岭南控股（000524）公告，公司全资子公司岭酒物业拟与旅业公司合作经营7家酒店，合作期限为2025 年7月1日至2035年6月30日。岭酒物业将拥有运营管理收入，并支付基础经营服务费合计1.23亿元。 2025年7月至12月年度目标营业收入为2297.5万元，2035年1月至6月为2297.5万元。 ...

岭南控股（000524）公告，公司拟通过广东联合产权交易中心公开挂牌转让所持有的广州世界大观股份 有限公司3.92%的股权，首次挂牌底价为2365.76万元，挂牌期限不超过12个月。世界大观注册资本4亿 元，主要财务数据显示，2023年资产总额12.86亿元，负债总额4.23亿元，所有者权益8.64亿元；2023年 主营业务收入375.91万元，净利润11.92亿元。公司对世界大观不具有控制权，未合并其财务报表，本次 交易不会导致公司合并报表范围的变化。若本次交易完成，公司将不再持有世界大观股权。 ...

Core Insights - The article discusses the rapid growth of domestic duty-free shops in China's first and second-tier cities, driven by increasing cross-border travel and supportive government policies [6][7][8] - The Ministry of Commerce has issued measures to support the establishment of international consumption centers, emphasizing the importance of domestic duty-free shops in attracting both outbound travelers and foreign tourists [7][11] - The duty-free sector is expected to play a crucial role in the retail landscape, providing new growth opportunities for local businesses and enhancing the shopping experience for consumers [11][19] Industry Trends - The cross-border travel market has seen a significant increase, with a reported 621.2 million entries and exits during the recent Qingming Festival, marking a 19.7% year-on-year growth [14] - Duty-free shopping in Hainan province has also surged, with tourism revenue reaching 1.661 billion yuan, a staggering 464.7% increase compared to the previous year [14] - Analysts predict that the ongoing tariff disputes between China and the U.S. may shift consumer spending towards duty-free channels, particularly for mid-to-high-end imported goods [13] Company Developments - Several companies, including China Duty Free Group and Wushang Group, are actively expanding their presence in the domestic duty-free market, with new stores set to open in cities like Wuhan and Chengdu [8][19] - The strategic locations of these duty-free shops, often near popular tourist attractions and in central urban areas, are designed to enhance consumer accessibility and shopping experience [20][22] - Local brands are expected to leverage this opportunity to increase their visibility and market share, with a focus on integrating cultural elements into their product offerings [19][22]

Core Insights - The report emphasizes the importance of style factors in A-share investment strategies, highlighting a quantitative framework for constructing style factor portfolios [3][7] - The manufacturing PMI shows a marginal recovery, indicating a need for continued policy support for domestic demand [9][10] Market Indices - The Shanghai Composite Index closed at 3385.36, with a slight increase of 0.04% [4] - The Shenzhen Component Index decreased by 0.19%, closing at 10183.70 [4] - The CSI 300 Index fell by 0.09%, ending at 3873.98 [4] Industry Performance - The non-ferrous metals sector saw an increase of 1.16%, while the beauty care sector declined by 1.70% [5] - The communication industry rose by 1.00%, whereas the textile and apparel sector decreased by 1.18% [5] - The petroleum and petrochemical sector increased by 0.88%, while the food and beverage sector fell by 0.92% [5] Style Factor Analysis - The report identifies four main dimensions for constructing style factors: market capitalization, valuation, profitability, and momentum [7] - Historical data indicates that different periods in the A-share market have been dominated by different style factors, with high valuation factors expected to strengthen from 2025 [7][8] - The report suggests that high profitability, high valuation, and small-cap stocks will dominate the A-share market in the current year [8] PMI Insights - The manufacturing PMI for May was reported at 49.5%, a 0.5 percentage point increase from the previous month, indicating a slight recovery [9] - New export orders increased by 2.8 percentage points to 47.5%, while new orders only rose by 0.6 percentage points, suggesting weaker domestic demand compared to external demand [9][10] - The report notes that the construction sector's PMI showed a slowdown in expansion, while the service sector's PMI slightly increased to 50.2% [10]

