29 08 甘 四 节 气 织 经 纬 ， 山 河 万 象 话 财 经 卖 23 十八十 今日处暑（2025年8月23日），但全国多地"秋老虎"仍持续发威，避暑需求成刚需。从高铁站 络绎不绝的游客，到海滨浴场里攒动的人影，清凉成了当下最紧俏的"商品"，"避暑经济"正持 续升温。 随着避暑形式的多元创新和目的地消费场景升级，"避暑经济"正开辟出更广阔的市场空 间。"避暑经济"如何引领文旅热潮？这背后藏着怎样的消费偏好与产业变化？本期《财经二十 四节气》带你看。 0 1避暑经济规模劲增 看看有哪些热门避暑目的地 持续高温的暑期，让"清凉避暑"成了不少人的刚需。中国旅游研究院预测显示，2025年暑期， 国内旅游人数有望突破25亿人次，国民整体暑期消费规模预计达1.8万亿元。人们纷纷踏上旅 程，寻找清凉之地。 同程旅行联合墨迹天气发布的《2025避暑旅行趋势报告》显示，今年避暑旅行市场中，受我国 中东部高温天气影响，中东部地区游客涌向西部及东北地区避暑，长线旅行订单占比较去年同 期提升超过10%。穿越多省的环线自驾游、昼伏夜出的塞外观星游、亲水娱乐项目，成为今夏 避暑旅行的热门玩法。 从水上乐园的欢声笑语到漂流河道的 ...

Core Insights - The integration of sports, culture, and tourism is driving a new wave of consumption, with events and performances becoming key economic engines for the tourism sector [1][2][5] - The ticketing economy is emerging as a vital lever for stimulating consumption across various sectors, including travel, accommodation, and local cultural experiences [6][7] Group 1: Event and Performance Impact - The summer season has seen a surge in demand for performances and events, with terms like "sold out" and "crowded" highlighting the vibrant market [2] - Events such as concerts and sports competitions are not only attracting large audiences but also significantly boosting local economies through increased consumer spending [3][5] - For instance, a concert in Linyi attracted 120,000 fans, generating direct consumption of 320 million yuan and overall consumption of 460 million yuan [3] Group 2: Consumer Behavior and Preferences - Consumers are increasingly seeking multi-dimensional experiences, with travel plans often revolving around attending performances or events [6] - The trend of "traveling to watch a show" is gaining traction, as cities develop travel packages that combine local attractions with performances [3][4] - The rise of smaller, unique music festivals and events is catering to short-distance travelers, providing clear destination points [4] Group 3: Economic Growth and Opportunities - The integration of sports and cultural events is creating new business opportunities and growth potential within the tourism industry [5][7] - Data indicates that tourism bookings in Jiangsu province have increased nearly 200% since July, driven by sports events [5] - The market for immersive performances is expanding, with a growing demand for high-quality theatrical productions that enhance overall consumer experiences [7]

Core Insights - The music industry is significantly outperforming the film industry, with concert revenues contributing 90% of the total 220 billion RMB in the performance sector, which saw an 85% increase year-on-year, while film box office revenues are projected to decline by 23% in 2024 [1][2][9]. Group 1: Industry Performance - The performance industry, including music, theater, and dance, generated a total box office revenue of 220 billion RMB last year, with music alone accounting for 90% of this figure [1]. - The concert segment is the primary driver of growth within the music industry, contributing 90% of its revenue, while other forms like music festivals account for the remaining 10% [1]. - In contrast, the film industry is facing a downturn, with total box office revenues expected to drop by 23% in 2024 [1]. Group 2: Market Dynamics - Investors are losing patience with the film industry, as evidenced by the drastic decline in the market value of companies like iQIYI, which has seen a 90% drop from its peak, while Tencent Music Entertainment (TME) has increased its market value significantly [1][2]. - TME's market value has grown from 210 billion RMB to 330 billion RMB, indicating a 27-fold increase compared to iQIYI's current valuation [1]. Group 3: Company Comparisons - Alibaba Pictures, after rebranding to Damai Entertainment, has seen its stock price rise over 140% this year, while Maoyan Entertainment's stock has only increased by 1% [2]. - Damai's revenue has outperformed that of Alibaba Pictures' film projects, highlighting its dominance in the ticketing market [6][8]. Group 4: Financial Performance - TME's revenue from music subscriptions grew by 25.9% to 15.227 billion RMB, driven by a 16.6% increase in paid users and an increase in average revenue per user (ARPU) [20]. - In contrast, iQIYI's revenue has stagnated, with its net profit remaining precarious, indicating a stark difference in financial health between the two companies [19][20]. Group 5: Consumer Behavior - The willingness of consumers to pay high ticket prices for concerts, despite the rising costs, contrasts with the challenges faced by the film industry regarding ticket pricing [2][15]. - The music industry has successfully increased its membership numbers and ARPU, while the film industry struggles with a saturated membership model [2][21]. Group 6: Global Trends - The trend of music surpassing film in market value is not unique to China, as evidenced by global reports indicating that music rights have outstripped film rights in value [26]. - Major streaming platforms like Spotify continue to show robust growth, while traditional film platforms like Netflix are facing challenges in maintaining subscriber growth [30].

