Group 1 - Company announced on October 22 that it will acquire 100% equity of Jiahe Jingwei through a combination of issuing shares and cash payment [1] - The company plans to raise matching funds by issuing shares to its controlling shareholder and actual controller Gong Lanhai [1] - The stock will resume trading on October 23, 2025, after the completion of audit and evaluation work [1] Group 2 - For the first half of 2025, the company's revenue composition was 60.71% from night economy, 39.14% from digital new infrastructure, and 0.15% from other businesses [1] - The current market capitalization of the company is 3.6 billion yuan [1]

每经AI快讯，时空科技（SH 605178，收盘价：35.83元）10月22日晚间发布公告称，公司第四届第六次 董事会会议于2025年10月22日在北京市经济技术开发区经海五路1号院15号楼视频会议室以现场结合通 讯的方式召开。会议审议了《关于公司本次发行股份及支付现金购买资产并募集配套资金暨关联交易符 合相关法律法规规定的议案》等文件。 2025年1至6月份，时空科技的营业收入构成为：夜间经济占比60.71%，数字新基建占比39.14%，其他 业务占比0.15%。 （记者 胡玲） 截至发稿，时空科技市值为36亿元。 每经头条（nbdtoutiao）——四次登上央视，知名大佬"消失"5年，我们在水果仓库找到了他！从月薪 5000到千亿市值公司联席总裁，他45岁再创业 ...

Core Viewpoint - The newly released "14th Five-Year Plan for Urban Lighting Development in Beijing" aims to enhance the night economy by transitioning from "point lighting" to a comprehensive "all-region quality improvement" approach, leveraging the "Night Beijing" IP matrix to stimulate consumption and employment [2][6]. Urban Nightscape Structure - The plan proposes a nightscape structure of "one core, two axes, four rings, and multiple points," highlighting the capital's urban features during both day and night [3]. - "One core" refers to the capital's functional core area, "two axes" are the central axis and its extensions, and "four rings" represent the second to fifth ring roads, with "multiple points" indicating areas outside the central city [3]. Operational Management - The management approach shifts from fixed models to refined control, introducing a new "major event guarantee" level to dynamically adjust lighting times and modes based on various factors [4]. - The plan aims to increase the application rate of LED light sources from 60% to 90%, enhancing user experience while reducing energy consumption [4]. Transition from Point Lighting to Systematic Layout - The night economy development in the "14th Five-Year Plan" focused on key commercial areas, while the "15th Five-Year Plan" emphasizes a qualitative leap towards a comprehensive layout [6]. - The new structure aims to create a three-dimensional nightscape network that connects urban areas and breaks the dominance of central districts in the night economy [6]. Scene Creation and IP Matrix Operation - The plan shifts from single business types to an IP matrix operation, integrating various night-time activities and experiences [6]. - The "Night Beijing" IP will connect major water systems and parks, creating a "blue night artery" and a "green night puzzle" to enhance cultural and ecological integration [6]. Economic Value of Night Economy Expansion - The implementation of the IP matrix is expected to stimulate consumer enthusiasm for night-time spending, extending consumption time and space [7]. - Data indicates that during the 2024 light festival, key commercial areas in Chaoyang District saw over 12 million visitors, a 13% increase year-on-year, with sales reaching 2.8 billion yuan, a 5% increase [7][8]. Industry and Cultural Integration - The IP matrix will promote the integration of cultural industries with tourism and commerce, leading to the development of derivative products and services [8]. - The unique IP matrix is anticipated to enhance Beijing's national and global recognition, positioning it as an attractive international tourism destination [8].

Core Insights - The retail sales of consumer goods in Chongqing reached 1.11 trillion yuan from January to August this year, with nighttime consumption accounting for over half of this total [1] - The unique topography of Chongqing has created an unparalleled nighttime aesthetic, enhancing the appeal of its night economy [2] - The local government's strategic planning has been pivotal in promoting the "Never Sleep Chongqing" brand, which includes a comprehensive nighttime consumption map featuring over 120 unique venues [3] Group 1 - The nighttime economy in Chongqing is significantly driven by its distinctive night scenery, which includes views from the Yangtze River cruises and the "Cloud Eye" observation point [2] - The government has developed a systematic approach to enhance the nighttime economy, focusing on cultural identity and emotional resonance for both tourists and locals [3] - The challenges of managing nighttime economic activities, such as food safety and noise control, are being addressed through a coordinated governance mechanism [3] Group 2 - The growth of Chongqing's nighttime economy serves as a model for future urban competition, emphasizing the importance of cultural charm, innovation, and operational excellence [3] - The transformation from "quick visits" to "in-depth experiences" in nighttime consumption reflects a shift towards enhancing visitor satisfaction and quality of life for residents [3] - The integration of local cultural resources and brand building is crucial for sustaining the long-term effects of the nighttime economy [3]

