投资逻辑： 我们认为，伴随服务消费供给侧深化，居民消费需求有望进一步释放，而文旅赛事是其中最典型的赛 道。苏超模式已验证文旅赛事的商业价值，飞超、赛马、世界杯等新赛事有望复制苏超成功经验，带动 相关体育和文旅标的受益。 服务消费重要性凸显，政策从短期刺激转向制度重构。服务消费乘数效应强，对经济增长贡献率持续高 于实物消费，重要性突出。当前我国消费政策正从补贴依赖型的短期刺激转向制度重构，通过增收计 划、供给创新、治理革新，释放居民服务消费需求，为文旅赛事提供友好的发展环境。 供给侧从自上而下到自下而上，释放文旅赛事活力。我国传统赛事供给稀缺，根源在于审批复杂、文体 资产证券化低、赛事同质化严重，根据国家统计局，2024 年我国体育竞赛表演总产出仅为 786 亿元， 占体育总产出 2.0%。以苏超为代表的文旅赛事通过"政府-市场-社会"三元协同模式，在提升运营效 率的同时释放了文旅消费活力，打通了优质文旅赛事的供给堵点。按国务院给出的 2030 年体育产业总 规模超过 7 万亿元的目标，若体育竞赛表演总产出占比 2%，则 2030 年规模有望达 1400 亿元；随着优 质赛事供给逐步释放，若对标中国财政杂志社给 ...

证券代码：600684 证券简称：珠江股份 公告编号：2026-017 二、截至 2026 年 3 月 19 日，公司最近 12 个月使用募集资金现金管理的情 况 广州珠江发展集团股份有限公司 关于使用闲置募集资金进行现金管理部分到期赎回 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州珠江发展集团股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第十一届董事会2025年第十次会议、第十一届监事会2025年第六次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用 额度不超过人民币 2.2 亿元的闲置募集资金进行现金管理，投资于安全性高、流 动性好、满足保本要求的投资产品，投资额度自董事会审议通过之日起 12 个月 内有效。在上述投资额度及期限范围内，资金可循环滚动使用。具体内容详见公 司于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-069）。 一、本 ...

经查询，前述冻结资金 620,000 元已于近日解除冻结，本次解除冻结有利 于提高资金使用效率。前期冻结事项未对公司及珠江文体、济宁文体的正常运 行、经营管理造成实质性影响。 特此公告。 广州珠江发展集团股份有限公司 关于控股子公司银行账户部分资金解除冻 结的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 因申请执行人与广州珠江发展集团股份有限公司（以下简称"公司"）控 股子公司广州珠江体育文化发展股份有限公司（以下简称"珠江文体"）、济 宁珠江体育文化发展有限公司（以下简称"济宁文体"）侵权责任纠纷一案， 济宁文体兴业银行基本账户被冻结 620,000 元，具体详见公司分别于 2025 年 12 月 17 日、2025 年 12 月 19 日披露的《关于控股子公司银行账户部分资金被冻结 的公告》（编号：2025-085）、《关于控股子公司银行账户部分资金被冻结的 进展公告》（编号：2025-086）。 证券代码：600684 证券简称：珠江股份 编号：2026-016 广州珠江发展集团股份有限公司董事会 2026 年 ...

