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].

作者丨 2 1世纪经济研究院研究员 李果 编辑丨周上祺 随着国庆中秋"双节"假期结束，又到了各个城市文旅部门交"答卷"的时间。每逢此时，总免不 了对国内城市的假日消费进行一次横向的对比与排名，市场习惯看的数据有两个，一是旅游 总人数，二是旅游总花费，或者更细一点，是人均旅游花费。但21世纪经济研究院研究员认 为，这两项数据其实无法准确、全面地复盘当下的假日消费发展状况，我们需要从更多的维 度去观察每一座城市的消费吸引力、竞争力。 举例而言，可能已经有细心的读者发现，很多城市对旅游人数和旅游花费的统计口径并不 一样，直接横向比较数据有失公允。与此同时，随着高铁、高速公路的加密成网，都市圈 所形成的旅游消费聚集效应越来越强，游客也越来越倾向于利用超长假期在都市圈内的城 市逐一观光打卡，再仅仅去分析单一城市的旅游吸引力，就已经无法覆盖整体情况了。 为此，21世纪经济研究院梳理了6个关键词，来呈现国内城市在今年国庆中秋"双节"假期文旅 发展新趋势。 一、2000万人次 在纳入统计的11座城市中，有8个城市的2025年国庆中秋假期游客总量超过2000万人次，其中 成都的游客总量在2024—2025年国庆（中秋）假期连续 ...

Group 1 - Hainan Province will gradually relax or eliminate restrictions on foreign investment in the tourism industry, allowing qualified joint venture travel agencies and wholly foreign-owned enterprises to engage in outbound tourism business, excluding Taiwan [1] - The new regulations will take effect on December 1, 2025, following the approval of the "Hainan Free Trade Port Tourism Regulations" by the Hainan Provincial People's Congress [1] - The initiative aims to attract more international capital to participate in the development of Hainan's tourism sector [1] Group 2 - The Ministry of Transport announced a special port service fee for American vessels, effective October 14, 2025, applicable to various categories of vessels owned or operated by U.S. entities [2] - The fee will be collected by the maritime management agencies at the ports where the vessels dock, based on relevant laws and international principles [2] Group 3 - The central government has allocated the first batch of 1.16 billion yuan in subsidies for elderly service consumption [3]

Core Viewpoint - The company, Three Gorges Tourism, has formed a consortium with Chongqing Wushan Cultural Tourism Group to acquire a 35% stake in Chongqing Pinnacle Double Gorge Tourism Co., Ltd. through a public bidding process, enhancing its shareholder rights in the company [1] Group 1: Transaction Details - The total acquisition price for the stake is 4.11572 million yuan, with Three Gorges Tourism acquiring 5% for 587,960 yuan and Wushan Cultural Tourism acquiring 30% for 3.52776 million yuan [1] - Post-transaction, the shareholding structure of Pinnacle Double Gorge will be Three Gorges Tourism 40%, Wushan Cultural Tourism 30%, and Chijia Cultural Tourism 30% [1] Group 2: Strategic Implications - This transaction allows Three Gorges Tourism to strengthen its equity position in Pinnacle Double Gorge, while Wushan Cultural Tourism's entry as a shareholder is expected to promote the collaborative development of tourism resources in Wushan and Fengjie [1] - The acquisition is anticipated to accelerate the operational launch of Pinnacle Double Gorge products [1]

