Group 1 - The Guangzhou International Convention and Exhibition Group was established to integrate high-quality exhibition resources in the city, aiming to create a leading domestic "industry exhibition" one-stop comprehensive service operation platform [2] - The group aims for market-oriented, professional, international, digital, branded, and green development, promoting the optimization of urban industries and consumption upgrades through deep integration of "industry + exhibition" [2] - The group plans to achieve significant results within three years and become a leading exhibition group in China within five years, leveraging the resources of Lingnan Group [2] Group 2 - Strategic cooperation agreements were signed with various industry associations and leading enterprises, focusing on the collaborative development of industry exhibitions [3] - The group will cultivate local professional exhibition brands that serve advantageous and strategic emerging industries, and build a platform for production and sales integration [3] - Collaborations include creating the "Smart Future" industry exhibition to promote the development of intelligent manufacturing and digital economy, as well as a specialized exhibition for the biopharmaceutical industry [3]

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Group 1 - The hosting of international conferences in Hong Kong, such as the Boao Forum for Asia International Technology and Innovation Forum 2025 and the International Conference on Roads and Railways 2025, enhances Hong Kong's global influence and economic development [1][3][4] - These high-profile events attract a significant number of high-spending business travelers, which boosts related industries such as hotels, dining, retail, and logistics [3][4] - The recent Boao Forum attracted over 800 guests from more than 20 countries and regions, facilitating discussions on leveraging Hong Kong's advantages for global innovation and technology collaboration [3][4] Group 2 - The upcoming International Conference on Roads and Railways 2025 will feature experts from various countries, discussing future trends in transportation infrastructure, thereby positioning Hong Kong as a key player in global transport networks [4][6] - The successful hosting of these international events demonstrates Hong Kong's unique advantages under the "One Country, Two Systems" framework and its efficient governance capabilities [4][6] - The Hong Kong government aims to attract more international conferences, leveraging its internationalization advantages to expand development opportunities [6]

Core Viewpoint - The expansion of visa-free policies in Hainan has significantly enhanced the region's attractiveness as a travel destination, leading to a notable increase in foreign visitors and economic activity [2][4][6]. Policy Iteration and Expansion - Hainan has implemented a visa-free entry policy for citizens from 85 countries, making it one of the regions in China with the most lenient visa policies [3][5]. - Since the introduction of the 59-country visa-free policy in 2018, the number of foreign visitors entering Hainan has increased dramatically, with 81% of foreign travelers utilizing the visa-free option [3][4]. - In the first quarter of this year, Hainan recorded 634,000 inbound and outbound travelers, a 10.4% increase year-on-year, with foreign visitors increasing by 37.6% [3][4]. Tourism and Business Growth - The recent Dragon Boat Festival saw a surge in travel, with 19,900 inbound and outbound travelers, marking a 44.3% increase compared to the previous year [7]. - The visa-free policy has not only boosted tourism but also enhanced business opportunities, as evidenced by the increasing participation of foreign businesses in events like the China International Consumer Products Expo [9][10]. - The number of foreign visitors entering Hainan for business and events has increased by nearly 95% compared to the previous year [10]. Visitor Experience and Preferences - Travelers from countries like Vietnam have shown a growing interest in Hainan, with a 138% increase in Vietnamese visitors compared to last year [8]. - The diverse cultural and culinary experiences in Hainan are attracting more tourists, making it a preferred destination for many [9]. Future Prospects - Hainan's immigration policies are expected to continue evolving, with plans to further enhance the convenience of entry for foreign visitors [11].

Group 1 - Linyi is focusing on the integration of exhibition economy and cultural tourism consumption, aiming for economic growth breakthroughs through various initiatives [2] - The city plans to host over 50 large-scale exhibitions with a total exhibition area exceeding 20,000 square meters, attracting more than 1 million visitors from outside the city [2] - The goal is to generate over 1.8 billion yuan in additional revenue for related industries such as accommodation, dining, and transportation through exhibition activities [2] Group 2 - Linyi is leveraging major events like the RCEP (Shandong) Import Commodity Expo and others to create diverse exhibition consumption scenarios [2] - The city will distribute tourism and dining maps, as well as discount coupons during exhibitions to enhance visitor engagement and promote integrated development of commerce, culture, sports, tourism, and exhibitions [2] - The "Exhibition + Tourism" approach aims to stimulate market activities and promote local tourism [2] Group 3 - The city is innovating the integration mechanism of exhibitions and urban promotion by utilizing the "Hui Ju Linyi" online exhibition public service platform [3] - Elements such as tourism, food, accommodation, shopping, performances, and events will be incorporated into exhibition promotions [3] - The strategy includes promoting exhibitions in crowded places like theaters and commercial districts to convert exhibition traffic into consumer retention and economic growth [3]

