Core Viewpoint - The article highlights the significant recovery and growth of inbound tourism in China, with foreign visitors increasing dramatically compared to pre-pandemic levels, indicating a shift in the tourism landscape and potential opportunities for the industry [5][14][16]. Summary by Sections Inbound Tourism Recovery - A notable increase in foreign visitors to China has been observed, with numbers surpassing pre-pandemic levels by 170%-180% on certain routes [5]. - Data from the National Immigration Administration shows that in the first half of 2025, 13.64 million foreign visitors entered China under visa-free policies, accounting for 71.2% of all inbound foreign visitors [8][14]. - The total number of inbound foreign tourists in the first half of 2025 reached 19.16 million, which is a significant recovery compared to the previous year [14][16]. Comparative Analysis - The scale of inbound tourists to China is comparable to Japan, which had approximately 21.51 million foreign visitors in the same period [10][12]. - Other East Asian and Southeast Asian countries also show high inbound tourist numbers, with Malaysia at 19.26 million and Thailand at 16.61 million [12]. Visitor Demographics and Behavior - The increase in foreign visitors is attributed to diverse reasons for entry, including business, family visits, and academic exchanges, rather than traditional tourism [18][19]. - Many foreign visitors do not fit the typical tourist profile, leading to a perception gap in the tourism industry [20][22]. Regional Opportunities - Cities like Jilin and Sichuan are experiencing a surge in foreign visitors, particularly from neighboring countries, indicating a shift in tourist destinations from major cities to less traditional areas [33][36]. - The article emphasizes that cities with improved infrastructure and services tailored to foreign visitors will benefit the most from this trend [41][42]. Future Outlook - The article suggests that the future of inbound tourism will depend on how well cities can adapt to the needs and preferences of foreign visitors, focusing on service quality and cultural understanding [43][44].

Economic News - The Ministry of Culture and Tourism plans to launch a three-year action plan to boost cultural and tourism consumption, with over 330 million yuan in subsidies [2] - As of the end of August, China's electric vehicle charging infrastructure reached 17.348 million, a 53.5% increase year-on-year [2] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut since December 2024 [2] - The 12th Beijing Xiangshan Forum opened with over 1,800 participants from more than 100 countries and organizations [2] - Japan's government initiated a national AI strategy to become the most AI-friendly country globally [2] - The 9th China (Tianjin) Nucleic Acid Drug Conference was held, with significant projects signed, focusing on nucleic acid drug development [2] - BP plans to invest over £3.6 billion (approximately $5 billion) annually in the U.S. over the next five years [2] - The People's Bank of China conducted a 487 billion yuan reverse repurchase operation, with a net injection of 195 billion yuan [2] - The People's Bank of China will issue a 600 billion yuan central bank bill with a maturity of six months [2] Key Company Information - Shanghai Construction Group reported that its gold business revenue is less than 0.5% of total revenue, with minimal impact on operations [5] - Guangji Pharmaceutical received approval for the re-registration of its chemical raw material drug Vitamin B6 [5] - CATL stated that sodium-ion batteries have lower energy density than lithium-ion batteries but offer better low-temperature performance and safety [5] - Jitu Express announced a share buyback plan for up to 10% of its B shares, citing undervaluation [5] - New China Life Insurance reported a cumulative premium income of 158.086 billion yuan from January to August 2025, a 21% year-on-year increase [5] Industry Analysis - In August, domestic airlines' capacity increased by approximately 1.7% year-on-year, with a notable improvement in passenger load factor [7] - The overall passenger load factor for listed airlines improved by 0.9 percentage points year-on-year and 3.3 percentage points month-on-month in August [7] - The international route capacity for listed airlines increased by 14.6% year-on-year, with a 2.8 percentage point month-on-month improvement in load factor [9] - The release of the "Self-Discipline Convention for Air Passenger Transport" in August is expected to help stabilize the industry and improve profitability [10] - The domestic automotive market saw a production and sales increase of 8.7% and 10.1% respectively in August, with significant growth in new energy vehicles [12] - New energy vehicle sales accounted for 52.1% of total domestic vehicle sales in August, with a year-on-year increase of 18.3% [13] - The export of new energy vehicles showed strong performance, with a 19.6% year-on-year increase in August [14] - The automotive industry is experiencing a shift towards electrification and intelligent technology, with domestic brands gaining market share [16][17]

