Group 1 - The establishment of Linuo Innovation Technology (Shanghe) Co., Ltd. has been reported, with a registered capital of 926.5 million yuan [1] - The company's business scope includes the sale of agricultural and sideline products, consulting and planning services, etiquette services, and conference and exhibition services [1] - The company is jointly held by Linuo Pharmaceutical Packaging (301188) and others, indicating a collaborative investment structure [1]

Group 1 - Shanghai Yumingjing Industrial Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Liao Shenghong [1] - The business scope includes technology services, cultural and artistic exchange activities, sports performance organization, and various consulting services [1] Group 2 - The company is involved in advertising design and agency, supply chain management services, and marketing planning [1] - It also offers services related to conference and exhibition, business agency, and information consulting (excluding licensed information consulting) [1] - The company is permitted to operate independently based on its business license, except for projects that require approval [1]

Core Insights - The Yangshan Special Comprehensive Bonded Zone has achieved an average annual growth rate of 28.3% in import and export volume since the 14th Five-Year Plan began [1] - The Lin-gang New Area has seen a compound annual growth rate of approximately 9.8% in actual foreign investment since 2020, with actual foreign investment reaching $1.018 billion from January to July 2025, a year-on-year increase of 142.3% [1] - The Lin-gang New Area's bonded maintenance import and export value reached 30 billion yuan in 2024, a year-on-year increase of 180% [1] - The number of headquarters enterprises in the Lin-gang New Area has increased from 14 in 2020 to 89 in 2024 [1] Group 1: Service Platform Development - The Lin-gang New Area established an online and offline "Going Global" comprehensive service platform in June 2024 to address common challenges faced by Chinese enterprises going abroad [2] - The platform features a physical center over 2,000 square meters, serving as the first public service hall dedicated to "going global" in China, with ten consultation windows covering various services [2] - The platform has signed agreements with local commerce departments and trade promotion agencies, extending services to over ten provinces and dozens of cities across the country [2] Group 2: Talent Development and Service Network - The platform has gathered over 500 professional service institutions and served more than 1,000 outbound enterprises, conducting nearly 60 activities related to "going global" [3] - An online service matrix has been established, providing practical tools such as risk assessments and data queries, enhancing integrated service efficiency [3] - The platform has facilitated over 15,000 offshore trade verifications, with a total foreign exchange amount exceeding 430 billion yuan, indicating a 70% share of offshore trade [3] Group 3: Attractiveness of Lin-gang New Area - The Lin-gang New Area offers unique advantages for enterprises, including geographical, cost, and capital benefits, making it an attractive location for businesses [5] - The area serves as a bridgehead for high-level national openness and a testing ground for economic development [5] - The "Going Global" platform aims to convert the Lin-gang area's resource advantages into accessible, high-quality services for enterprises nationwide [5]

Core Insights - Guangzhou Xiayue Ice Cream Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Wang Jiexia [1] Business Scope - The company offers a range of services including information consulting (excluding licensed information consulting), tax services, professional design services, and IoT technology services [1] - Marketing planning, conference and exhibition services, and food sales (limited to pre-packaged food) are also part of the business operations [1] - Additional services include business agency services, information technology consulting, technical services, development, consulting, exchange, transfer, and promotion [1] - The company is involved in organizing cultural and artistic exchange activities, financial consulting, delivery services, and small-scale food operations [1]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [35]. Core Insights - The consumer services industry index rose by 4.92% from July 11 to July 24, 2025, outperforming the CSI 300 index by approximately 1.45 percentage points during the same period [8][10]. - The report highlights the positive impact of the upcoming closure of Hainan Free Trade Port on the duty-free shopping sector, with specific policies expected to be announced in the second half of the year [22][35]. - The report notes that while the tourism and hotel sectors are recovering, the education sector continues to decline, indicating a mixed performance across sub-sectors [10][35]. Summary by Sections Market Review - The consumer services index showed a significant increase, outperforming the broader market [8]. - Sub-sector performance varied, with tourism and hotel sectors rebounding while the education sector faced declines [10]. - A total of 35 companies in the industry reported positive returns, with notable gains from companies like Tibet Tourism and China Duty Free [14]. Industry News - Hainan Free Trade Port is set to officially close on December 18, 2025, with adjustments to the duty-free shopping policy anticipated [22]. - The visa application process for Chinese citizens traveling to India has resumed, expanding the visa-free travel range [23]. - In the first half of 2025, 333 million entries and exits were recorded, marking a 15.8% year-on-year increase [24]. Company Announcements - Companies such as Dalian Shengya and Beijing Renli reported significant changes in their financial forecasts, with some expecting substantial profit increases while others faced losses due to adverse weather conditions [28][30][31][34]. Weekly Outlook - The report suggests focusing on specific stocks that are expected to benefit from the upcoming summer season and policy changes, including China Duty Free and Jinjiang Hotels [35][36].

