Market Overview - A-shares experienced a volatile rise in early trading on January 19, with all three major indices strengthening, particularly in the electric grid equipment and precious metals sectors [1] - The Hang Seng Index opened lower and continued to decline, with the Hang Seng Technology Index also falling, while new consumption concepts rebounded [2][3] A-shares Performance - The Shanghai Composite Index rose by 20.40 points, or 0.50%, to 4122.31 - The Shenzhen Component Index increased by 87.61 points, or 0.61%, to 14368.69 - The ChiNext Index gained 14.27 points, or 0.42%, to 3375.29 [1] Hong Kong Market Performance - The Hang Seng Index fell by 229.97 points, or 0.86%, to 26614.99 - The Hang Seng Technology Index decreased by 43.23 points, or 0.74%, to 5778.95 [2][3] Bond Market - The bond market showed mixed results, with the 30-year main contract down by 0.23% and the 10-year main contract down by 0.01% [3][4] Commodity Market - Most domestic commodity futures declined, with notable drops in tin (over 6%) and lithium carbonate (nearly 4%) - Silver and gold prices saw increases, with silver up by 2% and gold by 1% [4][5] Electric Grid Equipment Sector - The electric grid equipment sector saw a surge, with stocks like Shuangjie Electric hitting the daily limit up of 20%, and several others rising over 10% [6][7] Tourism and Hospitality Sector - The tourism and hotel sector showed positive movement, with Jiuhua Tourism hitting the daily limit up and several other hotel stocks also rising, driven by increased travel bookings for the upcoming holiday season [8] AI Application Sector - The AI application sector rebounded, with stocks like Baina Qiancheng rising over 10%, following news of OpenAI testing ad placements in its services [9][11] Precious Metals Sector - The precious metals sector was active, with Sichuan Gold rising over 9% and other gold stocks following suit, influenced by record high international gold and silver prices [10]

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.16% on January 7, with Sanxia Tourism leading the gains, reflecting positive market sentiment in the industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1]. - Notable performers in the tourism sector included: - Sanxia Tourism (002627) with a closing price of 7.82, up 9.99% and a trading volume of 361,100 shares, totaling a transaction value of 272 million yuan [1]. - C Shaanxi Travel (603402) closed at 140.83, up 6.69%, with a transaction value of 1.691 billion yuan [1]. - Jiuhua Tourism (661809) increased by 2.73% to 37.98, with a transaction value of 159 million yuan [1]. Group 2: Capital Flow - The tourism and scenic spots sector saw a net inflow of 192 million yuan from institutional investors, while retail investors experienced a net outflow of 23.2961 million yuan [2]. - Key stocks with significant capital flow included: - C Shaanxi Travel (603402) had a net inflow of 9.18% from institutional investors, but a net outflow of 7.13% from speculative funds [3]. - Sanxia Tourism (002627) recorded a net inflow of 15.77% from institutional investors, with a net outflow of 1.75% from speculative funds [3]. - Zhongqing Travel (600138) had a net inflow of 7.76% from institutional investors, while speculative funds saw a net outflow of 2.66% [3].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance in the coming months [5]. Core Insights - The report highlights the encouragement of travel and cultural consumption through policies aimed at enhancing employee leisure activities, which is expected to boost the travel and cultural sectors significantly [2][4]. - The introduction of additional public holidays and policies supporting paid leave is anticipated to stimulate cultural and tourism consumption, particularly during traditionally low seasons [4]. - Data from travel platforms indicates a substantial increase in ticket bookings during recent holiday periods, showcasing a growing consumer interest in travel and leisure activities [3]. Summary by Sections Policy Initiatives - The report discusses the issuance of guidelines by various government bodies to promote employee cultural and sports activities, allowing for up to four organized trips per year and the distribution of cultural consumption vouchers [1][2]. Market Trends - Significant growth in ticket bookings was observed during the autumn and snow holidays, with some regions reporting increases of over 300% in ticket reservations compared to previous years [3]. - The report notes that the policy-driven encouragement of travel is likely to transform traditionally slow tourism periods into more active seasons, benefiting sectors such as duty-free, hotels, and sports events [4]. Investment Recommendations - The report suggests focusing on sectors with potential for growth, particularly in Hainan and during the upcoming Spring Festival, as well as sectors benefiting from new consumer trends and favorable policies [5][8]. - Specific companies are recommended for investment, including those in the duty-free, hotel, and new retail sectors, which are expected to perform well in the current market environment [8].

