Core Insights - The influx of international tourists to Beijing's attractions has increased, with cultural heritage sites like the Forbidden City and the Great Wall remaining top destinations [1][3][4] - The Beijing Universal Resort has gained popularity among foreign visitors, showcasing a blend of international and local appeal [6][7] - The rise of the Pop Mart City Park, featuring popular IPs like LABUBU, has emerged as a significant attraction for young international tourists [12][13] Group 1: Tourist Preferences and Trends - International tourists are increasingly interested in deep cultural experiences rather than just sightseeing, seeking to understand the historical significance of sites like the Great Wall [4] - The popularity of night tours and unique cultural activities, such as intangible cultural heritage performances, is growing among inbound tourists [1][4] - The Forbidden City and the Great Wall continue to hold a central position in attracting global visitors, despite the emergence of new attractions [4] Group 2: Popular Attractions - The Forbidden City, Mutianyu Great Wall, and Badaling Great Wall are consistently ranked among the top attractions for inbound tourists [3] - The Beijing Universal Resort has been recognized as a top destination, appealing to both Western and Southeast Asian tourists [6][7] - Pop Mart City Park has rapidly climbed the ranks to become the sixth most popular attraction for inbound tourists, reflecting a shift towards modern and trendy experiences [12][13]

Core Insights - The new consumption sector in the Hong Kong stock market is experiencing significant growth, driven by the popularity of immersive experiences and themed stores, particularly among younger consumers [1][2] - The three major players in this sector—Pop Mart, Laopu Gold, and Mixue Group—are seeing substantial increases in both performance and stock prices, attracting considerable attention from the capital market [1][2] Group 1: Company Performance - Pop Mart's revenue for 2024 is projected to grow by 106.9% to 13.04 billion, with adjusted net profit increasing by 185.9% to 3.4 billion [3] - Laopu Gold reported a revenue exceeding 8.5 billion for 2024, marking a 167.5% year-on-year increase, and net profit surged by 253.9% to 1.473 billion [3] - Mixue Group is also experiencing a surge in customer traffic, with flagship stores attracting long queues, indicating strong consumer interest [2] Group 2: Market Trends - The younger generation is becoming the main consumer force, showing a willingness to spend on experiences and products that resonate with their interests [4][5] - The new consumption sector has a low development base, providing ample growth opportunities, and fund managers are increasingly favoring investments in this area over traditional sectors [4][5] - The trend of creating unique IPs, as seen with Mixue's "Snow King," is enhancing brand recognition and emotional connection with consumers, contributing to the sector's growth [6][7] Group 3: Investment Opportunities - The strong performance of new consumption brands is expected to continue, driven by innovative business models and a focus on consumer engagement [6][7] - The optimistic outlook for Hong Kong's new consumption brands in European markets suggests a reasonable valuation increase [5][6] - The overall market environment is conducive to the growth of new consumption, with healthy liquidity and a recovering risk appetite among investors [7]