Core Concept - The "ticket root economy" is emerging as a new model that connects various consumption scenarios through movie tickets, offering discounts and enhancing urban consumption vitality during events like the Shanghai International Film Festival [1][2]. Group 1: Definition and Impact - The "ticket root economy" allows consumers to use physical or electronic tickets as vouchers for discounts in subsequent consumption scenarios, thereby extending cultural, social, and economic value [2]. - A successful case is the "Pyramid at the Top: Ancient Egyptian Civilization Exhibition" at the Shanghai Museum, which generated over 10 billion yuan in surrounding consumption by leveraging ticket roots [2]. - The model is gaining momentum in 2023, with various cities implementing it; for example, in Wuxi, ticket holders can enjoy discounts on accommodation and dining, while in Luoyang, high-speed train ticket holders can visit attractions at half price [2]. Group 2: Benefits and Consumer Experience - The ticket root serves as a "flow entry" for urban consumption, encouraging exploration and engagement with local culture [2]. - For consumers, tickets act as both discount coupons and guides to local attractions, providing emotional value beyond mere savings [2]. - For businesses, while discounts may reduce short-term profits, increased repurchase rates and customer loyalty can lead to long-term benefits [2]. Group 3: Challenges and Recommendations - The ticket root economy faces challenges such as over-reliance on discounts, potential ticket forgery, and complex cross-platform redemption processes [3]. - Recommendations include optimizing cooperation mechanisms, enhancing ticket design with cultural value, and creating more attractive consumer experiences to convert first-time visitors into repeat customers [3]. Group 4: Broader Economic Context - The emergence of various new consumption models, including "ticket root economy," reflects the vibrant market dynamics in China, showcasing the potential of small-scale innovations to create significant impacts [4].

Core Viewpoint - The "Passionate Zhejiang Summer Happy Consumption" action plan aims to leverage Zhejiang's unique resources to boost consumption in key sectors such as cultural tourism, sports events, night economy, dining services, and agricultural leisure, with a target of over 2000 promotional activities during the summer months of July and August [1] Group 1: Cultural and Tourism Initiatives - Launch of the "Colorful Summer, Fun in Zhejiang" cultural and tourism consumption season, featuring ten themed products and hundreds of family-friendly study travel routes [1] - Implementation of the "Travel with Transportation" initiative, offering various travel experiences including water routes and scenic self-driving tours [1] - Promotion of the "Follow the Movie to Taste Zhejiang" summer consumption season with provincial movie consumption vouchers and discounts for movie ticket holders [1] Group 2: Sports Consumption Upgrades - Hosting major international and domestic sports events such as the 2025 World Volleyball League and the National Athletics Championships, with accompanying "accommodation + cultural tourism" packages [7] - Launch of the "Follow the Events to Explore Zhejiang" initiative to promote sports events in scenic areas and commercial districts [8] - Encouragement of youth sports training and special summer discounts at public sports venues [9] Group 3: Night Economy Development - Initiation of the "Shop in China, Enjoy the Night Life in Zhejiang" consumption season, promoting various night-time activities and creating over 100 unique night markets [11] - Encouragement for cultural, shopping, and entertainment venues to extend their summer operating hours and offer exclusive night-time discounts [12] Group 4: Dining and Retail Enhancements - Launch of initiatives to enhance dining experiences, including smart ordering and online payment systems, and special offers for students and teachers [13] - Promotion of new retail experiences through the establishment of pop-up stores and limited-time product launches in commercial areas [14][15] Group 5: Digital Consumption Activation - Introduction of summer e-commerce vouchers for local products, encouraging major e-commerce platforms to offer discounts and create themed shopping events [19] - Organization of the 2025 provincial live-streaming e-commerce competition to stimulate summer consumption [20] Group 6: Rural Consumption Revitalization - Organization of promotional activities for local specialties and agricultural tourism, aiming to attract over 25 million visitors to rural leisure activities [21] - Exploration of integrated operation models combining events, festivals, and markets to enhance rural experiences [22]

