Group 1: Xiaomi and Neta Auto - Xiaomi has renamed its driving assistance feature from "Xiaomi Intelligent Driving Pro" to "Xiaomi Assisted Driving Pro" for the standard version of its SU7 model [1] - Neta Auto's app and website experienced downtime due to unpaid data fees, but have since resumed normal operations [3] Group 2: Nvidia and AI Chip Export Controls - Nvidia criticized Anthropic for supporting U.S. government measures to tighten AI chip export controls to China, emphasizing the strength of China's AI talent pool [3] - Nvidia is developing a new AI chip that complies with U.S. export regulations to maintain its market presence in China [3] Group 3: Nvidia CEO Compensation - Nvidia CEO Jensen Huang's salary will increase to $49.9 million in 2025, marking the first salary increase in ten years [4][5] Group 4: Apple Bond Issuance - Apple plans to issue investment-grade corporate bonds for the first time since 2021, with discussions indicating a yield approximately 0.7 percentage points above U.S. Treasury rates [6] Group 5: Travel and Tourism Trends - Ctrip reported a 130% year-on-year increase in inbound travel orders during the May Day holiday, reflecting a strong recovery in the domestic tourism market [7] - Meituan Travel noted an 80% increase in high-star hotel bookings in county areas during the same holiday period [8] Group 6: E-commerce and Delivery Services - Ele.me announced that orders from the newly launched Taobao Flash exceeded 10 million within six days, indicating a significant surge in demand [9] - Suning reported a 57% increase in trade-in orders during the May Day holiday, with a 79% rise in sales of appliances priced over 10,000 yuan [10] Group 7: Tesla and Microsoft Pricing Changes - Tesla launched a dedicated 512GB USB drive priced at 599 yuan for vehicle recording purposes, providing a reliable storage solution for users [11] - Microsoft announced price increases for Xbox consoles and games, with the Xbox Series S rising by $80 and the Series X by $100, reflecting a trend of rising development costs [12]

Core Viewpoint - The low-altitude economy is emerging as a vibrant new sector in the consumer market, driven by policy support and technological advancements, with a focus on enhancing consumer experiences through various low-altitude activities [8][10][19]. Group 1: Low-Altitude Tourism and Experiences - During the recent "May Day" holiday, over 200 visitors per day experienced low-altitude tourism in the Songshan Shaolin Scenic Area, highlighting the growing popularity of such activities [8][12]. - The Linlu Mountain International Paragliding Base saw a surge in visitors, with over 1,000 pre-sale tickets sold in five days prior to the holiday, indicating a strong demand for paragliding experiences [9][10]. - The integration of sports, education, tourism, and culture in low-altitude activities is creating diverse consumer experiences, with various projects like paragliding, powered paragliding, and hot air ballooning becoming more mainstream [10][11]. Group 2: Policy and Economic Development - The Central Government's recent action plan emphasizes the need to accelerate the development of the low-altitude economy, including low-altitude tourism and consumer drones, providing a clear direction for future growth [8][19]. - In Henan, leveraging cultural tourism and policy benefits, the low-altitude economy is being positioned as a platform for consumption upgrades [8][15]. - The establishment of low-altitude economic alliances and investment groups in cities like Zhengzhou and Anyang is aimed at fostering industry growth and attracting key players to the sector [15][17]. Group 3: Technological and Infrastructure Support - The development of a low-altitude intelligent network, supported by 5G technology, is crucial for ensuring real-time data transmission and enhancing the safety and efficiency of low-altitude operations [16][17]. - The integration of various sectors, including logistics, agriculture, and tourism, through the use of drones is expanding the applications of the low-altitude economy [13][14]. - The establishment of multiple general aviation airports across the province is facilitating the growth of the low-altitude economy by improving access and operational capabilities [17][19]. Group 4: Market Potential and Future Directions - The low-altitude economy is seen as a potential new growth point for the economy, with significant opportunities for innovation and consumer engagement [10][19]. - There is a need for a comprehensive approach to overcome existing challenges, such as infrastructure gaps and regulatory hurdles, to fully realize the potential of low-altitude consumption [18][21]. - The focus on creating diverse and integrated low-altitude experiences, such as combining aerial activities with local cultural offerings, is essential for attracting a broader consumer base [20][21].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《永辉超市（601933）点评：品质零售转 型加快，长期盈利改善可期》 2025/04/27 《大商股份（600694）点评：盈利能力持 续提升，稳步推进业态焕新》 2025/04/27 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 赵令伊 (8621)23297818× zhaoly2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 商贸零售 2025 年 05 月 05 日 政治局会议再提促消费，服务、文 旅消费迎发展机遇 看好 ——商贸零售行业周报（4.28-5.4） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 一周回顾与展望：在 2025 年 4 月 28 日至 2025 年 5 月 2 日期间，社会服务指数下 降 2.63%，相较于沪深 300 下降 2.20pct，在申万一级行业中排名第 29 位。商贸零 售指数下降 1.72%，相较于沪深 300 指数下降 1.29pct，在申万一级行业中排名第 ...

