Group 1: Domestic Tourism Market - The domestic tourism market during the "May Day" holiday showed a structural differentiation with a total of 314 million trips, a year-on-year increase of 6.4%, and total consumption reaching 180.27 billion yuan, up 8% year-on-year [1][2] - The average spending per person was 574 yuan, which, while higher than last year, remains below the 2019 level, indicating a shift from "scale expansion" to "quality upgrade" in consumer behavior [2] - High-star hotels saw significant growth, with four-star bookings increasing by 54% and five-star bookings by 28%, outperforming lower-star hotels [2] Group 2: Hotel Industry Performance - The overall hotel occupancy rate during the holiday was 64.93%, with RevPAR reaching 184 yuan, a year-on-year increase of 7.5% [2] - High-star hotels showed particularly strong performance, with a notable increase in bookings from residents in third-tier cities, which rose by 50% [2] - The hotel industry in cities like Bengbu, Huaihua, and Yangjiang reported occupancy rates exceeding 100%, indicating robust demand in lower-tier cities [6] Group 3: Outbound Tourism and Global Market Activation - The outbound tourism market experienced a "dual-direction" surge, with 10.896 million inbound and outbound trips during the "May Day" holiday, a 28.7% increase year-on-year [7] - The implementation of visa-free policies significantly boosted inbound tourism, with 380,000 foreign visitors entering under these policies, a 72.7% increase [7] - The cruise economy emerged as a major highlight, with international cruise bookings increasing by over 60%, and popular destinations including Japan, Hong Kong, Thailand, and South Korea [8] Group 4: Cruise Industry Innovations - Domestic cruise brands like Aida Cruises showcased strong market penetration, with their first large cruise ship achieving a capacity of 4,900 passengers during the holiday [8] - Royal Caribbean International emphasized its commitment to the Chinese market by introducing innovative cruise products and services tailored to local consumer preferences [9] - The shift in tourism consumption from "niche enjoyment" to "mass demand" is evident, driven by rational pricing and upgraded experiences [9]

Macro Strategy - The report highlights that China's consumption rate is only 37.2%, significantly lower than the average of 53.8% across 38 countries, indicating a need to improve the income of the middle and low-income groups to boost consumption [1][16][17] - It is noted that the low consumption rate is primarily due to a low consumption propensity, with China's consumption propensity at 62% compared to the average of 92.3% for the 38 countries [1][16] - The report suggests that increasing the tax burden on high-income earners and redistributing the revenue to lower-income groups could potentially increase total consumption by 1.6 trillion yuan, raising the consumption rate by 1.3 percentage points [1][17] Macro Commentary - The Federal Reserve maintained its interest rate at the May FOMC meeting, expressing concerns about economic uncertainty and stagflation risks, which complicates the decision-making process regarding interest rate cuts [2][18] - The commentary indicates that the market's expectation of three interest rate cuts this year may be overly optimistic, with potential upward pressure on U.S. Treasury yields [2][18] Industry Insights - The report on the AI and automotive industry emphasizes the growing opportunities for leading third-party autonomous driving suppliers, driven by the demand for equal access to intelligent driving technology and performance validation [6] - It is projected that leading autonomous driving suppliers could capture about 50% of the market share in new car sales, particularly benefiting second and third-tier automakers [6] - The report also discusses the competitive landscape for domestic chip manufacturers, noting that they have made significant progress in performance and production validation, positioning themselves to compete with established players like NVIDIA [6] Real Estate Industry - The real estate sector is expected to stabilize gradually due to the introduction of incremental policies and a reduction in housing loan interest rates, with a focus on quality developers in core cities [9] - Recommendations include developers like China Resources Land and Yuexiu Property, as well as property management companies such as China Resources Vientiane Life and Greentown Service [9] Construction Materials Industry - The report indicates that public fund holdings in the residential industry chain remain low, with a slight increase in construction and building materials allocations [8] - The concentration of holdings in the construction materials sector has increased, with 27% of stocks in this sector held by public funds [8]

