Group 1 - The event "Haina Capital, Ju Shi Changbai Mountain" showcased the resource advantages and future potential of Changbai Mountain, aiming to explore new paths for the deep integration of capital and the real economy [1][4] - Nearly 341 million visitors were received at the Changbai Mountain scenic area this year, with the self-operated Crown Hotel achieving an 80% occupancy rate during peak season, indicating continuous optimization of operational capabilities [3] - The opening of the Shenbai High-speed Railway is expected to further boost visitor traffic, enhancing the investment value of Changbai Mountain [1][3] Group 2 - Changbai Mountain Tourism Co., Ltd. has successfully established a multi-dimensional industrial structure focusing on "all-area tourism, four-season operation, and multi-industry collaboration" [3] - Future plans include leveraging the second phase of the hot spring project, developing ice and snow IP, and exploring new scenarios for cultural and tourism integration [3] - The event highlighted the importance of positive interaction between listed companies and the capital market, showcasing Changbai Mountain as a resilient growth entity in the ice and snow tourism sector [8]

11月13日，同程旅行发布《2025—2026雪季冰雪游趋势报告》显示（以下简称《报告》），11月份以 来，上海、广州等主要城市飞往哈尔滨等热门冰雪游目的地的航班预订热度快速上升。预计从今年11月 中旬至2026年元旦前后，热门冰雪航线的机票价格将稳定上行。2025至2026年雪季，国内热门冰雪游目 的地呈现多元化趋势，除了哈尔滨等传统热门目的地之外，新疆、内蒙等目的地的热度显著上升，丽 江、成都等南方目的地也跻身前二十名之列。 《报告》显示，进入11月份以来，国内主要城市飞往哈尔滨、长白山（603099）、乌鲁木齐、阿勒泰、 呼伦贝尔等冰雪游目的地的航班预订热度快速上升。 数据显示，2026年元旦前后从广州、上海等主要城市飞往哈尔滨、长白山、长春、乌鲁木齐等热门冰雪 游目的地的航班机票均价，均较11月份上涨超50%。以广州飞哈尔滨为例，11月份起飞航班的机票均价 约为787元，而元旦前后起飞航班的机票均价约为1230元，涨幅约为56%。 冰雪游客流高峰时段，除了机票价格大幅上涨外，热门目的地的酒店民宿预订热度和价格也将迎来一年 中的高点。《报告》显示，随着冰雪游热度的上升，不少消费者为提前锁定房价已陆续开始 ...

Core Insights - The 12th National Mass Ice and Snow Season will be held in Changchun on December 26, highlighting the growing focus on the ice and snow economy in China [1] - China's ice and snow economy is transitioning from a policy-driven phase to a market demand-led phase, with a projected total scale of 1.2 trillion yuan by 2027 [1] Industry Development - The ice and snow economy has rapidly developed, creating a collaborative ecosystem from equipment manufacturing to cultural tourism [2] - The State Council's 2024 policy aims to enhance ice and snow sports facilities and services, increasing international competitiveness [1][2] Company Initiatives - Xue Ren Group is a leading manufacturer in the ice and snow industry, providing critical infrastructure for events like the Beijing Winter Olympics [2] - Changbai Mountain Tourism Co. has established a comprehensive management system for mountain scenic areas and snowfield operations, enhancing visitor experiences [2] Seasonal Challenges - The industry faces seasonal dependency issues, prompting companies to innovate and diversify offerings to maintain year-round engagement [4] - Qingdao Inbody Health Technology has developed snow simulation machines and ice facilities to create immersive experiences regardless of season [4] Innovation and Transformation - Companies are leveraging technological and service innovations to shift the ice and snow economy from seasonal to year-round activities, unlocking consumer potential [5]

Coal Industry - The price of thermal coal has risen significantly, surpassing 800 yuan per ton, marking a new high for the year as of November 13 [1][3] - The coal sector has shown strong performance, with key listed coal companies reporting a more than 20% increase in profits in Q3 compared to the previous quarter [3][4] - Factors contributing to the rise in coal prices include extreme weather conditions, with northern regions experiencing significant temperature drops, while southern regions faced higher than average temperatures [3][4] - The coal industry is expected to benefit from a dual attribute of dividends and cyclical characteristics, making it a favored asset for market funds [3] Ice and Snow Tourism Industry - The ice and snow tourism sector has seen a surge, with multiple stocks hitting the daily limit up, driven by events such as the "Qixing Mountain·Camel Cup" wilderness survival challenge [5][6] - The ice and snow industry in China is projected to exceed 1 trillion yuan by 2025, with continuous growth expected due to upcoming major winter sports events [7] - The tourism industry is currently benefiting from a combination of policy incentives and demand release, with recommendations to focus on leading companies in online travel agencies (OTA), comprehensive cultural tourism service providers, and ice and snow tourism leaders [7]

