Core Viewpoint - The tourism and scenic spots sector experienced a slight increase of 0.47% on February 3, with Shaanxi Tourism leading the gains. The Shanghai Composite Index rose by 1.29%, while the Shenzhen Component Index increased by 2.19 [1]. Group 1: Market Performance - The closing price of Shaanxi Tourism was 151.30, with a rise of 2.99% and a trading volume of 17,900 lots, resulting in a transaction amount of 271 million [1]. - Other notable performers included: - Caesar Travel at 6.24, up 2.13% with a volume of 735,200 lots [1]. - Xiangyuan Cultural Tourism at 6.68, up 1.98% with a volume of 184,400 lots [1]. - Jiuhua Tourism at 43.65, up 1.87% with a volume of 41,100 lots [1]. - The overall tourism and scenic spots sector saw a net outflow of 128 million from main funds, while retail investors contributed a net inflow of 140 million [2]. Group 2: Fund Flow Analysis - Key fund flow data indicates: - Jiuhua Tourism had a main fund net outflow of 16.07 million, with a retail net outflow of 18.75 million [3]. - Tianfu Cultural Tourism experienced a main fund net inflow of 11.80 million, while retail investors had a slight outflow of 0.17 million [3]. - Three Gorges Tourism saw a main fund net inflow of 5.06 million, with a retail net outflow of 11.33 million [3].

Summary of Shaanxi Tourism Group Conference Call Company Overview - Shaanxi Tourism Group is the only publicly listed cultural tourism platform under the Shaanxi provincial state-owned assets, holding key assets such as "The Song of Everlasting Regret" and the Huashan West Peak Cableway [2][5] Core Financials and Performance - In 2024, the company expects tourism performance revenue to account for 59% and cableway revenue to account for 38% of total income [2] - Revenue from "The Song of Everlasting Regret" is projected to be approximately 680 million yuan, with a visitor count of 2.49 million, an occupancy rate of 88%, an average ticket price of 273 yuan, a gross margin exceeding 80%, and a net profit of about 467 million yuan [2][5] - The Huashan West Peak Cableway is expected to generate 390 million yuan in revenue, with a visitor count of 3.56 million, a ride rate of 104%, an average ticket price of 105 yuan, and a net profit of 190 million yuan (51% ownership by the listed company) [2][6] - The company anticipates that existing businesses will contribute approximately 600 million yuan in profit [2][7] Future Growth and Acquisitions - Plans to acquire a 19% stake in Taihua Cableway and a 49% stake in Yaoguang Pavilion, expected to add 40 million and 10 million yuan in profit, respectively [2][7] - Ongoing construction of the second phase of Taishan Xiucheng, expected to contribute over 30 million yuan in profit in the year of completion and 70-80 million yuan in five years [2][7] - New projects include the construction of the South Line Cableway at Shaohua Mountain and supporting facilities for the Huashan West Peak Cableway [2][7] Asset and Revenue Projections - By September 2025, the total asset scale of Shaanxi Tourism Group is expected to exceed 54 billion yuan, with projected group revenue of over 9 billion yuan and a gross profit of around 2 billion yuan [2][8] - The listed company is expected to achieve a gross profit of about 900 million yuan, with potential for further integration of mature assets to enhance overall profitability [2][8] Profit Forecasts - Due to a high base in 2024 and weather impacts in Q3 2025, the company forecasts a profit of approximately 400 million yuan for 2025 [3][9] - For 2026, with a recovery in visitor numbers and the impact of equity acquisitions, profits could reach 500 million yuan, corresponding to a current P/E ratio of less than 25 times [3][10] - Given the quality of assets and growth potential, a valuation expectation of over 30 times is suggested, with attention to holiday service consumption policies and new project developments [3][10] Unique Aspects of the IPO - Shaanxi Tourism is noted as the largest scenic area IPO in A-share history, with strong government support for service consumption, making it a compelling investment opportunity [4]

