Core Viewpoint - Dalian Shengya, known as the "first stock of ocean parks," is undergoing a significant transformation after a seven-year control dispute and nearly five years of losses exceeding 400 million yuan, with a recent fundraising plan to raise approximately 956 million yuan through a private placement at 24.75 yuan per share [1][4][5] Group 1: Fundraising and Control - The private placement will allow Tongcheng Travel to indirectly acquire control of Dalian Shengya with a total voting power of 30.88% [2][3] - The funds raised will help alleviate Dalian Shengya's financial pressure, improve cash flow, repay debts, and support daily operations and business expansion [3][5] - Dalian Shengya aims to transition from a regional operator to a "cultural tourism ecological platform" through strategic cooperation with Tongcheng Travel [2][3] Group 2: Historical Context and Financial Performance - Dalian Shengya has faced a prolonged control struggle since 2018, leading to internal conflicts that have negatively impacted its performance [4][5] - The company has reported losses in four out of the last five years, with a cumulative loss exceeding 400 million yuan [5] - Despite a revenue increase of 7.93% in 2024, the company experienced a net loss of 70.18 million yuan, marking a significant decline [5] Group 3: Market Trends and Future Prospects - The trend of strategic partnerships between ocean park enterprises and cultural tourism companies is emerging, as seen with other companies like Haichang Ocean Park [7] - Dalian Shengya aims to become a leading enterprise in the "cultural tourism + IP + digitalization" sector [8] - The collaboration with Tongcheng Travel is expected to enhance Dalian Shengya's competitive edge through resource sharing and operational synergies [3][8]

机构：方正证券 研究员：李珍妮/王雪尼 业绩层面：维持全年业绩指引 2024 年同程机票业务收入贡献约为23%（国内机票更低），利润贡献则更低，即便GMV 层面有扰动， 对最终利润的影响也相对有限。叠加前文对OTA 及航旅纵横业务的对比，我们认为同程机票业务量短 期受航旅纵横影响不大，25 年维持全年33~34 亿元经调整利润预期。 截至7 月28 日收盘，同程旅行下跌10.94%，主要受日前航旅纵横App 正式上线"民航官方直销平台"功能 影响。 近日，中航信旗下民航信息服务平台航旅纵横App 正式上线"民航官方直销平台"功能，其整合接入了国 内超37 航司的官方购票渠道，允许用户在单一界面完成多家航司直销机票的比价和购买，即在此平台 上，机票价格与服务政策完全由航空公司直接发布和运营，航旅纵横作为平台方，不收取机票代理费。 目前航旅纵横用户超过1 亿，用户基数和携程月活数量接近。 2）航旅纵横价格优势并非显著：航旅纵横虽承诺无抽佣、无捆绑销售，但经实测查询，其航班班次少 于OTA 平台，且票价优势并不明显。且若双平台均选择意外伤害保障、延误保障等辅营产品，则航旅 纵横价格优势进一步削弱。 3）航旅纵横品牌 ...

▲夜间"黄金4小时"成文旅新增量 除了乘坐游船、漫步江边，一些小众活动也备受游客们的欢迎。美团旅行数据显示，7月以来，关键词"博物馆夜游"搜索热度环比上月增长近200%。以上海 博物馆"金字塔之巅：古埃及文明大展"为例，自7月开始，该展览每天加开夜场至晚上9时。在闭展前的最后一周，更将开启"不眠夜"模式，邀请观众一同参 与"7×24小时不闭馆"的埃及展观展体验。在河南，洛阳古墓博物馆也专门在夜晚推出活动，通过夜游演绎十座古墓的背景故事，邀请游客开启一场"古墓探 秘"之旅。 此外，不少景区也加开夜场，通过灯光、音乐、歌舞、烟花、无人机等吸引游客驻足，形成了新的夜间旅游市场。据美团旅行数据，7月以来，关键词"景区 夜游"搜索热度环比上月增长近230%。中国旅游研究院夜间经济专项调研显示，超过1/3的国家一级博物馆在暑期开展夜游活动。全国5A级旅游景区的夜间 开放率从2020年的23%增加到现在的63%，并新入驻了一批灯光造景、演艺游船、民宿集市等夜游核心吸引物。近四成的国家级旅游度假区研发推出了节事 演出、室内休闲、户外娱乐等夜游产品。演艺类型从实景演出、歌舞表演发展到沉浸式、环境式、交互式演艺等。演艺与餐饮、交 ...

