Group 1 - The tourism and scenic spots sector increased by 0.16% on January 22, with Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the tourism sector showed varied performance, with Shaanxi Tourism rising by 6.11% to a closing price of 162.00 [1] Group 2 - Major stocks that declined included Dalian Shengya, which fell by 5.65% to a closing price of 46.27 [2] - The tourism sector experienced a net outflow of 220 million yuan from main funds, while retail investors saw a net inflow of 272 million yuan [2] - The stock performance table indicates significant trading volumes, with Sanxia Tourism achieving a transaction amount of 256 million yuan [1][2] Group 3 - Shaanxi Tourism had a net outflow of 14.91 million yuan from main funds, while retail investors contributed a net inflow of 783.28 thousand yuan [3] - The overall trend shows that while some stocks like Sanxia Tourism attracted net inflows from main funds, others like Yunnan Tourism experienced net outflows [3] - The data reflects a mixed sentiment among investors, with retail investors showing interest in certain stocks despite the overall net outflow from main funds [3]

公司为陕西省属国有文旅龙头企业，背靠陕西国资委，依托华清宫、华山等优质旅游资源，构建了索 道、演艺、旅游餐饮全产业文旅运营体系。2023年以来，公司收入规模及盈利能力快速提升，2024年公 司实现收入/归母净利润12.63/5.12亿元，同比分别增长16%/20%，归母净利率达41%，远超2019年的 23%。 公司演艺产品多样化，旗舰项目《长恨歌》体量庞大，商业模型优异。《长恨歌》为公司旗下标杆演艺 项目，其大小区位占优、演出内容高质量、文化IP稀缺且知名度高，2024年实际购票人次249万，上座 率高达88%，单项目收入占公司演艺业务的92%，毛利率高达87.77%。其他演艺项目收入体量较小，其 中《12.12》、《大唐女皇》上座率超80%，《泰山烽火》仍待爬坡。 募集资金使用及未来发展规划：此次上交所主板上市，公司发行股份数1933.33万股，发行价格为80.44 元/股，发行募资总额为15.55亿元，扣除发行费用后募资净额为15.22亿元，募集资金主要用于：1）泰 山秀城（二期）项目、少华山南线索道项目、太华索道服务中心项目及太华索道游客中心项目的建设； 2）太华索道股权项目、瑶光阁股权项目及少华山旅 ...

