证券之星消息，1月23日旅游及景区板块较上一交易日上涨0.42%，三峡旅游领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002627 | 三峡旅游 | 9.70 | 3.63% | 34.95万 | 3.41亿 | | 002707 | 众信旅游 | 8.38 | 2.07% | 56.17万 | 4.69亿 | | 600749 | 四藏旅游 | 17.63 | 1.97% | 7.00万 | 1.22亿 | | 661809 | 九华旅游 | 43.60 | 1.89% | 5.92万 | 2.58亿 | | 300859 | 西域旅游 | 39.12 | 1.77% | 6.18万 | 2.40亿 | | 600593 | 大连圣亚 | 46.77 | 1.08% | 7.67万 | 3.54亿 | | 600576 | 祥源文旅 | 6.78 | 0 ...

Core Viewpoint - The tourism and scenic spots sector experienced a decline of 1.11% on January 21, with Jiuhua Tourism leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Major stocks in the tourism sector showed mixed performance, with notable gainers including Sanxia Tourism (up 2.29%) and Tianfu Cultural Tourism (up 2.10%) [1] - Jiuhua Tourism saw the largest decline at 3.91%, closing at 42.79 [2] Group 2: Trading Volume and Capital Flow - The tourism and scenic spots sector had a net capital outflow of 287 million yuan, while retail investors saw a net inflow of 282 million yuan [2] - The trading volume for Sanxia Tourism was 242,100 shares, with a transaction value of 215 million yuan [1] - Tianfu Cultural Tourism had a trading volume of 604,300 shares, with a transaction value of 322 million yuan [1] Group 3: Individual Stock Capital Flow - Tianfu Cultural Tourism had a net inflow of 24.17 million yuan from major investors, but a net outflow of 9.19 million yuan from speculative investors [3] - Xian Tourism experienced a significant net outflow of 6.34 million yuan from major investors, while retail investors contributed a net inflow of 10.35 million yuan [3] - Yunnan Tourism faced a net outflow of 5.99 million yuan from major investors, with a net inflow of 5.70 million yuan from retail investors [3]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Group 1 - The tourism market is experiencing a surge as the winter and Spring Festival holidays approach, with high-speed train tickets for popular routes becoming difficult to obtain [1][4] - The secondary market for tourism concept stocks has seen significant increases, with companies like Jiuhua Tourism and Dalian Shengya reaching their daily price limits [1][2] - Recent data indicates that travel bookings for the winter and Spring Festival holidays have surpassed last year's figures, with hotel bookings for popular cities during the Spring Festival increasing by 70% year-on-year [1][4] Group 2 - The tourism sector is showing strong performance, with 33 out of 35 tourism concept stocks rising, including notable gains from Jiuhua Tourism and Dalian Shengya [2][3] - Dalian Shengya's stock saw a rapid rebound, reaching a price limit with a trading volume of 9.12 billion yuan and a market capitalization of 6.33 billion yuan [2][3] - Jiuhua Tourism's stock also reached its price limit, driven by factors such as revenue growth and strong cash flow, with a market capitalization of 4.79 billion yuan [3] Group 3 - The upcoming 2026 Spring Festival holiday, lasting from February 15 to February 23, is expected to further stimulate the tourism market, with predictions of record-breaking travel demand [3][4] - The spring transportation season has begun, with reports of sold-out tickets for various destinations, indicating a robust travel demand [4] - Recent policies from the government aim to support the tourism industry through various measures, including enhancing service quality and expanding tourism infrastructure [4][5][6]

Group 1 - The company's stock price in the secondary market is influenced by various factors including the macroeconomic environment, capital market trends, and industry development dynamics [2]

