Core Viewpoint - Concerns over deteriorating Sino-Japanese relations have led to a significant sell-off in tourism-related stocks in Tokyo, with some stocks dropping over 10% due to fears of reduced Chinese tourist visits [2] Group 1: Stock Performance - Stocks of major department stores such as Mitsukoshi Isetan fell by 10.64%, and Takashimaya dropped by 6.29% [2] - Shiseido, which heavily relies on Chinese consumer spending, saw its stock decline by over 11%, marking the largest single-day drop since early April [2] - The operator of Tokyo Disneyland, Oriental Land Company, experienced a stock decrease of approximately 5%, while All Nippon Airways Holdings fell by 4.74% [2] Group 2: Investor Sentiment - Investors are reacting to expectations that the Chinese government's travel warnings will negatively impact the performance of related companies, prompting a rapid sell-off of stocks [2] Group 3: Economic Impact - According to the Japan National Tourism Organization, nearly one-fifth of international visitors to Japan in 2024 are expected to come from China, amounting to about 7 million people [2] - Nomura Research Institute predicts that the Chinese government's travel advisories could lead to a reduction in Japan's tourism revenue by approximately 2.2 trillion yen (about 14.3 billion USD), which may drag down Japan's real GDP by 0.36% [2]

Group 1 - The Japanese films "Crayon Shin-chan: The Hot Spring Dancers" and "Cells at Work" have announced a delay in their release in China, which was initially scheduled for November 22 and December 6 respectively [1][9][11] - The cancellation of these films is linked to the deterioration of Sino-Japanese relations, particularly following controversial remarks made by Japanese Prime Minister Sanae Takaichi regarding Taiwan, which have led to increased tensions and a negative atmosphere for cultural exchanges [3][12][14] - The Japanese film "Cells at Work" had achieved significant box office success in Japan, grossing over 6.3 billion yen, making it the highest-grossing adaptation of a manga featuring actor Takeru Satoh [5][7] Group 2 - Travel agencies in China report a significant number of cancellations for group tours to Japan, with some agencies indicating that over 60% of their bookings have been canceled due to safety concerns and the current political climate [12][14] - The Japanese stock market has reacted negatively, with travel-related stocks experiencing substantial declines, including a drop of over 10% for some companies heavily reliant on Chinese tourists [4][20] - Economic analysts predict that a reduction in Chinese tourists could lead to a decrease in Japan's GDP by approximately 0.36%, equating to an estimated economic loss of 2.2 trillion yen, or about 101.16 billion yuan [15][17]

（文章来源：证券日报） 证券日报网讯广百股份11月17日在互动平台回答投资者提问时表示，公司紧抓全运会带来的强大赛事流 量与消费势能，结合"双十一"消费热点，深度融合"体育赛事氛围+商业消费场景"，联动旗下多家门店 及异业资源，以"赛事赋能消费"为核心逻辑，打造覆盖全业态、全客群的全运主题月系列活动。"双十 二"正值年末消费者购物、旅游、餐饮、住宿等需求集中释放的节点，公司将融合岭南集团购物、旅 游、住宿、餐饮等板块资源，打造多业态协同发力的营销热潮。 ...

Group 1 - A significant number of travel agencies in China have reported over 60% cancellations for group tours to Japan due to safety concerns and recent diplomatic tensions [1][1][1] - The Chinese Ministry of Foreign Affairs has advised citizens to avoid traveling to Japan, citing a deterioration in safety conditions for Chinese nationals [1][1][1] - Major Chinese airlines have announced special handling for tickets to Japan, allowing free cancellations and changes for certain tickets [1][1][1] Group 2 - The Japanese tourism-related stocks have experienced a sharp decline, with the Nikkei 225 index dropping over 1% on November 17 [1][1][1] - Notable declines in stock prices include Mitsukoshi Isetan down over 11%, Muji down over 9%, and Japan Airlines down over 3% [1][1][1] - Travel agencies are facing financial losses due to non-refundable costs associated with hotel bookings and local arrangements in Japan, despite being able to refund flight tickets [1][1][1]

