Core Points - The 2025 China Cultural Tourism Industry Expo was held from September 12 to 14 in Wuhan, attracting over 2,000 exhibitors from 31 provinces, regions, and municipalities across the country [1] - Wuhan city launched the "Follow the Expo to Tour Wuhan" initiative, offering various discounts and free entry to numerous attractions for exhibitors and attendees [1] - A wide range of discounts were provided, including free entry to several scenic spots and significant price reductions on tickets and accommodations [2][3][4] Discounts and Offers - Free entry was available at attractions such as Wuhan Flower Expo, Jiuzhen Mountain Scenic Area, and Wuhan Wild Animal Kingdom from September 10 to 16 [1] - Various scenic spots offered 50% discounts on tickets from September 12 to 14, including Taoyuanji Parent-Child Town and Mulan Rose Garden [2] - Wuhan Happy Valley provided a special ticket price of 140 yuan from September 11 to 14, while the Polar Ocean World offered tickets at 99 yuan for exhibitors and 145 yuan for attendees [3] Accommodation and Dining Offers - Hotels and restaurants in Wuhan provided discounts for exhibitors, including 8.8% off at various local eateries and hotels [4] - Specific hotels like Qinglian Jinghe Hotel and Wuhan Qingshan Holiday Inn offered special rates for participants of the expo [3][4]

Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds remaining idle in cash management [3][5][6]. Group 1: Fund Utilization - The company raised 300 million RMB through a bond issuance in 2019, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [5]. - As of June 30, 2025, only 1.02% of the planned 229.7 million RMB for the Nanshan Xiaozhai Phase II Project has been invested, amounting to 2.3452 million RMB, while 42.68% of the 60 million RMB for the Yushui Hot Spring project has been utilized, totaling 25.6082 million RMB [5][6]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting execution [6]. - The company claims that the projects are still being pursued, with ongoing feasibility assessments and design work for the Nanshan Xiaozhai Phase II Project [6]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, despite being announced over a year ago [7]. - The Animal Kingdom project has reportedly faced construction halts, with machinery found inactive on-site, raising concerns about the project's progress [7][9]. Group 4: Shareholding and Disclosure Issues - The major shareholder of the Animal Kingdom project has changed, with a new entity holding 77.0052% of the shares, which is not a state-owned enterprise, contradicting the company's claims about following state-owned capital arrangements [8]. - The company has been criticized for not providing complete and accurate disclosures regarding its shareholding in the Animal Kingdom project, particularly in its 2025 semi-annual report [8].

Core Viewpoint - JiuHua Tourism has decided to terminate its A-share private placement plan due to changes in the market environment and company development strategy, emphasizing that this decision will not affect normal operations or harm the interests of shareholders, especially minority shareholders [2][4]. Group 1: Fundraising and Investment Plans - The company initially planned to raise 500 million yuan for projects including the JiuHua Mountain Lion Peak Scenic Area cable car project, hotel upgrades, and transportation equipment improvements [2]. - The cable car project is a key focus, with an investment of 326 million yuan expected to generate annual revenue of 111 million yuan and a net profit of 37 million yuan [2]. - Despite the termination of the private placement, the cable car project is expected to continue, as the company has already secured land for the project at a cost of 14.35 million yuan [4]. Group 2: Financial Situation and Future Plans - As of March 31, 2025, the company's cash and financial assets totaled 594 million yuan, raising questions about the necessity of the private placement [4]. - The management has indicated that, in addition to the current projects, the company requires an additional investment of 923 million yuan for future projects, leading to an estimated funding gap of 698 million yuan over the next three years [4]. - The cable car project is projected to attract 224,000 passengers in its first year, with a 15% annual growth rate, stabilizing after 15 years with a gross margin of 71.69% [3].

