Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]

Group 1 - The core viewpoint of the article is the introduction of a three-year action plan (2025-2027) by the Hainan provincial government to promote high-quality brand development, aiming to cultivate a number of Hainan famous products, Chinese fine products, and world-class products [1] - The plan includes enhancing the brand image of Hainan's industries by 2027, focusing on creating a distinctive and advantageous brand identity for Hainan's industries [1] - The action plan aims to strengthen the competitiveness of Hainan as an international tourism consumption center and develop regional public brands in the consumption sector [1] Group 2 - The plan emphasizes the development of advanced manufacturing brands in sectors such as digital economy, aerospace, biomedicine, petrochemical new materials, and marine equipment manufacturing, aiming to cultivate internationally recognized and nationally leading high-value brands [2] - The tourism service brand will be enhanced by promoting the image of Hainan as a "sunshine paradise" and developing new tourism identities such as "cool island" [2] - The plan encourages the creation of independent brands in the productive service industry and aims to establish a brand value evaluation mechanism with Hainan characteristics [2] Group 3 - The action plan also focuses on revitalizing time-honored brands by improving the recognition standards and encouraging collaboration between schools and enterprises to promote traditional craftsmanship [3] - It aims to deeply explore the cultural connotations of time-honored brands and integrate Hainan's unique culture into brand development [3]

Core Insights - The article highlights the transformation of the cliff village in Sichuan, where residents have transitioned from a life of poverty to one with improved living standards and economic opportunities through various initiatives, including tourism and agriculture [13][30][31]. Group 1: Economic Development - The cliff village has seen significant changes in income, with the average income reaching 19,000 yuan in 2022, more than tripling since 2019 [30]. - The introduction of olive cultivation has become a major source of income, with the village generating approximately 300,000 yuan from olive sales in the previous year and expecting 400,000 yuan this year [29]. - The "Sky Valley" tourism project, with a total investment of 330 million yuan, is expected to provide annual dividends of no less than 380,000 yuan to the village collective once fully operational [31]. Group 2: Community and Lifestyle Changes - Residents have adapted to urban life, with community activities fostering social connections, and the establishment of a WeChat group to maintain ties with their roots [26][18]. - The opening of a restaurant by former villagers in the county has allowed them to sell local goat meat at a premium price, enhancing their economic prospects [20][23]. - Young people who received education are returning to the village, contributing to the tourism industry and bringing new skills [32][33]. Group 3: Agricultural Innovations - The village has shifted its focus from traditional livestock farming to more lucrative crops like olives, which have become the primary agricultural income source [28]. - The establishment of a cooperative for goat farming has increased the annual output to 300-400 goats, improving the bargaining power of villagers in the market [23]. Group 4: Infrastructure and Services - The transition to new housing has required significant adjustments, with initial challenges in using modern amenities like locks and appliances [36][42]. - Training programs have been implemented to help residents adapt to their new living conditions, resulting in a noticeable decrease in service requests over time [42][43].

Core Points - The main event for "5·19 China Tourism Day" is taking place in Ningbo, featuring a series of countdown activities leading up to the event [1] - The event includes a focus on educational travel, emphasizing experiential learning outside the classroom [1] Group 1: Educational Travel Promotion - The "Learning in Ningbo - Zhenhai Study Day" will kick off with a promotional event at Ningbo Botanical Garden [1] - Four study tour routes have been designed to connect Zhenhai's natural scenery and cultural heritage, allowing children to learn through interactive experiences [4] - The program targets children aged 8-12, aiming to foster innovation and teamwork through immersive experiences in nature [7] Group 2: Featured Study Tour Routes - Route 1: Ningbo Botanical Garden, where children can explore the "Andes Secret Realm" pineapple exhibition and learn about botany [4] - Route 2: Jiulong Lake, offering a hiking experience with panoramic views from the 368-meter high Jiulong Peak [5] - Route 3: Zhaobao Mountain, featuring historical sites and a maritime museum that highlights Ningbo's role in the Maritime Silk Road [6] - Route 4: Yongwang Village, a rural area that provides a unique learning journey connecting urban and rural experiences [4][6]