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan [1]. Group 1: Listing Overview - The new listings included 3 companies on the main boards of Shanghai and Shenzhen, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 8 provinces and municipalities, with Zhejiang having 2 companies, and Liaoning, Guangdong, Shandong, Hebei, Jiangsu, Chongqing, and Shaanxi each having 1 company [1]. Group 2: Fundraising by Company - The top five companies by fundraising amount are: - Zhenstone Co., Ltd. (振石股份) raised 2.919 billion yuan, located in Zhejiang [1]. - Hengyun Chang (恒运昌) raised 1.561 billion yuan, located in Guangdong [2]. - Shaanxi Tourism (陕西旅游) raised 1.555 billion yuan, located in Shaanxi [7]. - Zhixin Co., Ltd. (至信股份) raised 1.240 billion yuan, located in Chongqing [6]. - Meidel (美德乐) raised 670 million yuan, located in Liaoning [2]. Group 3: Detailed Company Listings - Detailed listings include: - Zhenstone Co., Ltd. (振石股份) on the main board, raised 2.919 billion yuan on January 29, 2026 [8]. - Hengyun Chang (恒运昌) on the Sci-Tech Innovation Board, raised 1.561 billion yuan on January 28, 2026 [8]. - Meidel (美德乐) on the Beijing Stock Exchange, raised 670 million yuan on January 30, 2026 [8]. - Nongda Technology (农大科技) on the Beijing Stock Exchange, raised 400 million yuan on January 28, 2026 [3]. - Guoliang New Materials (国亮新材) on the Beijing Stock Exchange, raised 194 million yuan on January 22, 2026 [4]. - Aisheren (爱舍伦) on the Beijing Stock Exchange, raised 270 million yuan on January 21, 2026 [5]. - Kema Materials (科马材料) on the Beijing Stock Exchange, raised 243.93 million yuan on January 16, 2026 [8]. - Zhixin Co., Ltd. (至信股份) on the main board, raised 1.240 billion yuan on January 15, 2026 [6]. - Shaanxi Tourism (陕西旅游) on the main board, raised 1.555 billion yuan on January 6, 2026 [7].

证券代码：603402 证券简称：陕西旅游 公告编号：2026-007 陕西旅游文化产业股份有限公司 关于2026年第一次临时股东会更正补充公告 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。 一、股东会有关情况 1.原股东会的类型和届次： 2026年第一次临时股东会 更正后： ■ 2.原股东会召开日期：2026年2月12日 3.原股东会股权登记日： ■ 二、更正补充事项涉及的具体内容和原因 陕西旅游文化产业股份有限公司（以下简称"公司"）于2026年1月27日在上海证券交易所网站 （www.sse.com.cn）披露了《陕西旅游文化产业股份有限公司关于召开2026年第一次临时股东会的通 知》（公告编号：2026-005号）。经公司审核后发现：原股东会通知"二、会议审议事项"和"附件 1：授 权委托书"中议案2.00《关于制定、修订公司部分治理制度的议案》的子议案2.05《高级管理人员薪酬管 理制度》应更正为《董事、高级管理人员薪酬管理制度》。 更正前： ■ 三、除了上述更正补充事项外，于 2026年1月27日公告的原股东会通 ...