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [30]. Core Insights - The summer peak season is commencing, with the Ministry of Culture and Tourism organizing the 2025 National Summer Cultural and Tourism Consumption Season, which will feature over 43,000 cultural and tourism consumption activities and distribute over 570 million yuan in consumption subsidies [30][18]. - The consumer services sector index has risen by 2.24% from June 27 to July 10, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 0.62 percentage points [7][30]. - The report highlights a divergence in performance among sub-sectors, with the tourism sector recovering while the hotel and catering sector continues to decline [8][30]. Summary by Sections Market Review - The consumer services industry index increased by 2.24%, ranking sixteenth among all CITIC first-level industry indices, and outperformed the Shanghai and Shenzhen 300 index by about 0.62 percentage points [7]. - Sub-sector performance varied, with the comprehensive service, tourism, hotel catering, and education sectors showing respective changes of 5.66%, 0.51%, -0.65%, and 5.91% [8]. - A total of 35 listed companies in the industry reported positive returns, with the top five performers being Dou Shen Education, Fang Zhi Technology, Caesar Travel, Miao Exhibition, and Bo Rui Communication, with increases of 15.75%, 12.43%, 12.31%, 10.35%, and 8.11% respectively [10]. - The overall PE (TTM) for the consumer services industry is approximately 31.12 times, slightly up from the previous period but still below the average valuation of 49.30 times since 2016 [14]. Industry News - The Ministry of Culture and Tourism will host over 43,000 cultural and tourism consumption activities during the summer season, with various promotional measures including consumption vouchers and discounts [18]. - The Sichuan government is supporting qualified cultural and tourism enterprises to go public, aiming to strengthen key tourism businesses [19]. - The Ministry will intensify monitoring of package tourism products related to family travel, study tours, and summer vacation, focusing on illegal practices [20][22]. Company Announcements - Notable companies to watch include Jin Jiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts, with recommendations based on their potential benefits from the summer peak season [30][31].