Market Overview - As of January 19, the Shanghai Composite Index closed at 4114.00 points, up 12.09 points, with a gain of 0.29% [1] - The Shenzhen Component Index closed at 14294.05 points, up 12.97 points, with a gain of 0.09% [1] - The ChiNext Index closed at 3337.61 points, down 23.41 points, with a decline of 0.70% [1] Stock Performance - A total of 86 A-shares had a turnover rate exceeding 20%, indicating significant trading activity [1] - Key stocks with high turnover rates included: - Kema Materials (科马材料) with a turnover rate of 62.05% and a closing price of 40.25 yuan, down 26.75% [1] - Kuntai Co. (坤泰股份) with a turnover rate of 54.99% and a closing price of 24.74 yuan, up 4.70% [1] - Sanbian Technology (三变科技) with a turnover rate of 48.63% and a closing price of 21.97 yuan, up 10.02% [1] - Nabichuan (纳百川) with a turnover rate of 44.29% and a closing price of 80.88 yuan, up 8.83% [1] - Hongxiang Co. (红相股份) with a turnover rate of 40.96% and a closing price of 17.99 yuan, up 15.17% [1] Notable Stocks - Other notable stocks with high turnover rates included: - Kangqiang Electronics (康强电子) at 40.96% turnover, closing at 23.48 yuan, up 7.46% [1] - Fangzheng Electric (方正电机) at 39.47% turnover, closing at 16.53 yuan, up 5.09% [1] - Shuangjie Electric (双杰电气) at 39.16% turnover, closing at 14.82 yuan, up 20.00% [1] - Deen Precision (德恩精工) at 39.15% turnover, closing at 24.19 yuan, up 2.76% [1] - C Zhi Xin (C至信) at 37.80% turnover, closing at 52.04 yuan, down 6.54% [1]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Shaanxi Tourism, indicating a decline in stock price and net financing outflow on January 16 [1] - On January 16, Shaanxi Tourism's stock price fell by 0.35%, with a trading volume of 939 million yuan. The net financing outflow was 22.28 million yuan, with a total financing balance of 175 million yuan, representing 5.83% of the circulating market value [1] - The company reported a significant decrease in revenue and net profit for the period from January to September 2025, with operating income of 889 million yuan, down 18.80% year-on-year, and a net profit of 369 million yuan, down 26.93% year-on-year [2] Group 2 - As of January 6, the number of shareholders for Shaanxi Tourism reached 38,600, reflecting a substantial increase of 642,916.67% compared to the previous period [2] - The company's main business segments include tourism performances (57.14% of revenue), tourism cable cars (34.72%), passenger road transport (3.79%), tourism catering (3.69%), and other supplementary services (0.66%) [1]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - Shaanxi Tourism has become a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources. The company went public on the Shanghai Stock Exchange in January 2026, marking the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][9][23] - The company's main business includes tourism performances, cable cars, dining, and tourism project investment and management. In 2024, Shaanxi Tourism achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit of 512 million yuan, up 19.72% year-on-year [4][9][10] - The revenue primarily comes from tourism performances and cable car services, with the "Chang Hen Ge" performance and Huashan West Peak cable car contributing 54% and 31% of the revenue, respectively [4][10] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024. The expected revenue for 2025 is projected to be between 951 million and 1.117 billion yuan, reflecting a year-on-year decline due to a return to normal market conditions and increased extreme weather events [4][14][22] - The company is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with a fundraising target of 1.555 billion yuan for projects related to its core business [4][22][23] - The report highlights the scarcity of Shaanxi Tourism as a consumer state-owned enterprise with a market value exceeding 10 billion yuan, emphasizing its unique resources and competitive advantages in the cultural tourism sector [4][23] Industry Overview - The report notes that the tourism industry continues to show high prosperity, with relevant policies expected to catalyze growth. It suggests monitoring other scenic companies with potential for capacity expansion or transportation improvements, such as Changbai Mountain, Three Gorges Tourism, and others [4][25] - The performance of the retail sector indices shows fluctuations, with the Shenwan Retail Index declining by 1.47% during the week of January 12 to January 16, 2026 [26][30]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is highlighted as a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources to set a benchmark for cultural tourism integration. The company went public on the Shanghai Stock Exchange in January 2026, with main operations in tourism performances, cable cars, dining, and project investment and management [4][9] - In 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 512 million yuan, up 19.72% year-on-year [4][9] - The revenue primarily comes from tourism performances and cable car operations, with the 2024 contributions from "The Long Hate Song" and the Huashan West Peak cable car at 54% and 31%, respectively [4][10] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024. The expected revenue for 2025 is projected to be between 951 million and 1.117 billion yuan, reflecting a year-on-year decline of 24.69% to 11.54% due to a return to normal market conditions and increased extreme weather events [4][14] - The company is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with a fundraising target of 1.555 billion yuan for various projects [4][22] - The report emphasizes the rarity of Shaanxi Tourism as a public cultural tourism enterprise, being the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][23] Summary by Sections Industry Trends - The report notes a decline of 1.47% in the Shenwan Commercial Retail Index during the week of January 12 to January 16, 2026, while the overall market indices showed mixed performance [26][30] Company Financials - In 2024, Shaanxi Tourism's main business revenue was 1.254 billion yuan, with tourism performances, cable cars, and dining contributing 58%, 38%, and 3% respectively [4][10] - The company’s gross margin for 2024 was 71.3%, with specific margins for tourism performances and cable cars at 79.4% and 65.3% respectively [14][20] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism, Changbai Mountain, and others in the scenic area sector [4][25]