Core Insights - The report indicates that after a period of volatility, the market is expected to regain momentum in February, supported by a decrease in the volatility index from a peak of 102 to around 32, which is historically low [2][3] - The report emphasizes the importance of focusing on two main investment themes: technology growth and cyclical recovery, as funds are likely to rotate towards underperforming sectors [3][4] Investment Themes - **Technology Growth**: The AI industry is experiencing significant positive changes, with expectations for OAI listings and advancements in storage, CPU, and packaging sectors. The report highlights the importance of monitoring policy catalysts and industry developments, particularly in emerging sectors like aerospace, new materials, and quantum technology [6][6] - **Cyclical Recovery**: The report suggests that sectors such as chemicals, real estate, and core consumer assets are expected to see a rebound as market sentiment improves. The report notes that these sectors are currently at low points in their economic cycles, with potential for recovery as institutional positions are historically low [6][6] Recommended Stocks - **Jingsheng Electromechanical (300316.SZ)**: The company is positioned to benefit from increasing demand in space and overseas photovoltaic equipment, with a market cap of 58.3 billion and projected EPS growth from 0.95 in 2026 to 1.17 in 2027 [7][7] - **Nuwai Co., Ltd. (603699.SH)**: As a leading industrial valve manufacturer, the company is expected to see growth driven by LNG and marine vessel demand, with a projected EPS increase from 2.51 in 2026 to 3.00 in 2027 [7][7] - **Longjing Environmental Protection (600388.SH)**: The company is focusing on green electricity and energy storage, with a projected EPS growth from 1.20 in 2026 to 1.37 in 2027 [7][7] - **Chip Microelectronics (688630.SH)**: The company anticipates significant profit growth, with EPS expected to rise from 4.18 in 2026 to 6.08 in 2027 [7][7] - **AVIC High-Tech (600862.SH)**: The company is expected to benefit from the increasing demand for aerospace materials, with projected EPS growth from 1.17 in 2026 to 1.29 in 2027 [7][7] - **Ping An Insurance (601318.SH)**: The company is projected to maintain strong growth in new business value (NBV), with EPS expected to rise from 8.59 in 2026 to 9.74 in 2027 [7][7] - **Rabbit Baby (002043.SZ)**: The company is expected to see steady growth in the decorative board industry, with projected EPS growth from 1.05 in 2026 to 1.15 in 2027 [7][7] - **Wanhua Chemical (600309.SH)**: The company is expected to benefit from improving MDI and TDI market conditions, with projected EPS growth from 5.13 in 2026 to 5.79 in 2027 [7][7] - **Tianfu Communication (300394.SZ)**: The company is positioned to benefit from the demand for optical modules, with projected EPS growth from 4.10 in 2026 to 5.38 in 2027 [7][7] - **Shaanxi Tourism (603402.SH)**: The company is expected to see growth driven by its core tourism operations, with projected EPS growth from 6.65 in 2026 to 7.61 in 2027 [7][7]

证券代码：603402 证券简称：陕西旅游 公告编号：2026-007 陕西旅游文化产业股份有限公司 关于2026年第一次临时股东会更正补充公告 二、 更正补充事项涉及的具体内容和原因 陕西旅游文化产业股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日在上海 证券交易所网站（www.sse.com.cn）披露了《陕西旅游文化产业股份有限公司关于召 开 2026 年第一次临时股东会的通知》（公告编号：2026-005 号）。经公司审核后发现： 原股东会通知"二、会议审议事项"和"附件 1：授权委托书"中议案 2.00《关于制 定、修订公司部分治理制度的议案》的子议案 2.05《高级管理人员薪酬管理制度》应 更正为《董事、高级管理人员薪酬管理制度》。 更正前： | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | 2. 原股东会召开日期：2026 年 2 月 12 日 3. 原股东会股权登记日： 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。 一、 股东会 ...

