Core Points - The Colombian Ministry of Finance and Congress have resumed discussions on tax reform, focusing on adjustments to consumption tax rates and the elimination of certain fuel taxes while increasing taxes on alcohol, tobacco, and digital services [1] Group 1: Tax Reform Proposals - The original plan to impose a fuel tax aimed at generating 26 billion pesos (approximately $69,500) has been removed from the proposal [1] - The tax rate on digital services provided by foreign platforms will increase from 3% to 4.5%, and small imported goods will gradually be subject to value-added tax (VAT) [1] - Consumption tax on tobacco products will be expanded to include e-cigarettes and heated tobacco products, with annual adjustments based on inflation [1] Group 2: Impact on Specific Sectors - The consumption tax for the restaurant industry will also be increased in phases [1] - To promote regional tourism, hotels in towns with populations under 200,000 will receive a four-year VAT exemption, allowing related businesses to benefit from refunds and compensations [1]

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry [3]. Core Insights - The consumer services industry is experiencing a marginal improvement in revenue growth driven by strong travel demand [2]. - For the first three quarters of 2025, the social services industry achieved a revenue of 178.43 billion yuan, a year-on-year increase of 1.2%, and a net profit of 10.09 billion yuan, a year-on-year decrease of 14.4% [11]. - The overall gross profit margin for the industry is 23.8%, down by 2.0 percentage points year-on-year [11]. Summary by Sections Overall Industry Situation - In the first three quarters of 2025, the social services industry saw stable revenue growth but a decline in profit margins, with revenue reaching 178.43 billion yuan and net profit at 10.09 billion yuan [11]. - The comprehensive gross profit margin was 23.8%, with a net profit margin of 5.7%, reflecting a year-on-year decrease of 1.0 percentage points [11]. Sub-Industry Analysis - **Hotels**: The hotel sector showed a sequential improvement in operations, with RevPAR for Jinjiang and Shouqi recovering to 101.1% and 94.3% of 2019 levels, respectively [31]. - **Tourism and Scenic Areas**: There is significant performance differentiation among tourism companies, with some showing positive net profit growth while others face declines [40]. - **Dining**: The dining sector's performance is mixed, with some leading companies demonstrating resilience through innovation and brand strength [27]. - **Duty-Free**: The duty-free sector is showing signs of stabilization, with a narrowing revenue decline and positive growth in Hainan's duty-free sales [27]. - **Human Resources Services**: The human resources sector continues to thrive, driven by flexible employment needs and digital transformation [27]. - **Exhibitions**: The exhibition industry is under short-term pressure but is benefiting from a recovery in domestic demand and international exchanges [27].

Core Insights - Huazhu Group reported Q3 2025 revenue of RMB 7 billion, an increase of 8.1% year-on-year [1] - Net profit attributable to Huazhu Group Limited was RMB 1.5 billion, reflecting a year-on-year growth of 15.4% [1] - Basic earnings per share stood at RMB 0.48 [1] Revenue Breakdown - Revenue from the Legacy-Huazhu segment reached RMB 5.7 billion, up 10.8% year-on-year, driven by the expansion of the management franchise and hotel network [1] - Revenue from the Legacy-DH segment was RMB 1.2 billion, showing a decline of 3.0% year-on-year [1] Operational Highlights - The CEO highlighted strong network expansion through a light-asset model, leading to revenue exceeding guidance and significant operating profit growth [1] - In Q3, the company opened 749 new hotels, bringing the total for the year to over 2,000, on track to meet the target of 2,300 new hotels by the end of 2025 [1] Future Outlook - For Q4 2025, the company expects revenue growth of 2% to 6% compared to Q4 2024, or 3% to 7% excluding DH [1] - Management franchise and operating income is anticipated to grow by 17% to 21% year-on-year in Q4 2025 compared to Q4 2024 [1] International Operations - The Legacy-DH segment recorded a 6.4% year-on-year increase in average revenue per available room, driven by a 4.6 percentage point increase in occupancy rate [1] - The company plans to enhance hotel operations, focus on cost reduction and efficiency, and continue developing its light-asset portfolio [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [2][50]. Core Insights - The social services sector saw a 2.39% increase in the last two trading weeks, ranking 15th among 31 industries in the Shenwan classification. The sector outperformed the CSI 300 index by 2.66 percentage points [2][13]. - October's consumer data showed stable performance, with retail sales totaling 4.63 trillion yuan, a year-on-year increase of 2.9%. The restaurant sector also saw a recovery, with revenues reaching 519.9 billion yuan, up 3.8% year-on-year [2][30]. - The "15th National Games" boosted local tourism and consumption, particularly in cities hosting events, with hotel bookings in these areas increasing significantly [2][29]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was highlighted by a 2.39% increase, with tourism retail leading the sub-sectors at +16.05% [2][16]. - The overall consumer market showed stability, with retail sales and restaurant revenues improving compared to previous months [2][30]. Investment Recommendations - Companies with strong growth potential include travel-related firms such as Tongcheng Travel, Huangshan Tourism, and Lijiang Co., as well as hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [2][5]. - The report suggests monitoring the recovery of cross-border travel and the potential for airport duty-free sales, recommending companies like China Duty Free Group and Wangfujing [2][5]. Industry Company News - The implementation of new duty-free shopping policies in Hainan has led to a significant increase in tourism consumption, with a reported 5.06 billion yuan in shopping amounts during the first week of the policy [2][29]. - The "15th National Games" has driven a surge in hotel and travel bookings in major cities, with some areas seeing increases of over 60% in hotel search volume [2][29].

