Core Viewpoint - The article highlights the vibrant development of the night economy in Suiyang County, showcasing various activities and attractions that enhance nighttime consumer engagement and tourism [1][19]. Group 1: Night Economy Activities - Suiyang County is actively exploring diverse integrations of night economy formats, creating a lively consumer environment that attracts both tourists and locals [1]. - The evening atmosphere in public squares is characterized by lively activities such as group dancing, which has become an essential part of local life, with hundreds of participants enjoying the experience [3]. - Food streets along the river are bustling with activity, offering a mix of dining, shopping, and entertainment, featuring a variety of local delicacies and cultural products [5][9]. Group 2: Consumer Engagement - The night market scene is vibrant, with various food stalls and restaurants catering to different tastes, enhancing the overall experience of the night economy [5][11]. - Local residents express satisfaction with the increased nighttime activities, enjoying the opportunity to relax and socialize while indulging in local cuisine [7][11]. - The return of university students during the summer has added creativity and energy to the night economy, with many engaging in entrepreneurial activities such as setting up small stalls [13][17]. Group 3: Economic Impact - The popularity of local food brands, such as "Chengsan Ice Powder," continues to thrive, with daily sales reaching significant figures, indicating a robust demand for local culinary offerings [11]. - The night economy is contributing to the overall vibrancy of Suiyang, with various locations showcasing unique attractions and activities that enhance the local economy [19].

Core Insights - The China Consumer Association reported a significant increase in consumer complaints in the first half of 2025, with a total of 995,971 complaints received, marking a year-on-year growth of 27.23% [1] - The main complaint issues include traps targeting elderly consumers, private domain marketing chaos, emotional consumption, online agricultural product purchases, jade live streaming, and concert-related complaints [1][4] Group 1: Elderly Consumer Traps - Elderly consumer traps have become a major complaint issue, with various deceptive practices identified, including internet-induced traps, offline sales fraud, and false advertising in live streams [2][3] - Specific cases highlight how elderly individuals are misled into purchasing overpriced products under false pretenses, such as health benefits and free gifts [3] Group 2: Private Domain Marketing Issues - The rise of private domain marketing has led to numerous complaints, characterized by false advertising and lack of after-sales service [4][5] - Issues include misleading promotions on social media, evasion of platform regulations, and difficulties in consumer rights protection due to lack of transaction records [5] Group 3: Emotional Consumption Concerns - Emotional consumption is rapidly growing but reveals problems such as poor product quality and inducement to consume [7] - Recommendations include establishing industry standards for emotional consumption services to ensure consumer protection and quality assurance [8] Group 4: Other Notable Complaints - Complaints related to high temperatures driving air conditioning sales, agricultural product online purchase disputes, and increasing issues in jade-related transactions have been noted [4] - Concert-related complaints have also surged, particularly regarding refund issues [4]

走进凉州城区，"一刻钟便民生活圈"正悄然改变着居民的生活方式。在政策支持下，一批与居民生活息 息相关的商业业态正悄然走进社区，融入日常。目前，1259个便利店、407家早餐店、392个综合超市、 274家生鲜超市等便民设施遍布居民区，构建起步行15分钟内即可满足基本生活需求的便捷网络。 值得一提的是，武威市成功盘活闲置多年的177间商业铺面，零售、餐饮、美发等业态多元发展，打造 出21个城区便民市场，让闲置资源焕发新生。同时，1000个废旧物品回收柜"上岗"，覆盖城区所有居民 小区，结合"互联网＋"回收模式，让垃圾分类与资源回收变得触手可及。便民生活圈数字地图的上线， 更是为居民提供实时消费导航，手指轻点，周边美食、商超、服务网点一目了然。 热浪席卷的盛夏，正点燃消费市场的澎湃活力。冰镇饮品在冷链中奔涌至街头巷尾，夜间市集的霓虹与 欢笑交织成不夜画卷，避暑经济的热浪更如潮水般漫向乡村角落。从购物中心的熙攘人群到社区便民生 活圈的烟火日常，从线下促销活动的热烈氛围到线上平台的火爆交易，甘肃武威以创新举措激发消费潜 力，勾勒出一幅生机勃勃的消费新图景。 空调家电的订单量随着温度计一同攀升，户外露营装备在山林湖畔搭 ...

