新世纪评级 文化旅游基础设施与运营行业 2025 年信用回顾与 2026 年展望 文化旅游基础设施与运营 稳定 文化旅游基础设施与运营行业 2025 年信用回顾与 2026 年展望 工商企业评级部 徐一乾 摘要 2025 年以来，国内旅游市场由复苏步入良性发展阶段，居民出行意愿维 持高位，仍以本地游和周边游为主，消费需求日趋刚性。国际旅游市场在 政策释放与支付便利化驱动下，进入高质量增长期。我国旅游景区行业在 历经良性扩张后进入分化期，传统景区受制于接待容量瓶颈与存量竞争 加剧，正加速向品质化与沉浸式业态转型；酒店业供需关系步入深度调整 期，虽然品牌化与连锁化持续推进，但短期内仍面临客房单价增长疲软与 运营成本上行带来的利润承压。 政策层面看，2025 年以来，政策重点由需求和供给并重的跨周期调控转 向提质增效，聚焦培育文旅消费新增长点，配套政策持续发力，有力支撑 旅游业作为新兴战略性支柱产业的高质量发展。 从样本企业经营与财务表现看，2025 年以来营收增速有所放缓，但在政 策支持和旅游供需基本面支撑下，行业经营韧性仍有望持续。竞争格局上， 样本企业普遍具国资背景，东部及高经济发展水平地区企业规模优势突 出 ...

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].

许樱之 国泰海通社服分析师: 对于一些热门城市或者周边的城市来讲的话。它是有非常强的一个拉动的效应的，这个是 就是未来的值得期待的一个春节的部分。第二点，其实我觉得是可以比较期待，就是整个 带薪年休假的一个修订。因为其实我们去看到，就是包括可能很多人他心里，大家也是有 感知，就是很多人他其实他的年假其实还是没休完的。包括我们去看到人社部，其实他在 之前的整体的一个公开资料当中也去披露了，就是根据 2024 年的一个数据显示，中国职 工法定的一个带薪年休假大概是在 10 天左右。 但是实际上，这些人他平均享受的年休假天数，仅仅是 6.29 天。所以这块来讲的话，其 实整体的一个执行的效果，我们是认为是有望去提升的。然后其实如果这些休假能够执行 到位的话，其实能够充分的去提升整体的一个错峰的一个输出行的这样的一些需求。包括 其实也有学者提出来，就是休假时间对于整个国内的一个旅游消费，它是存在比较强的一 个促进的效应的。比如说像带薪年假。国，黄金周的一个休假时间增加 10%国内的整体的 一个旅游消费，是有望增加 1.5~2%左右的，而且整体的带薪休假对旅游者的整体的一个 餐饮、购物、还有娱乐这块的影响效应是比较强的 ...

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]

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 ...