中日之间的商业活动开始受到影响。日本企业的中国法人高管表示，"受此次问题影响，与政府系企业 的商业谈判无法进行"。另一家日本企业高管表示，已决定在中国的社交网络上减少对自己产品的宣 传…… 围绕日本首相高市早苗关于"台湾有事"的发言和中国驻大阪总领事薛剑的发言，中日之间商业往来的停 滞令人担忧。由于中国政府提醒中国公民避免赴日，中国国有大型航空公司11月15日宣布涉日机票可免 费退改。旅游业界出现了担心访日游客减少的声音。 中国国际航空、中国南方航空、中国东方航空等三家航空公司同时发布通知，涉日机票可免费退改。对 象是以东京和大阪等日本为出发和目的地的航班，期间为11月15日至12月31日。此外，四川航空和海南 航空等也发出了类似通知。 在中国，中日之间的商业活动开始受到影响。日本企业的中国法人高管表示，"受此次问题影响，与政 府系企业的商业谈判无法进行"。另一家日本企业高管表示，已决定在中国的社交网络上减少对自己产 品的宣传。 全日空（ANA）和日本航空（JAL）表示，截至11月15日没有出现取消预订的情况。日本航空旗下的春 秋航空日本(Spring Japan)也表示："没有大的变化"。酒店和百货商店受到 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others [1]. Core Insights - The report highlights a recovery in mid-to-high-end consumption and increased focus on high-dividend A/H stocks, which has driven attention to sub-sectors within discretionary consumption [1][4]. - Various sub-sectors have shown different performance trends, with overseas sportswear leading the gains, followed by luxury goods and domestic sportswear [4][12]. Performance Review by Sub-Sector - **Weekly Performance**: Overseas sportswear increased by 6.8%, luxury goods by 5.2%, and domestic sportswear by 3.8%. In contrast, the pet sector saw a decline of 5.8% [4][12]. - **Monthly Performance**: The gambling sector led with an 8.4% increase, while domestic cosmetics experienced a significant decline of 14.3% [12]. - **Year-to-Date Performance**: The gold and jewelry sector outperformed with a 137.2% increase, while overseas sportswear saw a decline of 21.5% [12]. Sub-Sector Analysis - **Overseas Sportswear**: Notable gains driven by strong Q3 FY25 earnings, particularly in EMEA and Asia-Pacific regions, alleviating market concerns [6][15]. - **Luxury Goods**: Companies like Samsonite and Burberry reported better-than-expected earnings, boosting market confidence [6][15]. - **Domestic Sportswear**: OEM companies confirmed growth expectations for 2026 orders, contributing to positive stock performance [6][15]. - **Gold and Jewelry**: The sector benefited from rising international gold prices and favorable tax regulations in Hong Kong and Macau [8][15]. - **Pet Sector**: Experienced a decline post Double Eleven sales, with increased competition among brands [15]. Valuation Analysis - The report indicates that most sub-sectors are trading below their historical five-year average P/E ratios, suggesting potential undervaluation [9][16]. - **Projected P/E Ratios for 2025**: - Overseas sportswear: 29.1x (55% of historical average) - Domestic sportswear: 14.8x (78% of historical average) - Gold and jewelry: 23.8x (45% of historical average) - Luxury goods: 27.0x (49% of historical average) [9][16].

