 6,880, marking increases of 17.8% and 9.6% respectively compared to 2024 [1] - The outbound travel market was robust, with 316,000 outbound travelers from mainland China, accounting for 73% of total outbound travelers, with Japan and South Korea being the top destinations [1] Consumer Spending Trends - New first-tier cities and county markets led national consumption growth during the holiday, with a 10% increase in total spending compared to the May Day holiday [3] - Chongqing topped the consumption rankings, surpassing major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, becoming the "double champion" in both payment amount and transaction count [3] - The holiday also saw a significant rise in cross-border tourism, with WeChat payment transactions in New Zealand increasing by 131% and in Italy doubling year-on-year [3][10] Regional Economic Activity - The top 20 cities by WeChat payment consumption included 13 new first-tier cities, with Wenzhou, Quanzhou, and Jinhua entering the top 20, showcasing economic potential outside of traditional first-tier cities [4] - Users in Chongqing and Chengdu showed a preference for leisure activities like "mahjong" and "biking," while users in major cities searched for entertainment events [6] Cross-Border Payment Growth - Cross-border payment transactions increased by 21% in the first five days of the holiday, with significant growth in transactions to South Korea (46%) and Singapore (32%) due to visa-free policies [10] - WeChat payment transactions in Malaysia saw a threefold increase, while Japan experienced over a 25% increase in transactions, facilitated by local e-wallet integrations [10] Travel and Transportation Innovations - Various travel-related mini-programs enhanced the convenience for outbound tourists, with significant growth in transaction volumes for transportation services [11] - The average daily visits to mini-programs by inbound tourists increased by over 60% during the holiday, indicating a growing trend in using WeChat for travel experiences in China [11]

Core Insights - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic tourism, with 888 million trips taken and total spending reaching 809 billion yuan, marking an increase of 1.23 billion trips and 108.2 billion yuan compared to the previous year [1] - Cross-border travel and new consumption scenarios such as concerts and festivals have emerged as key trends during the holiday period, driving consumer spending [1][6] Domestic Tourism Trends - The holiday period recorded 888 million domestic trips, with total spending of 809 billion yuan, reflecting a robust recovery in the tourism sector [1] - New first-tier cities and county markets led the growth in consumer spending, with Chongqing surpassing major cities like Beijing and Shanghai in both transaction volume and value [6] Cross-Border Travel Insights - Cross-border payment transactions increased significantly, with 41.55 billion transactions processed, amounting to 13.26 trillion yuan, representing a year-on-year increase of 95.23 billion transactions and 1.86 trillion yuan [1] - The implementation of visa-free policies has boosted inbound tourism, with South Korea, the US, Russia, Japan, and Malaysia being major sources of visitors [3] Payment Trends - Alipay reported a nearly 40% increase in spending by inbound tourists during the first five days of the holiday, with a 500% increase in transactions using the "Alipay Tap" feature [3] - WeChat data indicated a 21% increase in cross-border payment transactions during the holiday, with notable growth in transactions from South Korea and Malaysia [4] Emerging Consumption Scenarios - New consumption scenarios, such as concerts and anime conventions, have become significant drivers of spending, with events like the CPSP anime expo attracting large crowds and high spending [8] - The trend towards experiential travel is evident, with tourists seeking to immerse themselves in local culture rather than merely reaching destinations [8]