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Core Viewpoints - The market in June is expected to remain in a consolidation phase, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, while April's industrial profits continued to show a recovery trend but experienced a decline in both volume and price. The cost decline was the main driver of profit growth in April. PMI data for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, and the trend of weak inventory replenishment is likely to continue in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a cautious and oscillating market environment. Key areas to watch for a breakthrough include developments in overseas tariffs and the implementation of domestic growth-stabilizing policies in June [4][10][12]. June Stock Recommendations - The June stock selection by the report includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Pharmaceuticals) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [10][12]. Industry Summaries Transportation Industry: SF Express - SF Express reported a net profit of 2.234 billion yuan in Q1 2025, reflecting a steady growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The profit growth was primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness. The company also focused on cost control through operational model reforms and network optimization, achieving a gross profit margin of 13.3%, an increase of 0.1 percentage points year-on-year [12][13]. Chemical Industry: Anji Technology - Anji Technology experienced rapid growth in revenue and net profit in 2024 and Q1 2025, driven by increased market coverage and new product introductions. The gross profit margin for 2024 was 58.45%, with a net profit margin of 29.08%. In Q1 2025, the gross profit margin was 55.70%, and the net profit margin was 30.96%. The company is seeing a steady increase in its global market share for polishing liquids, with a projected market size growth for semiconductor CMP polishing materials [14][15]. Pharmaceutical Industry: Bairen Medical - Bairen Medical reported rapid growth in revenue and profit in 2024, with significant increases in its three main business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The company is expected to maintain high growth rates in 2025, driven by the approval of its first interventional valve product, which offers significant advantages in terms of operation and safety [17][18]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, and a net profit of 150 million yuan, up 116.08%. The company’s travel agency operations and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism and the expansion of hotel management projects [20][21]. Food and Beverage Industry: Qingdao Beer - Qingdao Beer faced pressure on volume and price in Q3 2024, with a year-on-year decline in sales volume of 7.0%. However, the company benefited from a decrease in raw material costs, leading to an improvement in gross profit margins. Future growth is anticipated as restaurant demand recovers, supported by the company's strong brand and distribution network [23][24]. Computer Industry: Suochen Technology - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. The engineering simulation software segment has shown significant growth, contributing to an overall increase in the company's gross profit margin [25][26][27].

Financial Performance - In 2024, the company achieved operating revenue of CNY 4,309.03 million, a year-on-year increase of 25.43% [1] - The net profit attributable to shareholders was CNY 150.15 million, reflecting a growth of 116.08% compared to the previous year [1] - The net asset attributable to shareholders reached CNY 2,267.47 million, up 7.65% year-on-year [1] - The net cash flow from operating activities was CNY 373.50 million, with a debt-to-asset ratio of 37.78% and a weighted average return on equity of 6.87% [1] Travel and Tourism Business - The travel agency business saw rapid growth, with total revenue of CNY 3,120.64 million, a 36.77% increase year-on-year [2] - Revenue from outbound tourism (excluding Hong Kong and Macau) was CNY 1,559.57 million, while domestic tourism generated CNY 1,450.09 million, and inbound tourism brought in CNY 34.97 million [2] - The net profit for the travel agency was CNY 35.84 million, up 54.74% year-on-year, with net profit attributable to the parent company reaching CNY 26.56 million, a 130.28% increase [2] - The company opened 184 stores nationwide, with 110 located in Guangdong province [3] Hotel Business Development - The accommodation business revenue grew by 12.55% compared to 2019 [3] - The hotel management business expanded significantly, signing over 250 new projects across various regions [3] - The company’s hotel management now covers all 31 provinces, autonomous regions, and municipalities in China [4] Future Expansion Plans - The company aims to enhance brand output and expand its tourism business scale, focusing on global partnerships and improving destination management [5] - Plans include diversifying store formats and accelerating the development of a full-chain management service in the travel sector [5] - The hotel business will continue to grow through a dual model of "entrusted management + franchising" [5] - The company is also targeting the silver economy market by upgrading its senior citizen programs and launching new themed educational products [6] Tax-Free Business Development - The company has established a joint venture for city tax-free operations with a registered capital of CNY 45 million, in which it holds a 19.5% stake [7] - This initiative aims to integrate supply chain resources and enhance the "tourism + retail" business model [7] Shareholder and Capital Management - The company’s major shareholder has committed to avoiding competition by entrusting the management of a newly acquired hotel group to its subsidiary for three years [8][9] - A cash dividend of CNY 0.80 per 10 shares was approved for the 2024 fiscal year, based on a total share capital of 670,208,597 shares [11]

