Core Viewpoint - Tianfu Culture and Tourism is focusing on developing a four-season operational model centered around the Xiling Snow Mountain scenic area, emphasizing the integration of sports tourism and leisure vacation to drive consumption growth in the sector [2] Group 1 - The company is leveraging the Xiling Snow Mountain scenic area to create a year-round operational strategy [2] - The focus areas include ice and snow activities, outdoor sports, and leisure vacation [2] - The company aims to deepen the integration of sports and tourism to continuously boost consumption in the sector [2]

Group 1 - The core business of the company currently includes the operation of the Xiling Snow Mountain scenic area, which offers cable car services, skiing (and grass skiing), hotel operations, and interactive entertainment experiences for visitors [1] - In the film and tourism business sector, the company has successfully signed strategic cooperation agreements with 21 cities and prefectures in Sichuan Province, establishing a comprehensive film and tourism cooperation network across the region [1] - The company is actively integrating resources across the entire "food, accommodation, transportation, services, and cultural experiences" chain, focusing on film production and collaboration, while extending its business layout to include film education, online marketing, and new consumer scenarios [1]

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The tourism sector is entering a golden investment period driven by policy support, strong supply and demand [3] - The optimization of vacation systems, improvement in cultural tourism supply, and acceleration of local asset securitization are key factors creating investment opportunities in the scenic area sector [3] Summary by Sections 1. Optimization of Vacation Systems - The introduction of spring and autumn breaks is expected to significantly boost tourism demand, with potential increases in visitor numbers by 1-3 times [8] - The Ministry of Human Resources and Social Security plans to revise the paid annual leave regulations, which is crucial for enhancing the execution of vacation policies [16] 2. Continuous Growth in Tourism Consumption - Domestic tourism spending is recovering to 2019 levels, with total expenditure reaching 5.75 trillion yuan in 2024, a year-on-year increase of 17.1% [19] - The K-12 student population, approximately 200 million, presents a substantial consumer base for spring and autumn breaks, driving family travel patterns [29] 3. Structural Upgrades in the Cultural Tourism Sector - The cultural tourism industry has completed a recovery phase and is entering a stage of mature competition and structural differentiation [3] - High-level open policies and transportation improvements are contributing to a resurgence in inbound tourism [3] 4. New Projects and Asset Securitization in Scenic Areas - Many scenic areas are launching new projects in response to policy and consumer demand, which is expected to drive growth in 2026 and beyond [4] - Areas rich in cultural tourism resources are likely to accelerate asset securitization, creating synergistic effects [4] 5. Investment Recommendations - Focus on three main lines for investment: 1. Improvements in transportation, such as Emei Mountain and Huangshan tourism [6] 2. Expectations of resource integration, such as Tianfu Cultural Tourism and Shaanxi Tourism [6] 3. New project launches, including Three Gorges Tourism and Songcheng Performing Arts [6]

