#【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：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8.0%。 其中：铁路客运量同比增长10.8%。 其中：铁路客运量同比增长10.8%。 公路人员流动量同比增长7.6%。 公路人员流动量同比增长7.6%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； # #【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：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8.0%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； #酒店：根据酒店之家数据，五一假期OTA酒店销量同比增长24.93%，OTA用户酒店消费支出同比增长24.8%。 五一假期全国房价同比+2%，其中经济型优于中高端，低线城市优于高线城市； #餐饮：五一期间微信支付餐饮行业交易笔数同比增长12.3%，地区搜索词TOP10中茶饮品牌居多。 #入境游：携程数据显示入境游订单同比激增130%，五一假期 ...

Group 1: Tourism and Cultural Integration - The "May Day" holiday saw a significant increase in tourism, with a total of 1.467 billion cross-regional trips expected from May 1 to May 5 [2] - Various regions launched diverse tourism products, enhancing cultural and technological integration, leading to over 100% year-on-year growth in bookings for destinations like Xinjiang and Tibet [3] - New tourism experiences such as rainforest trekking and desert camel riding gained popularity among consumers [3] Group 2: Consumer Market Activity - National retail and catering sales during the "May Day" holiday increased by 6.3% year-on-year, with local specialty dish orders rising over 105% [5] - Hotel bookings reached historical peaks, with accommodation spending increasing by 14.9% [5] - Cities like Beijing and Changsha initiated various consumer activities and subsidies to stimulate spending during the holiday [5] Group 3: Film and Cultural Events - The "May Day" holiday featured over 10 new film releases, with total box office earnings surpassing 700 million yuan by May 5 [6] - Cultural institutions extended their hours and offered innovative experiences, such as VR projects at museums, enhancing public engagement with cultural heritage [7] - The combination of diverse film offerings and cultural activities contributed to a vibrant holiday atmosphere [6][7]

中金研究 五一消费恢复环比提速，看好居民消费需求持续释放 据商务部，五一假期全国重点零售和餐饮企业销售额同比增长6.3%，增速相较24年国庆（4.5%）、25年春节（5.4%）呈环比提速；各省市及线上平台发 布的消费数据显示，长线游、出入境游均有亮眼表现，同时品类上以旧换新备受欢迎，演唱会、潮玩等体验型消费亦表现较好。展望后续，我们继续看好 消费提振政策逐步显效，全年居民消费需求持续释放。 1、五一期间商圈客流及消费延续回暖。 根据各省市数据，高线城市重点商圈客流较火热，北京60个重点商圈（+8.3%）、上海35个重点商圈 （+12.9%）、长沙五一商圈（峰值+22.2%）同比增幅明显，显示假期外出客流及消费意愿高涨。消费意愿方面，5月1至5日境内微信支付总消费订单同增 10%，显示出较好的消费热情。分地区看，根据各省市商务局披露，南京、上海、杭州等重点旅游城市消费数据（具体口径详见下方图表）分别同增 8.7%/13.1%/9.0%。 2、出入境游"双向奔赴"，品质游、长线游表现优。 交通运输部预计5月1日至5日全社会跨区域人员流动量约14.7亿人次，日均同比增长约8.0%，好于春 节及去年国庆；据飞猪统计， ...

Group 1: Company Performance - Yili Group reported a total revenue of 115.78 billion yuan and a net profit of 8.464 billion yuan for 2024, with a first-quarter revenue of 33.018 billion yuan in 2025, reflecting a year-on-year growth of 1.35% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, reached 4.629 billion yuan in Q1 2025, marking a significant year-on-year increase of 24.19% [1] - Yili Group aims to achieve a total revenue of 119 billion yuan and a total profit of 12.6 billion yuan in 2025, representing a year-on-year increase of 2.8% and 24.4% respectively, focusing on functional nutrition and deep processing of dairy products [1] Group 2: Industry Trends - The tourism market is evolving, with an increasing number of tourists opting for less popular destinations, leading to a rise in demand for unique cultural experiences during the May Day holiday [3] - The hotel occupancy rate for Wanda Hotels and Resorts in lesser-known destinations reached over 90%, showing a year-on-year increase of more than 15 percentage points [3] - The film industry experienced a total box office of 738 million yuan during the May Day holiday period, despite a year-on-year decline compared to 2024, indicating a recovery in social activities such as family outings and couple dates [4]