Core Insights - The "ticket economy" driven by concerts and music festivals is emerging as a new trend for travel in China, with many tourists planning trips around these events [1][4][11] Group 1: Economic Impact of Concerts and Festivals - During the recent National Day and Mid-Autumn Festival holiday, cities like Chongqing and Tianjin saw significant increases in tourist spending, with Chongqing becoming the top spending city among new first-tier cities [3][11] - The Lijiang Galaxy Left Bank Music Festival in Luzhou attracted over 100,000 music fans, leading to a 123% year-on-year increase in railway passenger volume and generating billions in surrounding consumption [3][12] - The concerts and festivals not only boost local economies but also enhance the overall tourism experience, as seen in the substantial increases in visitor numbers and spending in various cities [10][12] Group 2: Tourist Behavior and Preferences - Many tourists are traveling specifically for concerts, as evidenced by the case of a family who extended their trip to include a concert in Tianjin, resulting in a total expenditure exceeding 5,500 yuan [11] - The popularity of large-scale concerts is evident, with events like the concerts by singer Xie Tingfeng in Chongqing drawing over 82,000 attendees, significantly impacting local tourism and hospitality sectors [9][11] - The influx of external tourists for concerts has led to increased spending in local attractions, with Chongqing's core scenic spots experiencing a surge in visitor numbers during the holiday [10] Group 3: Government Support and Future Prospects - Local governments are actively incentivizing large-scale performances, with Luzhou offering up to 3 million yuan in subsidies for hosting major events, indicating a commitment to fostering a vibrant cultural economy [13] - The successful execution of events like the Galaxy Left Bank Music Festival has prompted local authorities to plan for future events, suggesting a sustainable model for cultural tourism [13] - The concert economy is creating a positive feedback loop, enhancing festival experiences and driving further tourism and spending in the region [13]

Core Insights - The "ticket economy" driven by concerts and music festivals is emerging as a new trend for travel in China, particularly during holidays like the National Day and Mid-Autumn Festival [1][3][12] Group 1: Concerts and Festivals Impact - Major concerts, such as those by popular artists like Xie Tingfeng, have attracted tens of thousands of attendees, significantly boosting local tourism and spending [1][10] - The "Yinhe Left Bank Music Festival" in Luzhou attracted over 100,000 music fans, leading to substantial local economic benefits, including a direct revenue of 65 million yuan and over 500 million yuan in related spending [12][13][14] - Cities like Chongqing and Tianjin reported double-digit growth in tourist spending during the holiday, with Chongqing becoming the top city for spending in the first five days of the holiday [3][11][12] Group 2: Local Government Initiatives - Local governments are investing in attracting top-tier artists and events, offering financial incentives for hosting large-scale performances [14] - Luzhou's government has implemented policies to provide up to 3 million yuan in incentives for hosting large events, while Chongqing has a structured subsidy plan for concerts with significant attendance [14] - These initiatives are fostering a positive cycle of event-driven tourism, enhancing local economies and encouraging repeat visits [14] Group 3: Visitor Experience and Services - Cities are enhancing visitor experiences by providing free transportation, amenities, and local products to attract and accommodate tourists [2][5][6] - The successful organization of events, including thoughtful logistics and engaging performances, has led to high visitor satisfaction and positive word-of-mouth [4][5][6] - The integration of local culture and entertainment, such as drone shows and local delicacies, has further enriched the visitor experience [9][10]

Core Insights - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel and spending, with 8.88 billion domestic trips taken and total spending reaching 809 billion yuan, marking an increase of 1.23 billion trips and 108.2 billion yuan compared to the previous year [3][4][5] Group 1: Domestic Travel Trends - The holiday period recorded 8.88 billion domestic trips, an increase of 1.23 billion trips compared to the previous year [3] - Total domestic spending reached 809 billion yuan, up 108.2 billion yuan from the previous year [3] - New consumption trends emerged, including a surge in cross-border travel and new consumption scenarios such as concerts and festivals [3][4] Group 2: Cross-Border Travel and Payments - Cross-border travel was notably popular, with significant growth in cross-border payment transactions, totaling 415.52 billion transactions worth 13.26 trillion yuan, an increase of 95.23 billion transactions and 1.86 trillion yuan compared to last year [3][5] - Inbound tourists showed increased spending, with Alipay reporting a nearly 40% rise in spending by inbound tourists compared to the previous year [6] - WeChat Pay also reported a 21% increase in cross-border payment transactions during the holiday [7] Group 3: Emerging Consumption Scenarios - New consumption scenarios, such as concerts and anime conventions, attracted significant consumer interest, with the Shanghai CPSP anime convention seeing a 524% increase in hotel bookings [10] - The demand for experiential travel is growing, with travelers seeking to immerse themselves in local culture rather than just reaching destinations [10] - The rise of new consumption trends is evident in the spending patterns of younger consumers, particularly in new first-tier cities and county markets [8][9]

