Core Viewpoint - The company is utilizing part of its idle raised funds for cash management to enhance fund efficiency and generate investment returns while ensuring the safety of the raised funds [1][3][9]. Cash Management Overview - Cash management trustee: Shanghai Pudong Development Bank Co., Ltd. Zhabei Branch [1] - Cash management amount: RMB 100 million [1] - Cash management purpose: To effectively reduce idle fund costs and enhance the value preservation and appreciation of raised funds [3][9]. - Cash management product: Time deposit [5][9] - Cash management duration: Three months [5][10] Fund Source and Usage - The source of funds for cash management is part of the idle raised funds from the non-public offering of shares in 2021 [4][6]. - The company raised a net amount of approximately RMB 4.98 billion from the non-public offering, with the funds fully received by March 9, 2021 [7]. Cash Management Redemption - The company redeemed the time deposit of RMB 100 million on September 30, 2025, with a return of RMB 24.72 thousand [3]. Board Approval Process - The board approved the cash management plan on June 30, 2025, allowing the use of up to RMB 1.9 billion of idle raised funds for cash management within 12 months [1][11].

Group 1: University Rankings - The 2026 Times Higher Education World University Rankings has been released, covering 2,191 institutions from 115 countries, evaluating them across five key areas: teaching, research environment, research quality, international outlook, and industry [3][4] - The University of Oxford has maintained its position at the top for ten consecutive years, primarily due to high scores in research environment [3][4] - Five Chinese universities have entered the top 40, an increase from three last year, indicating a growing presence of Chinese institutions in global rankings [3] Group 2: Housing Market Developments - The UK Conservative Party leader announced plans to abolish stamp duty on primary residences, which is expected to help many achieve home ownership [8][11] - In the summer of 2025, the number of first-time homebuyers increased by 59% compared to the same period in 2024, with 69% of buyers using Compare My Move's services being first-time buyers [16][18] - The number of properties listed for sale in September fell at the fastest rate in two years, with the new vendor instructions index dropping from -4 in August to -15 in September, indicating a significant decline in housing supply [30][32] Group 3: Government Initiatives - The UK government is reviewing outdated licensing rules to potentially extend operating hours for pubs and bars, aiming to support economic growth [25][27] - The government is considering plans to reduce licensing costs and simplify outdoor operation regulations to enhance community engagement and business viability [25][27]

Group 1: Tourism Consumption - During the National Day and Mid-Autumn Festival holiday, Guangdong received over 65.17 million tourists, generating tourism revenue exceeding 61.3 billion yuan, both showing an increase of over 10% compared to last year [1] - Shenzhen welcomed approximately 9.2 million tourists, marking a 12.4% increase from the previous year, with total tourism revenue reaching 8.94 billion yuan, up 17.6% [2] - Over 1.4 million mainland tourists visited Hong Kong during the holiday, reflecting a growth of about 15% year-on-year [3] Group 2: New Attractions and Events - New landmarks in Shenzhen, such as the "Bay Area Eye" bookstore and the Qianhai Ice World, contributed to the tourism surge, with the bookstore attracting significant foot traffic shortly after its opening [2] - The Qianhai Ice World, the largest indoor ski resort globally, became a popular destination among younger tourists during the holiday [2] Group 3: Retail Performance - Hong Kong's hotel industry saw revenue growth of over 10% during the holiday, with an average occupancy rate exceeding 90% [3] - Retail sales in Hong Kong showed stable performance, with jewelry and cosmetics sales experiencing low double-digit growth, attributed to rising gold prices and new smartphone releases [4] - The K11 MUSEA shopping mall reported a 12% increase in foot traffic compared to last year, achieving a record high since its opening [4]

