Summary of the Conference Call for Xiyu Tourism Industry Overview - The tourism industry in Xinjiang is experiencing a growth rate of approximately 10% in 2025, aligning with initial expectations, particularly during peak seasons such as the Dragon Boat Festival and local ethnic festivals [3][4] Key Points and Arguments - **Revenue and Consumer Behavior**: Despite an increase in visitor numbers, the average spending per visitor has slightly decreased. The proportion of spending on dining and accommodation is relatively low, while secondary consumption categories, such as boat rides and cable car usage, have seen a decline in growth relative to visitor numbers [2][4] - **Shareholder Actions**: The controlling shareholder plans to increase their stake by up to 1.35% to strengthen actual control over the company and avoid triggering a mandatory takeover bid. The second-largest shareholder, Changji State Investment, currently has no plans to buy or sell shares [2][6][7] - **Management Changes**: Recent changes in the management team of the cultural tourism group are internal adjustments and will not affect the strategic direction. The group aims to accelerate its strategic layout and control over Xiyu Tourism [2][8] - **Summer Season Preparations**: The company is actively preparing for the summer peak season by enhancing marketing efforts for the Tianshan Tianchi scenic area and ensuring operational safety and service quality [2][9] - **Secondary Consumption Strategies**: To address pressures on secondary consumption, the company will strengthen coordination with tour guides and travel agencies, and increase promotional efforts for projects like cable cars and space capsule camps through social media platforms [2][10] - **Low-altitude Economy Initiatives**: The company is exploring opportunities in the low-altitude economy and has reported to the regional development and reform commission to seek policy support and flight operation permits. However, the commercialization timeline remains uncertain due to the lack of established regulations at the national level [2][11] - **Winter Tourism Plans**: For 2025, the company has not yet finalized its winter tourism plans but intends to continue its collaboration with the World Ice Sailing Championship to promote winter activities at Tianshan Tianchi [2][12] - **Addressing Transportation Bottlenecks**: The company acknowledges existing bottlenecks in transportation and accommodation during the peak tourist season and plans to expand self-driving tour options to mitigate these issues [2][5][13] - **Future Investment Directions**: The company will focus on stabilizing its core scenic area, Tianshan Tianchi, while exploring project collaborations in other areas such as Kashgar and Sayram Lake [2][14] - **Cost Management**: Future labor costs are expected to rise, but the company aims to manage these through improved operational efficiency. Equipment maintenance costs are stable due to effective management practices [2][15] - **External Expansion Plans**: The company is pursuing external expansion through project collaborations, aligning with its strategic goals, but this will take time to implement [2][16] - **Shareholder Return Plans**: The company has a clear plan for share buybacks and has distributed dividends in three of the past five years, with intentions to continue rewarding investors as conditions allow [2][18][19] - **Asset Integration Timeline**: There is currently no specific timeline for asset integration within the group [2][20] Additional Important Information - The company is focusing on enhancing its marketing strategies and operational management to ensure a successful peak season while navigating challenges in consumer spending and operational bottlenecks [2][9][10]

Core Viewpoint - Various scenic spots across China are offering free or discounted entry to high school and college entrance examination students, promoting tourism and celebrating tea culture [2][3]. Group 1: Scenic Spots and Offers - Luofu Mountain Scenic Area offers free admission from June 1 to August 31 for middle and high school students with valid ID and examination permit [5][6]. - Tianlu Mountain Tourist Resort provides multiple benefits from June 9 to July 10, including free entry with student ID or examination permit and discounted rafting tickets [12][14]. - Qiandao Lake Scenic Area allows free entry from June 1 to August 31 for examination students with valid permits [21][23]. - Putuo Mountain Scenic Area offers free boat tickets from June 10 to September 10 for students with examination permits [27][30]. - Taimu Mountain Scenic Area provides free entry from June 9 to August 31 for teachers and students with valid identification [36][38]. - Huangshan Scenic Area offers half-price tickets for students with valid student ID and examination permits during July and August [45][50]. - Jiuhua Mountain Scenic Area provides free entry and discounts on accommodations and dining for examination students from June 15 to August 31 [55][58]. Group 2: Cultural and Historical Significance - Luofu Mountain is known for its rich tea culture, dating back to the Wei and Jin dynasties, with a peak in the Ming and Qing dynasties [8][9]. - Tianlu Mountain has a favorable environment for high mountain tea cultivation, with a history of tea production since the Tang dynasty [15][17]. - Qiandao Lake is a key tea production area with 190,000 acres of tea gardens, producing various high-quality tea varieties [23][24]. - Putuo Mountain is famous for its Buddhist tea, with a cultivation history dating back to the Tang dynasty [30][32]. - Taimu Mountain is recognized as the origin of white tea, with significant cultural heritage related to tea production [39][40]. - Jiuhua Mountain has a long history of tea cultivation, with notable tea varieties developed since the Tang dynasty [58][60].

