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].

证券代码：000722 证券简称：湖南发展 公告编号：2025-040 湖南发展集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、概述 湖南发展集团股份有限公司（以下简称"公司"）于 2025 年 04 月 29 日召 开第十一届董事会第二十七次会议，审议通过了《关于选举公司第十一届董事会 董事长的议案》，同意选举刘志刚先生担任公司第十一届董事会董事长，任期自 第十一届董事会审议通过之日起至本届董事会届满止。根据《湖南发展集团股份 有限公司章程》第八条规定，董事长为公司法定代表人。本次董事会选举产生的 董事长刘志刚先生担任公司法定代表人。详情请参见公司在《中国证券报》《上 海证券报》《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上 刊登的编号为 2025-034、2025-036 公告。 二、进展情况 近日，公司已完成法定代表人工商变更登记手续，并取得了湖南省市场监督 管理局换发的《营业执照》。公司法定代表人已由韩智广先生变更为刘志刚先生， 除前述事项外，其他登记事项未发生变化。换发后的《营业执照》主要内容如下： ...

Core Viewpoint - The company held a successful online performance briefing for the fiscal year 2024, with full interaction with investors and a 100% response rate to questions [1] Group 1: Performance and Financials - For the fiscal year 2024, the company achieved operating revenue of 741.32 million yuan, a decrease of 53.68% year-on-year, and a net profit attributable to shareholders of 117.59 million yuan, down 9.29% year-on-year [9] - Excluding the impact of asset divestitures, the company's revenue increased by 9.74% year-on-year, and profit increased by 37.94% [9][13] - During the "May Day" holiday in 2025, the company received 122,200 visitors, a year-on-year increase of 16.83%, setting a new record for daily and overall visitor numbers [5][15] Group 2: Strategic Initiatives - The company is focused on its core business of cruise tourism and aims to become a leader in the Yangtze River Three Gorges tourism sector [13][20] - The company plans to launch two new inter-provincial cruise ships in June and December 2026, with projected annual revenues of 395 million yuan and net profits of 100 million yuan upon reaching full capacity [16][17] - The company is exploring the integration of cruise, scenic spots, and cultural resources, and has already received over 60,700 students for study tours since 2018 [8][20] Group 3: Market and Regulatory Environment - The company is responding to government initiatives to boost domestic consumption and has launched various promotional activities during holidays [2] - The company is compliant with regulations regarding major shareholder share reductions, confirming that recent share sales by a major shareholder were lawful and did not indicate operational issues [4][12] - The company is actively enhancing safety measures for its cruise operations in light of recent incidents in the tourism sector [8]

Group 1 - The Thai tourism sector is proposing an investment of 35 billion Thai Baht (approximately 7.7 billion RMB) to address issues related to the decline in international tourist numbers, particularly from China [1] - In the first four months of 2025, the number of international tourists in Thailand has slightly decreased, with Chinese tourists down by 30% compared to the same period last year [1] - Concerns over safety in Thailand are significantly affecting the willingness of Chinese tourists to travel, which is impacting the charter flight business and could also affect regular flights [1] Group 2 - If the current trend continues, the number of Chinese tourists visiting Thailand in 2025 could drop to between 4 million and 5 million, even with strong growth from European and Middle Eastern markets [1] - The Thai Ministry of Tourism and Sports and the Tourism Authority of Thailand are preparing to submit a proposal to the cabinet for substantial financial support, focusing on three key initiatives [1] - One initiative includes a "joint promotion" plan with airlines targeting the Chinese market, aiming to ensure charter flight occupancy rates reach at least 85% [1] Group 3 - In addition to the key measures, the Tourism Authority of Thailand plans to host an event in late May 2025, inviting 500 travel agency representatives, media, and influencers from China to experience Thai tourism products [2] - A "2025 Thailand Tourism Trade Fair" will be held in Chiang Mai from June 4 to June 6, focusing on attracting representatives from the Chinese market [2]

Group 1 - The Hong Kong tourism industry is experiencing a strong recovery, with inbound travelers reaching 90% of pre-pandemic levels during the May Day Golden Week, including nearly 33,000 group travelers, two-thirds of whom stayed overnight [1] - The increase in visitors is attributed to several factors, including the completion of the Kai Tak Sports Park, favorable weather, and the alignment of the May Day holiday with the Buddha's Birthday holiday, enhancing Hong Kong's attractiveness [1] - There is a need for improved public transport services and better management of tourist flow at popular attractions, with suggestions for implementing quotas for both free and group travelers [1] Group 2 - The Vocational Training Council's Hotel and Tourism Institute director suggests that real-time traffic and crowd information should be provided to alleviate crowd pressure, emphasizing the importance of attracting high-spending tourists rather than just increasing visitor numbers [2] - The Hong Kong Tourism Industry Employees Association highlights that most inbound tour groups still follow traditional itineraries and have not incorporated new attractions, indicating a lack of systematic tour guide training in Hong Kong [2] - There is a call for a licensing mechanism for tour guides to promote the development of in-depth tourism experiences [2]

