IVATE #20 #11 TV I 2005 3 13 3 2025年前11月,消费品以旧换新已 带动相关商品销售额超2.5万亿元, 惠及超3.6亿人次。 汽车、家电等大宗消费焕新提速, 3000 亿元超长期特别国债精准释放 内需潜力。 ● 网上消费 线上服务 SF 2025年前11日. 全国网上零售额同 比增长9.1%,线上服务消费增幅达 21.7%0 数字消费与线上服务成为拉动内需的 重要动力。 覆盖养老服务、健康养生、文旅娱乐 等多元场景,新老人群体引领品质消 费升级。 1 - f Basis = E P F AIII " " 4 T 0 2025年前三季度，国内居民出游人次 49.98亿,同比增18.0%,花费为4.85 万亿元，同比增11.5%。 旅游消费成为大力提振消费的重点领 域和主要力量。 日日 a = AI CHANG! Tiaoqilar 《2025银发经济白皮书》预测，今年 银发经济市场规模高达15.8万亿元。 2025年,赛事经济成为经济增长的重 要引擎,多地监测的重点赛事活动直 接带动消费呈现爆发式增长。 如爆火的"苏超"带动全域多场景消 费超380亿元，展现出强大的消费拉 动能力 ...

Group 1 - The core viewpoint of the articles highlights Chengdu's emergence as a vibrant consumption city, driven by major events and a focus on integrating culture, commerce, and tourism [1][3][14] - Chengdu's comprehensive income from the recent International Table Tennis Federation Mixed Team World Cup reached approximately 135 million yuan, marking a 15.4% year-on-year increase [1] - The city aims to establish itself as a national international consumption center, with plans to enhance consumer demand and integrate various sectors to stimulate economic growth [3][19] Group 2 - Chengdu's events, such as the League of Legends S15 Global Finals and ATP250 Chengdu Open, have significantly boosted local consumption, generating over 270 million yuan in consumer spending [1][11] - The city is focusing on creating new consumption scenarios that appeal to younger generations, with a notable increase in participation in cultural and sporting events [7][9] - The integration of high-profile events with local culture and commerce is seen as a strategy to enhance consumer engagement and drive economic activity [11][20] Group 3 - Chengdu's retail sales exceeded 1 trillion yuan in 2023, making it the sixth city in China to achieve this milestone, indicating a robust consumer market [16][17] - The city is actively promoting service consumption and has seen a rise in the number of first-store openings, with 710 new stores established in the first ten months of the year [17][19] - Future plans include enhancing night economy initiatives and developing low-altitude economic applications to further stimulate consumption [17][19] Group 4 - Experts suggest that Chengdu should focus on creating immersive and high-quality consumer experiences to attract visitors and enhance local spending [20][22] - The city is recognized for its appeal to younger demographics, and there is a push to innovate consumption scenarios that blend technology, social interaction, and entertainment [22][25] - The overall strategy emphasizes the importance of evolving consumer needs and preferences, moving beyond traditional shopping to include cultural and experiential offerings [25][26]

数据显示，赛事流量正持续转化为经济增量。比如，今年上半年，河北、浙江、福建等7地一共监测了 511场重点赛事活动，带动体育及相关消费超160亿元，场均带动超3000万元，展现出强大的消费拉动能 力。 今年以来，"赛事+消费"在全国多地开花，成为拉动内需、促进消费升级的新引擎，为中国经济注入澎 湃动能。 今年9月份，国务院办公厅发布的《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》提 出"出台赛事经济发展专项政策""开展促进体育消费和赛事经济试点"等举措。 比如，2025年重庆城市足球超级联赛，也就是"渝超"联赛，自9月13日开赛以来一直保持热度。12月6 日，九龙坡鑫源熊猫队与沙坪坝队的焦点战在重庆奥体中心上演，现场观赛球迷人数超4万人，刷新该 赛事开赛以来的单场最高观赛人数纪录。在赛场外，配套的惠民集市同步开放，更是吸引大批球迷驻足 打卡。 中央财经大学副教授刘春生对《证券日报》记者表示，"赛事+消费"能成为提振消费的新引擎，核心在 于赛事串联起吃、住、行、游、购、娱全链条消费，构建多元消费生态。同时，融入地域文化的赛事还 能激发情感共鸣，叠加政策支持与完善的体育基建，让"赛事+消费"场景更丰富， ...