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]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - The consumption market shows strong growth during the New Year holiday, with significant increases in travel and spending among younger demographics [1][2][4] - The cross-year travel and ice-snow tourism are gaining popularity, with notable increases in ticket bookings and hotel reservations [2] - Hainan's duty-free sales doubled in the first two days of the New Year holiday, indicating robust consumer interest [3] - Various cities reported double-digit sales growth during the holiday, reflecting a vibrant consumption environment [4][7] Summary by Sections Travel Trends - High travel enthusiasm was noted during the New Year holiday, with a significant increase in ticket bookings and hotel reservations, particularly among younger travelers [1][2] - The search volume for "cross-year travel" increased by 125% year-on-year, with theme parks and concerts being major attractions [2] Duty-Free Sales - Hainan's duty-free sales reached 30.7 million items, with a 121.5% year-on-year increase in sales amounting to 5.05 billion yuan [3] - The sales in Sanya alone saw a remarkable increase, with sales amounting to 1.63 billion yuan on January 1, marking an 83.2% increase [3] Consumption Growth - Beijing's sales during the holiday reached 4.04 billion yuan, with a 16.3% year-on-year increase [4] - Shanghai reported an average daily consumption of 12.2 billion yuan, with online sales growing by 5.5% year-on-year [4] - Other cities like Qingdao and Nanjing also reported positive sales growth, indicating a broad recovery in consumer spending [4][7] Investment Recommendations - The report suggests focusing on Hainan and sectors with performance elasticity during the Spring Festival, including duty-free, cross-border e-commerce, and certain scenic spots [8] - It highlights the potential of new consumption trends and the importance of adapting to market changes in 2026 [8]

Core Viewpoint - The tourism and scenic spots sector experienced a slight increase of 0.48% on December 31, with Caesar Travel leading the gains. The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1]. Group 1: Stock Performance - Caesar Travel (000796) closed at 7.20, up 6.04%, with a trading volume of 1.89 million shares and a transaction value of 1.332 billion yuan [1]. - Other notable performers included ST Zhanggu (000430) at 7.76, up 2.51%, and Guilin Tourism (000978) at 7.24, up 2.26% [1]. - The overall trading volume and transaction values for various stocks in the tourism sector indicate active market participation, with total transaction values reaching billions [1]. Group 2: Capital Flow - The tourism and scenic spots sector saw a net outflow of 105 million yuan from main funds, while retail investors contributed a net inflow of 103 million yuan [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing stocks within the sector [2]. - Specific stocks like Caesar Travel had a significant net inflow from retail investors, despite a net outflow from main funds [3].

Quantitative Models and Construction Methods 1. Model Name: Large Order Transaction Amount Ratio - **Model Construction Idea**: This model tracks the buying behavior of large funds by calculating the proportion of large order transaction amounts to the total daily transaction amount[7] - **Model Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the ratio of large buy order transaction amounts to the total daily transaction amount - Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Model Evaluation**: This indicator effectively captures the buying behavior of large funds[7] 2. Model Name: Net Active Buy Amount Ratio - **Model Construction Idea**: This model measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Model Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell flag 2. Calculate the net active buy amount by subtracting the active sell amount from the active buy amount 3. Compute the ratio of the net active buy amount to the total daily transaction amount - Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Model Evaluation**: This indicator effectively captures the active buying behavior of investors[7] --- Model Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 10 Stocks by 5-Day Average**: - **East Securities (601198.SH)**: 88.1%, 99.6% time-series percentile[9] - **Shanghai Kaibao (300039.SZ)**: 86.3%, 100.0% time-series percentile[9] - **Sanxiang Impression (000863.SZ)**: 86.0%, 99.6% time-series percentile[9] - **Chongqing Steel (601005.SH)**: 86.0%, 78.7% time-series percentile[9] - **Jinzhengda (002470.SZ)**: 85.7%, 89.8% time-series percentile[9] - **Wanlong Optoelectronics (300710.SZ)**: 85.6%, 99.6% time-series percentile[9] - **Yasheng Group (600108.SH)**: 85.5%, 84.4% time-series percentile[9] - **Sinochem International (600500.SH)**: 85.5%, 90.4% time-series percentile[9] - **Chongqing Water (601158.SH)**: 85.2%, 96.7% time-series percentile[9] 2. Net Active Buy Amount Ratio - **Top 10 Stocks by 5-Day Average**: - **Jiuhua Tourism (603199.SH)**: 26.2%, 100.0% time-series percentile[10] - **Bailong Oriental (601339.SH)**: 22.9%, 100.0% time-series percentile[10] - **Zijin Bank (601860.SH)**: 20.2%, 100.0% time-series percentile[10] - **Bailong Chuangyuan (605016.SH)**: 19.5%, 100.0% time-series percentile[10] - **Hengshun Vinegar (600305.SH)**: 17.8%, 100.0% time-series percentile[10] - **Qingfangcheng (600790.SH)**: 17.7%, 99.6% time-series percentile[10] - **Shandong Steel (600022.SH)**: 17.7%, 99.6% time-series percentile[10] - **Shengda Forestry (002259.SZ)**: 17.5%, 100.0% time-series percentile[10] - **Taoli Bread (603866.SH)**: 17.2%, 100.0% time-series percentile[10] - **Jiangsu Sopo (600746.SH)**: 16.8%, 100.0% time-series percentile[10] 3. Broad-Based Indices - **5-Day Average Results**: - **Shanghai Composite Index**: Large Order Ratio 73.7% (82.0% percentile), Net Active Buy Ratio 2.2% (3.7% percentile)[12] - **SSE 50**: Large Order Ratio 71.7% (58.2% percentile), Net Active Buy Ratio 5.8% (92.6% percentile)[12] - **CSI 300**: Large Order Ratio 73.0% (41.0% percentile), Net Active Buy Ratio 2.9% (20.9% percentile)[12] - **CSI 500**: Large Order Ratio 73.8% (86.9% percentile), Net Active Buy Ratio 1.5% (3.3% percentile)[12] - **ChiNext Index**: Large Order Ratio 70.5% (6.1% percentile), Net Active Buy Ratio 0.1% (14.8% percentile)[12] 4. Industry-Level Analysis - **Top Industries by 5-Day Average**: - **Steel**: Large Order Ratio 79.0% (79.1% percentile), Net Active Buy Ratio 12.7% (0.8% percentile)[13] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Large Order Ratio 77.1% (87.7% percentile), Net Active Buy Ratio 10.8% (3.3% percentile)[13] - **Food and Beverage**: Large Order Ratio 71.5% (95.5% percentile), Net Active Buy Ratio 10.1% (32.8% percentile)[13] - **Real Estate**: Large Order Ratio 78.7% (70.9% percentile), Net Active Buy Ratio 8.8% (9.8% percentile)[13] - **Consumer Services**: Large Order Ratio 75.8% (32.4% percentile), Net Active Buy Ratio 8.9% (13.9% percentile)[13] 5. ETF Analysis - **Top 10 ETFs by Large Order Ratio**: - **Haifutong Shanghai Urban Investment Bond ETF (511220.SH)**: 93.4%, 63.5% percentile[15] - **Fortune Military Industry ETF (512710.SH)**: 92.1%, 100.0% percentile[15] - **Guotai CSI A500 ETF (159338.SZ)**: 91.5%, 19.7% percentile[15] - **Guotai 10-Year Treasury ETF (511260.SH)**: 91.5%, 91.8% percentile[15] - **Penghua National Defense ETF (512670.SH)**: 90.7%, 99.6% percentile[15] - **Top 10 ETFs by Net Active Buy Ratio**: - **Huaxia Food and Beverage ETF (515170.SH)**: 18.2%, 99.6% percentile[16] - **Yinhua 5G Communication ETF (159994.SZ)**: 16.7%, 100.0% percentile[16] - **E Fund CSI 300 Non-Bank ETF (512070.SH)**: 16.0%, 95.9% percentile[16] - **Huatai-PineBridge Dividend Low Volatility ETF (512890.SH)**: 15.7%, 94.3% percentile[16] - **Fortune Agriculture ETF (159825.SZ)**: 15.2%, 96.7% percentile[16]

