Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is gaining momentum with significant policy support and market developments, including the issuance of the first overseas pilot license for a manned aircraft by Xiaopeng Huaitian and a procurement agreement for 350 eVTOLs with Autocraft [17][25] - The average stock performance in the low-altitude economy sector increased by 2.3% from September 8 to September 12, with notable gains from companies like Wolong Electric Drive (+19.9%) and Changyuan Donggu (+18.4%) [4][10] Summary by Sections Industry Dynamics - On September 6, Wenchang City released a draft for the low-altitude economy industry development plan, focusing on aerospace equipment and general aviation, aiming to create a composite industry system integrating low-altitude economy, aerospace, and cultural tourism [22] - Sichuan Province announced a smart agriculture plan on September 9, targeting the establishment of 20 agricultural low-altitude demonstration sites by 2025 and 100 by 2028, with a goal of having over 15,000 agricultural drones [23] Individual Company Developments - Xiaopeng Huaitian's "Land Aircraft" received the first overseas pilot license for a Chinese enterprise, marking a breakthrough in the Middle East market for eVTOLs [25] - Ping An Property & Casualty disclosed that it has insured over 150,000 drones, providing risk coverage exceeding 90 billion yuan, and has established a new risk research institute for the low-altitude economy [26] - Chengdu Iron Tower proposed the creation of a "three-network" system for the low-altitude economy, covering eight application scenarios, leveraging its extensive site resources [27]

Core Viewpoint - Guangzhou Lingnan Group Holdings Co., Ltd. has shown significant growth in both revenue and profit in the first half of 2025, capitalizing on favorable national policies and enhancing its business operations across travel and accommodation sectors [2][3]. Financial Performance - The company achieved a revenue of 208,960.24 million yuan, an increase of 8.52% year-on-year, and a net profit of 49.52 million yuan, up 24.39% from the previous year [2]. - The net asset value at the end of the period was 226,085.81 million yuan, remaining stable compared to the previous year, with a net cash flow from operating activities of 12,477.96 million yuan and a debt ratio of 39.03% [2]. Business Segments - The core enterprise in the business travel sector is Guangzhou Guangzhilv International Travel Agency Co., Ltd., which reported a revenue of 153,571.45 million yuan, reflecting an 11.78% increase year-on-year, with net profit rising by 34.91% to 23.29 million yuan [2]. - The accommodation sector, including hotel management and operations, saw revenue growth of 1.60% year-on-year, totaling 11,855.54 million yuan, with net profit increasing by 23.26% to 973.47 million yuan [3]. National Expansion - The travel agency has expanded its store network, adding 12 new stores in the first half of 2025, bringing the total to approximately 200 nationwide, with 119 located in Guangdong province [4]. - The company is implementing a "North-South Coordination" strategy for its accommodation business, establishing a northern headquarters and expanding its hotel brand in major cities, signing 69 new projects and adding nearly 4,000 rooms [4]. Focus on Silver Economy and Online Business - The company has launched a dedicated "Leisure and Active" club for the elderly and introduced an upgraded "Travel Residence 2.0" product line, aiming to explore wellness destinations suitable for the elderly demographic [5]. - In terms of online business, the company has developed the "Easy Travel" and "Walking Net" smart tourism platforms, creating a comprehensive online and offline sales system [5].

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 208,960.24 million, an increase of 8.52% compared to the same period last year [2] - The net profit attributable to shareholders reached CNY 4,952.64 million, reflecting a growth of 24.39% year-on-year [2] - The net asset attributable to shareholders at the end of the period was CNY 226,085.81 million, remaining stable compared to the previous year [2] - The net cash flow from operating activities was CNY 12,477.96 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Group 2: Travel Business Performance - The travel business, led by Guangzhou Guangzhi Travel International Co., Ltd., generated a revenue of CNY 153,571.45 million in the first half of 2025, up 11.78% year-on-year [3] - Revenue from outbound tourism (excluding Hong Kong and Macau) was CNY 84,881.39 million, while domestic tourism revenue was CNY 49,819.73 million [3] - The net profit for the travel business was CNY 2,329.30 million, a year-on-year increase of 34.91% [3] Group 3: Hotel Business Performance - The hotel management segment achieved a revenue of CNY 11,855.54 million in the first half of 2025, a growth of 1.60% compared to the previous year [5] - The net profit from hotel operations was CNY 973.47 million, reflecting a year-on-year increase of 23.26% [5] - The overall revenue for the hotel business has grown by 18.49% compared to the same period in 2019 [5] Group 4: Strategic Expansion - The travel business expanded its national service network, adding 12 new stores in the first half of 2025, totaling approximately 200 stores nationwide [6] - The hotel business established a northern headquarters and signed 69 new projects, adding nearly 4,000 rooms [7] - The company is actively pursuing a "North-South Coordination" strategy to enhance its national layout [7] Group 5: Silver Economy Initiatives - The travel business has launched the "Leisure and Happiness" club targeting the elderly market, focusing on developing tailored travel products [8] - New upgraded travel products for seniors include "Travel and Residence 2.0" and various themed travel routes [9] Group 6: Online Business Development - The company has developed the "Easy Travel" and "Walking Network" smart tourism platforms, integrating various online sales channels [10] - The official website has launched the "Easy Purchase" local life channel, enhancing the online shopping experience [10]

