Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of changes in the bottom-line fundamentals, with a focus on offline retail and overseas expansion as key investment opportunities [1] - The travel sector is experiencing a recovery, with significant growth in domestic travel preferences shifting from "going to see" to "going to experience" [2] - The online travel agency (OTA) sector is benefiting from overall market growth, maintaining a stable competitive landscape despite new entrants [2] - The offline retail sector is undergoing transformation, with supermarkets expected to see profit improvements due to supply chain changes and store renovations [4][6] - The hotel industry is anticipated to reach a bottom cycle, with leading companies expected to improve operational efficiency and profitability [7] - Cross-border e-commerce is facing profit differentiation due to external factors, but platform-based companies are expected to perform steadily [8][9] - The mother and baby retail sector is benefiting from policy support and store adjustments, leading to a recovery in same-store sales [10][11] Summary by Sections Travel and Tourism - National holiday travel data met expectations, with a year-on-year increase of 7% in cross-regional travel [2] - Scenic spots saw a surge in visitors, with notable increases in tourist numbers during the holiday period [3] Offline Retail - Supermarkets are undergoing renovations, which are expected to enhance customer attraction and profitability [4] - The competitive landscape in offline retail is improving, with a shift towards quality retail [4][6] Hotel and Restaurant - The hotel sector is projected to see a recovery in RevPAR as supply stabilizes and operational efficiencies improve [7] - The restaurant sector is under pressure, but specific segments like wedding banquets are expected to perform better [7] E-commerce - Cross-border e-commerce is experiencing increased competition, but platform-based companies are expected to maintain stable performance [8][9] - The overall e-commerce sector is seeing a reduction in competitive pressure, with a focus on optimizing user experience and enhancing sales through instant retail [15][16] Mother and Baby Retail - The sector is benefiting from supportive policies and adjustments in store formats, leading to improved sales performance [10][11]

在服贸会主题论坛之一的2025世界旅游合作与发展大会上，世界旅游城市联合会专家、联合国旅游组织 大使伊什特万·乌伊海伊发布了《世界旅游城市发展报告（2024—2025）》（以下简称《报告》）。 《报告》称，2024年以来，全球旅游业迎来里程碑式复苏。 服贸会上，旅游企业谈的最多的也是AI。 9月10日到9月14日，2025年服贸会在北京的工业旅游地首钢园举行。从泡泡玛特、52TOYS文创产品， 到PICO（字节跳动旗下XR品牌）沉浸式体验，文旅服务展馆吸引了诸多观众打卡。 联合国旅游组织数据显示，2025年一季度，国际游客总数突破3亿人次，同比增长5%。亚太市场增速领 跑全球，中国是世界上最大的旅游支出国，其出境支出同比增长30%。 "数智化"、"助力入境旅游"是本次服贸会文旅专题旅游展的核心亮点。21世纪经济报道记者注意到，入 境游、旅游AI助手等话题，也是文旅类论坛嘉宾提及最多的关键词，针对中国入境游人数的增加，从 机场到在线旅游平台都推出了系列服务；AI方面，中国的互联网社交平台小红书、OTA（在线旅游） 平台去哪儿以及美团旅行等，都在服贸会上披露了AI应用的最新进展。 去哪儿副总裁任芬分享了一组入境游 ...