Financial Data and Key Metrics Changes - The company reported record consolidated revenue in the second quarter, with same-store hospitality adjusted EBITDAre at $187 million, a decline of approximately $18 million year-over-year, but still the second highest quarter of all time [21][30] - Adjusted EBITDAre guidance for the full year 2025 was revised to a range of $767 million to $813 million, reflecting the acquisition of JW Marriott Desert Ridge and adjustments for transient rate risks [30][34] - The company expects AFFO for the year in the range of $5 million to $5.46 million, with AFFO per fully diluted share between $7.93 and $8.49 [30] Business Line Data and Key Metrics Changes - The same-store hospitality segment's RevPAR was essentially flat compared to last year, with total RevPAR declining by 160 basis points due to a shift in group mix and timing of the Easter holiday [18][19] - Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, while Gaylord Opryland faced softness due to increased hotel supply in Nashville [20][21] - The entertainment segment delivered record revenue of $143 million and adjusted EBITDAre of $34 million, although the adjusted EBITDAre margin declined year-over-year due to investments in Southern Entertainment [25][26] Market Data and Key Metrics Changes - In Nashville, transient occupancy trends lagged behind the top 25 markets, but visitation and tourism remained robust, with rooms sold in the market increasing year-over-year [9][10] - The company noted that the influx of new hotel supply in Nashville is pressuring room rates, but they expect transient occupancy and rate trends to improve as tourism grows [27][28] - Group room revenue on the books for 2026 and 2027 is up 910% compared to the same time last year, indicating strong future demand [25] Company Strategy and Development Direction - The company completed the acquisition of JW Desert Ridge, which is expected to unlock incremental group rotation opportunities and enhance the overall portfolio [5][14] - The company is focused on long-term growth, emphasizing strong relationships with customers and the importance of advanced bookings for future years [12][18] - The company plans to continue investing in capital projects to drive growth and enhance customer experiences, particularly in the entertainment segment [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable operating environment, citing factors such as tariffs, inflation, and interest rates impacting customer behavior [8][9] - Despite near-term uncertainties, management expressed optimism about future group demand and the health of the business, particularly for 2026 and beyond [24][30] - Management expects the transient market dynamics in Nashville to improve as new demand generators are developed, including a new stadium and infrastructure projects [63][64] Other Important Information - The company ended the quarter with $421 million of unrestricted cash and total available liquidity of approximately $1.2 billion [32][33] - The company reiterated its expectations for capital expenditures in 2025 at $350 million, including investments at Desert Ridge [34] Q&A Session Summary Question: Lead volumes were down 16% year-over-year; how do you expect that to trend? - Management noted that lead volumes have faced pressure but expect improvement in 2026 and beyond, indicating that current challenges are primarily short-term [36][37] Question: What is the long-term strategy for JW brand acquisitions? - Management expressed interest in acquiring more JW properties in key markets to create rotation opportunities and enhance the portfolio [39][40] Question: What is driving the resilience in out-of-room spending? - Management attributed the strong out-of-room spending to investments in capital improvements and the overall health of the economy, which supports consumer spending [50][52] Question: What are the expectations for Gaylord Opryland regarding transient business? - Management indicated that while Opryland does more transient business, it is in line with the overall brand's performance, and they expect transient demand to improve in the long term [72] Question: How is the transient side performing across the Ryman portfolio? - Management reported steady performance in Orlando and Gaylord Rockies, while acknowledging short-term challenges in Gaylord Hill Country due to weather [78][80]

