今年假期，想着不去人挤人，决定去稍微小众的云南腾冲。 机票贵到离谱，只好广州→昆明→保山→腾冲，一路转车、顺便看风景。晚上9点，终于到了地方，兴奋的心情被浇熄一半。 大街上行人没有几个，在秋风中显得格外冷清。 进入度假村，完全黑灯瞎火，一栋栋居民楼亮灯率不足一成，路灯没有几个亮的，几乎只能靠月光辨别方向。 乌漆嘛黑的。 收拾好去吃饭，更是夸张。 横竖四个方向八条街，烧烤店、火锅店、特色菜乃至酒吧，绝大多数都是空的，偶尔有一两桌客人，都称得上生意好。 这可是黄金周假期，再小众也不至于冷清成这样…… 虽然对不喜热闹的人而言，这样的氛围确实舒适。 但还是忍不住问一句：人呢？ 热闹与冷清同在 与个人感受到的冷清不同，今年假期整体的出行数据，依然火热。 据交通部的数据，10月1日～10月8日，全国累计跨区域人员流动量预计24.32亿人次，日均3.04亿，同比增长6.2%。 从出行方式来看，铁路、水路、航空、公路分别同比增长2.6%、4.2%、3.4%、6.5%。 经文旅部数据中心测算，8天假期全国实际共出游8.88亿人次，比去年的7天假期多1.23亿人次。 这里很多平台给出了一个数据，就是把8.88亿人次除以8，得出平 ...

Market Overview - The A-share market experienced fluctuations this week, with the Shanghai Composite Index rising by 0.37%, while the Shenzhen Component and ChiNext Index fell by 1.26% and 3.86% respectively. The Hang Seng Index dropped by 3.13% [1] - In terms of sector performance, non-ferrous metals, coal, and steel led the gains, increasing by 4.44%, 4.41%, and 4.18% respectively. Conversely, media, electronics, and power equipment sectors saw declines of 3.83%, 2.63%, and 2.52% respectively [1] Sector Analysis Cyclical Sector - Non-ferrous metals, coal, steel, oil and petrochemicals, and construction materials showed strong performance, particularly benefiting from enhanced expectations of a Federal Reserve interest rate cut [1] Consumer Sector - The tourism sector experienced a decline, with the National Day and Mid-Autumn Festival data meeting expectations, leading to profit-taking by some investors. Innovative pharmaceuticals also saw a pullback due to a lack of short-term catalysts [1] Technology Sector - The storage sector performed well, likely due to overseas industrial information catalysts, while the gaming sector faced significant adjustments, negatively impacting media performance [1] Manufacturing Sector - The energy storage lithium battery sector experienced a pullback, possibly due to export control policies. The robotics sector showed volatility, and the nuclear fusion theme performed well [1] Debt Market - The bond market strengthened overall, with the 10-year government bond yield at 1.77%, down 2 basis points from the previous week. The central bank's reverse repos totaled 10,210 billion yuan, resulting in a net withdrawal of 16,423 billion yuan [2] - China's foreign exchange reserves slightly increased to 333.87 billion USD by the end of September, up by 16.5 billion USD from the end of August. The gold reserves also rose to 74.06 million ounces, marking an increase of 40,000 ounces [2] Consumer Spending Trends - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, an increase of 108.19 billion yuan compared to the previous year. However, per capita daily spending was 113.9 yuan, down 13.1% year-on-year [3] Federal Reserve Insights - The Federal Reserve's September FOMC meeting minutes indicated a consensus among most members for further interest rate cuts this year, although there were differing views on the pace and path of future cuts [4]

