焦点关注 交易商协会：新增24家机构 非金融企业债务融资工具承销商资格 12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销业务相关会员申请从事承销相 关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一般主承销商、1家科技创新非金融企业债务融资工 具主承销商、15家非金融企业债务融资工具承销商。 第 530 期 2025-12-30 宏观动态 625亿元超长期特别国债支持消费品以旧换新资金提前下达 日前，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，国家发展改革委会同财政 部向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 财政部：抓好地方政府债务监督 12月28日，财政部召开全国监管局工作会议。会议提出，2026年财政监管要紧密围绕服务党和国家中心工作，落实落 细"加强、聚焦、优化"工作方针，加大财政监管力度，履行财会监督职责，贯彻过紧日子要求，推进财政科学管理， 切实抓好地方政府债务监督，扎实开展财经纪律整治，有效抓好财政收入、基层"三保"、超长期特别国债、专项监督 检查等重点监管任务，为完成全年财政 ...

SHANGHAI, Dec. 22, 2025 (GLOBE NEWSWIRE) -- The promotion week for Shanghai's Qingpu District to facilitate high-quality Yangtze River Delta integration officially launched in Shanghai on Dec. 18, featuring a series of activities including guided tours for international guests, research report releases, and thematic seminars. A Media Snippet accompanying this announcement is available by clicking on this link. Co-hosted by Xinhua News Agency Shanghai Branch and Xinhua's News & Information Center, with supp ...

补齐灌排工程基础设施短板，提升灌溉条件，是让良田实现高效产出的重要路径。"十四五"以来，贵州 共实施灌区项目170个，新建、改造和恢复灌溉面积424.8万亩，构建起从水源头到田间地头的高标准灌 溉设施，让"望天田"变"丰产地"。 乡村之变——村民在家吃上"旅游饭" 在海拔1500多米的黔南州龙里县龙山镇草原水厂，每天有1500吨水经过处理后输送往周边4个村和社 区。不仅村民生活用水方便，保障着龙里油画大草原、龙里大草原两个景区的用水安全。 龙里油画大草原，被誉为黔中大地上的"流动莫奈画卷"，引客无数。以前这里没有稳定自来水，景区用 水只能通过抽蓄水解决，一到冬天，用水越发困难。 转自：贵州日报 "以前靠山上小水源灌田，纯靠天吃饭。现在水龙头就在边上，要浇地直接打开就行。"69岁的村民张品 奎直言，现在的灌溉条件是以前不敢想的。 平坝有6个万亩大坝和14个千亩大坝，为让这些良田实现旱能灌、涝能排，2024年初，平坝区十字中型 灌区续建配套与节水改造工程启动建设，通过新建泵站、水池、拉通输配水管等，超1.32万亩耕地实现 高效灌溉，区域内水稻亩产量较之前提高约100公斤。 2021年，龙里县统筹2500多万元资金 ...

Core Viewpoint - Four Seasons Education reported solid growth in the first half of fiscal year 2026, with total revenue reaching RMB145.3 million, a 7.9% increase year-over-year, and a significant rise in net income by 313.9% to RMB12.4 million, driven by a healthy product mix and efficiency gains [5][7][15]. Financial and Operational Highlights - Total revenue increased by 7.9% to RMB145.3 million (US$20.4 million) from RMB134.7 million in the same period last year [7][8]. - Gross profit rose by 30.9% to RMB38.8 million (US$5.4 million) compared to RMB29.7 million in the same period last year, attributed to the growth in the enrichment learning business [10][15]. - Operating income was RMB9.2 million (US$1.3 million), a turnaround from an operating loss of RMB5.7 million in the same period last year [12]. - Adjusted operating income (non-GAAP) was RMB9.8 million (US$1.4 million), compared to an adjusted operating loss of RMB1.6 million in the same period last year [12][15]. - Net income reached RMB12.4 million (US$1.7 million), up from RMB3.0 million in the same period last year [15]. - Adjusted net income (non-GAAP) was RMB13.7 million (US$1.9 million), compared to RMB2.1 million in the same period last year [15]. - Basic and diluted net income per American Depositary Share (ADS) were RMB4.53 (US$0.63) and RMB4.48 (US$0.63), respectively, compared to both RMB0.98 in the same period last year [16]. Cost and Expense Management - Cost of revenue was RMB106.5 million (US$14.9 million), slightly up from RMB105.0 million in the same period last year, primarily due to increased staff costs in the enrichment learning business [9]. - General and administrative expenses decreased by 10.7% to RMB24.3 million (US$3.4 million) from RMB27.2 million in the same period last year, mainly due to reduced share-based compensation expenses [11]. - Sales and marketing expenses decreased by 34.3% to RMB5.3 million (US$0.7 million) from RMB8.1 million in the same period last year, attributed to lower advertising activities [12]. Strategic Outlook - The company plans to prudently expand its enrichment learning business while strategically scaling capacity in line with market demand to ensure sustainable growth [5]. - There is a focus on shifting the tourism product portfolio towards higher-margin, value-added offerings to create a more resilient business model [5]. - The management emphasizes operational efficiency, strategic execution, and a diverse service and product portfolio to drive profitable growth and enhance long-term competitiveness [5].