Group 1: Japanese Stock Market Reaction - The Japanese stock market experienced significant declines, with the Nikkei 225 index showing volatility and major consumer sectors like tourism, airlines, and retail suffering losses [1] - Notable declines included a drop of over 12% for Mitsukoshi Isetan, and declines exceeding 9% for companies like Sony and Japan Airlines [1] Group 2: Economic Indicators - The 20-year Japanese government bond yield rose by 3 basis points to 2.745%, marking the highest level since August 1999 [3] - Weak GDP data has led to a downward adjustment in market expectations for Bank of Japan interest rate hikes, contributing to the yen's weakness [3] Group 3: Impact of Political Statements - High-profile political statements by Prime Minister Kishi Nobuo have led to increased geopolitical uncertainty, prompting criticism and concerns about Japan's national crisis [8][11] - The deterioration of Sino-Japanese relations is expected to have a significant negative impact on Japan's economy, particularly through reduced Chinese tourism [17][18] Group 4: Tourism and Economic Impact - China is Japan's largest trading partner, and a decline in Chinese tourists could lead to a GDP decrease of 0.36%, equating to an economic loss of approximately 2.2 trillion yen (around 101.16 billion RMB) [12][19] - Chinese tourists accounted for about 25% of all foreign visitors to Japan, with nearly 7.5 million visits in the first nine months of the year [14] Group 5: Market Sentiment and Future Outlook - Analysts have indicated that the market's future performance is contingent on maintaining high political support for the government and the ruling party [19] - Concerns over potential government stimulus measures have led to increased pressure on long-term government bonds and the yen [19]

中日之间的商业活动开始受到影响。日本企业的中国法人高管表示，"受此次问题影响，与政府系企业 的商业谈判无法进行"。另一家日本企业高管表示，已决定在中国的社交网络上减少对自己产品的宣 传…… 围绕日本首相高市早苗关于"台湾有事"的发言和中国驻大阪总领事薛剑的发言，中日之间商业往来的停 滞令人担忧。由于中国政府提醒中国公民避免赴日，中国国有大型航空公司11月15日宣布涉日机票可免 费退改。旅游业界出现了担心访日游客减少的声音。 中国国际航空、中国南方航空、中国东方航空等三家航空公司同时发布通知，涉日机票可免费退改。对 象是以东京和大阪等日本为出发和目的地的航班，期间为11月15日至12月31日。此外，四川航空和海南 航空等也发出了类似通知。 在中国，中日之间的商业活动开始受到影响。日本企业的中国法人高管表示，"受此次问题影响，与政 府系企业的商业谈判无法进行"。另一家日本企业高管表示，已决定在中国的社交网络上减少对自己产 品的宣传。 全日空（ANA）和日本航空（JAL）表示，截至11月15日没有出现取消预订的情况。日本航空旗下的春 秋航空日本(Spring Japan)也表示："没有大的变化"。酒店和百货商店受到 ...

Core Viewpoint - The stock of Maoye Commercial has shown a modest increase in price, with significant fluctuations in trading volume and a notable decline in revenue and net profit for the year 2025 compared to the previous year [1][2]. Group 1: Stock Performance - On November 17, Maoye Commercial's stock rose by 2.07%, reaching 4.44 CNY per share, with a trading volume of 48.18 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 7.69 billion CNY [1]. - Year-to-date, the stock price has increased by 1.60%, with a 3.50% rise over the last five trading days, a 10.72% increase over the last 20 days, and a 9.90% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on August 4, where it recorded a net purchase of 2.15 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Maoye Commercial reported a revenue of 1.82 billion CNY, reflecting a year-on-year decrease of 14.20%, while the net profit attributable to shareholders was 41.73 million CNY, down 72.88% year-on-year [2]. - Cumulatively, the company has distributed 3.04 billion CNY in dividends since its A-share listing, with 307 million CNY distributed over the last three years [3]. Group 3: Company Overview - Maoye Commercial, established on December 31, 1993, and listed on February 24, 1994, is based in Chengdu, Sichuan Province, and its main business includes retail, project investment, and management consulting [2]. - The company's revenue composition is primarily from department store retail (68.60%), followed by other businesses (20.37%) and hotel and real estate sectors (11.03%) [2]. - As of September 30, 2025, the number of shareholders increased by 4.82% to 30,300, with an average of 57,208 circulating shares per shareholder, a decrease of 4.60% from the previous period [2].

