Core Viewpoint - The "May Day" holiday has seen a surge in cultural and tourism consumption, with innovative immersive experiences being introduced across various regions, leading to a vibrant holiday market [1]. Group 1: Travel Trends - The travel heat index for the "May Day" holiday is expected to reach a new high since 2023, with hotel search popularity doubling and flight search interest increasing by 80% compared to the previous week [1]. - The market is showing a trend of strong supply and demand, with a shift towards quality leisure and vacation travel [1]. Group 2: Innovative Experiences - In Shandong Rizhao, a beach resort has introduced a unique initiative where staff scatter clams along the shore to enhance the experience for visitors, ensuring they leave with something [4][6]. - The initiative has garnered significant online attention, with visitors expressing excitement about the clam-catching experience [6]. Group 3: Cultural Events - In Beijing's Changping district, two large music events are expected to attract over 70,000 attendees during the holiday, promoting a "music + cultural tourism" immersive experience [7]. - Various cultural activities are planned, including a large immersive lantern festival and a mini off-road running event, aimed at enhancing visitor engagement [9]. Group 4: Increased Capacity and Offerings - In Zhengzhou, the "Only Henan · Drama Fantasy City" has increased its operational capacity by adding over 300 temporary service positions and extending operating hours to 13 hours, with more than 200 performances scheduled daily [11]. - In other regions, such as Fujian and Zhejiang, new immersive experiences and events are being launched, showcasing local culture and attracting tourists [13]. Group 5: Popular Destinations - The top ten domestic travel destinations during the "May Day" holiday include Beijing, Chengdu, Shanghai, and Kunming, indicating a strong interest in these locations [13].

Group 1 - The core concept of the news revolves around the integration of travel and tourism services through innovative ticketing systems, exemplified by the "Good Guest Shandong. Qilu No. 1" tourist train, which offers a seamless experience from travel to attractions and accommodations [1][2] - The "Qilu No. 1" train represents a new business model that combines various industries, including urban transport, dining, cultural products, and local specialties, creating a multi-faceted tourism experience [1][2] - The concept of "ticket root economy" is highlighted, where tickets for events like sports and concerts serve as multifunctional tools that connect various consumer experiences, enhancing the overall tourism and cultural consumption [2][3] Group 2 - The "Good Guest Shandong Good Beautiful Zibo" barbecue special train is another example of this trend, offering passengers exclusive discounts at 38 local attractions, hotels, and restaurants, effectively turning the train into a mobile experience platform [2] - The integration of events such as the 2025 Liaocheng Half Marathon showcases how sports events can drive tourism, with participants benefiting from discounts and additional activities, thus promoting a comprehensive travel experience [2] - The rise of cross-city events, such as concerts, is changing consumer behavior, as attendees plan their trips around performances, leading to increased tourism and cultural engagement in host cities [3]

Group 1 - During the May Day holiday, various state-owned troupes and professional theaters offered a wide range of performances, including dramas, acrobatics, and operas, catering to social, family, and children's consumption needs [2] - The "First China Drama Classic Retained Repertoire Exhibition Season" was held in Suzhou, showcasing four well-known Chinese dramas performed by eight troupes, running until the end of June [2] - The acrobatics exhibition in the Yellow River Basin featured local cultural elements and showcased various acrobatic skills, inviting audiences to experience the performances in Dezhou, Shandong [4][6] Group 2 - The "Yuanhe Pear Garden Night: Light and Shadow Illuminating Thousands of Families" event launched a tour of Peking opera films along the Grand Canal, screening classic films in six cities from April 28 to May 9 [11] - The event aims to promote traditional Chinese culture and enhance the innovation and dissemination of Peking opera [11] - China Film Group Corporation plans to regularly screen 12 classic Peking opera films in over 120 cinemas nationwide, creating a cultural circle for the elderly [15]