Financial Data and Key Metrics Changes - The company reported record consolidated revenue and the second highest adjusted EBITDAre in the history of the same store hospitality segment, trailing only the second quarter of the previous year [5][19] - Same store adjusted EBITDAre was $187 million, a decline of approximately $18 million year over year, but still the second highest quarter of all time [19] - Adjusted EBITDAre guidance for the full year 2025 was revised to a range of $767 million to $813 million, reflecting the acquisition of JW Marriott Desert Ridge and adjustments for transient rate risks [28][30] Business Line Data and Key Metrics Changes - The hospitality segment's RevPAR was essentially flat compared to last year, with total RevPAR declining by 160 basis points due to a shift in group mix and timing of the Easter holiday [16] - Leisure demand increased approximately 4% compared to last year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softer demand at Gaylord Opryland [18] - The entertainment segment delivered record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Southern Entertainment and other venues [22][23] Market Data and Key Metrics Changes - In Nashville, transient occupancy trends lagged behind the top 25 markets, but visitation and tourism remained robust, with rooms sold in the market increasing year over year [9][25] - The influx of new hotel supply in Nashville has pressured room rates, leading to a modestly softer transient segment compared to earlier expectations [25][56] - Group rooms revenue on the books for 2026 and 2027 is up 910% compared to the same time last year, indicating strong future demand [22] Company Strategy and Development Direction - The company is focused on integrating the recently acquired JW Desert Ridge property into its portfolio, aiming to create value through capital investments and enhancing group rotation opportunities [13][14] - The long-term strategy includes expanding the JW brand presence in key markets to replicate the success of the Gaylord hotels [37][38] - The company remains optimistic about the long-term potential of the festivals business and its ability to attract a diverse customer demographic [23][95] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable operating environment, citing factors such as tariffs, inflation, and interest rates impacting customer behavior [6][21] - Despite near-term uncertainties, management noted improvements in meeting planner sentiment and bookings activity for 2025 [7][18] - The company expects transient demand to improve as tourism grows and hotel demand catches up with new supply [9][25] Other Important Information - The company completed the acquisition of JW Desert Ridge, which has been a long-term target, and is expected to enhance the overall portfolio [4][13] - The company has maintained a strong balance sheet with $421 million in unrestricted cash and total available liquidity of approximately $1.2 billion [30][32] - Capital expenditures for 2025 are expected to be around $350 million, including investments at Desert Ridge [33] Q&A Session Summary Question: Lead volumes were down 16% year over year. How do you expect that to trend? - Management noted that lead volumes have faced pressure but expect improvement for 2026 and beyond, indicating that current challenges are primarily for 2025 [36] Question: What are the long-term plans for the JW brand? - Management expressed interest in adding more JW properties in key markets to create rotation opportunities and enhance the portfolio [37][38] Question: What is driving the resilience in out-of-room spending? - Management attributed the strong out-of-room spending to investments in capital improvements and the overall economic environment, which remains stable [46][50] Question: How is the Gaylord National performing in a challenging market? - Management reported positive performance at Gaylord National, citing structural changes made post-COVID that have benefited the hotel long-term [48] Question: What is the outlook for transient business across the portfolio? - Management indicated that while there is some softness in transient business, properties like Gaylord Rockies and Gaylord Palms are performing well, and investments are expected to yield positive results [74][76] Question: How have cancellations evolved since the initial shock period? - Management noted that cancellations were primarily due to macro concerns, but the second quarter showed a return to normal levels, with no long-term issues anticipated [84][86]