Group 1 - The Beijing Activity Week for the 2025 Osaka World Expo successfully concluded, featuring over 20,000 attendees and more than 10 events, showcasing Beijing's openness and inclusivity to the world [1] - The event included hands-on experiences with traditional Chinese crafts, such as the making of Chinese brushes, attracting international visitors and promoting cultural exchange [3][5] - A significant highlight was the introduction of the "Chuangyou Tong" innovative scheme, which combines communication and payment services, aimed at enhancing the travel experience for international tourists in Beijing [8] Group 2 - The Beijing Cultural and Tourism Bureau reported a 11.2% year-on-year increase in Japanese tourist arrivals in the first quarter, with expectations of 1.2 million Chinese tourists visiting Japan this year, indicating strong bilateral tourism potential [9] - The "Invest in Beijing, Win Together" promotional event showcased Beijing's favorable business environment and attracted foreign investment through various agreements and collaborations [11] - Multiple international cooperation agreements were signed during the event, including partnerships between Beijing's trade promotion agency and Japan's international trade association, enhancing cross-border business relations [12][14]

Core Viewpoint - Oman is emerging as a unique and attractive destination for Chinese tourists and travel operators, offering a blend of safety, tranquility, and cultural richness that contrasts with more commercialized Middle Eastern destinations [42][50]. Group 1: Tourism Development - The tourism industry in Oman is projected to contribute 5.4 billion Omani Rials to the GDP by 2034, accounting for 9.8% of the economy, with one in every thirteen residents expected to work in tourism [51]. - Oman has not yet been saturated with Chinese tourists, providing a unique opportunity for early entrants in the tourism market [52][56]. - The country is beginning to recognize the potential of the Chinese market, introducing Chinese as an elective subject in schools [54]. Group 2: Unique Selling Proposition - Oman offers a low-pressure travel experience that emphasizes relaxation and cultural immersion over typical tourist activities, appealing to travelers seeking a more authentic experience [43][44]. - The country is characterized by its serene environment, friendly locals, and a slower pace of life, making it a desirable destination for those looking to escape the hustle and bustle of more crowded tourist spots [30][31][41]. - Oman’s tourism strategy contrasts with its neighbors by focusing on understated luxury and unique experiences rather than aggressive marketing and commercialization [45][50]. Group 3: Market Opportunity - The current lack of commercialization and homogenization in Oman presents a window of opportunity for Chinese travel operators to establish a foothold before the market becomes saturated [53][56]. - As neighboring countries aggressively market their tourism sectors, Oman’s quiet charm and potential for growth make it an attractive alternative for discerning travelers [49][50]. - The narrative surrounding Oman is shifting, with increasing interest from Chinese tourists who value safety, comfort, and unique experiences over traditional tourist traps [48][49].

Group 1 - The "May Day" holiday serves as a window to observe the vitality and potential of the Chinese economy, reflecting public confidence in economic development [2][4] - During the "May Day" holiday, domestic travel reached 314 million trips, a year-on-year increase of 6.4%, indicating a greater willingness to travel [2] - Total spending by domestic tourists amounted to 180.269 billion yuan, up 8% year-on-year, showing increased consumer spending [2] Group 2 - In Guizhou province, popular tourist sites experienced crowding and capacity limits, highlighting the high demand for travel [3] - The confidence in the economic outlook is attributed to a long-standing cultural heritage and resilience in the face of challenges [4][5] - The Chinese economy is likened to a vast ocean, capable of withstanding external pressures and showcasing significant domestic consumption potential [6] Group 3 - The emergence of domestic 5G smartphones and advancements in chip technology demonstrate China's ability to innovate despite external challenges [7] - The travel boom during the "May Day" holiday reflects not only economic vitality but also social harmony and community spirit [7][8] - The overall travel trends and spending patterns during the holiday provide insights into the broader economic and social landscape of China [8]

