行 业 及 产 业 社会服务 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 杨光 A0230524100004 yangguang@swsresearch.com 2026 年 02 月 11 日 春运期间多次出游占比提高，超长 假期激发消费活力 看好 ——春节假期旅游出行前瞻报告 本期投资提示： ⚫ 风险提示：宏观消费环境下行风险、政策落地不及预期、行业竞争加剧。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - 本研究报告仅通过邮件提供给 中庚基金 使用。2 ⚫ 2026 年春节"9 天不调休"的超长假期政策落地，舆情满意度高达 92.9%。大交通领域供需两 旺，民航春运 40 天旅客运输量预计达 9500 万人次（同比增长 5.3%），国内航司计划执飞客运航 班 65.7 万班次（同比增长 5%），2 次以上出行旅客占比升至 13%，为 2023 年以来同期新高； 铁路春运预计发送旅客 5.39 亿人次（同比增长 5%），客流高峰 ...

（文章来源：证券日报） 证券日报网讯 2月9日，丽江股份在互动平台回答投资者提问时表示，公司是丽江地区较早从事旅游业 开发和经营的企业，是丽江及滇西北地区第一家上市企业，目前公司业务范围涵盖索道服务、酒店建设 与运营、文化演艺、餐饮服务、旅游配套服务、景区游客集散、旅行社等。 ...

证券之星消息，2月4日旅游及景区板块较上一交易日上涨0.71%，凯撒旅业领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旅业 | 6.47 | 3.69% | 106.63万 | | 6.83亿 | | 000610 | 西安旅游 | 10.53 | 3.54% | 49.51万 | | 5.06亿 | | 600054 | 黄山旅游 | 13.55 | 2.19% | 21.72万 | | 2.94亿 | | 600706 | 曲江文旅 | 10.82 | 2.08% | 7.31万 | | 7851.94万 | | 000888 | 峨眉山Ａ | 13.98 | 1.97% | 18.82万 | | 2.62亿 | | 002159 | 三特索道 | 16.36 | 1.93% | 4.53万 | | 7402.42万 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600593 | 大连圣亚 | 46.27 | -5.65% | 12.55万 | 5.87亿 | | 6602099 | 长自山 | 45.72 | -1.38% | 6.71万 | 3.07亿 | | 000558 | 天府文旅 | 5.30 | -0.93% | C 40.32万 | 2.13亿 | | 000610 | 西安旅游 | 13.17 | -0.23% | 12.03万 | 1.58亿 | | 000524 | 岭南控股 | 12.76 | -0.16% | 10.21万 | 1.30亿 | | 300144 | 宋城演艺 | 8.53 | -0.12% | 29.64万 | 2.53亿 | | 600706 | 曲江文旅 | 11.25 | -0.09% | 14.61万 | 1.63亿 | | 600054 | 黄山旅游 | 11.93 | -0.08% | 7.76万 | 9270.70万 | | 661809 | 九华旅游 ...

Group 1 - The Yulong Snow Mountain scenic area announced that the Yakou Ping cableway will be out of service for 12 days from January 16 to January 27, 2026, for annual inspection and maintenance [1] - The cableway is scheduled to resume normal operations on January 28, 2026, and visitors are advised to plan their trips accordingly [1] - The company expressed apologies for any inconvenience caused and encouraged visitors to check the "Lijiang Tourism Group" WeChat account for ticket information [1]

Group 1 - The tourism and scenic spots sector increased by 0.58% on January 6, with N Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - N Shaanxi Tourism's stock price rose by 64.10% to 132.00, with a trading volume of 143,900 shares and a transaction value of 1.971 billion [1] Group 2 - The main funds in the tourism and scenic spots sector had a net inflow of 719 million, while retail funds experienced a net outflow of 24.75 million [2] - The stock performance of various companies in the sector showed mixed results, with some stocks like N Shaanxi Tourism and Songcheng Performance seeing significant changes in net inflow and outflow [3] - N Shaanxi Tourism had a net inflow of 8.27 billion from main funds, while retail funds saw a net outflow of 1.62 billion [3]

