Group 1: Economic Transformation Insights - The core theme of the event was "Transforming Chinese Economy: Pathways and Prospects," focusing on macroeconomic background, opportunities, challenges, and policy directions [2] - Liu Qiao emphasized that China's strategy to maintain growth is through productivity enhancement, framing the US-China trade friction as a competition of total factor productivity (TFP) rather than a trade imbalance issue [4] - Liu Qiao noted that despite a decline in TFP growth, the "new quality productivity" strategy centered on technological innovation, industrial upgrading, and structural reform could restore TFP growth to 2%, supporting a sustainable GDP growth of 5% in the future [4] Group 2: Inflation and Demand Challenges - Color analyzed the current deflationary pressures in China, highlighting that both CPI and PPI are on a downward trend, with CPI recently turning negative, indicating increasing deflationary pressure [6] - The main causes of this deflation include strong supply capacity, weak demand, and tight monetary policy, with GDP growth projected at 5.3% and industrial value-added growth at 6.4% for the first half of 2025, while retail sales growth is only 5% [6][8] - Color pointed out that structural and long-term characteristics of deflation are evident, with traditional manufacturing facing overcapacity and a shift in demand towards high-end sectors [8] Group 3: Consumption and Trade Structure - Tang Yao focused on the need to develop consumer demand in China to lay a foundation for long-term economic growth, noting that while goods consumption is comparable to the US, service consumption is significantly lower [10] - The booming concert market and local sports leagues indicate a strong consumer willingness for service consumption, with the service sector seen as a key area for consumption growth [10] - Tang Yao observed that despite the turbulence caused by the Trump administration, global trade has shown resilience, with China's trade becoming more diversified and increasing integration with emerging economies [10]

Core Viewpoint - The government of Zibo is actively promoting the high-quality development of the cultural and tourism industry by focusing on new business formats, new scenarios, and new experiences, with the tourism market showing continuous growth in the first half of the year [1] Group 1: New Business Formats - Industrial tourism is revitalizing, with 22 units creating new landmarks that integrate sightseeing, experience, and cultural creativity, launching four premium industrial tourism routes [2] - Educational tourism is advancing with the "Jixia Academy" brand leading the way, offering six unique educational travel routes for all age groups [2] - Camping tourism is booming, with the introduction of self-driving and camping routes, and the release of the "2025 Zibo Camping Guide" [2] Group 2: New Scenarios - Immersive experience projects are being developed, including the "Follow the Performance to Tour Zibo" series, featuring collaborations with popular theater productions [3] - Urban roaming is becoming a new norm, with the launch of a "1 Yuan Tour" bus line and various cultural markets enhancing the urban experience [3] - The integration of "Railway + Culture and Tourism" is being leveraged to promote local attractions and provide discounts to travelers on the "Qilu No. 1" tourism train [3] Group 3: New Experiences - Infrastructure improvements are underway, including enhanced visitor centers and upgraded public services, leading to increased visitor satisfaction [4] - Service quality is being elevated through various initiatives, including real-time response systems and comprehensive Wi-Fi coverage in key tourist areas [4] - Scenic area upgrades are being achieved, with the Zhoucun Ancient Mall aiming for 5A status and other sites receiving 4A ratings [4] Group 4: Cultural Integration - Non-material cultural heritage activities are thriving, with events like non-heritage markets and classes enhancing tourism consumption [5] - The influence of cultural brands is growing, with a focus on community cultural activities and a comprehensive library service system [6] - Museums are becoming more vibrant, with extended hours and high-quality exhibitions, contributing to the "Museum Fever" in Zibo [6]

Group 1 - Argentina has announced the relaxation of visa requirements for Chinese citizens, marking a significant step in its relationship with China [1][3] - The new policy, effective from June 22, allows Chinese citizens holding US or EU visas to enter Argentina for tourism or business without needing an Argentine visa [3] - The Argentine government aims to promote tourism as a strategic sector for economic development and to eliminate mechanisms that hinder economic freedom [3] Group 2 - Argentina is a major supplier of beef, soybeans, and lithium to the Chinese market, with China being Argentina's second-largest trading partner after Brazil [3] - The two countries have deepened their cooperative relationship in recent years, with China being a key investor in Argentina's infrastructure, energy, and mining projects [3] - Argentina's ambassador to China highlighted the complementary advantages in the economic relationship between the two nations, expressing optimism for future cooperation [4]