Core Insights - The Chinese entertainment industry is experiencing a divergence, with Damai Entertainment's stock price rising by 91% year-to-date, while Maoyan Entertainment's stock price has fallen by 10% [1][5]. Company Performance - Damai Entertainment has successfully diversified its business by shifting focus from movie ticketing to IP derivatives and offline entertainment activities, projecting a revenue growth of 33% to 6.7 billion RMB for FY2025 [4][13]. - In contrast, Maoyan Entertainment is heavily reliant on the domestic film market, expecting a revenue decline of 14% to 4.1 billion RMB for 2024 due to a 23% drop in movie box office revenue [4][15]. Strategic Differences - The divergence in stock performance is attributed to the fundamental differences in strategic direction between the two companies. Damai's transformation has allowed it to capture the benefits of consumer upgrades and post-pandemic entertainment demand, while Maoyan's reliance on the film market has left it vulnerable [6][15]. - Damai's revenue from movie-related activities is expected to constitute only 37% of its total revenue by FY2026, whereas Maoyan's movie-related revenue will account for over 80% [6][15]. Market Growth and Projections - The offline performance market in China is projected to grow at a compound annual growth rate (CAGR) of 81% from 2022 to 2024, with market revenue expected to reach 80 billion RMB in 2024 [7][8]. - Damai is estimated to achieve 2.1 billion RMB in event ticketing revenue in 2024, with expectations of further growth to 2.5 billion RMB and 3 billion RMB in FY2026 and FY2027, respectively [8][10]. Financial Outlook - Damai's adjusted EBITA is projected to grow by 61% to 809 million RMB for FY2025, with revenues expected to reach 8 billion RMB in FY2026 and 9.3 billion RMB in FY2027, exceeding market consensus by 4% and 7% [13][14]. - Conversely, Maoyan's adjusted EBITA is forecasted to plummet by 70% to 328 million RMB for 2024, with revenues expected to grow only 8% and 4% in FY2025 and FY2026, respectively, falling short of market consensus by 9% and 13% [15][18]. Valuation and Market Sentiment - Morgan Stanley maintains an "overweight" rating for Damai with a target price of 1.2 HKD, while downgrading Maoyan to "neutral" with a target price of 6.8 HKD, reflecting cautious expectations for Maoyan's future performance [6][19].

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人 | 屠强、耿佩璇 摘要 高频跟踪：工业生产相对平稳，沥青开工边际改善，出行强度保持高位。 【工业生产】工业生产相对平稳。 本周，高炉开工率同比基本持平前周，录得0.7%。化工链生产有所回 暖，纯碱、PTA、涤纶长丝开工同比分别+1.9pct至-3.5%、+0.4pct至2.2%、+0.5pct至4.2%。相比之下，汽 车半钢胎开工率大幅下滑，同比-7.7pct至-9.0%。 【建筑业开工】沥青开工边际改善。 本周，全国粉磨开工率同比+0.6pct至-1.3%；水泥出货率仍在低位， 同比-1.8pct至-4.2%。沥青开工率有所回升，同比+2.2pct至6.8%。 【下游需求】地产成交大幅回落，出行强度保持高位。 本周，全国新房日均成交面积回落，同比-37.8pct 至-32.7%；其中，三线成交降幅较大。货运方面，与出口相关的港口货物吞吐量有所回落，同比-3pct至 0.6%；集运价格有所回落、环比-1.9%，美西航线运价大幅回落。作为对比，人流出行强度持续上行，全 国迁徙规模指数同比+0.3pct至14.5%。国内执行航班架次同比+1.9pct至3 ...