资金流向方面，今日该股主力资金净流出4961.81万元，其中，特大单净流出1734.68万元，大单资金净 流出3227.13万元。近5日主力资金净流出2.12亿元。 融资融券数据显示，该股最新（9月10日）两融余额为1.88亿元，其中，融资余额为1.88亿元，融券余额 为0.17万元。近5日融资余额合计减少557.07万元，降幅为2.88%，融券余额合计增加252.00元，增幅 17.62%。（数据宝） 岭南控股今日下跌5.17%，全天换手率9.27%，成交额9.87亿元，振幅7.61%。龙虎榜数据显示，机构净 买入1270.12万元，深股通净卖出1861.18万元，营业部席位合计净卖出1332.21万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-7.71%上榜，机构专用席位净买入1270.12万元，深 股通净卖出1861.18万元。 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1.76亿元，其中，买入成交额为7841.47 万元，卖出成交额为9764.74万元，合计净卖出1923.27万元。 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，买入金额1454.09万元，卖出金 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2,089.60 million, an increase of 8.52% year-on-year [2] - The net profit attributable to shareholders was CNY 49.53 million, up 24.39% compared to the same period last year [2] - The net asset attributable to shareholders at the end of the period was CNY 2,260.86 million, remaining stable year-on-year [2] - The net cash flow from operating activities was CNY 124.78 million, with a debt-to-asset ratio of 39.03% and a weighted average return on equity of 2.16% [2] Travel and Tourism Business - The core enterprise for travel services is Guangzhou Guangzhilv International Travel Agency, which achieved operating revenue of CNY 1,535.71 million in the first half of 2025, a year-on-year increase of 11.78% [3] - Outbound tourism (excluding Hong Kong and Macau) generated revenue of CNY 848.81 million, while domestic tourism revenue was CNY 498.20 million [3] - The net profit for the travel business was CNY 23.29 million, reflecting a growth of 34.91% year-on-year [3] Hotel Business - The hotel business reported revenue of CNY 118.56 million in the first half of 2025, a 1.60% increase year-on-year [4] - The net profit from hotel operations was CNY 9.73 million, up 23.26% compared to the previous year [4] - The accommodation sector's revenue grew by 18.49% compared to the same period in 2019 [4] New Retail and Cultural Products - The company developed 87 cultural products in the first half of 2025, with 16 selected as part of the first batch of "Guangzhou Gifts" [6] - The new retail initiatives generated nearly CNY 0.70 million in revenue, with significant growth in seasonal food sales [6] Duty-Free Business - The company, in collaboration with China Duty Free Group and others, established a duty-free company with a registered capital of CNY 45 million, holding a 19.50% stake [8] - The first city duty-free store opened on August 26, 2025, marking a significant step in implementing national duty-free policies [8] - Future plans include leveraging travel agency and hotel resources to enhance duty-free shopping experiences for travelers [9]

岭南控股今日上涨5.46%，全天换手率12.12%，成交额13.42亿元，振幅15.88%。龙虎榜数据显示，机构 净买入1181.25万元，深股通净买入3764.77万元，营业部席位合计净卖出311.21万元。 深交所公开信息显示，当日该股因日振幅值达15.88%上榜，机构专用席位净买入1181.25万元，深股通 净买入3764.77万元。 岭南控股9月9日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 9692.70 | 5927.93 | | 买二 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 | 1692.72 | 1711.49 | | | 部 | | | | 买三 | 机构专用 | 1624.83 | 573.24 | | 买四 | 机构专用 | 1531.05 | 1401.38 | | 买五 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | 1305.38 | 1118.18 | | 卖一 | 深股通专用 | 9692.70 | ...

证券日报网讯9月8日晚间，岭南控股（000524）发布公告称，持股5%以上股东广州产投在2025年9月1 日至2025年9月8日期间，通过集中竞价交易方式累计减持公司股份8，447，928股，占公司总股本比例 1.26%。 ...

格隆汇9月8日丨岭南控股(000524.SZ)公布，公司于近日收到持股5%以上股东广州产业投资控股集团有 限公司(简称"广州产投")出具的《广州产业投资控股集团有限公司关于持股5%以上股东权益变动触及 1%整数倍的告知函》。在2025年9月1日至2025年9月8日期间，广州产投通过集中竞价交易方式累计减 持公司股份8,447,928股，占公司总股本比例1.26%。本次权益变动后，广州产投持有公司股份 58,572,910股，占公司总股本比例8.74%。 ...

酒店管理业务以战略驱动品牌拓展，在多地新增项目布局。同时创新消费场景，依托非遗活化项目打造 特色节庆，旗下酒店开设文创店并支持离境退税。2025年上半年，岭南酒店实现营业收入11855.54万 元，同比增长1.60% ，净利润973.47万元，同比增长23.26% 。 旅游+科技业务布局突破 2025年上半年，公司与小马智行签署战略合作协议，围绕自动驾驶文旅专线等领域合作。交通方面打造 自动驾驶旅游巴士，住宿业务推出联名月饼和主题下午茶，融合科技与文化元素。 "体育+"产业布局 公司依托"体育+旅游"模式，发挥全产业链优势。广之旅推出"3+1"精品文旅矩阵及上千条"体育+旅 游"线路，与广州广播电视台合作，并中标门票代理机构资格，推出观赛旅游产品。岭南酒店及旗下酒 店参与全运会特许商品推广，提供多项专属礼遇服务。 9月8日，广州岭南集团控股股份有限公司在广州南沙花园酒店会议室接待了中银国际证券等11家机构的 现场调研。上市公司董事总经理朱红、首席运营官赵文志、董事会秘书石婷、证券事务代表吴旻参与接 待。此次调研围绕公司2025年半年度业绩、各业务板块布局及发展等方面展开。 2025上半年业绩与主业经营情况 2 ...