Core Viewpoint - The article discusses the significant decline in Chinese tourists traveling to Thailand during the recent May Day holiday, highlighting a drastic drop in interest and the underlying reasons for this trend. Group 1: Decline in Tourism to Thailand - Thailand, traditionally a favorite destination for Chinese tourists, has seen a sharp decline in bookings, with group travel orders dropping by over 50% during the May Day holiday compared to the previous year [6][9] - In the first four months of 2025, the number of Chinese tourists visiting Thailand was only about 40% of the same period last year, indicating a significant downturn in interest [9][10] - The number of flights from China to Thailand has decreased by 16.5% this year compared to the same period in 2024, contributing to the rising costs and time associated with travel to Thailand [18][19] Group 2: Reasons for the Decline - The decline in Chinese tourists is attributed to a series of negative news events in Thailand, which have eroded confidence among potential travelers [15][16] - However, the primary factor affecting travel to Thailand is the reduction in flight availability, which has increased travel costs and time, leading many to seek more cost-effective alternatives [21][22] - The shift in travel preferences from group tours to independent travel among younger generations has also impacted the tourism dynamics, with over 50% of travelers now opting for free travel [27] Group 3: Impact on the Tourism Industry - The reduction in flights has led to increased ticket prices and higher hotel costs, diminishing the overall value of traveling to Thailand for Chinese tourists [34][35] - The decline in group travel has also negatively affected the independent travel market, with reports indicating a drop of over 70% in independent travel bookings to Thailand [32] - As a response to the declining number of Chinese tourists, Thai tourism businesses are shifting their focus to attract visitors from other countries, particularly Malaysia and Vietnam, which are becoming more competitive destinations [46][48] Group 4: Future Strategies for Thailand - The Thai government acknowledges the need for a strategic overhaul of its tourism industry, focusing on improving service standards and attracting high-quality tourists rather than merely increasing visitor numbers [48][50] - There is a consensus among industry stakeholders that Thailand must develop a clear tourism strategy that emphasizes quality over quantity, potentially sacrificing short-term gains for long-term sustainability [55][56] - Initiatives are being planned to promote lesser-known destinations in Thailand to attract a new demographic of travelers, including collaborations with media and influencers to showcase unique travel experiences [58][60]

这个由浙江文投、中国联通、飞猪旅行等机构共同发起的联盟，目前拥有60余家成员单位，其最直 接的目的是让旅游服务更"聪明"，即通过分析历史游客数据，景区可以提前预测客流高峰，帮助酒店调 整价格；通过挖掘游客评论和社交媒体数据，商家能更精准地了解游客喜好。"我们不仅要让数据流动 起来，更要让数据产生价值。"该联盟相关负责人表示。 文旅可信数据空间联盟相关负责人表示，随着优质数商持续入驻数据空间，高质量数据底座支撑能 力进一步增强。同时，在推动数据共享的同时，隐私保护会被放在首位，即采用数据脱敏、分级授权等 技术手段，确保游客个人信息安全。 会上，淳安还介绍了基于文旅可信数据空间平台的"未来游客量预测"数据产品，该产品通过公共数 据授权运营，探索客房定价新模式，破解客房供需不平衡和定价不精准难题。 据了解，联盟下一步将重点开发景区客流预警、游客行为分析等实用工具，让数据真正实现"用好 文旅数据，打通信息孤岛，突破国际垄断，精准服务游客"的目标，提升游客体验和商家收益，为文旅 产业转型升级贡献"淳安方案"。 怎样让文旅企业具有"听风辨位"的内功，"见招拆招"提升接待能力？日前，全国首个专注于文旅行 业数据流通的联盟组 ...