Core Insights - The "cooling economy" is emerging as a vital driver for summer cultural and tourism consumption, leveraging both natural resources and innovative experiences to enhance visitor engagement and satisfaction [1][17] Group 1: Night Economy - Nighttime consumption is on the rise, with various activities such as night markets, beer festivals, and music events boosting dining and entertainment sectors [2][4] - A report from the Ministry of Commerce indicates that 60% of consumer spending occurs at night, with major shopping centers generating over half of their daily revenue between 6 PM and 10 PM [7] - The night economy market size in China has grown from 22.54 trillion yuan in 2018 to 50.25 trillion yuan in 2023 [7] Group 2: Summer Tourism Trends - There is a growing preference for summer vacation destinations that offer cooling experiences, integrating climate, culture, sports, and tourism [8] - Various regions are launching themed night activities and special summer projects to attract tourists, enhancing the overall experience [5][17] - Popular summer attractions include flower viewing in Guizhou and water sports in Chongqing, which are drawing significant visitor numbers [10][12][15][14] Group 3: Economic Impact - The ongoing development of the "cooling economy" is expected to stimulate new consumer activity and enhance the overall tourism infrastructure and services across the country [17]

Core Insights - The article highlights the vibrant cultural and sports activities in Weifang City during July, showcasing events like the Weifang New Youth Music Festival, Qingdao Beer Festival, basketball leagues, and the "V Super" football match, which collectively attracted over 100,000 participants and garnered billions of online views [2][3][4] Group 1: Cultural and Sports Events - The Weifang New Youth Music Festival featured 24 artists and attracted 61,000 music fans, demonstrating the city's cultural appeal [2] - The Qingdao Beer Festival and the third basketball league in Weifang contributed to a lively atmosphere, while the "V Super" football match showcased competitive sports [2] - The combination of these events reflects the city's rich cultural heritage and modern entertainment offerings, enhancing community engagement [3] Group 2: Economic Impact - From January to June, the number of lodging enterprises in Weifang increased from 11 to 20, with a year-on-year revenue growth of 30.2% [3] - The restaurant sector also saw significant growth, with a 44.3% increase in revenue during the same period [4] - Local businesses experienced a surge in sales, with notable examples including a doubling of revenue for a local restaurant during the music festival and over 10,000 liters of beer sold at the beer festival [3][4] Group 3: Community and Cultural Integration - The events served as a platform for social integration, bringing together diverse groups, including local residents and visitors, fostering a sense of community [4] - The innovative "three-in-one" support mechanism involving government coordination, business operations, and volunteer assistance contributed to the success of these events [3] - The cultural activities not only enriched urban life but also supported rural revitalization, creating a cultural anchor for the community [4]

Group 1 - The core viewpoint of the article highlights Yantai's strategic shift towards developing a concert economy as a means to enhance its urban economic structure and cultural tourism consumption [3][10][12] - Yantai hosted 38 large-scale performance events in 2024, attracting 1.898 million participants and generating 1.12 billion yuan in consumption [3] - The city has successfully transitioned into a "trillion-yuan city," marking a significant milestone in its economic development and positioning it among the top-tier cities in China [4][5] Group 2 - In the first quarter of 2023, Yantai's GDP reached 258.43 billion yuan, with a year-on-year growth of 6.9%, leading the province [5] - The industrial sector remains a key driver of Yantai's economy, contributing 48.1% to GDP growth, with significant increases in both manufacturing and service sectors [5][6] - The concert economy is seen as a vital component of modern service industries, effectively stimulating related sectors such as tourism, accommodation, and retail [10][12] Group 3 - Yantai's government has implemented supportive policies to promote cultural industries and large-scale performances, aiming to reshape the city's image from an industrial hub to a vibrant cultural destination [11][14] - The concert economy has been described as "walking GDP," with a reported multiplier effect of 1:4.8, indicating that for every yuan spent on tickets, an additional 4.8 yuan is generated in surrounding consumption [10] - The city has gained national recognition, being selected as one of the "Asia's Best 100 Destinations" and awarded for its influence in domestic tourism [13]

Core Insights - The performance economy is rapidly growing, becoming a new travel trend that boosts holiday consumption and tourism [1][2] - The total revenue of the national performance market has exceeded 100 billion yuan over the past three years, indicating a robust development trend [1][2] - Government policies and cultural initiatives are significantly supporting the growth of the performance economy, enhancing consumer demand [1][6] Performance Economy Growth - The revenue of the national performance market is projected to rise from 24.36 billion yuan in 2022 to 79.629 billion yuan in 2024, showcasing a strong growth momentum [2] - Major performances like concerts and music festivals not only generate substantial ticket sales but also activate related sectors such as tourism, transportation, and dining, creating a multiplier effect [2][3] Policy Support and Consumer Activation - Various local governments are implementing policies to support performance projects and venues, which is crucial for stimulating cultural consumption [6][7] - The central government has encouraged the development of artistic events like music festivals and concerts to enhance tourism consumption [6] City-Level Initiatives - Cities like Shanghai and Beijing are leading the performance economy, with Shanghai hosting 57,238 performances in 2024, including 281 large concerts, marking a 44.8% increase from the previous year [8] - Chengdu has introduced travel packages themed around concerts, integrating local attractions to attract tourists and enhance cultural experiences [9] Cultural and Economic Impact - The performance economy is not only a key driver of consumer spending but also plays a vital role in the development of the cultural industry and meeting the growing cultural demands of the public [3][7] - The integration of performances with tourism is helping cities enhance their cultural branding and attract a broader audience [9]

