格隆汇1月26日｜华源证券研报指出，岭南控股为广州市属文旅企业，业务全国化及多元化发展并行。 截至2025H1，公司旅行社平台广之旅在全国开设门店约200家，其中广东省内开设门店共119家，进一 步做大实体业务规模。酒店业务方面，酒店业务新增项目/客房分别69个/近4000间，营收规模稳健增 长，相比2019年同期增加18.49%。选取同有旅行社业务的众信旅游、中青旅及有酒店业务的锦江酒店 作为可比公司，根据ifind一致预期，可比公司2026年PE为49.23倍，考虑到行业端持续复苏，公司的旅 行社及酒店业务有望持续受益于出境游、入境游及国内游的增长；公司作为广州市国资委下属文旅平 台，未来有望承接其资源，为公司赋能。首次覆盖，给予"增持"评级。 ...

盈利预测与评级：我们预计公司25-27 年实现营收49.67/56.02/62.77 亿元，同比增速分别为 15.26%/12.80%/12.03%，实现归母净利润1.35/1.82/2.35 亿元，同比增速分别为-10.22%/35.04%/28.90%， 当前股价对应PE 分别为65.18/48.27/37.45 倍。 我们选取同有旅行社业务的众信旅游、中青旅及有酒店业务的锦江酒店作为可比公司，根据ifind 一致 预期，可比公司2026 年PE 为49.23 倍，考虑到行业端持续复苏，公司的旅行社及酒店业务有望持续受 益于出境游、入境游及国内游的增长；公司作为广州市国资委下属文旅平台，未来有望承接其资源，为 公司赋能。首次覆盖，给予"增持"评级。 风险提示：市场竞争日益加剧的风险；宏观经济增长不及预期；出入境政策变动等。 业务全国化及多元化发展并行。1）广之旅完成全国化布局，产品端持续创新深化： 25H1 旅行社运营占公司收入的七成以上，为公司收入的主要构成。广之旅业务已完成全国性布局，建 成华南总部及华北、华中、西北、华东和西南运营中心，业务遍及全球100 多个国家和地区。2）住宿 业有序推进"南北协 ...

由广东省文化和旅游厅主办，广东广播电视台广东卫视承办，佛山市文化广电体育局、梅州市文化广电 旅游局、中国邮政集团有限公司广东省分公司、抖音本地生活服务、唯品会协办的《广货行天下，来粤 过大年——湾区购物嘉年华》活动，2026年1月25日晚在广州海心沙举行发布仪式。 启动仪式上，广东文旅数字文旅推荐官"粤小文"身着刀马旦戏服，携手"粤小旅"惊喜亮相，在激昂的岭 南鼓点伴奏下穿梭舞台，与十五运吉祥物喜洋洋、乐融融欢乐互动，瞬间拉满新春氛围。广府文化宣传 大使、歌手、演员梁山山是地道的"广州仔"，文艺表演结束之后，他在接受南都记者采访时表示，最推 荐的广东景点是"广州塔"，最推荐的广东地道美食是油角等一众广东传统美食年宵品。 文旅赋能广货 作为广东省文化和旅游厅全面落实"广货行天下"春季行动的创新实践，该次嘉年华活动紧扣文旅提质与 消费扩容双重目标，以"广货行天下，来粤过大年"为情感纽带，推动文化叙事、品牌传播与消费转化深 度融合。 广东省文化和旅游厅二级巡视员黄锡忠表示，"湾区购物嘉年华"是文旅与广货融合的有益实践和诚意邀 请函。该负责人介绍，该次活动政企协同，联合中国邮政等优质平台，联动多地文旅部门与行业协会， ...

证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 01 月 25 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | 年 | 01 | | | 月 | | 日 | | | 2026 | 20 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 13.11 | | | | | | | | 年 内 最 最 低 | / | | | 高 | | | | | | | | 17.77/9.22 | 一 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 8,786.43 | | | | | | 流通市值（百万元） | | | | | | | | | 8,783.03 | | ...

