证券日报网讯 2月27日，黄山旅游在互动平台回答投资者提问时表示，公司山下业务主要包括景区、酒 店、徽菜及旅行社等板块，具体情况请参阅公司在上海证券交易所网站发布的定期报告。 （文章来源：证券日报） ...

春节消费高景气，关注性价比、情绪价值和体验 [Table_Industry] 社会服务业 2026 年春节消费调研观察 春节线下零售和服务消费高景气，下沉市场客流更旺盛、线下消费更火热。 投资要点： [Table_Report] 相关报告 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 社会服务业《乐购新春方案出台，关注春节消费 表现》2026.02.08 社会服务业《政策推动、供求双旺，景区板块迎 黄金投资期》2026.02.07 社会服务业《政策支持服务消费发展，关注春节 数据》2026.02.01 票 研 究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读 ...

Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

出行票房等数据亮眼 机场的数据折射出新春"开门红"，客流量持续增长。今年2月20日，上海国际机场股份有限公司（以下 简称"上海机场"）单日客流量达到42.49万人次，其中浦东机场27.57万人次、虹桥机场14.92万人次，同 比增长6.4%，创下历史新高，迎来新年"开门红"。上海机场预计，今年春运期间，上海浦东、虹桥两场 的航班量将达到9.6万架次（浦东机场6.5万架次、虹桥机场3.1万架次），同比增长1.9%；旅客吞吐量达 到1553万人次，日均38.8万人次，同比增长3.6%。 今年春运，随着我国免签"朋友圈"再增加加拿大、英国两国，以及出入境游、北方冰雪游、南方避寒游 热度持续走高，上海机场客流量持续增长。快报数据显示，自2月2日春运启动至2月20日，上海机场共 保障进出港航班超4.6万架次，其中浦东机场3.1万架次、虹桥机场1.5万架次，同比春运同期增长2.7%； 保障进出港旅客743.4万人次，其中浦东机场480.6万人次、虹桥机场262.8万人次，同比春运同期增长 3.8%。 广州白云国际机场股份有限公司（以下简称"白云机场"）春节期间多项数据创历史新高。2026年春运第 20天（2月21日），白 ...

图源：雲亼·曙光里 近日，黄山旅游发布公告，拟投资约5.3亿元建设黄山滨江东路12号酒店项目，项目建设周期预计为24个月，静态投资回收期为16.14年。 公告里的一串数字，瞬间戳中了不少人的敏感神经。 静态投资回收期高达16.14年。 16年，是什么概念？ 简单来说，不算资金的时间成本，不考虑未来利率波动、市场变化，光靠这家酒店的客房、餐饮、会议等业务盈利，黄山旅游需要整整16年，才能把这 5.3亿的投资本钱收回来。 思源恒岳的行业研究报告指出，2025年下半年以来，受人力成本、能耗成本持续上涨的影响，国内酒店行业平均静态回收周期已延长至5.5—6年。 更值得注意的是，这并非黄山旅游第一次"高投入、慢回报"地布局酒店。 早在2024年，该公司就曾宣布投资1.5亿元升级旗下黄山国际大酒店，彼时测算的投资回收期也达到了15.15年，与此次酒店项目几乎持平。 作为国内山岳景区旅游的龙头企业，此次不惜砸下重金、承受超长回收期的压力升级酒店，到底是深思熟虑的战略布局，还是被逼无奈的被动选择？ 16年的回本期， 会拖后腿吗？ 很多人看到"5.3亿、490间客房、16年回本"这三个关键数据，第一反应就是"不值"。 果真如此 ...