随着百姓生活水平提高和消费观念转变，近年来我国旅居车辆(俗称房车)市场呈现高速增长态势，在有 力提升汽车产销增量的同时，带动了旅游、装备、基建等产业联动发展，构建了新的消费生态。 为规范旅居车辆设计、生产和使用，市场监管总局(国家标准委)组织制定了《旅居车辆安全标志和信息 符号》(GB/T46094—2025)国家标准，规定了旅居车辆配备的安全标志和信息符号，明确了各类标志和 符号的形状、颜色、尺寸、布置等方面的技术要求，涵盖驾驶安全、生活起居、消防设施等多个方面。 该标准要求旅居车辆在关键区域张贴醒目提示标志，用直观方式帮助使用者规避风险，例如，在床铺旁 设置"禁止在行车过程中就寝"标志、在卫生间门口设置"行车过程中请勿沐浴"标志等，提醒使用者避免 危险行为，通过直观提示帮助更多人快速掌握旅居车辆使用规范，增强车辆安全使用意识，让每一 次"移动小家"的出行，都能在安全护航下更安心、更舒心。 新京报讯据市场监管总局消息，近日，市场监管总局(国家标准委)批准发布《旅居车辆安全标志和信息 符号》(GB/T46094—2025)推荐性国家标准，该标准将于2026年3月1日起正式实施。 该标准的发布实施，将有助于提高 ...

Market Overview - The A-share market experienced a significant decline, with all three major indices dropping over 1%, despite achieving the third-highest trading volume of the year [1][2] - The sudden shift in market sentiment was influenced by the Federal Reserve's interest rate cut of 25 basis points, which fell short of investor expectations, failing to stimulate enthusiasm [1][2] Sector Performance - The tourism and hotel sectors showed resilience, benefiting from a clear recovery in consumer spending as the National Day holiday approaches, making tourism stocks a safe haven in the current market [1][2] - The robotics and semiconductor sectors also performed well, with SMIC reaching a historical high, highlighting the resilience of China's semiconductor industry and the importance of technological innovation as a key investment area [1][2] Monetary Policy and Market Sentiment - The People's Bank of China conducted a 487 billion yuan reverse repurchase operation, injecting 200 billion yuan of net liquidity to stabilize market funds [1][2] - The bond market displayed independent sentiment, with the 10-year government bond yield fluctuating around 1.78%, indicating institutional confidence in long-term market development [1][2] Investment Strategy - Despite the short-term adjustments in the A-share market, this is not indicative of a market collapse but rather a normal adjustment in a healthy market [1][2] - The resilience of the Chinese economy and the recovery of domestic demand suggest that investors should remain rational, avoiding impulsive trading, and focus on identifying long-term value stocks [1][2]

根据协议，双方将围绕"国庆黄金周""冬季冰雪"两大核心旺季，构建多层次合作体系，其中门店布局与 车辆投放将作为合作落地的核心支撑。2025年内，神州租车将在京张高铁延庆站、延庆城区等主要交通 枢纽、国家高山滑雪中心、八达岭滑雪场等热门冰雪景区以及八达岭长城、世园公园等热门景点周边增 设租车服务网点，实现 "交通枢纽-雪场-景区"的服务网络全覆盖，让游客下高铁、出景区即可便捷取还 车。同时，依托神州租车智能调度系统，动态优化国庆旺季与冰雪旅游季车辆供给，保障游客周边游、 滑雪装备运输等场景的车辆需求；双方更将联合延庆文旅部门打造"冰雪+冬奥"主题旅游线路，让游客 沉浸式感受冬奥魅力与冰雪乐趣。 9月16日，在第五届京张体育文化旅游带发展大会上，神州租车与北京市延庆区政府正式签署战略合作 协议。双方以"租车+旅游"为核心主线，将国庆出行旺季与冬季冰雪旅游作为关键落地场景，同步探索 全季节服务创新以及布局"农产品+出行""智能驾驶+低空经济"等创新场景，通过交通与文旅深度融合， 助力京张体育文化旅游带高质量发展走深走实。 延庆作为北京冬奥会举办地之一，坐拥优质的冰雪资源，同时拥有百里山水画廊、玉渡山等四季皆宜的 生 ...

