同样值得期待的是，惠州市湖南商会将同期举办"湖南非遗文化及特色食品展"，届时惠州市民将品尝到 永州血鸭、长沙臭豆腐、邵阳猪血丸子等经典非遗美味，采购各种湖南名优特农产品，不出远门就可享 受来自"鱼米之乡"湖南的丰饶馈赠。 为提升展会的专业化程度，展会同期还将举办"外贸优品采购大会"、黔西南州东西部协作名特优农产品 推介会及"大手拉小手"惠东女鞋产业链时尚优品专场对接活动，组委会多渠道邀请专业采购团现场洽 谈，精准匹配供需，高效促成合作。 为助力"惠州制造"品牌升级，2025（第三届）惠州惠企惠货交易会暨外贸优品采购大会将于11月14日至 16日在惠州会展中心举行。本次展会由惠州市商务局、市农业农村局、市市场监督管理局、市贸促会等 单位指导，将展示3000余款"名、优、新、特"惠州制造精品，并且还将邀请贵州黔西南州、西藏朗县、 黑龙江大庆市、湖南等地的特色食品参展。 主办单位惠州市会展行业协会会长苏浩介绍，惠交会连续三年入选广东省"粤贸全国"活动目录，参展企 业可享受省、市财政专项补贴。本届展会面积约2万平方米，展示3000余款"名、优、新、特"惠州制造 精品，涵盖特色食品、酒类茶叶、电子信息、潮玩文创、时尚女 ...

Core Viewpoint - The company, Miao Exhibition, announced plans to establish a joint venture to enhance its international market presence and promote sustainable development through resource integration and synergy [1] Group 1: Investment and Strategic Development - Miao Exhibition will hold its sixth board meeting on October 20, 2025, to review the proposal for establishing a controlling subsidiary [1] - The company plans to invest a total of RMB 51 million, holding a 51% stake in the new joint venture with Panex WD International Limited [1] - The registered capital of the new subsidiary, Pan Ding Miao (Ningbo) Supply Chain Management Co., Ltd., will be RMB 100 million, and it will be included in the company's consolidated financial statements [1]

Core Viewpoint - The company plans to invest 51 million RMB in a joint venture with Panex WD International Limited to establish a supply chain management company, aiming to enhance international market development and sustainable growth [1] Group 1 - The joint venture, named 泛鼎米奥（宁波）供应链管理有限公司, will have a registered capital of 100 million RMB, with the company holding a 51% stake [1] - The investment will be funded through the company's own resources, ensuring no significant adverse impact on its financial and operational status [1] - The initiative is designed to leverage resource integration and complementary advantages to enhance synergy [1]

Core Viewpoint - The Guangdong Provincial Taxation Bureau has announced a new "immediate refund" policy for outbound tax refunds aimed at enhancing the shopping experience for international travelers in Guangdong Province, including Shenzhen, starting from October 1, 2025 [1] Group 1: Policy Implementation - The new policy allows international travelers to apply for a pre-refund equivalent to the tax amount at designated stores or refund points in Guangdong Province and choose any exit port within the province for departure [1] - The 138th Canton Fair, starting on October 15, will feature a dedicated area for outbound tax refunds, providing a one-stop experience for shopping and tax refunds without the need for additional trips [1] Group 2: Scope of Refund Services - A wide range of products will be eligible for the tax refund service, including items purchased at the Canton Fair and from nearly a thousand designated refund stores in Guangzhou [1] - Tax refunds can be processed on-site at the Canton Fair's dedicated refund area, with tax amounts being distributed immediately, allowing for a seamless shopping experience [1] - The dedicated area will also showcase local specialty products, including cultural items from the Canton Fair, licensed merchandise from the 15th National Games, and must-buy gifts from Guangzhou, with a maximum refund rate of 9% [1]

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].

Core Viewpoint - Shanghai Mengxuan Exhibition Service Co., Ltd. has been awarded the official guest accommodation service provider for the 8th China International Import Expo (CIIE), marking its eighth consecutive year of support for this significant international event, reflecting the high recognition of its service quality by various stakeholders [1][2]. Group 1: Service Excellence - Mengxuan has maintained a "zero-error" record in providing guest accommodation services for the CIIE, successfully hosting over 100 countries and international organizations, 20 provincial trading groups, and more than 500 central enterprises and procurement teams in the previous expo [2]. - The company has developed a comprehensive service system that includes hotel resource coordination, transportation optimization, and personalized dining and accommodation arrangements, which has garnered high praise from all parties involved in past expos [2]. Group 2: Innovative Service Model - The company is actively exploring service innovation through a "policy guidance + enterprise empowerment + scenario linkage" model, which effectively reduces exhibition costs and enhances service experiences [3]. - This model includes close alignment with Shanghai's exhibition industry support policies, providing one-stop support for exhibition groups, and leveraging a digital management platform for precise accommodation, transportation, and catering solutions [3]. Group 3: Economic Impact and Integration - Mengxuan is promoting the integration of business travel, culture, sports, and exhibitions, using customized cultural tourism experiences and unique dining services to convert exhibition traffic into consumer spending [4]. - The company aims to standardize its service solutions from the CIIE and apply them to various large-scale exhibitions nationwide, contributing to the overall improvement of service quality in the industry [4]. Group 4: Future Vision - The company emphasizes its commitment to high standards of service and aims to collaborate with provincial trading groups and industry partners to explore innovative paths in exhibition services [5]. - Mengxuan's vision is to enhance the value of each exhibition experience, striving to provide professional, international, and humanized exhibition services, thereby elevating the Chinese exhibition industry to a higher level [5].

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]