Core Insights - The Bayli project, a new cultural and tourism complex near Beijing Universal Resort, is set to open by the end of this year, with the Nolan Hotel expected to start operations in early November [1][2] Group 1: Project Overview - The Bayli project is a key engineering initiative in Beijing, developed by three state-owned enterprises: Beijing Investment Company, Shoulu Group, and Beijing Urban Construction Group [2] - The project utilizes the "Transit-Oriented Development" (TOD) concept, integrating shopping, entertainment, and high-end hotels, leveraging the connectivity of multiple subway lines [2][4] - The project consists of three main components: Bayli Wangfujing WellTown, Bayli Tingyun Town, and Bayli Nolan Hotel, aiming to provide a comprehensive experience for various demographics [2][3] Group 2: Development Status - The hotel and shopping areas of the Bayli project are nearing completion, with some hotel rooms and dining areas already in soft opening [2][3] - The Wangfujing WellTown has achieved over 90% brand leasing progress, while Tingyun Town features diverse commercial scenes and popular attractions [3] - The Nolan Hotel, designed with a Babylonian garden theme, will offer 329 rooms and a rooftop lobby with views of Universal Studios [3] Group 3: Transportation and Accessibility - The project includes 4,000 parking spaces and plans for expansion during peak times, ensuring adequate transportation facilities for visitors [4][5] - Bayli is strategically located near major subway lines, with a dedicated transfer station, enhancing accessibility for visitors [5] - The project has reserved corridors for easy access to the shopping and hotel areas, promoting a seamless visitor experience [5]

Core Insights - Asia's tourism sector is experiencing a significant recovery post-COVID-19, driven by pent-up demand in travel and consumer spending [1][14] - Companies with direct links to hospitality and aviation are well-positioned to benefit from this recovery [1][15] Group 1: CDL Hospitality Trusts (SGX: J85) - CDL Hospitality Trusts holds a diverse portfolio of hotels and resorts across multiple countries, allowing for operational efficiencies [3][6] - For 1H2025, revenue decreased by 1.7% YoY to S$125.1 million, with net property income falling 11.9% YoY to S$58.6 million [4][5] - Despite mixed results, certain regions like Japan and Perth showed strong RevPAR growth of 13.7% and 15.9% YoY respectively [4][5] Group 2: Genting Singapore (SGX: G13) - Genting Singapore operates Resorts World Sentosa, benefiting from increased visitor numbers post-pandemic [7][8] - Revenue for 1H2025 was S$1.2 billion, reflecting a 10% decrease due to renovations and temporary closures [7][8] - The opening of the Singapore Oceanarium is expected to enhance recovery in the non-gaming segment [9] Group 3: SATS Ltd (SGX: S58) - SATS Ltd is a leading provider of ground handling and food solutions, experiencing a 9.9% YoY revenue increase in 1QFY2026 [11][12] - Gateway Services revenue rose 11.2% YoY to S$1.18 billion, while Food Solutions revenue increased by 5.6% YoY to S$328.3 million [12] - The company faces risks from external disruptions and revenue concentration, but remains a key beneficiary of the tourism boom [13]

Core Viewpoint - Shoulv Hotel's stock price has shown fluctuations, with a recent increase of 2.09% on October 14, 2023, reaching 14.64 CNY per share, while the company has experienced a net outflow of funds [1] Financial Performance - For the first half of 2025, Shoulv Hotel reported operating revenue of 3.661 billion CNY, a year-on-year decrease of 1.93%, while net profit attributable to shareholders increased by 11.08% to 397 million CNY [2] - Cumulative cash dividends since the A-share listing amount to 1.834 billion CNY, with 648 million CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 9% to 43,200, with an average of 25,818 circulating shares per person, an increase of 9.89% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 10.39 million shares, and Southern CSI 500 ETF, which increased its holdings by 1.34 million shares [3] Market Activity - The stock has seen a year-to-date increase of 2.31%, but has declined by 0.27% over the last five trading days and 5.79% over the last twenty days [1] - The company's market capitalization stands at 16.347 billion CNY, with a trading volume of 178 million CNY on October 14, 2023 [1] Business Overview - Shoulv Hotel, established on February 12, 1999, and listed on June 1, 2000, primarily engages in hotel management, tourism services, and scenic area operations, with hotel operations contributing 61.02% to revenue [1] - The company is categorized under the social services sector, specifically in the hotel and catering industry, and is associated with concepts such as tourism hotels and online travel [1]