每经记者 杨建 每经编辑 彭水萍 （一）重磅消息 1、据央视新闻5月4日报道，随着出入境便利度持续改善，跨境移动支付不断迭代，离境退税"即买即 退"全国推广，这个"五一"假期，中国入境旅游市场订单激增，入境游潜力持续释放。中国社会科学院 旅游研究中心特约研究员王笑宇认为，我们的入境旅游市场增长空间非常广阔，意大利、法国这些发达 国家和世界知名的旅游目的地国家，他们入境游的收入占整个GDP是2%左右，日本是1.3%左右，中国 的入境旅游收入占GDP是0.5%左右。根据摩根士丹利等国际研究机构预测，未来10年中国的入境旅游 的市场将增长4~8倍。 2、5月2日当天，境外离岸市场美元兑人民币汇率（CNH）从7.27一路回到7.21附近，这意味着离岸人 民币汇率单日涨幅超过600个基点。离岸人民币快速上涨，主要受到多方面因素影响，一是近日沃尔玛 等美国大型零售企业通知中国供应商恢复发货，外汇市场对中国外贸环境改善的预期明显提升，纷纷调 高人民币汇率估值；二是华尔街投资机构认为美联储年内仍将多次降息，纷纷提前买涨人民币、日元等 非美货币"对冲"美元贬值风险。第三，节假日期间离岸人民币外汇市场交易活跃度相对较低，部分海外 ...

活力集团，一家深耕旅游服务领域多年的企业，近日宣布其招股书已更新，正式启动在香港联合交易所的上市进程。这家由互联网行业资深人士王江共同 创办的企业，历经16载春秋，如今正向着资本市场的新阶段迈进。 截至2024年12月31日，活力集团的总资产达到8.92亿元，流动资产净值为3.89亿元，现金及现金等价物为4.68亿元，显示出公司稳健的财务状况和充足的 现金流。 王江，作为活力集团的共同创办人及主席，他的领导力和远见卓识一直是企业稳步前行的重要支柱。活力集团不仅在行业内享有"活化石"的美誉，更以其 创新的服务和稳健的发展赢得了市场的广泛认可。 值得注意的是，美团的创始人及CEO王兴，作为活力集团的早期投资者，至今仍持有该公司2%的股份，这无疑为活力集团的未来发展增添了更多信心。 活力集团的发展历程中，两大核心产品——航班管家和高铁管家，扮演了至关重要的角色。自2009年推出航班管家以来，该应用迅速成为旅客获取实时航 班动态信息的首选工具。随后，2012年高铁管家的问世，进一步丰富了公司的产品线，满足了更多出行者的需求。 在业务构成上，活力集团的旅游相关业务收入占据了主导地位，2024年该部分收入达到5.51亿元 ...

新华社北京5月4日电 题：火热而有序 各地多措并举护文明安全旅游 新华社记者 客流高峰下，泰山旅游秩序井然。据了解，泰山景区管理部门于4月30日启动一级响应，全员上岗 迎接客流高峰。景区还升级了中央隔离导流线，上山下山分道通行，增设夜间值勤点位13处，预设应急 通道和应急避险场所。 为确保"五一"假期旅游市场安全有序，海南省旅文厅要求全省A级旅游景区、夜间旅游和文化消费 集聚区等客流量大、易形成瞬时拥堵的经营单位，提前开展风险研判，合理设置游览线路，加强关键节 点管理，完善安全提示和防护设施，增派人员巡查。 沈阳市文旅局持续加大文旅市场监管力度，组织开展旅游景区、旅行社、文化娱乐场所、星级饭店 等检查，仔细排查安全隐患，严格规范市场秩序，全力保障旅游安全。 "智慧"赋能，助力景区管理—— 今年"五一"假期，全国文旅市场呈现火热新气象。在旅游热度持续攀升的同时，各地通过精细化服 务，强化旅游市场监管，确保文明安全旅游，推动"流量"变为"留量"。 细化服务，提升旅游体验—— 作为"春城"昆明的一张"浪漫名片"，教场中路延绵的紫色花海每年都吸引大量游客前来打卡。为应 对预计单日可达十几万人次的人流压力，昆明市五华区 ...

