Core Points - The G5557 "Daiyue" special train was launched to promote tourism in the Tai'an Daiyue area through a "high-speed rail + tourism" model, aiming to attract more visitors [1][2] - A promotional event featuring cultural performances was held at Jinan Station to engage travelers and showcase the cultural tourism characteristics of the Daiyue region [1] - The train features a "Daiyue cultural tourism" themed experience space, where staff interact with passengers and offer prizes such as tickets and cultural gifts [2] Discounts and Promotions - Tai'an Station has introduced several discount policies for tourists using the "high-speed rail + tourism" travel option, including ticket discounts and accommodation offers at various scenic spots [3] - Specific discounts include 20% off at the Shigandang Cultural Park and 30% off at the Jiunv Peak scenic area for travelers holding a high-speed rail ticket and ID [4] - Additional offers include reduced ticket prices for performances and free access to certain attractions for eligible travelers [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Core Viewpoint - Numerous scenic spots across the country are offering exclusive discounts and benefits for the 2025 high school and college entrance examination candidates, including free admission, ticket discounts, and transportation benefits from now until the end of summer [1][26]. Group 1: Discounts and Benefits - Wild Three Ponds Scenic Area offers free admission for 2025 high school graduates from June 10 to August 31, allowing them to visit four major scenic spots with their examination admission ticket and ID [2]. - Yellow Crane Tower Park provides free access for high school graduates on June 17, where they can ring the Millennium Bell for blessings with their admission ticket [4]. - Xuzhou allows high school candidates to ride all city buses for free from June 7 to 9 with their admission ticket [7]. Group 2: Regional Offers - In Shaanxi, students can enjoy free admission to various scenic spots from June 10 to August 31 with their admission ticket and ID, while teachers receive discounts [12]. - In Anhui, several scenic areas, including Jiuhua Mountain and Tianzhushan, offer free admission and discounts on accommodations and dining for 2025 examination candidates from June 9 to August 31 [14]. - In Zhejiang, the Xiansianju Scenic Area provides free admission for students and teachers from June 1 to September 1, requiring prior reservation [17]. Group 3: Additional Offers - In Qinghai, Chaka Salt Lake Scenic Area offers free admission for 2025 high school candidates from June 10 to August 31 [18]. - In Xinjiang, various scenic spots, including Akta Peak and Hami Yilong, provide discounts and free admission for examination candidates from June 6 to August 30 [29]. - In Sichuan, Xiling Snow Mountain offers free admission for 2025 examination candidates from now until August 31, with a combined ticket for transportation and admission originally priced at 240 yuan now available for free [25].

Core Insights - The article highlights the rapid rise of Luoyang's Luoyi Ancient City as a popular destination for Hanfu experiences, attracting over 15 million visitors annually and housing over 1,100 Hanfu experience shops [2][4]. Group 1: Tourism Growth - Luoyi Ancient City covers an area of over 160 acres and is expected to receive over 40 million visitors in 2024, despite the old town's small area of just over 50 square kilometers and a resident population of about 250,000 [2]. - The number of Hanfu merchants in the old town surged from 18 to over 1,100 following the popularity of Hanfu experiences in 2023, with local homestays achieving an average occupancy rate of over 70% [2]. Group 2: Management and Governance - The local government has implemented measures to regulate the Hanfu photography market, including registering and training photographers, establishing pricing transparency, and creating a "pay after trial" rule to enhance service quality [4][7]. - The governance approach has shifted from reactive to proactive, focusing on industry self-regulation and credit supervision to address complaints and support compliant businesses [7][9]. Group 3: Visitor Experience Enhancement - To improve visitor satisfaction, the local government has extended night lighting hours, coordinated public transport services, and opened parking facilities, adding over 2,000 parking spaces in crowded areas [9]. - The local administration has trained nearly 10,000 tourism service personnel, including makeup artists, to meet the rising demand for Hanfu styling [9].

Group 1 - The article highlights popular summer travel destinations in China, focusing on natural scenic spots that attract tourists during the hot season [2][4][5] - The Xiaoqikong Scenic Area in Guizhou Province has seen a 7.81% increase in visitors this year, totaling 1.7606 million tourists, thanks to its unique karst landscape and ecological resources [4] - The Zhongdugou Scenic Area in Henan Province has enhanced visitor experiences with new attractions like "water steps" and themed trails, contributing to increased tourist traffic [5][7] Group 2 - In Hubei Province, the "Baili Huang" highland pasture has transformed from ecological degradation to a thriving tourist destination, with over 2 million annual visitors and tourism revenue exceeding 200 million yuan [8][10] - The "cloud sheep raising" initiative allows visitors to adopt livestock via mobile apps, blending tourism with agricultural innovation and boosting local farmer incomes [8][10] - Jiangsu Province's Nanjing has developed diverse summer consumption scenes, including health service markets and pet parks, attracting significant foot traffic and sales [11][12][14] Group 3 - The health service market at Xuanwu Lake attracted over 50,000 visitors in three days, generating sales of 1 million yuan, showcasing the growing trend of health-focused consumer experiences [12] - Nanjing's cycling district features user-friendly designs and amenities, promoting cycling as a summer activity and enhancing local tourism [16] - The ecological environment on Jiangxinzhou Island has been improved, with 70% green coverage, contributing to the popularity of pet-friendly spaces and related businesses [14]

