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 [ ...

从蓝天集团获悉，今年"五一"假期，蓝天集团以"山海城湾"为核心，依托烟台山、朝阳街、所城里、芝 罘湾和东炮台五大文旅街区景区联动，推出沉浸式文商旅融合体验，成为烟台文旅消费热点。截至5月5 日中午，五大街区景区累计接待游客超83.28万人次，全网相关热门话题总阅读量突破2亿，短视频传播 量超8000万次，二次消费占比提升37%，实现线上线下（300959）系统性赋能商户销售转化效率，生动 诠释了"仙境海岸"的独特魅力与城市更新活力。 东炮台景区以清代克虏伯大炮为核心，结合环海栈道、海豹湾生态保育区，构建"红色教育+自然科 普"体验链。假期推出"海防历史课堂"、"海豹投喂互动"等特色活动，游客可登临炮台遗址感受近代海 防历史，或在月亮湾与"月亮老人"铜雕合影留念。 下步，蓝天集团将持续深化"山海城湾"一体化开发，以文塑旅、以旅彰文，推动文旅产业成为城市高质 量发展的新引擎。 朝阳街以"开埠风情"为主题，完成从历史街区到国家级旅游休闲街区的蜕变。街区引入星巴克甄选店、 克利顿葡萄酒体验馆等首店品牌，打造"万国建筑+潮流消费"新场景。游客漫步温馨浪漫的街道，在钟 书阁的镜面空间感受时空交错，或于海鲜餐厅品尝胶东特色 ...

如按照财务合并口径计算，公司 2025 年五一期间接待游客 62.36 万人次同 比 2024 年接待游客 29.29 万人次增长 112.90%；实现营业收入 4,040.41 万元同 比 2024 年营业收入 2,013.07 万元增长 100.71%。 以上主要经营数据未经审计，仅为投资者及时了解公司生产经营概况使用， 敬请广大投资者注意投资风险。 特此公告。 2025 年五一假期景区目的地度假业务主要经营数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江祥源文旅股份有限公司董事会 浙江祥源文旅股份有限公司 2025 年五一假期（5 月 1 日至 5 月 5 日）景区 目的地度假业务（包括旅游景区业务及旅游度假业务）经营数据如下： | 项目 | 2025 | 年五一假期 | 同比 | 2024 年五一假期增长 | | --- | --- | --- | --- | --- | | 接待游客（万人次） | | 62.36 | | 51.79% | | 营业收入（万元） | | 4,040.41 | | 50.4 ...

祥源文旅（600576）公告，2025年五一假期(5月1日至5月5日)景区目的地度假业务经营数据显示，公司 接待游客62.36万人次，同比增长51.79%；实现营业收入4040.41万元，同比增长50.47%。如按照财务合 并口径计算，公司2025年五一期间接待游客62.36万人次同比2024年接待游客29.29万人次增长 112.90%；实现营业收入4040.41万元同比2024年营业收入2013.07万元增长100.71%。 ...

Core Viewpoint - The company reported steady growth in revenue and net profit for 2024, driven by increased passenger traffic and operational improvements in its core business segments [1][2][4] Financial Performance - In 2024, the company achieved revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1] - The fourth quarter of 2024 saw revenue of 195 million yuan, a significant year-on-year increase of 20.65%, and a net profit of 32 million yuan, up 41.79% year-on-year [1][2] - The overall gross margin for 2024 was 50.21%, an increase of 0.59 percentage points year-on-year, while the net profit margin was 24.33%, up 0.19 percentage points year-on-year [1][2] Business Segments - The company's cable car business generated revenue of 293 million yuan, a slight decrease of 0.56% year-on-year, while the hotel business achieved revenue of 237 million yuan, up 1.05% year-on-year [2] - The passenger transport business saw a significant revenue increase of 31.24% year-on-year, reaching 159 million yuan, primarily due to the operational launch of the Jiuhua Mountain Transportation Hub [2] - The travel agency segment reported revenue of 62 million yuan, down 7.53% year-on-year [2] Market and Strategic Developments - The company leverages its unique Buddhist cultural resources and tourism attributes to create a comprehensive service system combining cable cars, hotels, passenger transport, and travel agencies [3] - The company is enhancing its service capacity and internal transportation connections to support future growth, with expectations of increased tourist traffic in 2025 [3] - The company is advancing its "regional tourism complex" strategy, optimizing transportation efficiency during peak periods and expanding its culinary offerings with new vegetarian brands [3][4] Policy and Operational Efficiency - The company is benefiting from supportive policies aimed at revitalizing the tourism sector, with initiatives from the Ministry of Commerce and other departments to enhance service quality and consumer experience [4] - Investments in digital systems and membership programs are expected to improve operational efficiency and customer engagement [4] - The company is actively participating in tourism promotion activities to broaden its business channels and enhance the attractiveness of its scenic areas [4]