证券代码：603199 股票简称：九华旅游 公告编号：临2025-049 安徽九华山旅游发展股份有限公司 关于增加2025年度日常关联交易预计额度的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：公司主要业务不因此类交易而对关联 方形成依赖，也不会影响公司的独立性。 2025 年 12 月 21 日，公司召开第九届董事会独立董事专门会议第三次会议， 审议通过了《关于增加 2025 年度日常关联交易预计额度的议案》，并形成了以下 意见：本事项系公司正常经营业务范围所必需，与关联人之间的交易遵循公平、 自愿、互惠互利原则，交易价格公允，不会对公司未来财务状况、经营成果产生 不利影响，不存在损害公司及全体股东特别是中小股东利益的情形，不影响公司 独立性。 2.董事会表决情况 2025 年 12 月 22 日，公司召开第九届董事会第九次会议审议通过了《关于 增加 2025 年度日常关联交易预计额度的议案》，关联董事高政权、徐震已回避表 决。 （二）公司 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2025-048 安徽九华山旅游发展股份有限公司 第九届董事会第九次会议决议公告 【详细内容见上海证券交易所网站（http://www.sse.com.cn/）及《上海证 券报》于 2025 年 12 月 23 日刊登的《安徽九华山旅游发展股份有限公司关于增 加 2025 年度日常关联交易预计额度的公告》（公告编号：临 2025-049）】 特此公告。 安徽九华山旅游发展股份有限公司董事会 2025年12月23日 本议案已经公司董事会审计委员会、独立董事专门会议审议通过，同意提交 公司董事会审议。 关联董事高政权、徐震回避表决。 表决结果：4 票同意，0 票反对，0 票弃权。 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。 安徽九华山旅游发展股份有限公司(以下简称"公司")第九届董事会第九次 会议通知于 2025 年 12 月 17 日以专人派送或电子邮件的方式发出。会议于 2025 年 12 月 22 日以通讯表决方式召开，本次会议应出席董事 6 人，实际出席董事 6 ...

每经AI快讯，九华旅游（SH 603199，收盘价：37.24元）12月22日晚间发布公告称，公司第九届第九次 董事会会议于2025年12月22日以通讯表决方式召开。会议审议了《关于增加2025年度日常关联交易预计 额度的议案》等文件。 2024年1至12月份，九华旅游的营业收入构成为：旅游服务业占比98.25%，其他业务占比1.75%。 截至发稿，九华旅游市值为41亿元。 （记者 曾健辉） 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 ...