Group 1 - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and the 2025 Digital Low Altitude Conference opened in Suzhou, Jiangsu, focusing on the development of the "digital low altitude" sector and attracting over 500 participating enterprises [1] - According to predictions by CCID Consulting, China's low altitude economy is expected to exceed 850 billion yuan by 2025 and reach a trillion yuan level by 2026 [1] - Suzhou has signed 169 low altitude economic projects with investments totaling 86.1 billion yuan in 2024, and as of May 2025, the city has over 500 enterprises in the low altitude industry chain, with a total industry scale of 40.8 billion yuan [1] Group 2 - Suzhou aims to become a national low altitude economic demonstration zone, focusing on autonomous innovation, high-end manufacturing, and safety-first principles [2] - The conference included the launch of various platforms and services, such as low altitude monitoring and countermeasure application platforms, and the first "low altitude operation management liability insurance" in the country [2] - Suzhou has achieved significant milestones, including the world's largest unmanned transport aircraft and the first all-domain autonomous perception agricultural drone [1][2]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [31]. Core Viewpoints - The upcoming summer peak season is expected to make the 2025 summer tourism market the most vibrant yet, with an estimated 150 million passenger trips in civil aviation during the summer transport period (July-August), representing a year-on-year growth of 5.4% [21][31]. - The report highlights the entry of JD.com into the hotel and travel industry, which may trigger competition in the OTA sector and stimulate travel demand [19][31]. - Various local tourism development policies are expected to be enhanced before the summer season, which could improve expectations and valuations for tourism attractions and related sectors [31]. Summary by Sections Market Review - From June 13 to June 26, 2025, the CITIC consumer services industry index experienced a slight decline of 0.21%, underperforming the CSI 300 index by approximately 1.59 percentage points [8]. - The performance of sub-sectors varied, with tourism, hotels, and education sectors declining, while the comprehensive services sector saw a rebound [9]. - A total of 22 listed companies in the industry achieved positive returns, with the top five performers being Junting Hotel, Tianmu Lake, Changbai Mountain, Huangshan Tourism, and Chuangye Heima, showing increases of 9.08%, 5.42%, 5.41%, 4.90%, and 4.73% respectively [13]. - The overall PE (TTM) for the CITIC consumer services industry is approximately 30.70 times, slightly down from previous periods and below the average valuation of 49.69 times since 2016 [16]. Industry News - The report notes significant developments, including the expected increase in civil aviation passenger transport during the summer, with a forecast of 1.5 billion trips and over 240 million daily passengers [21]. - The National Development and Reform Commission plans to focus on promoting the development of the sports and cultural tourism industry [23]. - The release of the top 60 hotel groups in China shows stability in rankings, with notable upward trends for Atour Group and eLong Hotel Technology [24]. Company Announcements - Key announcements from listed companies include Nanjing Business Travel's adjustment of asset acquisition plans and Jinjiang Hotel's approval for H-share issuance [25][26]. Weekly Perspective - The report suggests focusing on cyclical sectors such as exhibitions, human resources, and education, which may benefit from policy expectations due to economic fluctuations in the second half of the year [31]. - Recommended stocks include Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, and Songcheng Performance, among others [32].

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [34]. Core Insights - The consumer services industry index rose by 2.02% from May 30, 2025, to June 12, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 1.15 percentage points [9]. - The report highlights that domestic travel during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [22]. - The upcoming summer travel season is expected to reverse the subdued performance observed during the Dragon Boat Festival, with a projected 70% increase in summer travel numbers and an 80% increase in gross merchandise value (GMV) compared to the previous year [34]. Summary by Sections Market Review - The consumer services industry index outperformed the Shanghai and Shenzhen 300 index, with a rise of 2.02% during the reporting period [9]. - The tourism and education sectors showed recovery, while the hotel and comprehensive services sectors experienced declines [10]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers being ST United, Qujiang Cultural Tourism, Jinling Hotel, Changbai Mountain, and Tianmu Lake, with increases ranging from 11.86% to 55.13% [14]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.92 times, reflecting an increase compared to previous periods [18]. Industry News - The report notes significant trends in the tourism market, including a focus on family-oriented travel and deep experiential offerings, as highlighted in the 2025 Summer Travel Trend Report by Zhongxin Tourism [24]. - The popularity of the Jiangsu Super League has led to a surge in tourism bookings in Jiangsu, with an increase of over 300% in reservations [26]. - Haichang Ocean Park announced plans to introduce Xiangyuan Holdings as a new controlling shareholder [27]. Company Announcements - The report suggests monitoring specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts for potential investment opportunities due to their favorable positioning in the upcoming summer season [35].

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for any misrepresentation or omissions [2][3]. Financial Data - The quarterly report has not been audited [3][6]. - There are no adjustments or restatements of previous accounting data required [3]. - Non-recurring gains and losses are applicable, primarily related to tax exemptions and incentives for small enterprises and veterans [3][4]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, but there are no changes due to securities lending activities [5]. - There are no changes in the number of preferred shareholders or any restrictions on shares [5]. Other Important Matters - No significant other matters are reported in the quarterly financial statements [5].