"文旅产业正进入一个边界不断拓宽、深度不断延展的新阶段。'文旅+百业'的跨界融合已成为行业发展 的核心动能。"峨眉山A董事长许拉弟对文旅消费市场作出了这样的判断。 三是产业生态跨界融合，让科技更温暖。 推动"文旅+"向康养、体育、研学、文创、节庆等领域深化拓展。打造疗愈体系，举办"VR登山赛"等新 型赛事；融入游戏场景，落地"武侠游戏餐厅"，结合光影与感官交互演绎峨眉武术文化。构建"科技+内 容+场景"融合生态，延伸产业链价值，更强调科技应用中的人文关怀与情感连接。 许拉弟认为，在文旅产业深刻变革的当下，峨眉山A将紧抓科技赋能与跨界融合趋势，推动山岳型景区 实现从传统观光到深度体验的转型升级。下一步，公司将重点围绕"让文化更生动、旅游更贴心、科技 更温暖"三个维度，系统推进景区智慧化建设与文旅融合创新。 许拉弟表示，科技不是冰冷的工具，而是连接自然、文化与人的温暖纽带。峨眉山A将坚持以敬畏之心 守护生态本色，以创新之魂拥抱时代变革，在"让文化更生动、旅游更贴心、科技更温暖"的道路上持续 探索，打造科技赋能、有情有韵的世界级山岳文旅新标杆。 一是沉浸式场景再造，让文化更生动。 （文章来源：证券时报） 深入挖掘峨 ...

Core Viewpoint - The article discusses a new trend in the A-share market where companies are engaging in "physical dividends" to enhance shareholder experience and interaction, moving beyond traditional cash dividends and stock bonuses [1][2]. Group 1: Shareholder Engagement Initiatives - Emei Mountain A plans to offer free entrance tickets to its scenic area for shareholders holding more than 500 shares as part of its 2025 shareholder reward program [1]. - Over 30 listed companies have initiated similar engagement activities, providing products, coupons, and tourism rights to their investors [1][2]. - The trend includes a variety of sectors, such as food, home appliances, health products, and cultural tourism, showcasing a diverse approach to shareholder rewards [2]. Group 2: Benefits of Physical Dividends - Physical dividends can create a closed-loop ecosystem of "investment-consumption," enhancing shareholders' understanding of the company's product strength and brand vitality [6]. - This approach can serve as a low-cost, high-return brand public relations strategy, transforming shareholders into brand advocates through personal product experiences [6]. - It aligns with regulatory goals to enhance investor satisfaction, providing tangible rewards that can improve investor sentiment amidst market volatility [7]. Group 3: Risks and Challenges - There is a risk of prioritizing physical rewards over fundamental company performance, which could lead to shareholder dissatisfaction if the company's financial health is not strong [8]. - The disparity in shareholding can create fairness issues, potentially alienating minority shareholders while favoring larger ones [8]. - Implementing a physical rewards system introduces new operational costs and management challenges, which could backfire if not handled properly [8]. Group 4: Strategic Insights for Consumer Companies - Companies must ensure their products can impress even the most discerning shareholders, as this reflects their broader market potential [9]. - The goal should be to transition shareholders from passive investors to active partners in the company's growth, fostering a sense of shared identity and collaboration [9]. - Compliance with regulations is crucial to avoid legal risks, ensuring that all reward initiatives are transparent and fair [9][10]. Group 5: Conclusion on Value Creation - The ultimate aim of these initiatives is to create a value-sharing ecosystem among brands, users, and investors, moving beyond short-term stock price fluctuations [11]. - Companies should strive to make every shareholder a passionate advocate for their products, enhancing long-term loyalty and brand strength [11].

海南板块，再度走强！ 今日（12月10日），海南板块走势强劲。早盘，海南高速、海南瑞泽、罗牛山直线拉升至涨停；午后， 欣龙控股、海德股份、京粮控股、神农种业、海马汽车等股票也直线拉升并陆续封板，海南机场、海峡 股份等纷纷跟涨，海南板块整体涨幅扩大至5%以上。 | 代码 | 名称 | | 涨幅% | 现价 | 涨跌 | 买价 | 卖价 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300189 神农种业 | | R | 20.07 | 6.88 | 1.15 | 6.88 | | | 300086 | 康之约业 | | 15.46 | 12.47 | 1.67 | 12.47 | | | 000955 欣龙控股 | | | 10.06 | 7.22 | 0.66 | 7.22 | | | 000735 岁牛山 | | R | 10.01 | 9.78 | 0.89 | 9.78 | | | 000572 海马汽车 | | R | 10.00 | 10.01 | 0.91 | 10.01 | -- | | 000505 京根控股 | | R | 9.9 ...

