Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Core Insights - The company, Xiangyuan Cultural Tourism (600576), reported significant growth in its vacation business during the May Day holiday in 2025, with a total of 623,600 visitors, representing a year-on-year increase of 51.79% [1] - The revenue generated during this period reached 40.4041 million yuan, marking a year-on-year growth of 50.47% [1] - When compared to 2024, the number of visitors increased by 112.90% from 292,900, and revenue grew by 100.71% from 20.1307 million yuan [1] Visitor Statistics - Total visitors during the 2025 May Day holiday: 623,600 [1] - Year-on-year growth in visitors: 51.79% [1] - Increase in visitors compared to 2024: 112.90% [1] Revenue Performance - Total revenue during the 2025 May Day holiday: 40.4041 million yuan [1] - Year-on-year revenue growth: 50.47% [1] - Revenue increase compared to 2024: 100.71% [1]

Core Viewpoint - The company reported steady growth in revenue and net profit for 2024, driven by increased passenger traffic and operational improvements in its core business segments [1][2][4] Financial Performance - In 2024, the company achieved revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1] - The fourth quarter of 2024 saw revenue of 195 million yuan, a significant year-on-year increase of 20.65%, and a net profit of 32 million yuan, up 41.79% year-on-year [1][2] - The overall gross margin for 2024 was 50.21%, an increase of 0.59 percentage points year-on-year, while the net profit margin was 24.33%, up 0.19 percentage points year-on-year [1][2] Business Segments - The company's cable car business generated revenue of 293 million yuan, a slight decrease of 0.56% year-on-year, while the hotel business achieved revenue of 237 million yuan, up 1.05% year-on-year [2] - The passenger transport business saw a significant revenue increase of 31.24% year-on-year, reaching 159 million yuan, primarily due to the operational launch of the Jiuhua Mountain Transportation Hub [2] - The travel agency segment reported revenue of 62 million yuan, down 7.53% year-on-year [2] Market and Strategic Developments - The company leverages its unique Buddhist cultural resources and tourism attributes to create a comprehensive service system combining cable cars, hotels, passenger transport, and travel agencies [3] - The company is enhancing its service capacity and internal transportation connections to support future growth, with expectations of increased tourist traffic in 2025 [3] - The company is advancing its "regional tourism complex" strategy, optimizing transportation efficiency during peak periods and expanding its culinary offerings with new vegetarian brands [3][4] Policy and Operational Efficiency - The company is benefiting from supportive policies aimed at revitalizing the tourism sector, with initiatives from the Ministry of Commerce and other departments to enhance service quality and consumer experience [4] - Investments in digital systems and membership programs are expected to improve operational efficiency and customer engagement [4] - The company is actively participating in tourism promotion activities to broaden its business channels and enhance the attractiveness of its scenic areas [4]

今年五一，被网友称为"最早崩溃"的景区出现了。5月2日，多名网友通过社交平台反映，湖南张家界国家森林公园出现拥堵： 天梯排队三小时拍摄不到两分钟 晚上排队七八个小时才下山 上千名游客深夜滞留山上大喊退票 随后，张家界致歉，并承认景区在旅游高峰时段"综合管理能力方面还存在较大差距"。 5月2日-3日，笔者恰好在张家界游玩，经历了两天时间内排队时间超过9个小时（不算最长的），目睹现场游客们排队的种种艰难，因为排队下山太久， 差点误了飞机。 张家界为何堵到崩溃？"排队困局"怎么破？答案事关每一个人。 01 堵到崩溃，在张家界不是第一次。 今年3月，极目新闻报道，有网友发视频反映称，湖南张家界天子山景区数千名游客滞留，无法顺畅下山。 2023年春节，红星新闻报道，大年初三，湖南张家界国家森林公园接待游客逾6万，接待人数创单日新高。但有游客在网上反映，景区未控制人流量，导 致成千上万名游客大晚上被困在山上。 今年五一假期，笔者也领教到了人生最频繁、最长时间的排队经历。 5月2日上午10点前，抵达天门山森林公园景区，在山门外跟随大批游客一起，步行2公里到大门口，排队进入景区，耗时大约2.5小时； 5月2日下午，排队从天门 ...

