通知要求，要加大重要民生商品线上线下价格监测力度，持续关注米面油、肉蛋奶、果蔬等生活必需品价格波动情况。重点关注 年夜饭预订、高档烟酒茶、文化娱乐等商品服务线上线下价格，加强餐饮住宿、景区门票等旅游相关行业价格监管。强化低温雨雪冰 冻灾害天气下药品、煤炭、天然气等价格监测预警，加大对航空、铁路客运价格和停车场收费监管力度。加强价格监管执法，开展市 场价格巡查，重点查处未按规定明码标价、价格欺诈、不执行政府定价和政府指导价等价格违法行为。督促网络交易平台落实合规管 理主体责任。 s ul CCTV/13 AD 资料 Prom 0 00 d # 70 > - 48 LD7 8 9 the 标准 e 1 Of 百万 e STE iche Or E 央视网消息：市场监管总局近日印发通知，部署开展元旦、春节期间重点民生商品服务稳价保质工作。 ...

Core Insights - The latest report from the United Nations World Tourism Organization indicates that international tourist arrivals are expected to exceed 1.1 billion from January to September 2025, reflecting a year-on-year increase of approximately 50 million, or 5% growth [1] - Despite challenges such as global economic inflation and geopolitical tensions, the tourism market continues to show strong growth, with stable increases in both international visitor numbers and revenue [1] - The report highlights that Africa has shown the most significant performance in the global tourism market, with a 10% year-on-year increase in international tourist arrivals by September [1] Regional Performance - Europe remains the largest global tourist destination, welcoming 625 million international visitors in the first nine months, a 4% increase year-on-year, with Western and Southern Europe performing particularly well [1] - The Americas achieved an overall growth of 2%, with South America showing the strongest performance at 9% [1] - The Asia-Pacific region recorded an 8% increase in tourist numbers, with Northeast Asia leading at a remarkable 17% growth [1] Airline and Accommodation Metrics - According to the International Air Transport Association, international passenger demand (RPK) grew by 7% year-on-year from January to September, with capacity increasing by 6% [1] - Global hotel occupancy rates reached 68% in September, remaining stable compared to 2024 [1] Future Projections - The United Nations World Tourism Organization forecasts a 3% to 5% increase in international tourist numbers for 2025, emphasizing the need for government and institutional support to ensure the long-term stability of the tourism industry [2]

Group 1 - Core wholesale prices rose 0.3% in September, aligning with Dow Jones consensus estimates, indicating potential cooling in pipeline inflation pressures [1] - Excluding food and energy, the index increased by 0.1%, which is below the 0.2% estimate, while both core and headline PPI had decreased by 0.1% in August [2] - Headline PPI increased by 2.9% year-over-year, while core PPI rose by 2.6% [2] Group 2 - Goods prices drove the PPI increase, rising 0.9% month-over-month, marking the largest jump since February 2024, while services prices remained flat [2] - Final-demand energy prices surged by 3.5% for the month, with gasoline prices contributing significantly due to an 11.8% increase [3] - Transportation and warehousing prices rose by 0.8%, and airline passenger fees surged by 4% [3] Group 3 - Retail sales increased by 0.2% in September, slightly below the 0.3% forecast, while sales excluding autos rose by 0.3%, meeting estimates [4] - Miscellaneous retailers experienced a 2.9% increase, while gas stations saw a 2% rise due to higher prices; however, sporting goods and online sales declined by 2.5% and 0.7%, respectively [5] - Retail sales, adjusted for seasonality but not inflation, increased by 4.3% year-over-year, surpassing the 3% CPI rate for the month [5]

Core Insights - The number of travelers from Chile to the United States has been declining for six consecutive months since April, with September marking the largest drop since 2025 [1] - The decline in travelers is attributed to increased entry restrictions and uncertainty in visa policies since Trump's administration [1] - In the first nine months of 2025, Chile's total air passenger volume reached 21.28 million, reflecting a year-on-year growth of 2.5% [1] International Travel - International passenger numbers reached 9.28 million, showing a year-on-year increase of 6.4% [1] - The significant drop in travelers to the U.S. was from 42,000 to 38,000, representing a year-on-year decrease of 9.2% [1] Domestic Travel - Domestic passenger numbers totaled 12 million, experiencing a slight year-on-year decline of 0.3% [1]

Core Viewpoint - The Hong Kong aviation passenger sector has experienced a significant rise, with major airlines seeing substantial stock price increases on October 20, 2023 [1] Group 1: Stock Performance - China Eastern Airlines shares rose over 9% [1] - China Southern Airlines shares increased by more than 6% [1] - Air China shares climbed over 5% [1] - Cathay Pacific also saw a rise in its stock price [1]

Group 1 - The Hong Kong aviation passenger transport sector is experiencing a significant rise, with China Eastern Airlines shares increasing by over 9% [1] - China Southern Airlines shares have risen by more than 6% [1] - Air China shares have increased by over 5%, and Cathay Pacific is also following the upward trend [1]

