Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]

Core Viewpoint - The "2025 Hong Kong-Shenzhen New Quality Agricultural Finance and Global Innovation Forum" was held, focusing on agricultural financial innovation and the assetization of Real World Assets (RWA) [1] Group 1: Event Overview - The forum was co-hosted by Baoji Capital and Huaxia Digital Capital, attracting nearly 200 guests from various sectors including regulatory bodies, financial institutions, listed companies, industry leaders, and research institutes [1] - The event showcased the latest practices in agricultural financial innovation and RWA assetization in Hong Kong and Shenzhen, emphasizing regulatory compliance, investment banking services, industry chain upgrades, and digital infrastructure [1] Group 2: Collaborations and Agreements - Multiple industry financial cooperation agreements were signed during the event, including projects related to Huazhou Orange, Yantai Apple, and Changbai Mountain Ginseng [1] - Baoji Capital established agricultural investment cooperation with Panong Technology and a green energy RWA fund collaboration with Tian Tie Technology, marking a practical step towards the standardization and assetization of agricultural assets [1] Group 3: Future Outlook - Industry insiders believe that with more projects being implemented and regulatory frameworks becoming clearer, agricultural RWA is expected to become one of the most strategically valuable financial innovation tracks in the next five years [1] - This development is anticipated to open new avenues for the assetization, digitalization, and internationalization of Chinese agriculture [1]

Core Insights - Jilin Changbai Mountain has emerged as a standout destination in the tourism sector, with visitor numbers exceeding 3.4 million and a year-on-year growth of 24.1% as of August 2025, significantly outperforming many other tourism companies [1][29] - The stock performance of Changbai Mountain Tourism Co., Ltd. has surged by 5 to 6 times over two years, indicating strong market confidence and investor interest [1] Tourism Growth - The concept of "ice and snow economy" has gained traction in China, particularly following the success of the Beijing Winter Olympics, leading to increased interest in winter sports such as skiing and ice skating [3][22] - Jilin is positioned as a premier destination for snow sports, with its "powder snow" quality being a key attraction for both domestic and international tourists [5][6] Infrastructure and Accessibility - The opening of the Shenyang-Baihe high-speed railway in September 2025 will significantly reduce travel time from Beijing to Changbai Mountain to just over four hours, integrating the area into Beijing's "half-day economic circle" [24][29] - The development of cross-province ice and snow tourism routes between Jilin and Heilongjiang provinces aims to enhance regional collaboration and attract more visitors [26] Unique Offerings - Changbai Mountain boasts unique natural and cultural resources, including the famous Tianchi Lake and geothermal hot springs, which enhance the overall tourist experience [12][21] - The region offers a variety of winter activities and cultural experiences, such as traditional Korean cuisine and local festivals, which enrich the visitor experience [16][17] Economic Impact - The tourism sector in Jilin has seen substantial economic benefits, with total tourism expenditure reaching 229 billion yuan and a 33.6% increase in visitor numbers for the 2024-2025 snow season [29] - Local residents have benefited from the tourism boom, with average income increases of over 20,000 yuan per snow season, transforming the local economy [31]

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]

服务升温，打造暖心旅途新体验。面对零下二三十度的严寒，长白山站用冰雪专属服务把"温暖旅途"落 到实处。车站联合景区、交通管理部门，推出凭高铁票享受门票优惠政策，开通直达各大雪场的公交专 线，真正让游客从出站到景区，每个环节都感受到无微不至的关怀。候车室里的暖风与姜茶、站台上的 自动除雪设备、出站口的"暖暖屋"更衣室……这些看似微小的细节，恰是服务温度的生动体现。 产业共兴，开启全域发展新篇章。在沈白高铁的活力驱动下，长白山过去比较单一的旅游模式，正在向 全方位、多业态的方向发展。长白山冰雪观光、滑雪运动、温泉养生等传统业态焕发新活力；冰雪民 俗、冰雪艺术、冰雪美食等新兴业态借势而起，沈白高铁如同一条"金丝线"，将散落的冰雪资源串珠成 链。随着高铁效应的持续释放，沿线城镇共享客流红利，相关产业联动共生，沈白高铁促进了区域经济 协同发展，一条以高铁为轴、多种产业协同发展的"冰雪经济带"正在形成。 速度破冰，重塑白山冰雪旅游新格局。沈白高铁的开通，将沈阳至长白山的旅行时间压缩至2小时， 让"周末游白山"成为都市生活的新选择。针对冰雪游客需求，长白山站加密列车开行，每日开行数量增 至29对。截至11月末，沈白高铁将累 ...

智通财经APP讯，中国长白山国际(00989)发布截至2025年9月30日止六个月业绩，持续经营业务收益 2978.2万元(人民币，下同)，同比下降75.7%;净亏损3316.4万元，同比收窄94.5%;每股基本亏损9.21分。 ...

长白山 20251126 摘要 长白山公司前三季度累计接待游客 306 万人次，同比增长 10.4%，其 中第三季度接待游客 202 万人次，同比增长 20.24%，主要受益于暑期 "云顶天宫"及"盗墓笔记"等主题 IP 的带动，客流显著增长。 沈白高铁 9 月 28 日开通，对十一期间客流有一定拉动作用，落地长白 山站旅客数量几乎翻倍，10 月份整体客流同比增长 18.25%，高于前九 个月平均水平，预计后续将逐步显现对景区客流的支撑作用。 11 月份以来，受降雪和大风天气影响，景区关闭天数增加，但总体客流 仍保持持平，显示冰雪旅游季吸引力增强及沈白高铁的交通支撑作用， 预计今年雪季将迎来峰值水平。 公司计划在淡季开展营销活动，推动核心时段向淡季延伸，如和平滑雪 场提前开盘，日均客流同比增长显著，旨在提高整体品牌知名度和市场 认可度。 皇冠假日酒店今年三季度入住率和平均房价均上涨，可售房收入增长 10.45%，11 月中旬出现连续满房情况，表明酒店业务表现理想，有望 在冬季旅游旺季继续保持良好趋势。 Q&A 请介绍一下长白山公司 2025 年前三季度的经营情况。 2025 年前三季度，长白山公司的收入为 6 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Core Viewpoint - China Changbai Mountain International (603099) expects a significant reduction in net loss attributable to shareholders for the six months ending September 30, 2025, compared to a net loss of approximately RMB 601 million for the same period ending September 30, 2024, with the anticipated loss ranging between RMB 30 million and RMB 36 million [1] Group 1 - The expected net loss reduction is primarily due to the absence of additional impairment provisions after the sale of a property project in Fusong County, which previously required an impairment provision of approximately RMB 565 million (after deferred tax) [1] - The company has been actively implementing cost-saving measures during the current interim period [1]