中金研究 国庆中秋假期数据出炉。本文中，我们从零售及轻工日化、旅游酒店及餐饮、传媒和互联网等角度为大家详细解读。 零售及轻工日化： 国庆黄金周长距离游火热，年轻人成消费主力 2025年国庆+中秋假期消费数据陆续发布，整体来看，在更长的假期窗口带动下（25年8天多过24年的7天，存在前后"拼假"策略），境内与出入境出行热 度均高企，消费数据普遍表现亮眼，呈现出年轻化、重体验等趋势，同时家居家电、户外运动等可选品类有较好表现。 1、出行活力高企，假日消费延续高景气。 据交运部，10月1-8日全社会跨区域人员日均流动量同增6.2%，飞猪数据显示假期出行客单价同比提升14.6%， 我们认为主因出入境游持续恢复，同时国内"长途游""分段游"占比提升。境内方面，商务部重点监测78个商圈前3日客流/营业额同增4.2%/4.0%，境外方 面，国家移民局数据显示全国口岸日均出入境旅客数突破200万人，同增15%。 2、年轻群体成为出行主力，体验消费愈加受到重视。 据飞猪数据，假期95后游客预订人次占比最高，达近1/4，年轻消费群体带动体验项目热销，国内目 的地民俗体验、旅拍等，出境目的地跳伞、海钓等订单量分别同增78%、30% ...

智通财经APP讯，南京商旅(600250.SH)发布公告，2025年9月30日，公司收到控股股东南京旅游集团有 限责任公司(以下简称旅游集团)通知，根据中共南京市委办公厅、南京市人民政府办公厅印发的《南京 文旅集团重组整合专项方案》，南京市国资委拟以旅游集团为主体实施整合，以南京市文化投资控股集 团有限责任公司100%股权和南京体育产业集团有限责任公司100%股权对旅游集团进行增资。 本次控股股东重组完成后，公司控股股东和实际控制人不会发生变化,控股股东仍为旅游集团(重组完成 后可能涉及更名)，实际控制人仍为南京市国资委。本次控股股东重组不涉及上市公司主营业务变更， 除了公司正在推进的发行股份及支付现金购买旅游集团持有的南京黄埔大酒店有限公司100%股权事项 以外，控股股东目前无其他与上市公司有关的资产注入计划。 ...

Group 1 - Dubai has ranked first globally in the number of greenfield investment projects for eight consecutive half-year periods since the second half of 2021 [1] - In the first half of 2025, Dubai attracted 643 greenfield investment projects, surpassing the second-ranked city by 478 projects, marking a record high since 2003 [1] - The total amount of greenfield investment in Dubai rose to 40.4 billion dirhams (approximately 11 billion USD), representing a year-on-year increase of 62% [1] Group 2 - The total number of FDI projects in Dubai increased to 1,090, reflecting a year-on-year growth of 29% [1] - Headquarters-related FDI projects in Dubai saw significant growth, rising from 20 in the first half of 2024 to 32, ranking first globally [1] - Major sources of investment in Dubai include the United States (35%), the United Kingdom (10.6%), France (8.9%), India (8.9%), and Saudi Arabia (5.2%) [1] Group 3 - The primary sectors attracting investment in Dubai are business services (30.6%), hotel and tourism (21.3%), transportation and storage (7.2%), consumer goods (6.6%), and real estate (6.3%) [1]

Group 1: Market Adjustments - The sports market is entering a period of adjustment, with companies like Peak Group implementing salary cuts targeting high-salary positions and loss-making departments [1][3][7] - Peak Group's chairman announced a salary adjustment plan where salaries above 5,000 yuan will be reduced by 10% to 30%, while those earning below 3,000 yuan will be guaranteed a minimum salary of 3,000 yuan [1][3] Group 2: Company Performance - Li Ning reported a revenue increase of 3.3% to 14.82 billion yuan in the first half of the year, but its net profit decreased by 11.0% to 1.74 billion yuan [4] - Anta's revenue grew by 14.3% to 38.544 billion yuan, but its net profit fell by 8.9% to 7.031 billion yuan [4][5] - Nike's revenue in Greater China declined by 18.7% to approximately 23 billion yuan in the second half of the 2025 fiscal year [4] Group 3: Industry Challenges - The competitive landscape in the sports market is intensifying, leading to price wars and operational challenges for companies [3][7] - Anta's gross margin decreased by 0.7 percentage points to 63.4% amid industry price competition [5][6]

格隆汇9月17日｜9月16日晚，首场京东品酒会在北京国际饭店举行。京东持续发力酒旅业务，正式推 出"京东品酒会"IP，品酒会上，刘强东分享了京东做酒旅业务的思考。他表示，不希望酒店进入价格 战，不想让酒店从业者把价格进一步降低，最后卷到服务品质下降，利润空间受到挤压，整个生态受到 破坏。未来一段时间，京东将发布的全新酒店发展计划。 ...