Core Insights - The recent 8-day holiday saw significant shifts in the tourism and consumption landscape, with a notable increase in visitors from lower-tier cities, indicating a trend towards exploring smaller, less commercialized destinations [1][3] Group 1: Tourism Trends - Visitors from third-tier cities and below accounted for 61% of the total tourist population during the holiday [1] - Popular "county-level treasure towns" such as Pingtan in Fujian and Alshan in Inner Mongolia experienced over 19% year-on-year growth in tourist numbers [3] - Cultural tourism gained traction, with major museums like the Palace Museum in Beijing and the Terracotta Army Museum in Shaanxi seeing significant visitor increases, some exceeding 30% [5] Group 2: Consumer Behavior - Key commercial districts experienced a 13% increase in foot traffic compared to the same period last year, reflecting a release of consumer potential [5] - The top five cities for foot traffic in commercial areas were Shanghai, Shenzhen, Chengdu, Chongqing, and Guangzhou, while cities like Lijiang and Jinzhong saw over 120% year-on-year growth [6] - Consumers spent more time in shopping districts, with overall foot traffic up 6.2% and those staying for 1-2 hours increasing by 0.8% [8] Group 3: Spending Patterns - Payment data indicated that cities like Chongqing and Chengdu led in consumer spending during the holiday, with significant searches for entertainment-related keywords [9] - Spending on leisure activities such as fitness and beauty services rose by 16% and 11% respectively, while digital product purchases also increased by 11% due to trade-in policies [11] - Cross-border payments surged, with a 21% increase in transactions during the holiday, particularly in countries like New Zealand and Italy, driven by visa-free policies [12]

Core Insights - The article highlights the vibrant cultural and tourism activities in Xi'an during the National Day and Mid-Autumn Festival, showcasing the integration of culture and consumption in the city [1][4]. Group 1: Cultural Events and Tourism - The performances "Camel Bell Legend" and "Ancient City Beacon Fire" at the Huaxia Cultural Tourism Xi'an Resort were fully booked, indicating high tourist engagement [1][4]. - The Xi'an Eternal Love scenic area set a new record with 20 performances in a single day, reflecting the increasing popularity of live performances in the region [3][4]. - The "Poetry Month" cultural event in the Shijingli area attracted over 53,000 visitors in the first four days, demonstrating the appeal of immersive cultural experiences [9]. Group 2: Economic Impact and Consumer Engagement - The integration of performance tickets with hotel bookings led to hotel occupancy rates exceeding 80% during concert events, showcasing the economic benefits of cultural tourism [7]. - The "Xi'an Ticket Root Package" and other promotional activities released millions in benefits, covering numerous restaurants and cultural businesses, thus enhancing the local economy [4]. - Sales of cultural products in the Shijingli area increased by 10% year-on-year, indicating a successful conversion of cultural experiences into consumer spending [9].

Core Insights - The upcoming National Day and Mid-Autumn Festival will create an 8-day long holiday, leading to a surge in cultural and tourism consumption demand [1] - The trend of "traveling with performances" and "traveling with events" continues to be popular, indicating a shift in tourist preferences [1] Group 1: Event Highlights - A total of 464 commercial performances will be held during the holiday, including 25 large-scale events with over 5,000 attendees, expecting over 600,000 spectators [1] - Notable events include the 2025 Zijin Cultural Arts Festival, the 14th Mido Music Festival, and various concerts featuring popular artists [1] Group 2: Policy Enhancements - The "ticket root +" policy has been expanded, offering discounts and benefits for ticket holders across various attractions and services in cities like Nanjing, Xuzhou, and Suzhou [2][3] - Nanjing has introduced a "1+3" discount program for ticket holders, while Xuzhou offers free entry to cultural sites for ticket holders [2] Group 3: Service Improvements - Various cities are enhancing visitor experience through free shuttle services, luggage storage, and parking facilities to facilitate access to events [3] - Initiatives include direct transport to concert venues and partnerships with local airports for luggage delivery services [3] Group 4: Integration of Events and Tourism - The provincial tourism department is promoting "event + tourism" products, with various subsidies and incentives to encourage attendance [3] - Cities are implementing measures such as free public transport for tourists and opening internal parking spaces to accommodate increased visitor numbers [3]