Strategy Overview - The market in June is expected to remain in a state of waiting for a breakthrough, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, although April's industrial profits showed a decline in both volume and price, with cost reductions being the main driver for profit growth. The PMI for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, continuing the trend of weak inventory replenishment in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a volatile consolidation pattern in the market. Key areas to monitor for a breakthrough include overseas tariff developments and the implementation of domestic growth-stabilizing policies in June. [5][7] June Stock Recommendations - The June stock selection by Zhongyin Securities includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Healthcare) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [14][16] Performance Review of May Stock Selection - The stock selection for May outperformed the market, with notable performances from Jiemian Express-W and Yiwei Lithium Energy, both achieving over 10% monthly returns. The absolute return of the May stock selection was 3.87%, outperforming the market benchmark (CSI 300) by 2.02 percentage points. Three stocks achieved excess returns of over 5% compared to the CSI 300. [9] Company-Specific Insights SF Express (Transportation) - In Q1 2025, SF Express reported a net profit of 2.234 billion yuan, reflecting a stable growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The net profit increased by 16.87% year-on-year, driven by continuous improvement in product matrix and service competitiveness. The gross profit margin was 13.3%, slightly up by 0.1 percentage points. [16][17] Anji Technology (Chemicals) - Anji Technology is expected to see rapid growth in revenue and net profit in 2024, driven by increased market coverage and new product introductions. The gross margin for 2024 is projected at 58.45%, up 2.64 percentage points year-on-year. The company’s polishing liquid revenue reached 1.545 billion yuan in 2024, a year-on-year increase of 43.73%. The global semiconductor CMP polishing materials market is expected to grow from 3.42 billion USD in 2024 to 3.62 billion USD in 2025. [19][20] Bairen Medical (Healthcare) - Bairen Medical reported rapid growth in Q4 2024 and Q1 2025, with significant increases in revenue across all three major business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The approval of the TAVR product in August 2024 is expected to drive further growth in 2025. [24][25] Lingnan Holdings (Social Services) - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, with a net profit of 150 million yuan, up 116.08%. The travel agency and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism. [29][30] Qingdao Beer (Food and Beverage) - Qingdao Beer faced challenges in 2024 with a volume decline of 7.0% and a slight price increase of 0.5%. The company’s gross margin improved due to lower raw material costs, but net profit margin slightly decreased. Future growth is anticipated as restaurant demand recovers. [34][35] Suochen Technology (Computers) - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. [38][39][40]

Group 1 - Lingnan Holdings (000524) closed at 11.38 yuan on May 30, 2025, down 4.13% from the previous week's 11.87 yuan, with a market cap of 7.627 billion yuan [1] - The stock reached a high of 12.03 yuan on May 27, 2025, and a low of 11.25 yuan on May 29, 2025 [1] - Lingnan Holdings ranks 5th out of 22 in the tourism and scenic area sector and 2012th out of 5146 in the A-share market [1] Group 2 - Lingnan Holdings, along with China Duty Free Group, Guangzhou Guangbai Co., Ltd., and Guangzhou Baiyun International Airport Co., Ltd., has jointly established China Duty Free (Guangzhou) Co., Ltd. with a registered capital of 45 million yuan [1] - Lingnan Holdings invested 8.775 million yuan, accounting for 19.50% of the registered capital [1] - The new company received its business license on May 22, 2025, and is located in Tianhe District, Guangzhou, with a focus on retail [2]

Group 1 - The core point of the article is that Lingnan Holdings has completed the business registration of a new company, China Duty Free (Guangzhou) Co., Ltd., in collaboration with several partners [1] - The newly established company has a registered capital of 45 million RMB, with Lingnan Holdings investing 8.775 million RMB, accounting for 19.5% of the total registered capital [1]