Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The domestic tourism market showed steady growth during the Dragon Boat Festival, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion yuan, up 5.9% year-on-year [15][16] - TOPTOY acquired a 51% stake in Hi TOY to enhance its IP portfolio, while Quantum Song reported a net profit of 41.15 million yuan for FY2025 Q3, a year-on-year increase of 181.24% [18][26] - The beauty sector on Douyin saw a GMV of 23.497 billion yuan in May, reflecting an 18% year-on-year growth, with international brands gaining market share [37][38] Summary by Sections Travel and Tourism - Domestic travel during the Dragon Boat Festival reached 119 million trips, with total spending of 42.73 billion yuan, indicating a 5.7% and 5.9% year-on-year increase respectively [15] - Xiangyuan Holdings strategically invested in Haichang Ocean Park, acquiring a 38.6% stake for 22.95 billion HKD, enhancing its cultural tourism portfolio [16] Trendy Toys - TOPTOY's acquisition of Hi TOY aims to strengthen its IP matrix and enhance competitiveness in the trendy toy market [18] - Quantum Song's revenue for FY2025 Q3 was 571 million yuan, down 39.64% year-on-year, but net profit surged 181.24% to 41.15 million yuan [26] Beverage Industry - Tea Baidao launched a new peach series, selling 300,000 cups on the first day, while Luckin Coffee introduced a new fruit and vegetable tea priced at 9.9 yuan [34][36] Beauty and Personal Care - Douyin's beauty category GMV reached 23.497 billion yuan in May, with a significant increase in the number of brands exceeding 1 billion yuan in sales [37] - International brands dominated the top beauty rankings, with 7 out of the top 10 brands being foreign, reflecting a shift in market dynamics [38][44] Market Performance - The A-share social service sector outperformed the market, with a 2.09% increase, while the Hong Kong consumer services sector lagged behind the Hang Seng Index [7][25]