Core Viewpoint - The article discusses the insights and strategies from the book "The Realm of Heart" by Ji Qi, highlighting his unique approach to business and problem-solving in the hospitality industry [3][5][10]. Group 1: Author's Background and Achievements - Ji Qi is a co-founder of Ctrip and has successfully launched multiple hotel brands, including Home Inn and Hanting, all of which went public [4][5]. - His journey reflects a deep understanding of both online and offline business models, showcasing a blend of luck and exceptional skill across four successful ventures [5]. Group 2: Key Insights from the Book - A central theme in Ji Qi's philosophy is the concept of "freedom" for users, emphasizing that customers often prefer minimal interference rather than excessive service [10]. - The book argues that true service excellence lies in understanding customer needs and reducing unnecessary interactions, which can lead to a more satisfying experience [10][11]. Group 3: Practical Strategies in Hospitality - Ji Qi identified a critical shift in customer needs, such as the demand for free internet access in hotels, which significantly influenced customer choices in the past [12]. - The design of hotel amenities, like pillows and bathrooms, is crucial for customer satisfaction, with innovations such as dual-layer buckwheat pillows and wet-dry separated bathrooms setting standards in the industry [12]. - The use of signature scents in hotels, particularly those that resonate with cultural elements, can create lasting impressions on guests, enhancing brand recall [12]. Group 4: Broader Reflections - The book also delves into philosophical reflections on business and life, encouraging readers to rethink their approaches and assumptions in both fields [11].

Core Insights - The discussion highlights the challenges and failures in the domestic cultural tourism development sector, emphasizing the need for a more integrated and community-focused approach to urban renewal and tourism [2][3][24][26]. Group 1: Industry Challenges - Many cultural tourism projects have deviated from their original goals, often resulting in superficial developments that prioritize short-term profits over sustainable growth [2][4]. - The reliance on emotional budgeting and rushed construction has led to a high failure rate, with only a few projects achieving profitability [4]. - A significant issue is the lack of aesthetic unity and operational coordination in many domestic cultural tourism projects, which detracts from visitor experience [25][26]. Group 2: Successful Case Study - The revitalization of Nagato Yumoto Onsen in Japan serves as a successful model, where the local government and businesses collaborated to create a walkable, culturally integrated environment [9][11]. - The project focused on blending the hotel experience with local culture, transforming the hotel into a part of the community rather than a standalone entity [12][18]. - Key improvements included the reconstruction of public facilities and the creation of pedestrian-friendly pathways, enhancing the overall visitor experience [14][15][20]. Group 3: Community Engagement - The collaboration between the hotel and local government resulted in a shared vision for the area, fostering a sense of community and encouraging local businesses to thrive [22][34]. - The integration of services and experiences allowed for a seamless flow of visitors, enhancing the overall atmosphere and encouraging longer stays [35][38]. - The success of the Nagato Yumoto Onsen project illustrates the importance of community involvement and the potential for cultural tourism to contribute positively to local economies [41].

Core Insights - The article highlights a significant drop in flight ticket prices following the National Day and Mid-Autumn Festival holidays, with discounts reaching up to 82% on various routes from Shanghai [2][5][7]. Price Trends - From Shanghai to Nanjing, ticket prices fell from 2295 yuan to 482 yuan, a decrease of nearly 80% [2]. - Flights from Shanghai to Hefei saw a reduction from 2700 yuan to 486 yuan, marking an 82% drop [2]. - Other popular routes from Shanghai and Beijing to cities like Xi'an, Urumqi, and Qingdao also experienced price reductions, with some tickets available for as low as 200 yuan [5][7]. Specific Flight Prices - On October 18, the lowest ticket prices included 210 yuan from Shanghai to Harbin, 230 yuan to Wenzhou, and 370 yuan from Beijing to Xi'an [5][7]. - By October 25, prices remained low, with tickets from Shanghai to Xi'an at 420 yuan and from Beijing to Xi'an at 320 yuan [7][8]. Travel Trends - The trend of traveling during off-peak times has become popular among young people and seniors, indicating a shift in travel behavior post-holidays [8]. - Hotels and travel agencies are responding with promotional offers for off-peak travel, such as discounted packages for family trips [9][10]. Tourism Statistics - During the National Day and Mid-Autumn Festival, domestic travel reached 8.88 billion person-trips, an increase of 1.23 billion from the previous year [10]. - Total domestic travel expenditure was reported at 809 billion yuan, up by 108.19 billion yuan compared to the previous year [10].

Market Performance - The Hang Seng Index (HSI) closed at 26,290, down 1.7% for the day but up 31.1% year-to-date (YTD) [2] - The MSCI China index decreased by 2.4% for the day, with a YTD increase of 35.7% [2] - The CSI 300 index fell by 2.0% for the day, with a YTD increase of 17.3% [2] Commodity Prices - Brent Crude oil price is at US$63 per barrel, down 12.0% YTD [3] - Gold prices increased by 54.2% YTD, currently at US$4,047 per ounce [3] - Copper prices decreased by 3.2% for the day, with a YTD increase of 20.0%, currently at US$10,518 per ton [3] Economic Indicators - The NFIB Small Business Optimism Index reported a slight increase to 100.8, above the consensus of 100.6 [4] - US Initial Jobless Claims were reported at 218,000, lower than the consensus of 229,500 [4] - The US Producer Price Index (PPI) for Final Demand YoY is at 2.6%, matching the consensus [4] Corporate Insights - Atour Lifestyle Holdings (ATAT) is rated as a BUY with a target price of US$46.40, expecting a 20% CAGR in hotel numbers from 2024 to 2027 [10][11] - Great Wall Motor (GWM) is rated as HOLD with a target price of HK$16, forecasting a net profit of over RMB3.5 billion for Q3 2025 [14][15]