Group 1: Report Summary - The report focuses on the key events during the National Day holiday and the outlook for the bond market. It points out that consumption showed a characteristic of "increasing quantity but decreasing price" during the holiday, with tourism and travel recovering steadily. However, the prices of air tickets and hotels declined year-on-year, and the performance of urban travel, box office, and real estate was weak. The sustainability of consumer recovery and the strength of corporate profit repair remain to be seen. The bond market is likely to have a repair opportunity in the fourth quarter as the fundamentals gradually gain more pricing power [2][6]. Group 2: Holiday Consumption and Travel - **Travel Volume Increase**: From October 1 to 8, the daily average cross - regional population flow reached 304 million person - times, a 6.2% year - on - year increase compared to the 7 - day average of the 2024 National Day holiday, hitting a record high. The international passenger flow from September 30 to October 6 increased by 15.3% year - on - year [5][6]. - **Price Decline**: As of October 7, the 7 - day moving average of domestic aviation fuel - included ticket prices decreased by 3.8% year - on - year, and business route ticket prices generally declined. The RevPAR of domestic hotels from September 22 to 28 decreased by 4% year - on - year, indicating that profitability has not significantly recovered. The box office revenue and average ticket price from October 1 to 7 decreased by 18% and 10% respectively [6]. Group 3: Global Capital Market Performance - **Stock Market**: During the National Day holiday (October 1 - 7), major developed countries' and Hong Kong stock indices strengthened. The Nikkei 225 led the gains, with the Nasdaq and Hang Seng Tech rising by 0.6% and 1.3% respectively. The healthcare and information technology sectors in both US and Hong Kong markets rose significantly [6]. - **Commodities**: Precious metals and non - ferrous metals performed well. London gold and silver rose by 4.0% and 4.9% respectively, and LME copper, zinc, and aluminum rose by 3.5%, 2.5%, and 1.5% respectively [6]. - **Bond Yields**: Most major countries' long - term bond yields rose, while the 10Y US Treasury yield dropped 2BP to 4.14%, mainly due to the expected weakening of employment data and the "shutdown" of the US government [6]. - **Exchange Rates**: The US dollar index rose by 0.8%, the Japanese yen depreciated by 2.7% against the US dollar, and the offshore RMB against the US dollar depreciated slightly by 0.2% [6]. Group 4: Market Transaction Themes - **Interest Rate Cut Expectations**: The unexpected decline in ADP employment data led to increased expectations of an interest rate cut, and concerns about debt sustainability due to the US government "shutdown" caused gold prices to rise and the US stock market to fluctuate. However, it is expected that the debt ceiling issue will be resolved and will not cause continuous market disturbances [6]. - **Japanese Market Outlook**: With the likely victory of Kōichi Tashiro in the Japanese prime ministerial election, the expectation of a Japanese yen interest rate hike has been postponed. The implementation of active fiscal and monetary policies may lead to a market pattern of a strong Japanese stock market, a weak yen, and weak Japanese bonds [6]. Group 5: Bond Market Outlook - As the fundamentals gradually gain more pricing power in the bond market in the fourth quarter, the bond market is likely to have a repair opportunity. However, the sustainability of consumer recovery and the strength of corporate profit repair need further observation as prices have not fully stabilized [2][6].

Core Insights - The city government is actively analyzing the consumption situation during the National Day holiday and is focused on promoting consumption and expanding domestic demand [1][3]. Group 1: Consumption Analysis - The city saw a significant increase in traffic flow and tourism during the holiday, indicating a robust growth in consumption [3]. - Key commercial areas and hotels reported positive developments, with local leaders acknowledging the efforts made to enhance consumer activities [3]. Group 2: Economic Strategy - Local governments are urged to analyze holiday economic performance and refine measures to promote consumption and expand domestic demand [4]. - The government plans to leverage the "Xiangchao" opportunity to boost consumption and create a vibrant atmosphere around the event [4]. - There is a focus on improving urban service levels to maintain a strong momentum in cultural tourism and consumption [4].

