本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 1月亚洲（中国）文旅综述 01 全球旅游业发展动态 1月，联合国旅游组织预测，在经历了过去三年的高速增长后，2026年全球旅游业增速将有所回落，总体预计维持 在3%—4%的区间，但总体增长的态势不会改变。相关专家指出，伴随着全球经济的发展，消费者信心指数持续 上升，将对旅游业带来积极影响。与此同时，米兰冬奥会、美加墨男足世界杯等重大体育赛事的举办，也将为 2026年的全球旅游市场发展注入新的动力。 美国方面，世界旅游及旅行理事会（WTTC）1月的报告显示，2025年美国国际游客消费额预计锐减125亿美元。 在WTTC与牛津经济研究院分析的184个国家中，美国是唯一一个去年国际游客消费额预测出现负增长的国家。国 际旅游行业媒体Skift网站报道，去年的一项调查显示，46%的受访游客因特朗普政府的相关政策降低了赴美意 愿。2025年，美国国际旅游收入预计略低于1690亿美元，较前一年减少约125亿美元。这一数据不仅远低于该国 2019年的峰值水平，与全球旅游业的增长速度相比更是相去甚远。旅游业的下滑带来的经济影响不止于旅游消费 本身，依赖国 ...

春节消费高景气，关注性价比、情绪价值和体验 [Table_Industry] 社会服务业 2026 年春节消费调研观察 春节线下零售和服务消费高景气，下沉市场客流更旺盛、线下消费更火热。 投资要点： [Table_Report] 相关报告 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 社会服务业《乐购新春方案出台，关注春节消费 表现》2026.02.08 社会服务业《政策推动、供求双旺，景区板块迎 黄金投资期》2026.02.07 社会服务业《政策支持服务消费发展，关注春节 数据》2026.02.01 票 研 究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读 ...

Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

峨眉山金顶大索道。杜卓滨摄 只需186秒，爬完1164米，带着游客从山腰雪松看到山顶云海，鸟瞰峨眉风光。这样一个兼具观赏性和 运输功能的"百人大缆车"，是如何保证春节期间每日开机超10小时不停歇，安全将游客送到目的地的？ 近日，记者来到峨眉山一探究竟。 一天可运2万人 超长待机10小时不停歇 2月10日早上7点10分，天还没亮，第一批游客伴着寒气乘着峨眉山金顶大索道上了山。峨眉山金顶大索 道，因每个车厢可以装100人，又被称为百人大缆车。车厢长6.4米，宽3.3米，高2.757米，运行时，两 个车厢一上一下，可实现200名游客从接引殿到金顶的往返。 工作人员正在检查缆车。受访者供图 背后靠4根绳子和一组定滑轮 "一根棍子连着箱子、一个钩子钩住绳子，靠一组定滑轮运行"。长时间以来，循环索道缆车的操作原理 让不少网友直呼刺激。 "刺激之余，是否安全可靠？"面对记者的提问，周聪翀连称："绝对可靠，而且金顶大索道是往复式索 道，和循环式不一样。"控制室里，工作人员按下启动按钮，缆绳便开始拉动。"现在缆车是以每秒10米 的速度在运行，186秒可以爬完1164米，加上游客上下车的时间，平均5分钟一趟。"周聪翀指着玻璃窗 ...

Core Viewpoint - Companies are offering exclusive benefits such as free tickets and entertainment packages to shareholders as a way to reward investors and enhance shareholder engagement [2][3]. Group 1: Companies Offering Benefits - Companies from the media and social services sectors, including Hengmei Mountain A, Xiangyuan Cultural Tourism, and Caesar Travel, are providing various perks such as free admission to scenic spots and discounted cruise tickets [2][3]. - Film companies like Hengdian Film and Bona Film have also introduced movie ticket packages for shareholders [2][3]. Group 2: Specific Benefits and Requirements - Hengmei Mountain A offers substantial benefits, including free entry to the mountain, complimentary cable car rides, and discounts on hot springs and skiing for shareholders and their families [2][3]. - Other companies, such as Palm Holdings in the construction sector, are giving away free tickets to certain 4A scenic spots, while Haixia Holdings in the transportation sector is promoting special travel packages [3][22]. Group 3: Cash Dividends - Since 2025, seven companies have distributed over 10 million yuan in cash dividends, including Xianheng International and Hengmei Mountain A, with the latter distributing more than 100 million yuan [3][22].

