Economic Recovery in Guangzhou - The latest economic data from Guangzhou indicates a positive recovery, with the city's GDP growth reaching 3.8% in the first half of the year, up from 3.0% in the first quarter [2][4] - The industrial output value of Guangzhou has finally turned positive after a year of decline, supported by the automotive industry [2][4] - Real estate development investment in Guangzhou also saw a positive growth of 4.1% in the first half of the year, reversing a 10.8% decline in the first quarter [2][11] Automotive Industry Performance - The automotive industry in Guangzhou is still recovering, with a year-on-year decrease of 5.7% in automotive industrial value added, although this is an improvement from a 6.4% decline in the first quarter [4][8] - GAC Group reported a total automotive sales volume of 755,300 units in the first half of the year, a decrease of 12.48% year-on-year [5][7] - GAC Toyota managed to maintain stability with a slight increase in sales of 2.58%, accounting for 45.63% of GAC Group's total sales [7] Industrial Growth and Investment - The overall industrial value added in Guangzhou increased by 0.7% in the first half of the year, marking the first positive growth since June of the previous year [8] - Key sectors such as electronics and petrochemicals showed stable growth, with value added increasing by 1.6% and 6.3% respectively [8][9] - The city's fixed asset investment grew by 0.8%, with infrastructure investment rising by 4.2% [12] Real Estate and Policy Support - The positive growth in real estate investment is attributed to supportive policies, including the acceleration of central special bonds [11][12] - The issuance of special bonds is also facilitating the launch of other investment projects, contributing to a 12.0% increase in industrial investment [12] Consumer Market Dynamics - Retail sales in Guangzhou increased by 5.9% year-on-year, outperforming both national and provincial averages [13] - The "old-for-new" consumption subsidy policy significantly boosted sales, contributing to a total of 482.7 billion yuan in sales [13] Foreign Trade and Economic Events - Guangzhou's total import and export value reached 605.05 billion yuan in the first half of the year, a 15.5% increase year-on-year [15] - The upcoming 15th National Games is expected to further stimulate economic activity, particularly in the sports industry, which saw a revenue increase of 16.7% [15][17]

Economic Overview - In the first half of 2025, the GDP of Zhongshan reached 197.465 billion yuan, with a year-on-year growth of 3.4% at constant prices [2] - The primary industry added value was 3.663 billion yuan, growing by 6.3% year-on-year; the secondary industry added value was 101.509 billion yuan, with a growth of 3.3%; the tertiary industry added value was 92.292 billion yuan, also growing by 3.3% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in Zhongshan was 7.651 billion yuan, increasing by 6.3% year-on-year [2] - Agricultural output value was 2.595 billion yuan, with a year-on-year growth of 4.2%; fishery output value was 4.741 billion yuan, growing by 7.3% [2] Industrial Performance - The added value of large-scale industries in Zhongshan grew by 4.4% year-on-year [3] - Manufacturing sector increased by 5.0%, while the electricity, heat, gas, and water production and supply sector saw a decline of 5.9% [3] - Advanced manufacturing added value grew by 8.3%, accounting for 52.6% of large-scale industries; high-tech manufacturing increased by 19.4%, making up 18.2% of large-scale industries [3] Service Sector - The added value of the service industry increased by 3.3% year-on-year [3] - Information transmission, software, and IT services grew by 8.8%; leasing and business services increased by 6.2%; accommodation and catering services rose by 4.6% [3] - From January to May, the revenue of large-scale service industries grew by 3.6% year-on-year [3] Investment and Consumption - Fixed asset investment in Zhongshan decreased by 22.2% year-on-year [4] - Industrial investment fell by 10.1%, accounting for 49.1% of total fixed asset investment [4] - The total retail sales of consumer goods remained stable at 81.6 billion yuan, unchanged from the previous year [4] - Online retail through public networks grew by 5.7% year-on-year [4] Price Levels and Income - The Consumer Price Index (CPI) in Zhongshan remained stable, unchanged from the previous year [5] - The per capita disposable income of residents was 33,570 yuan, with a year-on-year growth of 2.5% [5] - Urban residents had a per capita disposable income of 34,697 yuan, growing by 2.2%, while rural residents had 25,485 yuan, increasing by 4.3% [5]

