主办方法国商务投资署（Business France）是旨在促进法国经济国际化发展的机构，协助法国企业迈向 国际、推动企业的出口业务，同时肩负推广和接待国际投资者前去法国投资经商的使命。 由Noosh Studio的联合创始人及创意总监Stéphanie SALLETTE女士精心设计的展览空间，以"四季流转· 五感交响"为主题打造出独特的沉浸式体验。参观者在晓庐充满现代建筑美学的空间中穿梭四季场景， 通过互动装置、音景空间与触感体验区的多重维度设计，沉浸于诗意流动的感官剧场。这种艺术化的空 间叙事不仅完美呈现法国品牌对品质与优雅的不懈追求，更以具象化的方式演绎了法式待客艺术的精神 内核。 法国驻广州副总领事卢繁妮女士(Fanny LOUVEL)与邦华集团董事长扶而立先生为展览启幕。来自酒店 餐饮和高端家居行业的专业人士、采购商、博主达人及专业媒体的深度参与，共同搭建起高效商贸对接 平台，推动中法餐桌艺术产业的深度对话。 由法国商务投资署主办的第三届"法式餐桌艺术展"于2025年5月15日至16日在广州晓庐举 办。本届展览汇聚12个法国奢华品牌，在刀叉器具、水晶摆件、餐厨用具及装饰布艺领域展 示了精品力作，向观 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17% while the Shenzhen Component Index and the ChiNext Index fell by 0.13% and 0.12% respectively, with a total trading volume of 1,291.365 billion yuan [2][7] - The banking, beauty care, and pharmaceutical sectors led the gains, while the defense, computer, and machinery sectors experienced declines [2][7] - The Hang Seng Index fell by 1.87%, and the Hang Seng Technology Index dropped by 3.26%, indicating a challenging environment for Hong Kong stocks [2][7] - In the U.S., the Dow Jones decreased by 0.64%, while the S&P 500 and Nasdaq rose by 0.72% and 1.61% respectively, reflecting a mixed sentiment in the overseas markets [2][7] Industry Analysis - The electric power equipment sector saw a decrease in the total market value held by public funds, amounting to 276.574 billion yuan in Q1 2025, a decline of 14.21% quarter-on-quarter but a slight increase of 3.05% year-on-year [9][10] - The sector's overweight ratio fell to 3.29%, down 1.60 percentage points from the previous quarter, indicating a reduced preference among funds for this sector [9][10] - The top five and ten holdings in the electric power equipment sector showed an increase in concentration, with the CR5 and CR10 ratios rising to 68.70% and 75.59% respectively, while the CR20 ratio decreased [10][11] - The battery and photovoltaic equipment segments faced significant reductions in holdings, while the wind power equipment sector saw increased interest due to accelerated project implementations [11][12] Social Services Sector - The social services sector reported a total revenue of 190.795 billion yuan in 2024, reflecting a year-on-year growth of 6.95%, but the net profit dropped by 31.26% to 7.366 billion yuan [13][14] - The tourism and scenic area segment achieved a revenue of 35.423 billion yuan, up 15.24% year-on-year, with a net profit increase of 7.19% [13][14] - The hotel and catering segment, however, experienced a revenue decline of 1.49% to 29.853 billion yuan, with net profit falling by 19.73% [14][15] - The report suggests that the implementation of vacation policies and the expansion of the inbound consumption market will continue to drive growth in the tourism and related sectors [14][15]

营收增长利润承压，旅游景区业绩稳健 [Table_ReportType] ——社会服务行业 2024 年业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 社会服务板块全年业绩增收不增利。2024 年上市公司业绩出炉，社会 服务板块增收不增利，营业收入合计 1907.95 亿元，同比增长 6.95%， 在申万一级行业中排名第 3；归母净利润合计 73.66 亿元，同比下降 31.26%，在申万一级行业中排名第 22。 旅游及景区板块：2024 年旅游及景区板块实现营收 354.23 亿元，同比 +15.24%，归母净利润 16.73 亿元，同比+7.19%。五一黄金周居民旅游 热情高涨，旅游市场持续回暖。调休工作日的减少使得更多游客选择拼 假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和 丰富消费场景，以多元供给激发消费潜力、市场活力，为游客带来深度 体验。 3288 酒店餐饮板块：2024 年酒店餐饮板块实现营收 298.53 亿元，同比- 1.49%，归母净利润 15.67 亿元，同比-19.73%。消费承压导致板块业绩 出现波动，全年表现不佳。行业 ...