温特与记者分享了一些与中国游客"打交道"的经历："离开城镇后就没有手机信号了，不少中国游客会 有些焦虑，但当他们看到冰盖时，兴奋之情往往溢于言表。他们喜欢与我合影，分享家乡的照片，还会 告诉我怎么拍照更'上相'。"他表示，自己很喜欢与中国游客交流。 "我们应该多走动！"格陵兰岛旅游局国际事务部旅行贸易与市场营销经理伦纳特·奥尔森与记者分享他 2017年在上海留学的经历时说。当他漫步外滩，看着浦东鳞次栉比的高楼大厦，感到非常震撼。学校里 美味可口的中式菜肴也让他印象深刻，他尤其喜欢吃番茄炒蛋。 "我们应该多走动！"连日来，丹麦自治领地格陵兰岛多名旅游业界人士向记者表示，欢迎并期待更多中 国游客走进这片北极冰雪之地，领略冰川、冰盖、极光与因纽特文化的独特魅力。 "鲸鱼！"在格陵兰岛知名旅游城市伊卢利萨特，游船船长阿普特西亚克·加布里埃尔森用字正腔圆的中 文说出这个词。"这是中国游客教我的。" 加布里埃尔森的父母经营着一家家族旅游公司，拥有3艘游船，他也在父母的公司工作。伊卢利萨特以 世界自然遗产——冰峡湾闻名于世。每年夏天，世界各地的游客来到这个位于北极圈内的小镇，乘船观 赏迁徙来此的座头鲸等大型鲸类，欣赏在海中 ...

Group 1 - The travel heat during the "May Day" holiday is expected to reach its peak since 2023, with significant increases in vehicle flow on highways [1] - On May 1, Zhejiang Province recorded a total highway exit flow of 5.2548 million vehicles, a 10.56% increase compared to the same period in 2024 [1] - The Ministry of Transport predicts an estimated 23.33 million person-times of travel on highways and ordinary national and provincial roads on that day, reflecting a 2.0% year-on-year growth [1] Group 2 - Tourist roads are becoming crucial for promoting self-driving travel and tourism consumption growth, with popular tourist cities like Hangzhou, Xi'an, and Qingdao seeing increased activity [2] - Various events and activities are being organized along tourist roads, such as music festivals and art exhibitions, enhancing the travel experience [2] - New tourist attractions, such as the Karamay Desert Park, are emerging along highways, offering comprehensive services for travelers [5] Group 3 - Traffic management measures are being implemented to alleviate congestion at key points, including deploying additional staff and optimizing toll collection processes [6] - The introduction of a "mobile charging mothership" project on the Beijing-Shanghai Expressway aims to support electric vehicle charging needs, enhancing infrastructure for electric mobility [6] - Real-time monitoring and dynamic information gathering are being utilized to manage traffic flow effectively, especially around major cities and tourist areas [6]

近日，商务部等6部门发布通知，进一步优化离境退税政策。文件出台后，一些城市增加了退税商店，提供更加便利的退税服务，积极促进外 国人入境消费。 在位于上海前滩的一家商场内，一共有48家退税商店，店内提供"即买即退"服务，境外旅客购买退税商品后可以立即在店内领取退税现金。 上海浦东新区某商场退税员 张健：客户可以用我们给到的现金，再继续去购物，这样提升了消费体验，又促进了二次消费。 目前，上海已有近600家离境退税商店，其中有一半可以实现"即买即退"。今年"五一"假期，上海各商圈进一步优化退税、支付流程，便利的 服务也带动中国特色商品的销售。 意大利游客 费德里科：现在在商场就可以退，我认为这真的很方便。 目前，我国正在鼓励各地在大型商圈、步行街、旅游景区等境外旅客聚集地增设退税商店，支持具备条件的地区打造一批离境退税特色街区。 像成都锦江区就落地了四川首个"即买即退"集中退付点，这里可以实现13个国家和地区的电子钱包在商场内直接使用，来自荷兰的游客杰利为 妻子选购了1万多元的商品，办理退税时，不到5分钟，1500多元的税款就退到了他的账户。 荷兰游客 杰利：整个退税过程非常顺畅，这里的工作人员也非常专业。我很喜 ...

Group 1 - The core service "Easy Travel Nanjing Luggage Delivery" was launched to enhance the convenience for tourists during the May Day holiday, allowing them to send their luggage directly to their homes or designated stations [1] - The service is a collaboration between Nanjing's cultural tourism bureau and SF Express, featuring smart storage cabinets and dedicated codes for luggage delivery across various transportation hubs, scenic spots, and hotels [1][2] - As of now, SF Express has partnered with all transportation hubs in Nanjing, 21 A-level scenic spots, and 52 star-rated hotels to facilitate this luggage delivery service, which has already served thousands of tourists [1] Group 2 - The "Easy Travel" smart storage service has received positive feedback from tourists, highlighting its convenience for storing luggage while exploring the city [2] - The service allows seamless luggage transfer between high-speed train stations, hotels, and scenic spots, with over 2,000 storage cabinets set up in scenic areas and more than 1,000 at Nanjing South Station [2] - The initiative aims to alleviate the burden of carrying heavy luggage, enabling tourists to enjoy their visits without hassle [2]