长白山所属申万行业为：社会服务-旅游及景区-自然景区。所属概念板块包括：旅游酒店、在线旅游、 东北振兴、冰雪产业、融资融券等。 截至9月30日，长白山股东户数4.59万，较上期增加25.35%；人均流通股5814股，较上期减少20.23%。 2025年1月-9月，长白山实现营业收入6.36亿元，同比增长6.99%；归母净利润1.49亿元，同比增长 1.05%。 分红方面，长白山A股上市后累计派现1.44亿元。近三年，累计派现4253.39万元。 机构持仓方面，截止2025年9月30日，长白山十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股274.64万股，相比上期增加174.74万股。富国中证旅游主题ETF（159766）位居第五大流通 股东，持股222.46万股，相比上期增加84.71万股。南方中证1000ETF（512100）位居第七大流通股东， 持股97.42万股，相比上期减少1.53万股。华夏中证1000ETF（159845）位居第九大流通股东，持股 57.98万股，为新进股东。华夏中证旅游主题ETF（562510）位居第十大流通股东，持股48.46万股，为 新进股东。广发鑫享混合A（0 ...

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]

Group 1: Market Trends - The pace of new public offerings has slowed, with 12 new projects added in the last two weeks, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[6] - There are currently 624 projects in the normal review stage, with 67 projects having passed the review and registration, an increase of 10 projects[6] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[23] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 83 million CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[25] Group 3: Fundraising and Pricing - In the last two weeks, three projects were listed, raising a total of 786 million CNY, a 96.47% decrease from the previous period[30] - The average market price discount rate for two fixed-price projects was 48.99%[31] - The average bid premium rate for Changbai Mountain was 9.27%, with a bid success rate of 77.78%[38] Group 4: Unlocking Gains - Among three newly unlocked bidding projects, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[42] - The average absolute return on the unlocking day for these projects was 21.56%, marking a decline of 6.09 percentage points[42] - For four fixed-price projects, the average absolute return on the unlocking day was 92.33%, with a 100% success rate[46] Group 5: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the market environment for fundraising bids[48]

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 ...

Core Insights - The 12th National Mass Ice and Snow Season will be held in Changchun on December 26, highlighting the growing focus on the ice and snow economy in China [1] - China's ice and snow economy is transitioning from a policy-driven phase to a market demand-led phase, with a projected total scale of 1.2 trillion yuan by 2027 [1] Industry Development - The ice and snow economy has rapidly developed, creating a collaborative ecosystem from equipment manufacturing to cultural tourism [2] - The State Council's 2024 policy aims to enhance ice and snow sports facilities and services, increasing international competitiveness [1][2] Company Initiatives - Xue Ren Group is a leading manufacturer in the ice and snow industry, providing critical infrastructure for events like the Beijing Winter Olympics [2] - Changbai Mountain Tourism Co. has established a comprehensive management system for mountain scenic areas and snowfield operations, enhancing visitor experiences [2] Seasonal Challenges - The industry faces seasonal dependency issues, prompting companies to innovate and diversify offerings to maintain year-round engagement [4] - Qingdao Inbody Health Technology has developed snow simulation machines and ice facilities to create immersive experiences regardless of season [4] Innovation and Transformation - Companies are leveraging technological and service innovations to shift the ice and snow economy from seasonal to year-round activities, unlocking consumer potential [5]

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]