Group 1 - The 29th World Gas Conference is being held in Beijing, marking the first time this prestigious event has taken place in China, which signifies a new height for the country's exhibition service industry [1] - The National Convention Center Phase II, invested in and operated by Beichen Group, is the venue for this conference, showcasing the company's role in the development of high-level exhibition facilities [3] - The Olympic Park area has an annual foot traffic of 93 million, with exhibition activities contributing approximately 10% to this figure, indicating the significance of exhibitions in driving regional consumer engagement [5] Group 2 - The successful hosting of the World Gas Conference sets a benchmark for new service standards in China's exhibition industry, highlighting the integration of technology such as robotics and AI in enhancing the event experience [7] - The conference provides a high-end dialogue platform for the gas industry and elevates Beijing's international exhibition service capabilities, which is expected to attract more international professional conferences to the city [9]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Group 1 - GL events has officially announced the strategic acquisition of Dongxi Bozong International Cultural Development (Wuxi) Co., Ltd, marking a significant move in its expansion strategy in the Chinese market [1] - The acquisition aligns with GL events' "Glocal" strategy, emphasizing the integration of global and local resources, particularly in the pet medical industry [4] - The partnership aims to enhance collaboration across business segments, especially in medical technology and resources, creating a comprehensive ecosystem covering pet medical, human medical, and high-end medical equipment [4] Group 2 - Dongxi Bozong focuses on the pet medical industry and has established itself as a benchmark in the sector through events like the Dongxi West Small Animal Clinical Veterinarian Conference and the Asia Small Animal Specialist Conference [4][8] - The 17th Dongxi West Small Animal Clinical Veterinarian Conference was successfully held from May 21-23, attracting over 20,000 professional attendees and covering an exhibition area of more than 50,000 square meters [5] - Future plans include leveraging each other's strengths to enhance project scale, professionalism, and internationalization [6]

Group 1 - The 15th China Western International Procurement Conference will be held from May 25 to 29 at the China Western International Expo City, focusing on "deepening reform to increase momentum and expanding openness to promote development" [1] - The conference aims to build an international procurement and supply chain cooperation platform, facilitating the integration of international and domestic enterprises into the global industrial and supply chains [1] - The event is organized by the United Nations Procurement Division and the United Nations Project Services, with support from various local government and business entities [1] Group 2 - The conference will feature a "1+5+N" format of specialized activities, including signing ceremonies, procurement project promotions, and cross-border e-commerce AI supply chain trading events [1] - A total of over 60 countries and regions, including representatives from the United States, Australia, and Spain, will participate, enhancing connections between enterprises and domestic buyers [1] - The event will utilize the "Smart Exhibition Platform" and "Blockchain Cloud" to create a digital procurement solution that combines offline exhibitions with an online ecosystem [2] Group 3 - The organizing committee has received multiple procurement demand lists from various institutions and companies, including SHEIN and eBay [2] - An AI intelligent matching system will be employed to achieve precise matching of supply and demand information, enhancing the efficiency and effectiveness of the exhibition services [2]

Core Points - The emphasis on strengthening the real economy as a foundation for high-quality development, led by technological innovation and tailored development of new productive forces [1][2] - The establishment of a modern industrial system is crucial for the modernization of the economy and the nation, with a focus on traditional industry transformation and the development of emerging industries [2][3] Group 1: Modern Industrial System - Guangzhou has proposed the "12218" modern industrial system to enhance key industry development, aligning with national strategies and local requirements [2][3] - The city aims to develop 15 strategic industrial clusters, including intelligent connected vehicles, biomedicine, and artificial intelligence, while also focusing on future industries such as embodied intelligence and quantum technology [3][4] Group 2: Key Industry Developments - The automotive industry in Guangzhou is set to produce over 3.2 million vehicles by 2027, with a significant focus on new energy vehicles [8] - The biomedicine sector is expected to reach a scale of 400 billion yuan by 2030, with major advancements in innovative drugs and core biomedicine infrastructure [10] - The green petrochemical and new materials industry aims for an output value exceeding 400 billion yuan by 2024, positioning itself as a key pillar for high-quality development [11] Group 3: Modern Service Industries - The financial sector in Guangzhou is projected to achieve an added value of 304.9 billion yuan in 2024, becoming a major pillar of the city's economy [29] - The technology service industry is expected to enhance its capabilities, with significant investments in basic research and talent development [30] - The modern commerce sector is set to undergo transformation, with a focus on integrating traditional and emerging consumption patterns [32] Group 4: Future Industries - The semiconductor and integrated circuit industry is experiencing rapid growth, with a projected increase in output value and production capacity [16] - The renewable energy and new storage sectors are being bolstered by national innovation centers and significant infrastructure developments [17] - The low-altitude economy is expanding, with a target market size of 30 billion yuan by 2027, reflecting the city's strategic positioning in this emerging field [18]