Core Viewpoint - The stock of Miao Exhibition has shown a slight increase of 2.07% on October 15, 2023, despite a year-to-date decline of 5.25% and a significant drop in revenue and net profit for the first half of 2025 [1][2]. Company Overview - Miao Exhibition, officially known as Zhejiang Miao Lante Business Exhibition Co., Ltd., was established on June 30, 2010, and listed on October 22, 2019. The company is headquartered at 218 Hengfeng Road, Shanghai [1]. - The main business involves planning, organizing, promoting, and operating exhibition projects, with 100% of its revenue derived from self-organized exhibitions [1]. Financial Performance - For the first half of 2025, Miao Exhibition reported a revenue of 241 million yuan, representing a year-on-year decrease of 7.43%. The net profit attributable to shareholders was 15.54 million yuan, down 61.84% compared to the previous year [1]. - Cumulative cash dividends since the A-share listing amount to 344 million yuan, with 244 million yuan distributed over the past three years [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Miao Exhibition was 12,900, a decrease of 2.16% from the previous period. The average number of circulating shares per shareholder increased by 32.06% to 13,446 shares [1]. - Among the top ten circulating shareholders, the Jiashi Theme New Power Mixed Fund (070021) ranked as the ninth largest, holding 1.5686 million shares, an increase of 424,000 shares from the previous period [2].

场景联动：联动酒店、交通、文旅等资源，打造"吃住行+会展"一体化服务链，延长参展消费链条。 以"政策引导+企业赋能+场景联动"模式赋能会展业，盟轩助力上海强化国际会展枢纽功能 近日，上海盟轩展览服务有限公司(以下简称"上海盟轩")凭借其深厚的会展服务积淀、专业的团队和卓 越的保障能力，成功中标第八届中国国际进口博览会(以下简称"进博会")官方嘉宾食宿接待保障服务 商。这已是盟轩连续八年护航这一全球瞩目的国际盛会，充分体现了主办方、各省市交易团、国家展团 及国际组展机构、虹桥论坛及全球参展商对盟轩服务品质的高度认可。 八年零失误护航进博，铸就"上海服务"金字招牌 作为进博会"最熟悉的伙伴"，盟轩自首届起便深度参与嘉宾食宿保障工作，围绕进博会规格高、规模 大、国际性强等特点，构建了一套科学、严谨、人性化的全流程服务体系。从酒店资源协调、交通动线 优化到个性化餐饮住宿安排，盟轩以"零失误"记录赢得了往届进博会各方的高度赞誉。上一届进博会， 盟轩成功接待超100余个国家及国际组织团组、20余个省级交易团、400余个地市州分团及500余个央 企、卫健委、银行系统等采购团，以精准服务助力盛会圆满成功。 创新"政策引导+企 ...

Core Viewpoint - The construction of Hainan Free Trade Port is creating unprecedented opportunities for the integration of camping economy and leisure agriculture, which is seen as a significant growth area for various industries [1][3]. Group 1: Industry Integration - The integration of camping economy and leisure agriculture is highlighted as a key development area, with the upcoming 2025 Hainan Automotive Eco-Camping Expo serving as a major platform for this initiative [4]. - The expo will feature over 200,000 square meters of exhibition and event space, showcasing vehicles, outdoor camping gear, and hosting various activities such as music festivals and competitions [4]. - The concept of "modern camping" is described as a deep experience of nature and rural life, aligning well with the principles of leisure agriculture [5]. Group 2: Economic Opportunities - The expo will include a "Rural Camping Experience Module" to allow visitors to engage in activities like "picking + camping" and "farming experience + stargazing accommodation" [5]. - A "Leisure Agriculture and Camping Industry Matchmaking Conference" will facilitate direct dialogue between farm operators and camping equipment brands, fostering collaboration [5]. - The integration model of "agriculture + camping" is seen as crucial for building a leisure agriculture ecosystem, aiming for a win-win outcome of increased farmer income and industry upgrades [5]. Group 3: Policy and Development - The development of leisure agriculture is positioned as a core pathway for rural revitalization and the integration of the tertiary industry under the favorable policies of the free trade port [6]. - The potential for transforming leisure farms into high-end industry forms that combine agricultural production, ecological health, and cultural experiences is emphasized [6]. - The introduction of social capital is suggested as a means to enhance the quality of farms, turning them into desirable living spaces for consumers [6]. Group 4: Future Prospects - The upcoming 2025 Hainan Leisure Agriculture Investment Promotion Event is viewed as a high-end platform for resource matching and value creation in the leisure agriculture sector [7]. - The scope of the promotion event is broad, encompassing various projects related to leisure agriculture, including smart agriculture and rural cultural creativity [7]. - The aim is to connect diverse resources and capital to support the revitalization of rural areas in Hainan, contributing to the overall development of the free trade port [7].