Group 1 - Iwojia (000560) is a leading real estate agency in China, established in 2000, focusing on property leasing, second-hand housing transactions, new house agency, and home services, benefiting from the rental and sales rights policy [1][33] - The company has over 3,000 offline stores and has served more than 10 million families, with its "Xiangyu" brand managing over 400,000 rental units [1][33] - Future prospects include market share expansion due to the deepening of rental and sales rights policies and enhanced service experience through digital tools [1][33] Group 2 - Huafa Group (600325) is a well-established real estate company under the Zhuhai State-owned Assets Supervision and Administration Commission, focusing on real estate development and property services, primarily in the Guangdong-Hong Kong-Macao Greater Bay Area [2][34] - The company actively participates in the rental and sales rights sector with its "Huafa Youjia" rental brand and is involved in urban renewal and industrial support projects [2][34] - Future outlook includes value reassessment of land reserves and profit growth from the expansion of rental business [2][34] Group 3 - Caixin Development (000838) is a listed platform under Chongqing Caixin Group, focusing on real estate development and urban renewal, primarily in the Chengdu-Chongqing economic circle [3][35] - The company integrates into the regional housing rental system through self-owned apartment projects and affordable housing cooperation [3][35] - Future prospects include long-term value release from land reserves and urban renewal projects, with rental business expansion opening new growth opportunities [3][35] Group 4 - China Merchants Shekou (001979) is a flagship real estate platform under China Merchants Group, focusing on real estate development and commercial operations, primarily in key urban clusters [4][36] - The company has over 20,000 rental units under its "Yijian" brand and is deeply involved in the construction of affordable rental housing [4][36] - Future outlook includes profit growth from the expansion of rental business and asset revitalization through REITs pilot projects [4][36] Group 5 - Chengdu Investment Holdings (600649) is a city construction and operation platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and water operations [5][37] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [5][37] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [5][37] Group 6 - Binjiang Group (002244) is a leading real estate company in Hangzhou, focusing on high-quality residential development and commercial operations [6][39] - The company actively participates in the housing rental market through self-owned commercial properties and long-term rental projects [6][39] - Future outlook includes value reassessment of land reserves and profit growth from rental business expansion [6][39] Group 7 - Sealand (002285) is a leading comprehensive real estate service provider in China, focusing on property agency, rental services, and asset operation [7][40] - The company has served over one million families and manages over 100,000 rental units under its "Hongpu Apartment" brand [7][40] - Future prospects include market share expansion and service experience enhancement through digital tools [7][40] Group 8 - Poly Developments (600048) is a flagship real estate platform under Poly Group, focusing on real estate development and property services [8][41] - The company has over 50,000 rental units under its "Poly Apartment" brand and is involved in affordable rental housing construction [8][41] - Future outlook includes profit growth from rental business expansion and financing advantages under state-owned enterprise background [8][41] Group 9 - Huangting International (000056) is a commercial real estate operator based in Shenzhen, focusing on commercial property operations and financial services [9][42] - The company actively participates in the housing rental market through self-owned commercial property transformation and long-term rental operations [9][42] - Future prospects include further opening of rental space through commercial property transformation and value release from urban renewal projects [9][42] Group 10 - Jinhe Commercial Management (603682) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [10][43] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [10][43] - Future outlook includes growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [10][43] Group 11 - Vanke A (000002) is a leading real estate company in China, focusing on real estate development and rental operations [11][44] - The company has over 200,000 rental units under its "Boyu" brand, making it one of the largest long-term rental apartment operators in China [11][44] - Future prospects include profit growth from rental business expansion and asset revitalization through REITs pilot projects [11][44] Group 12 - Tianjian Group (000090) is a city construction and operation platform under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on real estate development and urban construction [12][45] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [12][45] - Future outlook includes expansion of rental business scale and long-term value release from urban renewal projects [12][45] Group 13 - ST Sunshine (000608) is an established glass manufacturing company transitioning into the new energy and real estate sectors [13][46] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [13][46] - Future prospects include growth in rental business and recovery of overall performance through the expansion of photovoltaic glass business [13][46] Group 14 - 365 Network (300295) is a leading real estate internet service platform, focusing on property information and transaction services [14][47] - The company integrates rental housing information through its online platform, benefiting from the rental and sales rights policy [14][47] - Future outlook includes growth in online rental platform traffic and improved profitability through financial technology business expansion [14][47] Group 15 - Debi Group (300947) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [15][48] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [15][48] - Future prospects include growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [15][48] Group 16 - Changjiang Investment (600119) is a logistics and real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on logistics operations and real estate development [16][49] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [16][49] - Future outlook includes growth in rental business and performance improvement through logistics real estate appreciation [16][49] Group 17 - New Huangpu (600638) is a real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and financial services [17][50] - The company actively participates in the housing rental market through affordable housing projects and long-term rental operations [17][50] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [17][50] Group 18 - Yueshin Health (002162) is a health real estate and elderly care service provider, focusing on health real estate development and elderly care services [18][51] - The company integrates into the regional housing rental system through health community-affiliated apartment operations and affordable housing cooperation [18][51] - Future outlook includes growth in health rental business and improved profitability through the expansion of elderly care services [18][51]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]

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].

Core Viewpoint - Tianfu Culture and Tourism announced the release of a portion of shares pledged by its controlling shareholder, Chengdu Sports Industry Investment Group, indicating a positive development for the company's financial stability and shareholder confidence [2]. Group 1 - The controlling shareholder, Chengdu Sports Industry Investment Group, has notified Tianfu Culture and Tourism about the release of part of its pledged shares [2]. - The number of shares released from pledge amounts to 192,738,980 shares [2]. - The relevant procedures for the release of the pledged shares have been completed according to the guidelines set by China Securities Depository and Clearing Corporation [2].

Group 1 - The core point of the article is that Tianfu Cultural Tourism (000558) announced the release of a pledge of 193 million shares by its controlling shareholder, Chengdu Sports Industry Investment Group, which represents 50.00% of its holdings and 14.95% of the company's total share capital [1] - The pledge was initiated on October 14, 2020, and was released on January 28, 2026, with the pledgee being Agricultural Bank of China, Chengdu Economic and Technological Development Zone Branch [1] - After the release of the pledge, the number of pledged shares is zero, and the controlling shareholder still holds 385 million shares, accounting for 29.90% of the total shares [1]

证券代码：000558 证券简称：天府文旅 公告编号：2026-007 成都新天府文化旅游发展股份有限公司 关于控股股东部分股份解除质押的公告 截至公告披露日，上述股东所持质押股份情况如下： | | | | | | | | 已质押 | | 未质押 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股份情况 | | 股份情况 | | | | | 持股 | 本次解除质 | 本次解 除质押 | 占其 | 占公 | 已质押 | | 未质押 | | | 股东名称 | 持股数量 （股） | 比例 | 押前质押股 份数量（股） | 后质押 股份数 | 所持 股份 | 司总 股本 | 股份限 售和冻 | 占已 质押 | 股份限 | 占未 质押 | | | | | | 量（股） | 比例 | 比例 | 结、标 | 股份 | 售和冻 结数量 | 股份 | | | | | | | | | 记数量 | 比例 | （股） | 比例 | | | | | | | | | （股） | | | | | 成都体育 产业投 ...

Core Viewpoint - Tianfu Cultural Tourism announced the convening of its 41st meeting of the 11th Board of Directors on January 27, 2026, to review the election of the 12th Board of Directors, including both non-independent and independent directors [1] Summary by Categories Board of Directors Election - The company agreed to nominate Wang Wei, Wu Xiaolong, Yuan Bo, Gao Lei, Zhang Jie, and Li Xiaoji as candidates for non-independent directors of the 12th Board [1] - The company also agreed to nominate Wang Lei, Liu Haiyue, and Si Wei as candidates for independent directors of the 12th Board [1] - The term for the newly elected board members will be three years, starting from the date of approval by the company's shareholders until the expiration of the 12th Board [1]