Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]

Market Overview - The professional services sector experienced a decline of 0.59% on December 2, with Zhongjin Radiation leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the professional services sector included: - Xince Standard (300938) with a closing price of 35.45, up 3.20% and a trading volume of 124,200 shares, totaling 430 million yuan [1] - Lansiqimi (300795) closed at 15.90, up 2.19% with a trading volume of 112,800 shares, totaling 178 million yuan [1] - Conversely, significant decliners included: - Zhongquanfuzhao (300962) with a closing price of 17.99, down 4.56% and a trading volume of 107,800 shares, totaling 25.66 million yuan [2] - Anbang Guard (603373) closed at 41.24, down 2.80% with a trading volume of 6,815 shares, totaling 28.42 million yuan [2] Capital Flow - The professional services sector saw a net outflow of 132 million yuan from institutional investors, while retail investors experienced a net inflow of 89.54 million yuan [2] - The detailed capital flow for selected stocks showed: - Xince Standard (300938) had a net inflow of 30.20 million yuan from institutional investors, while retail investors had a net outflow of 16.85 million yuan [3] - Huace Testing (300012) recorded a net inflow of 6.18 million yuan from institutional investors, with a net outflow of 7.52 million yuan from retail investors [3]

Core Viewpoint - Lansheng Co., Ltd. has been recognized for its outstanding performance in sustainable development by receiving the "ESG Governance Golden Bull Award," indicating its leadership in sustainability and governance within the industry [1] Group 1: ESG Governance Structure - The company has established a three-tier ESG governance framework that integrates ESG principles into its strategy and operations [2] - In 2024, the internal audit coverage rate is expected to reach 82.35%, with ongoing optimization of internal control and compliance systems [2] - The company has received multiple accolades for its high transparency in information disclosure and investor communication, including "Shanghai Stock Exchange Information Disclosure A-Level Rating" and "Golden Bull Award - Golden Information Disclosure Award" [2] Group 2: Green Initiatives in Exhibitions - Lansheng Co., Ltd. promotes green transformation in exhibitions by exploring low-carbon and circular exhibition models [3] - At the Shanghai World Expo Exhibition and Convention Center, the company has implemented rooftop photovoltaic construction and LED lighting upgrades, achieving an annual power generation of approximately 2 million kWh and an energy-saving rate of 40% [3] - The company advocates for "green construction" by promoting modular exhibition equipment and recyclable materials at major exhibitions [3] Group 3: Strategic Collaboration and Industry Ecosystem - The company actively participates in the construction of Shanghai's "3+6" new industrial system, focusing on cutting-edge fields such as artificial intelligence, low-altitude economy, and biomedicine [4] - Lansheng Co., Ltd. hosts globally influential exhibitions like the World Artificial Intelligence Conference and the China International Industry Fair, serving as a key platform for showcasing technological achievements and connecting industry chains [4] Group 4: Social Responsibility and Talent Development - The company has developed a multi-layered responsibility system encompassing employee development, customer service, industry collaboration, and community building [5] - Customer satisfaction rates exceed 95% across several subsidiaries, with complaint resolution rates approaching 100% [5] - Lansheng Co., Ltd. is committed to corporate responsibility, actively engaging in public welfare and rural revitalization efforts [5] - The company aims to become a "world-renowned, domestically preferred exhibition brand," continuing to deepen ESG practices and enhance digital service capabilities for sustainable development [5]

Group 1 - The company, Lansen Pharmaceutical (600826.SH), stated on an interactive platform that it does not hold shares in Shanghai Micro Electronics [1]

Core Viewpoint - The company plans to increase the registered capital of its wholly-owned subsidiary, Shanghai Donghao Lansheng Sports Co., Ltd., from RMB 3 million to RMB 53 million to seize opportunities in the sports industry and enhance its market competitiveness [2][3][8]. Group 1: Investment Overview - The investment target is Shanghai Donghao Lansheng Sports Co., Ltd., previously known as Shanghai Donghao Lansheng Event Management Co., Ltd. [2][6] - The capital increase will be funded by the company's own funds, ensuring no adverse impact on the company's main business, cash flow, or asset status [2][8]. Group 2: Board Approval - The capital increase was approved during the 16th meeting of the 11th Board of Directors on November 26, 2025, and does not require shareholder approval [4][12]. - The board's decision received unanimous support with 9 votes in favor and no opposition [13]. Group 3: Impact on the Company - The capital increase aims to enhance the market competitiveness and global influence of the sports company, aligning with the company's long-term strategic development [8]. - The initiative is part of the company's strategy to support Shanghai's goal of becoming a globally renowned sports city, focusing on major events like the Shanghai Marathon and other sports competitions [3][8].