Core Points - The G5557 "Daiyue" special train was launched to promote tourism in the Tai'an Daiyue area through a "high-speed rail + tourism" model, aiming to attract more visitors [1][2] - A promotional event featuring cultural performances was held at Jinan Station to engage travelers and showcase the cultural tourism characteristics of the Daiyue region [1] - The train features a "Daiyue cultural tourism" themed experience space, where staff interact with passengers and offer prizes such as tickets and cultural gifts [2] Discounts and Promotions - Tai'an Station has introduced several discount policies for tourists using the "high-speed rail + tourism" travel option, including ticket discounts and accommodation offers at various scenic spots [3] - Specific discounts include 20% off at the Shigandang Cultural Park and 30% off at the Jiunv Peak scenic area for travelers holding a high-speed rail ticket and ID [4] - Additional offers include reduced ticket prices for performances and free access to certain attractions for eligible travelers [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Core Viewpoint - Numerous scenic spots across the country are offering exclusive discounts and benefits for the 2025 high school and college entrance examination candidates, including free admission, ticket discounts, and transportation benefits from now until the end of summer [1][26]. Group 1: Discounts and Benefits - Wild Three Ponds Scenic Area offers free admission for 2025 high school graduates from June 10 to August 31, allowing them to visit four major scenic spots with their examination admission ticket and ID [2]. - Yellow Crane Tower Park provides free access for high school graduates on June 17, where they can ring the Millennium Bell for blessings with their admission ticket [4]. - Xuzhou allows high school candidates to ride all city buses for free from June 7 to 9 with their admission ticket [7]. Group 2: Regional Offers - In Shaanxi, students can enjoy free admission to various scenic spots from June 10 to August 31 with their admission ticket and ID, while teachers receive discounts [12]. - In Anhui, several scenic areas, including Jiuhua Mountain and Tianzhushan, offer free admission and discounts on accommodations and dining for 2025 examination candidates from June 9 to August 31 [14]. - In Zhejiang, the Xiansianju Scenic Area provides free admission for students and teachers from June 1 to September 1, requiring prior reservation [17]. Group 3: Additional Offers - In Qinghai, Chaka Salt Lake Scenic Area offers free admission for 2025 high school candidates from June 10 to August 31 [18]. - In Xinjiang, various scenic spots, including Akta Peak and Hami Yilong, provide discounts and free admission for examination candidates from June 6 to August 30 [29]. - In Sichuan, Xiling Snow Mountain offers free admission for 2025 examination candidates from now until August 31, with a combined ticket for transportation and admission originally priced at 240 yuan now available for free [25].

Core Insights - The article highlights the rapid rise of Luoyang's Luoyi Ancient City as a popular destination for Hanfu experiences, attracting over 15 million visitors annually and housing over 1,100 Hanfu experience shops [2][4]. Group 1: Tourism Growth - Luoyi Ancient City covers an area of over 160 acres and is expected to receive over 40 million visitors in 2024, despite the old town's small area of just over 50 square kilometers and a resident population of about 250,000 [2]. - The number of Hanfu merchants in the old town surged from 18 to over 1,100 following the popularity of Hanfu experiences in 2023, with local homestays achieving an average occupancy rate of over 70% [2]. Group 2: Management and Governance - The local government has implemented measures to regulate the Hanfu photography market, including registering and training photographers, establishing pricing transparency, and creating a "pay after trial" rule to enhance service quality [4][7]. - The governance approach has shifted from reactive to proactive, focusing on industry self-regulation and credit supervision to address complaints and support compliant businesses [7][9]. Group 3: Visitor Experience Enhancement - To improve visitor satisfaction, the local government has extended night lighting hours, coordinated public transport services, and opened parking facilities, adding over 2,000 parking spaces in crowded areas [9]. - The local administration has trained nearly 10,000 tourism service personnel, including makeup artists, to meet the rising demand for Hanfu styling [9].