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their business and products in 2025 [2] Group 1: Overview of Physical Dividends - Companies are increasingly engaging in shareholder reward activities, with examples including tickets, food items, and discounts, reflecting a wave of "creative rewards" in the capital market [2][5] - The concept of "physical dividends" is popular among investors, who refer to these stocks as "wool stocks" that can be passed down through generations [2] - Experts warn that while this trend can strengthen shareholder relationships if aligned with long-term strategies, it risks becoming a short-term marketing gimmick if it deviates from core business [2] Group 2: Examples of Shareholder Rewards - Emei Mountain A (000888.SZ) offers tickets, cable cars, hotels, hot springs, skiing, and tea as rewards for shareholders holding over 500 shares [4] - Qianwei Central Kitchen (001215.SZ) provides product gift packages for shareholders holding 100 shares or more [4] - Other companies like Hainan Airlines (600221.SH) and Xiangxiang Cultural Tourism (600576.SH) offer various discounts and free access to attractions for all shareholders [4][5] Group 3: Industry Trends and Patterns - The consumer sector, particularly food and beverage, remains the primary driver of "creative rewards," with companies like Wufangzhai (603237.SH) giving out rice dumpling gift boxes [5] - Many companies have established regular "physical dividend" mechanisms, such as Xiangyuan Cultural Tourism (600576.SH), which has been rewarding shareholders for three consecutive years [6] - Continuous rewards are seen in companies like Zhongjing Food (300908.SZ), which provides mushroom sauce annually, and Jiahua Food (605300.SH), which has been giving coffee products for five years [7] Group 4: Strategic Implications - The trend of "physical dividends" represents a shift in investor relations management from a focus on financial returns to a more interactive value creation approach [8][9] - This strategy allows companies, especially small to mid-cap consumer firms, to reduce financial pressure while enhancing shareholder loyalty and market reach [10] - However, the sustainability of this model is questioned, as it relies heavily on the event's popularity and lacks fundamental support, which may lead to stock price volatility [10]

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

Core Viewpoint - Several tourism and hospitality companies are increasingly focusing on shareholder engagement through various promotional activities, aiming to enhance brand loyalty and market presence while potentially boosting stock prices [2][4][5]. Group 1: Shareholder Engagement Activities - Emei Mountain Tourism Co., Ltd. announced that shareholders holding over 500 shares can enter the Emei Mountain scenic area for free, with the offer valid from December 1, 2025, to January 31, 2026, excluding national holidays [2]. - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. launched a shareholder reward program, which led to a significant stock price increase on the announcement day, demonstrating the potential short-term impact of such initiatives on stock performance [4][5]. - Other companies, including Huangshan Tourism and Emei Mountain A, experienced similar stock price increases on the days their shareholder reward programs were initiated [5]. Group 2: Marketing and Brand Strategy - The activities are seen as marketing strategies that not only aim to stimulate stock prices but also enhance brand visibility and shareholder engagement [5][6]. - The initiatives are designed to transform shareholders into "experiential shareholders," reducing barriers for younger investors and fostering long-term loyalty among smaller shareholders [5][6]. - Xiangyuan Cultural Tourism emphasizes the importance of creating a dual-value loop between shareholders and consumers, indicating a shift from competition based on scale to a focus on user value [6][12]. Group 3: Future Directions and Innovations - Xiangyuan Cultural Tourism plans to implement a comprehensive rights system for shareholders, integrating various consumer experiences such as tickets, accommodation, and dining into a unified rewards program [12]. - The company aims to enhance customer experiences through innovative offerings, including immersive night tours and personalized travel packages, to deepen emotional connections with users [12]. - The strategy reflects a broader trend in the tourism industry, where companies are leveraging shareholder engagement as a means to drive customer loyalty and market growth [12].