Market Overview - The market experienced a pullback after an initial rise, with the Shenzhen Composite Index and the ChiNext Index turning negative. The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 198.5 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.13%, while the Shenzhen Composite Index fell by 0.01%, and the ChiNext Index decreased by 0.64% [1] Sector Performance - The electric grid equipment sector saw significant gains, with companies like China Xidian, Dalian Electric Porcelain, and Guodian Electric reaching their daily price limits [1] - The commercial aerospace sector rebounded, with stocks such as Jinding New Materials and Yuexiu Capital also hitting their daily limits [3] - The tourism and hotel sector strengthened, with Dalian Shengya and Jiuhua Tourism achieving price limits [7] - The robotics sector experienced fluctuations, with stocks like Riying Electronics and Zhejiang Xiantong reaching their daily limits [5] Notable Stocks - A total of 44 stocks hit their daily limits in the morning session, with a limit rate of 67%. Notable stocks included Fenglong Co., which continued its streak with 14 consecutive price limits, and Xinhua Department Store with 4 consecutive limits [1] - In the electric grid equipment sector, stocks such as Shuangjie Electric and Yinen Electric saw significant increases of 17.65% and 13.89%, respectively [2] Investment Insights - The State Grid Corporation of China announced that its fixed asset investment is expected to reach 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan, which is anticipated to drive high-quality development in the new power system supply chain [2][3] - The commercial aerospace sector is gaining momentum, with companies like Zhongke Aerospace completing their IPO guidance work, marking it as one of the fastest in the sector [4][13] Economic Indicators - The National Bureau of Statistics reported that the per capita disposable income for residents in 2025 is projected to be 43,377 yuan, with a nominal growth of 5.0% [29] - The GDP for 2025 is expected to exceed 140 trillion yuan, with a growth rate of 5.0% [30]

Market Overview - The A-share market showed mixed performance on January 19, with the Shanghai Composite Index closing at 4114.00 points, up 0.29%, while the Shenzhen Component Index rose 0.09% to 14294.05 points, and the ChiNext Index fell 0.70% to 3337.61 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1] Sector Performance - The aviation, tourism, hotel and catering, and electrical equipment sectors saw significant gains, while the internet, communication equipment, software services, and semiconductor sectors experienced declines [1] - The electric grid equipment sector had a notable surge, with several stocks hitting the daily limit, including Baobian Electric and China West Electric [2] - The precious metals sector also performed well, with stocks like Sichuan Gold and Zhaojin Gold reaching their daily limit [2] Institutional Insights - According to Jifeng Investment Advisory, the market is in an upward trend, with many sectors finding support at the 60-day moving average, indicating a new round of upward momentum [3] - Citic Securities highlighted the strategic importance of global rare earth resources, predicting a sustained increase in demand from emerging sectors such as electric vehicles and humanoid robots, leading to a potential supply-demand gap by 2026 [4] Economic Forecast - The National Bureau of Statistics projected a 5% year-on-year growth for China's GDP in 2025, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [5] Company Developments - Xiaomi's second-generation self-developed SoC, the Xuanjie O2, is expected to utilize TSMC's N3P process, with plans to expand its application beyond smartphones to tablets, cars, and computers [6]

Core Viewpoint - The A-share market experienced a mixed performance with the Shanghai Composite Index rising by 0.29% to 4114.0 points, while the ChiNext Index fell by 0.7% to 3337.61 points, indicating a narrow fluctuation in trading activity on January 19 [1] Group 1: Market Performance - The Shanghai Composite Index increased by 12.09 points, or 0.29%, closing at 4114.0 points [1] - The Shenzhen Component Index rose by 12.97 points, or 0.09%, to 14294.05 points [1] - The CSI 300 Index gained 2.58 points, or 0.05%, ending at 4734.46 points [1] - The total trading volume in the two markets reached 2.71 trillion yuan, with over 3500 stocks rising [1] Group 2: Sector Highlights - The electric grid equipment sector saw a significant surge, with multiple stocks hitting the daily limit, driven by a report from Huatai Securities predicting a 4 trillion yuan investment from the State Grid [2] - The precious metals sector strengthened, with both Zhaojin Mining and Sichuan Gold hitting the daily limit, as international gold and silver prices reached historical highs [3] - The tourism sector also performed well, with stocks like Jiuhua Tourism and Dalian Shengya hitting the daily limit, supported by increasing travel bookings ahead of the upcoming holidays [4] Group 3: Institutional Insights - CITIC Securities stated that adjustments in financing margins do not affect the overall upward trend of the market but will influence market structure [5] - Guotai Junan highlighted the acceleration of thematic rotation, focusing on domestic semiconductor and electric power sectors, as regulatory measures aim to stabilize market fluctuations [6] - Dongfang Securities projected that the Shanghai Composite Index would oscillate between 4000 and 4200 points before the Spring Festival, while still favoring sectors with strong demand and performance potential [7]

