Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

Investment Rating - The report assigns an "Increase" rating for the industry [3][4]. Core Insights - The upcoming New Year's holiday is expected to drive significant consumer spending, particularly in travel and leisure sectors [2][3]. - Key recommendations include travel agencies like Ctrip Group and Tongcheng Travel, hotel chains such as Huazhu Group and Jinjiang Hotels, and attractions like Changbai Mountain [3][4]. - The report highlights a notable increase in hotel bookings for popular cities, with a threefold growth during the New Year's holiday [3]. Summary by Relevant Sections Travel and Tourism - The report emphasizes optimism for travel and leisure due to the New Year's holiday, recommending specific stocks in the OTA and hotel sectors [3][4]. - Ctrip Group and Tongcheng Travel are highlighted as preferred stocks in the OTA segment [3]. Hospitality - Recommended hotel stocks include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels, with a focus on their growth potential during the holiday season [3][4]. Attractions - Changbai Mountain is recommended as a key investment in the attractions sector, with additional attention on Emei Mountain and Three Gorges Tourism [3][4]. Jewelry and Retail - In the jewelry sector, stocks such as Lao Pu Gold, Cai Bai Shares, and Chow Tai Fook are recommended, indicating strong growth potential [3][4]. Dividend Stocks - The report identifies dividend-paying stocks like Sumida and Chongqing Department Store as attractive options for investors [3][4]. AI and Education - Stocks in the AI and education sectors, including Konnate Optical and Chalk, are also recommended, reflecting the growing intersection of technology and education [3][4].

在长白山华美胜地，"自然剧场·愚行"正是这样一场引导人们"走入严寒，也走向丰盈"的集体艺术庆 典。 这并非传统意义上的剧场演出，"自然剧场"是一场发生在大自然怀抱中的沉浸式艺术对话。打破传统观 演模式，巧妙利用长白山华美胜地得天独厚的自然景观——覆雪的森林、静谧的山谷、纯净的粉雪作为 背景与画布，表演者将带领观众一同"愚行"，借由一条从室内延伸至雪原深处的体验路径，讲述关于时 间、生命、敬畏与共生的永恒故事。 每一位参与者都将化身为"旅人"，从秩序犹存的"城市缝隙"出发，穿越有自然精灵栖息的"荒野之上"， 最终抵达长白山下——"神山息壤"，在装置艺术、环境表演、感官互动与自然场景的层层递进中，完成 一次从向外探寻到向内观照的深度旅程。 长白山华美胜地，坐拥北纬41°的世界级粉雪带与壮丽天池景观，一直是冰雪运动爱好者的天堂。此次 引入"自然剧场·愚行"，与中国新艺术彩妆品牌玛丽黛佳联合共创，旨在突破冰雪旅游的单一运动体验 模式，赋予其深厚的文化内涵与美学价值。项目将长白山深厚的火山地质、森林生态、萨满文化与采 参、渔猎等人文传统，转化为可体验、可共鸣的艺术语言，让游客在畅享滑雪乐趣之余，能更深度地沉 浸于这片土 ...

（文章来源：证券日报） 证券日报网讯 12月11日晚间，长白山发布公告称，公司使用募集资金置换预先投入募投项目的自筹资 金人民币103029263.89元，置换公司预先支付发行费用的自筹资金1808389.79元，置换金额共计 104837653.68元。 ...

东北证券股份有限公司 关于长白山旅游股份有限公司调整2025年度日常关联交易预计额度、 预计2026年度日常关联交易的核查意见 东北证券股份有限公司（以下简称"东北证券"、"保荐人"）作为长白山旅 游股份有限公司（以下简称"长白山"、"公司"）向特定对象发行A股股票的保 荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》《上海证券交易所 上市公司自律监管指引第11号——持续督导》等有关规定，对长白山调整2025年度 日常关联交易预计额度、预计2026年度日常关联交易事项进行了核查，核查情况及 核查意见如下： 一、关联交易的基本情况 （一）关联交易履行的审议程序 1、董事会审议情况 公司于2025年12月10日召开第五届董事会第八次会议审议通过了《关于调整 2025年日常关联交易预计额度及公司2026年预计关联交易的议案》，此议案获得出 席会议的6名非关联董事一致表决通过。 2、监事会审议情况 公司于2025年12月10日召开第五届监事会第八次会议审议通过了《关于调整 2025年日常关联交易预计额度及公司2026年预计关联交易的议案 ...