Summary of Conference Call on Cultural Tourism and Sports Events Industry Overview - The conference call focused on the cultural tourism and sports events sectors, highlighting the impact of new government policies on these industries, particularly in 2026 [1][2]. Key Points and Arguments Government Policies - The 2026 government work report emphasizes "high-quality development of the cultural tourism industry" and supports the implementation of paid leave and staggered holidays, which is expected to boost tourism demand significantly [2][3]. - The introduction of "spring and autumn breaks" is anticipated to enhance off-peak capacity utilization in major tourist attractions, improving revenue and profit stability [3]. Company Highlights - **Lijiang Co.**: - The company is set to expand its Yak Niu Ping cableway in March 2026, increasing capacity from 360 to 1,900 passengers per hour, which is expected to alleviate long-standing visitor bottlenecks and enhance profits post-2028 [1][8]. - Post-pandemic, Lijiang's revenue and profits have surpassed pre-pandemic levels, driven by improved transportation infrastructure and increased visitor flow [10]. - **Song City Performance**: - The company anticipates a slight increase in visitor numbers for its "Eternal Love" projects in Q1 2026, supported by new policies that extend travel windows [5]. - The company is also developing a light-asset project in Qingdao and a heavy-asset project in Thailand, which are expected to contribute to growth [5]. - **Jiuhua Tourism**: - The company focuses on cultural tourism with a high repeat visitor rate, driven by its Buddhist cultural experiences. The Lion Peak cableway project is expected to contribute to revenue growth starting in late 2026 [6][7]. - **JunTing Hotels**: - Positioned as a leading domestic high-end hotel brand, benefiting from the growth in high-end demand and the advancement of REITs [4]. - **Lisheng Sports**: - The company plans to enter the golf sector in 2025, maintaining a revenue growth rate of over 10% [1]. Market Dynamics - The sports events economy is highlighted as a new focus area in the government report, with an emphasis on developing more community sports events [2]. - The sports venue operation sector is transitioning to a light-asset model, enhancing operational efficiency and profitability [12][13]. Valuation Insights - Current valuations for tourism and hotel stocks have returned to relatively low levels, suggesting potential for re-evaluation as demand increases [2][4][5]. - Jiuhua Tourism is estimated to have a valuation of around 20 times earnings, which is considered attractive compared to peers [6][7]. Risks and Considerations - The overall performance of Lijiang Co. has been stable, but there is a need for improved visitor growth to enhance profitability further [10]. - The sports industry is still in its early stages of marketization, which may limit immediate profitability for many companies [15][16]. Additional Important Content - The conference highlighted the importance of cultural attributes in driving repeat visits, particularly for Jiuhua Tourism, which differentiates itself from typical tourist attractions [6]. - The potential for increased collaboration between tourism and sports sectors is noted, with companies like Lisheng Sports and JunTing Hotels positioned to benefit from this trend [1][4][12]. This summary encapsulates the key insights from the conference call, focusing on the implications of government policies, company strategies, market dynamics, and valuation considerations within the cultural tourism and sports events sectors.

证券代码：600684 证券简称：珠江股份 公告编号：2026-015 广州珠江发展集团股份有限公司 第十一届董事会 2026 年第三次会议决议 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州珠江发展集团股份有限公司（以下简称"公司"）第十一届董事会 2026 年第三次会议于 2026 年 2 月 28 日以书面方式发出会议通知及材料汇编， 并于 2026 年 3 月 5 日以通讯方式召开。本次会议应出席董事 9 人，实际出席董 事 9 人，由公司董事长李超佐先生召集并主持。会议的召集、召开和表决程序 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，并 形成了如下决议： 一、审议通过《关于 2026 年度向金融机构申请融资额度的议案》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 为满足公司 2026 年日常经营等资金需求，拟向金融机构申请总额不超过人 民币 19 亿元（包括借新还旧）的融资授信额度，包括但不限于银行保函、流动 资金贷款等，并根据相关金融机构要求，以公司信用进行担保或者合法 ...

证券代码：600684 证券简称：珠江股份 公告编号：2026-014 | 产品名称 | | 受托人名 | 产品金额 | | 起息日 | | | 到期日 | | | 年化收益 | 赎回金额 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 称 | （万元） | | | | | | | 率（%） | | （万元） | （万元） | | 人民币单位结 | | 华夏银行 | | 2025 | 年 | 11 | 2026 | 年 | 2 月 | | | | | | 构 性 款 | 存 | 股份有限 | 2,000 | | | | | | | | 2.07 | 2,000 | 10.78 | | | | | | 月 | 21 | 日 | | 24 日 | | | | | | | DWJCGZ25144 | | 公司 | | | | | | | | | | | | | 中国建设银行 | | 中国建设 | | | | | | | | | | | | | | | 银行股份 | ...