Core Insights - The domestic cultural tourism market in China is experiencing a strong recovery during the "May Day" holiday, reflecting significant consumer demand and potential in the service consumption market [1][2][5] Group 1: Travel Trends - "Reverse tourism" is gaining popularity, with 58% of travelers opting to avoid crowded tourist spots during the holiday [1] - Small towns are becoming favored destinations, with hotel bookings in 1,230 counties increasing by 30% year-on-year [1] - High-star hotel bookings in county areas surged over 80% during the holiday [1] Group 2: Rural Tourism - Rural tourism bookings increased by nearly 20% during the "May Day" holiday, with many agritourism locations achieving over 90% occupancy [2] - The rise of small destination tourism indicates a more diversified and rational approach to travel among consumers [2] Group 3: Inbound Tourism Recovery - Inbound tourism orders surged by 130% during the holiday, with major cities like Shanghai and Shenzhen becoming popular destinations [2][3] - Inbound tourists' spending via Alipay increased by 180% in the first three days of the holiday [2] Group 4: Cultural Experiences - There is a growing demand for deep cultural experiences among foreign tourists, with local food experiences seeing a 6.8-fold increase in orders [3] - The introduction of a "buy and refund" tax policy for outbound shopping is expected to enhance inbound tourism [3] Group 5: Cross-Industry Integration - The "cultural tourism + music festival" trend is prominent, with over 100 music events held during the holiday, leading to a 180% increase in related package orders [4][5] - Cities hosting music festivals saw hotel bookings increase significantly, with some locations experiencing up to 2.4 times growth [4][5] - The integration of various industries is creating new opportunities for deep tourism experiences and extending the tourism consumption chain [5]

Core Insights - The domestic cultural tourism market is experiencing a strong recovery during the "May Day" holiday, shifting from "scale expansion" to "quality upgrade" in consumer demand [1][5] - There is a notable increase in demand for personalized and diverse travel experiences, with long-distance travel destinations seeing significant growth in ticket sales [2][3] Group 1: Market Trends - The "May Day" holiday has seen a surge in travel demand, with many tourists opting for long-distance trips, leading to a 1 to 2 times increase in ticket sales for destinations like Qinghai, Xinjiang, Ningxia, and Gansu compared to last year [2][3] - The trend of "customized travel" is gaining traction, with bookings for tailored tours increasing by over 80%, particularly in regions rich in tourism resources [3][5] Group 2: Consumer Preferences - Consumers are increasingly valuing diverse and engaging experiences, with activities such as island vacations, rainforest trekking, and stargazing camping becoming popular [3][5] - Family-oriented travel is on the rise, with significant increases in group purchases for family dining and accommodations, indicating a shift towards quality experiences for parents and children [5] Group 3: Innovative Offerings - Various regions are innovating their tourism offerings, such as the integration of cultural performances and themed events, which have led to increased visitor numbers and hotel bookings [4][5] - The combination of different entertainment elements, such as non-heritage performances and interactive experiences, is attracting more visitors and enhancing overall consumer satisfaction [4][5]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumption power during the May Day holiday was strong, with a total of 1.467 billion people traveling across regions, a year-on-year increase of 8.0% [1][2] - Hotel bookings saw a significant increase, with OTA hotel sales up 24.93% year-on-year, and user spending on hotels also rising by 24.8% [1] - The retail and catering sectors experienced a robust performance, with key retail and catering enterprises' sales increasing by 6.3% year-on-year during the holiday [2] - The tourism sector thrived, with various scenic spots reporting record visitor numbers and revenue growth [2] Summary by Sections 1. Industry Overview - The report highlights a resurgence in offline traffic, benefiting traditional business formats, with key beneficiaries including Yonghui Supermarket and other retail chains [3] - AI technology is expected to continue its upgrade, with increasing penetration in applications, benefiting companies like Focus Technology and others [3] 2. Consumer Behavior - Consumers are increasingly willing to pay for emotional value, leading to a sustained high performance in the new retail sector, with beneficiaries including Miniso and Pop Mart [3] - Under the backdrop of promoting domestic demand, cyclical sectors are expected to recover from low levels, releasing performance elasticity, with beneficiaries including Haidilao and others [3] 3. Investment Opportunities - The report suggests focusing on five investment themes, including the recovery of offline traffic, AI technology upgrades, emotional value in consumer spending, cyclical sector recovery, and the potential of consumer brands going overseas [3]