Core Insights - The tourism market in Qujing City experienced a consumption boom from October 1 to 8, with a total of 3.27 million visitors and a total tourism expenditure of 3.196 billion yuan, reflecting a year-on-year increase of 7.53% and 12.87% respectively [1] - The first Coffee Culture Carnival was a highlight of the holiday tourism market, featuring various local cultural elements and attracting participation from baristas across the country [3][4] - A total of 295 cultural and tourism activities were held during the holiday, generating significant economic and social benefits, with high exposure on social media platforms [4] Tourism Statistics - Qujing City received 3.2669 million visitors, averaging 408,400 visitors per day, a 7.53% increase year-on-year [1] - Total tourism expenditure reached 31.96 billion yuan, averaging 3.99 billion yuan per day, marking a 12.87% increase year-on-year [1] - Accommodation statistics showed approximately 385,900 overnight stays, averaging 48,200 per day, which is a 3.68% decrease year-on-year [1] Event Highlights - The Coffee Culture Carnival ran for 8 days, integrating local cultural elements and offering various consumer incentives, including 2.8 million yuan in consumption vouchers [3] - The event featured 13 music parties and professional coffee competitions, enhancing the consumer experience [3] - Traditional cultural experiences, such as the immersive night tour and Mid-Autumn Festival rituals, attracted large crowds and provided deep cultural engagement [6] Social Media Impact - The Coffee Culture Carnival gained over 3 million exposures on platforms like Douyin and Xiaohongshu, with the related "Travel to Qujing" topic exceeding 110 million exposures [4] - The event's promotional efforts included a plan for university tourism ambassadors, further increasing visibility [4] Local Infrastructure and Experience - Qujing's well-developed infrastructure and urban functions provide a solid foundation for enhancing the coffee consumption market, especially during holiday periods [5] - Cultural venues and unique street markets reported impressive visitor numbers, with the Qujing Museum and other attractions significantly boosting foot traffic and consumer spending [8]

智通财经APP讯，三峡旅游(002627.SZ)发布公告，近日，公司与重庆巫山文旅集团有限公司(以下简 称"巫山文旅")组成联合体，通过公开摘牌方式受让万州汽运所持重庆巅峰双峡旅游有限公司(以下简 称"巅峰双峡公司")35%股权(以下简称"本次交易")，受让价格合计411.572万元，其中公司受让5%股 权，受让价格58.796万元;巫山文旅受让30%股权，受让价格352.776万元。本次交易完成后，巅峰双峡 公司的股东构成及股权比例变更为：三峡旅游40%，巫山文旅30%，赤甲文旅30%。 通过本次交易，公司将进一步加大对巅峰双峡公司的股东权益。同时，巫山文旅通过股权受让成为巅峰 双峡公司的股东，将有效促进巫山、奉节两地旅游资源的协同发展，加快推进巅峰双峡产品投入运营。 ...

Core Points - The Hainan Free Trade Port Tourism Regulations have been approved and will take effect on December 1, 2025, focusing on high-standard open policies in the tourism sector to build an international tourism consumption center [1][8]. Group 1: Key Regulations - The regulations gradually relax or eliminate restrictions on foreign investment in the tourism industry, including entry qualifications, investment ratios, and operational scopes [2][28]. - Joint ventures and wholly foreign-owned travel agencies will be allowed to conduct outbound tourism business, excluding Taiwan [2][28]. - The establishment of Chinese-controlled foreign investment performing arts groups is permitted to attract more international capital into Hainan's tourism development [3][28]. Group 2: Tourism Development Initiatives - More open and convenient duty-free shopping policies for island travelers will be implemented to create an internationally influential duty-free shopping destination [4][28]. - The development of cruise home ports will be promoted to attract international cruise registrations and develop international cruise routes [4][28]. - Various tourism sectors such as forest tourism, wellness tourism, rural tourism, sports tourism, low-altitude tourism, educational tourism, self-driving RV camping tourism, and night economy will be encouraged [4][28]. Group 3: Internationalization and Market Expansion - The regulations will implement broader visa-free entry policies for tourists, aligning with national regulations [5][28]. - The introduction of international high-level performance activities and sports events will be encouraged, enhancing Hainan's international tourism brand [29][28]. - The regulations support the establishment of international medical tourism brands and the optimization of services for international patients [29][28]. Group 4: Market Response - Following the announcement, multiple Hainan Free Trade concept stocks saw significant gains, indicating positive market sentiment towards the new regulations [6].