长白山 20251118 摘要 长白山景区 7 月游客量同比增长 40%，8 月增长 13.9%，暑期客流增 长推动公司业绩。但上半年受新年假期提前结束和极端天气影响，公司 出现亏损。 沈白高铁 10 月开通，缩短沈阳至长白山时空距离至 4 小时，辽宁方向 游客提升近 20%。高铁提升游客行程灵活性，增加门票销售不确定性。 景区通过提前放票和实时调整票务策略应对突发天气，高铁支撑游客快 速抵达。11 月 5 日和 14 日游客量分别接近 7,000 和超过 1 万人。 秋假期间南方省市游客显著增长，浙江省游客占比达 16.73%，广东省 游客翻倍增长，对稳定 11 月客流起积极作用。 长白山温泉皇冠假日酒店前九个月入住率同比上升 0.31%，平均房价下 降 6.4%；但三季度入住率和平均房价均上涨，售房收入上升 10.45%。 包车业务及其他交通服务表现良好，前九个月主营业务收入同比增长 26.47%，第三季度包车业务收入同比增长 22.23%，净利润增幅 37.36%。 度假服务公司前九个月收入同比增长 44.74%，净利润增幅 22.25%， 第三季度收入增幅达 53.54%。"飞跃长白山"项目贡献显著。 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

研 究 专 题 2025 年 11 月 17 日 上市节奏放缓，收益创近期新低 ——定增市场双周报 2025.11.03-2025.11.16 本期投资提示： 证 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 定增双周报 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 券 研 究 报 告 相关研究 - ⚫ 新增节奏放缓，过会项目数增加。截至 2025 年 11 月 17 日，上两周（11 月 3 日至 11 月 16 日）新增 12 宗定增项目（其中竞价 5 宗），环比减少 10 宗；终止 8 宗（其中竞价 4 宗）， 环比减少 8 宗；发审委通过 12 宗（其中竞价 6 宗），环比增加 5 宗；证监会通过 2 宗（均 为竞价项目），环比减少 13 ...

Core Insights - The tourism and scenic spots sector experienced a rise of 0.77% on November 17, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Sector Performance - Dalian Shengya (600593) closed at 53.09, up 7.01% with a trading volume of 170,400 shares and a transaction value of 880 million [1] - Caesar Travel (000796) closed at 8.17, up 6.10% with a trading volume of 2,343,000 shares and a transaction value of 1.9 billion [1] - Changbai Mountain (660509) closed at 52.90, up 4.92% with a trading volume of 175,700 shares and a transaction value of 932 million [1] - Tianfu Culture and Tourism (000558) closed at 5.62, up 4.07% with a trading volume of 1,028,900 shares and a transaction value of 572 million [1] - Emei Mountain A (000888) closed at 13.12, up 1.47% with a trading volume of 108,100 shares and a transaction value of 141 million [1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 244 million from main funds, while retail investors contributed a net inflow of 235 million [2] - The main funds' net inflow for Tianfu Culture and Tourism was 93.67 million, while retail investors had a net outflow of 82.61 million [3] - Dalian Shengya had a main fund net inflow of 24.47 million, with retail investors experiencing a net outflow of 47.64 million [3]

Group 1 - The event "Haina Capital, Ju Shi Changbai Mountain" showcased the resource advantages and future potential of Changbai Mountain, aiming to explore new paths for the deep integration of capital and the real economy [1][4] - Nearly 341 million visitors were received at the Changbai Mountain scenic area this year, with the self-operated Crown Hotel achieving an 80% occupancy rate during peak season, indicating continuous optimization of operational capabilities [3] - The opening of the Shenbai High-speed Railway is expected to further boost visitor traffic, enhancing the investment value of Changbai Mountain [1][3] Group 2 - Changbai Mountain Tourism Co., Ltd. has successfully established a multi-dimensional industrial structure focusing on "all-area tourism, four-season operation, and multi-industry collaboration" [3] - Future plans include leveraging the second phase of the hot spring project, developing ice and snow IP, and exploring new scenarios for cultural and tourism integration [3] - The event highlighted the importance of positive interaction between listed companies and the capital market, showcasing Changbai Mountain as a resilient growth entity in the ice and snow tourism sector [8]