Core Viewpoint - The Emei Mountain scenic area has become a popular destination during the Spring Festival, with an estimated daily visitor count exceeding 10,000, highlighting the significance of the Golden Summit cable car in facilitating tourist access and enhancing the overall experience [1][3]. Group 1: Cable Car Operations - The Golden Summit cable car, known as the "hundred-person cable car," can transport up to 20,000 visitors daily, operating for over 10 hours without interruption [3][5]. - The cable car operates at a speed of 10 meters per second, completing a 1,164-meter ascent in 186 seconds, with an average round trip time of about 5 minutes [6][10]. - During peak seasons like the Spring Festival, additional cable cars are activated to accommodate increased visitor numbers, allowing for a combined capacity of nearly 40,000 visitors per day [5][10]. Group 2: Safety and Maintenance - The cable car system is designed with safety in mind, utilizing four ropes and a series of pulleys to ensure reliable operation [6][10]. - Daily inspections are conducted before operation and after closing to ensure all components are functioning correctly, with a major overhaul occurring every six years [13][14]. - Staff have implemented additional safety measures in preparation for the Spring Festival, including increased inspection frequency and additional personnel to monitor operations [14][15].

Summary of Conference Call on Scenic Area Industry Industry Overview - The report focuses on the scenic area industry, highlighting a favorable investment period driven by policy support and strong supply-demand dynamics [1][2] - The overall vacation system has been significantly optimized, with evidence of its effectiveness already observed [1] Key Points and Arguments Policy Drivers - Various provincial policies have been introduced to stimulate consumption, including a special action plan released by the Central Committee and State Council in March 2025 [2] - The exploration of spring and autumn vacations is being encouraged, with specific plans already in place in provinces like Zhejiang, Jiangsu, Sichuan, and Chongqing [2][3] - Anticipated implementation of 5-9 day continuous holidays in certain provinces by 2026, which is expected to boost demand during off-peak seasons [3] Tourism Demand and Growth - Domestic tourism spending is projected to reach 57.5 trillion yuan in 2024, a 17% increase from 2023, significantly outpacing GDP growth [6] - By Q3 2025, domestic tourism metrics such as visitor numbers and revenue have recovered to 112% and 108% of 2019 levels, respectively [6] - The implementation of new vacation policies is expected to enhance travel demand, particularly during off-peak periods [5] Consumer Behavior and Trends - A shift in consumer behavior is noted, with a more cautious approach leading to a decrease in average spending per trip in 2025 [7] - The student population, approximately 200 million, is identified as a key demographic for future tourism consumption, particularly in educational and experiential travel [7][8] Industry Performance and Challenges - The tourism industry is experiencing a bifurcation, with 50% of 51 analyzed tourism companies reporting revenue declines in the first three quarters of 2025 [10] - Capital operations are heating up, with a notable increase in equity changes and mergers, indicating a consolidation phase in the industry [10][11] Investment Opportunities - Recommendations for investment focus on three main areas: 1. **Transportation Improvements**: Companies like Emei Mountain and Jiuhua Tourism are expected to benefit from enhanced transport links [15] 2. **Resource Injection**: Companies with strong resource integration potential, such as Tianfu Culture and Shaanxi Tourism, are highlighted [16] 3. **New Project Developments**: Companies like Songcheng Performance and Three Gorges Tourism are noted for their upcoming projects [16] Additional Important Insights - The scenic area industry exhibits a seasonal revenue pattern, with peaks during certain holidays and lower activity in colder months [13] - The integration of gamification and experiential offerings in tourism products is emerging as a significant growth driver, as seen in successful case studies like Wansui Mountain [11][12] - The government is expanding its openness to international tourism, with a record number of outbound and inbound travelers in 2025 [12] This summary encapsulates the key insights and trends discussed in the conference call regarding the scenic area industry, emphasizing the interplay between policy, consumer behavior, and investment opportunities.

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

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]