Core Insights - The "night economy" is experiencing significant growth due to ongoing high temperatures, with a notable increase in "night tourism" searches and comments by approximately 100% since July [1] - The age distribution of "night tourism" participants is balanced, with the highest proportion (27.1%) being users under 30 years old [1] - The peak activity hours for night tourism are identified as the "golden 4 hours" from 6 PM to 10 PM [1] Group 1: Night Tourism Trends - The search interest in "museum night tours" has surged by nearly 200% since July, with specific exhibitions extending their hours to accommodate night visitors [4] - The keyword "scenic night tours" has seen a remarkable increase of about 230% in search volume, indicating a growing market for nighttime attractions [4] - Tourist behavior has shifted, with many visitors entering attractions later in the day due to high temperatures, prompting venues to extend their operating hours and enhance nighttime offerings [4][5] Group 2: Economic Impact and Government Support - The Ni Mountain Tourist Resort has welcomed over 160,000 visitors since its opening on May 31, with over 50% of them being young adults under 30 [5] - The total order value for the Ni Mountain Tourist Resort has increased by 20% year-on-year during the summer season, reflecting the positive impact of night tourism on revenue [5] - Local governments are implementing policies to support the night economy, which is expected to enhance the overall vitality of the tourism market and create new growth opportunities for cultural and tourism venues [6]

Core Insights - The inbound tourism in China is expected to reach new heights in the second half of the year, driven by a significant increase in foreign visitors and the implementation of visa-free policies [1][6] Inbound Tourism Growth - In the first half of the year, the number of foreign visitors entering and exiting China reached 38.05 million, a year-on-year increase of 30.2% [1] - Visa-free entry for foreign visitors has surged, with 13.64 million entering without a visa, accounting for 71.2% of all inbound tourists, marking a 53.9% increase year-on-year [1] - Major cities like Shanghai, Beijing, Chengdu, and Xi'an have become popular destinations, with significant increases in foreign tourist hotel bookings, exceeding 130% [1] Visa-Free Policies - As of June 2025, China has implemented unilateral visa-free policies for 47 countries and extended transit visa-free stays to 240 hours for 55 countries, enhancing the convenience for foreign visitors [3] - The number of foreign visitors to China is projected to reach 32.54 million in 2024, with 20.11 million expected to enter visa-free, reflecting growth rates of 80.7% and 112.3% respectively [3] Consumer Behavior and Spending - The introduction of "immediate refund" policies for outbound tax refunds has lowered shopping costs for foreign tourists, leading to increased consumer enthusiasm [7] - In 2024, inbound tourist spending is expected to account for approximately 0.5% of China's GDP, indicating significant growth potential compared to 1% to 3% in other major countries [7] - The first month of optimized tax refund policies saw a 116% year-on-year increase in the number of tax refund applications, indicating a positive trend in attracting foreign shoppers [7] Cultural Experience and Product Offerings - Cultural experience products have emerged as a new highlight in inbound tourism, with bookings for immersive activities like intangible cultural heritage workshops and folk performances surging by 300% [8] - Specific cultural experiences, such as Sichuan opera face-changing and Beijing opera performances, have seen nearly tenfold growth in bookings on overseas platforms [8] Market Opportunities for Businesses - The inbound tourism market in China presents a trillion-yuan growth opportunity, with favorable policies and market recovery creating significant development prospects for tourism enterprises [9] - Companies are encouraged to analyze market trends and consumer demands to maintain growth momentum in inbound tourism, focusing on differentiated and diverse tourism services [9]