Economic Overview - The GDP of Zibo City for the first half of the year reached 256.89 billion yuan, with a year-on-year growth of 5.6% and a nominal increase of 18.74 billion yuan, representing a nominal growth rate of 7.87%, which is higher than the provincial average [1] - The primary industry added value was 8.24 billion yuan, growing by 3.7%; the secondary industry added value was 118.49 billion yuan, growing by 5.1%; and the tertiary industry added value was 130.16 billion yuan, growing by 6.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery reached 14.93 billion yuan, with a year-on-year growth of 4.1%, improving by 0.6 percentage points compared to the first quarter [1] - The production of vegetables was 978,000 tons, growing by 3%, and the production of fruits was 66,000 tons, growing by 3.3% [1] Industrial Sector - The added value of large-scale industries in Zibo grew by 7.6% year-on-year, with 29 out of 38 major industry categories achieving positive growth, resulting in a growth coverage of 76.3% [2] - The top 10 industries by total added value saw eight industries increase, contributing 6.2 percentage points to the overall industrial growth [2] - High-tech manufacturing added value grew by 8.1%, and the "Four Strong" industries increased by 8.5% [2] Investment Trends - Fixed asset investment in Zibo decreased by 1.3% in the first half of the year, while industrial investment increased by 29.7%, with industrial technological transformation investment growing by 20.8% [2] - Private investment rose by 21.0%, accounting for 65.3% of total investment, an increase of 12 percentage points year-on-year [2] Service Sector - The total retail sales of social consumer goods reached 83.03 billion yuan, with a year-on-year growth of 7.1% [3] - The retail sales of above-limit units reached 29.62 billion yuan, growing by 12.3%, with 15 out of 22 categories showing positive growth [3] - Categories such as grain and oil, food, tobacco and alcohol, sports and entertainment products, and communication equipment saw significant growth rates of 24.1%, 22.1%, 91.8%, and 50.2% respectively [3]

Core Viewpoint - The issuance scale of urban investment bonds continues to decline in the first half of 2025, with a slight narrowing of the decline compared to the first quarter, influenced by stricter regulations and policies aimed at mitigating local debt risks [1][3][4]. Group 1: Issuance Trends - In the first half of 2025, the issuance scale of urban investment bonds decreased by approximately 13.5% year-on-year, with the decline in eastern regions remaining significant at 18.7%, while the central and western regions saw slight improvements [4]. - The number of newly issued enterprises in the second quarter of 2025 increased significantly, with a growth rate of 114% compared to the first quarter, indicating a more balanced regional distribution [9]. - The financing net outflow for urban investment bonds in the first half of 2025 reached 214.1 billion, a substantial decrease from the net inflow of 109 billion in the first quarter [7]. Group 2: Enterprise Characteristics - The majority of newly issued enterprises in the second quarter of 2025 were in the production and investment category, accounting for about 64.2% of the total, with a notable increase in diversity among industries such as public utilities and transportation [11]. - In the central region, 76.5% of newly issued enterprises were urban investment types, with a significant proportion being AA+ rated or above, and the majority of funds raised were for new projects [14]. - In the western region, 45.45% of newly issued enterprises were urban investment types, with a focus on new funding purposes, accounting for 92% of the total [16]. Group 3: Transformation and Policy Impact - The series of debt resolution policies initiated in 2023 has led to a tightening of financing policies for urban investment enterprises, resulting in a significant reduction in net financing scale for urban investment bonds in 2024 [3][4]. - Urban investment enterprises are gradually advancing their transformation processes, relying on regional resource endowments and existing business advantages to open up new financing channels in the bond market [3]. - Typical cases of urban investment transformation in the central and western regions include the integration of operational assets and the development of industrial parks, showcasing a shift towards more diversified business models [14][18].

