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]

华源证券研报指出，长白山得天独厚的自然资源，交通改善及定增落地有望打开业绩空间。温泉部落二 期的布局有望承接更多客流，丰富旅游产业相关布局。交通设备提升项目预计满足运力需求，提高旅客 出行体验。选取经营景区业务的峨眉山、经营酒店业务的君亭酒店、经营旅行社业务的岭南控股作为可 比公司，根据ifind一致预期，可比公司2026年PE为60倍，考虑到公司拥有优质的自然资源，后续预计 随着周边交通改善及冰雪游运动渗透率逐步提升，或将带动长白山客流持续增长，且公司定增落地，有 望打开公司业绩空间，首次覆盖，给予"增持"评级。 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced at Changbai Mountain Airport, which has upgraded its flight network and service offerings to cater to the increasing travel demand during this festive period [1]. Group 1: Airport Operations - On the first day of the Spring Festival travel season, Changbai Mountain Airport executed 50 flights, accommodating over 6,200 passengers, and connecting 11 cities [5]. - The airport has enhanced its flight network by adding three new routes to Wuhan, Changsha, and Chongqing, and increasing the frequency of flights to nine popular cities including Nanjing, Shenzhen, Guangzhou, Shanghai, Qingdao, and Hangzhou [5]. - The airport's operations include a daily average of 10 flights between Changbai Mountain Airport and Shanghai Pudong Airport, improving connectivity between the Yangtze River Delta and Changbai Mountain [5][6]. Group 2: Passenger Experience - The airport terminal was bustling with passengers, featuring cultural activities such as calligraphy for Spring Festival couplets and a local-themed mini market to enhance the festive atmosphere [3]. - Airport staff were strategically positioned to assist passengers with check-in, security, and boarding processes, ensuring a smooth travel experience [3][6]. - The overall environment at the airport combined the warmth of the Spring Festival with the excitement of winter travel, reflecting the dual themes of reunion and adventure [6].

Fixed Income - The overall scale of interest rate bond funds has decreased, with total assets amounting to 3.0 trillion yuan as of Q4 2025, down by 0.09 trillion yuan from Q3 2025 [6][7] - The average yield of interest rate bond funds has rebounded to +0.44% in Q4 2025, compared to -0.48% in Q3 2025, but remains significantly lower than the 4.42% yield in 2024 [8][19] - The expected yield range for 10-year government bonds in 2026 is projected to be between 1.6% and 1.9%, with opportunities for long-term bonds anticipated to arise after significant market corrections [8][19] Manufacturing Sector - The manufacturing PMI fell back below the expansion threshold to 49.3 in January 2026, indicating a slowdown in production activities compared to the previous month [11][10] - The non-manufacturing PMI also decreased to 49.4, suggesting a contraction in service sector activities, with the composite PMI output index at 49.8 [11][10] - The consumption sector is expected to receive policy support, but the impact may be weaker than in 2025 due to high base effects from the previous year [11][10] Social Financing - The forecast for new loans in January 2026 is 4.9 trillion yuan, with social financing expected to reach 7.07 trillion yuan, indicating a slight year-on-year increase [15][18] - M2 is projected to reach 345.1 trillion yuan by the end of January, with a year-on-year growth of 8.3% [15][18] - The social financing growth rate is expected to decline to around 8.1% by the end of January 2026, following a peak in mid-2025 [18][15] Pharmaceutical Sector - The approval of phosphoric acid lebrikizumab cream for the treatment of vitiligo marks a significant milestone for the company, being the first targeted therapy for this condition in China [21][22] - Clinical trials have shown promising results, with a significant percentage of patients achieving a 75% improvement in vitiligo area after 24 weeks of treatment [21][22] - The company is also pursuing additional indications for the cream, including atopic dermatitis, which could further enhance its market potential [22][21] New Consumption Sector - The company holds exclusive operational rights for key scenic areas and has established a robust management system for mountain tourism, positioning it well for growth [25][26] - The opening of the Shenbai high-speed railway is expected to significantly increase visitor traffic, enhancing accessibility to the scenic area [27][26] - The company plans to raise 236 million yuan for expanding its facilities and improving transportation, which is anticipated to boost its operational capacity and customer experience [27][26]

证券分析师 证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 请务必仔细阅读正文之后的评级说明和重要声明 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | | | 02 | 年 | 月 | 02 | 日 | | 2026 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 42.47 | | | | | | | | | 年 内 最 低 | 最 | 高 | / | | | | | | 60.33/29.73 | | 一 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 11,566.95 | | | | 流通市值（百万元） | | | | | | | | | 11,325.47 | | | | 总股本 ...