Group 1: Report Information - Report Date: October 10, 2025 [1] - Report Title: Shenwan Hongyuan Gold ETF Portfolio 202510 [1] - Analysts: Shen Siyi, Deng Hu [3] - Research Support: Bai Haotian [3] - Contact: Shen Enyi [3] Group 2: Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - The report constructs four ETF portfolios, including the macro industry portfolio, macro + momentum industry portfolio, core - satellite portfolio, and trinity style rotation ETF portfolio, based on macro - sensitivity and momentum analysis, aiming to capture investment opportunities in different market environments [5][8]. - The current economic leading indicators are rising, liquidity indicators are slightly tight, and credit indicators remain positive. The portfolios are shifting towards a more balanced allocation, with an increased proportion of consumer sectors [5]. - The trinity style rotation model combines macro - liquidity, fundamental, and market sentiment factors to construct a medium - to long - term style rotation model, providing insights into market style preferences [5][9]. Group 4: ETF Portfolio Construction Methods 4.1 Based on Macro - Method - Calculate macro - sensitivity for broad - based, industry - theme, and Smart Beta ETFs based on economic, liquidity, and credit variables. Traditional cyclical industries are sensitive to the economy, TMT to liquidity, and consumption to credit [8]. - Construct three ETF portfolios (macro industry, macro + momentum industry, and core - satellite) using macro - sensitivity and momentum, and rebalance monthly [8]. 4.2 Trinity Style Rotation ETF Portfolio - Build a medium - to long - term style rotation model centered on macro - liquidity, comparing with the CSI 300 index. Screen macro, fundamental, and market sentiment factors to construct three types of models (growth/value, market - cap, and quality) [9]. Group 5: Portfolio Details 5.1 Macro Industry Portfolio - Select the top 6 industry - theme indices based on macro - sensitivity scores, and equally weight the largest - scale corresponding ETFs. Currently, the portfolio is more balanced with an increased consumer proportion [5][10]. - October 2025 holdings include ETFs related to tourism, home appliances, chemicals, etc. [14]. - In 2025, the portfolio had varying monthly excess returns, with positive excess returns in September [15]. 5.2 Macro + Momentum Industry Portfolio - Combine macro and momentum methods. The pharmaceutical sector's weight is further reduced, and rare earth and battery sectors are selected on the momentum side [5][16]. - October 2025 holdings include multiple industry - themed ETFs [18]. - The portfolio performed well in 2025, with positive excess returns in September after a drawdown in August [19]. 5.3 Core - Satellite Portfolio - Use the CSI 300 as the core and combine broad - based, industry, and Smart Beta portfolios. Weight them at 50%, 30%, and 20% respectively [20][21]. - October 2025 holdings include a mix of broad - based and industry - themed ETFs [24][25]. - The portfolio performed steadily in 2025, outperforming the index almost every month [25]. 5.4 Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth and high - quality styles. The portfolio's factor exposure and historical performance are presented [26][27]. - October 2025 holdings include ETFs related to small - cap indices and high - growth sectors [31]. - The portfolio has shown certain performance since 2021, with positive excess returns in September 2025 [30].

10月10日，记者获悉，国庆中秋双节期间，银川市精心组织实施"乐购银川、畅游银川、妙选银川、悦动银川、微醺银川"五大品牌159项特色活动，全市 共接待国内游客411.4万人次，同比增长10.5%；实现旅游总花费27.13亿元，同比增长13.1%。 首届"银领食尚·川行百味"美食推荐活动评选出50家餐厅，带动餐饮销售1000万元。砂之船（银川）奥莱开业，累计客流量60.51万人次、销售额8118.91万 元。核心商圈推出差异化个性活动20余场次，带动消费3.2亿元。"十一"国际车展吸引观展人数14.4万人次，预定车辆金额达14.63亿元。 第二十三届中国绿色食品博览会现场成交额235万元，滚钟口景区展销葡萄酒、枸杞等优质农产品300多种，全市42场农产品促消费活动带动销售1009万 元。38场体育赛事吸引6598人参赛、6万余人观赛。三大商圈赛事联动商业消费，带动客流超57万人次、关联消费超2000万元。17项葡萄酒特色活动落 地，贺兰山葡萄酒微醺乡集汇聚82家商家，七条特色酒庄旅游路线受欢迎，酒庄综合营收761.61万元。"银票有礼"让游客凭票根在761家商家享优惠，带 动消费2.31亿元。 贺兰山天籁之夜演 ...

Core Insights - The tourism revenue in Pingshan during the 2025 National Day and Mid-Autumn Festival holiday increased by 78.8% compared to the same period in 2024, with a total of 402,000 visitors and a significant rise in per capita spending by 78% [1][3] Group 1: Tourism Activities - Pingshan organized a series of events such as "Beautiful Holiday" and "Eight Days of National Day Fun," focusing on joy, romance, and leisure activities [3] - The "ticket root economy" emerged as a highlight, offering discounts on accommodation, dining, and shopping for visitors who attended performances [3] Group 2: Visitor Statistics - During the holiday, over 260,000 passengers traveled through Pingshan High-Speed Railway Station, marking an 11.8% year-on-year increase, with a 16.2% rise in departing passengers and a 6.7% increase in arriving passengers [3][4] Group 3: Consumer Market Growth - The holiday period saw a 29.3% increase in foot traffic and a 20.7% rise in revenue across key commercial complexes in Pingshan compared to the 2024 National Day holiday [4] - Yitian Holiday World reported a 13.8% increase in visitor numbers and a 16.1% increase in revenue, indicating sustained consumer vitality [4]