Major Events - Meili Tianyuan Medical Health (02373) acquires 100% of Shanghai Siyuanli Industrial for 1.25 billion yuan, aiming to capture the high-end beauty market in major cities [1] - Jinhai Medical Technology (02225) is actively preparing to participate in the 8th China International Import Expo [1] - China Biopharmaceutical (01177) has its selective MEK1/2 inhibitor TQ-B3234 included in the breakthrough therapy designation program [1] - Beijing Jiakesi plans to sell 90% of Jiakexi Health through capital increase and equity transfer agreements [1] - Green Power Environmental (01330) intends to invest in establishing a joint venture in Hong Kong to expand overseas environmental business [1] - Zhonghui Biotechnology (02627) applies for full circulation of H-shares [1] Operating Performance - Legend Holdings (03396) reports that its subsidiary, Legend New Science (003022.SZ), achieved a net profit attributable to shareholders of 232 million yuan in the first three quarters, an increase of 30.32% [1] - Mongol Mining (00975) reports total raw coal production of 3.6043 million tons from UHG and BN mines in the third quarter [1] - China Resources Power (00836) reports cumulative electricity sales of 161 million megawatt-hours from its subsidiary power plants in the first nine months, a year-on-year increase of 4.2% [1] - China Coal Energy (01898) reports coal sales of 19.66 million tons in September, a year-on-year decrease of 20.1% [1] - Air China (00753) reports a 1.2% year-on-year increase in passenger capacity input and a 5.6% year-on-year increase in passenger turnover in September [1]

Core Viewpoint - The upcoming "National Day and Mid-Autumn Festival" holiday is expected to boost the domestic and outbound tourism markets, driven by supportive policies and a focus on enhancing travel experiences and product quality [2][3][4]. Group 1: Domestic Tourism Trends - The holiday period is anticipated to see a rise in short trips and an increase in the quality of long-distance travel, with online travel platform Tongcheng Travel reporting a doubling in bookings for domestic tours and over 20% increase in spending on long-distance group tours compared to last year [2][3]. - The average ticket price for domestic flights is expected to follow a "high-low-high" pattern, with peak prices at the beginning and end of the holiday, while mid-holiday prices are relatively lower [5][6]. Group 2: Outbound Tourism Growth - Outbound tourism products have seen a 75% increase in destination offerings, with traveler numbers up 130% compared to last year, particularly in Europe and North America, which saw increases of 80% and 207% respectively [6][12]. - The trend of early bookings is evident, with some outbound travel products selling out three months in advance, indicating strong demand [3][6]. Group 3: Travel Booking Patterns - The trend of "picking holidays" has led to an earlier booking rhythm, with travel reservations made approximately 3.5 days earlier than last year [4][5]. - The average booking volume for transportation services has increased by about 4.2% compared to last year, with significant growth in high-speed rail and multi-destination travel [5][6]. Group 4: Industry Challenges - Despite growth in traveler numbers, the tourism industry faces challenges with profitability, as indicated by the disparity between the increase in passenger volume and revenue for major airlines [8][9]. - The average ticket price for economy class in the civil aviation sector has decreased by 12.1% year-on-year, reflecting a struggle to match revenue growth with increased passenger numbers [8][9]. Group 5: Emerging Travel Preferences - There is a noticeable shift towards personalized and diverse travel products, with smaller group sizes becoming more popular, reflecting changing consumer preferences [11][12]. - The integration of cultural and entertainment activities into travel experiences is gaining traction, with significant increases in searches for hotels and attractions near popular events [10][11]. Group 6: Inbound Tourism Recovery - The inbound tourism market in Beijing has shown a strong recovery, with a 46.2% increase in visitors and a 49.6% rise in tourism spending compared to last year [12][13]. - Airlines are enhancing their services to attract foreign tourists, focusing on creating a seamless travel experience from pre-departure to arrival [13].

Core Viewpoint - The recent release of the "Self-Regulatory Convention for Air Passenger Transport" by the China Air Transport Association aims to strengthen industry self-discipline and regulate the domestic air passenger market, responding to the national call for comprehensive rectification of "involution" competition [1][2]. Group 1: Industry Regulation and Self-Discipline - The convention emphasizes enhanced supervision of airline ticket pricing, refund, and change rules, prohibiting illegal bundled sales and additional charges [1][2]. - A credit evaluation mechanism for air sales agents will be established to curb price gouging and promote standardized ticketing systems [2][3]. - The convention is seen as a necessary step to address long-standing issues in the industry, including the dominance of online travel platforms and the prevalence of illegal ticket sales by unscrupulous agents [1][2]. Group 2: Market Dynamics and Challenges - The direct sales ratio of airline tickets in China has been low, with online travel platforms often mixing official and agent-issued tickets, limiting consumer choice and leading to inflated prices [1][2]. - The industry faces challenges from intense competition and the impact of high-speed rail, resulting in price wars that degrade service quality and compress profits [1][2]. - The need for a healthy market environment is highlighted, with calls for regulatory bodies to refine laws and monitor pricing dynamics during peak periods to prevent harmful low-price competition [2][3]. Group 3: Stakeholder Responsibilities and Innovations - Airlines are encouraged to publish authorized agent lists, eliminate non-compliant agents, and enhance user experience through transparent verification processes [3]. - Online travel platforms should clearly communicate all fees, allow voluntary selection by users, and explore new business models beyond reliance on price differentials and bundled commissions [3]. - The changing passenger demographics, particularly the "young and elderly" market, necessitate innovative product offerings and a focus on cost reduction, experience optimization, and order maintenance to enhance the industry's core competitiveness [3].

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]