Core Viewpoint - China Changbaishan International (00989.HK) will hold a board meeting on November 27, 2025, to approve the unaudited interim results for the six months ending November 12, 2025, and to consider the distribution of an interim dividend, if any [1] Summary by Categories - **Company Announcement** - The company has scheduled a board meeting for November 27, 2025 [1] - The meeting will focus on approving the interim results for the six-month period ending November 12, 2025 [1] - The board will also consider the potential distribution of an interim dividend [1]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.28% on November 12, with Lingnan Holdings leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Market Performance - The tourism and scenic area sector saw a mixed performance among individual stocks, with notable gainers including Xiangyuan Cultural Tourism, which rose by 3.58% to close at 7.81, and Caesar Travel, which increased by 2.44% to 7.56 [1]. - Lingnan Holdings led the decline with a drop of 3.05%, closing at 12.39 [2]. - The overall trading volume for the tourism and scenic area sector was significant, with Caesar Travel recording a trading volume of 210.98 million shares and a transaction value of 1.612 billion [1]. Group 2: Capital Flow - The sector experienced a net outflow of 52.65 million from institutional investors and 71.76 million from speculative funds, while retail investors saw a net inflow of 124 million [2]. - Key stocks such as Caesar Travel and Xiangyuan Cultural Tourism had varying capital flows, with Caesar Travel seeing a net inflow of 81.60 million from institutional investors, while Xiangyuan Cultural Tourism had a net outflow of 7.78 million from speculative funds [3]. - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by a more favorable reception from retail investors [2][3].

Core Viewpoint - Changbai Mountain's stock price has shown fluctuations, with a year-to-date increase of 15.61% but a recent decline of 7.71% over the past five trading days [1] Company Overview - Changbai Mountain Tourism Co., Ltd. is located in Jilin Province and was established on December 8, 2010, with its listing date on August 22, 2014 [1] - The company's main business includes tourism services, with revenue composition as follows: 66.82% from tourism transportation, 24.09% from hotel operations, 6.82% from other businesses, and 2.28% from travel agency services [1] Financial Performance - For the period from January to September 2025, Changbai Mountain achieved an operating income of 636 million yuan, representing a year-on-year growth of 6.99%, and a net profit attributable to shareholders of 149 million yuan, up 1.05% year-on-year [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]

Investment Rating - The report assigns a rating of "B" to the company, indicating a positive outlook for investment [6]. Core Views - The company demonstrates steady growth in its main business, with a focus on expanding its cultural tourism sector through diversified operations [1]. - Revenue projections show significant growth, with expected revenues of 860.03 million in 2025, representing a 15.70% increase from the previous year [8]. - The company's earnings per share (EPS) is projected to increase from 0.54 in 2024 to 0.68 in 2025, reflecting a positive trend in profitability [8]. Financial Summary - The company reported a revenue of 620.43 million in 2023, with a remarkable growth rate of 218.73% compared to the previous year [8]. - The operating profit is expected to rise to 245.84 million in 2025, up from 210.08 million in 2024, indicating a growth rate of 17.03% [10]. - The net profit is projected to increase from 144.25 million in 2024 to 181.71 million in 2025, showing a growth rate of 25.96% [10]. Growth Potential - The company is expected to maintain a robust growth trajectory, with a projected revenue of 993.62 million in 2026, which is a 15.53% increase from 2025 [8]. - The report highlights a consistent increase in gross margin, expected to reach 42.97% by 2027 [10]. - The return on equity (ROE) is anticipated to improve from 12.41% in 2025 to 14.62% in 2027, indicating enhanced profitability and efficiency [10].

关于新增方正证券股份有限公司为部分基金 流动性服务商的公告 为促进华夏中证智选300成长创新策略交易型开放式指数证券投资基金（159523）、华夏中证港股通汽 车产业主题交易型开放式指数证券投资基金（159323）的市场流动性和平稳运行，根据《深圳证券交易 所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年11月12日起，本公司新增方正 证券股份有限公司为上述基金的流动性服务商。 特此公告 ■ 注：基金资产净值、账面价值为2025年11月10日数据。 特此公告 华夏基金管理有限公司 二〇二五年十一月十二日 华夏基金管理有限公司 二〇二五年十一月十二日 华夏基金管理有限公司关于旗下基金投资非公开发行股票的公告 华夏基金管理有限公司（以下简称"本公司"）旗下基金参加了长白山旅游股份有限公司（证券简称：长 白山，代码：603099）非公开发行A股股票的认购。根据中国证监会《关于基金投资非公开发行股票等 流通受限证券有关问题的通知》等有关规定，本公司现将旗下公募基金投资长白山本次非公开发行A股 股票的相关信息公告如下： ...

吉林省长白山保护开发区管理委员会网站11月11日更新后显示，杨文慧已任长白山党工委书记、管委会 主任。他曾任松原市委副书记、前郭尔罗斯蒙古族自治县党委书记等职。 ...