Core Insights - The article emphasizes the significance of nighttime economy in Chongqing, highlighting that over half of the city's consumption occurred at night in the first half of the year [1] - The development of nighttime cultural and tourism economy has been a focus for the local government, with 15 national-level nighttime cultural and tourism consumption clusters established [1][2] Changes in Nighttime Economy - The transformation from specific commercial districts to unique streets has introduced "non-standard commercial" elements, creating visually appealing landmark scenes [3][4] - A meeting in 2017 initiated the inclusion of backstreets into the nighttime economy development plan, aiming to create a more diverse consumption ecosystem [5][6] New Consumption Spaces - The revitalization of the previously neglected Shancheng Alley has led to an average daily foot traffic of over 20,000 visitors in the first half of the year [6][7] - The introduction of "non-standard commercial" shops in the Luzumiao area has resulted in over 70% of the shops being unique and personalized, catering to consumer preferences for individuality [7][8] Diverse Nighttime Offerings - The Nine Streets area has evolved from a simple dining street to a vibrant hub featuring various activities, including live performances and fitness options, attracting a young demographic [9][10] - The "Five Nights" business model, focusing on diverse nighttime experiences, has been promoted by local authorities to enhance consumer engagement [11][12] Management Innovations - The management of nighttime markets has shifted from strict regulations to more refined services, enhancing the overall consumer experience [14][15] - The establishment of a management office for the Nanfang Garden Night Market has significantly reduced complaints and improved business for vendors [15][16] Future Directions - The government aims to refine management strategies to address challenges such as market saturation and competition among nighttime markets [16][19] - Plans are in place to develop more unique commercial projects and enhance the aesthetic appeal of nighttime consumption spaces across the city [8][19]

Core Viewpoint - The development of nighttime economy in Chongqing has become a significant aspect of urban commerce, with over half of the city's consumption occurring at night in the first half of the year. The government is actively promoting this sector through various initiatives and infrastructure improvements [4][5][6]. Group 1: Changes in Nighttime Economy - The transformation of Chongqing's nighttime economy has shifted from specific commercial districts to include unique streets and alleys, introducing "non-standard commercial" models to create visually appealing landmark scenes [4][5][6]. - The government has initiated discussions to incorporate backstreets into the nighttime economy development plan, aiming to enhance the overall consumption ecosystem [5][6]. - The "Mountain City Alley" has been successfully revitalized, attracting an average of over 20,000 visitors daily in the first half of the year, contributing to a 7% year-on-year increase in tourist numbers during the National Day and Mid-Autumn Festival holidays [6][7]. Group 2: Supply Changes - The nighttime economy has evolved from a single scene to a diverse array of experiences, with various entertainment and dining options available, particularly in areas like the "Nine Streets" [11][12]. - The focus on content supply has led to a shift in business types, with the introduction of trendy shops and recreational venues catering to younger consumers [12][13]. - The "Big Nine Streets" project combines vibrant areas like Nine Streets and North Warehouse, attracting a significant number of young consumers, with visitor numbers increasing by 28.1% and 9.5% respectively during recent holidays [13][14]. Group 3: Management Changes - The management approach for nighttime markets has transitioned from strict regulation to more refined services, enhancing consumer experience while addressing local residents' concerns [15][16]. - The establishment of dedicated management offices for nighttime markets has improved operational efficiency, reducing complaints significantly and fostering a better relationship between vendors and local communities [16][17]. - The government is focusing on detailed management strategies to address challenges such as market saturation and competition, ensuring the sustainability of the nighttime economy [17][18][21].

城市竞争力，不只反映在楼宇高度或商业规模，文化认同感同样重要。外地游客来重庆，不仅为吃火 锅、看洪崖洞，也为获得一种独特的生活体验与情感记忆。夜间经济早已超越经济范畴，成为文化与情 感共鸣的重要载体。注重挖掘特色文化资源，加强地方特色品牌建设，重庆让夜间经济的长尾效应持续 延伸。 美丽夜色，装点城市容颜，激发消费潜能。今年1至8月，重庆市社会消费品零售总额达1.11万亿元，其 中夜间消费占比过半。 重庆夜间经济的走红，源于不可复制的夜景资源。 以天为幕、以城为景，独特的山城地形塑造了不可多得的夜景美学：从两江游轮眺望渝中半岛万家灯 火，在"云端之眼"俯瞰城市天际线，"8D魔幻景观"为夜间经济发展提供绝佳背景。 重庆夜间经济的长红，得益于当地政府的规划设计。 系统构建"不夜重庆"城市品牌，发布网红市集打卡指引，"不夜重庆夜间消费地图"涵盖120余个特色场 景，服务"食、游、购、娱、体、展、演"全链条。 发展夜间经济，面临的挑战也不容忽视。当人流如潮而至，如何解决食品安全、噪声扰民等问题，如何 兼顾游客满意度和市民生活品质，考验着一座城市的治理智慧。重庆建立健全夜间经济协调推进机制， 为管理服务难题主动求解，让夜 ...