Group 1 - The article highlights popular summer travel destinations in China, focusing on natural scenic spots that attract tourists during the hot season [2][4][5] - The Xiaoqikong Scenic Area in Guizhou Province has seen a 7.81% increase in visitors this year, totaling 1.7606 million tourists, thanks to its unique karst landscape and ecological resources [4] - The Zhongdugou Scenic Area in Henan Province has enhanced visitor experiences with new attractions like "water steps" and themed trails, contributing to increased tourist traffic [5][7] Group 2 - In Hubei Province, the "Baili Huang" highland pasture has transformed from ecological degradation to a thriving tourist destination, with over 2 million annual visitors and tourism revenue exceeding 200 million yuan [8][10] - The "cloud sheep raising" initiative allows visitors to adopt livestock via mobile apps, blending tourism with agricultural innovation and boosting local farmer incomes [8][10] - Jiangsu Province's Nanjing has developed diverse summer consumption scenes, including health service markets and pet parks, attracting significant foot traffic and sales [11][12][14] Group 3 - The health service market at Xuanwu Lake attracted over 50,000 visitors in three days, generating sales of 1 million yuan, showcasing the growing trend of health-focused consumer experiences [12] - Nanjing's cycling district features user-friendly designs and amenities, promoting cycling as a summer activity and enhancing local tourism [16] - The ecological environment on Jiangxinzhou Island has been improved, with 70% green coverage, contributing to the popularity of pet-friendly spaces and related businesses [14]

Core Insights - The Longtan Grand Canyon in Luoyang, Henan, has gained popularity due to its affordable pricing for goods, contrasting with the high prices typically found in many tourist attractions [2][3] - The park's strategy includes maintaining stable prices for eight years and introducing a policy allowing multiple free entries within a year for a ticket price of 80 yuan, enhancing customer loyalty [3] Pricing Strategy - The Longtan Grand Canyon offers low-priced items such as ice cream for 1 yuan, bottled water for 2 yuan, and cucumbers for 2.5 yuan, which has attracted a significant increase in visitor numbers during the "May Day" holiday [2] - The park's pricing approach stands in stark contrast to other tourist spots where prices are often inflated due to monopolistic practices and lack of transparency, leading to negative public sentiment [2] Customer Experience - The park emphasizes respect for visitors by providing a sense of security against being overcharged, which is crucial for enhancing the overall travel experience [2] - The establishment of a price hearing system involving visitor representatives aims to ensure transparency and fair pricing, contributing to a trustworthy consumer environment [3] Industry Trends - The tourism industry is witnessing a shift where merely relying on scenic beauty is no longer sufficient; the importance of comprehensive emotional value for tourists is increasingly recognized [3] - The success of Longtan Grand Canyon serves as a reminder that genuine respect and quality service towards customers are essential for sustainable business growth in the tourism sector [3]

Core Viewpoint - The article highlights the successful development and promotion of the Zhongshan Scenic Area in Nanjing, showcasing its rich historical heritage and modern tourism appeal, which has attracted a significant number of domestic and international visitors this year [1][9]. Group 1: Scenic Area Development - The Zhongshan Scenic Area has implemented actions to create a world-class tourist destination, enhancing its aesthetic appeal and integrating new experiences for visitors [1][9]. - The scenic area ranked fifth and third in visitor numbers among national tourist attractions during the Spring Festival and May Day holidays, respectively [1]. Group 2: Natural and Historical Attractions - The Yanjue Lake, described as a summer version of a "Monet Garden," features seasonal beauty with various flowers and historical architecture, enhancing its appeal [2]. - The Meihua Mountain, known as the "First Plum Mountain in the World," boasts over 38,000 plum trees and has the most self-bred varieties in China, with 155 varieties recognized internationally [3]. Group 3: Cultural and Educational Integration - The newly established Purple Mountain Observatory Museum has become a platform for visitors to learn about traditional Chinese culture through ancient astronomical instruments and modern technology [5][6]. - The "Zhongshan Museum Cluster" includes 15 institutions, promoting a blend of architecture, ecology, culture, and education [6]. Group 4: Innovative Tourism Experiences - The scenic area has introduced diverse activities, such as poetry reading events and hands-on cultural experiences, to engage visitors and enhance their understanding of local heritage [7]. - Recent events have attracted international tourists, with groups from Singapore, the United States, and other countries participating in cultural activities [8][9]. Group 5: Visitor Statistics and Future Goals - The Zhongshan Scenic Area is projected to receive nearly 38 million visitors in 2024, with plans to enhance its international image and improve the integration of ecological protection and cultural tourism [9].