Core Viewpoint - Concerns over deteriorating Sino-Japanese relations have led to a sell-off in tourism-related stocks in Japan, with some stocks dropping over 10% due to fears of decreased demand from Chinese tourists [1] Group 1: Stock Performance - Stocks of major department stores such as Mitsukoshi Isetan fell by 10.64% and Takashimaya by 6.29% [1] - Shiseido, which heavily relies on Chinese consumer spending, saw its stock drop by over 11% [1] Group 2: Investor Sentiment - Investors are reacting to expectations that the Chinese government's travel warnings will negatively impact the performance of related companies, prompting a rapid sell-off of stocks [1] Group 3: Economic Impact - Nomura Research Institute predicts that the Chinese government's travel warnings could lead to a reduction in Japan's tourism revenue by 22.124 trillion yen, which may result in a 0.36% decrease in Japan's actual GDP [1]

新华社东京11月17日电（记者刘春燕）由于投资者担心中日关系恶化导致访日游客减少，日本东京股市 百货公司、运输、消费等旅游相关股票17日遭投资者抛售，部分股票大跌超过10%。 截至记者发稿时，三越伊势丹百货公司股票下跌10.64%，高岛屋下跌6.29%，对中国游客消费依赖度较 高的资生堂一度下跌超过11%，创下4月初以来最大单日跌幅。另外，东京迪士尼度假区运营商日本东 方乐园公司股价下跌约5%，全日空控股公司股价下跌4.74%。 美国消费者新闻与商业频道援引日本国家旅游局数据报道，2024年赴日国际游客中近五分之一来自中 国，约700万人次。 日本野村综合研究所研究员木内登英预测，中国政府的旅游提醒可能令日本今后一年旅游消费收入减少 约2.2万亿日元（1美元约合154日元），拖累日本实际国内生产总值（GDP）减少0.36%。 【纠错】 【责任编辑:王頔】 三菱日联摩根士丹利证券公司投资战略研究员大西耕平指出，投资者预计中国政府的旅游、留学提醒和 预警将对相关企业业绩产生负面影响，因而迅速抛售相关股票。 ...

Core Viewpoint - Japanese retail stocks have faced significant declines due to a warning from China's Ministry of Culture and Tourism advising Chinese tourists to avoid traveling to Japan, coupled with negative economic data indicating a contraction in Japan's GDP [1][4][6]. Group 1: Stock Market Impact - The Japanese stock market experienced a broad decline, with the Nikkei 225 index falling by 0.7% and the Tokyo Stock Exchange index dropping by 0.8% [3]. - Notable retail and tourism-related stocks saw substantial drops, including Shiseido, which fell over 11%, and Mitsukoshi Isetan, which plummeted more than 12% [3][4]. - Fast Retailing, the parent company of Uniqlo, saw its stock price decrease by nearly 7% [4]. Group 2: Economic Data - Japan's Cabinet Office reported a 1.8% year-on-year decline in real GDP for the third quarter, marking a return to negative growth since the first quarter of 2024 [6][7]. - The GDP decreased by 0.4% quarter-on-quarter, with exports of goods and services falling by 1.2% due to the impact of U.S. tariffs [7]. - Domestic consumption, which constitutes over half of Japan's economy, showed only a slight increase of 0.1% in the same period, indicating weak internal demand [7]. Group 3: Tourism and Economic Forecast - The decline in Chinese tourists, who account for approximately 25% of foreign visitors to Japan, is expected to significantly impact the tourism sector [5]. - Analysts estimate that a substantial drop in Chinese visitors could reduce Japan's GDP by 0.36%, leading to an economic loss of approximately 2.2 trillion yen (about 101.16 billion RMB) [5]. - The Japanese government has revised its economic growth forecast for the fiscal year 2025 from 1.2% to 0.7% due to ongoing economic pressures [7]. Group 4: Government Response - The Japanese government is considering a stimulus plan worth approximately 17 trillion yen (around 110 billion USD) to counteract economic downturns [8].