Group 1: Travel Trends - The "May Day" holiday saw a significant increase in domestic travel, with 314 million trips taken, representing a 6.4% year-on-year growth [2] - Young travelers are increasingly opting for less popular destinations, with booking volumes for places like Xinjiang and Tibet seeing over 100% growth compared to last year [2] - The trend of "picking quality over quantity" in travel experiences is evident, as young people prioritize unique and personalized travel experiences [1][14] Group 2: Accommodation Preferences - During the "May Day" holiday, 50% of hotel bookings in smaller cities were for accommodations priced below 200 yuan, highlighting a shift towards budget-friendly options [2] - The average rental car consumption increased by 24% compared to last year, with 85% of rentals being for out-of-town trips [4] Group 3: Outdoor Activities - There is a notable rise in outdoor activities among young travelers, with significant increases in interest for activities like snorkeling and hiking, as reflected in the high view counts on social media platforms [8][10] - Coastal cities are experiencing a surge in bookings, with places like Jinjiang seeing a 328% increase in orders [7] Group 4: Cultural and Entertainment Integration - The integration of travel with cultural events is becoming popular, as evidenced by the increase in attendance at large-scale performances, with over 200 million attendees and ticket sales reaching 1.212 billion yuan during the holiday [10][12] - Young travelers are combining their travel experiences with entertainment, such as attending concerts while on vacation, creating a new "after party" economy [12][13] Group 5: Redefining Travel Experience - The concept of travel is evolving from mere sightseeing to immersive experiences, with young people seeking to break free from routine and engage in meaningful activities [14] - The focus is shifting towards experiences that provide personal growth and enjoyment, rather than just visiting popular tourist spots [14]

央视网消息：据《纽约时报》等美国媒体8日报道，由于美国总统特朗普的关税及强硬的移民政策，纽约市下调了今年国际游客 的预期人数，预计将下降17%。 报道称，纽约市旅游与会展局8日发布报告称，纽约市预计2025年将接待1210万外国游客，低于去年12月预测的1460万。就游客 总数而言，预计全年游客总数为6410万人，比先前估计减少了350万人。有业内人士认为，特朗普政府的关税政策、"分裂性政策"和 针对移民的"高调拘留"行动是导致外国游客减少的原因。 9日，加拿大航空公司首席执行官鲁索表示，受贸易紧张局势等因素影响，未来6个月该航空公司的加拿大赴美机票预订数同比减 少了10%至13%。据美国旅游协会统计，加拿大是美国最大的游客来源地，去年有2040万人次到访。《华盛顿邮报》此前曾报道称， 由于美国政府关税政策以及主权威胁在加拿大引发广泛不满，今年前往美国的加拿大游客数量预计比去年减少400万人，这将带来约 43亿美元的损失。 最近一段时间，受美国政府的关税政策的冲击，以及美国政要对其他国家负面言论和愈发严格的边境和移民政策的影响，美国旅 游行业正在面临挑战。美国消费者新闻与商业频道近日在其节目《财经论坛》中聚焦 ...

Core Viewpoint - The report indicates that the WFG China Securities Tourism Theme ETF, managed by WFG, has increased its holdings in Zhongxin Tourism, which is among its top ten shareholders. The fund has experienced a year-to-date return of -5.43%, ranking 3042 out of 3406 in its category [1]. Fund Performance Summary - Year-to-date return for the fund is -5.43%, with a category ranking of 3042 out of 3406 [1][2]. - The fund's performance over various time frames includes: - Last week: +0.05% - Last month: -4.43% - Last three months: +0.86% - Last six months: -10.43% [2]. - The average return for similar funds is +1.64% year-to-date, with the CSI 300 index showing a return of -2.26% [2]. Fund Manager Profile - The fund manager, Cao Ludi, has been with WFG since July 2016 and has held various positions, currently serving as the quantitative fund manager in the Quantitative Investment Department [3][4]. - Cao Ludi has managed multiple funds since May 2020, including the WFG China Securities Value ETF and the WFG China Securities Tourism Theme ETF since July 2021 [3][4]. Company Background - WFG Fund Management Co., Ltd. was established in April 1999, with its chairman being Pei Changjiang and general manager Chen Ge. The company has four shareholders, with Guotai Junan Securities Co., Ltd. holding 27.77% [4].