Core Insights - The "coldest town in China," Huzhong District, has seen a 32% year-on-year increase in both tourist numbers and spending from January to July this year [1] Group 1: Tourism Growth - Huzhong District is experiencing a peak in tourist flow during the autumn season, with significant growth in visitor numbers and expenditures [1] - The increase in tourism is attributed to the region's unique ecological and cultural attractions, including the natural beauty of the Daxing'anling area [1] Group 2: Cultural and Historical Significance - The Beishan Cave archaeological site in Huzhong has yielded over 2,000 artifacts, including tools and decorative items, dating back to the late Paleolithic era, showcasing the area's rich historical value [3] - The site has been recognized for its academic and cultural importance, with ongoing research and development efforts to promote cultural tourism [3] Group 3: Ecotourism Development - Huzhong District is leveraging its high altitude, cold resources, and unique landscapes to develop ecotourism, integrating local culture with forest ecological tourism [4] - The region is expanding its tourism product offerings by combining sports, photography, and other activities with tourism, aiming to enhance the overall visitor experience [5]

Core Viewpoint - JiuHua Tourism (603199.SH) has decided to terminate its plan to issue A-shares to specific investors due to changes in the market environment and company development plans, and will withdraw the related application documents from the Shanghai Stock Exchange [1] Group 1 - The company has been actively promoting the issuance plan since its disclosure in 2025, adhering to legal and regulatory requirements [1] - After thorough communication and careful consideration among relevant parties, the decision to terminate the issuance was made [1] - The company will formally apply to withdraw the related application documents from the Shanghai Stock Exchange [1]

Core Viewpoint - The tourism sector is gaining attention as the National Day holiday approaches, with significant trading volume in the tourism ETF (562510) reaching a year-high on September 8 at 178 million [1] Group 1: Market Performance - On September 10, scenic spots and hotels showed active performance, while the tourism ETF (562510) experienced slight fluctuations [1] - Key holdings such as Dalian Shengya, Changbai Mountain, Jinling Hotel, Juntin Hotel, and Zhongxin Tourism led the gains, while the airline sector generally adjusted, negatively impacting the tourism sector's performance [1] Group 2: ETF and Index Tracking - The tourism ETF (562510) tracks the CSI Tourism Theme Index, covering various segments including tourist attractions, airports, retail tourism, and hotel catering [1] Group 3: Catalysts for Growth - The tourism sector is expected to benefit from multiple catalysts such as the National Day holiday, expansion of visa-free policies, and optimization of tax refund policies [1]

Group 1: Tourism Development - Qinhuangdao has seen a 11.7% increase in tourist numbers and a 13% increase in total spending from January to July this year [1] - The city is focusing on integrating cultural heritage, particularly the Great Wall, with tourism to enhance visitor experiences and local income [2][3] - The establishment of the Great Wall National Cultural Park is driving the development of cultural tourism products, transforming local villages into attractive destinations [2] Group 2: Cultural Integration - The integration of industrial heritage and modern artistic elements in the Qinhuangdao Port Industrial Tourism Zone is creating a unique tourist experience [4][5] - The area has been designated as a national 4A-level tourist attraction, showcasing a blend of industrial culture and recreational activities [5] - The city has implemented 130 cultural tourism projects, enhancing the diversity of tourism offerings [5] Group 3: Sports and Events - Qinhuangdao is leveraging its coastal resources to develop a "Qinhuangdao Sailing Season" brand, hosting various sailing competitions and events [6][7] - The city has hosted numerous sports events, including the 2025 ILCA Asian Sailing Championship, attracting over 140,000 visitors and generating significant local revenue [7] - The "Sports+" model is fostering collaboration among various industries, enhancing the local economy through sports-related tourism [7]

Group 1 - The Cotton Pit Scenic Area in Guangxi features a bookstore built on a cliff, providing visitors with a unique experience of overlooking a 300-meter deep pit during the day and a visually stunning atmosphere at night [1][3] - The Cotton Pit measures 326 meters in depth and 305 meters in width, surrounded by steep cliffs and mountains, with the cliff bookstore embedded in the rock face [3][5] - The scenic area also includes a large theater, which recently hosted its first music festival, attracting nearly 3,000 attendees, showcasing the venue's potential for large-scale events [7] Group 2 - The bookstore serves as a resting point along a 1,600-meter walkway, offering a tranquil escape from urban life, where visitors can enjoy drinks while immersed in the natural and cultural ambiance [8]

