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 ...

海南日报全媒体记者 郭畅 幸福应该被解读成什么?老百姓的回答很朴实：孩子能受到更好的教育，家人病了可有效医治，没 事出去旅游，增长见识。 美好生活，不仅意味着更高的生活品质，也意味着必须在更深层次增进民生福祉。今年恰逢海南岛 解放75周年，三亚从一个边陲小镇发展成为现代化的国际滨海旅游城市，教育资源从基础薄弱到资源均 衡，医疗条件从缺医少药到优质便捷，交通环境从十分不便到四通八达，百姓的幸福感节节攀升。 多年来，三亚全面落实党中央和省委决策部署，切实解决人民最关心最直接最现实的利益问题，不 断满足人民对美好生活的向往，努力提高人民群众的获得感、幸福感、安全感。 教育：从基础薄弱到资源均衡 致力于为群众提升生活品质、增进民生福祉 海南岛解放初期，三亚的教育基础十分薄弱，学校数量少，教学条件简陋，师资力量跟不上。"过 去哪有要让孩子上好学校的概念，能随便上个学，吃饱饭就不错了。现在的小孩真的很幸福。"三亚市 民李女士回忆，小时候要走很远的路去上学，很多人中途辍学外出打工，家人对教育也不够重视。 三亚：幸福生活绘新景 现如今，想上好学校，家长有了新选择。三亚实施 "一市(县)两校一园" 优质教育资源引进工程， 落地 ...

证券研究报告 | 宏观点评报告 2025 年 05 月 05 日 五一假期国内数据五大看点 点评报告 频率：每年 相关报告 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 罗丹 S1090524070004 luodan7@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 出行：居民国内长途出行意愿高涨。1）本次五一假期居民长途出行需求 大幅增加。4 月 30 日至 5 月 3 日，全社会跨区域流动量超 11 亿，日均人 流量为 2.82 亿，同比来看，较 2019 年、2024 年同期明显走高。2）自驾 出行依然是道路出行的主要方式。3）4 月 30 日至 5 月 3 日，全国迁徙规 模指数为 1158.69，明显高于 2021、2023、2024 年同期水平，分别较 2023、2024 年增长 15.60%、21.41%。 ❑ 旅游：国内游表现较好，四线及以下城市消费升级意愿明显。1）与去年 相比，国内游与出境游同比增长明显，但与 2019 年相比，国内游表现好 于出境游。出境游方面，路程较近的东亚和东南亚航班占比较高。在单一 出境目的地选择上， ...

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].

周二，大盘迎来了一个令人振奋的"开门红"！进入5月，股市仿佛换了新装，整体表现可圈可点。虽然银行板块小幅回调，拖 了一点后腿，但其余各大板块齐齐飘红，呈现出普涨格局。虽说大盘指数涨幅不算惊人，但市场情绪却异常热烈，投资者信 心明显回升。 这样的行情，虽然走得不疾不徐，但却扎实稳健，像一只慢慢积蓄力量的牛，看似温和，实则后劲十足。只要后续量能能够 持续跟进，市场人气不散，走出一波"慢牛"行情并非奢望。对于股民来说，这不仅是数字的变化，更是市场情绪与资金逻辑 共振的信号。 如果这个时候券商股能够再振臂一呼的话，说不定万千股民心中念叨的大行情恐怕就此展开了。但券商股若启动，那这个信 号太明显了，所以恐怕不到最后关键时刻不轻易点火。如今正是"温水煮青蛙"，让前期弄丢筹码的踏空股民备受煎熬的时 刻。 先来看下对下一个交易日有预判作用的"神器"——中信期货在股指期货上的增减持情况。它在沪深300股指期货上多单方面增 仓629手，空单方面增仓626手，给出了"偏多"的信号——预判正确。 | | | 多处接合推荐 | | | | ABARBAR | | | --- | --- | --- | --- | --- | --- ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 长短端利差的分化 ——信用利差周报（5/4） 报告要点 [Table_Summary] 4 月 27 日-4 月 30 日债券收益率多数下行。收益率方面，0.5-1Y 产业债、商业银行二级资本 债、证券公司次级债、证券公司永续债收益率多数下行超 2bp；0.5-1Y 城投债、商金债收益率 多数下行超 1bp；2Y 产业债、商金债收益率多数下行超 1bp；2Y 证券公司次级债收益率上行 超 2bp；3-5Y 商金债收益率下行超 2bp。信用利差方面，0.5Y 产业债、商业银行二级资本债信 用利差多数收窄超 5bp；1Y 商业银行二级资本债信用利差收窄超 3bp；2Y 证券公司次级债、 证券公司永续债信用利差走阔超 3bp；5Y 城投债、产业债信用利差多数走阔超 2bp。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [ ...

公司发布24 年年报及25 年一季报，24 年实现收入3.04 亿元/yoy-0.5%，实现归母净利润0.87 亿 元/-18%，扣非归母净利润0.86 亿元/yoy-19%；单24Q4 实现收入0.34 亿元/yoy-8%，归母净亏损0.29 亿 元、同比增亏，扣非归母净亏损0.29 亿元、同比增亏。 25Q1 公司实现收入0.16 亿元/yoy-0.7%，归母净亏损0.30 亿元、较24Q1的0.12 亿元增亏。亏损扩大主要 系1）报告期内新增喀什及赛湖项目，带来折旧、人工等成本项的增加及借款利息支出的增加；2）马牙 山索道维修成本增加；3）增加了营销推广宣传活动。 分业务来看： 5）旅行社：实现收入0.04 亿元/yoy-20%。 2024 年公司整体实现毛利率55.6%/yoy-4.4pp，销售费用率1.2%/yoy+0.7pp，主要系旅游淡季加大营销活 动推广导致费用增加，管理费用率20.2%/yoy 持平，归母净利率28.5%/yoy-6.1pp。 分红：2024 年，公司计划每10 股派送现金红利人民币3 元（含税），合计派发现金股利4650 万元（含 税），占当年归母净利润比率53.8%，对应 ...

2场省级赛事激情与风采同绽。5月1日-3日，2025年"奔跑吧・少年"海口市青少年U系列足球比赛分 别在海口市世纪公园足球场和五源河体育馆举行。5月4日，2025年"奔跑吧・少年"海南省青少年轮滑挑 战赛(保亭站)在保亭黎族苗族自治县开赛。 省旅文厅相关负责人表示，这些赛事的举办，不仅为我省青少年体育爱好者提供了展示自我、切磋 技艺的优质平台，更成为"五一"假期带动海南旅游消费的重要引擎。 据悉，赛事的举办，拉动了周边住宿、餐饮、零售等行业的消费。赛事举办地周边的酒店、民宿在 假期期间入住率攀升，特色餐饮门店日均客流量也实现了增长。陵水黎族自治县还推出"观赛+旅游"景 区门票折扣等优惠活动，吸引游客在观赛之余深度探索陵水，进一步激发了旅游消费潜力。 "五一"期间我省推出多场青少年赛事，吸引3000多名省内外选手同台竞技 跟着赛事游海南 海南日报讯(海南日报全媒体记者 王黎刚)"五一"期间，我省以"体育+旅游"为核心，联动海口市、 白沙黎族自治县、陵水黎族自治县、保亭黎族苗族自治县四地，精心推出3场全国级赛事和2场省级赛 事，吸引3000多名省内外选手参加。 3场全国级赛事竞技性与观赏性并存。5月1日和2日，2 ...