Group 1: Commodity Price Forecast - The article predicts that gold prices will experience fluctuations, while copper and oil prices are expected to trend upwards [1][12]. Group 2: Consumption Trends - New home sales have seen a narrowing decline, with a significant drop in second-hand home sales, while retail sales of passenger vehicles have shown improvement [3][4]. - The service sector continues to show seasonal improvement, with increased movie ticket sales and hotel revenues compared to last year [4]. Group 3: Foreign Trade Developments - The expiration of tariff exemptions is approaching, with preliminary agreements reached between the U.S. and Vietnam, while other major economies have not yet reached consensus [5][6]. - Concerns over the expiration of tariff exemptions have led to low container bookings in the U.S., although there has been a rebound in port calls in traditional transshipment trade areas [7]. Group 4: Production Insights - The steel demand remains weak, but recent government meetings have aimed at curbing low-price competition, which has positively influenced market sentiment and led to a slight increase in rebar prices [9]. - Glass prices, which have been low for an extended period, have started to recover due to supply-side production cuts [10]. Group 5: Price Movements - There has been a general recovery in commodity prices, with domestic cement prices continuing to decline, while rebar, thermal coal, and glass prices have rebounded [11][12].

Group 1 - The Shanghai International Film Festival has created a new consumption ecosystem by linking over 40 cinemas and 200 public screening venues with the city's core business districts, allowing movie tickets to serve as a "pass" for urban consumption [1] - Movie ticket stubs provide discounts at various brands, parking benefits, and enhance the overall viewing experience through activities like ticket stub exchanges, lotteries, and themed merchandise [1] - Merchants are innovating to meet audience demands, with e-commerce platforms offering food vouchers and special meal packages during the film festival [1][2] Group 2 - The "ticket stub economy" fosters connections between culture, commerce, and tourism, creating new experiential opportunities for moviegoers [2] - The "Dream Factory" exhibition celebrating 120 years of Chinese cinema offers half-price entry for festival ticket holders, enhancing the cultural experience [2] - The inaugural Shanghai Film Fans Festival introduced the "MovieWalk" city check-in system and a ticket stub collection reward mechanism, providing an immersive cultural experience [4] Group 3 - The upgraded "Movie Life Handbook" serves as a comprehensive viewing guide, featuring a citywide cinema map, practical ticket stub economy tips, and food guides, making it easier for audiences to explore the city [4]

