Core Insights - The "One Permit, Multiple Entries" policy in Hengqin has shown significant results one year after its implementation, with over 830,000 people using the permit to cross the border into Macau [1][3]. Group 1: Policy Impact - The policy has activated new momentum for integrated development between Hengqin and Macau, with a notable increase in cross-border travel [1]. - As of September 2025, the resident population in the Hengqin Guangdong-Macau Deep Cooperation Zone reached 46,000, a year-on-year increase of 20.4% [3]. - Approximately 60% of eligible residents have successfully applied for the "One Permit, Multiple Entries" permit, indicating a strong alignment between the policy and public demand for cross-border convenience [3]. Group 2: Usage Statistics - The usage of the "One Permit, Multiple Entries" permit has shown a steady growth trend, with monthly crossings increasing from 32,000 in January to over 120,000 in December, representing a growth of over 275% [3]. - Most permit holders travel to Macau at least once a month, with some residents making weekly trips for various purposes such as tourism, shopping, and visiting friends [3]. Group 3: Future Projections - The Hengqin border inspection station anticipates that daily passenger flow during the New Year holiday in 2026 will exceed 100,000, a year-on-year increase of over 30% [4]. - Peak outbound traffic is expected between 9:00 AM and 2:00 PM, while peak inbound traffic will occur from 4:00 PM to 10:00 PM [4].

Core Viewpoint - Miao Exhibition, a leading company in self-organized exhibitions abroad, is seeking to list on the Hong Kong Stock Exchange to create a dual capital platform, facing significant operational challenges and cash flow pressures amid its transformation [1] Financial Performance - The financial data of Miao Exhibition shows significant volatility, with revenue increasing from 348 million to 835 million CNY between 2022 and 2024, then declining to 751 million CNY. Net profit rose from 50 million to 188 million CNY, then fell to 155 million CNY. In the first three quarters of 2025, revenue decreased by 5.67% to 401 million CNY, and net profit halved by 49.17% to 35 million CNY [2] - The company's revenue is heavily reliant on self-organized exhibitions abroad, which account for over 90% of its income, primarily from emerging markets like Indonesia, UAE, and Vietnam. External shocks, such as heavy rains in Indonesia and changes in US trade policies, have exacerbated its performance vulnerability [2] Business Structure Risks - Miao Exhibition's business model is characterized by a high dependency on overseas markets, with over 99% of its revenue coming from domestic sources but primarily serving international clients. The exhibition hosting services contribute over 90% of its revenue, making it highly tied to the demand from Chinese foreign trade enterprises [3] - The company has invested 64.918 million CNY in R&D (2.78% of revenue) to drive digital transformation, launching the "AI Smart Exhibition" platform. However, revenue from digital exhibitions accounted for only 2.14% in 2024, indicating a slow scaling of technological empowerment [3] Governance and Financial Challenges - Miao Exhibition has distributed a total of 344 million CNY in dividends since its listing, which is 92.35% of its net profit, reflecting a "pay out all profits" approach. The 302 million CNY raised during its A-share IPO was exhausted by the end of 2024, leaving only 1.2295 million CNY for working capital [4] - The company's reliance on high dividends and the need for refinancing have raised market concerns about its long-term investment capacity. As of September 2025, the company had no bank loans, with cash reserves of 559 million CNY and financial products worth 64 million CNY, but its debt ratio increased by 5.74% year-on-year, and the current ratio decreased by 8.58%, indicating weakened short-term solvency [4] Conclusion - Miao Exhibition's journey to the Hong Kong market reflects the transition of traditional exhibition companies from scale expansion to quality survival. While it has established a competitive edge through its overseas exhibition network, its business singularity, centralized governance, and cash flow pressures highlight the need to shift from "capital dependence" to "internal growth" [5]

此次行动整治范围包括：广西各类社会化办展主体(企业、社会组织等)举办的博览会、展览会、展销 会、交易会等各类展会活动，覆盖经贸类、文旅类以及其他行业领域展会活动，将重点聚焦南宁、柳 州、桂林、玉林等会展活跃城市，以及南宁国际会展中心、柳州国际会展中心、桂林国际会展中心、玉 林国际会展中心等重点场馆举办的展览项目。 朱雁玲表示，本次专项整治行动将重点开展5项整治任务：一是整治展会名称使用管理不规范行为，全 面排查整治违规冠以"国家""中国""中华""全国""亚洲""全球""世界""东盟"以及类似含义字样的展会活 动。二是整治虚假夸大宣传行为，包括冒用党政机关等名义办展、仿冒知名展会，误导参展商和消费者 等行为。三是整治违规收费行为。四是整治侵权假冒违法行为。五是整治安全责任落实不到位行为。 广西将开展专项整治行动 严打会展业行业乱象 中新网南宁12月31日电 (林浩)12月30日，广西壮族自治区商务厅副厅长朱雁玲表示，广西将聚焦社会化 展会违规办展问题，通过全链条排查、精准化整治、长效化监管，严厉打击违规办展、虚假宣传、乱收 费等行业乱象，推动活动安全、规范、有序举办。 当天，广西壮族自治区人民政府新闻办公室在 ...