广东文旅发力的新路径。 国庆中秋假期去哪里玩？广东是重要的旅游目的地之一。 据广东省文化和旅游厅初步测算，2025年国庆中秋假期全省接待游客6517.6万人次，较2024年国庆假期 增长11.5%；旅游收入攀升至613.2亿元，增幅达14.2%。 21世纪经济报道记者梳理广东各城市今年国庆中秋假期的旅游项目发现，深圳的工业游、佛山的龙舟文 化游、汕头的美食体验游、梅州的乡村生态游等一系列城市各具特色文旅项目涌现，已成为广东文旅的 发展新趋势。 华南理工大学旅游发展与规划研究院院长吴志才教授告诉21世纪经济报道记者，广东多座城市探索城市 特色旅游项目，反映了地方文旅市场促消费模式正在发生三大新变化，即从"资源依赖"到"创意驱动"的 转变、从"景点观光休闲"到"生活方式消费"的转变、从"客群泛化"到"精准圈层"的转变。其中关键在于 本地文化活态传承与烟火气、文化产品体验化与产业链构建、文化品牌打造与可持续发展。 10月4日下午，深圳市龙岗区高巨创新科普研学工业旅游基地人头攒动，来自全国各地的30位学生正在 讲解员的帮助下，操作无人机体验激光项目，许多人是第一次参观并实际操作无人机。 记者了解到，该基地是由高巨创新 ...

作者： 张锐 封图：图虫创意 过去两年，Citywalk（城市漫步）在中国各大城市流行。如今，随着eVTOL（电动垂直起降航空器）、飞 行汽车等产品的前沿技术发展，"City Fly"（城市低空飞行/观光）也正在走向商业化。 "今年更冷静、理性。"邹一沛表示，一方面现有的空域还需有 序放开才能实现常态飞行，另一方面民航局对运营商和飞行操 控人员的资质颁发也需要逐渐到位。他认为，这是行业发展必 然要经历的过程，因为"安全容不得闪失"。 广 州 合 利 创 兴 智 能 科 技 有 限 公 司 （ 下 称 " 合 利 智 能 " ） 以 低 空 观 光 旅 游 起 家 ， 主 要 依 托 亿 航 智 能 （NASDAQ：EH）的eVTOL产品进行运营。目前，该公司正在推进广州市内首条商业化自动驾驶飞行器 空中观光游览航线：从天德广场出发，依次经过猎德大桥、广州塔、广州大桥、海心沙，再回到天德广场 （下称"天德广场-海心沙"航线）。 10月9日，合利智能执行总裁邹一沛向经济观察报记者表示，上述游览航线争取在明年实现商业化落地， 他对此也非常期待。 "政策、技术，还有社会环境，人们的消费观念需要协同发展，共同推进。"邹 ...

证券日报网讯三特索道10月10日在互动平台回答投资者提问时表示，公司高管薪酬发放程序符合国资及 上市公司监管政策，相关差异由任职时间等多重因素导致；债权对应的抵质押物不仅有上市公司股票， 无法明确对应债权本金。 （文章来源：证券日报） ...

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Investment Rating - The industry investment rating is "Outperform" [1][60]. Core Insights - The report highlights a significant recovery in civil aviation passenger traffic, with major airports seeing a notable rebound in international passenger flow [4][5]. - There is a sustained enthusiasm for domestic travel during holidays, with inbound tourism continuing to thrive [4][15]. - The service sector shows a positive trend, with service consumption and production indices on the rise [30][31]. Summary by Sections Civil Aviation Recovery - Civil aviation passenger volume is recovering, with August 2025 domestic passenger volume reaching approximately 75.36 million, a 3.3% increase from 2024 and a 23.1% increase from 2019 [8]. - The average domestic economy class ticket price in August 2025 was 694.1 yuan, down 1.0% from 2024 and 8.5% from 2019 [8]. - International passenger volume in August 2025 was about 7.47 million, a 15.3% increase from 2024 and a 6.5% increase from 2019 [10]. Domestic Travel Enthusiasm - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, an increase of 1.23 million from 2024, with total spending of 809 billion yuan, up 1.08 billion yuan from 2024 [18]. - The average spending per trip during the holiday was 911 yuan, surpassing 2019 levels but slightly lower than 2023 [20]. - The average travel radius for tourists reached 212.66 kilometers, a 14.8% increase year-on-year, indicating a growing willingness to travel further [23]. Service Sector Performance - In August 2025, restaurant revenue grew by 2.1%, and retail sales increased by 3.6%, with the service production index rising by 5.6% [31]. - The service sector PMI remained above the threshold, recording 50.1% in September, indicating ongoing demand recovery [33]. - The total revenue of the service industry from January to July 2025 saw a cumulative year-on-year increase of 7.4% [31]. Key Company Tracking - Ctrip's net profit for 2025 is projected to be 17.71 billion yuan, with a potential for valuation improvement compared to international OTA leaders [54]. - The report indicates a strong trend towards long-distance and cross-border travel, with significant growth in bookings for destinations beyond traditional hotspots [53]. - The average occupancy rate for star-rated hotels in Shanghai reached 71.90% in August 2025, recovering to 105.74% of 2019 levels [47].