Group 1 - The core viewpoint of the articles highlights the resurgence of the domestic performance market, particularly during the "May Day" holiday, with a significant increase in concert and music festival attendance, which is expected to drive tourism and hotel consumption [1][2] - According to the report by Meituan Travel, over 100 large-scale commercial performances are expected during the "May Day" period, attracting more than 2 million attendees and generating over 2 billion yuan in hotel and tourism consumption [1] - The report indicates a nearly 100% year-on-year increase in orders for concert and music festival tickets, showcasing a strong consumer demand for live music events [1] Group 2 - The trend of young consumers, particularly those born after 1995, shows a 107% year-on-year increase in searches for music festival-related products, indicating a growing interest in live performances [2] - The advance booking of hotels and attraction tickets has also seen an 11% increase for those booking more than 8 days in advance, reflecting the impact of music events on travel planning [2] - In a specific provincial capital in the western region, over 20,000 performances were held last year, with a 67.1% increase in the number of shows and a 39.48% rise in box office revenue, demonstrating the economic benefits of the music performance sector [2] Group 3 - The music education and training industry has shown significant growth, with a total output value of 161.67 billion yuan in 2023, marking a 14.6% year-on-year increase [3] - The music examination industry also reported a total output value of approximately 149.46 billion yuan, with a growth rate of 14.98%, indicating a robust demand for music education [3]

今年五一假期，#演唱会 可是太火了。 根据大麦网数据，今年五一假期，北上广深及其他主流二线城市，5天要搞63场演唱会。 其中，有好几个明星连续几天开唱，像是#王力宏 在杭州5月1号到3号连唱三天，#张杰 在北京从5月2号到4号也连唱三天。 | 城市 | 场次 | 城市 | 场次 | | --- | --- | --- | --- | | 北京 | 11 | 成都 | 9 | | 上海 | 17 | 武汉 | l | | 广州 | 3 | 天津 | 2 | | 深圳 | 5 | 西安 | 1 | | 杭州 | 6 | 苏州 | 1 | | 南京 | 7 | | | "抢不到票"、"秒没"、"手速根本跟不上啊"等成为歌迷们高频"吐槽"。 黄牛们还可能把原本就几百的门票炒上几千不等。 的确，按捺不住的火热之心背后，有个不争的事实： 中国人爱看演唱会，城市爱办演唱会。 2024年，我国有2900万人次观看演唱会（含音乐节），足足比2023年增长了45%，卖票方的收入更达到了296.36亿元！ 这有多夸张？举个例子，去年全国电影票房才卖450来亿，观影人次却有10亿之多，相比之下，创造了电影票房近64%收入的演唱会观看 ...

Core Insights - The concert by Jay Chou in Nanning from April 25-27, 2025, significantly boosted local consumption, coinciding with the upcoming May Day holiday, leading to a surge in consumer activity [1][3][5] Group 1: Economic Impact of the Concert - The concert generated a substantial increase in searches for related services, with "music festival support makeup" searches rising by 179% and "star concert tickets" in Nanning increasing by 310% [1] - The concert's economic effect is illustrated by the ratio of 1:4.8, meaning every 1 yuan spent on tickets generates an additional 4.8 yuan in surrounding consumption [4] - The event stimulated various consumption scenarios, including a night market covering over 2,600 square meters, attracting thousands of fans for immersive experiences [3][4] Group 2: Tourism and Hospitality Growth - Nanning's hotel bookings were fully booked ahead of the concert, with some guests even reserving rooms for the May Day holiday, indicating a strong demand for accommodation [4] - The overall hotel booking rate for the May Day holiday has increased by over 60% in Nanning, with the region's tourism bookings rising by over 30% [6] - The local government has introduced various promotional measures, including 20% off accommodation vouchers, to attract concert-goers and tourists to stay longer in the region [5][6] Group 3: Future Prospects - The concert marks the beginning of the "2025 Old Friends Nanning Music Season," which aims to host 40 concerts, further integrating the concert economy with tourism and local businesses [4] - The trend of traveling to cities for concerts is becoming increasingly popular among young people, with initiatives to promote "follow the concert to travel" becoming a new norm [5]

Group 1 - The performance market in China is becoming a new engine for consumption, with a projected total revenue of 796.29 billion yuan in 2024, representing a year-on-year growth of 7.61% [1] - A recent outdoor music festival in Wuhan attracted thousands of attendees, featuring over twenty domestic and international bands, and included a music market and live art installations [3][5] - The festival lasted for two days, with operating hours from 1 PM to 10:30 PM, creating a vibrant atmosphere for music lovers [3] Group 2 - The music festival significantly boosted local tourism, with hotel and accommodation bookings near the venue experiencing a surge, and the Huangpi District seeing a 9.12% increase in visitor numbers and a 10.15% rise in overall revenue [6] - Local food vendors, such as a burger stall owner, reported high sales during the festival, indicating a successful conversion of "music traffic" into local economic benefits [7]

