Core Viewpoint - The article highlights the impressive performance of domestic tourism in China during the recent National Day holiday, with a significant increase in both the number of travelers and total spending. In this context, Shaanxi Tourism Cultural Industry Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange, aiming to leverage its cultural tourism resources, including the famous "Chang Hen Ge" performance [1][17]. Group 1: Company Overview - Shaanxi Tourism's core business focuses on "scenic spots + cultural tourism," with major revenue streams from tourism performances, cable cars, and dining services [2][7]. - The company has developed notable performances such as "Chang Hen Ge," which is a large-scale historical dance drama that has become a cultural highlight for Shaanxi tourism [2][4]. Group 2: Financial Performance - The revenue from "Chang Hen Ge" has increased significantly, accounting for 57.63% of total revenue in the first half of 2025, up from 33.5% in 2022. In contrast, revenue from cable car services has decreased from 50.08% to 35.77% during the same period [7][8]. - The company's financial performance has shown volatility, with revenues of approximately 2.32 billion, 10.88 billion, 12.63 billion, and 5.16 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits were -1.03 billion, 5.3 billion, 6.22 billion, and 2.47 billion yuan for the same periods [12][19]. Group 3: Market Dynamics - The company faces risks related to innovation in performance content and increasing competition in the cultural tourism sector, with a notable decline in audience attendance rates for some performances [9][15]. - The overall tourism market in China is recovering post-pandemic, with domestic tourism numbers reaching 32.85 billion in the first half of 2025, a year-on-year increase of 20.6% [10][19]. Group 4: IPO and Future Prospects - Shaanxi Tourism plans to raise approximately 15.55 billion yuan through its IPO, with funds allocated for various projects, including cable car expansions and acquisitions [19]. - The company is controlled by Shaanxi Provincial State-owned Assets Supervision and Administration Commission, which may pose competition risks with other subsidiaries in similar business areas [18][19].

"出门在外，我常被当成外国人。"孙运梅眨着那双蓝色的眼睛，用地道的东北话说，"但我总会认真地 告诉对方：我是中国的俄罗斯族妇女。"如今，孙运梅通过辛勤经营的民族家庭游，过上了实实在在的 幸福生活。 新华社记者 马金瑞 摄 【1】 【2】 【3】 【4】 【5】 原标题：用民族美食"烹"出文旅融合新滋味 戈拉尼娅的中文名字叫孙运梅，这位63岁的俄罗斯族妇女凭借着一手地道的民族美食手艺，在恩和做起 了红火的旅游生意。"这是妈妈教我的。"她笑着说，"现在好多慕名而来的游客都馋这一口。" 孙运梅制作的奶酪包保留了俄罗斯族的传统工艺，又在配方上做了本地化创新。她在新鲜发酵的面团中 融入了当地牧场的优质奶酪，让每一口都充满浓郁的奶香。而另一道拿手菜"葛德列克"（肉饼配炸薯 条）更是诱人——将土豆与香煎的洋葱完美融合，再配上呼伦贝尔牛肉煎成的肉饼。 这些融合了俄式工艺与本地风味的传统美食，在她与女儿、侄女共同经营的餐馆和木刻楞民宿中，飘香 四溢。"去年我们接待了超过四千名游客。"她翻看着相册，不无骄傲地说，"最远的客人，从海南特意 赶来，就为体验我们地道的俄罗斯族文化。" 9月26日，在内蒙古呼伦贝尔市额尔古纳市恩和俄罗斯 ...