Group 1 - A total of 128 public fund institutions participated in the research of 104 A-share companies from July 21 to July 27, with a cumulative research frequency of 539 times [1] - The TMT sector remained the most focused area, with the computer industry being researched 83 times, the highest among all sectors, followed by electronics with 53 times [1] - Other sectors with significant public fund research included pharmaceuticals and biotechnology, as well as transportation [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The implementation of the domestic child - rearing subsidy policy is of positive significance for enhancing fertility willingness and driving related consumption. Attention should be paid to whether the China - US economic and trade negotiations achieve more than expected progress. The market is rotating at the current position. In the short term, it is necessary to observe whether blue - chip stocks start to make up for lost ground, and opportunities in IH can be grasped on dips [3] Summary by Directory Market Analysis - Domestically, the national child - rearing subsidy system implementation plan was officially announced. Starting from January 1, 2025, a child - rearing subsidy of 3,600 yuan per year will be provided for each child until the child reaches the age of 3. Eligible infants under 3 years old can apply for the subsidy, and those born before January 1, 2025, and under 3 years old can receive the subsidy based on the number of months. It is expected that localities will open the application for the subsidy in late August. The China - US economic and trade teams held talks in Stockholm. Overseas, Trump said he might impose a unified tariff of 15% - 20% on imported goods from countries that have not negotiated a separate trade agreement with the US [1] - In the spot market, the three major A - share indexes fluctuated and closed higher. The Shanghai Composite Index rose 0.12% to close at 3,597.94 points, and the ChiNext Index rose 0.96%. The defense and military, non - bank finance, and pharmaceutical biology industries led the gains, while the coal, steel, transportation, and petroleum and petrochemical industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets dropped to 1.74 trillion yuan. In overseas markets, the three major US stock indexes closed mixed, with the Dow Jones Industrial Average falling 0.14%, and the Nasdaq and S&P 500 hitting new highs [2] - In the futures market, the basis trends were differentiated. The basis of IH rebounded, while the discounts of IC and IM deepened. In terms of trading volume and open interest, the trading volume and open interest of IF, IC, and IM increased simultaneously [2] Strategy - The implementation of the domestic child - rearing subsidy policy is positive for fertility willingness and related consumption. Attention should be paid to the progress of China - US economic and trade negotiations. The market is rotating, and short - term attention should be paid to whether blue - chip stocks make up for lost ground. Opportunities in IH can be grasped on dips [3] Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles [6][8][10] Spot Market Tracking Charts - The daily performance of major domestic stock indexes on July 28, 2025: the Shanghai Composite Index rose 0.12%, the Shenzhen Component Index rose 0.44%, the ChiNext Index rose 0.96%, the CSI 300 Index rose 0.21%, the SSE 50 Index rose 0.00%, the CSI 500 Index rose 0.38%, and the CSI 1000 Index rose 0.35% [13] Futures Market Tracking Charts - The trading volume and open interest of stock index futures: IF trading volume was 92,993 (an increase of 547), open interest was 263,839 (an increase of 3,663); IH trading volume was 46,357 (a decrease of 870), open interest was 95,447 (a decrease of 1,993); IC trading volume was 88,191 (an increase of 11,258), open interest was 228,690 (an increase of 3,134); IM trading volume was 186,257 (an increase of 26,844), open interest was 338,751 (an increase of 11,728) [15] - The basis of stock index futures: for IF, the basis of the current - month contract was - 4.62 (a decrease of 0.26), etc.; for IH, the basis of the current - month contract was 3.23 (an increase of 3.14), etc.; for IC, the basis of the current - month contract was - 49.42 (a decrease of 11.03), etc.; for IM, the basis of the current - month