Core Viewpoint - Shanghai Disneyland Resort is enhancing its ticket pricing structure by introducing more intermediate price levels within the existing range of 475 to 799 RMB, aiming to provide visitors with greater flexibility and options for planning their visits [2][4][6]. Pricing Structure - The current ticket pricing structure has been adjusted from four tiers to six tiers, with prices set at 475 RMB, 539 RMB, 599 RMB, 659 RMB, 719 RMB, and 799 RMB [6]. - The new pricing strategy will maintain the lowest and highest ticket prices at 475 RMB and 799 RMB, respectively, while additional intermediate prices will be introduced [6]. Consumer Benefits - The introduction of a multi-tiered pricing structure is designed to better meet consumer travel habits and preferences, allowing for a more balanced distribution of visitor flow throughout the year [6]. - Discounts of approximately 25% will continue to be available for children (ages 3 to 11), seniors (60 years and above), and disabled visitors, while infants under 3 years old will still be admitted for free [6].

Core Viewpoint - Shanghai Disneyland is introducing more mid-tier ticket prices within the existing range of 475 to 799 RMB, aiming to provide visitors with greater flexibility and enhance their experience [1][2]. Ticket Pricing Structure - The current ticket prices at Shanghai Disneyland are set at 475 RMB, 539 RMB, 599 RMB, 659 RMB, 719 RMB, and 799 RMB, with plans to add more price levels [1]. - The ticket pricing structure has been adjusted from four tiers to six tiers, allowing for a more granular pricing strategy [1]. Visitor Discounts - Discounts of approximately 25% are available for children (ages 3 to 11), seniors (60 years and above), and disabled visitors (with proof of disability) [1]. - Infants (under 3 years old) can enter the park for free [1]. New Ticket Products - A special "Afternoon Ticket" will be available during the Shanghai Tourism Festival, allowing entry after 3 PM on selected dates from September 13 to 19, 2025 [2]. Global Pricing Context - Shanghai Disneyland's base ticket price of 475 RMB remains one of the lowest among global Disney parks, with U.S. parks charging over 100 USD and Disneyland Paris charging over 50 EUR [2]. Operational Strategy - Continuous updates and innovations in attractions and events are essential for theme parks to attract visitors, necessitating periodic adjustments in ticket pricing and structure [2].

Core Viewpoint - Shanghai Disneyland Resort is introducing a new multi-tier ticket pricing structure to provide visitors with more flexible options, while maintaining the existing price range of 475 to 799 yuan [1][3]. Pricing Structure - The ticket pricing structure has been adjusted from four tiers to six tiers, with current prices set at 475 yuan, 539 yuan, 599 yuan, 659 yuan, 719 yuan, and 799 yuan. The specific new price tiers have not yet been announced, but the overall price range will remain unchanged [3]. - The new pricing structure aims to reduce the price gap between adjacent tiers, enhancing consumer choice and helping to balance visitor flow throughout the year [3]. Discounts - Discounts of approximately 25% will continue to be available for children (ages 3 to 11), seniors (aged 60 and above), and disabled visitors (with proof of disability). Infants (under 3 years old) will still be allowed to enter for free [4].