Group 1: Unique Resources and Tourism Development - The city of Zunyi, particularly the area around the Chishui River, is recognized for its unique natural resources and cultural heritage, making it a significant tourist destination [1][3] - The Chishui Danxia, covering an area of 1,300 square kilometers, was listed as a UNESCO World Heritage Site in August 2010, highlighting its geological significance [2] - The Chishui Danxia tourism area includes major attractions such as Chishui Waterfall, Foguang Rock, and Yanzi Rock, which are essential to its appeal as a 5A-level tourist site [2][3] Group 2: Integration of Alcohol Culture and Tourism - The local liquor industry, particularly the production of sauce-flavored liquor, has historical roots dating back to the Han Dynasty, with a significant presence in the Chishui River area [3][4] - The tourism sector is evolving to integrate liquor culture, with experiences such as DIY liquor blending and themed events like the "Liquor Language Bamboo Forest Seven Sages" and liquor festivals [3][4] - The launch of high-end liquor experience tours has attracted over 80,000 visitors, indicating a growing interest in the region's liquor tourism [4] Group 3: Historical Significance and Modern Developments - The ancient town of Fuxing has a rich history as a political, economic, and cultural center, with liquor brewing traditions dating back to the Ming and Qing Dynasties [6] - Guizhou Guifu Liquor Co., established in 1898, is one of the oldest liquor producers in the region, now integrating tourism with its production processes [6][7] - The company has developed a 3A-level scenic area that allows visitors to engage with local liquor culture through various interactive experiences [7] Group 4: Culinary Offerings and Cultural Significance - Chishui is known as "China's Bamboo Capital," with over 1.32 million acres of bamboo forests, which contributes to its unique culinary offerings [8] - The "Panda Feast," a bamboo-based dining experience, has been recognized as a representative of Guizhou's culinary culture and has undergone significant upgrades to enhance its appeal [9][10] - The local cuisine reflects the region's natural bounty and cultural heritage, contributing to the overall tourism experience [10]

Core Viewpoint - Yunnan's autumn is characterized by vibrant natural beauty and cultural richness, inviting tourists to experience a unique lifestyle that blends scenic landscapes, warm springs, traditional living, and festive celebrations [1][6][7]. Group 1: Natural Beauty - Yunnan's autumn transforms the landscape into a colorful canvas, showcasing golden rice fields, red maple leaves, and serene lakes [1][2]. - In various regions like Shangri-La and YuanYang, the scenery features golden needle forests, ancient ginkgo trees, and terraced rice fields, creating picturesque views that reflect the harmony of nature and agriculture [2][3]. Group 2: Wellness and Relaxation - Yunnan boasts over a thousand hot springs, providing a soothing experience for visitors to relax and rejuvenate [3]. - Notable hot spring locations include the volcanic hot springs in Tengchong and the geothermal pools in Dali, where visitors can enjoy the natural warmth and tranquility [3]. Group 3: Cultural Experience - Autumn in Yunnan offers opportunities to immerse in local culture through traditional accommodations and local lifestyles, such as staying in Bai ethnic guesthouses by Erhai Lake [4][5]. - Festivals like the Demba Festival and the New Rice Festival celebrate local traditions and harvests, showcasing vibrant community activities and cultural performances [6]. Group 4: Lifestyle and Leisure - The experience of living in Yunnan during autumn is described as a blend of scenic beauty and leisurely activities, allowing visitors to engage with nature and local customs [4][5]. - Activities include tea picking in ancient tea gardens and enjoying local cuisine, which enhance the understanding of Yunnan's rich cultural heritage [5][6].