2025 年 5 月 8 日 宏观策略 "五一"假期数据一览：消费市场显韧性，新兴消费势头良好 2025 年"五一"假期，受拼假人数提升、以及各地文旅消费补贴政策发力等 多重因素驱动，出行热度有所提升。据国家文化和旅游部数据，假期 5 天全国 国内出游 3.14 亿人次，同比增长 6.4%；我国游客出游总花费 1802.69 亿元人民 币（下同），同比增长 8.0%；人均消费 574.1 元，同比增长 1.5%，2019 年为 603 元。 "五一"假期数据显示当前关税等外部性因素对内需影响有限，消费市场展现 出较好韧性，在促消费政策叠加假期效应下，餐饮及零售收入均有明显提升。 从结构上看，消费升级与理性消费并存，居民更倾向于通过小额情绪消费、精 品消费等方式寻求满足感。随着内需动能持续恢复，新兴消费有望在当前经济 环境下保持良好表现，预期更多政策支持和居民收入稳定增长的配合有望支持 全面消费复苏。 出行：居民出行意愿增加，跨区域人流量明显增加。 据交通运输部初步统计，5 月 1 日至 5 日，预计全社会跨区域人员流动量累计 14.67 亿人次，日均 2.93 亿人次，同比增长 8%。具体来看：公路跨区域人员 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Financial Performance - In 2024, the company achieved operating revenue of 675.85 million yuan, a year-on-year increase of 26.57% [1] - The net profit attributable to shareholders decreased by 17.43% to 25.20 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 21.35% [1] - As of December 31, 2024, the net assets attributable to shareholders were 973.97 million yuan, a decrease of 0.41% [1] - In Q1 2025, operating revenue was 16.21 million yuan, a growth of 1.29% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 2.86 million yuan, down 38.70% [1] Operational Metrics - The average occupancy rate for direct-operated hotels in 2024 was 63.68%, with an average room price of 483.49 yuan, resulting in a RevPAR of 307.89 yuan [1] - In Q1 2025, the average occupancy rate was 56.51%, with an average room price of 471.81 yuan, leading to a RevPAR of 266.62 yuan [1] - During the "May Day" holiday in 2025, the average RevPAR exceeded 550 yuan, with significant performance from the "Pagoda" and "Night Boat" brands, which saw a 10% year-on-year increase [3] Market Strategy and Adjustments - The company is actively adjusting marketing strategies and channel layouts in response to market changes, particularly in the face of reduced business travel and traditional customer channels [5] - The company has expanded its overseas market presence, benefiting from government policies, which has stabilized hotel pricing [6] - The membership base surpassed 18 million in 2024, with a steady increase in the proportion of revenue from membership channels [6] Investment and Expansion Plans - A new investment project in Chengdu is in the planning stage, expected to open in Q4 2025, featuring over 300 rooms [8] - The company has launched a franchise business model, signing eight new franchise projects in key cities like Guangzhou and Chengdu [12] - The company aims to enhance its investment efficiency and project development channels through partnerships with professional institutions [8] Challenges and Opportunities - The hotel industry is facing challenges due to changes in customer structure and booking channels, necessitating a shift in operational strategies [5] - The company is focusing on the growing demand in lower-tier markets and the silver economy, developing products tailored to family and elderly travelers [10] - The company is leveraging its experience in property renovation to capitalize on the current market dynamics, particularly in high-end vacation hotels [15]

