Core Insights - The report emphasizes the unique characteristics of tourism and retail companies, highlighting their high asset replacement costs and low profitability, which makes them attractive for quantitative investment strategies [5][10][14] - It identifies the significant role of government policies in promoting consumer spending, particularly in the tourism and retail sectors, as a key driver for investment opportunities [5][21][22] - The report suggests that the potential investment value of tourism and retail companies is being activated by changes in equity, management, licenses, and new economic models [5][6] Group 1: Characteristics of Tourism and Retail Companies - Tourism and retail companies are primarily state-owned, with 45 out of 92 companies being local state-owned enterprises, which provides a strong safety margin for investments [11][12] - These companies generally have replacement costs that exceed their market value, indicating substantial underlying asset value that is not reflected in their financial statements [14][15] - The average stock price of these companies is relatively low, with 12 companies priced below 5 yuan and 49 below 10 yuan, making them appealing for quantitative investors [17][18] Group 2: Policy Support and Economic Models - Since 2023, numerous policies have been introduced to stimulate consumption, reflecting a high-level commitment to boosting the consumer sector [21][22] - The concept of "first-release economy" is highlighted as a direct application of these policies, with examples including supermarket adjustments and the promotion of winter sports and low-altitude economies [5][21] - The report notes that the low institutional ownership in these companies, with 67 having less than 5% institutional holdings, aligns with the aesthetic preferences of quantitative investors [24][25] Group 3: Investment Recommendations - The report recommends focusing on four key areas of change: equity, management, licenses, and new economic models, which are expected to enhance the investment potential of tourism and retail companies [5][6] - Specific companies to watch include Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, with additional attention on Sanxia Tourism and Tianfu Culture and Tourism [5][6]

作者：孙双 孙寰宇 比赛将于1月10日8:30开赛。参赛者需身体健康，无不适宜滑冰运动的疾病，并具备一定的滑冰基础。 零基础选手可向组委会咨询赛前技术培训事宜。 据介绍，比赛场地长白山西游乐园滑冰场冰面平整，配套设施完善，按专业赛事标准打造。赛事组委会 将为选手提供保险，并由池西区公共服务局配备专业医疗保障团队，确保赛事安全。 来源：彩练新闻 为丰富长白山冰雪运动业态，推动体育与旅游深度融合，由长白山池西区管委会主办，长白山池西区旅 游和文化体育局承办的首届长白山滑冰挑战赛，定于1月10日在长白山西游乐园滑冰场举行。赛事现面 向全国滑冰爱好者开放报名。 本次比赛项目为短道速滑500米（个人）计时赛。设男子组与女子组，其中男子组分为少年组（8-15周 岁）、青年组（16-50周岁）、壮年组（51-60周岁）、老年组（61周岁以上）；女子组分为青少年组 （8-18周岁）和成人组（18-65周岁）。赛事总参赛规模为200人。根据规则，若单组报名不足10人，取 前三名；不足30人，则按5：1的比例取名次。 ...

Investment Rating - The report maintains a "Positive" outlook for the social services industry [4] Core Insights - The Ministry of Culture and Tourism data aligns with expectations, highlighting strong performance in duty-free shopping, inbound tourism, and leading mountain scenic spots. The upcoming long Spring Festival holiday and supportive tourism policies are expected to boost domestic consumption, leading to a favorable outlook for the social services industry in 2026 [3][7] Summary by Sections Domestic Tourism Demand - Domestic travel demand is steadily increasing, with 142 million domestic trips taken during the New Year holiday, a 5.2% increase compared to 2024. Total domestic travel expenditure reached 84.79 billion yuan, up 6.3% year-on-year, with per capita spending increasing by 1.1% [7] Duty-Free Shopping - Duty-free sales in Hainan during the New Year holiday showed significant growth, with 442,000 items sold, a 52.4% increase year-on-year. The number of shoppers reached 83,500, up 60.6%, and total spending was 712 million yuan, a 128.9% increase. This growth is attributed to the official launch of duty-free operations, new policies, and promotional activities [7] Scenic Spots - Leading mountain scenic spots demonstrated strong visitor elasticity, with Huangshan receiving over 75,000 visitors (up 76.5% year-on-year), Emei Mountain hosting 126,200 visitors (up 20.9%), and Changbai Mountain seeing a 41% increase in visitors compared to 2025. The expansion of high-speed rail and airports contributed to this growth [7] Online Travel Agencies (OTAs) - Inbound tourism and winter sports are emerging as key growth drivers, with a 110% year-on-year increase in inbound ticket bookings and a more than 30-fold increase in experiential product bookings. Domestic winter sports continue to be a central theme for growth in 2026 [7]

格隆汇1月4日｜据长白山文旅，2026年元旦假期，长白山文旅市场运行平稳、热度攀升，长白山景区累 计接待游客3.66万人，同比增长40.77%。据银联商务大数据测算，2026年元旦假期，长白山管委会接待 国内游客17.87万人次，同比增长74.34%；国内游客出游总花费2.01亿元，同比增长70.34%。长白山在 线上引流、产品供给、特色活动、服务保障等方面多点发力，以丰富的文旅产品和优质的服务体验，实 现新年旅游"开门红"。 ...