截至发稿，殷钦怡累计任职时间1年204天，现任基金资产总规模241.92亿元，任职期间最佳基金回报 111.68%， 任职期间最差基金回报-17.43%。 曹璐迪累计任职时间5年269天，现任基金资产总规模215.81亿元，任职期间最佳基金回报140.12%， 任 职期间最差基金回报-44.98%。 数据显示，富国基金旗下1只基金位居黄山旅游十大流通股东。富国中证旅游主题ETF（159766）三季 度增持193.13万股，持有股数525.61万股，占流通股的比例为0.72%。根据测算，今日浮亏损失约63.07 万元。连续4天下跌期间浮亏损失604.45万元。 富国中证旅游主题ETF（159766）成立日期2021年7月15日，最新规模56.94亿。今年以来收益2.91%， 同类排名3942/5569；近一年收益23.79%，同类排名2778/4295；成立以来亏损16.89%。 富国中证旅游主题ETF（159766）基金经理为殷钦怡、曹璐迪。 2月11日，黄山旅游跌0.9%，截至发稿，报13.24元/股，成交1.82亿元，换手率2.69%，总市值96.57亿 元。黄山旅游股价已经连续4天下跌，区间累计跌幅7. ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Summary of Conference Call on Scenic Area Industry Industry Overview - The report focuses on the scenic area industry, highlighting a favorable investment period driven by policy support and strong supply-demand dynamics [1][2] - The overall vacation system has been significantly optimized, with evidence of its effectiveness already observed [1] Key Points and Arguments Policy Drivers - Various provincial policies have been introduced to stimulate consumption, including a special action plan released by the Central Committee and State Council in March 2025 [2] - The exploration of spring and autumn vacations is being encouraged, with specific plans already in place in provinces like Zhejiang, Jiangsu, Sichuan, and Chongqing [2][3] - Anticipated implementation of 5-9 day continuous holidays in certain provinces by 2026, which is expected to boost demand during off-peak seasons [3] Tourism Demand and Growth - Domestic tourism spending is projected to reach 57.5 trillion yuan in 2024, a 17% increase from 2023, significantly outpacing GDP growth [6] - By Q3 2025, domestic tourism metrics such as visitor numbers and revenue have recovered to 112% and 108% of 2019 levels, respectively [6] - The implementation of new vacation policies is expected to enhance travel demand, particularly during off-peak periods [5] Consumer Behavior and Trends - A shift in consumer behavior is noted, with a more cautious approach leading to a decrease in average spending per trip in 2025 [7] - The student population, approximately 200 million, is identified as a key demographic for future tourism consumption, particularly in educational and experiential travel [7][8] Industry Performance and Challenges - The tourism industry is experiencing a bifurcation, with 50% of 51 analyzed tourism companies reporting revenue declines in the first three quarters of 2025 [10] - Capital operations are heating up, with a notable increase in equity changes and mergers, indicating a consolidation phase in the industry [10][11] Investment Opportunities - Recommendations for investment focus on three main areas: 1. **Transportation Improvements**: Companies like Emei Mountain and Jiuhua Tourism are expected to benefit from enhanced transport links [15] 2. **Resource Injection**: Companies with strong resource integration potential, such as Tianfu Culture and Shaanxi Tourism, are highlighted [16] 3. **New Project Developments**: Companies like Songcheng Performance and Three Gorges Tourism are noted for their upcoming projects [16] Additional Important Insights - The scenic area industry exhibits a seasonal revenue pattern, with peaks during certain holidays and lower activity in colder months [13] - The integration of gamification and experiential offerings in tourism products is emerging as a significant growth driver, as seen in successful case studies like Wansui Mountain [11][12] - The government is expanding its openness to international tourism, with a record number of outbound and inbound travelers in 2025 [12] This summary encapsulates the key insights and trends discussed in the conference call regarding the scenic area industry, emphasizing the interplay between policy, consumer behavior, and investment opportunities.

Group 1 - NIO achieved its 100 millionth battery swap, reducing carbon dioxide emissions by 4,169.5 tons compared to traditional gasoline vehicles [1] - NIO's battery swap operations have contributed to peak shaving and valley filling of over 740 million kWh, alleviating grid pressure and improving energy utilization [1] Group 2 - Anhui Energy announced the appointment of Xu Wengong as the new general manager following the resignation of Fang Shiqing [2] - Huabei Group's general manager Zhang Tongxiang resigned due to work changes but will continue to serve as chairman [4] Group 3 - Crystal Integration plans to invest 2 billion yuan to acquire 100% equity of Hefei Jingyi Integrated Circuit Co., making it a wholly-owned subsidiary [3] - Huangshan Tourism is set to invest approximately 530 million yuan in the construction of a hotel project, with a construction period of 24 months [5] Group 4 - Zhonggong Education expects a significant decline in net profit for 2025, projecting a decrease of 70.06% to 76.86% compared to the previous year [6] - Quanyin High-Tech anticipates a net loss of 180 million to 270 million yuan for 2025, a shift from a profit of 97.13 million yuan in the previous year [7] - Guoxuan High-Tech forecasts a net profit increase of 107% to 149% for 2025, driven by the rapid growth in the new energy vehicle and energy storage markets [8]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]