Core Viewpoint - The Shanghai Composite Index fell by 0.45% this week, with 133 stocks having a turnover rate exceeding 100%, indicating high trading activity in the market [1]. Turnover Rate Summary - A total of 133 stocks had a turnover rate above 100% this week, while 538 stocks had a turnover rate between 50% and 100%, and 2981 stocks had a turnover rate between 10% and 50% [1]. - The computer industry had the highest number of stocks with a turnover rate over 100%, totaling 28 stocks, followed by the media and power equipment industries, each with 15 stocks [1]. Top Performing Stocks - Shaanxi Tourism had the highest turnover rate at 213.97%, with a weekly price increase of 19.65%. The stock was featured on the "Dragon and Tiger List" four times due to a daily turnover rate of 20%. Institutional investors net bought 298 million yuan, while retail investors net sold approximately 82.28 million yuan [1]. - Tianlong Group followed closely with a turnover rate of 213.71% and a weekly price increase of 18.62%. It also appeared on the "Dragon and Tiger List" three times, with institutional investors net buying approximately 83.82 million yuan and net selling around 40.63 million yuan [1]. - Liujin Technology ranked third with a turnover rate of 208.25% and a weekly price increase of 33.20%. Institutional investors net sold approximately 2.84 million yuan [2]. Market Performance - Stocks with a turnover rate over 100% averaged a weekly increase of 4.61%. Out of these, 81 stocks rose, with the highest increases seen in Blue Arrow Electronics (57.66%), Baolait (48.76%), and Tianyin Electromechanical (41.20%). Conversely, 52 stocks declined, with the largest drops in Leike Defense (-26.01%), Aerospace Development (-19.53%), and Tail Shares (-19.26%) [2]. - Among the stocks with a turnover rate over 100%, 14 announced annual performance forecasts, with 7 expecting profit increases and 2 expecting profits. Nanjing Holdings projected the highest net profit increase of 159.95% year-on-year, with a median net profit forecast of 10.5 million yuan [2].

Core Viewpoint - Shaanxi Tourism (603402) experienced a slight decline of 0.35% today, with a turnover rate of 30.78% and a total transaction amount of 939 million yuan, indicating significant trading activity in the stock [1] Group 1: Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its turnover rate reaching 30.78%, with institutional investors net buying 62.15 million yuan [1] - The top five trading departments accounted for a total transaction amount of 363 million yuan, with a net buying amount of 34.40 million yuan [1] - Three institutional special seats were involved in the trading, with a total buying amount of 97.09 million yuan and a selling amount of 34.93 million yuan, resulting in a net buying of 62.15 million yuan [1] Group 2: Recent Performance - Over the past six months, the stock has appeared on the "Dragon and Tiger List" five times, with an average price increase of 3.34% the day after being listed and an average increase of 6.56% over the following five days [2] - The stock saw a net outflow of 8.18 million yuan today, with large orders contributing to a net outflow of 7.76 million yuan [2] - In the last five days, the stock experienced a net inflow of 139 million yuan [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 889 million yuan, a year-on-year decrease of 18.80%, and a net profit of 369 million yuan, down 26.93% year-on-year [2] - The company issued a performance forecast on January 5, 2025, estimating a net profit between 371 million yuan and 436 million yuan, reflecting a year-on-year change of -27.50% to -14.80% [2]

资金流向方面，今日该股主力资金净流入9356.15万元，其中，特大单净流入1.12亿元，大单资金净流出 1846.61万元。近5日主力资金净流入9570.88万元。 陕西旅游(603402)今日涨停，全天换手率24.70%，成交额7.24亿元，振幅5.29%。龙虎榜数据显示，机 构净买入2615.40万元，营业部席位合计净买入6707.06万元。 上交所公开信息显示，当日该股因日换手率达24.70%上榜，机构专用席位净买入2615.40万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.46亿元，其中，买入成交额为1.70亿 元，卖出成交额为7659.87万元，合计净买入9322.46万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买二，合计净买入2615.40万元。 1308.41 卖五 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券 营业部 （文章来源：证券时报网） 2025年10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入8.89亿元，同比下降 18.80%，实现净利润3.69亿元，同比下降26.93%。 1月5日公司发布2025年业绩预告，预计实 ...

Group 1 - The tourism and scenic area sector increased by 2.04% on January 15, with Zhongxin Tourism leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the tourism sector showed significant price increases, with Zhongxin Tourism rising by 10.05% to a closing price of 9.09, and Shaanxi Tourism also increasing by 10.00% to 155.84 [1] Group 2 - The tourism sector saw a net inflow of 660 million yuan from main funds, while retail investors experienced a net outflow of 414 million yuan [2] - Major stocks like Dalian Shengya and Changzi Mountain had significant net inflows from main funds, with Dalian Shengya receiving 1.67 billion yuan [3] - Retail investors showed a negative trend in several stocks, with notable outflows from Zhongxin Tourism and Shaanxi Tourism [3]