证券代码：603136 证券简称：天目湖 公告编号：2026-005 江苏天目湖旅游股份有限公司 重要内容提示： 已履行及拟履行的审议程序：江苏天目湖旅游股份有限公司(以下简称 "公司")于 2025 年 12 月 31 日，召开了第六届董事会第十八次会议，审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意在确保募集资金投资项 目正常进行和保证募集资金安全的前提下，使用本金总金额不超过 28,000.00 万元闲置募集资金进行现金管理，使用期限不超过 12 个月，在上述额度及决议 有效期内，可以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专 户。 特别风险提示：尽管本次公司购买的为安全性高、流动性好的产品，属 于低风险投资产品，但金融市场受宏观经济的影响较大，不排除该项投资可能受 到市场波动的影响。 一、投资情况概述 （一）投资目的 为提高资金使用效率，在保证公司募集资金投资计划正常进行的前提下，合 投资种类：结构性存款 投资金额：人民币 3,800.00 万元 理利用暂时闲置募集资金，增加资金收益，为公司和股东谋取更多回报。 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管 ...

南财智讯2月2日电，天目湖公告，公司于2026年2月2日赎回此前购买的兴业银行结构性存款，赎回金额 为3800.00万元，获得收益4.61万元；公司再以3800.00万元闲置募集资金进行现金管理。不会影响募集 资金投资项目进度和公司正常生产经营。 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 商贸零售 商社板块 2025 年四季度前瞻 1. 零售板块四季度前瞻： （1）黄金珠宝：①老凤祥：我们预计 25Q4 归母净利增速-15%至 5%。 ②周大生：我们预计 25Q4 归母净利增速 15%至 30%。③潮宏基：公司 预告 2025 年归母净利润 4.36 亿-5.33 亿元同比增 125%-175%，测算 25Q4 归母净利润 1.2-2.2 亿元；2025 年底潮宏基珠宝门店总数 1668 家， 年内净增 163 家。④菜百股份：公司预告 2025 年归母净利润 10.6 亿-12.3 亿，对应 25Q4 归母净利增速 150%-254%。⑤豫园股份：公司预告 25Q4 归母亏损 43.12 亿元，24 年同期亏损 10.3 亿元，主因公司持续瘦身健体， 对部分存在减值迹象的房地产项目及商誉等计提资产减值准备。 （2）潮玩：名创优品：我们预计 25Q4 收入增速 25%-30%，经调整 OP 同比双位数增长，经调整归母净利增速 10%至 20%。 （3）商超百货：①重庆百货：公司预告 2025 年归母净利 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旋业 | 1 | 7.68 | 103亿 | -10.42 | | 002582 | 好想你 | + | 4.55 | 57.58 Z | 16.38 | | 300144 | 宋城演艺 | | 4.10 | 227亿 | 5.49 | | 600054 | 黄山旅游 | | 3.67 | 92.70亿 | 12.93 | | 300784 | 利安科技 | 1 | 3.49 | 35.82 Z | 26.82 | | 600693 | 东百集团 | | 3.34 | 129亿 | -16.55 | | 600258 | 首旅酒店 | 章 | 2.42 | 194亿 | 3.58 | | 000558 | 天府文旅 | 张 | 2.28 | 69.36亿 | 4.47 | | 000978 | 桂林旅游 | | 2.25 | 34.03亿 | 0.41 | | 603136 | 天目湖 | | 2.17 | 33.04亿 | 3.82 ...

1月20日，江苏溧阳，航拍天目湖南山竹海雪后景致。正值大寒节气，悄然而至的大雪将这里装点成一 片晶莹剔透的冰雪世界，绘就出一幅冬日限定画卷。（无人机照片）苏伟 摄 1月20日，江苏溧阳，航拍天目湖南山竹海雪后景致。正值大寒节气，悄然而至的大雪将这里装点成一 片晶莹剔透的冰雪世界，绘就出一幅冬日限定画卷。（无人机照片）苏伟 摄 1月20日，江苏溧阳，天目湖南山竹海雪后景致。正值大寒节气，悄然而至的大雪将这里装点成一片晶 莹剔透的冰雪世界，绘就出一幅冬日限定画卷。苏伟 摄 1月20日，江苏溧阳，天目湖南山竹海雪后景致。正值大寒节气，悄然而至的大雪将这里装点成一片晶 莹剔透的冰雪世界，绘就出一幅冬日限定画卷。苏伟 摄 1月20日，江苏溧阳，航拍天目湖南山竹海雪后景致。正值大寒节气，悄然而至的大雪将这里装点成一 片晶莹剔透的冰雪世界，绘就出一幅冬日限定画卷。（无人机照片）苏伟 摄 ...

