Open source securities: The medium-term prosperity of the general entertainment trend is expected to continue, with travel consumption showing both resilience and growth.

Open Source Securities released a research report stating that domestic social values are moving towards diversity and inclusivity, second dimension culture is entering the mainstream, domestic IP industry is improving with constantly innovating categories and gameplay, and the domestic general entertainment market is expected to continue to be prosperous. The growth rate of emerging service industries is fast, and small and medium-sized businesses are increasingly relying on online platforms for traffic acquisition and operational empowerment. Focus areas include foot massage, pet services, housekeeping services, and the car aftermarket transitioning into new online species. Travel consumption encourages the development of the tourism economy. The emerging service industry is growing rapidly, with small and medium-sized businesses increasingly relying on online platforms for traffic acquisition and operational empowerment. The report also mentions the benefits of investing in specific companies in these sectors, such as POP MART and Guangzhou Wahlap Technology Corporation. The report also discusses trends in consumer spending, IP collaborations, technological advances in wearable devices and AI education, the rise of Chinese medical beauty brands in the international market, and the reshaping of offline services by super platforms. Emerging sectors such as Beauty and Health Services, Awareness Consumption, and the Food and Beverage industry are also discussed. Additionally, the report touches on the ongoing development and competition in the catering industry, the expansion of the travel and leisure market, and the potential for growth in the tourism sector targeting Generation Z and the elderly population. Overall, the report highlights the potential for growth and investment opportunities in various emerging sectors in the Chinese market.(603199.SH) - This is the stock symbol for Atour Lifestyle Holdings Ltd., a company listed on the Shanghai Stock Exchange. ATour Lifestyle Holdings Ltd. Sponsored ADR(ATAT.US) - This is the American Depositary Receipt (ADR) for Atour Lifestyle Holdings Ltd., traded on the US stock exchange.OTA channel traffic advantage strengthened, platform discourse significantly enhanced, domestic landscape stabilizing, operational efficiency improvement realized for several consecutive quarters, and future new business losses are expected to gradually decrease. Beneficiaries: Trip.com Group Ltd. Sponsored ADR travel (00780), TONGCHENGTRAVEL (00780). In addition, attention should be paid to the theme investment opportunities brought by the expected closure of Hainan in 2025. Beneficiaries: Hainan Airport Infrastructure (600515.SH), China Tourism Group Duty Free Corporation (601888.SH), Hainan Haiqi Transportation Group (603069.SH). Risk warning: Domestic and global macroeconomic fluctuations; projects not meeting expectations; retail falling short of expectations; increased industry competition from new entrants or existing competitors etc.