Core Insights - The Longtan Grand Canyon in Luoyang, Henan, has gained popularity due to its affordable pricing for goods, contrasting with the high prices typically found in many tourist attractions [2][3] - The park's strategy includes maintaining stable prices for eight years and introducing a policy allowing multiple free entries within a year for a ticket price of 80 yuan, enhancing customer loyalty [3] Pricing Strategy - The Longtan Grand Canyon offers low-priced items such as ice cream for 1 yuan, bottled water for 2 yuan, and cucumbers for 2.5 yuan, which has attracted a significant increase in visitor numbers during the "May Day" holiday [2] - The park's pricing approach stands in stark contrast to other tourist spots where prices are often inflated due to monopolistic practices and lack of transparency, leading to negative public sentiment [2] Customer Experience - The park emphasizes respect for visitors by providing a sense of security against being overcharged, which is crucial for enhancing the overall travel experience [2] - The establishment of a price hearing system involving visitor representatives aims to ensure transparency and fair pricing, contributing to a trustworthy consumer environment [3] Industry Trends - The tourism industry is witnessing a shift where merely relying on scenic beauty is no longer sufficient; the importance of comprehensive emotional value for tourists is increasingly recognized [3] - The success of Longtan Grand Canyon serves as a reminder that genuine respect and quality service towards customers are essential for sustainable business growth in the tourism sector [3]

Core Viewpoint - The article highlights the successful development and promotion of the Zhongshan Scenic Area in Nanjing, showcasing its rich historical heritage and modern tourism appeal, which has attracted a significant number of domestic and international visitors this year [1][9]. Group 1: Scenic Area Development - The Zhongshan Scenic Area has implemented actions to create a world-class tourist destination, enhancing its aesthetic appeal and integrating new experiences for visitors [1][9]. - The scenic area ranked fifth and third in visitor numbers among national tourist attractions during the Spring Festival and May Day holidays, respectively [1]. Group 2: Natural and Historical Attractions - The Yanjue Lake, described as a summer version of a "Monet Garden," features seasonal beauty with various flowers and historical architecture, enhancing its appeal [2]. - The Meihua Mountain, known as the "First Plum Mountain in the World," boasts over 38,000 plum trees and has the most self-bred varieties in China, with 155 varieties recognized internationally [3]. Group 3: Cultural and Educational Integration - The newly established Purple Mountain Observatory Museum has become a platform for visitors to learn about traditional Chinese culture through ancient astronomical instruments and modern technology [5][6]. - The "Zhongshan Museum Cluster" includes 15 institutions, promoting a blend of architecture, ecology, culture, and education [6]. Group 4: Innovative Tourism Experiences - The scenic area has introduced diverse activities, such as poetry reading events and hands-on cultural experiences, to engage visitors and enhance their understanding of local heritage [7]. - Recent events have attracted international tourists, with groups from Singapore, the United States, and other countries participating in cultural activities [8][9]. Group 5: Visitor Statistics and Future Goals - The Zhongshan Scenic Area is projected to receive nearly 38 million visitors in 2024, with plans to enhance its international image and improve the integration of ecological protection and cultural tourism [9].