Group 1 - The core viewpoint of the news is that Tianmu Lake's stock has shown fluctuations in price and trading volume, with a recent increase of 2.05% and a total market value of 3.233 billion yuan [1] - As of January 19, Tianmu Lake's stock price is reported at 11.97 yuan per share, with a trading volume of 25.841 million yuan and a turnover rate of 0.81% [1] - The main capital flow indicates a net inflow of 1.3151 million yuan, with large orders accounting for 15.01% of purchases and 9.92% of sales [1] Group 2 - Year-to-date, Tianmu Lake's stock price has increased by 1.61%, with a slight increase of 0.25% over the last five trading days, but a decline of 5.15% over the last 20 days [2] - The company, established on September 15, 1992, and listed on September 27, 2017, primarily engages in the development and management of tourism scenic areas, with revenue contributions from scenic area operations (55.19%), travel agency services (33.78%), and hotel operations (28.65%) [2] - As of September 30, the number of shareholders is reported at 23,400, a decrease of 13.46%, while the average circulating shares per person increased by 15.55% to 11,559 shares [2] Group 3 - Tianmu Lake has distributed a total of 375 million yuan in dividends since its A-share listing, with 163 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF holds 2.7482 million shares, an increase of 1.0033 million shares from the previous period, while the E Fund Enhanced Return Bond A has entered as a new shareholder with 1.4197 million shares [3]

Group 1 - The core point of the article is the strategic partnership between Huang Shang Huang, a brand under Yuexiu Group, and Wang Jiadu, a subsidiary of Meizhou Dongpo Group, aimed at enhancing the food sector's layout through complementary business operations and potential supply chain synergies [1][6] - The acquisition is driven by the precise complementarity of both businesses, with Huang Shang Huang being a representative brand of Lingnan-style meat products with annual sales exceeding 1 billion yuan, while Wang Jiadu focuses on Sichuan-style food products and has established a strong presence in both domestic and international markets [1][6] - The integration will focus on three core areas: industrial synergy, channel complementarity, and joint research and development, aiming to create a comprehensive food supply chain from breeding to sales [2][7] Group 2 - The acquisition fills a gap in Yuexiu's portfolio in the Sichuan food and prepared dish sectors, enhancing its geographical coverage and establishing a cross-regional food supply chain [2][7] - Recent management changes at Wang Jiadu, including the appointment of Xu Qi as chairman, indicate that Yuexiu has taken over the operational management, which is expected to facilitate strategic planning and business collaboration [3][8] - The integration faces challenges such as cultural and management differences between the established brand Huang Shang Huang and the more flexible, innovative Wang Jiadu, which could impact the efficiency of the merger [3][8] Group 3 - The channel integration poses difficulties due to the differing market focuses of Huang Shang Huang and Wang Jiadu, with the former being strong in Southern China and the latter excelling in high-end retail and overseas markets [4][9] - Effective reuse of channel resources will be crucial for incorporating Wang Jiadu's products into Huang Shang Huang's national distribution system and leveraging Wang Jiadu's international channels for other Yuexiu products [4][9]

证券代码：603136 证券简称：天目湖 公告编号：2026-004 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： 已履行的审议程序：江苏天目湖旅游股份有限公司(以下简称"公司") 于 2025 年 12 月 31 日，召开了第六届董事会第十八次会议，审议通过了《关于 使用闲置募集资金进行现金管理的议案》，同意在确保募集资金投资项目正常进 行和保证募集资金安全的前提下，使用本金总金额不超过 28,000.00 万元闲置募 集资金进行现金管理，使用期限不超过 12 个月，在上述额度及决议有效期内， 可以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专户。 特别风险提示：尽管本次公司购买的为安全性高、流动性好的产品，属 于低风险投资产品，但金融市场受宏观经济的影响较大，不排除该项投资可能受 到市场波动的影响。 一、投资情况概述 （一）投资目的 为提高资金使用效率，在保证公司募集资金投资计划正常进行的前提下，合 理利用暂时闲置募集资金，增加资金收益，为公司和股东谋取更多回报。 （二）投资金额 本次现金管理金 ...

Group 1 - The tourism and scenic spots sector increased by 0.58% on January 6, with N Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - N Shaanxi Tourism's stock price rose by 64.10% to 132.00, with a trading volume of 143,900 shares and a transaction value of 1.971 billion [1] Group 2 - The main funds in the tourism and scenic spots sector had a net inflow of 719 million, while retail funds experienced a net outflow of 24.75 million [2] - The stock performance of various companies in the sector showed mixed results, with some stocks like N Shaanxi Tourism and Songcheng Performance seeing significant changes in net inflow and outflow [3] - N Shaanxi Tourism had a net inflow of 8.27 billion from main funds, while retail funds saw a net outflow of 1.62 billion [3]