人民财讯1月4日电，"长白山（603099）文旅"1月4日消息，2026年元旦假期（1月1日—3日），长白山 文旅市场运行平稳、热度攀升，长白山景区累计接待游客3.66万人，同比增长40.77%。据银联商务大数 据测算，2026年元旦假期，长白山管委会接待国内游客17.87万人次，同比增长74.34%；国内游客出游 总花费2.01亿元，同比增长70.34%。长白山在线上引流、产品供给、特色活动、服务保障等方面多点发 力，以丰富的文旅产品和优质的服务体验，实现新年旅游"开门红"。 ...

Investment Rating - The report assigns an "Accumulate" rating for the social services industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The tourism market is showing a strong start in 2026, with expectations for continued growth as the Spring Festival approaches. The report highlights several recommended stocks in the OTA, hotel, and scenic area sectors [4]. - There is a significant increase in duty-free sales in Hainan, driven by the appreciation of the RMB, with a recommendation for China Duty Free Group [4]. - The report notes a substantial rise in domestic travel during the New Year holiday, with 142 million trips taken, reflecting a 5.19% increase compared to 2024 [4]. Summary by Sections Tourism Market - The report indicates that 142 million domestic trips were made during the New Year holiday, with total spending reaching 84.789 billion yuan, a 6.35% increase from 2024. The average spending per trip was 597.1 yuan, up by 1.1% [4]. - Recommended stocks in the OTA sector include Trip.com Group and Tongcheng Travel, while hotel recommendations include Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [4]. Duty-Free Sales - Duty-free shopping in Hainan saw a remarkable increase, with sales of 307,000 items from January 1 to 2, 2026, marking a 48.3% year-on-year growth. The number of shoppers reached 65,000, up 60.9%, and total spending was 505 million yuan, a 121.5% increase [4]. Transportation - The report highlights that from January 1 to 3, 2026, the total inter-regional passenger flow is expected to reach 590 million, averaging 198 million per day, a 19.5% increase year-on-year. Railway passenger volume is projected at 48.223 million, with a 53.1% increase [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The travel industry is expected to continue outperforming expectations, with a positive outlook on the travel chain including OTA (Ctrip, Tongcheng), hotels (Atour, Huazhu, Jinjiang, Shoulv), duty-free (China Duty Free), and scenic spots (Emei Mountain, Three Gorges Tourism, Changbai Mountain) [4]. - The competitive landscape has significantly improved, particularly for companies like Huatu Mountain Ding, Caibai Co., and Laopu Gold [4]. - Notable dividend stocks include Sumida, Action Education, and Chongqing Department Store [4]. - The AI+ sector shows promise with companies like Konnate Optical, Fenbi, Tianli International Holdings, Kevin Education, and Doushen Education [4]. - Oversold stocks identified include China Oriental Education, Guoquan, Gaoxin Retail, and Junting Hotel [4]. Industry Updates - In the social service industry, Sanya's duty-free sales reached 163 million yuan on January 1, 2026, marking an 83.2% year-on-year increase, indicating a strong start for duty-free sales in 2026 [4]. - Ctrip's New Year travel report indicates that domestic scenic spot ticket bookings have increased over fourfold year-on-year, with significant growth in inbound travel bookings, sparking the first consumption boom of 2026 [4]. - Tongcheng Travel's report highlights a surge in travel demand during the New Year holiday, driven by a three-day holiday and the "request 3 days off for 8 days" trend, leading to increased bookings for flights, hotels, and homestays [4]. - Retail sector updates include: - Pang Donglai Group's sales in 2025 reached 23.531 billion yuan, a 39% increase from 16.9 billion yuan in 2024 [4]. - Hema's overall revenue growth exceeded 40% in 2025, with its core formats serving over 100 million consumers [4]. - Sam's Club in China surpassed 140 billion yuan in sales in 2025, with a year-on-year growth of approximately 40% [4]. Company Announcements - Kid King announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 275 million to 330 million yuan, representing a year-on-year growth of 51.72% to 82.06% [4]. - Qingmu Technology's chairman reduced his stake by 464,100 shares, accounting for 0.50% of the company's total share capital, with a reduction price of 59.68 yuan [4].