11月13日，同程旅行发布《2025—2026雪季冰雪游趋势报告》显示（以下简称《报告》），11月份以 来，上海、广州等主要城市飞往哈尔滨等热门冰雪游目的地的航班预订热度快速上升。预计从今年11月 中旬至2026年元旦前后，热门冰雪航线的机票价格将稳定上行。2025至2026年雪季，国内热门冰雪游目 的地呈现多元化趋势，除了哈尔滨等传统热门目的地之外，新疆、内蒙等目的地的热度显著上升，丽 江、成都等南方目的地也跻身前二十名之列。 《报告》显示，进入11月份以来，国内主要城市飞往哈尔滨、长白山（603099）、乌鲁木齐、阿勒泰、 呼伦贝尔等冰雪游目的地的航班预订热度快速上升。 数据显示，2026年元旦前后从广州、上海等主要城市飞往哈尔滨、长白山、长春、乌鲁木齐等热门冰雪 游目的地的航班机票均价，均较11月份上涨超50%。以广州飞哈尔滨为例，11月份起飞航班的机票均价 约为787元，而元旦前后起飞航班的机票均价约为1230元，涨幅约为56%。 冰雪游客流高峰时段，除了机票价格大幅上涨外，热门目的地的酒店民宿预订热度和价格也将迎来一年 中的高点。《报告》显示，随着冰雪游热度的上升，不少消费者为提前锁定房价已陆续开始 ...

中国企业联合会资委会委员、高级经济师董鹏在接受《证券日报》记者采访时表示："我国冰雪经济正 从政策红利驱动的初步阶段，加速迈向由市场需求引领的规模化发展新阶段。随着人们对冰雪运动的认 知度提升、参与热情高涨，冰雪消费需求正从'有没有'转变为'好不好'。我们可以看到，市场重心向装 备制造、专业培训、冰雪旅游、IP赛事运营等领域延伸和拓展。" 西域旅游开发股份有限公司充分利用当地旅游资源，在条件允许的情况下可开展天山天池景区冬季冰雪 娱乐项目，包括：冰上龙舟赛、碰碰车、雪爬犁、滑雪圈、电动雪地摩托等近20项冰上项目。 11月12日，吉林省2025—2026年雪季系列新闻发布会宣布，第12届全国大众冰雪季主会场活动将于12月 26日在长春市肆季南河岸线公园举办。为即将到来的冰雪季和保持热度的冰雪经济增添更多的关注。 紧抓万亿元市场机遇 近年来，我国冰雪经济快速崛起，从北国雪原到南方室内雪场，从专业装备制造到文旅消费场景，冰雪 经济形成全产业链协同发展的良好生态。 冰雪经济的蓬勃发展离不开政策的有力支持。2024年，国务院办公厅发布的《关于以冰雪运动高质量发 展激发冰雪经济活力的若干意见》明确提出，到2027年，冰雪 ...

Coal Industry - The price of thermal coal has risen significantly, surpassing 800 yuan per ton, marking a new high for the year as of November 13 [1][3] - The coal sector has shown strong performance, with key listed coal companies reporting a more than 20% increase in profits in Q3 compared to the previous quarter [3][4] - Factors contributing to the rise in coal prices include extreme weather conditions, with northern regions experiencing significant temperature drops, while southern regions faced higher than average temperatures [3][4] - The coal industry is expected to benefit from a dual attribute of dividends and cyclical characteristics, making it a favored asset for market funds [3] Ice and Snow Tourism Industry - The ice and snow tourism sector has seen a surge, with multiple stocks hitting the daily limit up, driven by events such as the "Qixing Mountain·Camel Cup" wilderness survival challenge [5][6] - The ice and snow industry in China is projected to exceed 1 trillion yuan by 2025, with continuous growth expected due to upcoming major winter sports events [7] - The tourism industry is currently benefiting from a combination of policy incentives and demand release, with recommendations to focus on leading companies in online travel agencies (OTA), comprehensive cultural tourism service providers, and ice and snow tourism leaders [7]

Core Viewpoint - China Changbaishan International (00989.HK) will hold a board meeting on November 27, 2025, to approve the unaudited interim results for the six months ending November 12, 2025, and to consider the distribution of an interim dividend, if any [1] Summary by Categories - **Company Announcement** - The company has scheduled a board meeting for November 27, 2025 [1] - The meeting will focus on approving the interim results for the six-month period ending November 12, 2025 [1] - The board will also consider the potential distribution of an interim dividend [1]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.28% on November 12, with Lingnan Holdings leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Market Performance - The tourism and scenic area sector saw a mixed performance among individual stocks, with notable gainers including Xiangyuan Cultural Tourism, which rose by 3.58% to close at 7.81, and Caesar Travel, which increased by 2.44% to 7.56 [1]. - Lingnan Holdings led the decline with a drop of 3.05%, closing at 12.39 [2]. - The overall trading volume for the tourism and scenic area sector was significant, with Caesar Travel recording a trading volume of 210.98 million shares and a transaction value of 1.612 billion [1]. Group 2: Capital Flow - The sector experienced a net outflow of 52.65 million from institutional investors and 71.76 million from speculative funds, while retail investors saw a net inflow of 124 million [2]. - Key stocks such as Caesar Travel and Xiangyuan Cultural Tourism had varying capital flows, with Caesar Travel seeing a net inflow of 81.60 million from institutional investors, while Xiangyuan Cultural Tourism had a net outflow of 7.78 million from speculative funds [3]. - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by a more favorable reception from retail investors [2][3].