Market Overview - A-shares opened lower but rebounded, with the Shanghai Composite Index up 0.13% at 4107.18 points, while the Shenzhen Component Index fell 0.01% to 14280.05 points, and the ChiNext Index dropped 0.64% to 3339.56 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.79 trillion yuan, with over 3300 stocks rising [1] Sector Performance Electric Grid Equipment - Electric grid equipment stocks surged, with companies like China West Electric and Dalian Electric Porcelain hitting the daily limit [2] - A report from Huatai Securities indicated a 4 trillion yuan investment by the State Grid, benefiting electric grid equipment manufacturers, with steady growth expected in grid investments during the 14th Five-Year Plan [2] Tourism Sector - The tourism sector showed strong performance, with Jiuhua Tourism and Dalian Shengya reaching the daily limit [3] - As the winter vacation and 2026 Spring Festival approach, travel bookings have exceeded last year's figures, indicating a recovery in demand driven by expanded cultural tourism policies [3] Precious Metals - Precious metals saw active trading, with Sichuan Gold rising over 9% and other companies like Zhongjin Gold and Shanjin International also gaining [4] - International gold and silver prices reached historical highs, with gold surpassing $4690 per ounce and silver exceeding $94 per ounce, indicating a potential continuation of the upward trend in precious metals [4] Institutional Insights Citic Securities - Citic Securities stated that adjustments in financing margins do not affect the overall upward trend of the market but may impact market structure [5] - The firm emphasized the importance of earnings guidance as the market enters the annual report forecast period, suggesting a focus on sectors like chemicals, non-ferrous metals, electric equipment, and new energy for investment [5] Guotai Junan - Guotai Junan noted an acceleration in thematic rotation, particularly focusing on domestic semiconductors and electric power [6] - The firm highlighted the need for regulatory measures to stabilize the market and suggested that sectors with strong demand support and intensive industrial catalysts, such as domestic computing power and new electric grids, are promising [6] Dongfang Securities - Dongfang Securities projected that the Shanghai Composite Index would fluctuate between 4000 and 4200 points before the Spring Festival [7][8] - The firm indicated that policy measures aim to curb excessive speculation while maintaining the performance of popular sectors, with a focus on AI computing, semiconductors, non-ferrous metals, and robotics as key investment areas [8]

Core Viewpoint - The tourism and travel sector has shown significant gains, with stocks such as Jiuhua Tourism hitting the daily limit, and others like Junting Hotel and Dalian Shengya also experiencing notable increases. This surge is attributed to recent policy support aimed at boosting service consumption, which is expected to invigorate the industry [1]. Group 1: Policy Support - Recent policies in the service consumption sector are designed to enhance industry growth, emphasizing the release of service consumption potential [1]. - The National Business Work Conference highlighted the importance of improving trade and investment facilitation in Hainan Free Trade Port, while Shanghai introduced 16 measures to stimulate consumption through cultural and tourism integration [1]. - Various departments have issued opinions to expand cultural and sports consumption, encouraging grassroots unions to organize seasonal trips and offer exclusive discounts on cultural and tourism products [1]. Group 2: Market Outlook - Guosen Securities predicts that boosting domestic demand will be a key focus for economic development by 2026, with significant potential for service consumption in China compared to overseas markets [1]. - The report suggests that service consumption could become a new focal point for the government, especially as commodity consumption subsidies are optimized [1]. - The current funding allocation in the sector is at a historical low, and overall valuations reflect many pessimistic expectations, indicating a potential for recovery in service consumption as policies align with income expectations [1].