Group 1: Overall Market Performance - During the 2025 National Day and Mid-Autumn Festival holiday, Fliggy reported a 48% increase in GMV compared to last year, with service users growing by 30%, leading the tourism market [1] - Hotel stays during the holiday period saw a significant increase, with Fliggy reporting a 78% rise in hotel night stays compared to the previous year [1] - Huazhu Group's hotels received over 10.55 million guests during the holiday, a 36% increase from the same period last year, with foreign guests increasing by 75% [2] Group 2: Specific Company Performance - Fliggy's domestic flight and global hotel bookings reached historical peaks, with record single-day highs in both metrics [1] - Jinjiang Hotels reported a 4% increase in average occupancy rate, with over 13 million guests served, marking a more than 30% increase year-on-year [1] - Huazhu Group's overall hotel occupancy rate exceeded 80% during the holiday, peaking at over 98% on October 3, with more than 8,100 locations fully booked [2]

Core Viewpoint - The company has effectively utilized the "trade-in" policy and local consumption promotion initiatives to enhance sales and ensure sustainable operations throughout the year [1] Group 1: Business Segments - The company has actively engaged in promotional activities across its electrical appliances, department stores, and hotel sectors [1] - The implementation of the "Hunan Consumption Promotion Special Action Plan" has been a key strategy in driving sales growth [1] Group 2: Operational Strategy - The company has focused on improving professional service levels to benefit consumers and expand sales scale [1] - The approach has resulted in orderly and sustainable business operations, ensuring stability in performance [1]

Group 1: Market Performance - The three major indices experienced upward fluctuations, with the Shanghai Composite Index rising by 1.32%, the Shenzhen Component Index by 1.47%, and the ChiNext Index by 0.73% as of the market close on October 9 [2] - Over 2,900 stocks in the two markets saw gains, with a total trading volume of approximately 2.65 trillion yuan [2] Group 2: Precious Metals Sector - The precious metals sector showed strong performance, with notable increases in stocks such as Xiaocheng Technology, Western Gold, Chifeng Jilong Gold, and Shandong Gold [2] - A report from Western Securities indicated that the ongoing expansion of credit cracks in the US dollar could lead to a long-term bull market for gold, with the current phase being the early stage of the third wave of a major upward trend [2] Group 3: Controlled Nuclear Fusion Concept - The controlled nuclear fusion concept saw a collective surge, with stocks like Zhongzhou Special Materials and Western Superconducting rising by 20% [2] - A key breakthrough was reported in the construction of the compact fusion energy experimental device BEST in Hefei, Anhui, marking a new phase in the project's main engineering construction [2] Group 4: Copper and Basic Metals - The basic metals and copper sectors performed strongly, with companies like Luoyang Molybdenum and Northern Copper rising by 10% [3] - CITIC Securities noted that the accelerated decline of the US dollar's credit and the increasing demand for copper due to the expansion of power infrastructure for AI support are driving copper prices above $10,500 per ton [3] Group 5: Semiconductor Sector - The semiconductor sector showed robust performance, with companies like Huahong Semiconductor and Chipone Technology rising over 12% [4] - The AI industry chain experienced significant catalysts during the National Day holiday, including a multi-billion dollar chip procurement agreement between AMD and OpenAI, boosting investor confidence in the tech growth sector [4] Group 6: Weak Sectors - The film and tourism hotel sectors faced declines, with Huace Film and Television dropping over 13% and Light Media falling over 10% [4] - The liquor and real estate sectors also weakened, with companies like Shenzhen Properties and Kweichow Moutai experiencing notable declines [4]