Core Viewpoint - The trend of companies offering "physical dividends" to shareholders is increasing, with over 30 listed companies implementing various shareholder reward activities this year, particularly in the tourism and food sectors [1][3][10]. Group 1: Company Initiatives - Qianwei Yangchu announced a shareholder reward activity where shareholders holding 100 shares or more can receive a product gift package worth 200 yuan, while corporate shareholders can receive three packages [3]. - Emei Mountain A has launched a shareholder reward program allowing shareholders holding 500 shares or more to enjoy free admission to the scenic area and other benefits from December 1 to January 31, 2026 [5]. - Xiangyuan Cultural Tourism initiated the "Xiangyuan Cultural Tourism 2025 Shareholder Reward" program, offering multiple benefits including free access to key scenic spots and hotel stay discounts [6][8]. Group 2: Market Analysis - Market analysts suggest that these shareholder benefits serve as a marketing and communication innovation, emphasizing the importance of focusing on the company's long-term value rather than short-term rewards [10]. - The nature of these physical or rights-based rewards differs fundamentally from the ongoing cash dividends advocated by regulators, often leading to short-term stimulation effects [10]. - Investors are advised to maintain a rational perspective on these activities, as they may create emotional trading opportunities but lack sustainability in driving long-term company performance [10].

Core Insights - The trend of "shareholder rewards" has significantly increased in 2025, with over 30 A-share companies participating, marking a nearly 90% growth compared to 18 companies in 2024 [2][3] - The primary sectors driving this trend are food and beverage, tourism services, and other consumer-facing industries, which aim to enhance investor relations and brand influence [2][3][6] Company Activities - Companies like Jiahua Food and Emei Mountain A have initiated various shareholder reward activities, including free product giveaways and exclusive access to services [4][5] - Jiahua Food, for instance, offered free coffee products to shareholders to enhance their understanding of the brand and gather feedback [4] - Emei Mountain A provided free access to scenic spots and discounts at hotels for shareholders, aiming to deepen their connection with the company's offerings [5] Market Reactions - Announcements of shareholder rewards often attract market attention and can lead to short-term stock price increases, as seen with Emei Mountain A and Qianwei Central Kitchen [6][7] - While these events can create temporary trading opportunities, they are not expected to have a lasting impact on the company's overall performance [6][7] Strategic Implications - The shareholder reward activities serve as a novel communication method between companies and shareholders, transforming shareholders into product "experience officers" [6] - Companies aim to strengthen brand recognition and gather genuine user feedback through these initiatives, fostering a more robust investor relationship [6][7]

Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

Core Insights - A new trend in the A-share market is emerging where companies are offering "physical dividends" to shareholders, enhancing the shareholder experience beyond traditional cash dividends and stock price appreciation [3][4][10] Group 1: New Trends in Investor Relations - The A-share market is witnessing a transformation in investor relations management, shifting from cash dividends to product-based rewards for shareholders [3] - Companies like Emei Mountain A and Qianwei Yangchun are leading this trend, with Emei Mountain A offering free admission to shareholders holding over 500 shares, and Qianwei Yangchun providing product gift packages worth 200 yuan to shareholders holding over 100 shares [3][4] Group 2: Strategic Considerations Behind Physical Dividends - The trend of physical rewards is not merely about providing benefits; it represents an upgrade in investor relations management to brand experience marketing, creating a low-cost yet innovative approach [4][5] - For tourism companies, offering free admission and discounts can lead to significant secondary consumption, enhancing overall revenue [4][10] Group 3: Industry-Specific Approaches to Shareholder Engagement - Different industries are adopting unique strategies to engage shareholders: - In the tourism sector, Emei Mountain A offers comprehensive benefits including free tickets and discounts on various services [7][10] - In the food industry, Qianwei Yangchun provides product gift packages, while other companies like Wufangzhai and Zhongjing Foods also offer food gifts without strict holding requirements [7][8] Group 4: Case Study of Qianwei Yangchun - Qianwei Yangchun's shareholder reward strategy aligns with its broader market expansion goals, allowing shareholders to experience products directly and potentially become loyal customers [8][9] - The company is strategically timing its rewards to coincide with its efforts to penetrate the consumer market [8] Group 5: Emei Mountain A's Unique Offerings - Emei Mountain A's rewards program is designed to counteract a 7.9% decline in visitor numbers, showcasing an innovative approach to attract more visitors [10] - The program includes not just free admission but also discounts for family members, creating a holistic consumer experience [10] Group 6: Balancing Aspirations and Realities - While the trend of physical dividends is gaining traction, companies must ensure product quality and sustainability of these initiatives to avoid damaging their reputation [13][15] - Market reactions to these initiatives can lead to short-term stock price increases, but without solid performance fundamentals, there may be risks of price corrections [15]