Core Viewpoint - The recent music festivals at Wuhan Airport Music Square have attracted nearly 100,000 music fans nationwide, showcasing a blend of music, consumption, and cultural tourism, significantly boosting the local economy [1][7][11]. Group 1: Event Highlights - The music festivals featured a strong lineup of top artists, including Cui Jian, Xu Wei, Lao Lang, Zheng Jun, and Zhao Lei, with classic songs that sparked enthusiastic sing-alongs among attendees [3]. - The unique setting of the music festival, with planes taking off and landing in the background, created a romantic atmosphere, enhancing the overall experience for attendees [5]. Group 2: Economic Impact - The music festivals led to a substantial increase in local economic activity, with restaurant, accommodation, and transportation spending rising significantly during the events [7]. - The surrounding area saw a 45% year-on-year increase in sales of imported and exported goods at Hankou North International Trade [7]. - The synergy between the music festival and local attractions, such as Mulan Scenic Area, resulted in over 200,000 visitors on the first day of the holiday [7]. Group 3: Brand Value and Future Plans - The music festivals have elevated Wuhan's brand value, with related topics on social media platforms like Weibo and Douyin garnering over 10 million views [11]. - The "Airport+" model has created a tourism route connecting the music square with nearby attractions, enriching the experience for music fans and providing new growth opportunities for local industries [9]. - Future plans include deepening the "Music+" strategy, with seasonal themed music events and improved facilities to enhance the experience for music fans, aiming to continue driving economic and social benefits for the city [22].

Core Insights - The "May Day" holiday in Wuhan saw a significant increase in inbound tourism, with orders rising by 70% year-on-year, leading the central region of China [3] - Various cultural and entertainment initiatives, such as immersive experiences at historical sites, contributed to a vibrant tourism atmosphere in Wuhan [4][5] Group 1: Tourism Growth - Wuhan's inbound travel orders during the "May Day" holiday increased by 70% compared to the previous year, showcasing the city's growing appeal as a tourist destination [3] - The average length of stay for tourists in Wuhan has extended from 2-3 days to 4-5 days due to enhanced attractions like the upgraded Yangtze River night cruise and high-tech aerial trains [3] Group 2: Cultural Experiences - Major cultural sites, including the Hubei Provincial Museum, reached their visitor capacity during the holiday, indicating a strong interest in traditional Chinese culture [2] - The Hubei Provincial Museum introduced a digital VR experience project, allowing visitors to engage with historical artifacts in an innovative way [2] - The Yellow Crane Tower, a historical landmark, attracted approximately 20,000 visitors on the last day of the holiday, with an estimated total of 190,000 visitors over the five-day period [4] Group 3: Urban Development and Consumer Experience - Wuhan has revitalized historical buildings and neighborhoods, creating unique cultural experiences for tourists, such as the immersive performances in the Baoguan House and the historical street of Baoyuanli [5] - The city has implemented measures to enhance visitor experience, including opening internal parking and restroom facilities to alleviate common tourist inconveniences [4]

Core Insights - The transformation of ticket policies in China's cultural tourism industry reflects a shift from a "sightseeing era" to an "immersive era," allowing for longer visitation periods and deeper emotional connections with the scenery [1][2][3] - The introduction of multi-day and lifetime tickets, such as the "seven-day pass" at Lushan and "lifetime free entry" at Zhouzhuang, indicates a move towards enhancing visitor experience and increasing overall spending [1][2] - The concept of "chain economy" emerges as visitors are encouraged to stay longer, leading to increased consumption in local businesses and cultural activities [2] Ticket Policy Changes - The shift from "same-day only" tickets to options like "seven-day" and "three-day" passes allows tourists to engage more deeply with attractions, resulting in longer average stay times and increased spending [1] - Zhouzhuang's "lifetime free entry" policy has transformed visitors from transient guests to regular patrons, fostering a sense of belonging and emotional investment [2] Economic Impact - The new ticketing strategies have led to a significant increase in visitor spending, with Zhouzhuang seeing average stay times increase from 4 hours to 10 hours, and a 20% rise in food and accommodation consumption [1][2] - Cultural activities and immersive experiences are becoming key drivers of revenue, as seen in Lushan's integration of various cultural events and Zhouzhuang's successful night tourism projects [2] Cultural Shift - The changes in ticketing and visitor engagement reflect a broader cultural narrative, moving from mere "scenery selling" to "shared living," emphasizing the importance of emotional connections and cultural storytelling [3]