Group 1: Domestic Tourism Market Performance - The domestic tourism market experienced a strong start in 2026, with ticket bookings for scenic spots increasing over four times year-on-year [1] - Jiangsu province stood out with a 97% increase in overall travel orders compared to the same period last year, with top attractions including Suzhou's Humble Administrator's Garden and Nanjing's Qinhuai Scenic Area [1] Group 2: Young Travelers and New Travel Trends - Young people, particularly those born after 2000, dominated the travel market, accounting for 39% of travelers, while those born in the 1990s made up 33% [2] - The concept of "self-care travel" gained popularity, with a 125% increase in searches related to "New Year travel," reflecting a shift towards more personalized and meaningful travel experiences [2] Group 3: Popular Destinations and Growth in Orders - Major tourist destinations included Beijing, Shanghai, and Guangzhou, with provinces like Guangxi and Jiangsu seeing order growth of over 100% [5] - Guangxi's introduction of over 400 cultural and tourism activities led to a 170% increase in travel orders, while lesser-known destinations like Anji and Qingyuan saw orders rise by 930% and 774%, respectively [5] Group 4: Snow and Mountain Tourism - The initial snowfall of the year significantly boosted mountain tourism, with ticket bookings for mountain attractions increasing by over 150% [6] - Huangshan saw a remarkable 544% increase in orders, while other mountains like Lushan and Emei also experienced substantial growth [6] Group 5: Ice and Snow Activities - The trend of "ice and snow tourism" broke regional barriers, with southern regions like Anji experiencing a 930% increase in orders for outdoor snow activities [8] - Northern regions offered unique experiences such as ice fishing and traditional fishing culture, appealing to young travelers seeking adventurous activities [9] Group 6: Concerts as Tourism Drivers - Concerts became a significant driver of tourism, with cities like Harbin and Zhuji seeing order increases of 82% and 2544%, respectively, due to major events [12] - The phenomenon of traveling to a city for a concert highlights the growing importance of live events in boosting local tourism [12] Group 7: Growth in Inbound Tourism - The inbound tourism market showed strong growth, with ticket bookings increasing by 110% and experience-based product bookings rising over 30 times [15] - Popular inbound destinations included major cities like Shanghai and Beijing, with Sanya seeing a 170% increase in orders due to its duty-free shopping and beach vacation appeal [15]

（来源：工人日报） 阅读提示 近年来，冰雪产业迅速升温扩容，雪具维修师、造雪机工人、压雪车驾驶员、雪山索道管理员等新职业 因雪而兴、因雪而热。面临产业升级、需求跃迁，从业者积极提高技能水平、强化岗位责任意识，守护 冰雪热潮。 清晨6点，吉林省长白山华美胜地度假区还笼罩在冬日漆黑的夜色中，造雪机的轰鸣已划破寂静，雪道 上、大厅里、索道旁，各岗位人员渐次就位……这样繁忙而有序的节奏，成为许多"雪季从业者"的工作 日常。 近年来，集滑雪、娱雪、度假于一体的冰雪产业迅速升温扩容，雪具维修师、造雪机工人、压雪车驾驶 员、雪山索道管理员等新职业因雪而兴、因雪而热，同时也面临着产业升级、需求跃迁与人才变革的挑 战。 在热潮中重择职业轨道 "以前在厂里看机器，现在'伺候'雪板，忙得很有成就感。"30岁的雪具维修师陶鑫一边用专业工具为雪 板打蜡，一边笑着说，雪具维修师就是雪板的"医生"与"美容师"。他的工作台上，摆放着等待维修的雪 板和头盔。 从一名业余的滑雪爱好者转行成为雪具维修师，陶鑫的转型经历与冰雪产业的发展同向而行。2014年， 石家庄一家雪场招聘雪具维修师，陶鑫凭借对雪具的了解和年龄优势成功竞聘，后来又从老师傅那里一 ...

证券代码：603099 证券简称：长白山 公告编号：2025-070 长白山旅游股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 465 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 180,520,378 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.2810 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会主持情况等。 本次股东会由公司董事会召集，参会董事推举董事王俊超主持。会议采用现场 投票和网络投票相结合的表决方式。会议的通知及召开符合《公司法》、《公司章 程》及国家有关法律、法规的规定。 (一) 股东会召开的时间：2025 年 12 月 29 日 (二) 股东会召开的地点：长白山旅游股份有限公司三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优 ...