Core Insights - The Chinese government is accelerating efforts to address bottlenecks in domestic circulation, emphasizing the importance of platform economy for expanding domestic demand, stabilizing employment, and enhancing people's livelihoods [1][2] - Recent discussions with major platform companies like Ele.me, Meituan, and JD.com highlight the need for compliance with laws and regulations, promoting a win-win ecosystem for consumers, merchants, delivery riders, and platform enterprises [1][4] - The platform economy is rapidly growing, with top listed platform companies generating a total revenue of 3.6 trillion yuan in 2023, marking a 12.7% year-on-year increase [2][4] Group 1: Platform Economy Development - The platform economy is crucial for empowering the real economy and developing new productive forces, with a focus on creating a fair and orderly development environment [1][2] - The recent surge in competition among food delivery platforms reflects a traditional growth strategy reliant on subsidies, which poses risks of unhealthy competition and profit erosion [4][6] - Regulatory measures are being implemented to ensure compliance and promote sustainable practices among platform companies, including the revision of antitrust laws and the introduction of guidelines for healthy platform development [4][5] Group 2: Compliance and Innovation - The government has introduced new regulations aimed at enhancing compliance within the platform economy, requiring companies to elevate their legal awareness and management systems [5][6] - Companies are encouraged to focus on technological, model, and service innovations to improve supply chain efficiency and user experience, moving away from unsustainable subsidy-driven growth [6][10] - The emphasis on compliance is seen as essential for building trust and achieving sustainable development within the platform economy [6][10] Group 3: Employment and Social Security - Major platforms are beginning to provide social security benefits for gig workers, such as delivery riders, reflecting a shift towards better labor rights and protections [18][22] - The trend of platforms offering social insurance is expected to enhance job stability and improve service quality, addressing long-standing issues of labor rights in the gig economy [18][22] - The government is advocating for a comprehensive social security system for flexible and new employment forms, aiming to cover a growing workforce of over 200 million flexible workers [19][20]

近日，据香港桂强芳全球竞争力研究会等机构发布的数据显示，全球避暑胜地排名中，云南昆明位列第 一，排在俄罗斯著名的度假胜地圣彼得堡之前，昆明成了全球游客心中的 "夏日乌托邦"。今年，云南 整体较往年亦更加凉爽舒适。中国气象局数据显示 ，夏季以来，云南省平均气温21.9℃，较常年同期偏 低0.2℃，比去年同期偏低0.6℃，其中有71个县区的人体舒适度在舒适等级内，全省55%的区县适宜避 暑旅游。 美团旅行数据显示，截至7月24日，暑假期间，云南景区订单量同比增长70%，省内热门景区包括大理 市博物馆、普达措国家公园、七彩云南欢乐世界、束河古镇、石林风景区、云南野生动物园、龙门景区 等，广东、四川、江苏、浙江、重庆等地为云南景区的Top异地客源省份。在美团旅行新上线的"全国清 凉游"会场中，昆明、大理、西双版纳等云南多个目的地亦入选热门清凉城市。从昆明市集的烟火香 气，楚雄火把节的热烈狂欢到大理古镇的庭院清风，云南的夏天，藏着太多让人 "来了就不想走" 的理 由。 作为云南旅游的核心枢纽，昆明正以日均约170 趟高铁班次的交通优势，成为串联楚雄、大理等避暑目 的地的 "清凉中转站"，形成 "以昆明为圆心、2 小时车 ...

Core Insights - The upcoming "Children's Day" is driving a surge in family-oriented travel, with tourism companies actively targeting the parent-child travel market [1][2][4] - The parent-child travel market is experiencing a shift towards short-distance and nearby travel, as long-distance travel declines [5][6] - The growth of the domestic parent-child travel market is supported by an increasing child population, creating significant growth potential [1][8] Industry Trends - Various tourism companies are launching promotions and activities to attract families, such as live-streaming events and themed hotel packages [2][3] - Theme parks and animal parks are particularly popular, with many offering special events and discounts for children [3][7] - The report indicates that weekend trips are becoming the primary form of family outings, with a significant increase in short-distance travel [5][6] Market Forecast - The upcoming Dragon Boat Festival and summer vacation are expected to further boost the parent-child travel market, with predictions of a recovery to pre-pandemic levels [8][9] - Experts anticipate a significant influx of domestic tourists as international travel remains limited, leading to a booming parent-child travel market this summer [8][9] - The market is expected to see a balanced growth across short, medium, and long-distance travel, with short and medium-distance trips being the preferred choice for many families [9]

