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 ...

2025 年第三次临时股东会的法律意见书 吉兢法律意见书【2025】第 056 号 致:长白山旅游股份有限公司 吉林兢诚律师事务所(以下称本所)接受长白山旅游股份有限公 司(以下称公司)的委托,指派本所律师出具公司 2025年第三次临 时股东会(以下称本次股东会)的法律意见书。本所律师根据《中华 人民共和国公司法》(以下称《公司法》)、《中华人民共和国证券 法》(以下称《证券法》)、中国证券监督管理委员会《上市公司股 东会规则》(以下称《股东会规则》)等法律、法规和规范性文件及 《长白山旅游股份有限公司章程》(以下称《公司章程》)、《长白 山旅游股份有限公司股东会议事规则》(以下称《公司股东会议事规 则》)等有关规定,就本次股东会进行见证并出具法律意见书。 为出具本法律意见书,本所律师审查了公司提供的本次股东会的 相关资料,包括但不限于公司关于召开 2025年第三次临时股东会的 通知、公司 2025年第三次临时股东会议程、议案及决议等文件资料。 公司已向本所作出保证和承诺,其提供的资料和文件均真实、准确、 完整,无重大遗漏。 吉林兢诚律师事务所 关于长白山旅游股份有限公司 地址:长春市净月区生态大街与福祉大路 ...

Core Insights - Changbai Mountain Wanda International Resort is enhancing its winter offerings with four new projects aimed at providing unique experiences for visitors [1][3][5][6] Group 1: New Projects - "Changbai Mountain White Creek Drifting" offers a scenic experience where visitors can kayak along a non-freezing river, surrounded by frost-covered trees, for approximately 60 minutes [3] - "Momo Snow Mountain Adventure" is an immersive children's skiing camp that incorporates storytelling and game elements to teach skiing skills while engaging kids in a narrative [3][5] - "Birch Snow Trekking" allows participants to explore the cultural heritage of the region with a guide, learning about local wildlife and participating in traditional rituals [5] - "Momo Magic Market Theater" transforms the Wanda Momoland Hotel into an interactive theater experience, where guests can engage in various magical activities and unlock hidden tasks [6] Group 2: Resort Enhancements - The resort has optimized several core ski trails and terrain parks, achieving full coverage of night lighting to extend skiing hours [6] - The resort has introduced a wider variety of trendy dining and retail brands to enhance the leisure and shopping experience for visitors [6] - Classic attractions such as the "Wow Cool Snow Fun Park" and "Halla Mountain Hot Springs" will continue to provide high-quality experiences alongside the new offerings [6] Group 3: Recognition and Awards - Changbai Mountain Wanda International Resort has received multiple accolades, including being named a national-level ski tourism resort and a top winter sports brand [8] - The resort has been recognized for its contributions to the tourism industry and has been awarded various honors, including the annual popular winter tourism destination award [8]

Core Viewpoint - Changbai Mountain's stock price has shown fluctuations, with a year-to-date increase of 9.21%, but a recent decline over the past five, twenty, and sixty days [1][2]. Company Overview - Changbai Mountain Tourism Co., Ltd. is located in Jilin Province and was established on December 8, 2010, with its stock listed on August 22, 2014. The company primarily operates in the tourism service industry, including tourist transportation, travel agency services, and hot spring water development [1]. - The main revenue sources are: tourist transportation (66.82%), hotel services (24.09%), other businesses (6.82%), and travel agency services (2.28%) [1]. Financial Performance - For the period from January to September 2025, Changbai Mountain achieved a revenue of 636 million yuan, representing a year-on-year growth of 6.99%. The net profit attributable to shareholders was 149 million yuan, with a growth of 1.05% [2]. - Since its A-share listing, the company has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.35% to 45,900, with an average of 5,814 circulating shares per person, a decrease of 20.23% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings from some shareholders [3].

Group 1 - The core viewpoint of the article highlights the booming ice and snow economy in China, which is continuously stimulating consumer activity and enhancing the industry ecosystem [2] - The Changbai Mountain ski resort is attracting a growing number of domestic and international tourists, showcasing its unique geographical advantages and quality facilities [2] - The increasing popularity of ice and snow sports is encouraging more individuals to participate, thereby enhancing the overall experience and driving the potential for ice and snow consumption [2] Group 2 - The continuous enrichment of ice and snow tourism projects and the vigorous promotion of ice and snow sports are crucial for providing high-quality experiences to visitors [2] - The development of the ice and snow economy is being fueled by strong consumer demand and participation, which is essential for its high-quality growth [2]

从室外的单季滑雪度假，到室内的四季冰雪体验，对于万达酒店及度假村的冰雪度假产品而言，这是一 次重大升级迭代。首先，这是冰雪消费场景的一次扩容，可为万达酒店及度假村旗下的酒店等业务板块 提供增量客源。其次，对于冰雪业务而言可能是一次突破天花板的契机。室外滑雪度假受限于季节的同 时也受限于位置，而室内滑雪项目突破了季节限制的同时也突破了地理约束。比如，基于长春万达滑雪 场积累的经验，未来万达酒店及度假村也许可以考虑拓展到南方城市的大型室内滑雪文商旅项目，步入 一个更加宽广的天地。 公开资料显示，截至到2025年末，全国在运营的1万平米以上的大型室内滑雪场有近70个，未来一两年 内有望进一步增加至80个，且主要分布在高端度假消费旺盛的华东和华南地区。大型滑雪度假项目通常 拥有冰雪项目、度假酒店以及配套的大型商业综合体等业态，对运营管理能力要求较高。可以预见，随 着冰雪文旅基础实施的快速增加，万达酒店及度假村所拥有的雪场成熟运营能力将变得愈加稀缺。 融合助力万达酒店及度假村驶入快车道 从酒店行业跨界进入冰雪度假的连锁化运营，万达酒店及度假村具有多方面优势，可谓底气十足。 12月25日，位于长春市净月高新区的文商旅综合 ...