Market Overview - The three major stock indices experienced narrow fluctuations in the morning, followed by a rebound in the afternoon, with the Sci-Tech 50 Index rising significantly [1] - As of the market close, the Shanghai Composite Index increased by 0.22% to 3828.58 points, the Shenzhen Component Index rose by 0.67% to 13157.97 points, and the ChiNext Index gained 0.55% to 3107.89 points [1] - The Sci-Tech 50 Index saw a notable increase of 3.38%, while the total trading volume in the Shanghai and Shenzhen markets reached 21,427 billion [1] Sector Performance - Sectors such as tourism, catering, liquor, food and beverage, media, retail, and banking experienced declines [1] - The semiconductor sector showed strong performance, while brokerage and automotive sectors also saw gains [1] - Consumer electronics and CPO concepts were active in the market [1] Analyst Insights - According to CITIC Securities, the market remains at a high level without a clear trend of topping or retreating [1] - There is an increasing rotation among previously popular sectors, with the overall index in a phase of horizontal consolidation [1] - Historical reference suggests that the final support level may align with the 60-day moving average, indicating a likelihood of continued sector rotation and declines in high-performing stocks [1] - The recommendation is to maintain a horizontal mindset in the short term, focusing on sector rotation and individual stocks rather than the overall index [1]

Market Overview - The Shanghai Composite Index closed at 3831.66 points, down 1.15%, with a trading volume of 13659.62 billion yuan [1] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, with a trading volume of 17691.95 billion yuan [1] - The ChiNext Index closed at 3095.85 points, down 1.64%, with a trading volume of 8295.09 billion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, coal, real estate, insurance, oil, banking, and liquor all experienced declines [1] - The tourism and catering sector showed resilience, rising against the market trend [1] - The semiconductor and chip concepts were strong, with AI-related stocks in the CPO sector being particularly active [1]

Group 1 - The stock market experienced a strong rise in the morning but fell back in the afternoon, with all three major indices dropping over 1% [1] - The Shanghai Composite Index closed down 1.15% at 3831.66 points, while the Shenzhen Component Index fell 1.06% to 13075.66 points, and the ChiNext Index decreased by 1.64% to 3095.85 points [1] - The Kweichow Moutai Index rose 0.72%, and the total trading volume in the Shanghai and Shenzhen markets reached 31,671 billion yuan, marking the third-highest trading volume of the year [1] Group 2 - The market is currently in the early stages of a new cycle of US dollar interest rate cuts, with liquidity release just beginning [1] - The trend of "finance + technology" is expected to continue, with a focus on strong industry trends such as artificial intelligence and solid-state batteries, as well as non-ferrous metals benefiting from a weaker dollar [1] - Silver Hua Fund remains optimistic about the A-share market, citing a "double bottom area" in fundamentals and capital inflows, with clear signals of supply clearing in the midstream manufacturing sector by 2026 [2]

来源：市场资讯 （来源：财信证券研究） 大势研判。下周将面临较多国内外事件扰动，需要密切观察市场是否会进行方向选择。一是下周将公布8月份高频经济数据，可观 察"反内卷"政策对经济影响程度；二是9月14日至17日中美将在西班牙举行会谈，双方将讨论美单边关税措施、滥用出口管制及 TikTok等经贸问题，关注海外因素对国内资本市场的扰动；三是美联储9月份议息会议召开，后续9月份点阵图的预期指引将较为关 键。如果下周市场未进行方向性选择，随着十一长假临近，预计资金交投意愿将降低，后续市场震荡走势的时间也将相应延长。从 中长期来看，"反内卷"带来的业绩改善预期，以及居民储蓄入市带来的流动性改善预期均未发生明显变化。本轮慢牛行情的根基并 未动摇，后续市场指数大概率仍将继续震荡走强。 投资建议。近期可关注高景气板块的低吸轮动机会：（1）自主可控方向。例如信创、芯片等。（2）储能及新能源方向。或将接替 AI硬件成为新一轮市场上涨的主线。（3）服务消费方向。9月份可逐步布局旅游、餐饮、免税、电影等。（4）美联储降息受益方 向。将利好创新药、贵金属等方向。 重点跟踪。一是居民储蓄入市仍在持续。8月份新增人民币存款同比少增6000 ...