(活力中国调研行)吉林滑雪场换"夏装" 掀山地运动热潮 中新社吉林7月22日电 题：吉林滑雪场换"夏装" 掀山地运动热潮 中新社记者 蒋文月 郭佳 七月盛夏，松花湖滑雪场换上了夏季限定"皮肤"。搭缆车上山的不是滑雪板，而是山地自行车；雪道行 走借助的不是雪杖，而是登山杖；雪谷里扎起一顶顶帐篷，"山友"在草坪上谈笑歇凉。在吉林，年轻户 外爱好者青睐在雪场度夏，掀起山地运动热潮。 7月，记者走访位于吉林市郊的松花湖滑雪场，图为一名女孩在山脚的泵道公园练习滑板。 中新社记 者 蒋文月 摄 松花湖滑雪场坐落于吉林市郊大青山北麓、松花湖畔，是以粉雪闻名的国家级滑雪旅游度假地，滑雪季 旅游人次超百万。松花湖度假区总经理赵兰菊介绍，雪场自2017年起启动夏季运营，夏季接待人数从5 万攀升至2024年的30万。今年，这个数字有望突破40万。 中新社记者在缆车上注意到，车厢内的雪道图被山野地形图替代，清晰标示出"越野跑""林间道""登山 步道""公路跑""速降道"等8种山地运动路线。"文旅+体育"已成为松花湖滑雪场开展四季运营的重要引 擎。 "这里空气清新，非常适合锻炼。冬天滑雪，夏天玩泵道、坐缆车、赏花海。"来自上海的游客李 ...

Core Viewpoint - The article highlights the successful implementation of the "Two Mountains" concept in Nanjing, particularly in the Gaochun District, showcasing how ecological preservation can lead to sustainable economic growth and improved quality of life for residents [1][4]. Group 1: Ecological Initiatives - Gaochun has achieved a forest coverage rate of 88.3% and has completed afforestation of 30,483 acres over the past decade [1]. - The area has invested nearly 3 billion yuan in ecological restoration projects, including the "retreating dikes to restore lakes" initiative, which expanded the area of Gucheng Lake by 6.11 square kilometers [3][5]. - The district has implemented strict environmental regulations, rejecting high-pollution and high-energy consumption industrial projects to protect its natural resources [1][4]. Group 2: Economic Transformation - Gaochun has allocated no less than 20% of its new local financial resources annually to ecological construction, with ecological investment accounting for at least 3% of GDP, reaching 5.51% in 2021 [5]. - The district has developed a "beautiful economy," with 65 rural guesthouses in Luanxi Village attracting 1.33 million visitors annually, generating an average income of 150,000 yuan per household [6][7]. - In 2024, Gaochun is expected to receive approximately 16.4 million tourists, generating tourism revenue of 20.9 billion yuan, with a year-on-year growth of 13.52% in the first half of the year [7]. Group 3: Innovative Ecological Valuation - Gaochun has established a GEP (Gross Ecosystem Product) accounting system, collaborating with universities to quantify the value of ecological products, which has led to the first successful carbon credit transaction in Jiangsu [8][9]. - The district's innovative approach to pricing ecological assets, such as clean air and beautiful environments, has attracted urban visitors willing to pay for these experiences [8][9]. - The successful auction of carbon credits from organic rice cultivation demonstrates a viable pathway for converting ecological resources into economic benefits, reinforcing the idea that environmental preservation can lead to financial gains [9].

Market Overview - A total of 78 stocks hit the daily limit up, with 54 stocks achieving consecutive limit ups, and 10 stocks failed to close at the limit, resulting in a limit-up rate of 89% (excluding ST and delisted stocks) [1] - The focus stock, Aowei New Materials, achieved a record of 10 consecutive limit ups, setting a new record for "20cm" stocks in A-shares [1] - Infrastructure-related stocks continued to perform well, with Liugang Co. achieving 10 limit ups in 16 days and Sifang New Materials achieving 7 limit ups in 12 days [1] Key Stocks and Their Performance - Aowei New Materials: 10 consecutive limit ups, 20.00% increase [24] - Liugang Co.: 10 limit ups in 16 days, 9.94% increase [26] - Sifang New Materials: 7 limit ups in 12 days, 10.02% increase [26] - Beihua Co.: 4 consecutive limit ups, 10.02% increase [14] - Meibang Co.: 4 consecutive limit ups, 10.00% increase [14] Sector Performance - The "Super Hydropower" sector saw significant activity, with multiple stocks achieving limit ups due to the announcement of a 1.2 trillion yuan investment in hydropower projects [5][9] - The "Shield Machine" sector also performed well, with several stocks hitting limit ups, attributed to the same investment announcement [6][7] - The "Water Conservancy" sector showed strong performance, with stocks like Sanhe Pipe Pile and Hanjian Heshan achieving limit ups [8] Investment Themes - The announcement of the 1.2 trillion yuan investment in hydropower projects is driving interest and investment in related sectors, including construction, materials, and machinery [5][9][15] - Geopolitical tensions are expected to boost the valuation of domestic defense and military companies, as noted by analysts [13]