Core Viewpoint - Lansheng Co., Ltd. has experienced a significant stock price increase of 48.85% year-to-date, with recent trading activity indicating strong investor interest despite a slight decline on November 26 [1][2]. Group 1: Stock Performance - On November 26, Lansheng's stock price fell by 2.06% to 12.39 CNY per share, with a trading volume of 2.10 billion CNY and a turnover rate of 2.28%, resulting in a total market capitalization of 91.13 billion CNY [1]. - Year-to-date, Lansheng's stock has risen by 48.85%, with a 15.90% increase over the last five trading days, 15.47% over the last 20 days, and 11.41% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" eight times this year, with the most recent appearance on July 25, where it recorded a net buy of -40.67 million CNY [1]. Group 2: Company Overview - Lansheng Co., Ltd. was established on August 7, 1982, and listed on February 4, 1994. Its main business includes import and export trade, agency services, and joint ventures [2]. - The revenue composition of Lansheng includes 47.59% from exhibition organization, 26.79% from venue operation services, 12.97% from exhibition support services, 11.17% from event activities, and 0.82% from other services [2]. - As of September 30, 2025, Lansheng had 41,900 shareholders, an increase of 59.64%, with an average of 17,550 circulating shares per shareholder, a decrease of 37.36% [2]. Group 3: Financial Performance - For the period from January to September 2025, Lansheng reported a revenue of 1.025 billion CNY, reflecting a year-on-year growth of 10.00%, while the net profit attributable to shareholders decreased by 10.51% to 181 million CNY [2][3]. - Since its A-share listing, Lansheng has distributed a total of 1.735 billion CNY in dividends, with 449 million CNY distributed over the past three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Tianhong Yongli Bond A, holding 14.1027 million shares, an increase of 7.0338 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 11.1205 million shares, an increase of 668,000 shares [3].

Core Insights - Sichuan Province has implemented a series of policies and activities to drive consumption growth, achieving an average annual growth rate of 7.4% over the past four years, surpassing the national average by 2 percentage points, and ranking fifth in total consumption nationwide [1][3] Policy and Initiatives - Key policies include the "Three Products and One Creation" initiative to enhance consumption quality and the support for Chengdu to become an international consumption center [1] - Major events such as the China (Sichuan) International Panda Consumption Festival and the "Delicious Sichuan" dining event have been successfully held, alongside the creation of 120 new consumption scenarios [1][4] Consumer Trends - The steady increase in large-scale consumption, particularly in the replacement of old products, has been crucial, with over 13.27 billion yuan in consumption driven by the replacement of 13.19 million units of automobiles and home appliances this year [3] - The electric vehicle market has seen explosive growth, with ownership rising from 170,000 at the end of 2020 to over 1.8 million, a nearly tenfold increase [3] Service Sector Development - Legislative efforts, such as the "Sichuan Province Promotion of Sichuan Cuisine Development Regulations," have positioned Sichuan as the second province in China to legislate for a local cuisine [4] - The "Tianfu Three Famous" brand cultivation project has recognized 116 provincial famous dishes and 100 chefs, with a target for restaurant revenue to account for 14% of total retail sales by 2024, exceeding the national average by 2.4 percentage points [4] Digital Transformation - The growth of e-commerce and new retail formats, such as live streaming and instant retail, has been significant, with an average annual growth of 10.6% in online retail sales during the "14th Five-Year Plan" period [5] - Sichuan has established seven national e-commerce demonstration bases and 13 provincial new business format bases, contributing to a robust industrial ecosystem [5] Urban and Rural Consumption Coordination - The strategy of enhancing urban quality while addressing rural shortcomings has led to the establishment of over 500 commercial centers in county towns and more than 11,000 convenience stores in villages [5] - Investment of 920 million yuan has been made to support commercial construction in underdeveloped areas, improving the overall consumption network [5] Future Outlook - The focus will remain on boosting consumption as a priority for economic work, with plans to introduce more policies and activities to enrich supply and enhance quality [5]

