社会服务 社会服务 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-03 2025-07 2025-11 社会服务 沪深300 相关研究报告 《中东局势或利好中国香港地产持续 复苏，多特倍斯 2 月仍保持高增—行 业周报》-2026.3.15 《中国香港房价及租金回暖，市场维 持美国年内两次降息预期—行业周 报》-2026.3.8 《体验与首店经济驱动高端商业体， 三丽鸥上修全年预期—行业周报》 -2026.3.1 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | liruixian@kysec.cn 证书编号：S0790525020004 chengjingya@kysec.cn 证书编号：S07905 ...

Group 1 - Company Changbaishan announced on February 27 that it received a notification from Jilin Forest Industry Group regarding the completion of its share reduction plan, during which Jilin Forest reduced its holdings by 650,600 shares, accounting for 0.239% of the total share capital of the company [1] - As of the date of the announcement, Jilin Forest holds 12,556,903 shares in Changbaishan, representing 4.61% of the company's total share capital [1] Group 2 - The news highlights a significant shift in the AI sector, indicating that China's AI usage has surpassed that of the United States for the first time, leading to a surge in various sectors within the A-share market [1] - A well-known Wall Street analyst commented that China's computing power path is overturning traditional perceptions, suggesting a transformative impact on the industry [1]

证券代码：603099 证券简称：长白山 公告编号：2026-001 长白山旅游股份有限公司 股东减持计划时间届满暨减持结果公告 股东持股的基本情况 本减持计划实施前，长白山旅游股份有限公司（以下简称"公司"）的股份 总数为 272,355,860 股。中国吉林森林工业集团有限责任公司（以下简称"吉 林森工"）持有公司股份 13,207,503 股，占公司总股本的 4.85%,其一致行动人 长白山森工集团有限公司 （以下简称 "长白山森工"）持有股份 6,947,685 股， 占公司总股本的 2.55%，上述合计持股占公司总股本的 7.40% 。股份均来源于 公司首次公开发行股票前取得的股份。 减持计划的实施结果情况 公司于 2025 年 11 月 8 日披露《长白山旅游股份有限公司股东减持股份计 划公告》，因自身资金需求，吉林森工减持计划自公告披露之日起 15 个交易日 后的 3 个月内进行，拟通过集中竞价交易方式减持不超过 2,723,558 股, 即不 超过公司总股本的 1%。 2026 年 2 月 27 日，公司收到吉林森工发来的《减持计划完成暨减持结果 的告知函》，在本次减持计划实施期间，吉林森工累 ...

Core Viewpoint - Changbai Mountain's stock performance shows a slight increase, with significant trading activity and changes in financing and margin trading positions, indicating investor interest and potential volatility in the near term [1][2]. Group 1: Stock Performance and Trading Activity - On February 25, Changbai Mountain's stock rose by 1.95%, with a trading volume of 217 million yuan [1]. - The financing buy-in amount for Changbai Mountain on the same day was 10.27 million yuan, while the financing repayment was 16.72 million yuan, resulting in a net financing outflow of 6.45 million yuan [1]. - As of February 25, the total financing and margin trading balance for Changbai Mountain was 216 million yuan, with the financing balance at 215 million yuan, accounting for 2.05% of the circulating market value, which is below the 40th percentile level over the past year [1]. Group 2: Margin Trading Details - On February 25, Changbai Mountain had a margin repayment of 800 shares and a margin sell-out of 1,300 shares, with a sell-out amount of 51,100 yuan based on the closing price [1]. - The remaining margin balance was 17,500 shares, with a margin balance of 687,800 yuan, which exceeds the 70th percentile level over the past year, indicating a relatively high position [1]. Group 3: Company Financials and Shareholder Information - As of September 30, the number of shareholders for Changbai Mountain was 45,900, an increase of 25.35% compared to the previous period [2]. - For the period from January to September 2025, Changbai Mountain reported a revenue of 636 million yuan, a year-on-year increase of 6.99%, and a net profit attributable to shareholders of 149 million yuan, up by 1.05% [2]. - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2].

Core Insights - The article highlights the importance of tax compliance and management practices among various companies across different industries, showcasing successful case studies that serve as practical references for others in the sector. Group 1: Company Practices - Tongkun Group has been rated as an A-level taxpayer for nine consecutive years and is the largest producer of polyester filament globally. The company elevated its tax management function in 2018 by establishing a dedicated "Tax Management Department" to oversee tax affairs and develop internal compliance guidelines, ensuring tax compliance in major decisions like investments and mergers. The company maintains a stable A-level tax credit across its 15 subsidiaries, with an average annual tax payment of approximately 360 million yuan and a projected annual revenue growth rate exceeding 5% from 2023 to 2025 [1] - Guangzhou Fangbang Electronics has also achieved an A-level tax credit for ten consecutive years. The company implemented a "Contract Management System" to enhance compliance in contract signing, focusing on ten key tax-related review points. In a recent contract negotiation, the finance department identified a lack of clarity regarding tax obligations, leading to a successful revision of the contract to clarify tax responsibilities [2] - Changbai Mountain Tourism Co., Ltd. has been rated as an A-level taxpayer for ten years. The company provides tax compliance guidance to its eight subsidiaries and conducts tax audits to identify potential risks. It has integrated an information system to streamline financial management, resulting in a projected 7.9% increase in tourist visits in 2025 and a total tax payment of 53.07 million yuan [3] Group 2: Industry Insights - The release of these case studies offers actionable insights for companies in the industry, encouraging them to adopt similar compliance practices. For instance, companies like Huizhou Desay SV Automotive Electronics have developed self-research systems to enhance R&D expense management, while Dongguan Aohai Technology has focused on integrating management flows to standardize invoice management [3] - Li Linmu, Dean of the School of Finance and Taxation at Guangdong University of Finance, emphasizes that companies should adopt the mindset that "compliance capability is competitive advantage." He advocates for the establishment of internal control systems for tax risk management, integrating compliance requirements throughout the entire process of R&D, production, and trade to foster sustainable growth in the industry [4]

Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

Group 1: Travel and Transportation - Shanghai International Airport reported a single-day passenger flow of 424,900 on February 20, with a year-on-year increase of 6.4%, marking a historical high [2] - During the Spring Festival travel period, Shanghai Airport expects a total of 96,000 flights and a passenger throughput of 15.53 million, reflecting a year-on-year growth of 3.6% [2] - Guangzhou Baiyun International Airport achieved a record of 27,776 passengers on February 21, with a year-on-year increase of 9.12% [3] Group 2: Film Industry - The Chinese film market's total box office surpassed $1.1 billion, making it the leading single market globally, with the Spring Festival box office exceeding 5.2 billion yuan [4] - Shanghai Film reported a box office of 348 million yuan during the Spring Festival, capturing 6.9% of the national market share [4] Group 3: Tourism and Attractions - The Shanghai Yuyuan Lantern Festival implemented a fully digital transformation, enhancing visitor engagement through technology [5] - Changbai Mountain received 81,000 visitors during the Spring Festival, reflecting a year-on-year growth of 1.28% [5] - Huangshan Scenic Area welcomed 174,400 visitors from February 17 to 22, achieving a 2.38% increase in visitor numbers compared to the previous year [6] Group 4: Food and Beverage Industry - Jiangsu Jinshiyuan Wine Industry launched a promotional event during the Spring Festival, allowing consumers to participate in a lottery by scanning QR codes [7] - Shanxi Fenjiu introduced an interactive campaign with a 99.9% winning rate for consumers who scanned codes on bottle caps [7] - Guangzhou Restaurant Group integrated various experiences and product innovations during the Spring Festival, enhancing consumer engagement [7]

Group 1 - The article highlights the role of the "Ice Flower" women's police team in ensuring the safety of tourists at Changbai Mountain during the winter season, showcasing their dedication and resilience [1][2] - The police team consists of 15 female officers, with the team leader, Wang Zihan, emphasizing the importance of tourist safety and engagement [1] - Advanced technology, such as drone surveillance, is utilized by the police to monitor and assist tourists, demonstrating a modern approach to public safety [1] Group 2 - The increase in winter tourism at Changbai Mountain is attributed to the booming ice and snow economy, leading to a significant influx of visitors [2] - The police are actively involved in assisting tourists with lost items, indicating a high level of service and commitment to visitor satisfaction [2] - The article illustrates the emotional impact of these experiences on tourists, highlighting the memorable moments created during their visits [2]

Core Viewpoint - The article highlights the efforts of the "Ice Flower" women's police team in Changbai Mountain, showcasing their dedication to ensuring safety and providing services to tourists during the winter season [1][2]. Group 1: Police Team Operations - The "Ice Flower" police team, consisting of 15 female officers with an average age of 25, is actively patrolling key tourist areas in Changbai Mountain, adapting their patrols based on visitor flow and weather conditions [1][2]. - The team has successfully resolved over 300 conflicts and helped recover more than 240 lost tourists and 350 lost items since its establishment in June 2025 [2]. Group 2: Visitor Services - The police station at Changbai Mountain offers various services, including hot drinks, medical supplies, and charging facilities for tourists [1]. - During the peak tourist season, the team anticipates an average daily visitor count exceeding 10,000, emphasizing their commitment to maintaining order and safety [1]. Group 3: Team Resilience and Support - The officers face harsh winter conditions, with some experiencing frostbite, yet they continue to serve with determination, supported by thermal gear provided by their unit [2]. - The team members express a sense of camaraderie and resilience, reflecting a shared belief that enduring the winter will lead to better days ahead [2].

Core Viewpoint - The Long White Mountain scenic area is fully prepared for the upcoming Spring Festival tourism peak, ensuring safety and comfort for visitors through comprehensive planning and dedicated staff efforts [1][3][9]. Group 1: Preparation and Safety Measures - The Long White Mountain scenic area has entered a "wartime" preparation state ahead of the Spring Festival, with management and operational staff working overtime to ensure safety [3]. - Key areas such as roads, viewing platforms, and visitor gathering zones are undergoing snow removal, hazard inspections, and equipment maintenance to facilitate safe travel for tourists [3][5]. - Staff are committed to ensuring that every segment of the route to the main peak is safe and accessible, prioritizing visitor safety over their own comfort [5]. Group 2: Staff Commitment and Visitor Services - All staff members will be on duty throughout the Spring Festival, acting as guardians of the winter wonderland, with various amenities prepared for visitor convenience [7]. - The scenic area will enhance facility inspections, optimize tour routes, and strengthen emergency support to ensure orderly visits and attentive service [7][9]. - The management emphasizes rigorous safety measures and warm service to meet visitor expectations, aiming for a peaceful and enjoyable holiday experience for all [9].