Core Viewpoint - NIRAKU has entered into an agreement to acquire land and buildings in Atami, Japan, for a total consideration of 791 million yen, with completion expected on November 4, 2025 [1][2] Group 1: Acquisition Details - The acquisition involves nine independent plots of land totaling approximately 1,411.43 square meters and five buildings with a total floor area of about 1,265.60 square meters [1] - The existing building operates as a traditional Japanese inn named "Atami Yamanaka" and is currently owned by Omine [1] Group 2: Business Context - NIRAKU's primary business activity includes operating hotels in Japan, with recent additions of onsen ryokans (Japanese-style inns with hot springs) to its portfolio [1] - The management is cautiously optimistic about the ongoing recovery and growth potential of Japan's tourism industry post-COVID-19, as more foreign tourists are visiting Japan for leisure [1] Group 3: Location and Market Potential - The property is located in a prestigious community known for its fishing traditions, harbor views, and lush hills, making it attractive to leisure tourists [2] - The area is recognized as a top hot spring resort destination, with a favorable climate and rich ecological environment, enhancing its appeal for marine leisure and onsen tourism [2] - The land includes a private hot spring source, which provides direct supply from the source, further increasing the property's value [2]

"政策带动下，今年内地居民赴香港、赴澳门旅游人数明显增长，日均分别达到8.6万人次、5.6万人次， 与2024年相比提升16.2%、24.4%。"林勇胜提到，赴港澳旅游人数增加，进一步提振了港澳旅游市场信 心，带动酒店、餐饮、零售等消费增长。据香港、澳门有关部门统计，节假日期间港澳酒店入住率超9 成，零售业、餐饮业收入增长2成以上。 记者10月16日从国家移民管理局新闻发布会上获悉，今年三季度，全国移民管理机构累计查验出入境人 员1.78亿人次，其中内地居民8937.2万人次、港澳台居民6873.1万人次，同比分别上升13.8%、6.2%；共 签发内地(大陆)居民往来港澳台证件签注2811.7万张(件)次，签发港澳台居民来往内地(大陆)通行证58.3 万张。 中国出入境管理局去年12月1日起在广东深圳实施赴香港旅游"一签多行"政策，今年1月1日起在广东珠 海实施赴澳门"一周一行"政策、在横琴粤澳深度合作区实施赴澳门"一签多行"政策。国家移民管理局新 闻发言人、政策法规司司长林勇胜介绍，政策实施后，居民办证热情高涨，深圳市居民办理赴香港"一 签多行"签注130.5万件次，珠海市居民办理赴澳门"一周一行"签注35 ...

Group 1: Housing Market Dynamics - The implementation of the "Six Policies" in Shanghai has led to an increase in housing market activity, with September seeing a total transaction volume of 2.07 million square meters, an 8% month-on-month increase and a 24% year-on-year increase [1] - The new policies have resulted in improved subscription levels for new housing projects, with 43 projects listed in September and an average subscription ratio of 0.75, higher than the year-to-date average of 0.71 [1] - The sales of new homes in September reached 550,000 square meters, representing a 28% month-on-month increase and a 14% year-on-year increase [1] Group 2: Market Sentiment and Trends - Despite the recent policy relaxations, market sentiment remains cautious, with limited immediate impact on overall first-hand transaction volumes [2] - High-end residential projects with unique locations and product offerings are expected to continue attracting high-net-worth clients, while the average price of high-end second-hand homes is anticipated to face downward pressure due to buyer hesitance [2] - The logistics real estate sector is focused on cost reduction, with new projects near consumer hubs attracting tenants [2] Group 3: Investment Market Outlook - The investment market in Shanghai showed signs of recovery in Q3 2025, with 17 asset transactions totaling 14.97 billion yuan, a 78.1% increase quarter-on-quarter [3] - Future expectations for the commercial real estate investment market in Shanghai are positive, driven by ongoing macroeconomic policy support, increased foreign investment interest, and the release of scarce core assets [3]

今年"十一"，不少中小酒店商家没能盼来预期中的订单热潮，部分甚至陷入满房率不足五成、房价上不去等境地。更让他们无奈的是，OTA平台的调价动 作给这股行情"泼了盆冷水"。 国庆首日，酒店老板王楠在后台核对10月5日的新订单时，发现平台竟未事先通知就将某房型房源价格下调至362元/晚，比他的原定价低了近40%。王楠 坦言，今年国庆自己本就没怎么提价，没想到平台又私自压低价格。 王楠的遭遇并非个例。 超级黄金周刚刚过去，酒旅行业冷暖自知。 近段时间，"一天被平台调价5次""中小酒店联名举报OTA平台干预定价"等事件爆发，一场围绕定价主导权的博弈正席卷酒旅行业。 矛盾持续升级之下，监管层亦主动下场介入，直指平台"利用技术手段干预商家定价"、实施"二选一"等乱象，将长期潜藏在酒旅行业中的渠道失衡问题从 幕后推向台前。 酒店老板"掀桌" 两次约谈中，核心矛盾都指向了涉旅平台的定价权限。 8月5日，贵州省市场监督管理局在约谈会上对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定价、订单生效后毁约或加价等问题进行了 通报；9月17日，郑州市场监管局要求被约谈企业限时完成调价工具优化等整改任务。 事实上，各大OTA ...

