以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月15日旅游及景区板块较上一交易日上涨0.37%，天目湖领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。旅游及景区板块个股涨跌见下表： 从资金流向上来看，当日旅游及景区板块主力资金净流入4405.0万元，游资资金净流入2347.23万元，散 户资金净流出6752.22万元。旅游及景区板块个股资金流向见下表： ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. has signed a transfer agreement to sell a 4.5944% stake in Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd. to Liyang State Investment Holding Group Co., Ltd. for 18.275 million yuan, marking an 8.53% discount from the book cost of 19.98 million yuan, as part of a strategy to optimize asset structure and focus on core business development [1][2][3] Group 1: Transaction Details - The transaction is classified as a related party transaction since Liyang State Investment is an indirect controlling shareholder of the company, and a company director also serves on Liyang's board [1] - The assessment method used for the transaction was the asset-based approach, and the pricing was determined through mutual agreement, ensuring fairness and compliance with legal regulations [2] - The payment for the transaction will be made in two installments: 9.14 million yuan within five working days of signing the agreement, and the remaining amount after the completion of business registration procedures [2] Group 2: Project Background and Termination - The Animal Kingdom project was initiated in April 2022 with a registered capital of 100 million yuan, where Tianmuhu contributed 19.98% [2] - The project aimed to create a comprehensive cultural tourism complex with an investment of 3.55 billion yuan, covering approximately 1,800 acres, and was expected to attract 4 million visitors annually [2] - Due to changes in market expectations and economic conditions, the project was deemed unfeasible, leading to its termination in September 2025 [1][2] Group 3: Financial Impact and Strategic Focus - The company views this transfer as a timely loss mitigation, as the project had already faced delays and potential losses [3] - In Q3 2025, the company reported a revenue of 140 million yuan, a year-on-year decrease of 1.23%, and a net profit of 28.5268 million yuan, down 13.19% [3] - Strategically, the company is focusing on expanding its core business, having recently strengthened its control over segments like performing arts and technology through the acquisition of stakes in three subsidiaries [3]

12月10日，江苏天目湖旅游股份有限公司（天目湖，603136.SH）发布公告，与溧阳国投完成转让协议的签署，以非公开协议转让的方式将其持 有的江苏天目湖动物王国旅游有限公司（下称"动物王国公司"）4.5944%股权转让给溧阳市国有资产投资控股集团有限公司（下称"溧阳国投"）， 交易价格为1827.5万元（人民币，下同）。 本次交易完成后，天目湖不再持有动物王国公司股份。 天目湖此次出股权出售背后，是动物王国公司综合体项目（下称"动物王国项目"）被终止以及当地政府对项目涉及的相关事项进行调查。 今年9月17日，天目湖发布的公告显示：鉴于参股公司动物王国公司已决定终止动物王国项目的实施，动物王国公司于2024年8月8日审议通过的增 资扩股方案亦决定同步终止实施，据此，天目湖根据动物王国公司的决定，拟终止向参股公司增资，并授权管理层与动物王国公司协商妥善解决 后续相关事宜。 同日晚间，溧阳市融媒体中心官方公众号"中国溧阳"发布的消息显示："近日，市委常委会召开会议。常州市人大常委会副主任、溧阳市委书记叶 明华主持会议。会议听取了《关于溧阳市天目湖动物王国文旅综合体项目情况》的汇报。经研究决定：一是同意溧阳市国有资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 三、其他说明 一、交易概述 江苏天目湖旅游股份有限公司（以下简称"公司"）拟以非公开协议转让的方式将其所持有的江苏天目湖 动物王国旅游有限公司（以下简称"动物王国公司"）4.5944%股权转让给溧阳市国有资产投资控股集团 有限公司（以下简称"溧阳国投"），交易价格以江苏中企华中天资产评估有限公司评估报告的最终评估 值为依据，公司持有动物王国公司4.5944%股权的评估值为1,827.50万元。双方一致协商同意本次股权 转让价格为1,827.50万元。本次交易完成后，公司不再持有动物王国公司股份。 具体内容详见公司于2025年12月10日在上海证券交易所网站（www.sse.com.cn）披露的《江苏天目湖旅 游股份有限公司关于出售参股公司股权暨关联交易的公告》（公告编号：2025-052）。 二、本次交易的进展情况 目前，公司与溧阳国投完成转让协议的签署。 证券代码：603136 证券简称：天目湖 公告编号：2025-053 江苏天目湖旅游股份有限公司 关于出售参股公司股权暨关联交易的进展公告 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 ...