（原标题：Coach亚太区总裁离职；法拉利发布首款电动跑车｜二姨看时尚） 21世纪经济报道记者 高江虹 实习生 陈晓冉 上周喜报不少。巴黎时装周落幕，多位品牌创意总监首秀偏保守，LV、Miu Miu等反倒求新亮眼；财务 表现仍然分化，无印良品母公司、迅销集团（优衣库）上财年营收利润双增创纪录，Loewe、Belstaff 2024财年则利润或营收大下滑，Belstaff还被Castore收购。 人事变动方面，Coach亚太区CEO杨葆焱离职、爱马仕投资者关系主管换人；品牌营销花样翻新，法拉 利发布首款电动跑车，路易威登将出品牌专著，万豪国际跟上了户外风，推出住宿数字平台。 时尚老人总在落幕，品牌创意却从未停止。 1.巴黎时装周顺利落幕 2026春夏巴黎时装周于10月7日正式落幕。本季的一大核心看点，是多位奢侈品牌创意总监发布入职后 的首秀：Jonathan Anderson 在 Dior 以解构经典开启全新篇章；Pierpaolo Piccioli 执掌的 Balenciaga 在创 新与传承间取得精妙平衡；Matthieu Blazy 为 Chanel 注入当代松弛感，重塑品牌标志性单品；而 Jack Mc ...

广州以"激情全运 畅购广州"为主题，全城联动打造商旅文体健融合消费新场景。"2025广州国际购物节"覆盖 全市11个区，3000多场活动轮番登场，超万家商户为广交会来宾提供专属礼遇。此外，全市500多家专业批发 市场将面向广交会采购商，量身定制展销采购联动服务，通过50多场贸易对接活动精准匹配国际买家需求。 本届广交会期间，广州结合十五运会推出系列美食主题活动。展馆外，第二届"Young城点心季"，用"一盅两 件"唤醒城市味觉；第三届精品美食周牵手运动品牌，集结超200家米其林、黑珍珠、老字号餐厅，在海心沙 打造为期九天的主题盛宴。展馆内，"食在广州 品味全运"音乐美食节汇聚殿堂级粤菜与非遗小吃，让客商在 品味粤菜的同时切身感受城市的热情与活力。 广州各大文旅场所全面焕新，广州塔广场与珠江休闲带一体连通，城市地标融合了观光、亲水、购物、美食 等多重游玩体验。珠江夜游华丽蜕变，两岸灯光焕新升级，"水岸会客厅"如诗如画、流光溢彩。此外，广交 琶洲广交会展馆 展馆内首设"离境退税服务专区" 金秋时节，第138届广交会与十五运会将相继绽放羊城。其中，广交会是享誉全球的经贸合作平台，也是热情 欢迎新老朋友相聚的盛会。 ...

Core Points - The newly enacted "Hainan Free Trade Port Tourism Regulations" emphasizes the keyword of openness, presenting new opportunities for the tourism industry in Hainan [1][2] - The regulations will take effect on December 1, 2023, and include a dedicated chapter on "Tourism Openness and Internationalization" aimed at building an international tourism consumption center [1][2] Tourism Market Opening - The regulations will gradually relax or eliminate restrictions on foreign investment in the tourism sector, allowing qualified joint venture travel agencies and wholly foreign-owned enterprises to operate outbound tourism services, excluding Taiwan [1][2] - The regulations encourage the establishment of high-end hotel groups and renowned hotel management brands in Hainan, promoting the internationalization and refinement of hotel brands [1][2] Visa and Travel Policies - A broader visa-free entry policy will be implemented, enhancing international tourism services in areas such as online booking, customs clearance, financial payments, and medical assistance [2] - Currently, citizens from 86 countries can enter Hainan visa-free, contributing to the popularity of "Hainan Travel" [2] Duty-Free Shopping and Events - The regulations will implement more convenient duty-free shopping policies for outbound travelers, aiming to create an internationally influential duty-free shopping destination [2] - There is encouragement for international high-level performances and events, as well as for foreign investors to establish performance agencies and venues [2] Medical Tourism - The regulations support the development of the Boao Lecheng International Medical Tourism Pilot Zone, facilitating medical treatment for overseas patients in Hainan [2] - The pilot zone will enhance multilingual services and cross-border medical treatment convenience, improving international medical tourism service capabilities [2][3] Talent Development - The regulations encourage the introduction and training of urgently needed international talent in the tourism sector and support the establishment of foreign educational resources in Hainan [3] - These measures are expected to attract more international tourists and provide a foundation for international capital to enter Hainan's tourism industry [3]