(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]

Group 1 - In the first half of the year, final consumption expenditure contributed 52% to GDP growth, highlighting its role as the main engine of economic growth [1] - Service consumption growth outpaced goods consumption, with retail sales of household appliances, communication equipment, cultural office supplies, and furniture increasing by 30.7%, 25.4%, 24.1%, and 22.9% respectively [1] - Passenger car retail volume increased by 10.8% year-on-year in the first half of the year [1] Group 2 - The tourism market remained robust, with domestic travel during the "May Day" holiday reaching 314 million trips, a year-on-year increase of 6.4%, and total spending of 180.27 billion yuan, up 8.0% [1] - The film market saw significant growth, with nationwide box office exceeding 29.2 billion yuan, a year-on-year increase of over 20% [1] - The concert market also thrived, with ticket sales for concerts increasing by approximately 40% year-on-year in the first half of the year [1] Group 3 - New consumption types such as digital consumption, green consumption, and "IP + consumption" are thriving, with online retail sales of physical goods growing by 6.0%, accounting for 24.9% of total retail sales [2] - The optimization of the departure tax refund policy has shown initial results, with a 94.6% year-on-year increase in departure tax refund sales [2] - The number of inbound and outbound foreign visitors reached 38.05 million in the first half of the year, a year-on-year increase of 30.2%, with visa-free foreign visitors increasing by 53.9% [2]

Core Viewpoint - The popularity of the drama "The Lychee of Chang'an" has temporarily boosted tourism in Xi'an and the stock price of Qujiang Cultural Tourism Co., Ltd, but the company continues to face significant financial losses over the past three years, indicating that the "Lychee boom" may not be a sustainable solution to its financial troubles [2][3][4]. Financial Performance - In 2024, Qujiang Cultural Tourism reported an annual revenue of 1.253 billion yuan, a year-on-year decrease of 16.68%, with a net profit attributable to shareholders of -131 million yuan, which is a 32.79% improvement from the -195 million yuan loss in 2023 [3]. - The company expects a net loss of 13 million to 16.9 million yuan for the first half of 2025, a significant reduction of 90.96% to 93.05% compared to the 187 million yuan loss in the same period last year [4]. - The reduction in losses is primarily attributed to non-recurring gains, while the core business continues to face challenges [4]. Business Model and Challenges - Qujiang Cultural Tourism operates as a light-asset operator, relying on government payments for scenic area management rather than ticket revenue, leading to a decline in income from core business operations [3]. - Three out of four major subsidiaries that significantly impact net profit reported losses, indicating underlying financial vulnerabilities [3]. Market Response and IP Strategy - The drama's release led to a surge in tourism, with daily visitors to the 大唐不夜城 increasing by 600%, and overall tourism search volume in Xi'an rising by 320% [7]. - The company has initiated an IP strategy to monetize its assets, including the registration of 13 core scenic area trademarks and collaborations with brands for product development [8]. - Despite the initial success of the drama, the long-term sustainability of revenue generation from such IPs remains uncertain, as the company struggles with high operational costs and low profitability [6][10]. Cultural Impact and Future Outlook - The integration of cultural and tourism experiences is seen as a way to enhance consumer engagement, but the company must focus on extending its revenue streams beyond reliance on fleeting trends [9][10]. - Experts suggest that the company needs to strengthen its IP management and avoid over-reliance on short-term popularity to ensure long-term financial health [10].

Core Insights - Guangdong's GDP grew by 4.2% year-on-year in the first half of 2025, indicating a steady growth trend [2] - The growth is attributed to both opportunities and challenges in the global market, particularly the emergence of DeepSeek and the unpredictable U.S. tariff policies [4][9] Economic Performance - The new momentum industries, including AI and humanoid robots, have shown rapid growth [5] - Guangdong's foreign trade reached 4.55 trillion yuan in the first six months, a 4% increase compared to the same period last year, outpacing the national growth rate by 1.1 percentage points [10] - Exports amounted to 2.89 trillion yuan, maintaining positive growth, with private enterprises accounting for 64.2% of the total trade value [10] Sector Contributions - High-tech products have significantly contributed to the economic landscape, with notable advancements in robotics [7] - The retail sector saw a steady increase, with total retail sales growing by 3.5% year-on-year, driven by effective policies like the trade-in program [10] - The tourism industry experienced growth, with passenger traffic and turnover increasing by 4.0% and 6.5%, respectively, during the Spring Festival [12] Future Outlook - The resilience and vitality of Guangdong's economy are attributed to its solid industrial foundation and adaptability [12] - With the implementation of policies aimed at promoting industrial innovation, Guangdong's economy is expected to have support, confidence, and growth potential in the second half of 2025 [12]