Group 1: Travel Trends for Dragon Boat Festival - The booking for surrounding travel is booming ahead of the Dragon Boat Festival, with hotel prices increasing by 51% compared to pre-pandemic levels in 2019 [1] - Flight prices for the Dragon Boat Festival are generally lower than those during the May Day holiday, with some routes showing a price increase of about 30% [2][3] - The average ticket price for flights during the Dragon Boat Festival is reported to be 707 yuan, with popular routes including Beijing to Chengdu [3] Group 2: Hotel and Accommodation Insights - Due to the short three-day holiday, travelers are opting for nearby and short-distance trips, leading to a significant increase in hotel prices in the Beijing area, with some hotels seeing price hikes of over 70% [4] - The demand for homestays around Beijing has surged, with prices for certain accommodations increasing sixfold during the holiday period [4] - Many accommodations in popular tourist areas are already fully booked for the Dragon Boat Festival, indicating high demand [4] Group 3: Anticipation for Summer Travel - As summer approaches, businesses are preparing for a surge in travel demand, with expectations of a new wave of tourism growth [7] - The hotel industry is actively promoting packages aimed at families and children, indicating a strategic focus on capturing the family travel market [7] - Experts predict that the summer travel market will see significant price increases for hotels, flights, and attractions compared to pre-pandemic levels [8]

Core Insights - Travel video content has become a significant factor influencing consumer travel decisions, establishing an efficient conversion pathway from content browsing to actual travel [1][2] - High conversion rates are observed, with 96.43% of users developing travel ideas after watching travel videos, and 72.62% eventually traveling, indicating a short decision-making cycle [1][25] - The primary user demographic consists of young adults aged 25-44, accounting for 72.98% of users, with a significant portion from first-tier and new first-tier cities [1][4] User Profile Analysis - Users exhibit a "three high" characteristic: high-tier cities, high income, and high frequency of consumption [3] - Gender distribution is relatively balanced, with a slight female majority (51.86% vs 48.14%) [4] - Monthly income above 8000 yuan is reported by 52.17% of users, indicating strong purchasing power [4][8] Content Preferences and Platform Behavior - Users prefer authentic experience content, with 80.59% favoring real experience Vlogs, and high demand for natural scenery, local cuisine, and historical culture [9][10] - The distribution of content platforms is decentralized, with Douyin having the highest usage rate (66.93%), followed by Xiaohongshu (45.03%) and OTA platforms (47.83%) [13][19] - Users primarily access content through daily recommendations (65.84%) and active searches (65.99%), highlighting the importance of content exposure and word-of-mouth [13][18] Conversion Pathway - The travel video content exhibits a strong "grass-planting" effect, with 96.43% of users developing travel ideas from videos, and 72.62% taking actual trips [25][29] - Key drivers for travel interest include beautiful scenery and food (59.74%), practical travel tips (54.59%), and unique experiences (46.86%) [29] - Despite high conversion rates, barriers exist, such as perceived insufficient or impractical information (34.78%) and lack of novelty (17.39%) [33][35] Consumer Behavior - A clear trend towards mid-to-high-end consumption is noted, with the highest single travel budget range being 3001-5000 yuan (38.66%) [39] - OTA platforms are the most utilized for bookings (66.61%), with WeChat mini-programs (52.95%) and official channels (52.33%) also significant [42] Pain Points and Demand - Users express concerns about "pitfall risks" (59.16%) and low experience satisfaction (55.12%), indicating a demand for improved authenticity and practical advice [44][45] - The need for intelligent services is emerging, with expectations for features like crowd predictions and pitfall warnings [48] Technology Acceptance - There is a high interest in VR/AR technologies, with 83% of users expressing interest in pre-decision experiences [51][57] - AI tools are increasingly used for trip planning, with 20.03% of users employing AI for content verification [55] Industry Trends - The evolution of content is shifting from mere traffic attraction to emphasizing authenticity and depth of experience [58] - The integration of VR/AR and AI technologies is reshaping user experiences and industry dynamics, driving a shift towards intelligent and personalized services [60] - The industry is moving towards a comprehensive model combining content, services, and technology, creating a complete conversion loop from exposure to booking [61][62]