区域发展不能脱离资源禀赋。路选对了，步子才能迈得顺。 宝山滨江选择的路，是依托吴淞口的黄金水道，在国际邮轮产业东移之际建设吴淞口国际邮轮港。 2012年邮轮港正式运营以来，邮轮旅游便成了宝山特色。 数据显示，今年前三季度，吴淞口国际邮轮港靠泊邮轮177艘次，占全国市场六成；接待出入境旅 客132.9万人次，占全国市场七成。今年6月24日，吴淞口国际邮轮港迎来2023年复航后首次三船母港同 靠作业，出入境人员总数超2.2万人次，创复航以来新高。 取得这样的成绩，需要硬实力。吴淞口国际邮轮港"为大型邮轮而生"——其码头岸线总长度1600 米，拥有4个大型邮轮泊位，具备接靠世界最大邮轮的运营能力。今年首次靠泊的德国途易邮轮旗下"迈 希夫6号"，以及阿依达邮轮旗下"星辰号"，还有重返吴淞口运营首条多母港航线的歌诗达邮轮旗下"赛 琳娜号"，均是享誉世界的大型邮轮。 评价邮轮母港，也要看软实力。今年2月起，邮轮港在各驻区口岸单位的配合下，开展港区提前通 关试运行，满足皇家加勒比旗下的"海洋光谱号"及地中海邮轮旗下的"荣耀号"等邮轮需求，显著改善港 口通关效率和客流组织，提升了游客体验。如今，这项"新手势"已成常态化运作模 ...

Group 1: Company Performance - Carnival's shares have increased by 172% over the past three years, reflecting a strong recovery and improved market sentiment [1] - In Q3, Carnival reported record revenue, net yields, and customer deposits, indicating robust demand for cruise travel post-pandemic [2] - The company achieved $2.3 billion in operating income for fiscal Q3 2025, a 4% year-over-year increase, significantly better than the $279 million loss in the same period of 2022 [4] Group 2: Financial Health - Carnival's long-term debt stands at $26.5 billion, but the company is actively working to reduce this debt through refinancing, leading to upgrades from major bond rating agencies [6] - The market capitalization of Carnival is $33.6 billion, with its debt load being nearly 80% of this value, which may raise concerns among investors seeking stronger financial positions [7] Group 3: Market Dynamics - The cruise market currently represents a small portion of the global vacation market, with Carnival positioned to capture growth by attracting younger and first-time cruise travelers [3] - The potential for a recession poses risks for Carnival, as discretionary spending cuts could impact revenue and earnings [8]

邮轮行业至少到目前为止似乎未受更广泛的经济不确定性的波及。美国银行的数据显示，受酒店和机票预订下滑拖累，美国家庭今年9月整体旅游 支出下降2%，但在邮轮假期上的平均支出同比增长9%。同时，私属目的地项目的开发（例如开发私属岛屿）也是该行业在疫情后复兴的重要支 柱。 邮轮公司高管表示，年长的Z世代（年近30岁）和千禧一代（1981年至1995年之间出生的人——编者注）正越来越多地选择海上度假，这拉低了 乘客的平均年龄。英国旅行社协会的调查显示，近1/5的25至34岁受访者表示在过去12个月内乘坐过邮轮，这一数字远高于2019年的不足1/20。这 种转变源于大型运营商的精心策划。 吸引新客人，尤其是年轻乘客的最大因素之一是对价值的感知。如今，在邮轮上住一晚相对于在度假村住一晚的"折扣幅度"比2019年更大。这与 时机有关：酒店业从新冠疫情中恢复正常较快，因此能够比邮轮更早开始涨价。 邮轮运营商瞄准年轻乘客还有另一个动机。"他们真正想做的是尽早锁定客户，因为邮轮行业存在极强的品牌忠诚度。"线上邮轮预订平台 CruiseCompete首席执行官鲍勃·莱文斯坦表示。 与此同时，社交媒体网红在邮轮旅游招募新客户方面变得越 ...