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

Core Insights - The 27th Shanghai International Film Festival has sparked a surge in cultural and tourism consumption, with the "ticket stub" becoming a key driver for various sectors including dining, transportation, and cultural experiences [1][6]. Group 1: Event Highlights - The festival opened on June 13 and has seen significant public engagement, with many attendees participating in related activities and promotions [1]. - Special promotions, such as discounts on food and beverages for ticket holders, have been implemented in various cinemas and nearby establishments, enhancing the overall experience for visitors [3][5]. Group 2: Economic Impact - The "ticket stub economy" is emerging as a new model that connects entertainment consumption with dining, shopping, and tourism, creating a synergistic effect that boosts local economic activity [6]. - The integration of cultural events with local businesses is fostering a vibrant ecosystem that encourages spending across multiple sectors, demonstrating a collaborative approach to economic growth [6]. Group 3: Consumer Engagement - The festival has introduced innovative engagement strategies, such as the "Movie Walk" city exploration and ticket stub collection rewards, which enhance the cultural experience for attendees [5]. - Cinemas are also hosting themed exhibitions related to the 120th anniversary of Chinese cinema, attracting more visitors and enriching the cultural landscape [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly economic index rebounded. The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The production sub - index of WEI decreased, while the demand sub - index and the supply - demand gap increased [1]. - Production declined. The 4 - week moving average year - on - year of rebar production and the daily coal consumption of major coastal power plants decreased, and the blast furnace operating rate dropped slightly, while the operating rate of automobile semi - steel tires increased [1]. - High - frequency infrastructure indicators declined. The cement shipping rate and cement mill operating rate decreased, while the asphalt plant operating rate increased [1]. - The decline in commercial housing sales narrowed. The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities improved, but the 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities decreased [2]. - Consumption rebounded. The year - on - year daily retail sales of passenger cars increased significantly, and the 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen also increased, while the 4 - week moving average year - on - year of movie box office and domestic flight execution numbers decreased [2]. - Exports rebounded. South Korea's export year - on - year in early June increased, and the 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) and the Baltic Dry Index (BDI) also improved [2]. - Pork prices declined. The 4 - week moving average year - on - year of the average wholesale price of pork decreased, while the 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices and the average wholesale price of 28 key monitored vegetables increased [3]. - Industrial product prices declined. The 4 - week moving average year - on - year of the Nanhua Composite Index and Brent crude oil spot price increased slightly, while the 4 - week moving average year - on - year of rebar price, Qinhuangdao Port thermal coal closing price, and cement price index decreased [3]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The WEI production sub - index was 4.3%, down 0.1 percentage points from the previous value; the WEI demand sub - index was 5.9%, up 0.1 percentage points from the previous value; the supply - demand gap was 1.6%, up 0.1 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 6.1%, down 1.9 percentage points from the previous value. The blast furnace operating rate was 83.4%, down 0.1 percentage points from the previous value. The operating rate of automobile semi - steel tires was 78.0%, up 4.1 percentage points from the previous value. The 4 - week moving average year - on - year of the daily coal consumption of major coastal power plants was - 2.1%, down 1.8 percentage points from the previous value [1]. 3.3 Infrastructure - The cement shipping rate was 41.3%, down 0.1 percentage points from the previous value. The cement mill operating rate was 39.8%, down 0.2 percentage points from the previous value. The asphalt plant operating rate was 31.5%, up 0.2 percentage points from the previous value [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities was - 4.7%, up 3.3 percentage points from the previous value. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 10.2%, down 11.5 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year daily retail sales of passenger cars was 19.0%, up 13.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 21.2%, down 3.8 percentage points from the previous value. The 4 - week moving average year - on - year of domestic flight execution numbers was 2.2%, down 0.6 percentage points from the previous value. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.4%, up 1.3 percentage points from the previous value [2]. 3.6 Exports - South Korea's export year - on - year in early June was 5.4%, up 5.3 percentage points from late May. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 35.1%, up 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 18.3%, up 7.0 percentage points from the previous value [2]. 3.7 CPI - The 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices was - 1.6%, up 0.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was - 9.6%, down 4.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 3.6%, up 2.5 percentage points from the previous value [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 11.6%, up 0.2 percentage points from the previous value. The 4 - week moving average year - on - year of Brent crude oil spot price was - 16.4%, up 1.9 percentage points from the previous value. The 4 - week moving average year - on - year of rebar price was - 14.7%, down 0.1 percentage points from the previous value. The 4 - week moving average year - on - year of Qinhuangdao Port thermal coal closing price was - 30.3%, down 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the cement price index was 1.5%, down 3.2 percentage points from the previous value [3].

Core Insights - The article discusses the transformation of movie tickets into a new economic model known as "ticket root economy," which connects various consumer experiences beyond just viewing films [1][3] - The Shanghai International Film Festival is showcasing over 400 films, and during this event, movie tickets are being utilized as a means to access discounts and experiences in dining, tourism, and cultural activities [1][2] Group 1: Ticket Root Economy - The ticket root economy allows consumers to enjoy discounts and benefits in subsequent purchases by presenting their movie tickets, thereby extending the consumption chain [1] - Starting in 2024, Shanghai plans to develop the ticket root economy and include it in six major consumption expansion initiatives by 2025, indicating a strategic focus on enhancing consumer engagement [1] Group 2: Consumer Engagement and Experience - During the film festival, movie tickets can be exchanged for various benefits, including customized deep-dive tours, hotel discounts, and dining offers, which aim to increase consumer retention [1] - Local businesses, such as restaurants, are experiencing a notable increase in foot traffic, with around 10% of customers visiting due to the ticket root promotions, highlighting the effectiveness of this marketing strategy [2] Group 3: Cultural and Economic Impact - The shift from traditional ticketing to ticket root economy reflects changes in consumer demand and the structure of the cultural tourism market, moving towards a more integrated and experiential consumption model [3] - The long-term value of the ticket root economy lies in its ability to showcase urban culture and contribute to the city's image and value, linking cultural symbols and enhancing the overall consumer experience [3]