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]

Market Overview - The tourism and scenic spots sector experienced a slight decline of 0.02% on January 20, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the tourism sector included: - Dalian Shenya (600593) with a closing price of 50.15, up 3.34% on a trading volume of 211,900 shares and a transaction value of 1.064 billion [1] - Jiuhua Tourism (661809) closed at 44.53, up 2.96% with a transaction value of 446 million [1] - Lingnan Holdings (000524) closed at 13.11, up 1.79% with a transaction value of 334 million [1] - Conversely, Caesar Travel (000796) saw a decline of 2.59%, closing at 6.40 with a trading volume of 769,100 shares and a transaction value of 495 million [2] - Other notable decliners included: - Shaanxi Tourism (603402) down 2.49% to 153.00 [2] - Changbai Mountain (660509) down 2.39% to 47.38 [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 374 million from main funds, while retail investors saw a net inflow of 422 million [2] - The capital flow for specific stocks showed: - Lingnan Holdings had a main fund net inflow of 25.11 million, but retail investors had a net outflow of 20.61 million [3] - Huangshan Tourism had a main fund net inflow of 13.41 million, with a slight retail outflow [3] - Other stocks like Xi'an Tourism and Tianmu Lake showed mixed capital flows with both inflows and outflows from different investor types [3]

证券代码：000524 证券简称：岭南控股 广州岭南集团控股股份有限公司投资者关系活动记录表 编号：2026-001 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 活动参与人员 | 上市公司接待人员：董事会秘书石婷、证券事务代表吴旻 | | | | 参与单位名称及人员：万联证券股份有限公司研究所研究员叶 | | | | 柏良 | | | 时间 | 2026 年 1 月 16 日 | | | 地点 | 公司会议室 | | | 形式 | 现场调研 | | | | 1、请介绍一下公司出境游业务的主要目的地，当前政策 | | | | 是否会促进公司业务发展？ | | | | 公司控股子公司广州广之旅国际旅行社股份有限公司（以 | | | | 下简称"广之旅"）的出境游产品涵盖全球主要旅游目的地国 | | | | 家和地区。广之旅把握出境游发展新趋势，提升产品创新力， | | | | 加强主题型 ...

Group 1 - The company held its 22nd meeting of the 11th Board of Directors on January 14, 2026, via telecommunication, with all 7 directors present [2][4] - The Board unanimously approved a financial assistance proposal to its wholly-owned subsidiaries, providing up to RMB 100 million to Guangzhou Garden Hotel, RMB 320 million to China Grand Hotel, and RMB 60 million to Guangzhou Lingnan International Hotel Management [3][21] - The financial assistance is intended to support the subsidiaries' operations and development, reducing their financing costs, and is set to be effective from January 17, 2026, to January 16, 2027 [3][23] Group 2 - The company approved a proposal for its subsidiary, Guangzhou Guangzhilv International Travel Agency, to apply for a credit facility of RMB 130 million from Bank of China, with a credit period from March 12, 2026, to March 11, 2029 [6][10] - The credit facility is a credit-based arrangement and does not involve any guarantees or collateral [7][12] - The Board believes that this credit facility is necessary for the subsidiary's operational needs and will contribute to its stable and healthy development [15] Group 3 - The financial assistance agreements stipulate that the funds will be charged at a fixed interest rate, set at 30% below the one-year Loan Prime Rate (LPR) published by the National Interbank Funding Center [23][38] - The total amount of financial assistance provided by the company will reach RMB 480 million, accounting for 21.17% of the company's latest audited net assets [47] - The company has established a good risk control system for the subsidiaries, ensuring effective business and financial management [45][46]

每经头条（nbdtoutiao）——海利生物增值9倍并购的企业，估值8个月"腰斩"，其第一大客户竟是尚未 成立的公司，离奇的事还不少…… 每经AI快讯，岭南控股1月14日晚间发布公告称，公司十一届二十二次董事会会议于2026年1月14日以 通讯方式召开。会议审议了《关于控股子公司向银行申请综合授信额度的议案》等文件。 （记者 王瀚黎） ...

证券代码：000524 证券简称：岭南控股 公告编号：2026-002 号 广 州 岭 南 集 团 控 股 股 份 有 限 公 司 关 于 向 全 资 子 公 司 提 供 财 务 资 助 的 公 告 重要提示：本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、为支持广州岭南集团控股股份有限公司(以下简称"公司")下属子公 司的经营与发展，降低其融资成本，公司拟以自有资金向全资子公司广州花 园酒店有限公司（以下简称"花园酒店"）提供不超过人民币 10,000 万元的 财务资助，向全资子公司中国大酒店提供不超过人民币 32,000 万元的财务资 助，向全资子公司广州岭南国际酒店管理有限公司（以下简称"岭南酒店"） 提供不超过人民币 6,000 万元的财务资助，上述财务资助在额度范围内可循 环使用，财务资助的期限均为自 2026 年 1 月 17 日起至 2027 年 1 月 16 日。 上述财务资助均按照实际发生的借款金额收取资金使用费，采用固定利率， 资金使用费按《财务资助协议》签订之日的前 1 工作日全国银行间同业拆借 中心公布的 1 年期贷 ...