Core Insights - The launch of the "2026 Hainan Marine Tourism Year" and the opening of the Wanning Zhonglv Zhulu Station mark significant developments in Hainan's marine tourism sector, enhancing the coastal tourism product system and promoting high-quality growth in marine tourism [1][2] Summary by Categories Marine Tourism Development - Hainan's marine tourism industry is expanding, with projected visitor numbers reaching 14.58 million in 2024, a year-on-year increase of 15.7%, and total revenue expected to hit 30.6 billion yuan, up 20.6% [1] - From January to September this year, Hainan welcomed 11.32 million marine tourists, reflecting an 8% increase, and generated 24.7 billion yuan in revenue, a 9.5% growth [1] Coastal Resort Infrastructure - The province has established 3 national-level and 3 provincial-level coastal tourism resorts, along with 19 marine-themed attractions, 137 seaside homestays, 9 marine cultural leisure districts, 5 nighttime cultural tourism consumption zones, and 14 water sports bases, creating a comprehensive coastal resort product network [1] Cruise and Yacht Tourism - Hainan has successfully introduced two international cruise ships, "Mingsheng World No. 1" and "Dream No. 1," and launched 6 international cruise routes, with 48 cruise entries and exits recorded in 2024, serving 97,000 passengers [2] - The province plans to introduce three more international cruise ships in 2025 and open an additional 6 international routes by mid-2026 [2] - The yacht tourism sector is thriving, with 14 yacht docks and 2,511 yacht berths, accommodating over 700 related enterprises and 1,777 registered yachts, achieving 201,000 yacht outings and 1.41 million visitors from January to September this year, reaching 90% and 96% of the 2024 annual targets, respectively [2] Water Sports Development - Hainan has successfully introduced and nurtured 35 types of water sports, including sailing, windsurfing, and kayaking, and has launched 14 unique sports projects by integrating inland and coastal resources [2] - Areas like Sanya and Wanning have become well-known hubs for water sports, contributing to the overall growth of the marine tourism sector [2]

Core Insights - The marine tourism industry in Hainan is experiencing significant growth, with a focus on enhancing product offerings and attracting diverse visitors [2][3] Group 1: Industry Growth - Hainan's marine tourism industry is set to receive a boost with the launch of the "2026 Hainan Marine Tourism Year" initiative and the opening of the Waning Zhonglv Zhuluang Station [2] - In 2024, the province expects to welcome 14.58 million marine tourism visitors, a 15.7% increase year-on-year, generating total revenue of 30.6 billion yuan, up 20.6% [2] - From January to September this year, Hainan received 11.32 million marine tourism visitors, reflecting an 8% year-on-year growth, with revenues reaching 24.7 billion yuan, a 9.5% increase [2] Group 2: Product Development - Hainan has established 3 national and 3 provincial-level coastal tourism resorts, along with 19 marine-themed attractions, 137 seaside homestays, and various other recreational facilities [2] - The province has developed a comprehensive network of coastal vacation products, including 5 night-time cultural tourism consumption clusters and 14 water sports bases [2] Group 3: Cruise and Yacht Tourism - Hainan has successfully introduced two international cruise ships, "Mingsheng World No. 1" and "Dream No. 1," and has opened 6 international cruise routes, with 48 cruise entries and exits recorded this year [3] - The yacht tourism sector is thriving, with 14 yacht docks and 2,511 yacht berths, accommodating 141.1 million visitors in the first nine months of this year, reaching 96% of the expected annual total [3] - Hainan has introduced 35 types of water sports, enhancing its reputation as a hub for water sports activities, particularly in Sanya and Wanning [3]

Group 1 - The 18th China Cruise Industry Development Conference (CCS18) opened on November 7 in Nansha, Guangzhou, focusing on the trends, market dynamics, and development strategies of the cruise industry as it approaches a significant milestone in 2025 [1] - Nansha International Cruise Homeport is one of the largest cruise homeport complexes in China, with an average occupancy rate of nearly 75% since its opening, serving over 140,000 inbound and outbound passengers [4][5] - China Tourism Group aims to collaborate with Guangzhou and Nansha to enhance the operation of Nansha International Cruise Homeport, aspiring to establish a large cruise company with independent operational capabilities and significant market share within 3 to 5 years [4][6] Group 2 - The global cruise market is expected to contribute approximately $150 billion to the global economy this year, with China identified as one of the most promising cruise markets due to ongoing policy benefits and strong consumer demand [4] - Aida Cruises plans to enhance cruise capacity deployment and promote year-round operations across Guangzhou, Shenzhen, and Hong Kong, aiming to develop the Greater Bay Area into a significant hub for the cruise industry [5][6] - Recommendations were made for the governments of Guangzhou, Shenzhen, and Hong Kong to jointly develop cruise policies and routes, facilitating a collaborative approach to attract international cruise traffic and enhance the overall cruise tourism experience in the Greater Bay Area [6]

Group 1 - Guangzhou will host a "Warm Winter Consumption Season" from November 2025 to March 2026, integrating major events like the 15th National Games and the Spring Festival to create a city-wide consumption festival [1] - The city aims to convert the excitement from the National Games into consumer enthusiasm by offering exclusive discounts at key tourist attractions and commercial complexes, with nearly one million free and discounted tickets available at 59 major cultural and tourism sites [1] - Events such as the Guangzhou Marathon, food festivals, and boat carnivals will be held concurrently to enhance the overall experience for visitors [1] Group 2 - The "Flower Street" tradition, recognized as a national intangible cultural heritage, will be incorporated into the "Guangzhou New Year, Flower City Viewing" theme, featuring various festive activities including a fireworks display and lantern festival [2] - A "Sports Consumption Carnival" and "Guangzhou Sports Consumption Season" will be organized, engaging all 11 districts with unique sports activities linked to the National Games, such as a cycling event in Zengcheng and a climbing festival in Panyu [2] - A new round of vehicle trade-in subsidies will be launched, offering up to 5,000 yuan for car purchases, alongside subsidies for home appliances and electronic products, with details to be announced soon [2]