Core Viewpoint - The article highlights the introduction of four key projects in Shijingshan District during the China International Fair for Trade in Services, aiming to enhance cultural and tourism consumption experiences in the region [1] Group 1: Project Overview - One of the highlighted projects is a train-themed restaurant, which combines dining with scenic views and a unique design that transitions between daytime leisure and nighttime dining experiences [1] - The train restaurant leverages the natural elevation of the riverbank to provide excellent views, allowing diners to enjoy the expansive scenery of the Xishan and the vibrant greenery of the Yongding River [1]

Market Overview - The stock indices experienced a significant decline, with the Shanghai Composite Index dropping over 2% at one point, and the Shenzhen Component Index and ChiNext Index also seeing substantial decreases [1] - At the close, the Shanghai Composite Index fell by 1.25% to 3765.88 points, the Shenzhen Component Index decreased by 2.83% to 12118.7 points, and the ChiNext Index dropped by 4.25% to 2776.25 points, while the Sci-Tech 50 Index fell by over 6% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,823 billion [1] Sector Performance - Semiconductor, military industry, and CPO concepts saw declines, while tourism, catering, food and beverage, and retail sectors collectively rose [1] - Emerging concepts such as duty-free, pet economy, and new battery technologies were active in the market [1] Investment Insights - Despite recent market fluctuations, the margin financing balance and the ratio of circulating market value are at historical averages, indicating that overall valuation levels are not high [1] - Most heavyweight stocks remain at low levels, suggesting that the market is not overheated [1] - Current volatility is attributed to concentrated trading in certain popular sectors, leading to short-term technical adjustment pressures, but this does not affect the medium-term trend [1] - The expectation of a rate cut by the Federal Reserve in September may create conditions for easing Chinese monetary policy, further supporting market confidence [1] - From an industry allocation perspective, emerging technology remains the main theme of the market with long-term growth potential, while cyclical and financial sectors are expected to become dark horses, providing additional sources of returns [1]

Market Overview - The stock indices in the two markets experienced significant declines, with the Shanghai Composite Index dropping nearly 2% and falling below 3800 points, while the STAR Market 50 Index plummeted over 5% [1] - By midday, the Shanghai Composite Index was down nearly 2% at 3738.32 points, the Shenzhen Component Index fell by 2.37%, the ChiNext Index decreased by 3.2%, and the STAR Market 50 Index dropped by 5.38% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 161.89 billion yuan [1] Sector Performance - The semiconductor and military sectors saw the largest declines, while insurance, non-ferrous metals, pharmaceuticals, and banking sectors also experienced downturns [1] - Conversely, sectors such as tourism, catering, retail, food and beverage, and textiles and apparel showed gains, with solid-state batteries and duty-free concepts being particularly active [1] Market Dynamics - According to Industrial Securities, the market has shown extreme structural differentiation recently, with volatility significantly increasing, reaching a new high since June 23 in the current upward trend [1] - The increase in volatility is attributed to the need for the market to digest and consolidate after a continuous rise, indicating that for the current "healthy bull" market to sustain, sectors must alternate and rotate upward [1] Future Outlook - Looking ahead, as new momentum sectors begin to flourish, there are numerous sub-sectors within the technology growth sector that warrant exploration, emphasizing the importance of structure over rhythm [2] - For the market to progress further and remain healthy, a "multi-point blooming" approach is necessary, with a focus on the rotation and expansion of five key areas: Hong Kong internet, semiconductor equipment and materials, software applications, innovative pharmaceuticals, and the new energy industry chain [2]

Market Performance - The Shanghai Composite Index closed at 3766.21 points, with an increase of 1.04% and a trading volume of 101.75 billion [1] - The Shenzhen Component Index closed at 11926.74 points, rising by 0.89% with a trading volume of 139.07 billion [1] - The ChiNext Index ended at 2607.65 points, up by 0.23% and a trading volume of 64.35 billion [1] Sector Performance - The semiconductor sector showed strong performance in the afternoon, with Shengke Communication hitting the daily limit [1] - The automotive sector experienced a notable surge, with SAIC Motor Corporation also reaching the daily limit [1] - The tourism and catering sector was active, highlighted by Xi'an Catering hitting the daily limit [1] - The liquor stocks remained strong throughout the day, while sectors such as computer hardware, petrochemicals, and chemical fibers saw significant gains [1] - Conversely, sectors like internet finance, brain-computer interfaces, and Contract Research Organizations (CRO) showed weakness [1]