证券代码：603136 证券简称：天目湖 公告编号：2026-006 江苏天目湖旅游股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，江苏天目湖旅游股份有限公司（以下简称"公司"）董 事陶平先生持有公司股份 9,251,000 股，占公司总股本的 3.42%；公司董事陈东 海先生持有公司股份 10,087,991 股，占公司总股本的 3.73%。上述人员所持股 份来源均为公司首次公开发行前取得及上市后以资本公积金转增股本方式取得。 减持计划的主要内容 因个人资金需求，公司董事拟减持股份，具体如下： 公司董事陶平先生拟通过集中竞价、大宗交易等方式减持其直接持有的公司 股份不超过 2,312,750 股，即不超过公司股份总数的 0.855%；公司董事陈东海 先生拟通过集中竞价、大宗交易等方式减持其直接持有的公司股份不超过 2,521,997 股，即不超过公司股份总数的 0.9325%。 本次减持期间为自本公告披露之日起 15 个交易日 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Insights - The report highlights that the total retail sales in January-February 2026 increased by 2.8% year-on-year, showing an improvement from 0.9% in December 2025. The restaurant revenue grew by 4.8%, outperforming the retail goods sales [1][3] - The service sector's PMI for January and February was 49.5% and 49.7%, respectively, indicating a stable performance. The government work report suggests ongoing support for service consumption, which is expected to drive growth in the sector [1][3] - The report emphasizes the government's focus on boosting domestic demand and consumption, which is likely to enhance consumer confidence and spending capacity [1][3] Summary by Sections Domestic Macro Data - Retail sales in January-February reached 86,079 billion, with a year-on-year growth of 2.8%, an increase of 1.9 percentage points from December 2025. The growth in retail sales was influenced by the extended Spring Festival holiday [1][3] - The service sector's production index grew by 5.2% year-on-year, and the consumer confidence index stood at 90.6, indicating a gradual recovery in consumer sentiment [1][3] Investment Recommendations - The report suggests focusing on companies that are expected to benefit from the recovery in tourism and business travel, such as Lingnan Holdings and Zhongxin Tourism. Other recommended companies include Tianmu Lake, Lijiang Co., Songcheng Performance, and various hotel chains [3]

Group 1: Travel and Transportation - Shanghai International Airport reported a single-day passenger flow of 424,900 on February 20, with a year-on-year increase of 6.4%, marking a historical high [2] - During the Spring Festival travel period, Shanghai Airport expects a total of 96,000 flights and a passenger throughput of 15.53 million, reflecting a year-on-year growth of 3.6% [2] - Guangzhou Baiyun International Airport achieved a record of 27,776 passengers on February 21, with a year-on-year increase of 9.12% [3] Group 2: Film Industry - The Chinese film market's total box office surpassed $1.1 billion, making it the leading single market globally, with the Spring Festival box office exceeding 5.2 billion yuan [4] - Shanghai Film reported a box office of 348 million yuan during the Spring Festival, capturing 6.9% of the national market share [4] Group 3: Tourism and Attractions - The Shanghai Yuyuan Lantern Festival implemented a fully digital transformation, enhancing visitor engagement through technology [5] - Changbai Mountain received 81,000 visitors during the Spring Festival, reflecting a year-on-year growth of 1.28% [5] - Huangshan Scenic Area welcomed 174,400 visitors from February 17 to 22, achieving a 2.38% increase in visitor numbers compared to the previous year [6] Group 4: Food and Beverage Industry - Jiangsu Jinshiyuan Wine Industry launched a promotional event during the Spring Festival, allowing consumers to participate in a lottery by scanning QR codes [7] - Shanxi Fenjiu introduced an interactive campaign with a 99.9% winning rate for consumers who scanned codes on bottle caps [7] - Guangzhou Restaurant Group integrated various experiences and product innovations during the Spring Festival, enhancing consumer engagement [7]

Group 1 - The Tianmu Lake Scenic Area will launch a large-scale themed performance and interactive activities for the Spring Festival 2026, themed "New Year Joy Gathering," aimed at creating a culturally rich and interactive holiday experience for visitors [1] - The Tianmu Lake Mountain Water Park will debut its first live-action water show featuring five themed stages, offering an immersive viewing experience with traditional cultural elements like intangible cultural heritage fish lanterns and weaving techniques, performed by a cast of over 100 artists for a total of 360 minutes of performances each day [1] - Additional activities at the park will include winter fishing, tasting clay pot fish head soup, a New Year market, butterfly releases, and pet interactions, enhancing the overall visitor experience [1] Group 2 - The Tianmu South Mountain Bamboo Sea Scenic Area has innovatively introduced an immersive interactive theater in its vast bamboo forest, allowing visitors to become "characters in the play," explore freely, and engage with over 50 NPCs through various tasks and puzzles, using unique "bamboo coins" to connect experiences within and outside the play [4] Group 3 - Tianmu Lake Hot Spring will continue its "True Bamboo Spring" theme, introducing a series of fortune hot spring pools and a scenic flower sea, along with activities such as sky lantern releases, hot spring tours, and hands-on experiences like sachet making and New Year paper cutting, providing a warm and relaxing space for visitors [7]

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 ...

Core Viewpoint - The company announced the redemption of a structured deposit from Industrial Bank, amounting to 38 million yuan, with a return of 46,100 yuan, and plans to reinvest the same amount into cash management without affecting the progress of fundraising projects or normal operations [1] Group 1 - The company will redeem a structured deposit from Industrial Bank on February 2, 2026, for a total of 38 million yuan [1] - The redemption will yield a profit of 46,100 yuan [1] - The company will reinvest the redeemed amount into cash management using idle fundraising funds [1] Group 2 - The redemption will not impact the progress of fundraising investment projects [1] - The company's normal production and operations will remain unaffected by this financial maneuver [1]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

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]

Group 1 - The A-share market saw active performance in certain tourism stocks, with notable increases including Caesar Travel rising over 7%, and others like Hao Xiang Ni and Song Cheng Performing Arts increasing over 4% [1] - The State Council recently issued a work plan aimed at accelerating the cultivation of new growth points in service consumption, focusing on potential areas such as performance services, sports event services, and experiential services [1] - The plan emphasizes the improvement of infrastructure at travel destinations and promotes the enhancement and renovation of existing facilities [1] Group 2 - Specific stock performances include: - Caesar Travel (code: 000796) up 7.68% with a market cap of 10.3 billion and a year-to-date decline of 10.42% - Hao Xiang Ni (code: 002582) up 4.55% with a market cap of 5.758 billion and a year-to-date increase of 16.38% - Song Cheng Performing Arts (code: 300144) up 4.10% with a market cap of 22.7 billion and a year-to-date increase of 5.49% - Huangshan Tourism (code: 600054) up 3.67% with a market cap of 9.27 billion and a year-to-date increase of 12.93% - Other notable increases include Li'an Technology, Dongbai Group, and others with varying performances [2]

Core Viewpoint - The article highlights the picturesque winter scenery of Tianmu Lake Bamboo Sea in Liyang, Jiangsu, transformed by recent snowfall during the Dahan solar term, creating a stunning visual experience [2][3][5] Summary by Sections - **Location and Event**: The event takes place in Liyang, Jiangsu, specifically at Tianmu Lake Bamboo Sea, showcasing the beauty of nature during the winter season [2][3][5] - **Weather Impact**: The recent snowfall has created a crystal-clear ice and snow world, enhancing the landscape and providing a unique winter view [2][3][5] - **Visual Description**: The article describes the scene as a "winter limited painting," emphasizing the aesthetic appeal of the snowy environment [2][3][5]