Group 1 - The core viewpoint of the article highlights the significant increase in tourist traffic at East Lake during the May Day holiday, with a total of 1.818 million visitors, representing a year-on-year growth of 18.54% [1] - Over 70% of the visitors were from outside the region, with the post-90s and post-00s demographic accounting for approximately 64% of the total visitors, indicating a diverse age range among tourists [1] - The East Lake scenic area has become a key tourist destination in China, ranking second in the national visitor index during the holiday period [1] Group 2 - Various cultural and recreational activities were highlighted, including sunrise performances, water sports, and interactive exhibits at the Hubei Provincial Museum, showcasing the integration of culture and tourism [4][8] - The East Lake area provided a unique experience for both domestic and international tourists, with comments from visitors emphasizing the city's inclusivity and vibrant atmosphere [10] - The management of East Lake is focused on enhancing the visitor experience through a combination of culture, technology, and ecology, aiming to create a high-quality year-round tourism product system [28]

今年五一，被网友称为"最早崩溃"的景区出现了。5月2日，多名网友通过社交平台反映，湖南张家界国家森林公园出现拥堵： 天梯排队三小时拍摄不到两分钟 晚上排队七八个小时才下山 上千名游客深夜滞留山上大喊退票 随后，张家界致歉，并承认景区在旅游高峰时段"综合管理能力方面还存在较大差距"。 5月2日-3日，笔者恰好在张家界游玩，经历了两天时间内排队时间超过9个小时（不算最长的），目睹现场游客们排队的种种艰难，因为排队下山太久， 差点误了飞机。 张家界为何堵到崩溃？"排队困局"怎么破？答案事关每一个人。 01 堵到崩溃，在张家界不是第一次。 今年3月，极目新闻报道，有网友发视频反映称，湖南张家界天子山景区数千名游客滞留，无法顺畅下山。 2023年春节，红星新闻报道，大年初三，湖南张家界国家森林公园接待游客逾6万，接待人数创单日新高。但有游客在网上反映，景区未控制人流量，导 致成千上万名游客大晚上被困在山上。 今年五一假期，笔者也领教到了人生最频繁、最长时间的排队经历。 5月2日上午10点前，抵达天门山森林公园景区，在山门外跟随大批游客一起，步行2公里到大门口，排队进入景区，耗时大约2.5小时； 5月2日下午，排队从天门 ...

5月6日，河南省文化和旅游厅发布2025年"五一"假期河南文化旅游市场综述。5天假期，河南省接待游 客6450.3万人次、旅游收入371.1亿元，同比分别增长4.6%、4.8%。接待游客人次前五位的景区分别是 清明上河园(55.78万人次)、银基国际旅游度假区(54万人次)、万岁山武侠城(49.3万人次)、云台山(39.57 万人次)、龙门石窟(31.83万人次)，旅游收入居前五位的景区为银基国际旅游度假区(1.49亿元)、清明上 河园(0.75亿元)、云台山(0.73亿元)、郑州方特欢乐世界(0.69亿元)、万岁山武侠城(0.57亿元)。抽样调查 数据显示，"五一"期间省外来豫游客为2231.8万人次，较去年同期增长21.42%，占比为34.6%，较去年 同期增长约5个百分点，省外游客排名前六位的省份分别为山东、河北、山西、广东、湖北、安徽。(大 河财立方) ...

#【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：5月1日至5日，预计全社会跨区域人员流动量累计14.67亿人次，日均2.93亿人次，同比增长8.0%。 其中：铁路客运量同比增长10.8%。 其中：铁路客运量同比增长10.8%。 公路人员流动量同比增长7.6%。 公路人员流动量同比增长7.6%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； # #【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：5月1日至5日，预计全社会跨区域人员流动量累计14.67亿人次，日均2.93亿人次，同比增长8.0%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； #酒店：根据酒店之家数据，五一假期OTA酒店销量同比增长24.93%，OTA用户酒店消费支出同比增长24.8%。 五一假期全国房价同比+2%，其中经济型优于中高端，低线城市优于高线城市； #餐饮：五一期间微信支付餐饮行业交易笔数同比增长12.3%，地区搜索词TOP10中茶饮品牌居多。 #入境游：携程数据显示入境游订单同比激增130%，五一假期 ...

Core Viewpoint - The recent music festivals at Wuhan Airport Music Square have attracted nearly 100,000 music fans nationwide, showcasing a blend of music, consumption, and cultural tourism, significantly boosting the local economy [1][7][11]. Group 1: Event Highlights - The music festivals featured a strong lineup of top artists, including Cui Jian, Xu Wei, Lao Lang, Zheng Jun, and Zhao Lei, with classic songs that sparked enthusiastic sing-alongs among attendees [3]. - The unique setting of the music festival, with planes taking off and landing in the background, created a romantic atmosphere, enhancing the overall experience for attendees [5]. Group 2: Economic Impact - The music festivals led to a substantial increase in local economic activity, with restaurant, accommodation, and transportation spending rising significantly during the events [7]. - The surrounding area saw a 45% year-on-year increase in sales of imported and exported goods at Hankou North International Trade [7]. - The synergy between the music festival and local attractions, such as Mulan Scenic Area, resulted in over 200,000 visitors on the first day of the holiday [7]. Group 3: Brand Value and Future Plans - The music festivals have elevated Wuhan's brand value, with related topics on social media platforms like Weibo and Douyin garnering over 10 million views [11]. - The "Airport+" model has created a tourism route connecting the music square with nearby attractions, enriching the experience for music fans and providing new growth opportunities for local industries [9]. - Future plans include deepening the "Music+" strategy, with seasonal themed music events and improved facilities to enhance the experience for music fans, aiming to continue driving economic and social benefits for the city [22].