作者：刘姗姗 长白山拥有"世界生物圈保护区""世界最佳自然保护地""世界地质公园"三张国际名片，是吉林冰雪经济 核心引擎；上海作为华东地区经济文化中心和重要旅游客源地，冰雪旅游需求旺盛。此次航线开通，不 仅是长白山机场织密全国"空中廊道"、优化冬航季布局的重要一步，更推动了"冰雪+文旅"融合发展。 目前，长白山机场至上海浦东航线日均运营达10班，上海至长白山航班覆盖6:35-19:10全时段，长白山 至上海返程运营至22:30，构建起"早出晚归"的便捷出行圈，为长三角旅客提供灵活出行选择。 据悉，长白山机场与上海航空将持续深化合作，优化运营服务品质，探讨拓展更多合作航线，进一步完 善航空网络布局，助力长白山打造世界级旅游目的地。 来源：彩练新闻 春雪映长空，新航启新程。2月2日13时27分，上海航空FM7293航班平稳降落在长白山机场，标志着长 白山—上海航线正式投入运营，上海本土航空品牌首次进驻长白山雪域，为当地冰雪经济发展注入新动 能。 该航线是长白山机场完善航线布局的关键举措，执行期为2月2日至3月13日，实行每日一班常态化运 营。具体时刻为：10:35从上海浦东起飞，13:00抵达长白山机场；13:4 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].

Core Viewpoint - The strategic cooperation agreement between Jilin Province and Swiss Dong Doctor Group aims to enhance the international presence of Changbai Mountain ginseng, establishing a cultural display and product experience platform in Geneva, Switzerland, to serve as a key showcase for the product in the Swiss and EU markets [1][3]. Group 1: Strategic Cooperation - Jilin Province's high-quality development work team for the ginseng industry signed a strategic cooperation agreement with Swiss Dong Doctor Group [1]. - The agreement includes the establishment of a permanent "Changbai Mountain Ginseng" cultural display and product experience platform in Geneva [1]. - The Swiss Dong Doctor Group will assist in introducing Changbai Mountain ginseng products to the Swiss and EU markets, aiming to deepen market recognition [1]. Group 2: Market Goals - Jilin Province aims for the ginseng industry to achieve a historical output value exceeding 100 billion yuan by 2025, with a year-on-year growth of 30.5% [1]. - The goal is to become a major supplier of high-end ginseng products in the Swiss and EU markets within three years [1]. - Jilin Province is also expanding its market presence by establishing experience outlets in major sales areas outside the province and in Hong Kong and Macau [3]. Group 3: Sales Strategy - The sales strategy will involve a dual approach of cross-border e-commerce and physical channels [1]. - The initiative aims to build an integrated online and offline channel to expand into high-end markets [3].

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The strategic positioning of "service consumption" has been enhanced, expected to become a core engine for driving domestic demand. The State Council's meeting on January 16 emphasized the implementation of consumption-boosting actions and the cultivation of new growth points in service consumption, providing a clear direction for consumption development in 2026 and the 14th Five-Year Plan [6] - During the Spring Festival travel season (February 2 - February 14, 2026), domestic flight ticket bookings exceeded 7.54 million, a year-on-year increase of 12%. The total expected passenger transport volume for civil aviation during the Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [6] - The recovery of dining consumption in Q4 2025 was significantly stronger than that of retail goods, indicating a resurgence in service consumption. From October to December 2025, the year-on-year growth rates for dining revenue were 3.8%, 3.2%, and 2.2%, respectively, while retail goods growth rates were 2.8%, 1.0%, and 0.7% [6] Summary by Sections - **Recent Industry Performance**: Over the past 12 months, the industry has shown relative returns of 5.35% over one month, 7.38% over three months, and a decline of 3.0% over twelve months. Absolute returns were 6.42%, 8.38%, and 19.81% respectively [4] - **Policy Support**: The government has introduced policies to encourage service consumption, including optimizing school holiday arrangements to promote student well-being, which is expected to boost service consumption growth [6] - **Investment Recommendations**: The report suggests focusing on listed companies in the dining, hotel, and tourism sectors, including China Duty Free Group, Shouhang Hotel, Jinjiang Hotels, and others, as they are likely to benefit from the positive trends in service consumption [6]

Group 1 - The article emphasizes the transformative power of a new technological revolution reshaping the global industrial landscape amidst geopolitical fluctuations and supply chain restructuring [1] - It highlights the integration of capital, technology, and consumption in China, leading to cross-industry innovation and the pursuit of high-quality economic development [1] - The Northeast revitalization strategy is entering a new phase, leveraging its industrial foundation, natural resources, and unique geographical advantages to seek new growth engines [1] Group 2 - The upcoming 2026 Changbai Mountain Forum aims to explore investment trends and the future of industries in the post-pandemic era, focusing on themes of investment empowerment and cultural tourism coexistence [1] - The forum will gather experts and entrepreneurs from capital markets, technological innovation, and the cultural tourism industry to discuss topics such as AI-driven new productivity and diverse paths for corporate capital operations [8] - A closed-door meeting led by economist Fu Peng will delve into the impact of AI technology on global productivity and investment opportunities arising from industrial transformations [9]