Market Performance - On February 25, 2026, the equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.72% and 1.21% respectively, while the CSI 300 and CSI 500 rose by 0.60% and 1.60% respectively [1] Individual Stock Performance - The top five gainers in the real estate sector were Huangting International, I Love My Home, Hualian Holdings, City Investment Holdings, and Zhujiang Shares, with increases of 10.05%, 10.03%, 9.96%, 9.96%, and 6.77% respectively [2] - The largest decliners included Hefei Urban Construction, Sanxiang Impression, Ningbo Fuda, Jinqiao B Share, and Haitai Development, with declines of -5.33%, -1.52%, -1.13%, -0.53%, and -0.45% respectively [2] Industry News - On February 25, 2026, five departments in Shanghai announced a reduction in housing purchase restrictions, effective February 26, 2026. Non-Shanghai residents can now purchase homes in the outer ring with a social security or tax payment history of just 1 year, and those with 3 years can buy an additional property [3] - The maximum housing provident fund loan for first-time homebuyers has been increased from 1.6 million yuan to 2.4 million yuan. Additionally, families with multiple children can receive a 20% increase in the maximum loan amount for purchasing a second home [3] - From January 1, 2026, adult children of local residents purchasing their only home will be exempt from personal housing property tax [4] Company Announcements - China Overseas Macro Real Estate Group announced that the buyback registration period for "23 Hongyang 02" bonds is from March 2 to March 9, 2026, with the repayment date set for April 3, 2026 [6] - Poly Real Estate Group announced the early delisting of "23 Baozhi 01" bonds, with a total buyback amount of 1 billion yuan. The bonds will be canceled due to this buyback [6]

Group 1 - The core point of the article is that Zhujiang Co., Ltd. (600684) has increased its registered capital from approximately 850 million RMB to about 1.11 billion RMB, representing an increase of around 30% [1] Group 2 - Zhujiang Co., Ltd. was established in December 1992 and is legally represented by Li Chaozuo [1] - The company's business scope includes land use rights leasing, housing leasing, non-residential real estate leasing, and property management [1] - The shareholders of Zhujiang Co., Ltd. include Guangzhou Zhujiang Industrial Group Co., Ltd., Li Zhuangyu, and Guangzhou Urban Construction Investment Group Co., Ltd. [1]

Core Viewpoint - Recently, Zhujiang Co., Ltd. (600684) has undergone a business change, increasing its registered capital from approximately 850 million RMB to about 1.11 billion RMB, representing an increase of around 30% [1] Company Overview - Zhujiang Co., Ltd. was established in December 1992 and is legally represented by Li Chaozuo [1] - The company's business scope includes land use rights leasing, housing leasing, non-residential real estate leasing, and property management [1] - The shareholders include Guangzhou Zhujiang Industrial Group Co., Ltd., Li Zhuangyu, and Guangzhou Urban Construction Investment Group Co., Ltd. [1]

Group 1 - The core point of the news is the successful bidding for the Tianhe Racecourse core land in Guangzhou, which highlights the active participation of companies like Zhujiang Industrial in high-level project development to enhance the vitality of the land auction market and contribute to the improvement of the real estate market [1] - Zhujiang Industrial, despite not winning the racecourse land, has established a presence in multiple locations in Guangzhou, including a collaboration with Swire Properties to develop the high-end commercial area of Julong Bay Swire City, and holds quality land resources in the core area of Guangzhou International Financial City [3] - The company emphasizes its commitment to high-quality development in line with the requirements of the high-quality development conference, aiming to continuously contribute to the high-quality development of Guangzhou's real estate market and inject vitality into the city's transformation [3]