根据花旗银行发布的报告，2024年前11个月，日本是中国游客第四大热门出境旅游目的地，占中国游客 出境旅游总量的5%以上。日本国家旅游局的初步数据则显示， 2024年赴日国际游客中，近五分之一来 自中国 ，约700万人次。 日本一直希望借此势头，到2030年实现每年6000万入境游客的目标。野村证券外汇策略负责人后藤雄二 （Yujiro Goto）在报告中表示，如果中国游客人数降至零，每月入境旅游收入可能减少2000亿日元（约 13亿美元），并警告这一打击可能延迟日本央行的加息计划。 彭博情报（Bloomberg Intelligence）高级分析师Catherine Lim表示，这一事态"威胁到以旅游为主导的日 本零售销售增长预期"。她还指出，中国消费者对日货的抵制风险加大，可能损害迅销旗下优衣库、亚 瑟士和无印良品的在华销售。 11月17日周一，东京股市旅游、零售相关股票大跌，部分股票跌幅超10%。中国游客减少将冲击日本的 旅游势头，而这是日本经济中少数亮点之一。 截至周一收盘，日经225指数下跌52.62点至50323.91点，跌幅为0.10%。其中，日本化妆品巨头资生堂 股价一度暴跌超过11%，为今年 ...

Core Viewpoint - The Japanese stock market experienced significant declines in tourism-related stocks following a travel advisory from China's Ministry of Culture and Tourism, recommending Chinese tourists avoid traveling to Japan due to safety concerns stemming from recent political tensions [1][2]. Group 1: Stock Market Impact - Multiple tourism-related stocks in Japan saw substantial drops, with Shiseido, a major beauty company reliant on Chinese consumers, falling by 11% [1]. - The parent company of Mitsukoshi and Isetan department stores, Mitsukoshi Isetan Holdings, experienced a decline of over 10% [1]. - Oriental Land Company, the operator of Tokyo Disneyland, saw its stock decrease by 4.74%, while All Nippon Airways (ANA) dropped by 3.48% [1]. - Other companies in the railway, retail, and hotel sectors, such as Hankyu Hanshin Holdings, also faced declines exceeding 2% [1]. Group 2: Tourism Statistics - Preliminary data from the Japan National Tourism Organization indicates that nearly one-fifth of international visitors to Japan in 2024 are expected to come from China, amounting to approximately 7 million people [1]. Group 3: Government Advisories - On November 14, the Chinese Ministry of Foreign Affairs issued a travel advisory highlighting risks for Chinese citizens in Japan due to provocative remarks from Japanese leaders regarding Taiwan, further advising against travel to Japan [1][2]. - The Chinese Ministry of Education also released a warning regarding studying in Japan, suggesting that citizens carefully plan their study arrangements [2].

Core Insights - The tourism market in Hainan is experiencing significant growth, with a total of 75.51 million visitors in the first three quarters of the year, representing an 8% year-on-year increase [3] - The total expenditure by tourists reached 164.71 billion yuan, marking a 9.5% increase compared to the previous year [3] - The hotel occupancy rate in Sanya remains high, with over 90% occupancy and an average rate of 94% last year, indicating strong demand from international tourists [2] Tourism Trends - The winter tourism season has prompted airlines to increase flight frequencies to Sanya and Haikou, with ticket bookings for Sanya and Haikou rising by 79% and 42% respectively [3] - Various cultural and sports events are being organized to attract visitors, including the AI concept national style musical "Heart of Dongpo" and multiple concerts featuring popular artists [4] - Hainan is actively promoting its tourism offerings internationally, with events held in London and Xinjiang to engage with European and Northwest Chinese markets [4] Market Strategy - The provincial tourism and cultural department aims to enhance the integration of cultural and tourism sectors, leveraging Hainan's warm winter climate and high-quality services to establish it as an international tourist destination [4] - The focus is on creating a vibrant tourism environment through diverse activities and events, appealing to a wide range of visitors [4]

央广网北京11月17日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，第十五届全国 运动会11月17日进入开幕后的第八个比赛日。在香港、澳门赛区，赛事经济与文旅消费双向赋能，体育 赛事持续撬动"消费热""文旅热"。 香港旅游业界预计，十五运会将吸引超过10万人次游客来港，带动餐饮、零售及旅游消费热潮。 香港中旅社文体旅融创中心总经理杨世鑫：这次全运会给香港整体的旅游业带来了巨大帮助。全运 会带动了整个旅游业界的发展，还会促进整个大湾区的未来发展。 全运会期间，香港很多酒店从10月初开始入住率一直攀升。 十五运会期间，澳门赛区围绕"赛事引流，文旅转化"的目标，打造融合体验新场景。推动"赛场即 景点、观赛即旅游"的融合模式，热情接待来自全国参赛和观赛人员，展现澳门的文化魅力和城市温 度，为所有参与者提供舒适便利、专业安全的体验。 澳门博物馆馆长卢可茵：我们在全运会期间，设计了文化展台，里面特意介绍了澳门的非物质文化 遗产，还专门推出了城市文化游，专门提供给所有参加全运会的人员。希望大家可以透过我们这个精品 游，了解澳门的城市魅力。 澳门特区政府还在一些地标景点设立了赛事直播大屏，吸引不少市民和游客驻足观看 ...