香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 Jiangsu Slender West Lake Culture and Tourism Co., Ltd. * 江 蘇 瘦 西 湖 文 化 旅 遊 股 份 有 限 公 司 （「本公司」） 於中華人民共和國註冊成立的股份有限公司） – 1 – （ (a) 在聯交 所網站 登載本 公告，並 不會引 致本公 司、其 獨家保 薦人、整 體協調 人、顧 問或 包銷團 成員須 於香港 或任何其 他司法 管轄區 進行發 售或配 售活動的 責任。 本公司 最終 會否進行發售或配售仍屬未知之數； (b) 本公告 所涉及 的上市 申請並未 獲批准 ，聯交 所及證 監會或 會接納、 發回或 拒絕有 關的 公開發售及╱或上市申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司 或其任 何聯屬 人士、顧 問或包 銷團成 員概無 透過刊 發本公告 而於任 何司法 權區 發售任何證券或招攬要 ...

Core Viewpoint - The successful issuance of 1 billion yuan in corporate bonds by Hubei Cultural Tourism Group demonstrates strong investor confidence and recognition of the company's development potential [2]. Group 1: Bond Issuance Details - The bond issuance was oversubscribed with a multiple of 2.43, and the coupon rate was set at 2.50%, indicating robust market interest [2]. - This project marks the first collaboration between Shenwan Hongyuan and the issuer, highlighting the effective marketing efforts to attract non-bank investors [2]. Group 2: Company Background - Hubei Cultural Tourism Group, a state-owned enterprise, is the only provincial-level tourism group in Hubei, focusing on three core sectors: cultural tourism, sports health, and commercial trade [2]. - The company operates 42 scenic spots, including 7 AAAAA-rated attractions, and has been recognized as a national advanced collective in poverty alleviation [2]. Group 3: Future Plans and Strategic Goals - Shenwan Hongyuan aims to continue supporting the issuer by expanding financing channels and optimizing capital structure, contributing to the development of Hubei as a world-class tourism destination [4]. - The bond issuance is part of Shenwan Hongyuan's commitment to serve the real economy and align with national development strategies [4].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The "14th Five-Year" period has seen significant achievements in Shanxi's development, with economic stability and progress in high-quality development, resource-based economic transformation, and innovation integration [8][9] - The "15th Five-Year" period is critical for Shanxi to advance towards modernization, focusing on high-quality development and deepening transformation [10][11] - The overall development environment for Shanxi is more favorable than challenging, with strong support from national policies and strategic missions [12][13] Summary by Sections Achievements During the 14th Five-Year Plan - Economic growth has been steady, with GDP reaching new heights and significant progress in high-quality development [8] - The province has made strides in energy security, technological innovation, and comprehensive reforms, enhancing its competitive edge [9] Key Requirements and Strategic Positioning for the 15th Five-Year Plan - The period is essential for achieving breakthroughs in resource-based economic transformation and narrowing the gap with national averages in income and innovation [10][11] - Shanxi aims to build a modern industrial system that reflects its characteristics and advantages, focusing on energy revolution and ecological protection [16][17] Major Goals for the 15th Five-Year Plan - High-quality development is expected to yield significant results, with improvements in productivity, consumer spending, and industrial modernization [22] - The transition of the resource-based economy is anticipated to progress significantly, with advancements in energy transition and the emergence of new pillar industries [22][23] Focus on Energy Transition and Industrial Upgrade - Shanxi is committed to deepening energy reforms and exploring new paths for energy transition, aiming to shift from a coal-dominated economy to a diversified energy powerhouse [26][27] - The province will enhance traditional industries and foster emerging sectors, including advanced manufacturing and new materials [30][31] Promotion of Cultural Tourism and Agriculture - The report emphasizes the integration of cultural tourism with local resources to create a robust tourism industry, enhancing Shanxi's cultural influence [20][32] - Agricultural development will focus on organic and high-efficiency practices, promoting local specialties and deep processing of agricultural products [30][32] Enhancing Innovation and Talent Development - The report highlights the importance of fostering an innovation ecosystem that integrates education, technology, and talent development to support Shanxi's transformation [36][39] - Strengthening the collaboration between educational institutions and industries is crucial for cultivating a skilled workforce [39][40]