Core Viewpoint - The development of nighttime economy in Chongqing has become a significant aspect of urban commerce, with over half of the city's consumption occurring at night in the first half of the year, driven by government initiatives and local innovations [1][5]. Group 1: Changes in Nighttime Economy - The transformation of specific commercial areas to unique streets has introduced "non-standard commercial" models, creating visually appealing landmark scenes [2][4]. - A meeting in 2017 initiated the inclusion of back streets in the nighttime economy development plan, aiming to create a more diverse consumption ecosystem [3][4]. - The government has guided the renovation of areas like the Mountain City Alley, which has now become a popular nighttime destination with an average daily footfall of over 20,000 visitors [5][6]. Group 2: Supply Changes - The variety of nighttime consumption experiences has expanded from single scenes to diverse business formats, catering to the preferences of younger consumers [9][11]. - The "Big Nine Street" project combines vibrant areas like Nine Street and North Warehouse, attracting a significant number of young visitors, with foot traffic reaching 150.5 million and 34.5 million during the recent holidays, respectively [12][13]. Group 3: Management Changes - The management of nighttime markets has shifted from strict regulation to refined services, focusing on enhancing consumer experience while addressing local residents' concerns [14][15]. - The introduction of a "building management" system in areas like Good Food Street has improved relationships between managers and merchants, fostering a collaborative environment for business growth [16][17]. - The establishment of detailed operational guidelines and regular inspections has led to improved hygiene and service quality in nighttime markets, resulting in increased customer retention [18][19].

Core Insights - The summer season and nighttime activities are creating unique opportunities for boosting consumer spending [1] - Night tourism, as a vital part of the nighttime economy, is enhancing cultural experiences and reflecting changes in lifestyle [2] - Local governments are implementing supportive policies to promote nighttime tourism and economic activities [3] Group 1: Nighttime Economy - The combination of summer and nighttime activities is revitalizing consumer engagement in cities like Yangzhou [1] - Night tourism is witnessing a significant increase in demand, with domestic travel numbers reaching 3.285 billion and spending hitting 3.15 trillion yuan in the first half of 2025, marking a year-on-year growth of 20.6% and 15.2% respectively [2] - The projected total expenditure for nighttime tourism in China is approximately 1.91 trillion yuan for 2024, indicating a sustained upward trend in consumer interest [2] Group 2: Government Initiatives - Various local governments, including those in Yunnan and Sichuan, are launching policies to support nighttime tourism and economic growth [3] - Initiatives include the development of nighttime cultural and tourism consumption zones, enhancement of nighttime entertainment offerings, and the creation of unique nighttime festivals [3] - The shift from daytime to nighttime activities is fostering a vibrant urban atmosphere, integrating traditional culture with modern consumer experiences [3]

Core Viewpoint - The program "Consumption Advocacy" by CCTV highlights the vibrant night economy and diverse cultural tourism offerings in Foshan, showcasing the city's vitality and charm through experiential narratives [1][5]. Group 1: Night Economy Development - The program focuses on Foshan's "Four Mountains and Two Rivers" cultural tourism strategy, utilizing natural resources to reshape night consumption patterns [3]. - It emphasizes the unique ecological corridor of Lingnan, featuring rich tourist attractions, food streets, traditional folk activities, and trendy entertainment spots as key elements of Foshan's night economy [3][10]. - The program analyzes night economy data from the first half of 2025, demonstrating its significant contribution to urban commercial growth compared to traditional consumption periods [8]. Group 2: Consumer Experience and Engagement - The host, Hu Xiao, explores various night consumption scenes in Foshan, including popular areas like Huashang City and the Creative Industry Park, showcasing the emerging trends in GDP growth and consumption indicators [5][8]. - The program includes interviews with consumers and businesses across major commercial complexes, traditional night markets, and cultural tourism sites, highlighting the vitality embedded in Foshan's economy [10]. - It features a segment on Shunde, known as the "World Food Capital," where local delicacies like fish sashimi and rice porridge are explored, illustrating how food culture enhances the appeal of tourism products [11]. Group 3: Invitation to Experience - The program concludes with an invitation for viewers to experience Foshan's night economy, which integrates diverse sectors such as dining, tourism, entertainment, and performance, while preserving traditional Lingnan culture [13]. - Foshan is positioned as a popular destination for night consumption in the Greater Bay Area, combining modern elements like light shows and trendy markets with local culinary experiences [13].