Summary of Conference Call Records Industry Overview - The records primarily focus on the domestic travel and tourism industry in China, highlighting various metrics related to passenger flow, tourism data, and consumer spending during recent holidays. Key Points Domestic Travel Data - Total cross-regional passenger flow reached 657 million, averaging 219 million daily, with a year-on-year increase of 3.0% [1] - Railway passenger numbers totaled 47.108 million, averaging 15.7027 million daily, reflecting a 2.3% year-on-year growth [1] - Civil aviation recorded 5.601 million passengers, averaging 186,700 daily, with a 1.22% year-on-year increase [1] - Road travel accounted for 600 million passengers, averaging 200 million daily, showing a 3.14% year-on-year growth [1] - Waterway travel saw 2.881 million passengers, averaging 960,000 daily, which is a decline of 1.65% year-on-year [1] - Average economy class ticket prices for the upcoming May Day holiday are expected to decrease by 10.4% compared to 2019 and by 25% compared to 2023 [1] Provincial and Scenic Area Tourism Data - Key scenic areas experienced varied growth rates due to weather impacts and base differences: - Laoshan received over 117,000 visitors, up 12.6% year-on-year [3] - Hongcun saw a decline in visitors to 29,125, down 14.16%, with ticket revenue dropping 35.46% [3] - Xidi had 10,812 visitors, down 7.67%, with ticket revenue decreasing by 12.37% [3] - Beijing's parks received 1.2558 million visitors, remaining stable year-on-year [3] - Notable provincial data includes: - Sichuan's A-level scenic areas welcomed 14.2915 million visitors, with ticket revenue of 109.1803 million, marking a 13.02% increase in visitor numbers [3] - Hunan reported 17.2881 million visitors, up 12.56%, with per capita spending increasing by 16.11% [3] - Shanghai received 6.4808 million visitors, with total tourism spending of 12.477 billion, a 3.30% increase [3] - Beijing's total visitor count was 8.211 million, with tourism spending of 10.77 billion, up 6.7% [3] - Guangdong saw a 20.6% increase in visitors, totaling 23.21 million, with tourism revenue up 25.6% [4] OTA Booking Trends - OTA platforms indicate that cultural experiences, short trips, and summer vacations are key growth drivers for domestic travel [6] - Family-oriented travel is prominent, with nearly 90% of the top 50 scenic spots being family-friendly, and family orders constituting 25% of total travel orders [6] - Theme park ticket bookings surged by 127% year-on-year [6] - Booking trends show significant growth in domestic and international travel, with a 15% increase in outbound flight bookings [7] Local Consumption Data - In Beijing, ticket sales for performances reached 140 million, with a 130% increase in box office revenue year-on-year [10] - Retail sales in various cities showed positive growth, with Shanghai's consumption nearing 20 billion, up 4.1% from the previous year [10] - Meituan reported a 193% increase in "Dragon Boat Rice" orders in Guangdong and a 241% increase in specific regional delicacies during the holiday [11] Additional Insights - The overall outflow and inflow of people at national ports is expected to reach 2.15 million daily, a 12.2% increase compared to the previous year [8] - International flights are recovering, with daily operations reaching 1,659 flights, which is 87% of the 2019 level [8] - Hainan's airports are projected to handle 317,000 passengers, with a 2.5% year-on-year increase in passenger throughput [9] Conclusion - The domestic travel and tourism industry in China is showing signs of recovery and growth, with various regions and sectors experiencing different levels of performance. The data indicates a positive trend in consumer spending and travel activity, despite some challenges posed by weather conditions and other factors.

Group 1 - The Dragon Boat Festival holiday in Guangdong from May 31 to June 2, 2025, saw a total of 23.21 million visitors, representing a year-on-year increase of 20.6% [1] - The tourism revenue during the holiday reached 11.44 billion yuan, marking a year-on-year growth of 25.6% [1] - The average spending per visitor in Guangdong was 493 yuan, which is a 4.2% increase compared to the previous year [1] Group 2 - Major cities in Guangdong, including Guangzhou, Foshan, Dongguan, Zhongshan, and Shanwei, hosted various dragon boat races, integrating traditional customs with modern elements like drone performances and online streaming [1] - The 4A-level and above scenic spots in Guangdong received 7.26 million visitors during the holiday, reflecting an approximate 19% year-on-year increase [1] - The Gulongxia Scenic Area experienced a significant surge in visitors, welcoming 79,000 guests, which is a 220% increase year-on-year, due to its unique blend of adventure elements and immersive experiences [1] Group 3 - The Qingyuan Senbora Scenic Area offered a unique experience combining technology and tradition, featuring performances by robots and AI dogs during the holiday [2] - In Foshan's Shunde Changlu Tourism Resort, a giant rice dumpling weighing 3.8 tons was showcased, attracting many visitors eager to taste this culinary delight [2]

随着人工智能技术的飞速发展，"AI进景区"成为旅游行业的热门趋势。从智能登山神器助力游客攀登高 峰，到机器人提供表演、导览、检票等服务，AI正以前所未有的方式重塑景区，为游客带来新奇体验 的同时，也为景区运营和产业发展注入了新活力。 AI赋予游客新奇体验 今年4月，沈灵溪在山东泰山景区租用了"登山助力机器人(外骨骼机器人)"。 一台设备由上半身和下半身两大部分组成并相互连接。穿戴时，先将上半身部分背在肩上，然后把环绕 在腰部的部件勒紧，确保稳固。小腹前方设有操作按键，设有开关和暂停键，可调节机器人助力的大 小。根据沈灵溪的经验，登山时将助力调节至8，就能很好地满足需求，减轻登山时的体力消耗。机器 行至中途可以在指定位置更换电池，保证下半程的续航稳定。外骨骼设备的下半身则是通过绑带紧紧固 定在游客膝盖部位，上下两部分通过支撑杆相连，构成一个完整的助力系统。在使用过程中游客如果需 要上厕所，只需松开下半身固定在膝盖上的设备即可。 谈及使用体验，沈灵溪表示："设备开启后提供的提升力，能减轻大腿主动抬升的消耗，上山时的压力 骤减，即使在平地上行走，步幅也比平时更大。" 不过，在使用过程中，沈灵溪也感受到了一些不足，例 ...