Core Insights - The live cooking event featuring Liu Qiangdong is a strategic move by JD.com to enhance its local lifestyle services, blending user engagement, ecosystem building, and strategic differentiation [1][3]. Group 1: Cultural Integration and Brand Strategy - The choice of "Huang Gou Zhutou Rou," a traditional dish with a 300-year history, reflects JD.com's deep understanding of local culture and its commitment to integrating cultural elements into its business model rather than engaging in price wars [3]. - Liu Qiangdong's humorous remarks during the event highlight JD.com's ability to maintain a relaxed and humorous brand image amidst fierce competition, emphasizing the importance of personalized brand representation over cold commercial declarations [3][4]. Group 2: Differentiation in Business Strategy - JD.com’s declaration of not engaging in price wars reveals its differentiated strategy in the hotel and travel sector, focusing on long-term ecological balance rather than short-term profit maximization through squeezing hotel operators [3]. - The "Seven Fresh Kitchen" initiative connects JD.com's 800 million high-spending users with the primary clientele of four-star hotels, creating a virtuous cycle of "food attraction to travel conversion," which is more persuasive than traditional advertising [3]. Group 3: Humanized Brand Communication - Liu Qiangdong's appearance as a chef breaks down barriers between corporate leaders and consumers, fostering a sense of relatability and human connection, which is essential for modern business leaders [4]. - The event signifies a shift in commercial competition from mere price battles to a focus on value creation, as more business leaders engage authentically with users [4].

Core Points - JD.com has officially launched the "JD Wine Tasting Event" as a user meeting for JD Travel, with the first event scheduled for September 16 in Beijing [1] - The event will feature JD Group founder Liu Qiangdong and several well-known entrepreneurs, allowing users to taste fine wines and provide suggestions [1] - Consumers who book a stay at the Beijing International Hotel through the JD APP's "Instant Delivery" channel will automatically qualify for a chance to attend the event [1] - This initiative reflects JD.com's ongoing commitment to user engagement and experience improvement, a practice that dates back to its first user meeting in 2007 [1][2] Company Strategy - The launch of the "JD Wine Tasting Event" is part of JD.com's strategy to enhance its local lifestyle services and maintain a user-centric approach [2] - The company aims to leverage its unique supply chain capabilities to innovate and connect hotels with wine brands, providing consumers with diverse accommodation experiences [2]

Core Insights - The integration of educational services and the cultural tourism industry in Shanghai marks a new phase with the rebranding of Shanghai Education Supermarket members to "Jinjiang Hui" members, aiming to create a comprehensive service ecosystem for nearly one million students and diverse consumers in Shanghai [1] Strategic Collaboration - The membership system upgrade represents a significant outcome of the deep collaboration between "Jinjiang Hui" and Shanghai Education Supermarket, leveraging over 10,000 hotels, tourism projects, and dining resources globally to combine educational and tourism consumption [3] - The precise user profiles developed by Shanghai Education Supermarket complement the "Jinjiang Hui" tourism industry chain, establishing a data foundation and scene support for a new "education + tourism" consumption ecosystem [3] Benefits Upgrade - Former Shanghai Education Supermarket members will receive corresponding "Jinjiang Hui" membership levels and benefits, including a 7.5% discount on hotel bookings for students, as well as multiple rewards such as point redemption and in-store perks [4] - The points from the original Shanghai Education Supermarket will be proportionally updated to "Jinjiang Hui" points, allowing members to accumulate points based on their membership level across various consumption scenarios [4] Scene Extension - The upgraded membership system will create a "campus-city-global" three-tiered rights scene, providing members with immediate consumption rights in fresh food, learning supplies, and convenience services, as well as high-end travel benefits like hotel stays and Michelin restaurant discounts [5] - The combination of high-frequency essential needs and low-frequency high-value benefits aims to meet the daily consumption needs of students while stimulating potential consumption willingness [5] - The collaboration between Shanghai Education Supermarket and Jinjiang Hui is expected to yield a value-added effect of "1+1>2" by the new semester in 2025, enhancing the consumption experience for nearly one million students and over 200 million Jinjiang Hui members [5]