"五一"佳节，处处洋溢着欢乐与活力，幸福的气息如春风般吹拂大地。景区内，游客们欢声笑语，在山水间留下美好回忆，共享自然馈赠的 惬意。 2025年5月4日，游客在天津市东丽区蔡园子农场参加捞鱼比赛。人民网记者 崔新耀摄 2025年5月4日，吉林省敦化市北山公园内，不少市民游客拾级而上，登上革命烈士纪念塔，缅怀先烈。他们在行走中聆听革命故事，感受红色文 化。人民网记者 王海跃摄 2025年5月4日，在吉林省长春市南湖公园景区，游客们在湖中划船度假。人民网记者 李洋摄 2025年5月4日，河南林州太行大峡谷，游客在绿水青山之间乐享假期。人民网 霍亚平摄 2025年5月3日，河南安阳殷墟博物馆内，游客驻足在甲骨文展区。3000年前的龟甲历经岁月打磨，仍清晰可见苍劲的刻痕。人民网记者 单芳摄 2025年5月3日，在黑龙江省哈尔滨市南岗新华书店内，家长带着孩子畅享阅读的美好时光。人民网记者 苏靖刚摄 2025年5月3日，在北京通州北运河畔，不少市民游客前来露营休闲，欣赏运河美景，亲近自然，乐享"五一"假期。人民网记者 翁奇羽摄 2025年5月2日，一场别开生面的藏式婚礼在西藏拉萨市城关区岗堆小区里举行。人民网记者 次仁罗 ...

5月4日，张家界市武陵源区委旅游工作委员会办公室发布情况通报称，受2日客流激增影响，当晚19:20 至20:30返城车流高峰时段，张家界国家森林公园南门至武陵源城区的部分路段出现拥堵，车辆通行受 阻，导致接驳的城景客运专线车辆通行效率降低，部分游客在景区南门外栖凤岗亭候车处滞留。情况发 生后，有关部门立即加大交通疏导力度并增加接驳车辆，21:53游客全部接送完毕。 张家界市武陵源区委旅游工作委员会办公室称，为做好"五一"假日旅游接待工作，武陵源区采取了涉旅 岗位工作人员全员上岗、提早开放景区、延长服务时间、分时分站预约等措施，但仍然存在游客乘坐电 梯、缆车、环保车排队时间较长等现象。这反映出武陵源区在旅游高峰时段的综合管理能力方面还存在 较大差距。在此，对所有受影响的游客表示诚挚的歉意。有关部门将深刻汲取教训，科学实施景区限 流、优化分时分站预约、强化交通疏导和运力保障等措施，切实提升旅游管理和接待服务水平，为广大 游客提供良好的旅游环境。 （文章来源：南方都市报） 5月4日，南都记者注意到，湖南张家界市武陵源区委旅游工作委员会办公室发布情况通报称，5月2日， 张家界市武陵源区客流激增，导致张家界国家森林公园 ...

Core Insights - The implementation of "one ticket for multiple days" system in various scenic spots enhances visitor experience and encourages deeper exploration of attractions [1][3][6] - The ticket reform in Lushan and other scenic areas allows visitors to use a single ticket for multiple visits within a specified timeframe, breaking the traditional one-day ticket validity [3][5] - The average stay of visitors in scenic areas has increased significantly, leading to a 20% growth in local food and accommodation consumption [8] Scenic Area Developments - Lushan scenic area has introduced a ticket reform allowing visitors to access multiple attractions within seven days of purchase [3] - Huangyao Ancient Town in Guangxi offers a three-day ticket for 88 yuan, providing significant savings for families [6] - Zhouzhuang has shifted from a ticket-dependent economy to a diversified "chain economy" by allowing lifetime free entry with a one-time ticket purchase [10][12] Visitor Experience Enhancements - Various activities have been organized during the "May Day" holiday, enriching the visitor experience across different scenic spots [5] - Zhouzhuang has developed immersive performances and night tours, increasing visitor engagement and extending their stay by over two hours [14][16]