近年来，线下演出市场持续火爆。演唱会、音乐节、话剧、戏剧等各类演出数量呈井喷态势，其衍生出的消费场景也不断丰富。 从演出前粉丝群体专门准备的明星物料、观演行头，到演出后的打卡留念仪式，观演人群对线下演出体验的需求升级也解锁了越来越多的细分消费市场， 成为激活消费的新动能。 摆摊经济：一边追星一边赚钱 2025年暑期，线下演出市场热度一路飙升，据灯塔专业版数据显示，7月演出市场总票房超34亿，同比增长近6成，直追电影市场规模。在这股热潮的带动 下，场馆周边的商业生态也随之活跃，一种围绕数万观众即时需求形成的摆摊经济，正悄然融入演出经济的整体生态，成为消费市场中一个颇具特色的存 在。 每逢演唱会，往往演出尚未开演，场馆周边各种流动摊位就已热闹展开。一场热门演出往往能吸引数万人参与，这些观众从城市各个角落甚至周边城市汇 聚到场馆周边，在入场前的等待和散场后的疏导过程中，形成了两个明显的消费高峰时段。正是这种短时间内高度集中的人流，为摆摊生意创造了天然的 市场空间，让各类商品有了精准触达目标客群的机会。 与固定商铺相比，摆摊的启动成本相对较低，摊主通常只需准备少量的商品库存和简单的经营设备，就能快速开启生意。同时，由 ...

许多未成年观众的家长也陪孩子来"追星"，场馆周边还专门设置两处家长等候区。临近十点结束散场 时，出口处已挤满等待的家长，众多公安民警、辅警及现场安保人员拉起人墙。 演唱会带来的人流也带动了周边消费，美团旅行数据显示，8月14日至8月20日期间，"上海体育场附近 酒店"搜索量同比上涨超800%。23日晚，记者在网上查询附近酒店，多家都已满房，"今天已经满房 了，明天也只剩一间。"海友酒店上海徐家汇万体馆店工作人员表示，"明天的房价为559元一间。"而该 酒店同房型的价格在演唱会结束后显示为215元。 "我是带我女儿从北京来的，这次来玩四天。"王女士进一步表示，"7月就开始订酒店，刚开始是传了三 个举办地，都去订了酒店，等官宣了举办地再退其他的。不订在附近不行啊，地铁都挤不上，更不用想 打车了。没抢到周日的演唱会票就打算去迪士尼玩。" （原标题：大型家长接娃现场！直击时代少年团演唱会：周边酒店涨价4倍） 21世纪经济报道记者 易佳颖、实习生刘是卓 上海报道 "订到今晚演唱会场馆附近的亚朵酒店，1200多元一晚。" 8月23日晚，等在上海体育馆旁的家长王女士 向记者讲述，"这家酒店演唱会结束后周一的价钱是300多元 ...

Core Insights - The "Champion" concert series by the Times Youth League will take place in Shanghai from August 20 to 24, attracting nearly 300,000 attendees over four shows [1] - Xuhui District is implementing innovative services such as free shuttle buses to facilitate orderly transportation for fans and their families [1] - A promotional campaign titled "Stay in Xuhui, Enjoy Haipai" is being launched, offering discounts at nearly 100 hotels for concert-goers [1] Transportation and Accommodation - Xuhui District has partnered with Dazhong Transportation Group to create three free shuttle bus routes, operating on concert days to connect fans to various commercial areas [1] - Several hotels in the vicinity, including seven specific hotels, are ensuring limited availability for concert attendees [2] Consumer Benefits and Local Economy - Xuhui District is providing various consumer benefits for attendees, including discounts and promotions at participating shopping malls, restaurants, and entertainment venues [2] - Local businesses, including 19 cinemas and nearly 10 KTVs, are offering special packages and discounts for concert-goers [2] - Travel agencies have designed 26 unique itineraries to showcase Shanghai's cultural heritage, expanding the economic impact of the concert [2]