值得关注的是，据世贸组织与IMF共同开发的关税数据分析平台监测，截至9月中旬，美国对全球产品 的贸易加权平均关税税率已从年初的2.44%攀升至17.9%。 这份经济报告揭示了美国当前面临的双重挑战：短期来看，关税政策的成本传导效应正在持续发酵；长 期而言，劳动力市场结构性失衡与技术替代的叠加影响值得警惕。当保护主义政策与产业升级转型形成 共振，政策制定者需要在控制通胀与维持增长之间寻求更精细的平衡。 调查同时发现，多个储备区对经济前景预期趋于谨慎，认为不确定性因素可能抑制经济活动。有区域特 别指出，若出现政府长期停摆情况，将对经济增长构成实质性威胁。 就业市场呈现复杂态势：一方面各行业劳动力需求普遍疲软，因应经济前景不明与人工智能技术投入增 加，企业更多采用裁员及自然减员方式控制用工规模；另一方面受移民政策调整影响，酒店、农业、建 筑等劳动密集型行业出现用工短缺现象。 此次调研数据将作为美联储下阶段货币政策决策的重要依据。该机构每年定期发布八次同类经济评估报 告。 根据美国联邦储备委员会10月15日公布的最新区域经济调查结果，在9月初至10月中旬期间，全美各地 持续面临物价上涨压力，其中进口关税政策被明确列为 ...

Core Viewpoint - Hainan Province is actively promoting its Free Trade Port development through a series of high-level meetings and cooperative agreements in Macau, enhancing collaboration with the Guangdong-Hong Kong-Macau Greater Bay Area [1][5][9] Group 1: Activities and Agreements - The Hainan delegation conducted over ten activities in Macau, including meetings, promotional events, and signing agreements, to strengthen cooperation [1] - A total of 27 agreements were signed with various organizations, focusing on sectors such as industrial investment, cultural tourism, higher education, healthcare, and legal services [3][7] - The delegation's visit included significant engagements with educational institutions, showcasing a commitment to developing high-level tourism talent through partnerships with Macau universities [2][6] Group 2: Strategic Alignment and Opportunities - The collaboration between Hainan and Macau aligns with national strategies, particularly the development of the Guangdong-Hong Kong-Macau Greater Bay Area and Hainan Free Trade Port, facilitating a dual circulation economy [6][10] - The agreements signed during the promotional event reflect a targeted approach to cooperation, with a focus on tourism, healthcare, and economic exchanges, indicating a shift from broad interactions to specialized collaborations [7][8] - Hainan's Free Trade Port policies and Macau's international trade networks create complementary advantages, enhancing the potential for mutual growth and investment opportunities [6][10] Group 3: Historical Context and Future Prospects - The recent activities are a continuation of years of deepening cooperation, evidenced by the establishment of a joint cooperation working group and the increase in foreign investment from Macau into Hainan [8] - The upcoming operational phase of Hainan's Free Trade Port and Macau's growing international profile present timely opportunities for enhanced collaboration [9][10]

Core Insights - Kaifeng is emerging as a strong contender in the tourism and hospitality sector in Henan, surpassing Luoyang with impressive statistics such as 7.83 million tourists, 5.48 billion yuan in tourism revenue, and a 36% increase in orders during the National Day holiday [1] - The influx of visitors has created unprecedented opportunities for the hotel market in Kaifeng, but it has also led to a rapidly changing competitive landscape [1] Group 1: Market Performance - Kaifeng's hotel orders surged by 66% during the summer, with high-star hotels seeing a 19% increase in two-night stays [2] - During the National Day holiday, the growth rate of homestay orders reached 269%, while accommodation group orders increased by 157% [3] - Hotel prices in Kaifeng have skyrocketed, with increases ranging from 5 to 40 times in some cases [4] Group 2: Supply and Demand Dynamics - The hotel market is experiencing rapid expansion, with approximately 4,526 new rooms added in 2024 and another 2,347 in the first half of 2025, leading to a total room count nearing 28,000 [7] - The number of homestays has also grown significantly, with over 2,100 officially registered and nearly 3,000 when including unregistered ones [7] - Despite high occupancy rates during peak seasons, structural issues are emerging, such as oversupply of budget hotels and a lack of high-quality accommodations [8][10] Group 3: Challenges in the Hospitality Sector - There is a coexistence of oversupply and insufficient quality supply, with a high occupancy rate of over 70% in August but a decline in average occupancy to about 60% during the National Day holiday [12] - Many new hotels and homestays lack unique design and quality, leading to a homogenized market that may result in a price war and declining service quality [10][12] - The market is facing a disconnect between price signals and user experience, with many consumers dissatisfied with the quality of service despite high prices [13][15] Group 4: Future Trends - The hotel market in Kaifeng is expected to evolve towards rationality and differentiation, with a growing demand for mid-to-high-end hotels that offer quality and experience [20][22] - The trend of chain hotels is becoming mainstream, as many investors prefer established brands to mitigate risks and enhance competitiveness [24][26] - Prices are likely to become more rational, with the extreme price fluctuations seen in peak seasons becoming less common [27][28]