Core Points - Chengdu Eastern New District has launched the "Chengdu Ticket Economy Discount Directory," integrating 50 local merchants into the "ticket economy" matrix, allowing citizens and tourists to enjoy multiple consumption discounts with valid event tickets [1] - The "ticket economy" covers various sectors including dining, shopping, accommodation, and entertainment, where consumers can use tickets from events like the Chengdu Universiade and other attractions to receive exclusive discounts or services [4][7] - The initiative is designed to enhance the integration of sports, commerce, and cultural tourism, leveraging the global visitor flow from the Universiade and local commercial potential to activate new consumption scenarios [7] Summary by Category Event Integration - The program incorporates 46 types of valid event tickets, including those from the Chengdu Universiade and local attractions, allowing discounts at participating merchants during specified times [4] - Events such as the "Good Luck Market" and "Summer Carnival" will be held to showcase local heritage and provide immersive experiences related to the Universiade [4] Merchant Participation - 50 local merchants have joined the initiative, offering year-round discounts at some dining establishments and long-term benefits at cultural tourism projects like Ewave Water Sports Center [4] Consumer Engagement - Consumers can check applicable ticket types and specific merchant discount rules through official channels, promoting transparency and accessibility [7]

多彩的夏夜，乌鲁木齐充满着浓浓的烟火气。 记者：高晗 在乌鲁木齐市的天山明月城特色街区，这里汇集了餐饮、休闲娱乐、歌舞演艺等业态，每天都有各类演 出活动，在丰富市民游客文化活动的同时，激发消费活力，助力"夜经济"发展。 ...

赵露思身为顶流女艺人，为啥也要在微博上面发疯手撕经纪公司？有一说一，看似发疯，实则这是一场 高明谈判……谈判桌上没有永远的王者，全看谁敢先破局。 ...

Group 1: Trade Agreements and Economic Impact - President Trump announced a series of "reciprocal tariffs" as the deadline for tariff negotiations approached, leading to significant declines in major stock indices, with the Dow Jones down 2.92% and the S&P 500 down 2.36% for the week [1] - The upcoming ISM services survey is highly anticipated as investors assess the potential for Federal Reserve rate cuts following disappointing July employment data [3] - The U.S. has reached trade agreements with major partners including the UK, EU, Japan, and South Korea, with ongoing negotiations expected to lower tariffs before the new tariffs take effect on August 7 [4] Group 2: Financial Market Reactions - International oil prices stabilized, with WTI crude oil rising 3.33% to $67.33 per barrel, attributed to market reactions to Trump's tariff announcements and sanctions threats [6] - Gold prices increased by 0.36% to $3347.70 per ounce, driven by lower-than-expected U.S. employment data and heightened demand for safe-haven assets due to new tariff announcements [7] Group 3: Corporate Earnings and Economic Indicators - The earnings season is in full swing, with notable companies such as Palantir Technologies, AMD, McDonald's, Walt Disney, and Eli Lilly expected to report [5] - Upcoming economic indicators include the U.S. Treasury's auction of $58 billion in three-year notes and $42 billion in ten-year notes, which are critical for market confidence following weak demand in previous auctions [3]

转自：新华财经 新华财经上海8月3日电（葛佳明）本周（7月28日-8月1日），全球风险资产受美联储7月议息会议、美国通胀和就业数据影响而大 幅波动，全球各国股市多数承压下挫。美元指数一度大幅上行并重回100整数关口，现货黄金一度因美元走强而承压下跌，后因避 险情绪升温短线走强。 美股方面，美国7月非农新增就业低于预期，前两个月的数据合计大幅下修25.8万，引发市场对美国经济衰退担忧和美联储降息预 期升温，美股三大股指均大幅下挫， 标普500指数本周累计下跌2.36%；道琼斯工业平均指数本周累跌2.92%；纳斯达克指数本周 累跌2.17%；罗素2000指数本周累跌4.17%；恐慌指数VIX本周累计上涨36.70%。 欧股方面，欧洲各国股指多数下挫。欧洲STOXX 600指数本周累计下跌2.57%，德国DAX 30指数本周累计下跌3.27%，法国CAC 40指数本周累跌3.69%，英国富时100指数本周累跌0.57%。 亚太股市方面，日本央行维持政策利率0.5%不变，并大幅上调2025财年通胀预期0.6个百分点至2.7%，日本央行议息声明"偏鹰"但 日本央行行长表态"偏鸽"，日经225指数全周累计下挫1.58%， ...