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 optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - 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 mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 02 月 08 日 联系人 黄山旅游拟投资 5.3 亿元用于酒店项目，丰富旅游产品供给。黄山旅游公告，公司 拟投资建设黄山滨江东路 12 号酒店项目，预计投资金额约为 5.3 亿元（具体以实际 投资金额为准），资金来源为公司自筹资金。项目建设周期预计为 24 个月。根据 可研报告，经测算，该项目静态投资回收期为 16.14 年。目前，公司已通过司法拍 卖竞得该酒店在建工程，并对原部分装修进行拆除，同时已开展设计等项目前期工 作。根据公司公告，本次投资建设酒店项目，是公司顺应黄山市大交通格局完善及 旅游发展趋势所作出的举措，有利于进一步优化公司高端酒店会议、客房、餐饮等 设施配比，丰富酒店产品供给及产品结构。黄山景区客流数据亮眼。根据黄山风景 区发布信息，2025 年，黄山风景区主景区接待游客 516.8 万人次，同比增长 4.99%， 首次突破 500 万大关，2026 年元旦假期，景区共接待游客人数超 7.5 万。服务消费 政策组合拳持续加码，叠加节假日放假配合，我们预计或带动出行链蓬勃发展，建 议重视服务消费板块机会。 2025 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The tourism sector is entering a golden investment period driven by policy support, strong supply and demand [3] - The optimization of vacation systems, improvement in cultural tourism supply, and acceleration of local asset securitization are key factors creating investment opportunities in the scenic area sector [3] Summary by Sections 1. Optimization of Vacation Systems - The introduction of spring and autumn breaks is expected to significantly boost tourism demand, with potential increases in visitor numbers by 1-3 times [8] - The Ministry of Human Resources and Social Security plans to revise the paid annual leave regulations, which is crucial for enhancing the execution of vacation policies [16] 2. Continuous Growth in Tourism Consumption - Domestic tourism spending is recovering to 2019 levels, with total expenditure reaching 5.75 trillion yuan in 2024, a year-on-year increase of 17.1% [19] - The K-12 student population, approximately 200 million, presents a substantial consumer base for spring and autumn breaks, driving family travel patterns [29] 3. Structural Upgrades in the Cultural Tourism Sector - The cultural tourism industry has completed a recovery phase and is entering a stage of mature competition and structural differentiation [3] - High-level open policies and transportation improvements are contributing to a resurgence in inbound tourism [3] 4. New Projects and Asset Securitization in Scenic Areas - Many scenic areas are launching new projects in response to policy and consumer demand, which is expected to drive growth in 2026 and beyond [4] - Areas rich in cultural tourism resources are likely to accelerate asset securitization, creating synergistic effects [4] 5. Investment Recommendations - Focus on three main lines for investment: 1. Improvements in transportation, such as Emei Mountain and Huangshan tourism [6] 2. Expectations of resource integration, such as Tianfu Cultural Tourism and Shaanxi Tourism [6] 3. New project launches, including Three Gorges Tourism and Songcheng Performing Arts [6]

从资金流向上来看，当日安徽国企改革板块主力资金净流出5732.68万元，游资资金净流出9256.48万 元，散户资金净流入1.5亿元。安徽国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月6日安徽国企改革板块较上一交易日下跌0.57%，黄山旅游领跌。当日上证指数报收 于4065.58，下跌0.25%。深证成指报收于13906.73，下跌0.33%。安徽国企改革板块个股涨跌见下表： ...

曹璐迪累计任职时间5年264天，现任基金资产总规模215.81亿元，任职期间最佳基金回报140.29%， 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388.95 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3.54%， 同类排名2720/5564；近一年收益28.29%，同类排名2554/4288；成立以来亏损16.38%。 富国中证旅游主题ETF（159766）基金经理为殷钦怡、曹璐迪。 截至发稿，殷钦怡累计任职时间1年199天，现任基金资产总规模241.92亿元，任职期间最佳基金回报 117.24%， 任职期间最差基金回报-16.72%。 2月6日，黄山旅游跌5.14%，截至发稿，报13.65元/股，成交1.65亿元，换手率2.33%，总市值99.56亿 元。 资料显示，黄山旅游发展股份有限公司位于安徽省黄山市屯溪区天都大道5号(天都国际饭店D ...