证券代码：603136 证券简称：天目湖 公告编号：2025-053 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 担个别及连带责任。 目前，公司与溧阳国投完成转让协议的签署。 三、其他说明 公司将持续关注本次交易事项的后续进展情况，依照相关法律法规及制度的 规定，及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 江苏天目湖旅游股份有限公司 关于出售参股公司股权暨关联交易的进展公告 一、交易概述 江苏天目湖旅游股份有限公司（以下简称"公司"）拟以非公开协议转让的 方式将其所持有的江苏天目湖动物王国旅游有限公司（以下简称"动物王国公司"） 4.5944%股权转让给溧阳市国有资产投资控股集团有限公司（以下简称"溧阳国 投"），交易价格以江苏中企华中天资产评估有限公司评估报告的最终评估值为依 据，公司持有动物王国公司 4.5944%股权的评估值为 1,827.50 万元。双方一致 协商同意本次股权转让价格为 1,827.50 万元。本次交易完成后，公司不再持有 动物王国公司股份。 具 体 内 容 详 见 公 司 于 2025 年 1 ...

天目湖公告，拟以非公开协议转让的方式将其所持有的江苏天目湖动物王国旅游有限公司4.5944%股权 转让给溧阳市国有资产投资控股集团有限公司，交易价格为1827.5万元。 ...

Group 1 - The company plans to transfer its 4.5944% stake in Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd. to Liyang State-owned Assets Investment Holding Group Co., Ltd. for 18.275 million yuan, after which the company will no longer hold shares in the Animal Kingdom [1] - The Animal Kingdom project, established in collaboration with Jiangsu Tianmuhu Holding Group Co., Ltd., aims to create a comprehensive tourism destination themed around "animals + amusement," with a planned investment of 3.55 billion yuan [1] - The project has been included in key cultural and tourism industry projects in Jiangsu Province and is part of major industrial construction projects in Changzhou City [1] Group 2 - To ensure funding for the project, the Animal Kingdom company plans to increase its registered capital from 100 million yuan to 1 billion yuan, with the company contributing 180 million yuan in stages while maintaining a 19.98% ownership [2] - The total financing amount for the capital increase is expected to be 720 million yuan, involving cash and non-monetary assets from existing shareholders and new investors [2] - Due to changes in market expectations influenced by domestic and international economic conditions, the feasibility of the Animal Kingdom project has deviated from initial expectations, leading to the decision to terminate the project and related operations [2] Group 3 - The company states that the transfer of its stake in the Animal Kingdom company is beneficial for optimizing asset structure and improving operational efficiency, aligning with the overall development strategy and interests of all shareholders [3]

证券代码：603136 证券简称：天目湖 公告编号：2025-052 江苏天目湖旅游股份有限公司 关于出售参股公司股权暨关联交易的公告 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： 交易简要内容：江苏天目湖旅游股份有限公司（以下简称"公司"）拟以 非公开协议转让的方式将其所持有的江苏天目湖动物王国旅游有限公司（以下简 称"动物王国公司"）4.5944%股权转让给溧阳市国有资产投资控股集团有限公司 （以下简称"溧阳国投"），交易金额为 1,827.50 万元。 本次交易已经公司第六届董事会战略委员会第四次会议、2025 年第二次独 立董事专门会议、第六届董事会第十七次会议审议通过。本次交易事项未达到股 东会审议标准,无需提交股东会审议。本次交易国资相关审批流程已完成。 截至本公告披露日，过去 12 个月内，除日常关联交易外，公司与关联人 溧阳国投未发生其他交易。 2025 年 12 月 9 日，公司第六届董事会第十七次会议以 6 票同意、0 票反对、 0 票弃权，审议通过了《关于转让参股公司股权暨关联交易的议案 ...

Group 1 - The company, Tianmu Lake, announced a non-public agreement to transfer 4.5944% equity of Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. to Liyang State-owned Assets Investment Holding Group Co., Ltd. for a transaction amount of 18.275 million yuan [1] - For the year 2024, the revenue composition of Tianmu Lake is as follows: scenic area business accounts for 52.67%, hotel business for 29.74%, hot spring business for 7.89%, other businesses for 6.7%, and travel agency business for 1.61% [1] - As of the report date, Tianmu Lake has a market capitalization of 3 billion yuan [1]