12月9日晚，宋城演艺(300144)发布《关于回购公司股份方案的公告》，宣布拟使用自有资金以集中竞 价交易方式回购公司部分A股股份，回购资金总额不低于1亿元、不超过2亿元，回购股份将全部用于注 销并相应减少注册资本。本次注销式回购，基于宋城演艺对自身价值的认可，向市场传递积极信号，提 振投资者信心。 今年10月，证监会发布《关于加强资本市场中小投资者保护的若干意见》。其中提到，推动上市公司增 强投资者回报，大力倡导上市公司采用"注销式回购"等方式回报投资者。本次宋城演艺展开注销式回 购，亦是响应监管号召，切实履行上市公司回报投资者义务之举。 宋城演艺表示，在当前文旅消费复苏、演艺经济回暖的大背景下，公司通过真金白银的股份回购向市场 传递积极信号，不仅有助于提升每股收益和股东回报，也有望提振市场信心，为公司长远高质量发展夯 实基础。（厉平） 根据公告内容，本次回购价格上限为12.00元/股，不高于董事会审议通过回购方案前30个交易日公司股 票交易均价的150%。按此价格区间及资金规模测算，预计回购股份数量在833.33万股至1666.67万股之 间，占公司当前总股本的0.32%至0.63%。 宋城演艺表示，此 ...

Group 1: Macro Economic Trends - The offline retail cycle is approaching, supported by macroeconomic factors, pricing, and consumer policies, with innovation driving this transformation and enhancing profitability [1] - In Q1 2025, domestic travel reached 1.794 billion trips, a year-on-year increase of 26.4%, with urban residents contributing 1.318 billion trips, up 22.4% [2] - The overall tourism market in 2025 is expected to focus on cost-effectiveness, with significant growth in lower-tier markets and county tourism [2] Group 2: Travel and Tourism Insights - Cross-border travel is rapidly recovering, with 160 million inbound and outbound trips in Q1 2025, a year-on-year increase of 15.3%, reaching 95.6% of 2019 levels [2] - A significant portion of travelers, 81%, prefer not to follow trends to popular destinations, indicating a shift towards personalized travel experiences [3] - The demand for better travel products and services is high among older travelers, with 84% expressing this desire [3] Group 3: OTA and Competition Landscape - The competitive landscape in the OTA sector remains stable, with expectations for revenue growth driven by enhanced monetization rates [4] - JD.com is increasing its investment in the hotel sector, while Tongcheng is tapping into lower-tier markets to boost revenue [4] - Ctrip is entering a rapid expansion phase, although it may impact overall profitability [4] Group 4: Retail and Consumer Behavior - Offline retail is expected to recover in Q4, with a year-on-year growth of 5% in retail sales from January to May 2025 [6] - The retail landscape is shifting from traffic acquisition to optimizing existing customer bases, with innovation being crucial for this cycle [6] - Various retail formats are showing signs of recovery, with department stores and specialty shops returning to positive growth [6] Group 5: Hospitality Sector - Hotel demand is recovering, with a projected 10% growth in GMV for Q2 2025, although supply expansion is putting pressure on RevPAR [7] - Economic hotels are performing better than mid-to-high-end hotels, reflecting ongoing trends in consumer preferences [7] Group 6: Local Lifestyle and E-commerce - Competition in local services is intensifying, with major players like Meituan, JD.com, and Alibaba increasing their market presence [8] - The instant retail market in China is projected to reach 780 billion yuan in 2024, growing at 20% year-on-year [8] - E-commerce platforms are expected to enhance their instant retail strategies to capture market share [8] Group 7: Investment Recommendations - Recommended stocks include Yonghui Supermarket, Chongqing Department Store, and Meituan for offline retail; Alibaba for e-commerce; and Ctrip for OTA platforms [9]

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair has opened, with Guangdong Province launching a comprehensive policy package of 87 measures aimed at promoting high-quality development in the cultural industry, covering various sectors including film, performing arts, animation, online games, e-sports, and online audio-visual content. Film Industry - Development of the Pearl River Delta Film Industry Belt by leveraging the dual-engine role of Guangzhou and Shenzhen, with tax incentives for eligible enterprises [2] - Establishment of a film creation topic database and project coordination mechanism to encourage diverse creative types and support low-cost excellent films [3] - Implementation of a funding support mechanism for key projects, with up to 2 million yuan available for production stages and additional rewards based on box office performance [4][5] - Encouragement of the establishment of film industry parks and improvement of distribution and investment mechanisms [7][8] - Support for the application of cutting-edge technologies in film production, with funding available for projects utilizing advanced filming techniques [9] Performing Arts Market - Support for Guangzhou and Shenzhen to become international performing arts capitals, with incentives for large-scale performance venues [16] - Promotion of cultural cooperation and exchange within the Guangdong-Hong Kong-Macao Greater Bay Area [16] - Encouragement of international collaboration and the introduction of high-quality performances to Guangdong [16][18] - Support for the development of new performing arts formats and integration with tourism [20] Animation and Film Industry - Creation of a favorable ecosystem for animation and film in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on original IP and digital transformation [27] - Encouragement of high-quality original animation content production with financial support for selected projects [28] - Support for the application of advanced technologies in animation production [29] - Financial rewards for animation works that achieve significant recognition in national and international awards [30] Online Gaming Industry - Support for the development of original online gaming products and technological innovation, with funding for projects that integrate cultural elements [35] - Optimization of the business environment for gaming companies, including improved administrative services [36] - Development of gaming industry clusters in key regions, enhancing collaboration with other sectors [37][39] E-sports Industry - Establishment of Guangzhou and Shenzhen as e-sports hubs, promoting resource sharing and policy coordination [42] - Support for the production of e-sports content that incorporates traditional cultural elements [43] - Development of a dual-track system for top-tier and unique e-sports events, with funding for international competitions [44] Online Audio-Visual Industry - Increased financial support for the online audio-visual industry, focusing on quality content creation and technological innovation [51] - Enhancement of industry park capabilities to support the growth of the online audio-visual sector [52] - Promotion of high-quality audio-visual content that reflects cultural values and local stories [53]