Core Insights - The report highlights a significant shift in the consumption behavior of China's high-net-worth individuals (HNWIs), moving from a focus on luxury goods as status symbols to prioritizing health, family, emotional value, and long-term experiences in their purchasing decisions [1][3]. Group 1: Definition and Wealth Transfer - The report defines high-net-worth individuals as families with disposable assets exceeding 6 million RMB, while those with assets between 2 million and 6 million RMB are categorized as middle-class [2]. - A notable wealth transfer is expected in the next decade, with 20 trillion RMB projected to be inherited, increasing to 45 trillion RMB in 20 years and 79 trillion RMB in 30 years, reshaping the structure of HNWIs and emphasizing long-term planning in consumption decisions [2]. Group 2: Changes in Consumption Mindset - The pandemic and global uncertainties have led to a transformation in consumption mindset among HNWIs, shifting from "living for today" to "planning for the future," and from "brand-centric" to "pragmatic" approaches [3]. - The focus has transitioned from material enjoyment to emotional value, with a greater emphasis on spending for health, children's education, and personal experiences rather than luxury brands [3]. Group 3: Market Performance and Trends - In 2024, traditional luxury goods are experiencing a decline, with revenues down by 2% and net profits down by 17%, while service-oriented and experiential categories are seeing growth, such as a 13% increase in tobacco, alcohol, and tea consumption [4]. - The luxury market is undergoing structural adjustments, with top luxury brands focusing on exclusivity and unique experiences, while mass luxury brands need to balance cost-effectiveness and emotional value [4]. Group 4: Health and Experience Consumption - Health-related spending has become a necessity for HNWIs, with significant investments in services ranging from maternity care to elder care, and a willingness to pay high costs for professional health services [5]. - Experience-based consumption is on the rise, with HNWIs valuing emotional connections and unique experiences over mere material possessions, leading to increased interest in travel and family-oriented activities [6]. Group 5: Overall Consumption Shift - The overall consumption shift among HNWIs in 2025 reflects a deeper transformation from material-oriented to value-oriented spending, with wealth serving as a tool for enhancing health, family, and quality of life rather than a status symbol [7].

General Provisions - The company is established in accordance with the Constitution of the People's Republic of China, the Company Law, and the Securities Law, among other regulations [1] - The company was registered in Beijing and obtained its business license in June 2000, with 70 million RMB ordinary shares listed on the Shanghai Stock Exchange [1] - The legal representative of the company must be determined within 30 days of resignation, and the company bears civil liability for actions taken by the legal representative [1] Rights and Obligations - The articles of association serve as a legally binding document for the company, shareholders, directors, and senior management [2] - Shareholders have the right to sue each other, as well as the company’s directors and senior management [2] Business Objectives and Scope - The company aims to enhance capital operation functions and contribute to the development of the tourism industry in China [4] - The business scope includes commercial property leasing, tourism services, product development and sales, and various consulting services [4] Share Issuance - The company can issue shares under the same conditions and price for each share in the same category [5] - The company’s founding shareholders contributed both cash and operational assets, with the total number of shares subscribed reaching 16 million [5] Share Transfer and Restrictions - Company directors and senior management must declare their shareholdings and are restricted in transferring shares during their tenure [7] - Shares held by directors and senior management cannot be transferred within one year of the company's stock listing [7] Share Buyback - The company may repurchase its shares under specific conditions, including capital reduction and employee stock ownership plans [10][11] Shareholders and Shareholder Meetings - Shareholders have rights proportional to their shareholdings, including profit distribution and the right to attend and vote at shareholder meetings [12] - The company must maintain a record of major shareholders and their shareholding changes [12] Shareholder Proposals and Notifications - Shareholders holding more than 1% of shares can propose temporary proposals 10 days before a shareholder meeting [27] - The company must notify shareholders of meeting details, including time, location, and agenda [31] Voting and Resolutions - Ordinary resolutions require a simple majority, while special resolutions require two-thirds approval from attending shareholders [38] - The company must provide a platform for online voting to facilitate shareholder participation [40]