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price of HKD 49.50 [1][9][12] Core Views - The report highlights the positive impact of the concert economy on the company's performance, with expectations for continued growth in the second half of 2025 [6][8][12] - The company is benefiting from a diverse non-gaming portfolio and is expected to attract high-end clientele with the opening of the Capella hotel in September [6][12] - The overall gaming revenue (GGR) is projected to increase, with adjustments made to the EBITDA forecasts for 2025-2027 [9][12] Summary by Sections Financial Data - The closing price as of August 12 was HKD 40.18, with a market capitalization of HKD 175,783 million [2] - The average daily trading volume over the past six months was HKD 462.68 million [2] Revenue and Profit Forecasts - Revenue projections for 2024, 2025E, 2026E, and 2027E are HKD 43,432 million, HKD 47,205 million, HKD 53,662 million, and HKD 57,896 million respectively, reflecting growth rates of 21.71%, 8.69%, 13.68%, and 7.89% [5] - Net profit attributable to the parent company is forecasted to be HKD 8,759 million, HKD 10,110 million, HKD 10,504 million, and HKD 11,628 million for the same years, with growth rates of 28.29%, 15.42%, 3.90%, and 10.70% [5] Gaming Performance - The company's gaming revenue for Q2 2025 was HKD 12 billion, showing a year-on-year increase of 16% and a quarter-on-quarter increase of 10% [6] - The breakdown of gaming revenue includes VIP at HKD 2.4 billion (up 73% YoY), mass market at HKD 8.8 billion (up 6% YoY), and slots at HKD 800 million (up 19% YoY) [6] Entertainment and Customer Traffic - The company hosted 190 entertainment and sports events in the first half of 2025, resulting in a 65% increase in customer traffic [7] - Upcoming concerts and events are expected to further boost visitor numbers and spending in the second half of 2025 [8][12] Valuation and Market Position - The report suggests that the company deserves a valuation premium due to its strong market position and diverse offerings compared to competitors [9][12] - The target price of HKD 49.50 corresponds to a 10.6x EV/EBITDA multiple for 2026E, reflecting an upward adjustment from the previous target of HKD 39.50 [9][12]

赏花游持续火热，文旅活动活力四射，演出项目多点开花……今年上半年，南宁市文旅部门持续深化"文旅+百业""百业+文旅"融合，消费热点不断涌现， 展现出文旅产业拉动消费的潜能。根据旅游抽样调查统计测算，上半年南宁市接待游客10006.76万人次，同比增长12.25%；实现游客消费1112.86亿元， 同比增长12.66%。 市民在青秀山风景区"南宁夜花园"里游玩。记者 叶子榕 摄 "我专程来'三街两巷'打卡拍照，品尝老友粉和糖水。这里既能逛吃游玩，又能打卡国风古韵，传统文化与潮流元素完美融合，体验感很不错。"吉林游客 曲美靓称赞"三街两巷"充满魅力。 新八桂油茶铺三街两巷店店长黄宽威表示，街区大客流带动了消费，该店营业额持续攀升。 "邕州古城将持续深耕'夜间经济'和'假日经济'两大核心板块，结合暑期旅游旺季，以及后续的中秋、国庆等假期，推出一系列主题鲜明、互动性强的活 动，通过创新文旅体验打造一张'常来常新'的城市文旅名片。"南宁文旅集团副总经理唐菲介绍，邕州古城·中山路、邕州古城·水街计划在下半年开街，将 通过整合优质商业业态，以多元消费场景和高品质服务，为游客带来更丰富的文旅消费体验，进一步激活古城的商业活力 ...