周二A股的高开低走看似有些令人失望，但细思后还是可以理解的，并不能说特别出人意料。 A股今日之所以走势显弱，一方面是因关税后续谈判始终会存有变数，另一方面是市场对于经济刺激政 策特别是财政刺激政策的预期应该也会随着"短期出口前景转好"而减弱一些。 操作方面，建议投资者继续持股观望，在持仓上可做适度调整，比如可纳入更多的关税敏感型出口类个 股。虽然大盘短期内走势令人失望，但毕竟关税形势已大幅转好，故A股过分下跌的概率应相当小，完 全不排除短期内就能重拾升势的可能。 封面图片来源：每日经济新闻 文多 摄 板块方面，航运港口、光伏、银行、酒店餐饮、日用化工等板块涨幅居前。上周以来表现强劲的航天航 空、船舶制造等军工类股出现明显调整，稀土、计算机设备、交运设备、通信设备等板块表现也稍弱。 周边市场方面，隔夜美股大涨，道指涨2.81%，标普500涨3.26%，纳指涨4.35%。然而，周一已提前大 涨的港股于周二明显回落，恒生指数收挫1.87%，恒生科技指数下跌3.26%。 汇市方面，美元指数周一最终大涨1.38%，周二亚欧交易时段则微有回落。离岸人民币汇率周一大升 0.56%至7.1995，周二曾进一步升值至7.179 ...

前KPMG交易专家、"酒吧帝国"创始人Jon Adgemis身陷债务危机，面临破产和家庭被驱逐的风险，目 前暂住在亿万富豪投资人位于邦迪的豪华公寓中。 同时，Adgemis仍试图拯救尚未落入债权人之手的少数资产，并与德意志银行、Archibald Capital达成 770万澳元融资协议。然而，其中第二笔60万澳元的付款大部分尚未履约，目前正寻求延长支付期限。 另一方面，与Adgemis关系密切的Damien Hodgkinson所控制的Linchpin Hospitality接手了部分原Public Hospitality场所的运营，并试图重建信贷。但多名消息人士称Adgemis仍暗中参与Linchpin业务，并在相 关邮件中被要求"加入所有报告"。 Adgemis因拖欠摩纳哥商人Gazal高达2600万澳元的款项，近日在联邦法院败诉，Gazal已启动破产申请 程序。若成功，Adgemis将被追溯至去年11月18日宣布破产。 Adgemis于2021年创立Public Hospitality，在疫情期间大举收购酒吧和餐饮场所，资产一度包括悉尼的 Oxford House、The Norfolk以及墨尔本的P ...

五一假期期间，央行突然出手，宣布开展1.2万亿元买断式逆回购操作，向市场投放巨额流动性。此次操作期限分为3 #夏季图文激励计划#个月和6个月，采 用固定数量、利率招标等方式，核心目标就是保障银行体系资金充裕。如此大规模的"放水"，无疑将对金融市场产生深远影响。 为何选在假期发布？A股"利好规律"再现 权重板块带动：金融和消费股在A股权重占比高，若这两大板块走强，指数上涨概率大增。 变盘窗口临近：节前A股持续横盘，资金蓄势待发，此次央行"放水"或成变盘催化剂。 历史经验：宽松周期常伴随股市回暖 熟悉A股的投资者都知道，重大利好消息往往选择在假期或周末发布，避免对盘中交易造成剧烈波动。此次央行在五一假期释放流动性，显然有意为节后市 场预热。那么，这1.2万亿究竟会如何影响A股？ 直接利好大金融，间接提振消费板块 此次逆回购操作最直接的受益者无疑是银行，因为资金是通过银行体系释放的。流动性充裕后，银行的放贷能力增强，利润空间有望提升。此外，证券、保 险等金融股也将间接受益。 更值得关注的是，市场资金增加后，消费需求可能被进一步激活。旅游、酒店餐饮、商业百货、家具用品等板块有望迎来资金关注。回顾历史，流动性宽松 周期 ...