Core Viewpoint - Hohhot City is accelerating its autumn and winter tourism development through a collaborative effort among various departments, focusing on tourism planning, events, commercial support, and market regulation [1] Group 1: Tourism Development Initiatives - The Municipal Bureau of Culture and Tourism has outlined an overall layout for autumn and winter tourism, introducing 4 themed tourism routes and 69 unique cultural and tourism activities [1] - The city plans to issue tourism consumption vouchers in three batches and continuously provide tourism subsidies to unleash consumer potential [1] Group 2: Sports and Events Integration - The Municipal Sports Bureau announced 74 events covering ice and snow sports and public entertainment, detailing the venue planning for the 2025-2026 public ice and snow season [1] - The initiative aims to promote the deep integration of "sports + culture and tourism" [1] Group 3: Commercial Support and Market Regulation - The Municipal Bureau of Commerce will issue multiple batches of commercial consumption vouchers to support the linkage between commerce and tourism [1] - The Municipal Market Regulation Bureau will collaborate with the Culture and Tourism Bureau and public security departments to ensure a positive consumer experience and maintain market order [1] Group 4: Collaborative Efforts and Future Goals - This press conference marks a significant achievement in Hohhot City's early planning for autumn and winter tourism since August, indicating a coordinated effort among various districts and departments [1] - Under the leadership of the city's tourism development leadership group, departments are collectively showcasing their commitment to transforming and upgrading the cultural tourism industry, aiming to establish a top domestic ice and snow tourism destination [1]

Group 1: Consumption Promotion Activities - Chengdu will launch a series of consumption promotion activities themed "Wanjian Qixiang Chengdu Xing" during the National Day and Mid-Autumn Festival holidays [1] - The local government will distribute 85 million yuan in consumption vouchers, allowing visitors to enjoy discounts on various products through major e-commerce platforms [1] - Over 40 million yuan in dining vouchers will be issued, covering more than 16,000 stores, including 6,000 large discount vouchers [1] Group 2: Cultural and Tourism Events - Chengdu will host over 300 themed activities and special scenic routes, promoting the "Park City, Happy Chengdu" brand [2] - Major national-level cultural events such as the 14th China Arts Festival and the 15th China Music Golden Bell Award will take place [2] - A second round of 5 million yuan in tourism accommodation vouchers will be distributed, along with various cultural tourism packages for visitors [2] Group 3: Sports Events - Chengdu aims to capitalize on the autumn season to host various top-tier sports events, including the 13th World Dance Sport Championship and the 2025 Chengdu Tennis Open [3] - International esports events such as the 2025 League of Legends World Championship and Intel Extreme Masters will also be held [3] - A 6-hour live promotion event and a holiday itinerary guide will be launched to help tourists plan their visits [3]

Core Viewpoint - Yibin is positioning itself as an international tourism city, focusing on the deep integration of culture and tourism to drive economic and social development [9][11][12]. Group 1: Development Goals - By 2027, Yibin aims for cultural and related industries to reach a value of 20 billion yuan and total tourism consumption to hit 160 billion yuan, with tourist numbers exceeding 160 million [12]. - By 2035, Yibin plans to establish a development pattern of an international tourism city characterized by the integration of scenery and urban life, enhancing the contribution of the cultural tourism industry [12][13]. Group 2: Strategic Focus - Yibin's strategy includes creating "three lands" (cultural landscape, ecological resort, and wine culture) and "three centers" (vibrant event center, fashion performance center, and quality consumption center) to enhance its tourism appeal [15]. - The city is leveraging its unique geographical location and cultural heritage to develop world-class tourism products, aiming to attract both domestic and international visitors [15][17]. Group 3: Market Trends - The tourism market is shifting from traditional sightseeing to immersive experiences, with Yibin adapting to this trend by enhancing urban amenities and cultural offerings [13][14]. - Recent data shows that Yibin's online tourism transaction volume during the May Day holiday rose to fourth place in the province, indicating a growing interest in the region [12]. Group 4: Visitor Statistics - In the first half of the year, Yibin received 57.4 million tourists, a year-on-year increase of 3.6%, with projections suggesting that total annual visitors may exceed 100 million for the first time [16].

Group 1 - The company expects to achieve a net profit attributable to shareholders of between 0 million and 5 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -5 million and 0 million yuan [1][2] - In the same period last year, the company reported a total profit of -193.53 million yuan and a net profit attributable to shareholders of -191.57 million yuan [1][2] Group 2 - The main reasons for the expected profit turnaround include improved operational efficiency, enhanced collaboration across industries, and exploration of new business models [2] - The cinema segment has achieved profitability due to refined management and increased non-box office revenue, alongside a strong growth in the film box office market [2] - The gaming segment has accelerated new game product development and strengthened distribution capabilities, although revenue from existing game products has declined [2] Group 3 - The company is exploring new business opportunities in short dramas, event activities, performing arts, and exhibition services, including co-hosting the KOD 2025 Global Street Dance Championship [2] - The company plans to leverage the advantages of its controlling shareholder and its own industry synergies to integrate resources and explore new business development models [2]