Core Viewpoint - The company announced a capital increase for its wholly-owned subsidiary, Shanghai Donghao Lansheng Sports Co., Ltd., from RMB 3 million to RMB 53 million, indicating a significant investment in its sports management operations [1]. Group 1 - The announcement was made on the evening of November 26 [1]. - The capital increase will be funded by the company's own resources [1]. - The subsidiary was previously named Shanghai Donghao Lansheng Event Management Co., Ltd. [1].

东浩兰生会展集团股份有限公司 内幕信息及知情人管理制度 （2025 年 11 月 26 日修订） 第一章 总则 第一条 为规范东浩兰生会展集团股份有限公司（以下简称"公司"）的内幕信 息管理，加强内幕信息保密工作，维护信息披露的公开、公平、公正原则，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司信息披露管理办法》、《上海证券交易所股票 上市规则》、《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》 等有关法律、法规及《东浩兰生会展集团股份有限公司章程》（以下简称"公司章程"）、 《东浩兰生会展集团股份有限公司信息披露管理制度》的有关规定，制定本制度。 第二条 内幕信息的管理工作由董事会负责，董事会应当保证内幕信息知情人档 案真实、准确和完整，董事长为主要责任人。董事会秘书负责办理公司内幕信息知情 人的登记入档和报送事宜。董事长与董事会秘书应当对内幕信息知情人档案的真实、 准确和完整签署书面确认意见。 董事会办公室负责公司内幕信息及知情人的日常管理工作。 第三条 本制度适用于公司下属各部门、分公司、控股子公司、公司能够 ...

东浩兰生会展集团股份有限公司 独立董事工作制度 （2025 年 11 月 26 日修订） 1 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个 人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行政 法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交易所业务 规则和公司章程的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、专业 咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 独立董事原则上最多在三家境内上市公司担任独立董事，并确保有足够 的时间和精力有效地履行独立董事的职责。 第五条 公司董事会成员中至少包括三分之一独立董事，其中至少包括一名会计 专业人士。会计专业人士是指具有高级职称或注册会计师资格的人士。 第六条 独立董事出现不符合独立性条件或其他不适宜履行独立董事职责的情 形，由此造成公司独立董事达不到法律要求的人数时，公司应按规定补足独立董事人 数。 第一章 总 则 第一条 为进一步完善东浩兰生会展集团股份有限公司（以下简称"公司"）的 法人治理结构，保护中小股东及利益相关者的利益，促进公司的规范运作，根据《国 务院办 ...

东浩兰生会展集团股份有限公司 第五条 公司董事会办公室负责收集、汇总与年报信息披露重大差错有关的资料， 按制度规定提出相关处理方案，报公司董事会批准。 第二章 年报信息披露重大差错的责任追究 第六条 有下列情形之一的，公司应当追究责任人的责任： 年报信息披露重大差错责任追究制度 （2025年11月26日） 第一章 总 则 第一条 为了进一步提高东浩兰生会展集团股份有限公司（以下简称"公司"） 规范运作水平，增强信息披露的真实性、准确性、完整性和及时性，提高年报信息披 露的质量和透明度，根据有关法律、法规和《东浩兰生会展集团股份有限公司章程》 （以下简称"《公司章程》"）等规定，结合公司实际情况，制定本制度。 第二条 本制度所指年报信息披露重大差错责任追究制度，是指年报信息披露工 作中有关人员未按规定履行职责、义务，从而导致公司年报信息披露发生重大差错， 对公司造成重大经济损失或造成不良社会影响时的追究与处理制度。 第三条 本制度适用于公司董事、高级管理人员、控股子公司负责人、控股股东 及实际控制人以及与年报信息披露工作有关的其他人员。 第四条 公司实行年报信息披露重大差错责任追究制度，应遵循以下原则：实事 求 ...