Market Overview - The large-scale commercial performance market in China is expected to thrive in 2024, with box office revenue reaching 29.636 billion yuan, 2.7 million performances, and an audience of 36.5182 million people, accounting for 51.1% of the total box office [1][9][6] - The market is characterized by a significant increase in large concerts, with box office revenue exceeding 26 billion yuan, a year-on-year growth of 78.1%, and an audience exceeding 29 million, marking a 45% increase [13][10] - The concentration of performances is shifting towards second-tier cities, with their box office and performance share exceeding 60%, while the Yangtze River Delta remains the core consumption area [17][28] Content Trends - The number of touring projects constitutes 79.7% of large concerts, with a growing trend towards niche and innovative concerts utilizing theaters and new spaces [2][69] - The number of music festival IPs has decreased, but internationalization and content iteration have accelerated, focusing on niche genres or enhancing performance lineups [81][88] - Government policies are being implemented to promote large-scale music performances, facilitating the integration of "music + cultural tourism" [88][89] Audience Profile - Female audience members account for over 65% of attendees at large concerts and music festivals, with the age demographic becoming more mature, as 21.6% of concert-goers are aged 35 and above [96][98] - The average attendance frequency for large concerts is 1.5 times per year, with over 50% attending with companions, highlighting the social aspect of these events [2][88] - Cross-city attendance is over 60%, with second-tier cities showing the highest cross-province attendance [2][88] Performance Highlights - The number of concerts with ticket sales exceeding 30 million yuan has increased, with 11.8% of performances falling into this category, indicating a growing ability of top artists to attract audiences [37][33] - The large music festival market is experiencing a rational return in supply and demand, with the May Day and National Day holidays becoming peak performance periods [40][39] - The market is showing a trend of expansion in third and fourth-tier cities, with significant growth in ticket sales and performance numbers in provinces like Anhui and Fujian [44][45] Regional Insights - Coastal provinces remain key areas for music festival consumption, with Jiangsu leading in ticket sales for large music festivals [54][53] - In 2024, several provinces, including Guangdong, Shanghai, and Zhejiang, are expected to surpass 1 billion yuan in ticket sales for large concerts [28][9] - The top cities for large concert ticket sales include Shanghai, Hangzhou, and Suzhou, with significant performances contributing to their rankings [30][28]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

Core Insights - The 2024 large-scale commercial performance market is experiencing rapid growth, with box office revenue reaching 29.636 billion yuan, a 66% increase from 2023, accounting for 51.1% of the total market revenue [1] - Large concerts are particularly notable, with box office revenue exceeding 26 billion yuan, a 78.1% increase year-on-year, and audience numbers surpassing 29 million, a 45% increase [4][9] Group 1: Concert Market Trends - The majority of concert revenue comes from tours, which account for 79.7% of performances, with notable artists continuing their tours from 2023 [9] - Concerts with over 10,000 attendees have seen an 84.4% increase in the number of performances, and concerts with single-show box office exceeding 30 million yuan represent 11.8% of all concerts, up 3.4% from 2023 [9] - Second-tier cities are showing significant growth in concert attendance and revenue, accounting for over 60% of total performances, with the Yangtze River Delta region being particularly active, contributing 31.4% of total box office revenue [9] Group 2: Audience Demographics - The concert market is increasingly attracting both youth and older audiences, with those aged 35 and above making up 21.6% of attendees, a 2% increase, while youth representation has risen to 3.6% [12] - Female attendees remain the primary consumer group, comprising 66.1% of the audience [12] - The frequency of attendance is also increasing, with 16% of attendees going to concerts twice a year, up 2.8%, and 9.2% attending three times or more, up 2.2% [12] Group 3: Music Festival Insights - The box office for large music festivals is approaching 2.4 billion yuan, with audience numbers exceeding 5.81 million, primarily concentrated around the May Day and National Day holidays [13] - Music festivals are expanding into third and fourth-tier cities, with these cities accounting for 34.9% of festival performances and 29.1% of box office revenue [13] - The audience for music festivals is younger, with 36.2% of attendees aged 18 to 24, and female attendees making up 67.1% [13] Group 4: Market Dynamics and Data Insights - The large-scale commercial performance market is in a high-growth phase, with increasing diversity and quality in supply, and consumers focusing more on experience and service [13] - A new data platform has been launched to provide insights on box office, audience numbers, and performance counts, enhancing decision-making for event organizers [14]