Core Viewpoint - Norwegian Cruise Line Holdings (NCLH.US) reported third-quarter revenue that fell short of expectations due to a decline in consumer enthusiasm for cruise travel, despite the industry having performed strongly prior to this [1] Financial Performance - The company's third-quarter revenue grew approximately 5% to $2.94 billion, while analysts had expected $3.02 billion [1] - Earnings per share (EPS) were $0.86, below the expected $1.11, while adjusted EPS (excluding special items) was $1.20, slightly above the expected $1.16 [1] - Norwegian Cruise Line reaffirmed its full-year adjusted net profit guidance of approximately $1.05 billion, but raised its adjusted profit forecast to $2.10 per share from a previous estimate of $2.05 [1] - The company anticipates fourth-quarter adjusted EPS of $0.27, lower than the expected $0.30 [1] Industry Context - Following the pandemic, demand for cruise travel in the U.S. surged, leading to record bookings for three major cruise companies: Carnival Cruise Line (CCL.US), Royal Caribbean (RCL.US), and Norwegian Cruise Line [1] - Stock prices for these three companies have risen significantly over the past six months, outperforming the S&P 500 index [1] - Recent pressures on cruise travel demand have emerged due to ongoing inflation and uncertainties caused by tariffs affecting U.S. consumers [1] - The U.S. government shutdown has impacted port activities and consumer travel plans, particularly as the busy holiday season approaches [1] Operational Challenges - Geopolitical tensions, particularly in the Middle East, have led to fluctuations in fuel prices, adding pressure on cruise operators [2] - The price of fuel per ton for Norwegian Cruise Line increased from $699 in the same quarter last year to $744 this year, excluding hedging factors [2] Market Reaction - Following the earnings announcement, Norwegian Cruise Line's stock fell approximately 9% in pre-market trading, negatively impacting the stock prices of other major cruise lines [2] - Royal Caribbean's stock dropped 3.5%, while Carnival's stock decreased by 4.2% after their earnings reports [2]

Core Viewpoint - Qingdao has released a development plan for the cruise industry from 2025 to 2035, aiming to establish itself as a leading international cruise tourism destination and a core node for "Belt and Road" cruise cooperation [1] Group 1: Development Goals - By 2028, Qingdao aims to receive over 50 cruise ships annually, with inbound and outbound tourists exceeding 200,000, and to cultivate 1-2 local cruise operating companies [1] - By 2035, the target is to receive over 200 cruise ships annually, with inbound and outbound tourists surpassing 1 million, attracting international cruise company headquarters, and establishing a high-quality cruise operation [1] Group 2: Key Tasks (2025-2028) - Implement port facility and service enhancement projects, including smart customs systems and cruise maintenance bases, to improve visitor services and cruise service capabilities [2] - Expand cruise routes and upgrade products by diversifying home port routes and developing coastal cruise lines and themed products [2] - Focus on market promotion and brand building, optimizing support policies for customer expansion and creating a unique international cruise tourism brand [2] - Develop the entire cruise industry chain, emphasizing the growth of cruise repair, operation management, and related sectors [2] - Foster integration of port, industry, and city, attracting high-end service institutions and promoting coordinated development between maritime and urban areas [2]

Core Insights - China's marine GDP reached 7.9 trillion yuan in the first three quarters of the year, showing a year-on-year growth of 5.6%, indicating a stable and progressive marine economy [1] Group 1: Marine Economic Performance - The supply level of marine resources has steadily increased, with the approved area for marine and island use reaching 262,000 hectares, a year-on-year increase of 19.2%, involving an investment of 641.9 billion yuan [1] - Traditional marine industries are performing well, with marine crude oil and natural gas production increasing by 3.0% and 17.7% respectively, and marine aquatic product output rising by 4.8% [1] - The marine transportation industry is developing steadily, with a significant recovery in marine tourism, as evidenced by a 28% year-on-year increase in cruise passenger numbers, totaling 2.05 million [1] Group 2: Emerging Marine Industries - The new capacity for offshore wind power connected to the grid increased by 42.1% year-on-year, indicating rapid growth in this sector [1] - The delivery and order value of marine engineering equipment grew by 13.6% and 7.0% respectively, showcasing a robust market [1] - The development of marine pharmaceuticals is progressing, with the clinical trial approval of the independently developed LY104 injection [1] Group 3: Marine Information Services - The marine information service industry is accelerating, with the launch of the first trusted data space in the marine field in Zhejiang and the introduction of "AI + Marine" application scenarios in Shenzhen [2] - A domestically developed intelligent welding robot for marine engineering has completed integration and is entering the testing phase in Tianjin [2]