Core Insights - The domestic cultural tourism market in China has shown a "blossoming" trend during the May Day holiday, with long-distance travel destinations gaining popularity, particularly in regions like Chengdu and Yunnan [1][2] - The inbound tourism market has experienced a strong recovery, with inbound travel orders increasing by 130% year-on-year, driven by new policies such as a 240-hour visa-free entry and shopping tax refunds [1][7] Domestic Tourism Trends - The "please 4 days off and 11 days off" trend has led to longer travel periods, with small towns becoming popular destinations for "reverse tourism," showing a 30% increase in hotel bookings in county-level cities [2][5] - High-star hotels have seen a significant increase in bookings, with a growth of over 80% for high-star hotels in county towns, indicating a shift towards "urban leisure and rural micro-vacations" [5][6] - The rise of music festivals and cultural events has contributed to the tourism boom, with over 100 music events held during the holiday, leading to a 180% increase in related package orders [5][6] Inbound Tourism Dynamics - The new tax refund policies have stimulated inbound tourism, with a predicted daily average of 2.15 million people entering and exiting the country during the holiday, a 27% increase from the previous year [7] - Major cities like Shanghai, Shenzhen, and Guangzhou have emerged as popular inbound travel destinations, with significant increases in hotel bookings from foreign tourists [8][9] Cultural Experience and Consumer Behavior - There is a growing demand for diverse cultural experiences among foreign tourists, with local food experiences seeing a 6.8 times increase in orders during the holiday [9] - The trend of "shopping tourism" has gained traction, with cities like Shanghai and Shenzhen experiencing substantial growth in inbound travel orders, indicating a shift in foreign tourists' travel patterns [9][12]

Group 1 - The chief business economist at S&P Global Market Intelligence, Chris Williamson, indicates that while tariffs dominate news regarding manufacturing, the larger U.S. services sector is developing a concerning backdrop with a significant drop in business confidence, leading to near stagnation in business activity and hiring in April [1] - Service providers, particularly in the financial services sector, are reporting a noticeable weakening in growth prospects due to recently announced tariffs and ongoing federal spending cuts, which exacerbate economic uncertainty [1] - A key area of weakness is the decline in service exports, which is currently decreasing at a rate not seen since 2022, and there are reports of weakening domestic demand as confidence declines [1] Group 2 - Tariffs have led to rising import prices, increasing costs for service sector businesses, particularly in consumer-facing industries such as restaurants and hotels, resulting in price hikes [1] - The outcome of these factors is a stagnation in service sector growth and an increased risk of inflation or stagflation [1]

资阳商贸公司为公司在2010年3月从益阳市资阳区国有资产管理局受让了该公司100%的股权，取得该公 司资产(详见公司《关于竞购益阳市资阳商贸投资开发有限公司100%股权的摘牌公告》公告编号：2010- 025、《关于收购益阳市资阳商贸投资开发有限公司股权工作进展的公告》公告编号：2010-032)。 截至本公告披露日，此次贷款授信抵押资产不存在其他形式的抵押、质押或任何第三方权利，不涉及重 大争议、诉讼或仲裁事项，亦不存在查封、冻结等司法措施。 格隆汇5月5日丨华天酒店(000428.SZ)公布，公司分别于2024年4月8日、2024年6月14日召开第八届董事 会第七次会议和2023年度股东大会，审议通过了《关于公司2024年申请融资综合授信暨关联交易的议 案》，同意公司2024年5月1日至2025年4月30日向湖南银行股份有限公司(以下简称"湖南银行")申请授信 额度52,000万元，并在此额度以内办理贷款。本次授信额度内部分贷款公司以全资子公司益阳市资阳商 贸投资开发有限公司(以下简称"资阳商贸公司")持有的位于湖南省益阳市资阳区汽车路街道乾元宫社区 部分房产进行抵押(抵押期间覆盖贷款期间)，具体内容以公 ...