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][49]. Core Insights - The social services sector saw a 1.40% increase in the last two trading weeks, ranking 15th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 0.47 percentage points [2][13]. - The upcoming National Day and Mid-Autumn Festival holidays are expected to boost travel and consumption, with a notable increase in travel demand and consumption policies aimed at stimulating domestic demand [5][42]. - The report highlights a stable economic environment with August retail sales showing a year-on-year increase of 3.4%, indicating a steady recovery in consumer spending [5][3]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was positive, with notable increases in sub-sectors such as tourism retail (+4.94%) and tourism and scenic spots (+4.88%) [17][21]. - The overall consumer spending data reflects a stable trend, with service consumption categories like cultural and recreational services showing double-digit growth [5][3]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands benefiting from business travel recovery and employment policies [5][42]. - The recovery of cross-border travel is expected to accelerate the introduction of new tax-free policies, with recommendations to monitor companies like China Duty Free and Wangfujing [5][42]. Company News & Announcements - The report notes significant developments such as the opening of a new city duty-free store in Changsha and the launch of a new hotel development plan by JD.com, indicating ongoing innovation and expansion in the sector [29][30]. - The report also mentions the increasing popularity of domestic travel destinations and the rise of AI tools in travel planning, reflecting changing consumer preferences [30][31].

Group 1 - The core viewpoint emphasizes the strengthening of China-ASEAN relations, with China viewing ASEAN as a priority in its foreign diplomacy and a key region for high-quality Belt and Road cooperation [1][2] - The 22nd China-ASEAN Expo has attracted 3,260 enterprises from 60 countries, showcasing the latest achievements in cooperation between China and ASEAN countries [1] - The China-ASEAN Free Trade Area is evolving from version 1.0 to 3.0, which will enhance cooperation across a broader range of fields [1][3] Group 2 - China has maintained its position as ASEAN's largest trading partner for 16 consecutive years, with bilateral trade reaching $686.78 billion from January to August this year, a year-on-year increase of 8.6% [2] - By July 2025, cumulative bilateral investment between China and ASEAN is expected to exceed $450 billion, with Chinese enterprises completing $480 billion in engineering contracts in ASEAN [2] - The opening of the China-ASEAN Free Trade Area 3.0 negotiations is set to further enhance regional cooperation and trade [3][4]

Group 1 - Focus Technology's subsidiary, MIC International Station, has signed a strategic cooperation agreement with Ximac International Exhibition Co., Ltd. to create a new exhibition service model that integrates online and offline services, aimed at accelerating the international expansion of Chinese manufacturing [1][2] - The partnership will leverage MIC International Station's strong supplier resources and intelligent matching capabilities to provide precise and efficient supply chain sourcing services, while Ximac will offer brand exposure and market promotion support through its global exhibition resources [1][2] - The collaboration is seen as a strategic synergy that addresses the digitalization and integration trends in the global exhibition industry, with plans to jointly host industry exhibitions, training seminars, and business matching events to enhance international exposure and transaction opportunities for Chinese foreign trade enterprises [2][3] Group 2 - MIC International Station has over 52 million enterprise users and more than 99 million product data entries, with an annual visit volume exceeding 3.04 billion as of June 30, 2025 [2] - Ximac has a history of over 70 years in exhibition organization, managing over 100 overseas exhibition projects annually across various industries, and participating in nearly 300 renowned international exhibitions [2] - The cooperation aims to enhance the digitalization of exhibition services and trade matching efficiency, contributing to the high-quality international expansion of Chinese foreign trade enterprises [3]