热门景区优惠力度不减。蜈支洲岛王牌潜水套餐门市价1074元，持护照专享价仅需716元，直接节 省358元;亚龙湾热带天堂森林公园网红套票、天涯海角游览车+游船组合等热门产品均推出大幅折扣， 南山文化旅游区、西岛等景区为持照游客开通VIP通道、快速上下岛等便捷服务，让游览体验更高效、 更舒心。 出行与购物福利诚意满满。护照涵盖三亚凤凰机场至四大湾区超50家合作酒店的免费拼车接机服 务，助力游客轻松抵达目的地;同时包含cdf三亚国际免税城及机场免税店68元非香化类无门槛现金券， 让购物消费更划算。 三亚市旅游和文化广电体育局相关负责人表示，未来，三亚将以旅游标准化建设为重要抓手，推动 更多政企协同惠民项目落地见效，通过标准化服务持续优化游客体验，为三亚建设国际旅游消费中心核 心区提供坚实支撑，让每一位到访的游客都能感受到这座城市的温暖与诚意。 海南日报三亚11月11日电(海南日报全媒体记者 李艳玫)11月11日，三亚启动"三亚旅游消费护照"免 费发放活动。通过整合吃住行游购娱全链条优质资源与专属优惠，让市民游客的冬季高品质休闲度假需 求得到切实满足，为三亚暖冬旅游市场注入强劲活力。 此次免费派发的"三亚旅游消费护 ...

Core Viewpoint - The overall travel experience for domestic tourists in China is perceived as poor due to various issues such as high ticket prices, hotel price hikes, chaotic transportation and booking systems, and deceptive practices by travel agencies [1] Group 1 - Domestic tourism experiences are marred by overcrowding, which is just the beginning of the problems faced by travelers [1] - High ticket prices for attractions contribute significantly to the negative travel experience [1] - Hotels are increasing their prices, further exacerbating the dissatisfaction among tourists [1] Group 2 - The disorganization in transportation and booking processes leads to confusion and frustration for travelers [1] - Travel agencies are employing questionable tactics, which adds to the overall negative perception of the tourism industry [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Inbound Travel in China - **Growth Potential**: Inbound visitation is projected to generate US$2-4 trillion in cumulative revenue over the next decade, despite uncertainties in domestic demand and trade frictions [1][3][4]. Core Insights - **Tourism Service Exports**: China's tourism service exports grew by 67% year-over-year (YoY) in the first half of 2025, significantly outpacing the 14% growth in total service exports and 6% in product exports [2][39]. - **GDP Contribution**: Inbound tourism receipts contributed 0.5% to China's GDP in 2024, up from 0.3% in 2023, but still below the ~1% level seen before COVID-19 [2]. - **Visitor Growth Factors**: Key drivers for increased inbound tourism include longer stays, a higher percentage of foreign visitors compared to those from Hong Kong and Macau, and a potential rise in business travelers [3][4]. Airline Industry Insights - **Airlines' Performance**: In the first half of 2025, international routes accounted for over 60% of the increase in China's air passenger turnover compared to the same period in 2024 [5][31]. - **Pricing Power Challenges**: Domestic demand remains depressed, delaying the expected pricing power inflection for airlines. The current high utilization rates have not translated into higher pricing elasticity [5][32][36]. - **Sustainability Concerns**: The aggressive expansion into international routes by Chinese airlines is viewed as unsustainable without generating profits, necessitating "anti-involution" efforts to avoid deflationary pressures [5][33][34]. Visitor Demographics and Trends - **Visitor Recovery**: Foreign visitation in Beijing has recovered to 90% of pre-COVID levels, with a 120% recovery for foreign tourists overall [12][61]. - **Visa-Free Entries**: Over 70% of foreign visitors entered China visa-free in 2Q25, a significant increase from approximately 50% before the relaxation of visa requirements [57][75]. Economic and Policy Factors - **Shopping as a Growth Driver**: China's potential as a shopping destination is highlighted, driven by global trade barriers and inflation pressures, making Chinese consumer goods more attractive [28][29]. - **Government Initiatives**: The Chinese government has implemented several policies to facilitate inbound travel, including visa relaxations, improved payment systems, and enhanced digital services for tourists [18][29][83]. Revenue Forecast Adjustments - **Revenue Growth Projections**: The base case for 10-year cumulative revenue remains largely unchanged, while the bull case is adjusted down by 6% compared to previous estimates [21][96]. - **CAGR Expectations**: A 19% compound annual growth rate (CAGR) for inbound revenue is deemed achievable, supported by factors such as increased visitor spending and longer stays [24][98]. Conclusion - **Outlook**: The inbound travel sector in China is positioned for significant growth, driven by favorable government policies, increased international connectivity, and evolving consumer preferences. However, challenges remain in the airline industry and overall economic conditions that could impact recovery and growth trajectories.