Core Viewpoint - The 2026 China Exhibition Economy International Cooperation Forum (CEFCO Forum) will be held from January 21 to 23, 2026, in Wuhan, Hubei Province, focusing on high-quality development in the exhibition industry [1][2]. Group 1: Event Details - The theme of the 2026 forum is "Transformative Era: Co-creating Links, Innovating the Future" [1]. - The forum is co-hosted by the China Council for the Promotion of International Trade and four international exhibition organizations [1]. - Over 20 countries and regions have confirmed participation from exhibition institutions, enterprises, and experts [1]. Group 2: Agenda and Topics - The opening ceremony and the first plenary session will take place on the morning of January 22, 2026, followed by the second plenary session on January 23 [1]. - Key topics include the integration of exhibitions with industries, new paradigms for international exhibitions, evaluation factors for quality exhibitions, cooperation in the Greater Bay Area, digital transformation in the exhibition industry, and ESG practices [1]. - Six breakout sessions will be held to discuss these topics in detail [1]. Group 3: Reports and Agreements - During the forum, the China Council for the Promotion of International Trade will release the "China Exhibition Economy Development Report 2025" [2]. - A series of exhibition cooperation project signing ceremonies will also take place [2].

Group 1 - The China International Trade Promotion Committee (CITPC) announced the 2026 China Exhibition Economy International Cooperation Forum (CEFCO) will be held from January 21 to 23, 2026, in Wuhan, Hubei Province, with participation from representatives of over 20 countries and regions [1][5] - The theme for the 2026 forum is "Transformative Era: Co-creating Links, Intelligent Innovation for the Future," focusing on the digital transformation of the exhibition industry, industrial integration, and international cooperation [5] - CEFCO is a national-level, international professional exhibition forum approved by the State Council, co-founded by CITPC and several international exhibition organizations in 2005, and has successfully held 20 sessions [5] Group 2 - The forum will include an opening ceremony, a plenary session, six breakout sessions, and multiple supporting activities, along with the release of the "2025 China Exhibition Economy Development Report" and the signing of several international cooperation documents [5] - Wuhan, recognized as one of the birthplaces of modern exhibition industry in China, will host the CEFCO forum for the first time, aiming to achieve high standards, high levels, and high quality for an open, shared, and mutually beneficial international event [5]

Core Viewpoint - The China International Trade Promotion Committee announced the 2026 China Exhibition Economy International Cooperation Forum (CEFCO) will be held from January 21 to 23, 2026, in Wuhan, with participation from representatives of over 20 countries and regions [1] Group 1 - The forum is a national-level, international professional exhibition forum approved by the State Council, co-founded by the China International Trade Promotion Committee and several international exhibition organizations in 2005, and has successfully held 20 sessions [1] - The theme for the 2026 forum is "Transformative Era: Co-creating Links, Intelligent Future," focusing on the digital transformation of the exhibition industry, industrial integration, and international cooperation [1] - The forum will include an opening ceremony, a plenary session, six breakout sessions, and multiple supporting activities, along with the release of the "2025 China Exhibition Economy Development Report" and the signing of several international cooperation documents [1] Group 2 - Wuhan, as one of the birthplaces of modern exhibition industry in China, will host the CEFCO forum for the first time, aiming to maintain high standards, levels, and quality to create an open, shared, cooperative, and mutually beneficial international event [1]