contract was - 55.38 (a decrease of 16.97), etc. [40] - The inter - delivery spread of stock index futures: for example, the spread between the next - month and current - month contracts of IF was - 9.20 (a decrease of 2.40), etc. [44][45][46]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. The liquidity of medium - to long - term, medium - to high - rated urban investment bonds has decreased, while the liquidity of medium - to long - term industrial bonds has increased [1]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds: Decreased Liquidity of Medium - to Long - Term, Medium - to High - Rated Bond Items - **Quantity Changes**: The number of high - grade, high - liquidity urban investment bonds with medium - to long - terms and medium - to high - ratings has decreased. Regionally, the number of high - grade, high - liquidity bond items has increased in Shandong and Sichuan, remained stable in Chongqing, and decreased in Jiangsu and Tianjin. In terms of maturity, the number of high - grade, high - liquidity bond items has remained stable for those within 1 year and over 5 years, but decreased for those in the 1 - 2 - year, 2 - 3 - year, and 3 - 5 - year ranges. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AA+, AA, AA(2), and AA - has all decreased, with a larger decrease in medium - to high - rated bonds [1][7]. - **Yield Changes**: Regionally, the yields of high - grade, high - liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have mainly increased, with the increase ranging from 5 - 15bp. In terms of maturity and implicit ratings, the yields of high - grade, high - liquidity urban investment bonds have mainly increased, with the increase ranging from 8 - 12bp [8]. - **Top 20 in Liquidity Score Increase**: The main body level is mainly AA, concentrated in regions such as Jiangsu, Zhejiang, Sichuan, Anhui, and Hunan, and the industries mainly involve construction decoration, transportation, and comprehensive industries [10]. - **Top 20 in Liquidity Score Decrease**: The main body level is mainly AA, with regional distribution mainly in Jiangsu, Zhejiang, Hunan, Fujian, and Shanghai, and the industries are mainly construction decoration, real estate, and comprehensive industries [10]. 3.2 Industrial Bonds: Increased Liquidity of Medium - to Long - Term Bond Items - **Quantity Changes**: The number of high - grade, high - liquidity industrial bonds with medium - to long - terms has increased. By industry, the number of high - grade, high - liquidity bond items has increased in the public utilities and steel industries, and decreased in the real estate, transportation, and coal industries. In terms of maturity, the number of high - grade, high - liquidity bond items has increased for those in the 2 - 3 - year, 3 - 5 - year, and over 5 - year ranges, remained stable for those in the 1 - 2 - year range, and decreased for those within 1 year. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AAA -, and AA+ has increased, while the number with implicit ratings of AAA+ and AA - has decreased [2][16]. - **Yield Changes**: By industry, the yields of high - grade, high - liquidity bonds in the public utilities, transportation, coal, and steel industries have mainly increased, with the increase ranging from 8 - 15bp. The yields of bond items with a liquidity level of B in the real estate industry have decreased, with a decrease of about 12bp. In terms of maturity, the yields of high - grade, high - liquidity bonds at all maturities have mainly increased, with the increase ranging from 10 - 14bp. In terms of implicit ratings, the yields of high - grade, high - liquidity bond items at all implicit ratings have mainly increased, with the increase ranging from 8 - 10bp [17]. - **Top 20 in Liquidity Score Increase**: The industries of the top 20 main bodies in liquidity score increase are mainly commerce and retail, real estate, and power equipment, and the main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, public utilities, and real estate [18]. - **Top 20 in Liquidity Score Decrease**: The top 20 main bodies in liquidity score decrease are mainly in the construction decoration, real estate, and transportation industries, and the main body levels are mainly AAA and AA. The industries of the top 20 bonds are mainly transportation, public utilities, and coal [18].