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) successfully concluded, transitioning to a permanent venue at Shougang Park, enhancing visitor experience and security measures [1][2] Group 1: Event Overview - The event attracted 342,000 attendees, with Beijing police deploying 19,500 personnel for security, ensuring safety across over 100,000 square meters of exhibition space [1] - The shift to a single venue at Shougang Park resulted in an increase of nearly 190,000 visitors compared to previous years, allowing for more concentrated event layout and crowd management [1] Group 2: Traffic and Security Measures - The event utilized three nearby subway stations to improve traffic flow, adding two new entry points and multiple exits to facilitate efficient crowd dispersal [2] - Parking and green transportation were upgraded, with 21 designated ride-hailing drop-off points and a remote parking lot with shuttle services to reduce pedestrian traffic [2] - Security measures included a real-time crowd monitoring system, dynamic crowd control, and innovative security features like floral hedges instead of traditional barriers, enhancing visitor comfort [2][3] Group 3: Future Implications - The traffic flow, entry layout, and security models established during this year's event will serve as a foundational template for future exhibitions at Shougang Park, supporting ongoing operational improvements [3]

Company Overview - Donghao Lansheng Exhibition Group Co., Ltd. is located in Huangpu District, Shanghai, and was established on August 7, 1982, with its listing date on February 4, 1994 [2] - The company's main business includes import and export trade, agency import and export services, and Sino-foreign joint ventures [2] - Revenue composition: Exhibition organization 47.59%, venue operation services 26.79%, exhibition support services 12.97%, event activities 11.17%, others 0.82%, freight forwarding 0.64% [2] Financial Performance - For the first half of 2025, the company reported revenue of 553 million yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 56.93 million yuan, down 30.74% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.691 billion yuan, with 405 million yuan distributed over the past three years [3] Stock Performance - As of September 16, the stock price increased by 2.06% to 10.92 yuan per share, with a market capitalization of 8.032 billion yuan [1] - Year-to-date stock price growth is 30.26%, with a recent decline of 2.41% over the last five trading days and a 1.62% drop over the last 20 days [1] - The stock has appeared on the trading leaderboard eight times this year, with the most recent occurrence on July 25, where it recorded a net buy of -40.67 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 26,300, a decrease of 10.67% from the previous period, with an average of 28,017 circulating shares per shareholder, an increase of 11.95% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 10.4525 million shares, and new entrants such as Tianhong Yongli Bond A and Tianhong Tongli Mixed A [3]

此外，9月12日—14日，深圳国际智慧养老产业博览会、第七届深圳教育装备博览会、2025教体医融合 博览会等展会在深圳会展中心（福田）同期举办。9月11日—15日，2025深圳国际珠宝展举办，展品覆 盖黄金、钻石、彩色宝石、翡翠玉石、珍珠、银饰、包装及设备等，覆盖全产业链。预计五天展期总人 流量将超过4万人，其中海外专业买家比例较往年有明显提升。 接下来，深圳展会"9月档"，还将迎来2025设计深圳展、2025国际数字能源展、2025深圳跨境电商展览 会等备受业内关注的展会。 9月10日—12日，第25届中国国际光电博览会在深圳国际会展中心（宝安）举办。本届展会吸引全球超 3800家优质光电企业齐聚现场，八大主题展聚焦信息通信、精密光学、摄像头技术及应用、激光及智能 制造、红外&紫外、智能传感、新型显示、AR&VR、光电子创新等核心领域，构建起覆盖全链条的光 电产业生态圈。为进一步强化"光电+应用"场景融合，展会特别打造车载光通信、内窥成像、激光医 疗、人形机器人、望远镜及天文器材等十大特色展示区。通过场景化呈现打破技术与应用的壁垒，实现 "1+1>2"的产业聚变效应。 尤其值得一提的是，本次光博会与深圳国际 ...

Core Insights - The 2025 China International Service Trade Fair concluded successfully, attracting a record 755,000 visitors to Shougang Park during the event [1][10] - Shougang Park has transformed from an industrial site to a vibrant exhibition town, showcasing a blend of industrial heritage and modern attractions [1][3] Visitor Experience - The fair featured over 20 supporting activities, emphasizing technology, culture, and international appeal, creating a dual-driven model of "exhibition + consumption" [3][10] - Visitors enjoyed immersive experiences, such as a candy-themed event and interactive activities for families, enhancing the overall appeal of the venue [3][10] Night Economy - The night economy emerged as a significant draw, with many visitors enjoying the park's nightlife, including dining and entertainment options [5][8] - Special promotions for fair attendees, such as discounts at restaurants and cafes, contributed to increased foot traffic during evening hours [8][10] Long-term Development - The influx of 755,000 visitors is seen as a milestone in establishing Shougang Park as a key exhibition hub, with over 2 million visitors since it began hosting the fair in 2021 [10][11] - The park aims to develop a comprehensive exhibition ecosystem, attracting more premier events and fostering long-term growth in the region [11]