扬州市区位优势显著，交通网络完善，旅游资源丰富，作为历史文化名城，其经济总量与人均 GDP 均处于江苏省中游水平，2024 年 GDP 达 7809.64 亿元， 增速 6.0%，人口持续净流入，城镇化率 73.5%。产业上确立 "613" 产业体系，六大主导产业集群产值贡献率超 90%，区域协同政策为发展注入动力。 财政方面，2024 年扬州市一般公共预算收入 361.18 亿元，税收占比 77.44%，收入质量良好，但财政自给率 49.56%，自给能力一般；政府性基金收入受房 地产调控影响同比下降，地方政府债务率 119.33%、负债率 18.31%，在江苏省处于中游水平。下属区（县、市）经济发展均衡，邗江、江都经济实力突 出，仪征人均 GDP 最高，各区（县、市）财政收入多有增长，税收占比高，但基金收入普遍承压，债务余额呈增长态势，整体负债率较低，且均强化债务 管控。 城投企业方面，扬州市存续发债城投企业 37 家，以区县级为主，主体评级集中于 AA 及 AA+。2024 年债券发行规模同比下降 21.09%，净融资额由正转 负，2025 年延续这一趋势。债务规模方面，2024 年末发债城投企业全部债务 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Core Viewpoint - Yuyuan Group is expected to report a net loss of approximately 4.8 billion yuan for the year 2025, primarily due to the downturn in the real estate sector, policy adjustments, and significant fluctuations in commodity prices [1] Group 1: Financial Performance - The projected net profit attributable to the parent company for 2025 is around -4.8 billion yuan, with a net profit excluding non-operating gains and losses also expected to be about -4.7 billion yuan [1] - The company is focusing on reducing its debt ratio and optimizing its financial structure while concentrating on high-potential, high-growth, and high-profit core industries [1] Group 2: Strategic Initiatives - Yuyuan Group is committed to its "Oriental Lifestyle Aesthetics" strategy, aiming for sustainable development through refined operations and enhancing product capabilities via technology and cultural empowerment [1] - The company is actively exploring new business models, including the diamond sector in jewelry, cross-industry collaborations in dining, and integrating technology into cultural experiences [2] Group 3: International Expansion - Yuyuan Group has made significant strides in international markets, with the opening of its first overseas restaurant in London and hosting a successful lantern festival in Thailand that attracted over 4 million visitors [2] - The company plans to expand its jewelry brand into Southeast Asia, starting with a new store in Kuala Lumpur, Malaysia, and is set to open another restaurant in Bangkok [2] Group 4: Market Outlook - Analysts from Open Source Securities and Guosheng Securities are optimistic about Yuyuan Group's recovery, citing the company's focus on cultural and technological empowerment, product innovation, and overseas expansion as key growth drivers [3] - The anticipated disposal of non-core assets and the commencement of major projects are expected to positively impact the company's performance moving forward [3]

本次比赛为期2天，设男子、女子两个组别，竞赛项目包括单板大回转、双板大回转，共产生4枚金牌。 来自兰州、定西、临夏、庆阳、金昌、武威、张掖、兰州新区等8个市州的滑雪爱好者报名参赛，既有 2月1日，甘肃省第十六届运动会群众组滑雪比赛在临夏州和政县松鸣岩国际滑雪场隆重开幕。作为本届 省运会群众组首个赛事，比赛的启动标志着全省群众性冰雪运动迈入新阶段，掀起了"喜迎冰雪盛会、 共享健康生活"的全民健身新热潮，为加快建设西部体育强省注入了澎湃动能。 责任编辑：李靓 高山滑雪素有"雪上芭蕾"与"速度之舞"的美誉，集技巧、速度与勇气于一体，是对参赛者体能、技术与 心理素质的综合考验。此次群众组滑雪比赛的举办，是甘肃省深入贯彻"带动三亿人参与冰雪运动"国家 战略的具体行动，更是推动冰雪运动"南展西扩东进"战略落地、实现冰雪运动从"小众竞技"向"大众参 与"转型的重要实践。赛事不仅为全省广大滑雪爱好者提供了切磋技艺、展示自我的竞技舞台，更以"体 育+旅游+文化"的深度融合模式，有效激活区域消费活力，助力全省冬季旅游持续升温，真正让"冷资 源"释放"热效应"，为甘肃省冰雪经济高质量发展注入强劲动力。 机关企事业单位职工，也有基层 ...

Core Viewpoint - The first Tianquan Lake Tourism Resort's annual goods fair successfully showcases local agricultural products and cultural experiences, reflecting a shift towards a more integrated cultural tourism model that enhances visitor engagement and regional economic growth [7][12][14]. Group 1: Event Overview - The annual goods fair took place from February 1 to 3, featuring over 60 local specialty workshops and cooperatives [1] - The event attracted a large number of visitors, creating a lively atmosphere with various local products on display, including black pork, mountain chicken, and wild fish [3] - Cultural performances and traditional crafts, such as tea-making demonstrations, were part of the fair, enriching the visitor experience [5] Group 2: Cultural and Economic Impact - The event is part of a broader strategy to reshape tourism development and supply structures, aiming to increase agricultural income and enhance business efficiency [7] - The Tianquan Lake Tourism Resort has evolved from a focus on physical attractions to a model that emphasizes cultural narratives and experiences, integrating local heritage into tourism [9][10] - The shift in visitor expectations towards high-quality, culturally rich experiences is driving the need for enhanced cultural integration in tourism offerings [14] Group 3: Visitor Engagement and Experience - The fair not only provided a platform for purchasing goods but also aimed to evoke nostalgic memories of traditional celebrations, enhancing the emotional connection for visitors [18] - The event featured performances from 31 artistic groups, contributing to a relaxed and enjoyable atmosphere for attendees [16] - The occupancy rates of local boutique accommodations increased during the fair, indicating strong demand for immersive cultural experiences [16]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