临近岁末，各地会展经济升温，各类展会活动不仅带动了人气聚集，也有效拉动了城市消费，综合效益 显著。 会展经济并非简单的短期陈列，而是现代服务业的重要一环，也见证着一座城市的开放度与发展活力。 办好一场会展，既能宣传地方与企业形象，提升品牌影响力，也能发挥"一业兴、百业旺"的乘数效应， 带动贸易、文旅、科技等多领域联动，为消费增长注入动能。 办好展会，不能止于搭台，还要善于"牵线"。要深耕"展"字，做好展前、展中、展后的全周期服务，以 周到细致的服务，让参展商感到不虚此行、满载而归，让观展者一见倾心、口耳相传。要精准定位，将 展会打造成展示相关行业最新成果和未来趋势的平台。精准捕捉市场需求，有针对性地选择展商，促进 资源精准对接，推动相关产业全产业链的有效衔接和深度融合，从而扩大会展影响力，塑造持久品牌效 应。 提升品质是展会成败的生命线。除了展示优质产品、引领消费潮流之外，还须规范参展行为，防范提前 撤展等影响会展形象的情况。打击"展虫"乱象，维护展会秩序，保障观众权益。此外，还可通过打造消 费类主题展会，构建新消费场景，助力优质产品走进千家万户。 好的展会，是一座城市的"会客厅"，既要展示风貌，也要传递诚意 ...

Core Viewpoint - The Macau Special Administrative Region (SAR) government has made significant progress in various sectors, focusing on economic diversification, public administration reform, and integration into the national development framework, showcasing a new era of prosperity and development. Group 1: Economic Development - In 2023, Macau's economy showed a steady improvement, with a preliminary GDP value of 301.33 billion MOP, reflecting a growth of 4.2% [6] - The number of inbound tourists reached 36.49 million in the first 11 months, an increase of 14.4% year-on-year [6] - The government aims to consolidate economic recovery and promote moderate diversification, particularly enhancing the tourism and leisure industry [7] - The "four major industries" including traditional tourism, Chinese medicine, modern finance, and high-tech industries are continuously improving [7] - By October 2023, 1,028 bonds had been issued or listed in Macau, amounting to 1.043 trillion MOP [7] Group 2: Public Administration Reform - The new government has emphasized public administration reform, establishing 14 coordination leadership groups to enhance governance efficiency [4][5] - The "Smart Document Retrieval" service has been implemented across 10 locations, with over 28,000 uses since its launch [4] - The "One-Stop Public Service" has integrated over 480 electronic services, with more than 670,000 electronic accounts opened [4] Group 3: Social and Cultural Initiatives - The Macau government has successfully hosted various cultural and educational events, including the "National Security Education Exhibition" and activities commemorating the 80th anniversary of the victory in the Anti-Japanese War [3] - The establishment of the "District Development Center" marks a new phase in revitalizing old historical areas, leveraging community organizations for social development [2] Group 4: Youth and Innovation - The Hengqin Guangdong-Macau Deep Cooperation Zone is becoming a hub for innovation and entrepreneurship, with a 15.7% increase in Macau-invested enterprises [8] - By October 2023, there were 346 entrepreneurial projects initiated by Macau youth, a growth of 22.3% [8] - The construction of the Macau University campus in Hengqin signifies a step towards high-quality educational development [8] Group 5: Infrastructure and Connectivity - Macau has improved its infrastructure and connectivity, with 6.16 million crossings at the Hengqin port, a 52.3% increase year-on-year [9] - The number of Macau-registered vehicles crossing into Hengqin reached 1.8536 million, up 45.2% [9]

根据弗若斯特沙利文的资料，按2024年举办的境外自办展览数量及面积计，公司在所有中国的境外展览 机构中名列第一。 本文源自：智通财经网 智通财经获悉，据港交所12月24日披露，浙江米奥兰特商务会展股份有限公司(简称：米奥会展)向港交 所主板递交上市申请书，招商证券国际为其独家保荐人。招股书显示，米奥会展(300795.SZ)是一家成 熟的展览服务提供商。公司主要作为展览主办方，提供包括展览管理、展位销售及其他展览相关服务在 内的全面服务，且举办的展览场地覆盖五大洲的多个国家及地区，例如阿联酋、印尼、日本、墨西哥、 巴西、越南、中国内地、波兰及埃及。 ...

据港交所12月24日披露，浙江米奥兰特商务会展股份有限公司(简称：米奥会展（300795）)向港交所主 板递交上市申请书，招商证券国际为其独家保荐人。招股书显示，米奥会展(300795.SZ)是一家成熟的 展览服务提供商。公司主要作为展览主办方，提供包括展览管理、展位销售及其他展览相关服务在内的 全面服务，且举办的展览场地覆盖五大洲的多个国家及地区，例如阿联酋、印尼、日本、墨西哥、巴 西、越南、中国内地、波兰及埃及。 根据弗若斯特沙利文的资料，按2024年举办的境外自办展览数量及面积计，公司在所有中国的境外展览 机构中名列第一。 ...