"双节" 期间，丹阳市聚焦文旅融合，通过创新业态打破传统文旅边界，一系列特色项目成为市场焦 点。作为丹阳文商旅新地标，"运河 1958 大运生活集" 于国庆期间盛大开幕，为眼镜城商圈注入时尚活 力。依托配镜优惠、网红引流、市集狂欢与立体保障的多重赋能，眼镜城成为假期购物旅游消费新热 点，共计接待游客超 22 万人次，同比增加 29%。该商圈以 "配镜 + 休闲" 为核心，打造多元业态组合 与沉浸式体验场景，车站路前广场及运河 1958 商业街内，烟火市集、汽车后尾箱集市、烟花瀑布等项 目错落分布，游客白天可逛展看车展，夜晚能赏演出、在帐篷营地休憩，全方位满足不同群体需求。 今年 "十一" 黄金周期间，丹阳市文旅市场呈现供需两旺、活力迸发、平稳有序的良好态势。10 月 1 日 至 8 日，该市纳入统计监测的 9 家景区景点共接待游客 54.8 余万人次，较去年的 28 万人次同比增长 95.7%。从客源结构来看，省内南京、常州、苏州及省外上海、安徽、浙江等地成为主要客源地，彰显 出丹阳文旅的较强吸引力。 文旅融合破边界 新业态激活市场热度 日夜接力促消费 活动精彩燃动全城 与此同时，坐落于尚香故里的香海琴枫浪漫 ...

Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, reported weak performance in its Macau segment for Q2 2025, leading to a 7.4% drop in stock price. The company plans to invest approximately $750 million in enhancing its non-gaming competitiveness and high-end offerings from 2025 to 2026 [1][2][3] Financial Performance - Wynn Macau's Q2 2025 net revenue was $880 million, flat year-on-year and up 2% quarter-on-quarter. Adjusted EBITDA was $250 million, down 10% year-on-year and flat quarter-on-quarter, impacted by low VIP win rates [1] - Total Gross Gaming Revenue (GGR) reached $900 million, recovering to 66% of Q2 2019 levels, compared to the industry average of 83%. VIP gross revenue was $150 million, recovering to 21% of Q2 2019 levels, while mass market gross revenue was $690 million, recovering to 120% of Q2 2019 levels [1][2] - EBITDA margin (EM) for Wynn Palace was 29.1%, down 4.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The overall EBITDA margin for Wynn Macau was 28.1%, down 0.4 percentage points year-on-year but up 0.7 percentage points quarter-on-quarter [1] Competitive Landscape - The non-gaming offerings of Wynn are considered weak compared to competitors, with outdated attractions and limited appeal to the mainstream Chinese consumer. Competitors like Galaxy and Sands are enhancing their entertainment offerings to attract high-end customers [2] - Wynn has announced plans to invest $750 million to develop a new club, renovate hotel rooms, and build a convention and entertainment center, with completion expected by 2028 [2] Market Outlook - The Macau gaming sector is expected to continue its upward trend in the second half of 2025, supported by favorable policies and increased visitor numbers. The introduction of new entertainment events is anticipated to benefit the overall market [2] - The company has revised its GGR and adjusted EBITDA forecasts downward for 2025-2027, reflecting the challenges in both mass and VIP segments [3] Rating and Target Price - The rating for Wynn has been downgraded to "Hold," with a target price adjusted to HKD 6.7, reflecting a valuation based on an 8.0x EV/EBITDA for 2026 [3]