消费基建升级，文旅板块值得关注

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The cultural and tourism sector is worthy of attention due to the upgrade of consumer infrastructure. Multiple policy documents indicate that cultural and tourism and logistics projects may be the focus of consumer - type infrastructure. The domestic tourism market in 2024 showed significant growth in tourist numbers and spending, with a local and short - distance travel trend, which may increase the cultural and tourism attractiveness of cities near large population centers [2][10][14]. 3. Summary by Related Catalogs 3.1 Policy Background of Consumer - Related Infrastructure Construction - In April 2025, the "Notice on the Central Government Financial Support for the Implementation of Urban Renewal Actions in 2025" proposed consumer - type infrastructure construction, aiming to improve urban infrastructure. In February 2025, the State Council Executive Meeting proposed to promote high - quality development of service consumption and improve relevant standards in cultural tourism and other fields [2][10]. - Since 2020, there have been a series of policies promoting the construction of consumer - related infrastructure, including the development of new consumption models, the construction of international logistics systems, and the digital transformation of cultural and tourism industries [11]. 3.2 Case of Tianjin - In 2024, Tianjin planned to promote the overall improvement of the cultural industry through "Three New" (technological innovation, industrial renewal, urban renewal) and "Three Quantities" (revitalizing stock, cultivating increment, improving quality). From 2023 to August 2024, Tianjin revitalized a large amount of land and real estate, achieving an income of 72.68 billion yuan. The protection and utilization of intangible cultural heritage and historical and cultural blocks increased the cultural and tourism attractiveness of Tianjin [11][13]. - In 2024, the number of tourists in Tianjin increased significantly. In the first half of the year, it received 1.3 billion domestic tourists, with a 18.5% year - on - year increase in the number of tourists and a 7.9% increase in tourist spending. During the National Day holiday, the number of tourists increased by 14% compared with 2023, and tourist spending increased by 36.9% [13]. 3.3 Domestic Tourism Market in 2024 - According to the "China Domestic Tourism Development Annual Report 2024", domestic tourism spending reached 5.75 trillion yuan in 2024, a year - on - year increase of 17.1%. The per - capita consumption reached 1024.04 yuan, a year - on - year increase of 2.0%. The growth rate of total tourism spending was much higher than that of per - capita consumption, indicating a significant increase in the number of tourists. Domestic tourism showed obvious local and short - distance characteristics, with short - distance provincial tourism accounting for 74.9% of all domestic tourism [14]. 3.4 Jiangsu Province's Key Projects in 2025 - The Jiangsu Provincial Department of Culture and Tourism announced 79 key cultural and tourism industry projects in 2025, with a total planned investment of 100.416 billion yuan and an annual planned investment of 22.653 billion yuan. There are also multiple modern logistics projects planned [15]. 3.5 Investment Targets - Anhui Jiuhua Mountain Cultural and Tourism Health - Care Group Co., Ltd. (102400591.IB) has 700 million yuan in outstanding bonds. It holds 29.93% of the equity of Jiuhua Tourism (603199.SH). Jiuhua Tourism had an operating income of 760 million yuan in 2024, showing stable growth [20]. - Shaanxi Tourism Group (042480152.IB) is a large - scale state - owned tourism group in Shaanxi Province. In 2024, Xi'an's cultural and tourism market was booming, receiving 306 million tourists and achieving a total tourism revenue of 376 billion yuan, with year - on - year increases of 10.3% and 12.3% respectively [20]. 3.6 Other Tourism - Related Entities - High - valued entities in the tourism industry are listed, including Jilin Changbai Mountain Development and Construction (Group) Co., Ltd., Jiangxi Tourism Group Co., Ltd., Chifeng State - owned Capital Operation (Group) Co., Ltd., etc., with details of their outstanding bonds, remaining terms, and valuations [4][21][24].