Group 1 - The A-share tourism and hotel sector is experiencing a significant rally, driven by a consumption recovery trend, with Sanxia Tourism hitting the daily limit and becoming a core engine of the sector [1] - Other companies such as Shaanxi Tourism and Juntin Hotel saw gains exceeding 8%, indicating strong performance, while Huangshan Tourism and Jinjiang Hotel also participated in the upward movement, showcasing a synchronized strengthening pattern [1] - The overall recovery of the industry is highlighted by increased market attention and investment in scenic tourism and chain hotel segments [1] Group 2 - The number of planned travelers for the 2026 Spring Festival is expected to surge by 300% year-on-year, leading to an explosion in tourism and hotel demand, which directly catalyzed the sector's rise [2] - The hotel industry's supply-demand dynamics are improving, with leading companies expected to see RevPAR growth and a recovery in profit expectations, as noted in a report by CITIC Securities [2] - The ongoing anti-monopoly investigations on OTA platforms are anticipated to enhance the chain rate in the hotel industry, benefiting leading chain hotels [2] Group 3 - The scenic tourism sector is a core beneficiary of the Spring Festival travel boom, with companies like Sanxia Tourism and Huangshan Tourism directly benefiting from increased demand [3] - The chain hotel sector is also benefiting from improved supply-demand conditions and rising chain rates, with companies like Juntin Hotel and Jinjiang Hotel experiencing simultaneous gains [3] - The tourism service sector, including companies like Shaanxi Tourism, is capitalizing on the recovery of the tourism market, with significant gains reflecting the growth in travel demand [3]

Core Viewpoint - The A-share market is witnessing a strong performance in tourism stocks, with significant increases in share prices driven by a surge in domestic travel demand for the upcoming 2026 Spring Festival holiday, as indicated by a 300% year-on-year increase in planned travel numbers [1]. Group 1: Stock Performance - Three Gorges Tourism has reached the daily limit up with a 10% increase, bringing its total market value to 7.253 billion [2]. - Shaanxi Tourism has seen an 8.89% rise, with a market capitalization of 12.9 billion [2]. - Huangshan Tourism has increased by 7.16%, with a total market value of 10.6 billion [2]. - Dongbai Group has risen by 6.03%, with a market capitalization of 14.7 billion [2]. - Songcheng Performance has increased by 4.47%, with a market value of 23.9 billion [2]. - Other notable increases include ST Zhengping at 4.16%, Caesar Travel at 3.86%, and Haikan Co. at 3.52% [2]. Group 2: Market Trends - The domestic tourism market is experiencing a "volume and price increase" trend, indicating a robust recovery and growth potential in the sector [1]. - The planned travel numbers for the 2026 Spring Festival are expected to significantly boost the tourism industry, reflecting a strong consumer sentiment and willingness to travel [1].

Group 1 - The tourism and hotel sector showed strong performance on February 5, with significant gains observed in various companies [2] - Three Gorges Tourism reached its daily limit increase, indicating robust investor interest [2] - Other companies such as Shaanxi Tourism, Juntin Hotel, Huangshan Tourism, Songcheng Performance, and Caesar Travel also experienced upward movement in their stock prices [2]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]

黄山滨江东路 12 号酒店地处黄山市中心政务区及商务区范围核心，位于新安江畔，毗邻湖边古村落、花山世界主 题园区、新安江滨水旅游区等旅游景点，属于中心城区稀缺地块，区位优势明显，地段位置良好，酒店地上 26 层，地下 2 层，目前酒店建筑主体已经完成，客房配置约490间。 公司拟投资建设黄山滨江东路12 号酒店项目，预计投资金额约为5.3 亿元，资金来源为公司自筹资金。 项目建设周期预计为 24 个月（不含前期工作）。 根据可研报告，经测算，该项目静态投资回收期为16.14年。 根据可研报告，经测算，该项目静态投资回收期为16.14年。 黄山滨江东路 12 号酒店地处黄山市中心政务区及商务区范围核心，位于新安江畔，毗邻湖边古 【长江社服】黄山旅游投资建设黄山滨江东路12 号酒店项目 【长江社服】黄山旅游投资建设黄山滨江东路12 号酒店项目 公司拟投资建设黄山滨江东路12 号酒店项目，预计投资金额约为5.3 亿元，资金来源为公司自筹资金。 项目建设周期预计为 24 个月（不含前期工作）。 本次投资建设利于进一步优化公司高端酒店会议、客房、餐饮等设施配比，丰富酒店产品供给及产品结构，对公 司目前的生产经营不构成重 ...