Market Overview - On July 28, the Shanghai Composite Index rose by 0.12%, the CSI 300 increased by 0.21%, the STAR Market 50 gained 0.09%, the CSI 1000 was up by 0.35%, the ChiNext Index climbed by 0.96%, and the Hang Seng Index increased by 0.68% [3][4] - The best-performing sectors on July 28 were defense and military (+1.86%), non-bank financials (+1.51%), pharmaceutical and biological (+1.47%), comprehensive (+1.29%), and communication (+1.24%). The worst-performing sectors were coal (-2.6%), steel (-1.41%), transportation (-1.38%), oil and petrochemicals (-1.02%), and textiles and apparel (-0.93%) [3][4] - The total trading volume for the A-share market on July 28 was 1.7662 trillion yuan, with a net inflow of 9.253 billion Hong Kong dollars from southbound funds [3][4] Key Insights - The report emphasizes a focus on consumption and growth styles, with industry attention on electric equipment, non-ferrous metals, pharmaceuticals, electronics, and brokerage firms [5] - The report suggests that under the current monetary environment, the "dumbbell strategy" remains effective, but the large-cap growth style may attract market attention in the short term [5] - Factors driving this outlook include strong support from hydropower projects and policy catalysts such as "anti-involution" and Hainan's customs closure, which have impacted the previously strong dumbbell strategy [5] - The report recommends increasing focus on mid-to-large-cap growth styles in August, particularly in sectors related to consumption and growth, as well as electric equipment and non-ferrous metals influenced by industry trends in pharmaceuticals (innovative drugs, AI healthcare) and electronics [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Guosheng Fixed - income Fundamental High - frequency Index remained stable, with the current index at 126.8 points, a week - on - week increase of 0.1 point, and a year - on - year increase of 5.3 points, with the year - on - year growth rate unchanged. The signal factor of the interest - rate bond long - short signal weakened to 4.6% [2][15]. Summary by Directory Total Index: Fundamental High - frequency Index Stable - Based on a statistical system, a high - frequency data system covering overall, production, demand, prices, and financing was constructed, and the Guosheng Fixed - income Fundamental High - frequency Index and its sub - indices were developed. The update period of the fundamental high - frequency data is from July 21 to July 25, 2025 [14][15]. Production: PX Operating Rate Declined Continuously - The industrial production high - frequency index was 126.1, a week - on - week increase of 0.1 point and a year - on - year increase of 5.0 points, with the year - on - year growth rate unchanged. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points and a year - on - year decrease of 7.4 percentage points [2][15][22]. Real Estate Sales: Property Transactions Rebounded - The real estate sales high - frequency index was 43.7, a week - on - week decrease of 0.1 point and a year - on - year decrease of 6.4 points, with the year - on - year decline rate unchanged. The transaction area of commercial housing in 30 large - and medium - sized cities was 210,000 square meters, an increase from the previous value of 171,000 square meters; the premium rate of land transactions in 100 large - and medium - sized cities was 7.8%, an increase from the previous value of 6.7% [2][15][30]. Infrastructure Investment: Asphalt Operating Rate Decreased - The infrastructure investment high - frequency index was 119.8, a week - on - week increase of 0.2 points and a year - on - year increase of 4.2 points, with the year - on - year growth rate expanding. The operating rate of petroleum asphalt plants was 28.8%, a week - on - week decrease of 4.0 percentage points and a year - on - year increase of 2.3 percentage points [2][15][38]. Exports: Export Container Freight Index Declined Continuously - The export high - frequency index was 143.9, a week - on - week decrease of 0.1 point and a year - on - year increase of 3.7 points, with the year - on - year growth rate narrowing. The CCFI index was 1261 points, a decrease from the previous value of 1304 points; the RJ/CRB index was 303.8 points, a decrease from the previous value of 303.9 points [2][15][43]. Consumption: Passenger Car Retail and Wholesale Continued to Rise - The consumption high - frequency index was 119.7, a week - on - week increase of 0.0 points and a year - on - year increase of 2.5 points, with the year - on - year growth rate expanding. Passenger car manufacturers' retail sales were 58,207 units, an increase from the previous value of 47,548 units; wholesale sales were 57,826 units, an increase from the previous value of 46,085 units; the average daily box office was 140.66 million yuan, an increase from the previous value of 101.19 million yuan [2][15][49]. CPI: Fruit Prices Declined Continuously - The CPI monthly - on - monthly forecast was 0.1% (previous value 0.0%). The average wholesale price of pork was 20.7 yuan/kg, an increase from the previous value of 20.6 yuan/kg; the