Summary of Conference Call Records Industry Overview - The records primarily focus on the domestic travel and tourism industry in China, highlighting various metrics related to passenger flow, tourism data, and consumer spending during recent holidays. Key Points Domestic Travel Data - Total cross-regional passenger flow reached 657 million, averaging 219 million daily, with a year-on-year increase of 3.0% [1] - Railway passenger numbers totaled 47.108 million, averaging 15.7027 million daily, reflecting a 2.3% year-on-year growth [1] - Civil aviation recorded 5.601 million passengers, averaging 186,700 daily, with a 1.22% year-on-year increase [1] - Road travel accounted for 600 million passengers, averaging 200 million daily, showing a 3.14% year-on-year growth [1] - Waterway travel saw 2.881 million passengers, averaging 960,000 daily, which is a decline of 1.65% year-on-year [1] - Average economy class ticket prices for the upcoming May Day holiday are expected to decrease by 10.4% compared to 2019 and by 25% compared to 2023 [1] Provincial and Scenic Area Tourism Data - Key scenic areas experienced varied growth rates due to weather impacts and base differences: - Laoshan received over 117,000 visitors, up 12.6% year-on-year [3] - Hongcun saw a decline in visitors to 29,125, down 14.16%, with ticket revenue dropping 35.46% [3] - Xidi had 10,812 visitors, down 7.67%, with ticket revenue decreasing by 12.37% [3] - Beijing's parks received 1.2558 million visitors, remaining stable year-on-year [3] - Notable provincial data includes: - Sichuan's A-level scenic areas welcomed 14.2915 million visitors, with ticket revenue of 109.1803 million, marking a 13.02% increase in visitor numbers [3] - Hunan reported 17.2881 million visitors, up 12.56%, with per capita spending increasing by 16.11% [3] - Shanghai received 6.4808 million visitors, with total tourism spending of 12.477 billion, a 3.30% increase [3] - Beijing's total visitor count was 8.211 million, with tourism spending of 10.77 billion, up 6.7% [3] - Guangdong saw a 20.6% increase in visitors, totaling 23.21 million, with tourism revenue up 25.6% [4] OTA Booking Trends - OTA platforms indicate that cultural experiences, short trips, and summer vacations are key growth drivers for domestic travel [6] - Family-oriented travel is prominent, with nearly 90% of the top 50 scenic spots being family-friendly, and family orders constituting 25% of total travel orders [6] - Theme park ticket bookings surged by 127% year-on-year [6] - Booking trends show significant growth in domestic and international travel, with a 15% increase in outbound flight bookings [7] Local Consumption Data - In Beijing, ticket sales for performances reached 140 million, with a 130% increase in box office revenue year-on-year [10] - Retail sales in various cities showed positive growth, with Shanghai's consumption nearing 20 billion, up 4.1% from the previous year [10] - Meituan reported a 193% increase in "Dragon Boat Rice" orders in Guangdong and a 241% increase in specific regional delicacies during the holiday [11] Additional Insights - The overall outflow and inflow of people at national ports is expected to reach 2.15 million daily, a 12.2% increase compared to the previous year [8] - International flights are recovering, with daily operations reaching 1,659 flights, which is 87% of the 2019 level [8] - Hainan's airports are projected to handle 317,000 passengers, with a 2.5% year-on-year increase in passenger throughput [9] Conclusion - The domestic travel and tourism industry in China is showing signs of recovery and growth, with various regions and sectors experiencing different levels of performance. The data indicates a positive trend in consumer spending and travel activity, despite some challenges posed by weather conditions and other factors.