Core Insights - The night market in Jinan is emerging as a new engine for driving the city's night economy, showcasing vibrant nightlife and urban development [1][6] - The market has gained popularity through social media, attracting a significant number of visitors and boosting local consumption [4][6] Group 1: Night Market Dynamics - The largest night market in Jinan, Huanlian Night Market, has become a popular destination, with an average daily foot traffic of 80,000 visitors during weekends and holidays [2] - Currently, the night market hosts 1,200 merchants, providing over 5,000 job opportunities across various sectors including food, fashion, and entertainment [2] - The market features diverse activities such as drone shows and traditional performances, enhancing the overall consumer experience [2][6] Group 2: Economic Impact - The night market is significantly contributing to the local economy, with a reported 12.9% year-on-year growth in night-time consumption for the first half of 2025 compared to the same period in 2024 [6] - The local government aims to further develop the night economy by creating themed events and activities throughout the year, promoting a vibrant nightlife atmosphere [6] - The integration of social media marketing by vendors is effectively converting online engagement into offline sales, driving economic growth [4]

Core Viewpoint - The company, Wuhan Mingcheng Cultural Sports Group Co., Ltd., reported a revenue of 429 million yuan for 2024, reflecting a year-on-year growth of 7.3%. However, accounts receivable surged to 127 million yuan, marking a significant increase of 378.71% due to new business activities [2][3]. Financial Performance - The company's revenue for 2024 was 429 million yuan, with a year-on-year increase of 7.3% [2]. - Accounts receivable at year-end reached 127 million yuan, showing a dramatic increase of 378.71% compared to the previous year [2]. - The company reported a negative gross margin of -4.5% for its film and television media business, with a specific loss margin of -14.01% for film projects [11]. Accounts Receivable Details - The top ten customers accounted for a significant portion of the accounts receivable, with detailed disclosures required regarding their names, transaction backgrounds, and bad debt provisions [2][3]. - The company provided a breakdown of accounts receivable, indicating that the largest customer was Wuhan Xingmingkai Cultural Media Co., Ltd., involved in various entertainment activities [2]. Contract Assets - The company reported contract assets amounting to 86.93 million yuan, primarily due to changes in performance progress affecting revenue recognition [4]. - The top ten customers for contract assets were disclosed, including details on contract amounts, signing dates, and payment arrangements [5][6]. Inventory and Impairment - The company recognized an inventory impairment provision of 48.59 million yuan, with only 0.493 million yuan being charged in the current period [11][16]. - The negative gross margin in the film and television sector was attributed to underperforming box office results, impacting overall profitability [11]. Goodwill Impairment - The company recorded a goodwill impairment provision of 58.93 million yuan, significantly affecting its financial performance. This included provisions for subsidiaries acquired in 2024 [16]. - Specific details regarding the goodwill impairment testing process for subsidiaries such as Hubei Jiali Media Co., Ltd. were requested for further disclosure [16].

Core Insights - The "post-examination economy" is a significant component of the summer economy, showing notable growth in service consumption, which not only meets the personal needs of students but also stimulates family spending [1][2] Group 1: Consumption Trends - There has been a threefold increase in search volume for "graduation travel" since June, indicating a surge in demand for travel among students after exams [1] - Discounts and promotions for students, such as free or discounted admission to attractions with exam admission tickets, are prevalent, enhancing consumer enthusiasm [1] - The "upgrade" of personal items like smartphones and tablets is also trending, supported by government policies and retailer promotions aimed at graduates [1] Group 2: Service Consumption Growth - As China's GDP per capita exceeds $13,000, service consumption is rapidly increasing, with projections indicating that by 2024, service consumption will account for 46.1% of per capita consumption expenditure [3] - There remains significant room for growth in service consumption compared to developed countries, where the figure is around 60% [3] Group 3: Youth Consumer Behavior - The "Z generation" prioritizes experiential value and quality over mere functionality, showing a willingness to spend on unique experiences and social activities [4] - Popular consumption venues include theme parks, cultural sites, and events like concerts, which cater to the social and emotional needs of young consumers [4] Group 4: Consumer Environment Optimization - The lack of standardized regulations in the service consumption sector has led to issues such as false advertising and privacy breaches, which can harm consumer trust [5] - Continuous innovation in supply-side offerings is essential, focusing on understanding young consumers' preferences and integrating new technologies to create diverse and personalized services [5]