average wholesale price of 28 key - monitored vegetables was 4.4 yuan/kg, unchanged from the previous value; the average wholesale price of 7 key - monitored fruits was 7.1 yuan/kg, a decrease from the previous value of 7.3 yuan/kg; the average wholesale price of white - striped chickens was 17.4 yuan/kg, an increase from the previous value of 17.2 yuan/kg [3][15][55]. PPI: Steam Coal Prices Rebounded - The PPI monthly - on - monthly forecast was 0.2% (previous value 0.1%). The ex - works price of steam coal (from Shanxi) at Qinhuangdao Port was 649 yuan/ton, an increase from the previous value of 637 yuan/ton; the futures settlement price of Brent crude oil was 69 US dollars/barrel, unchanged from the previous value; the spot settlement price of LME copper was 9821 US dollars/ton, an increase from the previous value of 9587 US dollars/ton; the spot settlement price of LME aluminum was 2647 US dollars/ton, an increase from the previous value of 2579 US dollars/ton [3][15][60]. Transportation: Passenger Volume and Flight Numbers Decreased - The transportation high - frequency index was 129.2, a week - on - week increase of 0.2 points and a year - on - year increase of 8.9 points, with the year - on - year growth rate expanding. The passenger volume of the subway in first - tier cities was 39 million person - times, a decrease from the previous value of 41.14 million person - times; the highway logistics freight rate index was 1050 points, unchanged from the previous value; the number of domestic flights was 14,428, a decrease from the previous value of 14,653 [4][15][68]. Inventory: Soda Ash Inventory Declined - The inventory high - frequency index was 161.0, a week - on - week increase of 0.1 point and a year - on - year increase of 9.4 points, with the year - on - year growth rate unchanged. The electrolytic aluminum inventory was 155,000 tons, a decrease from the previous value of 254,000 tons; the soda ash inventory was 1.874 million tons, a decrease from the previous value of 1.895 million tons [3][15][72]. Financing: Net Financing of Local Government Bonds and Credit Bonds Increased - The financing high - frequency index was 232.7, a week - on - week increase of 0.6 points and a year - on - year increase of 29.6 points, with the year - on - year growth rate expanding. The net financing of local government bonds was 29.29 billion yuan, an increase from the previous value of 15.05 billion yuan; the net financing of credit bonds was 5.49 billion yuan, an increase from the previous value of 4.46 billion yuan; the 6M national - share bank acceptance bill rediscount rate was 0.74%, a decrease from the previous value of 0.84%; the average value of the bill rate minus the certificate of deposit rate was - 0.91%, a decrease from the previous value of - 0.82% [4][15][79].

Core Insights - The demand for pet-friendly services is increasing due to the growing number of pet owners and the expanding pet market in China [2][3] - Hilton Group is enhancing its pet-friendly services across nearly 160 hotels, offering complimentary pet food, toys, and other amenities [2][5][7] Pet Market Growth - According to the "2025 China Pet Industry White Paper," the number of pets in China is projected to reach 124.11 million by 2024, a 2.1% increase from 2023 [3] - The number of pet dogs is expected to grow by 1.6% to 52.58 million, while pet cats will increase by 2.5% to 71.53 million [3] Industry Trends - The concept of "pet-friendly spaces" is expanding, with various industries, including hospitality, FMCG, and commercial real estate, collaborating to enhance the pet economy [5] - Hilton's partnership with Didi Chuxing aims to integrate pet-friendly travel experiences, enhancing the overall travel experience for pet owners [5][15] Service Enhancements - Hilton's upgraded pet-friendly services include free pet food, toys, and other gifts, in addition to existing amenities [5][11] - Specific pet policies vary by hotel, with some locations allowing pets under certain weight limits and requiring deposits and cleaning fees [9][11] Search Trends and Consumer Behavior - There has been an 80% increase in searches for "pet-friendly hotels" during the summer, particularly among younger travelers [12] - The demand for pet-friendly accommodations is reflected in booking trends, with a 21% increase in orders for such hotels in 2024 compared to the previous year [13] Transportation and Travel Services - The pet travel service market is projected to exceed 32 billion yuan in 2024, with a compound annual growth rate of approximately 10% [20] - Various transportation sectors, including airlines and railways, are beginning to offer pet travel services, indicating a growing trend in accommodating pets during travel [17][20] Challenges and Opportunities - Despite the growth in pet travel services, challenges remain, including regulatory gaps and the need for standardized service protocols [20] - The increasing number of pet owners and evolving consumer preferences present opportunities for businesses to innovate and expand their offerings in the pet travel and accommodation sectors [20]