桂林旅游晚间公告，公司拟公开挂牌转让全资子公司桂林资江丹霞旅游有限责任公司100%股权暨债 权，挂牌价格为3450万元。资江丹霞公司自2008年以来持续亏损，2008年度至2025年1-8月已累计亏损 2.9亿元。截至2025年8月末，资江丹霞公司净资产为-2.37亿元，公司对资江丹霞公司的债权账面原值为 2.43亿元，已计提的坏账准备为2.25亿元，账面净值为1865.22万元。 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]

Group 1 - China National Fisheries announced that its shareholder, China State-Owned Enterprises Mixed Ownership Reform Fund Co., Ltd., reduced its stake from 5.7076% to 5% by selling 2.5888 million shares at an average price of 10.31 yuan per share [1] - China National Fisheries, established in April 1998, focuses on deep-sea fishing, seafood processing and trade, and marine fishery services [2] Group 2 - Guilin Tourism plans to publicly select a partner for the "Living Lotus" project to build a theater and related facilities, with the partner responsible for investment, construction, and operation [2] - Guilin Tourism, founded in April 1998, operates in boat passenger transport, scenic tourism, hotels, and road passenger transport [2] Group 3 - Zhaomin Technology intends to issue convertible bonds to raise no more than 590 million yuan for new projects related to automotive components and precision engineering plastics [3] - Zhaomin Technology, established in October 2011, specializes in the R&D, production, and sales of precision injection parts and molds [3] Group 4 - Zhaomin Technology plans to establish overseas subsidiaries in Singapore and Thailand, focusing on wholesale trade and technology development in automotive precision components [4] - The registered capital for the Singapore subsidiaries is set at 1,000 USD, while the Thai subsidiary will have a capital of 500,000 THB [4] Group 5 - Yiyigou's subsidiary plans to increase capital by 8 million yuan to an associated company, with a pre-investment valuation of 42 million yuan [5] - Yiyigou, founded in April 2007, provides full-channel pharmaceutical distribution services [6] Group 6 - Yunda Express reported a 0.88% year-on-year decline in October express service revenue, totaling 4.495 billion yuan, with a business volume decrease of 5.11% [7] - Yunda Express, established in April 1996, operates in comprehensive express logistics [8] Group 7 - SAIWO Technology announced the first batch delivery of light transfer films for perovskite tandem components, marking a significant step in commercial application [8] - The current delivery is small-scale and will not significantly impact the company's revenue in 2024 [8] Group 8 - Hunan Baiyin's shareholder plans to reduce its stake by up to 1.95%, equating to a maximum of 55 million shares [9] - Hunan Baiyin, founded in November 2004, specializes in the smelting and sales of precious metals [9] Group 9 - Ningbo Construction's acquisition of Ningbo Transportation Engineering Construction Group has been approved by the Shanghai Stock Exchange [10] - Ningbo Construction, established in December 2004, focuses on construction engineering and related services [10] Group 10 - Sudar's shareholder plans to reduce its stake by up to 3%, which amounts to a maximum of 2.28 million shares [11] - Sudar, founded in July 2009, provides aftermarket services for hydraulic supports in coal mining machinery [12] Group 11 - Aeston plans to establish a joint venture with BOE Technology Group, focusing on the development and sales of drive technology products [13] - Aeston, established in February 2002, specializes in automation core components and industrial robotics [13] Group 12 - CICC is planning to absorb and merge Dongxing Securities and Xinda Securities through a stock exchange, with trading suspended for up to 25 days [14] - CICC, founded in July 1995, provides investment banking and asset management services [14] Group 13 - Dongjie Intelligent plans to purchase robots from an associated company for a total of 24.325 million yuan [15] - Dongjie Intelligent, established in December 1995, focuses on intelligent production systems and logistics [15] Group 14 - Shentong Express reported an 11.84% year-on-year increase in October express service revenue, totaling 4.95 billion yuan [16] - Shentong Express, founded in November 2001, operates in the express service industry [17] Group 15 - Zhongfu Industrial plans to invest 259 million yuan in a project to produce 3 million aluminum wheels [18] - Zhongfu Industrial, established in January 1997, specializes in aluminum processing and related industries [18] Group 16 - Maoshuo Power's director plans to reduce his stake by up to 980,300 shares, representing 0.2749% of the total shares [19] - Maoshuo Power, founded in March 2006, focuses on the R&D and production of power supplies [19] Group 17 - Wentai Technology's control over Anshi Semiconductor remains limited despite the lifting of an asset freeze order [20] - Wentai Technology, established in January 1993, specializes in mobile communication and semiconductor technology [20] Group 18 - Zhongyida's actual controller is involved in the merger of Xinda Securities by CICC, with no impact on Zhongyida's equity structure [20] - Zhongyida, founded in June 1992, produces and sells fine chemical products [20] Group 19 - Jinlongyu's subsidiary received a criminal judgment for contract fraud, with penalties imposed on both the company and an individual [20] - Jinlongyu, established in June 2005, focuses on kitchen food and oil products [20]