仅过去一周（2025年9月1日至7日），泰国就迎来了508,341名外国游客，较前一周增长0.44%。平均每 天接待游客72,620人次。赴泰游客数量增幅最显著的是新加坡，增幅高达47.27%。得益于新加坡学校假 期的到来，新加坡的游客数量激增，跻身每周游客数量排名前五的国家。得益于印度的长假，印度游客 数量也增长了29.89%，为泰国的游客数量增长做出了贡献。 据泰媒报道，据泰国旅游部常务秘书Natreeya介绍，2025年1月1日至9月7日，泰国共接待外国游客 22,387,817人次，为泰国带来了超过1.037万亿泰铢的收入。 访问泰国的前五名国籍人士是：中国（3,163,562名访客）、马来西亚（3,135,600 名游客）、印度 （1,612,386 名访客）、俄罗斯（1,211,616 名访客）、韩国（访客1,059,615人）。 泰国旅游部预计，本周（9月8日至14日）游客数量将继续上升，这主要得益于几个关键因素，包括马来 西亚的长假以及"2025精彩泰国大型旅游体育年"计划下的推广活动。 此外，政府的"便捷出行"措施在 促进入境游客方面发挥着至关重要的作用。这些措施包括免除TM.6入境表格和鼓 ...

Market Overview - A-shares experienced a sudden pullback in the afternoon, with the Shanghai Composite Index and ChiNext Index both dropping over 1% [1][3] - The trading volume in the Shanghai and Shenzhen markets exceeded 3 trillion yuan, indicating significant market activity [1][3] Sector Performance - The robotics and semiconductor sectors saw substantial declines, while the non-ferrous metals industry also experienced increased losses [1] - Despite the overall downturn, tourism stocks performed well, with Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit [3] - Financial technology stocks faced significant adjustments, with companies like Dazhihui dropping over 8% [3][5] External Influences - The international commodity market showed a collective downturn, which analysts believe reflects market speculation regarding the end of the Federal Reserve's interest rate cuts [1][3] - The US dollar index rebounded above 97, contributing to the pressure on the Chinese yuan, although the depreciation was limited [3] Future Outlook - Analysts suggest that the recent sell-off may lead to a redistribution of shares, with the market likely to remain volatile before the National Day holiday [6] - There is optimism regarding the potential for a bull market, driven by favorable domestic monetary policy conditions and historical trends following Federal Reserve rate cuts [6]

倒车接人还是进入调整阶段？ 港股市场午后亦明显走弱。港股午后随A股跌幅扩大，恒生指数一度跌超400点。恒生科技指数回吐逾2%涨势转跌0.5%，AI、机器人、半导体行业冲高回落。 昨晚，美联储降息，但外围大宗商品集体大幅回落，美元指数亦反弹至97上方。分析人士认为，这可能是一次博弈美联储降息之后的兑现操作。从人民币走势来 看，虽然美元指数大幅反弹，但人民币贬值力度并不大。中国8月Swift人民币在全球支付中占比2.93%，前值2.88%。 从杀跌结构来看，红利板块大幅走弱，可能是市场杀跌主因。午后，金融科技全线走弱，加大了市场回调压力。成份股中荣科科技、银之杰、指南针、同花顺、财 富趋势等皆出现大跌行情。 消息面上，反而有利好消息传出。德国万亿欧元资产管理机构DWS首席执行官Stefan Hoops日前透露，今年10月将于欧洲推出跟踪中证A500指数的ETF，为海外投 资者提供布局中国资产的新工具，届时DWS或成为全球首家推出跟踪中证A500指数的ETF的海外机构。 今日（9月18日）午后，A股突然回调。上证指数、创业板指盘中双双跌超1%，机器人、半导体产业链大幅回落，有色行业跌幅进一步扩大，场内上涨个股 降至 ...

