Summary of Key Points from Conference Call Records Industry Overview - **Travel and Transportation Industry**: The overall passenger volume during the 2025 Mid-Autumn Festival and National Day holiday maintained a high growth rate, although the recovery speed has slowed down. The average ticket price remained strong, benefiting airline revenues. The overall flight volume increased by 3.2% year-on-year, with international flights up by 10.3% [1][3][4]. Core Insights and Arguments - **Airline Performance**: Despite underperforming during the summer travel season, airlines showed resilience in the off-peak season. The demand from businesses began to recover in late September, alleviating pricing and occupancy pressures. It is expected that the price recovery trend will continue into the fourth quarter and the first two quarters of the following year, suggesting a favorable investment opportunity in the airline sector [1][5]. - **Rail and Road Transport**: Both rail and road transport maintained steady growth during the holiday period, with no significant issues in demand or capacity. The overall fundamentals of the sector are showing a positive trend [1][6]. - **Tourism and Hotel Industry**: The tourism and hotel sectors experienced a general increase in visitor numbers between 5% and 10%. Self-driving travel has become more popular, and niche tourism destinations have gained traction. For instance, hotel occupancy rates in certain areas like Jingdezhen reached full capacity, indicating a trend towards market diversification [1][7][9]. - **International Travel Demand**: At Pudong Airport, the inbound and outbound flow increased by 24% in the first four days of the holiday, with a 16% increase in Chinese travelers, indicating strong international travel demand [1][8]. Additional Important Insights - **Hotel Pricing Trends**: The hotel industry showed significant price increases during the holiday, with some areas experiencing price hikes of over ten times the usual rates. However, the phenomenon of "camping" instead of staying in hotels is not widespread [1][10]. - **Duty-Free Market Performance**: The duty-free market, particularly in Hainan, has shown positive growth, with Sanya International Duty-Free City reporting a single-day sales increase of over 60%. The overall duty-free market in Hainan grew by 7% to 4%, driven by low base effects and mobile phone sales [2][11]. - **Future Outlook**: The tourism accommodation sector is expected to see positive growth in room rates and revenue per available room (RevPAR) in 2025, with optimistic projections for 2026 due to low base effects and strong holiday performance [1][10].

证 券 研 究 报 告 【策略周报】 牛市一周年的红利展望 ——多行业联合红利资产 9 月报 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 策略研究 策略周报 2025 年 10 月 08 日 华创证券研究所 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：马野 邮箱 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 10 月 08 日 国庆假期要闻汇总及思考 ——债市专题研究 核心观点 国庆期间，全球资产有两大交易主线：①美国政府停摆并导致部分重要经济数据停止 发布，但对于美联储降息预期影响较小，对于宽财政持续性担忧升温；②日本自民党 高市早苗胜选女总裁，其宽松的政策主张带动宽财政和宽货币预期，受到美日关键事 件的共振，全球风险偏好有望受到流动性驱动而抬升。总体来看，日本股指和黄金分 别在高市早苗交易和避险诉求下领涨，美日等主要国家长债利率在宽财政以及债务可 持续担忧下上行。 ❑ 大类资产表现 日股＞商品>除日股外其他股指＞债市。国庆期间（10 月 1 日至 10 月 6 日），权 益资产价格普遍上涨，日本股指表现一枝独秀；商品表现分化，黄金、白银和铜 价大幅上涨，10 月 7 日盘中，COMEX 黄金价格突破 4000 美元/盎司关口；债券 利率普遍震荡上行，表现偏弱势。 ❑ 海外要闻汇总 ①美国政府停摆，"大非农"就业数据推迟公布； ②美国 9 月新增 ADP 就业为负，但下降趋势变缓； ③美国 9 月 ISM 制造业 PMI ...

民航客运量预计238万人次，预计保障航班18694班，航班正常率保持在90%以上。 全国铁路10月6日预计发送旅客1640万人次，上海、南昌、武汉等地10月6日起开行到广州、深圳等方向的夜间高铁。新开通的沈白高铁与国道331旅游大通 道串联起沿线景区，10月6日抵达长白山站的游客同比增长21%。 公路人员流动量10月6日预计约2.75亿人次，同比增长7%，主要以短途探亲访友为主。预计全国高速公路车流量超6000万辆次，去往热门赏月地和景区的周 边公路车流量较为集中。 水路客运量10月6日预计157万人次，琼州海峡客滚运输全线恢复。 央视网消息（新闻联播）：记者从交通运输部了解到，10月6日，预计全社会跨区域人员流动量超2.95亿人次，同比增长5.8%。 ...