Core Viewpoint - Jinjiang Hotel Group is facing a trust crisis due to "price inversion" issues, where prices on its official platform are significantly higher than those on third-party platforms [1][3][4]. Group 1: Price Inversion Issues - Investigations revealed that some Jinjiang franchise hotels set prices on the Jinjiang Hui app five times higher than on third-party platforms [1][2]. - During the May Day holiday, certain hotels showed full bookings on the official platform while being available on OTA platforms [2][4]. - Jinjiang's official platform has been reported to have higher prices compared to OTA platforms multiple times in recent months, indicating a systemic issue [5][9]. Group 2: Franchise and Group Dynamics - The "price inversion" reflects a growing conflict between franchise hotels and the Jinjiang Group over profit-sharing and visibility on booking platforms [3][4]. - Franchise hotels are increasingly favoring OTA platforms due to higher traffic and visibility, leading to a weakening of the official booking channels [3][11]. - The lack of effective price monitoring and management by Jinjiang has contributed to these issues, as franchisees feel empowered to prioritize their own revenue [8][11]. Group 3: Membership and Revenue Challenges - Despite having over 200 million members, Jinjiang's occupancy and repurchase rates are lower than competitors like Huazhu and Atour, indicating a lack of attractive member benefits [9][11]. - Jinjiang's net profit for 2024 was only 9.11 billion RMB, a decline of 9.06% year-on-year, highlighting a disparity in performance compared to other hotel groups [9][11]. - The company plans to enhance its membership system to improve member engagement and loyalty, but the effectiveness of these measures remains uncertain [11][12].

Core Viewpoint - Galaxy Entertainment Group reported a solid performance for Q1 2025, driven by diverse entertainment offerings and property enhancements, despite geopolitical instability and economic slowdown [2][3][37]. Financial Performance - For Q1 2025, the group recorded a net revenue of HKD 11.2 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1% [15][19]. - Adjusted EBITDA for the same period was HKD 3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [11][15]. - The overall gaming revenue in Macau for Q1 2025 was HKD 56 billion, slightly up year-on-year and quarter-on-quarter, recovering to 76% of 2019 levels [2][14]. Business Segments - The group's flagship property, "Galaxy Macau™," contributed significantly with a net revenue of HKD 9.1 billion, a 10% increase year-on-year [21][23]. - The adjusted EBITDA for "Galaxy Macau™" was HKD 3 billion, reflecting a 15% year-on-year increase [21][23]. - The non-gaming segment continues to play a crucial role, with various entertainment events attracting visitors, leading to a 64% year-on-year increase in visitor numbers to "Galaxy Macau™" [4][38]. Development and Expansion - The new luxury hotel, Galaxy Hotel Capella, commenced trial operations in May 2025, expected to enhance the group's market share and luxury offerings [7][39]. - Ongoing construction of the fourth phase of development focuses on non-gaming facilities, including entertainment and family-friendly amenities, set to be completed by 2027 [33][39]. - The group is exploring overseas opportunities, including potential developments in Thailand [39][40]. Market Overview - Visitor numbers to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, with mainland Chinese visitors growing by 15% [14][37]. - The Macau government continues to promote economic diversification and support non-gaming investments, aligning with the group's strategy [3][37].

Core Insights - The Dongguan Super Strawberry Music Festival attracted 80,000 music fans during the three-day May Day holiday, generating approximately 280 million yuan in related industry revenue, accounting for one-tenth of the city's tourism income [1] - Dongguan is focusing on a "youth-friendly" strategy by organizing trendy cultural and tourism events like music festivals to stimulate consumption and support high-quality development in rural areas [1][2] - The festival featured a customized lineup for Greater Bay Area fans, including a special Cantonese performance, enhancing its appeal and engagement with local audiences [2] Economic Impact - The Super Strawberry Music Festival significantly boosted local consumption, with social consumption in Humen Town increasing nearly 35% year-on-year due to the festival and related promotional activities [1][3] - Dongguan received approximately 3.6 million tourists during the May Day holiday, representing a year-on-year increase of 22.3%, and achieved tourism revenue of 2.08 billion yuan, up 31.2% from the previous year [3] - The hotel industry experienced a surge in occupancy rates, with some hotels reporting a 40% increase during the festival period, driven by promotional activities linked to the event [3]