Core Viewpoint - The article emphasizes the significant improvements in the quality of life and public welfare in Sanya, highlighting advancements in education, healthcare, and transportation over the past 75 years since the liberation of Hainan Island [2][10]. Education - Sanya has transformed its education system from a weak foundation to a balanced resource distribution, with the introduction of quality schools such as those affiliated with prestigious universities [3][4]. - The "One City (County) Two Schools One Garden" initiative has successfully brought in quality educational resources, allowing parents to access good schools locally [3][4]. - Group-based schooling reforms in rural areas have led to significant improvements in academic performance, with average scores in sixth-grade assessments increasing by 43.2 points [4][5]. Healthcare - Sanya has developed a robust healthcare system, transitioning from a lack of medical resources to a well-established network of healthcare services, including a 15-minute urban health service circle [6][7]. - The introduction of high-quality medical resources, such as partnerships with major hospitals, has improved healthcare delivery and patient outcomes [6][7]. - The city has achieved a high coverage rate of basic medical insurance, stabilizing at over 95%, which has enhanced access to healthcare for residents [7]. Transportation - Sanya's transportation infrastructure has evolved from being poorly connected to a comprehensive network that includes road, air, and sea travel [8][9]. - The completion of the ring highway has significantly reduced travel times between Sanya and other regions, fostering economic exchange and tourism [9]. - Sanya Phoenix International Airport has expanded its flight network, with plans for further upgrades to enhance international connectivity [9][10].

Travel Insights - During the May Day holiday from April 30 to May 3, the total cross-regional flow exceeded 1.1 billion, with an average daily flow of 282 million, showing a significant increase of 26.79% compared to 2019[6] - The daily passenger volume for rail, road, waterway, and air transport was 1,978.05 million, 25,843.50 million, 168.75 million, and 222.5 million respectively, with road transport accounting for 91.6% of total passenger flow[6] - The migration scale index reached 1158.69, up 15.60% from 2023 and 21.41% from 2024, indicating a strong willingness for long-distance travel[8] Tourism Performance - Domestic tourism showed significant growth, with a 25% increase in market heat compared to last year, outpacing growth in higher-tier cities by 11 percentage points[34] - The number of domestic flights during the holiday period was approximately 96,515, up 18.3% from 2019, while international flights were 13,399, down 9% from 2019[20] - Popular outbound destinations included Japan and South Korea, with growth rates of 51.52% and 17.16% respectively, while Thailand saw a decline of 17.56%[21] Movie Market Trends - The total box office for the May Day holiday was only 515 million, significantly lower than the 1.528 billion from the previous year, indicating a decline in consumer interest[37] - The average ticket price was 39.52 yuan, down 2.2% from 2024 and 9.19% from 2019, reflecting a decrease in consumer spending on cinema[37] - Box office revenue was highest in second-tier cities at 226 million, while first-tier cities only contributed 86 million[37] Consumer Behavior - The "trade-in for new" consumption model saw a 61% increase in sales during the holiday, with significant growth in regions like Zhejiang and Beijing, where increases were 112.05% and 95.2% respectively[44] - Retail and dining sectors experienced notable growth, with Hubei province reporting a 6.35% increase in transaction volume compared to 2024[43] - Major cities like Hangzhou and Chengdu saw substantial consumer activity, with daily sales exceeding 40 million yuan in food and beverage sectors[43] Real Estate Market - Real estate sales during the holiday showed slight improvement compared to last year, with first-tier cities leading in sales intentions, although overall market sentiment remains cautious[48] - Various promotional measures were implemented across provinces, including purchase subsidies and increased loan limits for second homes, aimed at boosting market confidence[48] - The sales area during the holiday was better than last year, with first-tier cities outperforming second and third-tier cities[48]

Core Insights - The article highlights the innovative measures taken by local governments in lesser-known cities to accommodate the surge of tourists during the "May Day" holiday, particularly in Chongqing's Rongchang District and Enshi Prefecture in Hubei Province [1][4]. Group 1: Government Initiatives - Chongqing's Rongchang District opened government canteens and parking lots to tourists, receiving widespread praise from visitors and netizens [1]. - In Enshi Prefecture, a tourist family was accommodated in the home of the local tourism bureau director due to a lack of available hotel rooms, showcasing a unique approach to hospitality [2][4]. Group 2: Challenges and Responses - The influx of tourists during the holiday led to significant challenges in accommodation and services, with Enshi County experiencing a 76.64% increase in visitor numbers compared to the previous year, hosting 650,000 tourists over three days [4]. - The local tourism bureau director coordinated emergency measures, including the establishment of 100 temporary beds in a sports hall, to address the accommodation crisis [5]. Group 3: Long-term Considerations - The article emphasizes the need for better planning and resource allocation by local governments to manage tourist flows effectively, suggesting that cities should enhance their infrastructure and service capabilities to sustain tourism growth [6]. - It also points out that while immediate solutions like opening private homes can be effective, they should not replace systematic planning and management for future tourist seasons [4][6].