Group 1 - The core theme of the recent cultural activities in the Fuminli area is to transform the rich historical heritage of the Shangdu into contemporary life experiences, allowing traditional culture to rejuvenate in modern times [1][11] - The Fuminli area serves as an open cultural experience space, where various activities such as folk music performances and interactive games create a vibrant atmosphere, blending history with contemporary life [3][9] - The innovative cultural expressions include the introduction of the IP character "Matata," which engages young people through interactive games, enhancing the cultural experience and making it more accessible [7][9] Group 2 - The Lantern Festival activities are designed as an immersive journey with five thematic segments, reflecting the spirit of the city and agricultural civilization, while also connecting with the ancient aspiration of prosperity [5][11] - The "Guochao Animation Exhibition" and "Cat Art Museum" aim to bridge the gap between high art and the public, making culture more approachable and integrated into daily life [9] - The ongoing cultural narrative in Fuminli continues beyond the Spring Festival, with special Lantern Festival events planned, emphasizing the continuity of cultural traditions and their relevance in modern urban life [11]

Core Insights - The core focus of Lin'an's New Year work plan is on "vitality" and "happiness," aiming to enhance various aspects of urban development and create a livable and business-friendly environment [1] Group 1: Key Focus Areas - Lin'an will strengthen six key areas: industry, common prosperity, ecology, culture, livelihood, and safety, to promote high-quality economic development [2] - The city aims to optimize the business environment and address production issues faced by enterprises, ensuring stable growth in collective and farmer incomes [2] - Lin'an plans to integrate agriculture, commerce, culture, tourism, and sports, while exploring rural e-commerce 3.0 and enhancing rural operations [2] Group 2: Major Projects - A total of 20 major projects were signed during the first quarter, with a total investment of 7.323 billion yuan, including five projects exceeding 1 billion yuan [3] - 70% of the signed projects are part of the "296X" industrial cluster initiative, indicating a strong focus on industrial development [3]

Core Viewpoint - The article highlights the successful integration of intangible cultural heritage (ICH) into tourism in Quzhou, particularly during the Spring Festival, resulting in a significant increase in visitor numbers and cultural engagement [1][4]. Group 1: Visitor Statistics and Impact - During the Spring Festival, Quzhou received 3.145 million visitors, marking a 37% year-on-year increase [1]. - The peak daily visitor count at the core scenic area, including the historic Water Pavilion Gate, reached 125,900 on the fourth day of the New Year, with over 60% of visitors coming during nighttime [1][2]. - The overall visitor increase during the Spring Festival was 57.51%, indicating a robust growth in the cultural tourism sector [4]. Group 2: Cultural Integration and Experience - Quzhou transformed into a "living museum" of ICH, showcasing various traditional performances from across China, including local and national heritage projects [2][3]. - The high-density and high-quality performances created a strong gathering effect, allowing visitors to engage interactively with the cultural displays, enhancing their experience [2]. - Local cultural expressions, such as the Xi'an Gaoqiang and Wuyue opera, were highlighted, demonstrating the vitality of local traditions and their appeal to younger audiences [3]. Group 3: Economic and Social Impact - The cultural events led to increased economic activity, with local businesses, such as a Hanfu store, reporting significant sales during the festival, indicating a shift in consumer behavior towards traditional culture [4]. - The integration of ICH into modern consumer experiences has transformed it from static displays to dynamic, shareable cultural products, contributing to economic growth [4]. - The success of Quzhou's cultural tourism strategy illustrates the importance of leveraging local heritage to enhance city attractiveness and competitiveness in the tourism market [4][5].

Group 1 - The core viewpoint emphasizes the strong start of China's economy in 2026, marked by significant consumer activity during the Spring Festival holiday, which serves as a vital indicator of economic resilience [2][3] - During the 2026 Spring Festival holiday, over 2.8 billion trips were made, with transportation sectors showing growth rates exceeding 10% for rail, road, and waterway passenger volumes, and a 7.3% increase in civil aviation passenger volume [2] - Domestic tourism reached 596 million trips with total spending of 803.483 billion yuan, both figures setting historical records [2] Group 2 - The government emphasizes the need for urgency and responsibility among departments to achieve economic stability throughout the year, focusing on consumption upgrades and innovative growth [3][4] - Various regions are holding "New Spring First Meetings" to discuss strategies for economic development, with a focus on the synergy between manufacturing and service industries, and promoting technological innovation [3][4] - The upcoming National People's Congress in March is expected to translate current momentum into institutional arrangements and clear action guidelines for economic growth [4][5]