中卡合作 卡塔尔媒体城与华为达成战略合作，巩固卡塔尔新兴全球媒体枢纽地位 卡塔尔媒体城（Media City Qatar）与华为签署谅解备忘录，将通过先进技术解决方案支持卡塔尔媒体行业数字化转型。该合作于2025卡塔尔网络峰会期间公 布，旨在提升媒体行业技术能力，同时巩固卡塔尔作为新兴全球媒体枢纽的地位。 卡塔尔与中国共享高水平开放新机遇 中央广播电视总台在卡塔尔首都多哈举办了"春天里的中国：中国机遇，世界共享"全球对话会。与会嘉宾指出，中国高水平对外开放为卡塔尔带来发展机 遇，两国应携手推进未来合作。 中投公司董事长张青松会见卡塔尔投资局首席执行官 中投公司董事长张青松会见了卡塔尔投资局（QIA）首席执行官 Mohammed Saif Al-Sowaidi，就全球宏观经济形势及双方合作等议题交换了意见。赵海英副 总经理参加了会见。 RUYA 项目首船海管运抵卡塔尔并完成清关卸运 4月19日，卡塔尔 NOC RUYA EPCI09 项目（简称 RUYA 项目）首船无缝海管在卡塔尔拉斯拉凡港完成清关卸运，标志着该项目境外海上作业正式拉开序 幕。作为目前中国企业在中东地区承揽合同金额最大的海洋油气工程 EPCI ...

Core Viewpoint - The Qingdao Fire Rescue Department has conducted fire safety inspections across the city, exposing 13 companies for significant fire hazards, highlighting the need for compliance with fire safety regulations [1][2]. Group 1: Companies Exposed - Meike International Home Furnishings Co., Ltd. Qingdao Branch and Qingdao Baodi Property Management Co., Ltd. were found to have obstructed evacuation routes, violating Article 28 of the Fire Protection Law of the People's Republic of China [2]. - Qingdao Boxin Aluminum Industry Co., Ltd. and Boxin Hotel (formerly Jinjiang Inn Cangkou Park) failed to meet smoke exhaust facility requirements, violating Article 16 of the Fire Protection Law [2]. - The Earl's Lady Beauty Salon in Laoshan District had damaged evacuation signs and inadequate fire safety equipment, violating Article 16 of the Fire Protection Law [2]. - Qingdao Tianyi Renhe Property Service Co., Ltd. had unqualified personnel in the fire control room, violating Article 26 of the Fire Safety Management Regulations for High-Rise Civil Buildings [2]. - Qingdao London Durex Co., Ltd. had untrained staff operating the fire alarm control panel, violating Article 16 of the Fire Protection Law [2]. - Qingdao Jinhai Dongrun Commercial Management Co., Ltd. had barriers obstructing escape routes, violating Article 28 of the Fire Protection Law [2]. - Qingdao Zhongxiang International Logistics Co., Ltd. had insufficient spacing between items and walls in a fire zone, violating Article 6.8 of the Fire Safety Management Regulations for Warehousing [2]. - Huangdao District Mingxi Foot Massage and Health Center had a malfunctioning smoke exhaust control cabinet, violating Article 16 of the Fire Protection Law [2]. - Qingdao Guangchunyu Furniture Co., Ltd. had inadequate pressure in indoor fire hydrants, violating Article 7.4.12 of the Fire Water Supply and Fire Hydrant System Technical Specifications [2]. - Pingdu City Junyang Longcheng Steel Processing Department obstructed fire escape routes with goods, violating Article 28 of the Fire Protection Law [2]. - Laixi City Tianyu Hotel operated without the required fire safety inspection approval, violating Article 15 of the Fire Protection Law [2]. - Jimo District Laoyujia Grand Hotel lacked smoke exhaust facilities in a banquet hall, violating Article 8.2.2(7) of the Building Fire Prevention General Code [2].