Core Insights - China's economy continues to maintain stable and healthy development, providing certainty and positive energy for global economic growth. Despite some perceptions that investment opportunities are diminishing, China's economic transformation and upgrading present unprecedented opportunities for countries worldwide [1] Group 1: Industry Transformation and Upgrading - China's manufacturing sector remains the largest globally for 15 consecutive years, with 80% of it comprising traditional industries such as metallurgy, chemicals, machinery, light industry, and textiles. The acceleration of high-end, intelligent, and green development will release investment opportunities in these areas [1] - New industries such as artificial intelligence, robotics, and biomedicine are rapidly emerging, with China leading in several AI models and maintaining the largest industrial robot market for 12 years. The country is fostering the development of future industries and is open to sharing investment opportunities with global partners [1] Group 2: Technological Innovation and Talent Dividend - China is quickly rising in the global technology innovation landscape, with R&D expenditure exceeding 3.6 trillion yuan in 2024, approaching the OECD average. The country leads in high-level international journal publications and invention patents [2] - The integration of technological and industrial innovation is accelerating, with increasing patent conversion rates and the transformation of cutting-edge technological achievements into new productive forces. China produces over 5 million STEM graduates annually, enhancing the talent dividend, particularly in engineering [2] Group 3: Consumption Expansion and Upgrade - China's per capita GDP exceeds $13,000, with a steadily expanding market size. The retail sales of consumer goods are expected to surpass 50 trillion yuan by 2025, solidifying China's position as the world's second-largest consumer market [3] - Online retail sales have ranked first globally for 12 consecutive years, with significant sales in automobiles and air conditioners. Service consumption is becoming a new growth engine, with the proportion of per capita service consumption expected to reach 46.1% in 2024 [3] Group 4: Infrastructure Development - China's vast territory necessitates significant infrastructure development, particularly in the central and western regions where railway and road density is lower than in the eastern coastal areas. Traditional infrastructure construction and upgrades will yield long-term economic and social benefits [3] - Investment demand remains high for intercity railways and cross-river, cross-sea bridges, which improve transportation logistics and regional economic development. Rapid growth in new infrastructure areas such as computing networks, mobile communications, and smart cities will create vast market opportunities [3] Group 5: Urbanization and Social Welfare - China's urbanization is transitioning from rapid growth to stable development, focusing on improving quality and spatial layout, developing urban clusters, and modernizing cities. Urban renewal projects will create significant investment opportunities [4] - The demand for social welfare services, including childcare, education, elderly care, and healthcare, is increasing. By 2025, China aims to provide 4.5 childcare spots per 1,000 children under three, addressing gaps compared to developed countries [4]

Core Viewpoint - The article discusses tax incentives for enterprises involved in public infrastructure projects supported by the state, highlighting the "three exemptions and three reductions" policy for corporate income tax [3][10]. Summary by Relevant Sections Tax Incentives - Enterprises engaged in state-supported public infrastructure projects can enjoy corporate income tax exemptions for the first three years and a 50% reduction for the next three years, starting from the year they first generate operational income [3][10]. Eligible Projects - The public infrastructure projects eligible for these tax incentives include ports, airports, railways, highways, urban public transport, electricity, and water conservancy, as specified in the "Public Infrastructure Project Corporate Income Tax Incentive Directory" [4][10]. Conditions for Enjoyment - To qualify for the tax incentives, enterprises must meet specific conditions outlined in the "Public Infrastructure Project Corporate Income Tax Incentive Directory," including the requirement for projects to be independently functional and accounted for separately [5][10].

全国水运预计发送旅客超117万人次。全国民航预计保障航班19682班，比去年同期增长3.97%。 国庆中秋假期第一天：全国民航预计保障航班19682班 铁路客流呈现强劲增长态势。全国铁路预计发送旅客2300万人次，计划加开旅客列车2106列。9月30日全国铁路发送旅客1846.3万人次， 运输安全平稳有序。 公路跨省、跨区域长距离出行明显增加。10月1日全国高速公路网流量将达到假期峰值，预计接近或达到7000万辆，约为日常流量的2.1 倍。 央视网消息：10月1日是国庆中秋假期第一天，交通出行迎来客流高峰。交通部门积极采取措施，确保旅客安全便捷出行。 今年国庆、中秋假期叠加，人们旅游度假、探亲访友等出行需求旺盛。10月1日，全国民航预计保障航班19682班，比去年同期增长 3.97%。根据民航局的预测，今年的国庆中秋假期，民航旅客运输量预计达1920万人次，创历史同期最高水平。 ...