Core Insights - The article highlights the significant growth in new business entities in China, with a total of 25.745 million new entities expected to be established by 2025, including 9.5 million new enterprises and 16.194 million new individual businesses [1] Group 1: New Business Entities - By 2025, the total number of new business entities in China is projected to reach 25.745 million, comprising 9.5 million new enterprises and 16.194 million individual businesses [1] - The trend indicates a shift towards new and high-quality development, contributing to the momentum for high-quality growth [1] Group 2: Emerging and Future Industries - There is a rapid increase in companies related to the "8 major emerging industries + 9 major future industries," with 1.134 million new entities established in 2025, marking a 9.9% increase from the previous year [1] - Notable growth is observed in cutting-edge fields such as humanoid robots, civil aviation, and generative artificial intelligence, which are leading the growth rates [1] Group 3: Consumer Sector - The consumer sector shows significant promise, driven by a robust domestic market that fosters new consumption scenarios [1] - In 2025, the number of entities related to "smart consumer device manufacturing" is expected to reach 78,000, with 5,000 new entities established [1] - The cultural tourism industry is projected to see 3.302 million new related enterprises in 2025, reflecting a 12.2% increase from the previous year [1] - The "silver economy" sector is also experiencing high growth, with 68,000 new related enterprises expected in 2025, representing a 17.1% increase [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in new business entities in China, with a total of 25.745 million new entities expected by 2025, including 9.5 million new enterprises and 16.194 million new individual businesses, indicating a trend towards high-quality development [1] - The emergence of new and future industries is accelerating, with 1.134 million new enterprises related to the "8 new emerging industries + 9 future industries" projected for 2025, reflecting a 9.9% increase from the previous year [1] - Key sectors such as humanoid robots, civil aviation, and generative artificial intelligence are experiencing notable growth, contributing to China's advancement in the global value chain [1] Group 2 - The consumer sector is showing remarkable highlights, with new supply creating new demand; for instance, the "smart consumer device manufacturing" sector is expected to grow to 78,000 entities, with 5,000 new establishments in 2025 [2] - The cultural tourism industry is projected to see 3.302 million new enterprises, marking a 12.2% increase year-on-year, driven by enhanced consumer experiences [2] - The "silver economy" is also expanding, with 68,000 new enterprises expected in 2025, reflecting a 17.1% growth, driven by aging population needs [2] Group 3 - The market regulatory authority emphasizes the need to focus on the development demands of business entities, aiming to improve market access and exit systems, and enhance the overall market environment to stimulate business vitality [3]

Group 1 - The core viewpoint of the articles highlights the significant growth in new business entities in China, with a total of 25.745 million new entities expected by 2025, including 9.5 million new enterprises and 16.194 million new individual businesses, indicating a trend towards high-quality development [1] - The emergence of new and future industries is driving rapid growth, with 1.134 million new enterprises related to "8 major emerging industries + 9 major future industries" expected by 2025, reflecting a 9.9% increase from the previous year [1] - Key sectors such as humanoid robots, civil aviation, and generative artificial intelligence are experiencing notable growth, contributing to the advancement of China's industrial system towards a higher position in the global value chain [1] Group 2 - The consumer sector is showing remarkable highlights, with new supply creating new demand; for instance, the "smart consumer device manufacturing" sector is expected to grow to 78,000 entities, with 5,000 new entities established [2] - The cultural tourism industry is also thriving, with 3.302 million new enterprises expected by 2025, marking a 12.2% increase from the previous year [2] - The "silver economy" is driving industry upgrades, with 68,000 new enterprises expected in this sector, reflecting a 17.1% growth [2] Group 3 - The quality of entrepreneurial talent remains stable, with a notable increase in young entrepreneurs in traditional sectors, particularly in wholesale and retail, reaching 1.729 million by the end of 2025, an 8.4% increase from 2021 [2] - Young entrepreneurs continue to dominate emerging fields, with 213,000 in scientific research and technical services and 526,000 in culture, sports, and entertainment [2] - The rapid growth of internet-based business entities is evident, with significant increases in new live-streaming enterprises and individual businesses expected by 2025 [2] Group 4 - The market regulatory authority emphasizes the need to focus on the development needs of business entities, aiming to improve market access and exit systems, and enhance the unified national market construction [3] - Efforts will be made to maintain a fair competitive market environment and optimize government services related to enterprises, further stimulating the vitality of various business entities [3]