Core Viewpoint - The tourism and scenic spots sector experienced a slight increase of 0.48% on December 31, with Caesar Travel leading the gains. The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1]. Group 1: Stock Performance - Caesar Travel (000796) closed at 7.20, up 6.04%, with a trading volume of 1.89 million shares and a transaction value of 1.332 billion yuan [1]. - Other notable performers included ST Zhanggu (000430) at 7.76, up 2.51%, and Guilin Tourism (000978) at 7.24, up 2.26% [1]. - The overall trading volume and transaction values for various stocks in the tourism sector indicate active market participation, with total transaction values reaching billions [1]. Group 2: Capital Flow - The tourism and scenic spots sector saw a net outflow of 105 million yuan from main funds, while retail investors contributed a net inflow of 103 million yuan [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing stocks within the sector [2]. - Specific stocks like Caesar Travel had a significant net inflow from retail investors, despite a net outflow from main funds [3].

Core Viewpoint - Lijiang Yulong Tourism Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in stock price over the past year but a slight decline in net profit for the latest reporting period [1][2]. Financial Performance - As of September 30, Lijiang's revenue for the first nine months of 2025 reached 660 million yuan, representing a year-on-year growth of 3.79% [2]. - The net profit attributable to the parent company was 192 million yuan, showing a slight decrease of 0.18% compared to the previous year [2]. - The company has distributed a total of 1.181 billion yuan in dividends since its A-share listing, with 522 million yuan distributed over the last three years [3]. Stock Market Activity - On December 19, Lijiang's stock price increased by 2.04%, reaching 9.50 yuan per share, with a trading volume of 134 million yuan and a turnover rate of 2.60% [1]. - The total market capitalization of Lijiang is 5.22 billion yuan [1]. - Year-to-date, the stock price has risen by 11.50%, with a 7.83% increase over the last five trading days and an 8.32% increase over the last 20 days, while it has decreased by 3.55% over the last 60 days [1]. Shareholder Information - As of September 30, the number of shareholders for Lijiang was 42,100, a decrease of 3.78% from the previous period [2]. - The average number of circulating shares per person increased by 3.93% to 13,036 shares [2]. - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF increased its holdings by 2.49 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 17.61 million shares [3]. Business Overview - Lijiang's main business activities include the operation and management of tourism cableways, cultural performances, hotel operations, and other related services [1]. - The revenue composition of the company is as follows: cableway transportation (49.53%), hotel services (20.70%), cultural performances (16.93%), other services (10.13%), and catering services (2.70%) [1]. - The company is classified under the Shenwan industry category of social services, specifically tourism and scenic areas [1].

Core Viewpoint - Lijiang Co., Ltd. announced the convening of its first extraordinary shareholders' meeting in 2025 to review multiple proposals, including the cancellation of the supervisory board and amendments to various articles [2] Group 1 - The company will discuss the proposal to cancel the supervisory board during the upcoming shareholders' meeting [2] - Several amendments to existing articles will also be reviewed at the meeting [2]

Meeting Details - The company held its first extraordinary general meeting of shareholders on December 16, 2025, at 15:00, with both on-site and online voting options available [3][4] - The meeting was convened by the board of directors and was attended by board members, supervisors, and legal representatives [4][6] Resolutions Passed - The extraordinary general meeting approved the cancellation of the supervisory board, transferring its responsibilities to the audit committee of the board [8] - The meeting also approved the nomination of a new independent director, Ji Shaoguang, to replace the outgoing independent director, Pan Lihong, who served for six years [9] Legal Compliance - The meeting's procedures, participant qualifications, and voting processes were confirmed to be in compliance with relevant laws and regulations by the witnessing lawyers from Beijing Dacheng (Kunming) Law Firm [6]