Group 1 - The core message is that Xiaomi Auto is launching a winter-themed promotional event at Changbai Mountain Wanda Town, offering free 1:64 alloy car models for test drive appointments and additional golden stickers for information registration [1][3] Group 2 - During the promotional period, Xiaomi Auto is providing various financial car purchase plans, including a 3-year interest-free option for the Xiaomi YU7 model with a down payment starting at 74,900 yuan and a monthly payment as low as approximately 4,961 yuan based on a total price of 253,500 yuan [2][4] - The Xiaomi SU7 Ultra model offers a 5-year interest-free plan with a down payment starting at 199,900 yuan and a monthly payment as low as approximately 5,500 yuan based on a total price of 529,900 yuan [2][4] - All models support trade-in services, allowing old cars to be used as down payments for quick upgrades [2][4]

Core Viewpoint - The article highlights the importance of fire prevention in the forest areas of Changbai Mountain, especially during the dry and windy winter-spring season, emphasizing the role of local firefighter Peng Lidong in educating the community about fire safety measures [1][3][5]. Group 1: Fire Prevention Efforts - Peng Lidong has been dedicated to fire safety in the Changbai Mountain area for 18 years, actively engaging with local residents to raise awareness about fire risks and prevention strategies [3][5]. - The current weather conditions, characterized by cold and dry air along with frequent strong winds, create a high risk for forest fires, particularly as residents increase their use of fire for heating and cooking during the Spring Festival [3][5]. Group 2: Community Engagement - Peng Lidong utilizes a relatable approach to communicate fire safety knowledge, transforming complex information into easy-to-understand language and sharing personal experiences from past firefighting incidents [5]. - He emphasizes the need for community members to understand fire risks and take proactive measures, such as ensuring that fires are completely extinguished after use and avoiding the burning of waste in unauthorized areas [5]. Group 3: Recognition and Impact - Over the years, Peng Lidong has become a symbol of safety in the community, earning numerous accolades for his commitment to fire prevention and community service [5]. - His efforts contribute significantly to the safety and well-being of local families, allowing them to celebrate the Spring Festival with peace of mind [5].

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The tourism sector is entering a golden investment period driven by policy support, strong supply and demand [3] - The optimization of vacation systems, improvement in cultural tourism supply, and acceleration of local asset securitization are key factors creating investment opportunities in the scenic area sector [3] Summary by Sections 1. Optimization of Vacation Systems - The introduction of spring and autumn breaks is expected to significantly boost tourism demand, with potential increases in visitor numbers by 1-3 times [8] - The Ministry of Human Resources and Social Security plans to revise the paid annual leave regulations, which is crucial for enhancing the execution of vacation policies [16] 2. Continuous Growth in Tourism Consumption - Domestic tourism spending is recovering to 2019 levels, with total expenditure reaching 5.75 trillion yuan in 2024, a year-on-year increase of 17.1% [19] - The K-12 student population, approximately 200 million, presents a substantial consumer base for spring and autumn breaks, driving family travel patterns [29] 3. Structural Upgrades in the Cultural Tourism Sector - The cultural tourism industry has completed a recovery phase and is entering a stage of mature competition and structural differentiation [3] - High-level open policies and transportation improvements are contributing to a resurgence in inbound tourism [3] 4. New Projects and Asset Securitization in Scenic Areas - Many scenic areas are launching new projects in response to policy and consumer demand, which is expected to drive growth in 2026 and beyond [4] - Areas rich in cultural tourism resources are likely to accelerate asset securitization, creating synergistic effects [4] 5. Investment Recommendations - Focus on three main lines for investment: 1. Improvements in transportation, such as Emei Mountain and Huangshan tourism [6] 2. Expectations of resource integration, such as Tianfu Cultural Tourism and Shaanxi Tourism [6] 3. New project launches, including Three Gorges Tourism and Songcheng Performing Arts [6]

Core Viewpoint - The establishment of the first flagship store for Jilin Changbai Mountain Wild Ginseng in Guangzhou marks a significant step in deepening agricultural cooperation between Jilin and Guangdong, facilitating the integration of high-quality agricultural products into the Guangdong-Hong Kong-Macao Greater Bay Area [2][3][42]. Group 1: Flagship Store Opening - The flagship store was officially unveiled on February 5, 2024, representing the first of its kind in the Greater Bay Area for Jilin Changbai Mountain Wild Ginseng [2][3]. - This store serves as a bridge for in-depth exchanges and practical cooperation between the wild ginseng industries of Jilin and Guangdong [3][5]. Group 2: Agricultural Cooperation Model - Jilin and Guangdong have been implementing a cooperation model centered around "four shares" (shared market system, shared production workshops, shared storage cloud warehouses, and shared research platforms) to enhance inter-provincial collaboration [8][9]. - This model has evolved from the "North Ginseng South Orange" initiative into a comprehensive and systematic cooperation mechanism, promoting the movement of Jilin's high-quality agricultural products into Guangdong [10][12]. Group 3: Economic Impact and Future Prospects - The flagship store is expected to provide a platform for consumers in the Greater Bay Area to experience and trust high-quality ecological products from the Changbai Mountain region [18][19]. - The store will also act as an information hub, relaying market trends and consumer demands back to Jilin's production and research sectors, thereby driving industrial upgrades [20][21]. - The Jilin ginseng industry aims to achieve a total industrial chain output value exceeding 100 billion yuan by 2025, with a growth rate of over 30% [27][28]. Group 4: International Expansion - During the promotional event, a cross-border e-commerce cooperation agreement was signed to help expand the Jilin ginseng market into Southeast Asia, showcasing the international extension of the "four shares" model [40][41]. - The flagship store's opening is a key milestone in Jilin's transition from a traditional ginseng-producing province to a modern, standardized, and branded agricultural powerhouse [44][45].