Group 1 - The "Arcteryx" brand is responsible for ecological damage compensation and restoration due to its sponsorship of the event [5] - The investigation revealed that the fireworks show affected an area of 30.06 hectares, with 1,050 fireworks launched over approximately 52 seconds [3][5] - The local government officials involved in the decision-making for the fireworks event have faced disciplinary actions, including the dismissal of the county party secretary [5] Group 2 - The founder of "Fat Dong Lai" revealed that the company has 4.1 billion yuan in cash and no loans, emphasizing the importance of social responsibility over blind expansion [6] - "Fat Dong Lai" reported a sales revenue exceeding 18.4 billion yuan in 2025, surpassing the previous year's figure of 16.9 billion yuan [6] - The company aims to maintain a manageable growth rate to avoid overburdening employees [6] Group 3 - "Sam's Club" responded to a customer complaint regarding a cake containing a tooth, stating that they are investigating the matter [10][11] - The company emphasized strict hygiene protocols during food processing [10] Group 4 - "Century Jiajun" was fined 280,000 yuan for false advertising related to its matchmaking services [12] - The company made misleading claims about guaranteeing clients would find partners [12] Group 5 - "Aligned Data Centers" was sold for approximately 40 billion dollars, marking the largest data center transaction to date [13] - The deal was led by BlackRock and included major investors like Nvidia and Microsoft [13]

又是一年退役季。从9月1日起，随着2025年秋季自主就业退役士兵陆续告别军营、踏上故土，一场 以"尊崇"为底色、以"服务"为核心的暖心行动在镇江大地温情上演。市退役军人事务系统精心策划、周 密部署，用一系列"全链条、全方位"的服务举措，让"最可爱的人"感受到家乡的温暖与关怀，为他们顺 利开启人生新篇章铺就了一条宽广明亮的回家路。 热情欢迎暖兵心 "热烈欢迎2025年秋季退役士兵光荣返乡""向退役老兵致敬""一身戎装，一生荣光""军营作标榜， 返乡创辉煌"……从9月1日起，在镇江各高铁站、汽车站出口，一条条鲜红的欢迎横幅格外醒目。在 2025年秋季自主就业退役士兵返乡之际，镇江市各级退役军人事务部门早谋划、早行动，精准掌握退役 士兵的返乡时间与车次，组织工作人员、士兵家属、部分老兵代表组成"迎亲团"，早早守候在出站口， 等待老兵归来。 每当身着戎装、胸戴红花的退役士兵身影出现，现场都会立刻响起热烈的掌声、传来亲切的问候。 各地退役军人事务部门工作人员为他们披上绶带、献上鲜花，送上精心准备的"大礼包"——里面有就业 创业政策汇编、职业技能培训介绍、服务联系卡等资料。"一下火车就感受到家乡的热情和组织的关 怀，心里 ...

重视内需：消费各行业 Q3 绩优方向及 26 年高确定性方向 梳理 20251015 摘要 三季度业绩良好的公司，尤其在新消费领域，年底和明年估值优势显著。 食品饮料板块中，盐津铺子、卫龙、天润、新乳业、妙可蓝多、百合股 份、汾酒和茅台值得关注。 家电板块中，美的和海尔业绩预期良好，股息率高，值得配置。海信视 像和 TCL 电子受益于 Mini LED 渗透率上升。冰融环境、新帅尔等零部 件公司因核心竞争力强且估值低具备投资价值。 零售行业投资主线包括双十一促销季及三季报高增长标的。推荐网易严 选、水象等低基数高增长公司，关注毛戈平、上美股份和若羽臣等持续 高增长标的。 白酒行业面临压力，但汾酒、茅台仍具配置价值。珍酒的大珍产品及酒 鬼酒在特定渠道表现突出。酒店行业短期承压，但华住集团和亚朵等龙 头公司仍具优势。 AI 技术显著提升企业业绩，如水漾和上海家化通过 AI 优化产品生命周期 管理。上海家化通过新产品和价格带策略开启品牌新周期，保障持续增 长。 Q&A 近期市场波动较大，消费板块的表现如何？ 近期市场波动较大，从高位的科技板块向低位的消费板块进行高低切换的趋势 明显。尤其是一些业绩趋势较好的消费方向 ...