Group 1 - The market experienced significant fluctuations, with major consumer stocks dropping sharply, leading to losses for investors who had anticipated gains from tourism-related stocks before the holiday [1][2] - The performance of the banking sector reached historical highs, raising concerns about sustainability and potential market corrections [2][5] - The overall market lacks clear profit-making opportunities, with only a few sectors, such as electricity, showing healthier trends [6][7] Group 2 - Investors are advised to avoid stocks with poor earnings reports and to focus on sectors with potential, particularly in the electricity market [3][6] - Specific stocks in the electricity sector, such as Huadian and Huayin, are highlighted for their strong performance and growth potential due to upcoming seasonal demand [7][8] - The market outlook suggests a possible adjustment phase, with strong support expected around the 3200 level [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The banquet demand is recovering, and attention should be paid to the performance release of new stores [7] - The company is expected to benefit from its established brand in the banquet catering market and the ongoing expansion of its restaurant and hotel operations [7] - The new store openings are anticipated to improve performance, although initial losses from these stores may impact overall profitability [7] Financial Summary - Total revenue for 2023 is projected at 2,401 million, with a year-on-year growth of 43.76%. For 2024, revenue is expected to reach 2,525 million, reflecting a 5.14% increase [1] - The net profit attributable to the parent company for 2023 is estimated at 304.11 million, with a significant year-on-year increase of 224.91%. However, for 2024, it is expected to drop to 100.08 million, a decrease of 67.09% [1] - The earnings per share (EPS) for 2023 is projected at 1.17, which is expected to decline to 0.38 in 2024 before recovering to 0.85 in 2025 [1] - The price-to-earnings (P/E) ratio is forecasted to be 52.81 for 2024, decreasing to 23.89 in 2025 and further to 14.60 in 2026 [1] Store Expansion and Performance - The company plans to open 4 new restaurant locations in 2024, including 3 banquet halls and 1 wedding banquet center, with a total area increase of 46% [7] - By the end of 2024, the company will have 127 direct-operated stores, with a mix of brands including Tongqinglou and Fumao [7] - The capital expenditure for 2025 is planned between 500 to 700 million, with expectations to open 3 to 5 new restaurant locations and upgrade 20 existing stores [7] Market and Demand Outlook - The banquet demand is expected to recover in 2025, which is a double-spring year, leading to improved performance as new stores ramp up operations [7] - The company anticipates that the performance of new stores will gradually improve, alleviating some of the profit pressure caused by initial losses [7]

Core Viewpoint - The Nanjing Intermediate People's Court reported a positive trend in labor and personnel dispute cases for 2024, with a decrease in both incoming and unresolved cases, attributed to proactive measures in dispute resolution [1][3]. Group 1: Case Statistics - The number of newly filed first-instance labor and personnel dispute cases in Nanjing was 11,408, representing a year-on-year decrease of 9.5% [3]. - The number of collective dispute cases filed was 1,723, showing a significant year-on-year decrease of 39.96% [3]. - A total of 25,359 labor and personnel dispute cases were effectively resolved through joint mediation centers, involving 25,490 individuals and an amount of 57,148.49 million yuan [4]. Group 2: Dispute Resolution Mechanisms - The decrease in cases is attributed to grassroots courts focusing on preemptive measures and multi-faceted dispute resolution, enhancing pre-litigation mediation efforts [3]. - The implementation of the litigation representative system in collective disputes has improved trial efficiency and reduced processing time [3]. - The courts emphasized the importance of addressing the root causes of disputes and promoting mediation and reconciliation as primary methods for conflict resolution [4]. Group 3: Typical Cases - A notable case involved a tourism development company that owed wages to over 30 employees, where the court facilitated the selection of representatives for litigation, leading to a comprehensive resolution [3]. - Another case highlighted the balance of rights between workers and employers, where a technology company was found to have unlawfully terminated an employee for ambiguous rules regarding attendance [4]. - A case involving an elderly worker who suffered an injury while working was ruled in favor of the employee, affirming the legal protection of labor rights for older workers [4].

Core Viewpoint - Jimsar County has successfully implemented various consumer promotion measures in 2023, resulting in a significant increase in retail sales and tourism, establishing a strong foundation for economic growth throughout the year [1][4]. Group 1: Consumer Promotion Measures - The total retail sales of social consumer goods in Jimsar County reached 193 million yuan in the first quarter, marking a year-on-year increase of 19.1% [1]. - During key holidays such as New Year's Day and Spring Festival, Jimsar County launched activities like family dinners, car exhibitions, and group purchases, distributing consumption vouchers worth millions, which boosted consumption in key sectors by nearly 7 million yuan [1]. - The Unified People's Supermarket in Jimsar County reported a 70% year-on-year increase in revenue in the first quarter, driven by government-issued consumption vouchers and promotional activities [1]. Group 2: Tourism and Cultural Activities - Jimsar County hosted various tourism and cultural events, including the "North Court New Year Goods Festival" and "Ice and Snow Carnival," attracting 1.4863 million tourists in the first quarter, a year-on-year increase of 4.59% [1]. - Tourism consumption reached 100 million yuan in the first quarter, reflecting a year-on-year growth of 24.39% [1]. - The Hao Wei International Hotel experienced high occupancy rates, with bookings extending into mid-May due to the influx of tourists from cultural and sports events [2]. Group 3: Trade-in Policies and Market Growth - The implementation of the national trade-in policy has led to significant results in Jimsar County, with over 40 merchants participating and generating sales of more than 9 million yuan [4]. - The Jieguan Automobile Trade reported a 60% year-on-year increase in daily customer visits, with sales of over 110 vehicles in the first quarter, doubling their revenue compared to the previous year [4]. - The county aims to leverage trade-in policies and consumer promotion strategies to enhance the consumption environment and stimulate market growth [4][5].