Group 1 - The tourism sector experienced a collective decline on November 20, with several companies showing significant drops in stock prices [1] - Yingxin Development fell over 8%, while Nanjing Commercial Travel and Yunnan Tourism dropped by 7% and 6% respectively [1] - Other companies such as Sanfu Outdoor, Tianfu Cultural Tourism, and others also saw declines exceeding 2% [1]

Core Viewpoint - Guilin Tourism announced an investment of 110 million yuan in the "Jing SHOW·Vivid Lotus" project, which is located in the Yinziyan Scenic Area and is managed by its subsidiary [1] Group 1: Project Development - The "Vivid Lotus" project has completed the main construction but has not yet commenced operations [1] - The company plans to adjust the project by adding a theater and related facilities, and will publicly select a partner for investment, construction, and operation [1][2] - The selected partner will pay fixed rent and share revenue with the subsidiary, with specific terms to be defined in the final agreement [1] Group 2: Strategic Goals - The adjustment aims to enhance visitor experience and attract a partner with more market experience to ensure investment returns and reduce operational costs [2] - The company emphasizes the need to adapt to market changes while empowering the Yinziyan Scenic Area [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 339 million yuan, maintaining stability year-on-year [3] - The net profit attributable to shareholders reached 35.77 million yuan, a significant increase of 425.76% compared to the previous year [3] - In the third quarter alone, the company achieved revenue of 142 million yuan and a net profit of 27.76 million yuan, reflecting a year-on-year growth of 7.20% [3]

Core Insights - The A-share market saw a collective decline in tourism stocks, with notable drops in companies such as Yingxin Development, Nanjing Business Travel, and Yunnan Tourism [1] Group 1: Stock Performance - Yingxin Development experienced a decline of 8.06%, with a total market value of 19.4 billion [2] - Nanjing Business Travel fell by 7.02%, with a market capitalization of 3.249 billion [2] - Yunnan Tourism decreased by 6.09%, with a market value of 5.933 billion [2] - Sanfu Outdoor dropped over 4.26%, with a market capitalization of 2.375 billion [2] - Other companies such as Tianfu Cultural Tourism, Sanxia Tourism, Qujiang Cultural Tourism, and Xiyu Tourism also saw declines exceeding 2% [1][2] Group 2: Year-to-Date Performance - Despite the recent declines, Yingxin Development has a year-to-date increase of 51.14% [2] - Nanjing Business Travel has risen by 13.57% year-to-date [2] - Tianfu Cultural Tourism shows a significant year-to-date increase of 62.76% [2] - Xizang Tourism has a year-to-date increase of 60.35% [2]

格隆汇11月19日｜桂林旅游公告，公司投资建设的《境SHOW•生动莲花》项目总投资额11,000万元，项 目地点位于桂林荔浦银子岩景区，由公司控股子公司银子岩公司负责实施。截至目前，生动莲花项目涉 及的建筑主体已基本建设完成，尚未正式营业。截至2025年10月31日，公司累计投入资金10,064.69万 元。公司董事会同意调整生动莲花项目内容，在生动莲花项目现有基础上建设影剧院及相关配套设施， 并在产权交易机构公开挂牌遴选合作方，由合作方负责对该项目进行投资、建设和运营，银子岩公司向 合作方收取固定租金及分成收入，相关合作内容及具体金额以最终银子岩公司与遴选的合作方签署的协 议为准。 ...

智通财经APP讯，桂林旅游(000978.SZ)公告，公司投资建设的《境SHOW•生动莲花》项目(简称"生动莲 花项目")涉及的建筑主体已基本建设完成，尚未正式营业。于2025年11月19日，公司董事会审议通过了 关于调整《境SHOW·生动莲花》项目内容并公开挂牌遴选合作方的议案。公司董事会同意调整生动莲 花项目内容，在生动莲花项目现有基础上建设影剧院及相关配套设施，并在产权交易机构公开挂牌遴选 合作方，由合作方负责对该项目进行投资、建设和运营，银子岩公司向合作方收取固定租金及分成收 入，相关合作内容及具体金额以最终银子岩公司与遴选的合作方签署的协议为准。 ...

智通财经APP讯，桂林旅游(000978.SZ)公告，公司投资建设的《境SHOW•生动莲花》项目(简称"生动莲 花项目")涉及的建筑主体已基本建设完成，尚未正式营业。于2025年11月19日，公司董事会审议通过了 关于调整《境SHOW·生动莲花》项目内容并公开挂牌遴选合作方的议案。公司董事会同意调整生动莲 花项目内容，在生动莲花项目现有基础上建设影剧院及相关配套设施，并在产权交易机构公开挂牌遴选 合作方，由合作方负责对该项目进行投资、建设和运营，银子岩公司向合作方收取固定租金及分成收 入，相关合作内容及具体金额以最终银子岩公司与遴选的合作方签署的协议为准。 ...

Core Viewpoint - The company has decided to adjust the content of the "Jing SHOW·Vivid Lotus" project by constructing a theater and related facilities to meet diverse tourist demands and seek experienced partners for investment, construction, and operation [1] Group 1 - The company’s board has approved the adjustment of the project to include a theater and supporting facilities [1] - As of October 31, 2025, the company has invested a total of 101 million yuan in the project [1] - The adjustment aims to adapt to market changes, ensure investment returns, reduce operational costs, and lower investment risks [1]