Core Insights - The article highlights the transformation of the cliff village through poverty alleviation and rural revitalization policies, leading to improved living conditions and increased income for villagers [1][2]. Group 1: Economic Development - The average income of villagers has increased from less than 5,000 yuan in 2018 to 19,600 yuan by 2024, while the collective economy of the village has grown from 20,000 yuan to 230,000 yuan in the same period [1]. - The "Sky Valley" project initiated by Liangshan Cultural Tourism Group has generated at least 380,000 yuan in annual dividends for the village and has created job opportunities for local residents [2]. - The county has invested 3.65 billion yuan since 2021 in 506 industrial projects, resulting in an average income increase of over 4,000 yuan for impoverished households [2]. Group 2: Community and Employment - The establishment of various support workshops, such as electronic factories and clothing workshops, has provided job opportunities for left-behind women, with an average monthly income increase of over 2,500 yuan [3]. - The community has seen a significant improvement in living conditions, with residents now enjoying modern amenities and easier access to essential goods [2]. Group 3: Tourism Development - The village and surrounding areas are expected to receive 108,000 tourists in 2024, generating a total tourism revenue of 11 million yuan [2].

Group 1 - The core viewpoint of the article highlights the increasing trend of "parent-child tourism" in China during the summer, driven by families seeking educational and enjoyable experiences for their children [1][6] - Data from various travel platforms indicates that parent-child travelers constitute a significant portion of the domestic aviation market, with over 34% of domestic flights occupied by this demographic [1][2] - The 2025 summer tourism market is characterized by three main features: being parent-child dominated, emphasizing deep experiences, and undergoing structural upgrades [1][6] Group 2 - Cities like Kunming, Harbin, Qingdao, and Guiyang are emerging as popular destinations for families, offering a combination of educational and comfortable travel experiences [4][6] - Major cities such as Beijing, Shanghai, Chengdu, and Xi'an remain top choices for parent-child families due to their rich cultural resources and extensive tourism infrastructure [5][6] - The trend in 2025 reflects a dual focus on "educational upgrades" and "emotional relaxation," with parents increasingly prioritizing destinations that offer cultural enrichment while also allowing for a relaxed travel pace [6]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 22 年 月 日 【房地产】C-REITs 周报——指数震荡，首批数据中心 REITs 认购火爆 ——20250721 今日概览 ◼ 重磅研报 【策略】中报预披露的历年对比与景气指引——20250722 【固定收益】房地产销售继续回落——基本面高频数据跟踪—— 20250721 ◼ 研究视点 【食品饮料】原奶及牧业调研报告：肉奶周期共振，牧业弹性释放—— 20250722 【商社】业绩预告陆续披露，企业持续积极布局——20250721 朝闻国盛 业绩预告陆续披露，企业持续积极布局 【电子】中微公司（688012.SH）-营收业绩稳健增长，高研发转换效率 打造高端装备平台——20250721 作者 | 分析师 马婷婷 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680519040001 | | | | | 邮箱：matingting@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 建筑材料 | 16.1% | 11.3% ...

Group 1: Market Overview - The aging population in China is projected to reach 310.31 million by the end of 2024, accounting for 22.0% of the total population, creating a significant market demand for the silver economy [1] - The consumption patterns of the elderly are shifting from basic needs to diversified and quality-oriented consumption, particularly in tourism and health sectors [3] Group 2: Consumption Trends - During the Spring Festival, the elderly demographic showed remarkable spending in cultural and tourism sectors, with cruise bookings increasing by 357% year-on-year, and orders from those aged 50 and above nearly doubling [3] - In health and wellness, sales of mobility and hearing assistance products are expected to grow by 32.2% and 30.1% respectively by mid-2025, indicating a strong willingness to invest in health products among the elderly [3] Group 3: Policy Support - The Chinese government has issued policies to support the development of the silver economy, emphasizing the need for scale, standardization, and high-quality services [4] - Financial policies are encouraging banks to provide specialized products and support for aging-related innovations, such as smart elderly care devices [4] Group 4: Industry Growth - There are over 367,000 existing companies related to the silver economy in China, with approximately 22,000 new registrations expected by 2025, indicating a growing interest in this sector [5] - The silver economy is transitioning from a consumer market "blue ocean" to a capital market "hot spot," particularly in health consumption, which is attracting significant investment [5] Group 5: Investment Opportunities - Smart elderly care devices are becoming a focal point for capital investment, with companies like Woan Robotics seeking to go public, reflecting the growing interest in this area [5] - The medical technology sector is also attracting investment, with companies like Weimei Health completing significant funding rounds to develop AI-driven healthcare solutions [6]