Core Viewpoint - Concerts and sports events have become "top traffic engines" in China's tourism consumption during the National Day holiday, acting as core attractions that drive various consumption scenarios, including dining, accommodation, shopping, and sightseeing [1][2][8]. Group 1: Tourism and Consumption Trends - The overall travel demand during the National Day holiday showed a "volume and price increase," with average spending per trip rising by 14.6% year-on-year [2][4]. - Hotel bookings in popular domestic cities increased by over 20% year-on-year, while international travel also saw significant growth, with ticket bookings for domestic flights by non-Chinese passport holders up by over 30% [2][5]. - The travel orders on Meituan increased by over 30% compared to the previous year, indicating a strong recovery in the tourism sector [4][6]. Group 2: Impact of Events on Local Economies - Major sports events, such as the China Open and WTT China Grand Slam, significantly boosted local economies, with the China Open attracting 360,000 attendees, a 20% increase from last year, and generating ticket sales of 88 million yuan, a 10% increase [8][9]. - The WTT event saw ticket sales reach 87 million yuan, a 52.6% increase, with a visitor count of 424,000, up 93% year-on-year [9]. - Events in non-first-tier cities also gained traction, with hotel bookings in these areas increasing by over 90% compared to the previous year, indicating a shift in tourism dynamics [5][10]. Group 3: Changing Consumer Behavior - The trend of "traveling to a city for an event" has emerged as a new vacation style, integrating sports events with tourism consumption [10][11]. - Young consumers, particularly students, represented a significant portion of travelers, with nearly 40% of domestic flight bookings made by this demographic [5][11]. - The rise of "reverse tourism" and night tours during the Mid-Autumn Festival opened new avenues for travel experiences, with some attractions seeing ticket sales increase by over 400% [5][10]. Group 4: Future Considerations - The relationship between sports events and tourism requires careful balancing, as events can attract visitors but may also divert tourists from traditional attractions [12]. - To maintain post-event interest, cities need to transform short-term ticket sales into long-term economic benefits and emotional connections with visitors [12]. - The integration of sports events into broader cultural and entertainment activities can enhance the overall tourism experience and drive sustained economic growth [12].

Core Viewpoint - The hotel and travel industry is emerging as a new battleground for major players, similar to the recent competition in the food delivery sector, with Alibaba, Ctrip, Meituan, and Douyin being key competitors in this space [1][6]. Industry Overview - The travel industry is one of the few sunrise industries in China, with significant growth potential [7]. - During the recent 2025 National Day holiday, travel participation reached a record high, with over 2 billion people traveling [8]. - In the first half of 2025, domestic travel spending by residents reached 3.15 trillion yuan, a year-on-year increase of over 15%, outpacing China's GDP growth [9]. Company Performance - Atour Hotel reported a 37% year-on-year revenue growth in the first half of 2025, indicating strong performance in the hotel sector despite a challenging macroeconomic environment [10]. - Ctrip holds a dominant market share of 56% in the travel market, significantly higher than its competitors [13]. - Ctrip's annual profits reach around 2 to 3 billion USD, showcasing the profitability of travel platforms [14]. Competitive Landscape - The second-largest player in the travel industry is Tongcheng Travel, with a market share of approximately 15%, supported by Tencent's investment [15]. - Meituan and Fliggy rank third and fourth, with market shares of 13% and 8%, respectively [16]. - The travel industry is characterized by a fragmented supply of hotels, which increases the value that platforms can capture [20]. Consumer Behavior - Consumers heavily rely on platforms for hotel bookings, as most hotels lack direct customer acquisition capabilities [18]. - Although travel is not a high-frequency activity, the high spending associated with it makes it a significant part of annual expenditures for many consumers [23][25]. Strategic Moves - Alibaba's integration of Fliggy into Taobao signifies a serious commitment to the travel market, aiming to leverage high-frequency shopping to drive low-frequency travel bookings [27][29]. - Fliggy's previous struggles stemmed from service quality issues compared to Ctrip and a strategic misalignment focusing on outbound travel rather than domestic tourism [30][35]. Future Outlook - The integration with Taobao presents a crucial opportunity for Fliggy to enhance its service offerings and tap into the vast user base of Taobao [37]. - The collaboration with 88VIP will allow for better membership benefits, which are highly valued in the travel industry [39]. - Platforms like Taobao and Douyin have the potential to personalize travel recommendations, enhancing consumer experiences [42].