Core Viewpoint - The article highlights the significant resurgence of inbound tourism in China, which has been underestimated, particularly in the context of foreign visitors returning in large numbers post-pandemic [4][5][6]. Inbound Tourism Recovery - Foreign visitors to China have increased dramatically, with numbers surpassing pre-pandemic levels by 170%-180% on certain routes, especially in cities like Beijing, Chongqing, and Xiamen [5]. - In the first half of 2025, China received 19.16 million foreign tourists, which is 71.2% of the total inbound visitors, indicating a strong recovery trend [6][9]. - The growth in inbound tourism is expected to exceed 35 million by the end of 2025, potentially setting a new historical record for China [9]. Comparison with Other Destinations - China's inbound tourist numbers are now comparable to those of Japan, Malaysia, Thailand, and other East Asian and Southeast Asian countries, with Japan receiving approximately 21.51 million visitors in the same period [6][7]. - If visitors from Hong Kong, Macau, and Taiwan are included, China's total inbound numbers would be significantly higher than any other country in the region [7]. Diverse Reasons for Inbound Visits - The expansion of visa-free policies has diversified the reasons for foreign visitors coming to China, including business, family visits, academic exchanges, and cultural experiences [10]. - Many foreign visitors do not fit the traditional tourist profile, making them less visible to the tourism industry, which may lead to a perception that fewer tourists are present [10][11]. Regional Tourism Dynamics - Major cities like Beijing, Shanghai, and Guangzhou account for over 80% of foreign visitors, with their movements concentrated in airports, high-end hotels, and popular tourist attractions [12]. - Lesser-known cities are beginning to see an influx of foreign tourists, changing the dynamics of local tourism economies, as seen in cities like Jilin and Sichuan [14][15]. Opportunities for the Tourism Industry - The article suggests that the growing number of foreign visitors presents opportunities for cities to enhance their tourism infrastructure and services to cater to this demographic [15]. - Airlines are adapting their strategies to focus on inbound tourism, moving away from relying solely on domestic markets for profitability [15].

Core Viewpoint - The rapid appreciation of the Thai Baht raises concerns among the Thai Chamber of Commerce, as the exchange rate has reached 31.70 Baht/USD, the highest level in nearly four years, which contradicts the actual economic situation in Thailand [1] Impact on Key Sectors - **Export Sector**: The appreciation of the Baht leads to increased prices for Thai products, resulting in decreased competitiveness and reduced foreign exchange income [2] - **Tourism Sector**: The rising costs of travel in Thailand make it less attractive to foreign tourists, negatively impacting the tourism industry [2] - **Agriculture Sector**: Farmers, particularly those reliant on exports like rice and cash crops, face income losses due to the strong Baht [2] Causes of Baht Appreciation - The appreciation is attributed to a weaker US dollar, driven by market expectations of potential interest rate cuts by the Federal Reserve, and rising international gold prices leading to increased gold trading and capital inflows into the Baht. Additionally, some capital inflows are from investment and cryptocurrency markets [3] Recommendations - The Thai Chamber of Commerce and the Private Sector Committee recommend that the Bank of Thailand systematically manage the exchange rate, particularly by separately listing gold inflows and outflows for accurate assessment. They urge the government and the central bank to take urgent measures to maintain the Baht at a level that reflects the true economic conditions, in order to avoid undermining the competitiveness of Thai businesses [3]