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index at 3608.88, up 0.09%, Shenzhen Component Index at 11203.78, up 0.10%, and ChiNext Index at 2348.99, up 0.15% [1] - Hong Kong stocks opened lower, with the Hang Seng Index down 0.64% and the Hang Seng Tech Index down 1.29% [2][3] Bond Market - The bond market showed a recovery, with the 10-year treasury futures up 0.03% and the 5-year and 2-year treasury futures also up 0.03% [4] Commodity Market - Domestic commodity futures mostly rose, with lithium carbonate increasing nearly 7%, glass up over 7%, and焦煤 (coking coal) up 6% [5][17] - Iron ore and shipping indices fell over 1% [5] Sector Performance - CRO (Contract Research Organization) stocks were active, with 博腾股份 (Boteng Co.) rising nearly 10% and 康龙化成 (Kanglong Chemical) up 8.94% [7][8] - Bank stocks saw initial gains, with 宁波银行 (Ningbo Bank) up over 5% [9][10] - 雅江水电站 (Yajiang Hydropower Station) concept stocks faced adjustments, with 深水规院 (Deepwater Institute) down over 10% [13] Key Stock Movements - Notable gainers included 康龙化成 (Kanglong Chemical) at 30.45, up 8.94%, and 博腾股份 (Boteng Co.) at 23.88, up 8.55% [8] - Major declines were seen in 雅江水电站 concept stocks, with 深水规院 (Deepwater Institute) at 30.53, down 8.54% [13]

Core Insights - Webus International Limited has entered a three-year cooperation agreement with Utour LLC to enhance its offerings in U.S. tourism, particularly focusing on Antelope Canyon and Horseshoe Bend tours [1][2] Group 1: Partnership Details - The partnership guarantees peak-season slots for Antelope Canyon, improving service reliability and access to critical tourism assets [2] - The collaboration combines Wetour's global digital reach with Utour's local expertise, facilitating faster market entry and improved profit margins [2][3] Group 2: Strategic Goals - Expanding services for domestic travelers is a long-term strategic priority for Wetour, aiming to deliver luxury adventures to a global audience [3] - The partnership is expected to redefine premium desert exploration by leveraging Wetour's distribution capabilities alongside Utour's resources [4] Group 3: Company Overview - Webus International Limited specializes in AI-driven mobility solutions, focusing on premium, customizable chauffeur services through its "Mobility-as-a-Service" model [4][5] - The flagship brand "Wetour" offers high-end customized travel services, including airport transfers and private guided tours for both leisure and business travelers [5] Group 4: Technological Innovations - Webus is exploring digital asset management strategies, including a potential future treasury operation with an authorized cap of up to US$300 million, integrating blockchain technology for cross-border payments [6] - The platform utilizes real-time AI support and 24/7 multilingual itinerary management to ensure seamless mobility solutions across international destinations [7]

Group 1 - The core idea of the article is the launch of a series of themed activities in Lingao County for the upcoming Dragon Boat Festival, integrating traditional customs with modern experiences to attract diverse tourists [2][3] - The main event, the New Ying Town Dragon Boat Race, will take place on May 31, featuring 42 beautifully decorated traditional dragon boats competing across four venues [2] - The event will implement a "people-vehicle separation" management strategy, providing 1,200 temporary parking spaces and facilities such as new energy vehicle charging stations [2] Group 2 - Family-oriented experiences are highlighted this year, with various activities such as military-themed events, traditional handcrafts, and ancient customs being offered in different towns [3] - The Bubble Party at the Country Garden Jinsha Beach Hot Spring Hotel will create a fairy-tale-like experience for families, featuring children's drama performances [3] - For younger audiences, the Coastal Ecological Sunrise Garden will host an all-night electronic music party with top DJs, food markets, and outdoor movie screenings, aiming to create a vibrant nightlife atmosphere [3]