Group 1 - Jiangsu's water quality in the Yangtze River has maintained Class II for seven consecutive years, with ecological shoreline coverage increasing to 64.5% [1] - The total economic output of the Yangtze River Delta has grown from 21.15 trillion yuan in 2018 to 33.17 trillion yuan in 2024, accounting for 24.7% of the national economy [1] - Jiangsu's GDP is projected to reach 13.7 trillion yuan in 2024, representing 41.3% of the Yangtze River Delta's total [1] Group 2 - Jiangsu's imports and exports to countries involved in the Belt and Road Initiative reached 1.91 trillion yuan from January to August, a growth of 10.3%, making up 49.9% of the province's total trade [2] - The Yangtze River city cluster is expected to contribute 76.7% to Jiangsu's economic growth in 2024 [2] - Jiangsu plans to invest over 1 trillion yuan in transportation infrastructure during the 14th Five-Year Plan, which is 1.6 times the investment during the 13th Five-Year Plan [2] Group 3 - By the end of 2024, Jiangsu's expressway mileage is expected to reach 5,232 kilometers, with 699 kilometers of expansion completed recently [3] - Jiangsu has built 20 cross-river passages and has 9 more under construction, with significant bridges completed this year [3] - The province's airport capacity is projected to reach 72.94 million passengers and 171,100 tons of cargo by 2024 [3]

每经AI快讯，勘设股份（SH 603458，收盘价：8.38元）9月29日晚间发布公告称，公司控股子公司贵州 勘设生态环境科技有限公司（以下简称"勘设生态科技"）因业务发展需求，拟向中国工商银行股份有限 公司贵阳云岩支行申请人民币280.00万元的银行流动资金贷款，公司按75%的持股比例为勘设生态科技 提供连带责任保证担保，即本次担保金额为人民币210.00万元，勘设生态科技其他股东按持股比例提供 同比例担保。公司已于近日与债权人签订了《最高额保证合同》，在该合同项下向债权人提供连带责任 保证，该笔担保不存在反担保。 2024年1至12月份，勘设股份的营业收入构成为：公路行业占比67.61%，建筑行业占比21.68%，水运及 其他行业占比7.39%，市政行业占比3.01%，其他业务占比0.31%。 截至发稿，勘设股份市值为26亿元。 每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 王晓波） 公司于2025年4月2日召开的第五届董事会第二十四次会议及2025年5月20日召开的2024年年度股东大会 审议通过了《关于 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price of HKD 9.42, indicating an expected upside of 11.7% from the current price of HKD 8.43 [1][4]. Core Insights - The overall performance of Chow Tai Fook Enterprises exceeded expectations, with a year-on-year increase in attributable operating profit (AOP) of 7% to HKD 4.466 billion, surpassing the previous forecast of HKD 4.36 billion [1]. - The financial services segment remains a key growth driver, with AOP increasing by 29% to HKD 1.242 billion, supported by a 13% growth in the marginal balance of Chow Tai Fook Life Insurance contracts [1][2]. - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the total dividend for the fiscal year at HKD 0.95 per share, alongside a stock dividend to enhance liquidity [1]. Summary by Sections Financial Performance - Total revenue for FY2025 decreased by 8.1% to HKD 24.285 billion, with notable declines in logistics and construction segments [2]. - The insurance segment saw a revenue increase of 18.2% to HKD 4.081 billion, while the logistics segment's revenue fell by 11.7% to HKD 142.1 million [2]. - Adjusted EBITDA for FY2025 rose by 1% to HKD 7.316 billion, reflecting stable operational performance despite revenue declines in certain segments [2]. Segment Analysis - The financial services segment is highlighted as a future growth area, with significant investments in technology-driven brokerage and asset management firms to create a comprehensive wealth management ecosystem [1]. - The logistics segment experienced a 3% increase in AOP, driven by strong growth from China Railway International Container Transport Co., which contributed 23% to the segment's performance [1]. - The construction segment's performance stabilized post-acquisition, with a contract order book reaching HKD 58.5 billion, focusing on government projects [1]. Dividend Policy - Chow Tai Fook Enterprises aims to maintain a progressive dividend policy, ensuring long-term returns for shareholders, with a projected dividend yield of 8.4% to 8.8% for FY2026-27 [1].