Core Insights - The rise of specialty markets across the country reflects a unique and vibrant trend driven by consumer demand for diverse and upgraded experiences [1][4][10] - Despite rapid growth, specialty markets face challenges such as homogenization, poor management, and subpar service experiences [1][10][11] Group 1: Market Trends - Specialty markets are flourishing, spanning various categories including culture, art, food, and technology, catering to diverse consumer preferences [4][5][10] - Events like cultural markets and food fairs are becoming popular, showcasing local heritage and attracting significant foot traffic [4][5][10] Group 2: Government Support - Local governments are implementing supportive policies to ensure the sustainable development of specialty markets, focusing on planning, management, and funding [3][7][9] - Initiatives in cities like Beijing and Shanghai aim to enhance consumer engagement through diverse activities and improved market infrastructure [7][8] Group 3: Challenges and Recommendations - The issue of market homogenization is prevalent, with many markets offering similar products, leading to consumer fatigue [10][11] - There is a need for better long-term planning and branding to ensure the sustainability and unique identity of specialty markets [11][12] - Market organizers should conduct thorough research to identify local cultural elements and consumer needs, enhancing the uniqueness and appeal of their offerings [12]

Core Insights - The tourism sector in Guangxi is experiencing significant growth, with total visitor numbers increasing by 10.7% year-on-year and total spending rising by 12.4%, exceeding 560 billion yuan, highlighting the importance of cultural and tourism consumption as a key driver of economic growth [1] - A series of policies, including the "Guangxi Tourism Year" initiative and various promotional activities, have been implemented to stimulate consumer spending and enhance the integration of culture and tourism with other industries [1][2] - The night economy and inbound tourism are emerging as new growth highlights, with inbound overnight visitors reaching 904,400, a 75.1% increase, and total spending from these visitors amounting to $331 million, a 77.5% increase [2] Policy Initiatives - Guangxi has launched 12 policies to activate consumer potential, including a three-day ticketing system for scenic spots and cultural benefit cards, alongside 22 themed activities to promote tourism [1] - The "Vibrant Night Guangxi" carnival and the introduction of an official IP character have contributed to the rise in nighttime cultural and tourism consumption [2] Market Environment - The consumer environment is improving, with a 13.5% decrease in tourism complaints compared to the previous year, indicating effective measures against issues like "unreasonably low-priced tours" [2] - The promotion of intangible cultural heritage and smart services has further stimulated consumer spending, with significant participation in related events and the development of a smart tourism platform [2] Future Outlook - Guangxi plans to continue deepening the integration of culture and tourism, focusing on innovation in consumer experiences and service upgrades to position the tourism industry as a strong engine for high-quality economic development [3]

Core Viewpoint - The article highlights the positive impact of the concert economy in Dazhou, driven by tax department initiatives that enhance service for businesses and stimulate consumer spending across various sectors [1][8]. Group 1: Economic Impact of Concerts - The concerts in Dazhou have significantly boosted local consumption, with a notable increase in hotel occupancy and restaurant sales [7]. - During the concert period, the accommodation industry saw a revenue increase of 2.66%, the catering industry experienced a 33.98% rise, and the tourism sector reported a 12.87% growth [7]. - The "Anyi Life" concert led to a 40% increase in visitor numbers at local attractions like the Ba Mountain Grand Canyon [7]. Group 2: Tax Department Initiatives - The Dazhou tax department proactively engaged with local businesses to address tax-related challenges and provide policy guidance, enhancing operational confidence for merchants [3][5]. - Tax officials conducted on-site visits to educate businesses on tax policies, helping them navigate complex tax structures and optimize their tax benefits [5][6]. - A "tax service direct line" was established, allowing businesses to quickly resolve issues during peak customer traffic [6]. Group 3: Long-term Service Mechanisms - The Dazhou tax department is transitioning from temporary support to a long-term service model, ensuring ongoing assistance for local businesses [8]. - A service tracking system has been implemented to monitor the operational status of local attractions and provide tailored policy guidance for new projects [8]. - Continuous outreach efforts are being made to local businesses in hospitality, dining, and retail sectors to ensure compliance and maximize the benefits of tax policies [8].