关于长白山旅游股份有限公司 以自筹资金预先投入募集资金投资项目及支 付发行费用情况鉴证报告 致同会计师事务所（特殊普通合伙） | | | | 长白山旅游股份有限公司以自筹资金预先投入募集资金投资项目 1-2 | | --- | | 及支付发行费用情况鉴证报告 | | 长白山旅游股份有限公司以自筹资金预先投入募集资金投资项目 | 及支付发行费用情况的专项说明 1-3 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 以自筹资金预先投入募集资金投资项目及支付发行费用情况 鉴证报告 致同专字（2025）第 220A023698 号 长白山旅游股份有限公司董事会： 我们审核了后附的长白山旅游股份有限公司（以下简称长白山旅游公司） 截至 2025 年 10 月 29 日《以自筹资金预先投入募集资金投资项目及支付发行 费用情况的专项说明》。按照中国证券监督管理委员会《上市公司募集资金 监管规则》及《上海证券交易所上市公司自律监管指引第 1 号— ...

| 序号 | 项目名称 | 总投资额（万元） | 拟使用募集资金（万元） | | --- | --- | --- | --- | | 1 | 长白山火山温泉部落二期 | 53,648.92 | 20,000.00 | | 2 | 长白山旅游交通设备提升项目 | 11,391.63 | 3,584.95 | | | 合计 | 65,040.55 | 23,584.95 | 上述项目的实施主体均为长白山旅游股份有限公司。 三、以自筹资金预先投入投资项目及支付发行费用情况 东北证券股份有限公司关于长白山旅游股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 东北证券股份有限公司（以下简称"东北证券"、"保荐人"）作为长白山旅 游股份有限公司（以下简称"长白山"、"公司"）向特定对象发行A股股票的保 荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号—— 规范运作》《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关 规定，对长白山使用募集资金置换预先投入募投项目及已支付发行费用 ...

长白山旅游股份有限公司股东会议事规则 第一章 总 则 第一条 为促进长白山旅游股份有限公司（以下简称"公司"）规范运作， 提高股东会议事效率，保障股东合法权益，明确股东会的职责和权限，保证股东 会规范、高效、平稳运作及依法行使职权，根据《中华人民共和国公司法》（以 下简称"《公司法》"）和《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司章程指引》《上市公司股东大会规则（2022 年修订）》《上市公司 治理准则》、证券交易所股票上市规则及《长白山旅游股份有限公司章程》（以 下简称"《公司章程》"）等规定，并结合公司实际情况，特制订本规则。 第二条 公司应当按照法律、行政法规、部门规章、《公司章程》和本规则 的规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第二章 股东会的职权 第四条 股东会是公司的权力机构，依照《公司法》和《公司章程》行使以 下职权： （一）选举和更换董事，决定有关董事的报酬事项； （十二）审议批准变更 ...

长白山旅游股份有限公司 企业负责人经营业绩考核暂行办法 第一章 总则 第一条 为深入贯彻新发展理念，落实国有资产保值增值责任，建立有效的 激励和约束机制，调动公司高级管理人员的积极性，推动企业健康、快速、可持 续发展，根据《中华人民共和国公司法》、《中华人民共和国企业国有资产法》 和《长白山管委会国资委出资企业负责人经营业绩考核办法》等有关法律法规及 规定，制定本办法。 第二条 本办法所称企业负责人是指长白山旅游股份有限公司董事长、总经 理及副总经理、总会计师等其他副职负责人。 本办法中的企业负责人不包括兼职外部董事、职工董事及市场化选聘的职业 经理人。 第三条 企业负责人经营业绩考核包括年度考核和任期考核。 第四条 企业负责人经营业绩考核工作遵循以下原则: （一）年度考核与任期考核相结合原则； （二）定量考核与定性考核相结合原则； （三）绩效奖励与经营业绩相匹配原则； （四）薪酬收入与工资收入相挂钩原则； （五）物质奖励与荣誉奖励相结合原则。 第二章 考核指标体系及权重 第五条 按企业功能分类，本企业为竞争类，经营业绩考核指标体系由行业 对标指标、质量效益指标、重点工作指标构成，基本分值为100分。 （一） ...