Group 1 - The approach of the Spring Festival is leading to a surge in consumer activity, with traditional markets and festive events becoming increasingly popular [2] - In Zhengzhou, the historical Yichuan market is experiencing a peak in purchases, featuring over a thousand stalls offering local delicacies and traditional goods, attracting crowds for a one-stop shopping experience [5] - The local tourism sector is also benefiting, with new travel routes established to nearby cities like Kaifeng and Xinxiang [5] Group 2 - In Kashgar, Xinjiang, the dried fruit market is seeing a pre-festival sales boom, with numerous stalls offering a variety of nuts and dried fruits, and many shops providing packaging and shipping services [7] - Shanghai is hosting nearly a thousand themed activities to celebrate the traditional Chinese New Year, enhancing the festive atmosphere with light shows and cultural performances [10] - The cultural market is preparing for the Spring Festival with a focus on comedy, transitioning from traditional stage performances to immersive experiences that engage audiences in new ways [12]

政府工作报告 （一）经济增长迈出坚实步伐。抓好国家政策落实，梯次推出三批政策清单和服务业发展等专项政策， 做足增量、遏制减量、应对变量，经济运行稳健向好、进中提质。地区生产总值增长5.5%、达到10.3万 亿元，成为全国第三个、北方第一个过10万亿元省份。主要指标好于预期。农林牧渔业总产值超过1.3 万亿元，稳居全国首位；规上工业增加值增长7.6%，高于全国1.7个百分点；服务业增加值增长6.1%， 高于全国0.7个百分点；社会消费品零售总额增长5.1%，高于全国1.4个百分点；进出口增长4.5%，高于 全国0.7个百分点。全员劳动生产率持续提升，装备制造业营收、利润较快增长，民间投资占比达到 64.7%，社会融资规模增长9%，制造业中长期贷款余额增长10.6%，非化石能源发电量、用电量占比均 超过30%。项目投资支撑有力。省市县重点项目完成投资2.8万亿元，3920个新投产项目增加产值5100 多亿元。新争取国家政策性资金4700多亿元，支持项目4200余个。工业技改投资增长5.3%。交通、能 源、水利完成投资5400多亿元，董家口至五莲铁路及胶新铁路扩能改造、招远核电一期等项目开工，15 条高速公路建成通 ...

游人穿梭在亭台楼阁之间，仿佛在千年壁画里穿行。临街摊店里，飞天泥坯画、九色鹿披肩、用胡杨木雕刻的工艺品等各类商品琳琅满目。 工作人员身着古装，与游客玩起猜灯谜、诗词问答等各类游戏，现场欢笑声不断。 数千盏花灯点亮街头，敦煌夜市灯火通明、人头攒动。 这热闹劲儿，宛如古书记载的灯会盛况："车马如龙，商贾云集""长安第一，敦煌第二"。 "以前冬天，敦煌夜市的开店率只有30%。今年因为举办灯会等因素，开店率达到95%，客流量较去年同期上涨约120%。市场氛围是客流增长 的重要因素。"敦煌文旅集团沙州夜市景区运营管理有限公司总经理王晶伟说。 夏季游客"爆棚"、冬季人迹罕至，曾是这座旅游城市长久的"烦恼"。如今，冬天的敦煌也热闹起来了！ 敦煌遥居甘肃河西走廊西端，过去受交通等因素限制，游客大多习惯在夏季走"甘青大环线"时到访这里。大量游客在夏季蜂拥而至，既降低 了旅游体验感，也给文物保护带来挑战。 较之夏日的酷热、拥挤与嘈杂，敦煌往往在冬春时节才露出她更美的一面。天空湛蓝，暖阳常现，天地辽阔苍茫。幸运的话，还能看到薄雪 轻掩沙脊线。 "冬访莫高，人静窟幽，可以尽享千年壁画风华。"敦煌研究院文化弘扬部党支部书记宋淑霞说。 ...

辞旧迎新之际，正是文旅消费活力迸发之时。广西紧抓春节黄金窗口期，将当地年俗、民族风情、特色 物产与现代旅居理念有机融合，打造出引人入胜的新年消费新场景。 中新网广州2月1日电 (记者 程景伟)"开年游广西 欢乐过大年"2026广西文化和旅游产品线路推介会1月30 日至2月1日先后走进广东惠州、东莞、佛山，为粤港澳大湾区市民送上一份滚烫而丰盛的"广西年礼"， 诚挚发出"开年游广西"的热情邀约。 推介活动采用"文旅朋友圈"情景叙事主线，打造沉浸式体验。广西文旅IP"小砂糖橘"与大湾区人气卡 通"大湾鸡"惊喜同框，化身"跨省旅行搭子"，结合情景对话、快板演绎、视频展播、文艺展演、趣味游 戏，带领现场观众穿越八桂大地的冬春画卷——从瑶寨火塘边的长桌宴，到漓江烟雨中的竹筏歌；从非 遗工坊里的蜡染针线，到森林康养中的晨曦鸟鸣……一幕幕生动场景，既让"广西年"的温暖与精彩触手 可及，更生动诠释了"两广一家亲，文旅心连心"的情感纽带。 针对大湾区居民偏好"周末微度假、春节轻远行"的出行习惯，广西文旅厅重点推介了两条主题鲜明 的"山水秀，民歌悠，周末就往广西溜"冬春旅游精品线路。其中，"非遗民俗体验之旅"冬季主题线路聚 焦桂北 ...