Core Viewpoint - The article discusses the evolving landscape of concert attendance in China, highlighting the increasing diversity of the audience and the economic impact of concerts on local economies. It emphasizes the emotional and social significance of attending concerts, which has transformed from a niche interest to a mainstream cultural phenomenon. Group 1: Audience Diversity and Experience - The audience for concerts has become more diverse, including older adults, minors, and various demographic groups, indicating a shift from a youth-centric view of concert-goers [10][12][54]. - Concerts provide a unique escape from daily life, allowing attendees to experience intense joy and connection with others, as described by attendees who feel a sense of community and shared happiness [5][15][40]. - The emotional impact of concerts is profound, with attendees often reflecting on personal stories and connections during performances, leading to moments of nostalgia and emotional release [42][81]. Group 2: Economic Impact and Market Dynamics - The ticketing platform, Damai, has seen significant revenue growth, with projected revenues of 2.28 billion, 14.8 billion, and 20.57 billion RMB over three fiscal years, indicating a booming concert market [14]. - The concert industry is not only about ticket sales; it generates substantial ancillary revenue, with a reported 1:4.8 ratio of ticket revenue to local economic impact, meaning every 1 RMB spent on tickets generates 4.8 RMB in local spending [78][79]. - The presence of scalpers (黄牛) has become a notable aspect of the ticketing landscape, with varying levels of pricing based on the scalper's position in the supply chain, affecting the overall market dynamics [31][32][34]. Group 3: Cultural Significance and Future Trends - The article highlights the cultural significance of concerts, particularly for the younger generation who grew up with specific artists, suggesting that musical preferences formed in youth can have lasting impacts on individuals [80]. - Local governments are increasingly supporting concert economies, recognizing their potential to boost tourism and local business, as seen in cities like Taiyuan, which has implemented policies to enhance concert experiences [68][79]. - The trend of integrating concert experiences with consumer products and services, such as bundled ticket and travel packages, reflects a growing recognition of the concert experience as a comprehensive entertainment offering [76].

Core Viewpoint - The article discusses the evolving landscape of concert attendance in China, highlighting the increasing diversity of the audience and the economic impact of concerts on local economies. Group 1: Audience Diversity - The audience for concerts has become more complex, including older adults, minors, and various demographics beyond just young fans [8][10][52]. - Concerts are no longer exclusive to young star-chasers; they attract a wide range of attendees, including families and older generations [8][10][52]. - The presence of "non-typical concertgoers" indicates a shift in cultural engagement, with older individuals and families participating more actively [52][53]. Group 2: Economic Impact - Concerts significantly boost local economies, with a reported 1:4.8 ratio of ticket sales to surrounding economic activity, meaning every 1 yuan spent on tickets generates 4.8 yuan in local spending [76]. - In 2024, concerts in Taiyuan generated 41 billion yuan in total consumption, with ticket sales accounting for 10.4 billion yuan [76]. - Local governments are increasingly supporting concert economies due to their potential to drive revenue in hospitality, transportation, and retail sectors [67][76]. Group 3: Ticketing and Resale Market - The ticket resale market is becoming more intricate, with varying levels of ticket scalpers (or "黄牛") affecting pricing and availability [27][30]. - The willingness to pay for concert tickets is notably higher among the 36-45 age group, with 30% willing to spend between 3001-5000 yuan [58][59]. - The dynamics of ticket pricing and availability reflect broader market trends, with older artists like Andy Lau becoming unexpectedly lucrative for scalpers [54][56]. Group 4: Cultural Significance - Concerts provide a unique escape from daily life, allowing attendees to immerse themselves in a shared experience that transcends social identities [11][13][31]. - The emotional connection to music and artists remains strong, with many attendees expressing profound joy and nostalgia during performances [78]. - The article emphasizes the lasting impact of music on individuals, suggesting that songs heard in youth can shape lifelong preferences and experiences [77].