Group 1 - The article highlights the contrast between the winter climates of Milan and Changchun, emphasizing Milan's mild weather compared to Changchun's snowy winters [3][5] - Chinese volunteers are actively participating in the Milan Winter Olympics, primarily consisting of students studying in Italy and nearby countries, providing assistance at key locations such as airports and media centers [5][6] - The presence of familiar Chinese faces in the media center reflects a shared enthusiasm for winter sports, with volunteers expressing their love for skiing and plans to visit Chinese ski resorts after the Olympics [6][12] Group 2 - The article captures the essence of Milan as a city of fashion and culture, contrasting it with the harsh winter of Changchun, showcasing the city's romantic atmosphere and leisurely lifestyle [8][10] - The deep-rooted passion for football in Milan is highlighted, with references to legendary teams AC Milan and Inter Milan, illustrating the city's rich sports history and the emotional connection of fans [10][12] - The narrative intertwines the themes of sports and cultural pride, as the author expresses a desire to witness the Chinese flag raised at the Olympic venue, symbolizing national pride and aspirations [12]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]

华源证券研报指出，长白山得天独厚的自然资源，交通改善及定增落地有望打开业绩空间。温泉部落二 期的布局有望承接更多客流，丰富旅游产业相关布局。交通设备提升项目预计满足运力需求，提高旅客 出行体验。选取经营景区业务的峨眉山、经营酒店业务的君亭酒店、经营旅行社业务的岭南控股作为可 比公司，根据ifind一致预期，可比公司2026年PE为60倍，考虑到公司拥有优质的自然资源，后续预计 随着周边交通改善及冰雪游运动渗透率逐步提升，或将带动长白山客流持续增长，且公司定增落地，有 望打开公司业绩空间，首次覆盖，给予"增持"评级。 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced at Changbai Mountain Airport, which has upgraded its flight network and service offerings to cater to the increasing travel demand during this festive period [1]. Group 1: Airport Operations - On the first day of the Spring Festival travel season, Changbai Mountain Airport executed 50 flights, accommodating over 6,200 passengers, and connecting 11 cities [5]. - The airport has enhanced its flight network by adding three new routes to Wuhan, Changsha, and Chongqing, and increasing the frequency of flights to nine popular cities including Nanjing, Shenzhen, Guangzhou, Shanghai, Qingdao, and Hangzhou [5]. - The airport's operations include a daily average of 10 flights between Changbai Mountain Airport and Shanghai Pudong Airport, improving connectivity between the Yangtze River Delta and Changbai Mountain [5][6]. Group 2: Passenger Experience - The airport terminal was bustling with passengers, featuring cultural activities such as calligraphy for Spring Festival couplets and a local-themed mini market to enhance the festive atmosphere [3]. - Airport staff were strategically positioned to assist passengers with check-in, security, and boarding processes, ensuring a smooth travel experience [3][6]. - The overall environment at the airport combined the warmth of the Spring Festival with the excitement of winter travel, reflecting the dual themes of reunion and adventure [6].

Fixed Income - The overall scale of interest rate bond funds has decreased, with total assets amounting to 3.0 trillion yuan as of Q4 2025, down by 0.09 trillion yuan from Q3 2025 [6][7] - The average yield of interest rate bond funds has rebounded to +0.44% in Q4 2025, compared to -0.48% in Q3 2025, but remains significantly lower than the 4.42% yield in 2024 [8][19] - The expected yield range for 10-year government bonds in 2026 is projected to be between 1.6% and 1.9%, with opportunities for long-term bonds anticipated to arise after significant market corrections [8][19] Manufacturing Sector - The manufacturing PMI fell back below the expansion threshold to 49.3 in January 2026, indicating a slowdown in production activities compared to the previous month [11][10] - The non-manufacturing PMI also decreased to 49.4, suggesting a contraction in service sector activities, with the composite PMI output index at 49.8 [11][10] - The consumption sector is expected to receive policy support, but the impact may be weaker than in 2025 due to high base effects from the previous year [11][10] Social Financing - The forecast for new loans in January 2026 is 4.9 trillion yuan, with social financing expected to reach 7.07 trillion yuan, indicating a slight year-on-year increase [15][18] - M2 is projected to reach 345.1 trillion yuan by the end of January, with a year-on-year growth of 8.3% [15][18] - The social financing growth rate is expected to decline to around 8.1% by the end of January 2026, following a peak in mid-2025 [18][15] Pharmaceutical Sector - The approval of phosphoric acid lebrikizumab cream for the treatment of vitiligo marks a significant milestone for the company, being the first targeted therapy for this condition in China [21][22] - Clinical trials have shown promising results, with a significant percentage of patients achieving a 75% improvement in vitiligo area after 24 weeks of treatment [21][22] - The company is also pursuing additional indications for the cream, including atopic dermatitis, which could further enhance its market potential [22][21] New Consumption Sector - The company holds exclusive operational rights for key scenic areas and has established a robust management system for mountain tourism, positioning it well for growth [25][26] - The opening of the Shenbai high-speed railway is expected to significantly increase visitor traffic, enhancing accessibility to the scenic area [27][26] - The company plans to raise 236 million yuan for expanding its facilities and improving transportation, which is anticipated to boost its operational capacity and customer experience [27][26]

证券分析师 证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 请务必仔细阅读正文之后的评级说明和重要声明 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | | | 02 | 年 | 月 | 02 | 日 | | 2026 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 42.47 | | | | | | | | | 年 内 最 低 | 最 | 高 | / | | | | | | 60.33/29.73 | | 一 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 11,566.95 | | | | 流通市值（百万元） | | | | | | | | | 11,325.47 | | | | 总股本 ...