Investment Rating - The report maintains a "Buy" recommendation for the consumer services industry, particularly focusing on the upcoming Spring Festival consumption boost [1]. Core Insights - The report highlights that the Spring Festival consumption season is set to begin, with various local governments implementing consumption-boosting policies, which are expected to drive strong market performance [1][2]. - Three major highlights of the consumption promotion activities are identified: unprecedented subsidy levels directly reaching consumers, innovative consumption scenarios integrating various sectors, and the synergy between online and offline channels through digital empowerment [2][3]. Summary by Sections Industry Investment Rating - The consumer services industry is rated as "Recommended" with a focus on benefiting companies in dining, hotels, tourism, duty-free, and retail sectors due to the anticipated recovery in consumer enthusiasm [1][3]. Key Highlights of Consumption Promotion - Subsidies are at an all-time high, with local governments offering consumption vouchers and subsidies exceeding 100 million yuan in various provinces, which is expected to enhance consumer purchasing power [2]. - Innovative consumption scenarios are being developed, moving beyond traditional discounts to immersive experiences that combine culture, tourism, and sports, thereby revitalizing traditional service sectors [2]. - The integration of online and offline channels is becoming more pronounced, with e-commerce platforms actively participating in promotional activities, enhancing efficiency and broadening the consumption landscape [2]. Market Outlook - The report anticipates a robust recovery in the Spring Festival consumption market in 2026, with data potentially exceeding market expectations, laying a solid foundation for sustained consumer market recovery throughout the year [3].

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Investment Rating - The report maintains an "Overweight" rating for the retail and consumer services industry for 2026 [1] Core Insights - The report anticipates a significant number of consumption-promoting policies in 2026, focusing on "supply-side" initiatives rather than traditional methods like vouchers, leading to structural investment opportunities [4][9] - Service consumption is expected to be a key area in 2026, with a focus on "quality supply" and "reform," particularly in tourism, department stores, tea drinks, and chain stores [4][9] - The gold and jewelry sector is projected to see profits reflect gold price fluctuations, with direct retail brands likely to benefit first as gold prices stabilize [10] - The bulk trade sector is expected to recover from its lowest point, with both valuation and profitability anticipated to rise in 2026 [10] - The report emphasizes the importance of "consumption going abroad" as a long-term investment direction, with opportunities arising from sustained performance growth rather than policy stimulus [10] - New consumption brands are expected to show a clear resurgence after the Lunar New Year, with low valuations and anticipated positive performance data [11] - State-owned enterprise reform is highlighted as a core driver for promoting consumption, particularly in scenario-based consumption areas like tourism and retail [12] Summary by Sections 1. Industry Outlook - The report predicts numerous consumption policies aimed at encouraging new business models, leading to rich structural investment opportunities in the consumer sector [4][9] - Service consumption will focus on quality supply and reforms, with recommendations for specific companies in tourism and retail sectors [4][9] 2. Market Review - The report notes that from January 26 to February 1, the retail index rose by 2.16%, while the overall market indices showed varied performance [13][14] - Year-to-date performance indicates a 4.92% increase in the retail index, reflecting positive market sentiment [16] 3. Company Valuation Table - The report includes a detailed valuation table for various companies, highlighting their market capitalization, closing prices, and projected earnings for 2024 to 2026, with specific buy and hold recommendations [18][19]

二零二六年二月 1 陕西旅游文化产业股份有限公司 2026 年第一次临时股东会会议资料 会议须知 陕西旅游文化产业股份有限公司 2026 年第一次临时股东会会议资料 （证券代码：603402） 中国·西安 陕西旅游文化产业股份有限公司 2026 年第一次临时股东会会议资料 为维护陕西旅游文化产业股份有限公司（以下简称"公司"）全体股东的合法 权益，确保股东会的正常秩序和议事效率，根据相关法律法规及《公司章程》规 定，本次股东会会议须知如下： 一、为保证股东会的严肃性和正常秩序，切实维护股东的合法权益，请出席 股东会的股东及相关人员准时到达会场签到并参加会议，参会资格未得到确认的 人员，公司有权依法拒绝其进入会场。参会人员应自觉遵守会议纪律，维护会场 秩序。 4、法人股东委托他人出席的，代理人应持本人身份证、法人授权委托书（法 定代表人签字并加盖公章）、法人营业执照副本复印件（加盖公章）、法定代表人 身份证复印件或法定代表人其他身份证明文件（加盖公章）进行登记。 四、会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表 决权的股份总数，在此之后进场的股东无权参与现场投票表决。 五、会议按照会议通知所列 ...