Core Viewpoint - Goldman Sachs released a report on May 5, analyzing the supply-demand imbalance and turning points in the Asian passenger and cargo transportation sectors, indicating that the three major Chinese airlines will underperform in Q1 2025, but the supply shortage logic remains unchanged, with Labor Day holiday ticket prices potentially exceeding expectations [1] Summary by Sections Airline Performance - The three major Chinese airlines reported Q1 2025 results: Air China (601111) recorded a net loss of 2 billion yuan, Eastern Airlines 995 million yuan, Southern Airlines 747 million yuan, and Spring Airlines (601021) a net profit of 677 million yuan. In comparison, Q1 2024 results were net losses of 1.7 billion yuan, 803 million yuan, and net profits of 756 million yuan and 810 million yuan respectively. Market expectations were for at least flat growth, but only Spring Airlines met expectations, while Southern Airlines underperformed due to a 683 million yuan loss from an investment in Sichuan Airlines [2] - The underperformance of the three major airlines is primarily linked to a 6% and 12% year-on-year decline in domestic and international ticket prices in March 2025, partially offset by improved aircraft utilization leading to lower unit costs [2] Future Outlook - Goldman Sachs has lowered its passenger yield forecast, assuming airlines will offer higher discounts to attract passengers amid low oil prices, but maintains its expectations for passenger yield excluding fuel costs. Additionally, anticipated tariff increases may raise maintenance costs, and overseas airport landing fees will be adjusted according to guidance [2][5] - Spring Airlines has reduced its fleet introduction plan for 2025/2026, citing increased aircraft and parts procurement costs due to tariff hikes, which will slow industry fleet expansion. Despite ongoing delivery delays, Goldman Sachs believes the supply shortage logic remains unchanged, with net demand expected to be 4%, 2%, and 1% for 2025-2027 [3][8] Labor Day Holiday Expectations - The Civil Aviation Administration of China (CAAC) predicts an 8% year-on-year increase in passenger volume during the Labor Day holiday, reaching 119% of 2019 levels, exceeding Goldman Sachs' full-year growth forecast of 7%. Domestic and international passenger volume is expected to grow by 6% and 26% year-on-year, respectively [7] Cost and Revenue Analysis - In Q1 2025, domestic ticket prices are expected to decline by 6% year-on-year, while international ticket prices are projected to drop by 12%. However, domestic ticket prices are anticipated to turn positive starting April 2025, driven by a low base effect. Unit costs have decreased, with Eastern and Southern Airlines showing a 3% decline in cost per available ton-kilometer, while Air China saw a 1% decrease [5][11] - Southern Airlines reported a 683 million yuan loss from investments in Sichuan Airlines, while Air China recorded 710 million yuan in investment income, primarily from its investment in Cathay Pacific [6] Supply and Demand Adjustments - Due to the underperformance in Q1, Goldman Sachs has slightly lowered its domestic passenger volume growth assumption for 2025 from 5% to 4%, while maintaining a 22% growth forecast for international passenger volume. Consequently, the expected growth in air travel demand for 2025-2027 is projected at 6%, 5%, and 5% [11][15] Airline Valuation and Ratings - Southern Airlines has a 12-month target price of 4.1 HKD for its Hong Kong stock and 5.5 CNY for its A-shares, based on a projected price-to-book ratio of 1.9 times for 2025. The stock is rated "Neutral" for A-shares and "Buy" for Hong Kong shares [16] - Eastern Airlines has a target price of 3.3 HKD for its Hong Kong stock and 4.6 CNY for its A-shares, rated "Buy" for both [20] - Air China has a target price of 8.6 CNY for its A-shares and 6.5 HKD for its Hong Kong stock, rated "Buy" for both [22] - Spring Airlines is rated "Buy" with a target price of 60.5 CNY based on a projected price-to-book ratio of 3.1 times for 2025 [24]

Core Viewpoint - Hong Kong MTR Corporation has proposed a fare increase of 9.4% for the Airport Express, expected to be implemented by June 2025 [1][3]. Fare Adjustment Details - The current adult fare from Hong Kong Station to the airport is HKD 110, proposed to increase by HKD 10 to HKD 120 [3]. - The fare from Kowloon Station to the airport will rise from HKD 100 to HKD 105, while the fare from Tsing Yi Station will increase from HKD 65 to HKD 73 [3]. - For single journey tickets without Octopus, the fare from Hong Kong Station will increase from HKD 115 to HKD 130, from Kowloon Station from HKD 105 to HKD 115, and from Tsing Yi Station from HKD 70 to HKD 80 [3]. - The adult single journey fare from the airport to the exhibition center will increase by HKD 1 [3]. Context and Impact - The Airport Express has not adjusted its fares since 2017, and the service has faced losses due to reduced passenger numbers during the pandemic [3]. - Passenger volume has only recovered to about 70% of pre-pandemic levels, influenced by competition from other public transport and changes in business travel patterns [3].