Core Insights - The tourism and scenic spots sector experienced a rise of 2.37% on September 18, with Yunnan Tourism leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Sector Performance - Yunnan Tourism (002059) saw a closing price of 6.68, with a significant increase of 10.05% and a trading volume of 1.1964 million shares, amounting to a transaction value of 765 million [1] - Qujiang Cultural Tourism (600706) also performed well, closing at 11.87 with a rise of 10.01% and a trading volume of 547,300 shares, resulting in a transaction value of 630 million [1] - Other notable performers included Tibet Tourism (600749) with a 7.06% increase, closing at 23.96, and Xi'an Tourism (000610) with a 6.69% increase, closing at 15.00 [1] Capital Flow - The tourism and scenic spots sector saw a net inflow of 232 million in main funds, while retail investors experienced a net outflow of 216 million [2][3] - The main funds' net inflow for Qujiang Cultural Tourism was 126 million, while it faced a net outflow of 48.38 million from speculative funds [3] - Tibet Tourism had a net inflow of 82.42 million from main funds, with a net outflow of 33.97 million from speculative funds [3]

Market Overview - A-shares experienced a sudden pullback on September 18, with the Shanghai Composite Index and ChiNext Index both dropping over 1% during intraday trading, while the trading volume exceeded 3 trillion yuan [1][2] - The Hong Kong market also saw a significant decline, with the Hang Seng Index falling over 400 points [3] Sector Performance - The tourism sector showed resilience, with stocks like Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit [2] - Conversely, gold stocks faced substantial declines, with companies like Xiaocheng Technology dropping over 8% [2] - Financial technology stocks also experienced a downturn, contributing to the overall market pressure [5] External Influences - Analysts suggest that the collective decline in international commodity markets may indicate a market reaction to the end of the Federal Reserve's interest rate cuts, leading to profit-taking [1][3] - Despite the drop in the dollar index, the depreciation of the Chinese yuan was limited, with the yuan's share in global payments increasing to 2.93% in August from 2.88% [3] Future Market Outlook - Analysts predict that the recent sell-off may lead to a redistribution of shares, resulting in a continued volatile market leading up to the National Day holiday, but with potential for positive movement in October [6] - The easing of monetary policy by the Federal Reserve is expected to benefit Chinese assets, with potential for interest rate cuts in China, which could create favorable conditions for domestic monetary easing [6] - Historical trends indicate that the initiation of a Federal Reserve rate-cut cycle often leads to significant excess returns in domestic equity markets, particularly in growth sectors like the ChiNext Index [6][7] Investment Opportunities - The launch of an ETF tracking the CSI A500 index by DWS in Europe is seen as a positive development for foreign investment in Chinese assets [5] - The current policy environment and liquidity conditions are viewed as conducive to the emergence of a major bull market, with historical precedents supporting this outlook [7]

（文章来源：证券日报） 证券日报网讯 9月17日晚间，云南旅游发布公告称，公司独立董事杨向红女士自2019年9月17日起担任 公司独立董事，截至2025年9月17日，连续担任公司独立董事已届满六年。根据有关规定，独立董事连 任时间不得超过六年，因此杨向红女士于近日向公司董事会提交了书面辞职报告，杨向红女士申请辞去 公司第八届董事会独立董事、公司董事会薪酬与考核委员会召集人及审计委员会委员职务。 ...

Core Points - Independent director Yang Xianghong has submitted her resignation after serving for six years, which is the maximum term allowed under relevant regulations [1][2] - Yang's resignation will take effect after the election of a new independent director at the company's shareholders' meeting, as her departure will reduce the number of independent directors below one-third of the board [1] - The company expresses gratitude for Yang's contributions during her tenure as an independent director [2] Summary by Sections - **Director Resignation**: Yang Xianghong has been an independent director since September 17, 2019, and her term will end on September 17, 2025, as per the regulations [1] - **Regulatory Compliance**: The resignation is in accordance with the "Management Measures for Independent Directors of Listed Companies" and the company's articles of association [1] - **Future Actions**: The company will expedite the election process for a new independent director to comply with regulatory requirements [1]

Core Viewpoint - The tourism ETF (562510) experienced a significant rise, with a more than 1% increase, reaching a new high for the year, driven by strong performances from stocks like Yunnan Tourism (002059) and Huazhu Hotels (000428) [1] Group 1: Market Performance - The tourism ETF saw a substantial increase, with Yunnan Tourism hitting the daily limit up, and other stocks such as Huazhu Hotels, Qujiang Cultural Tourism (600706), and China Duty Free Group (601888) also rising [1] - The upcoming "super golden week" during the National Day and Mid-Autumn Festival, which spans 8 days, is expected to boost the tourism market significantly [1] Group 2: Domestic and International Travel Trends - Domestic travel is experiencing a peak season for autumn scenery, with destinations like Xinjiang, Inner Mongolia, and Gansu seeing high sales [1] - International travel is benefiting from favorable policies such as visa exemptions and the recovery of flight schedules [1] Group 3: Marketing and Booking Trends - Various platforms have increased their marketing investments since the summer, indicating a steady growth trend in domestic online travel bookings [1] - The focus for the National Day holiday will be on the recovery of domestic flight and hotel prices, while both outbound and inbound tourism are expected to maintain high growth rates [1]

Core Insights - Yunnan Tourism's stock price increased by 5.44% on September 18, reaching 6.40 CNY per share, with a trading volume of 312 million CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 6.48 billion CNY. The stock has risen for four consecutive days, with a cumulative increase of 13.46% during this period [1] Company Overview - Yunnan Tourism Co., Ltd. is located in Kunming, Yunnan Province, and was established on December 29, 2000, with its shares listed on August 10, 2006. The company operates in various sectors including tourism scenic area operations, tourism real estate development, tourism transportation, landscaping, conference hotels, travel agencies, and tourism culture [1] - The revenue composition of Yunnan Tourism is as follows: 41.36% from comprehensive tourism services, 39.10% from cultural tourism complex operations, and 19.54% from tourism cultural technology [1] Shareholder Insights - Among the top ten circulating shareholders of Yunnan Tourism, the Fuqua Fund holds a significant position. The Fuqua CSI Tourism Theme ETF (159766) increased its holdings by 342,000 shares in the second quarter, bringing its total to 6.5315 million shares, which accounts for 0.65% of the circulating shares. The estimated floating profit today is approximately 2.1554 million CNY, with a total floating profit of 4.7027 million CNY during the four-day increase [2] Fund Performance - The Fuqua CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a current scale of 2.955 billion CNY. Year-to-date, it has achieved a return of 5.46%, ranking 3871 out of 4222 in its category. Over the past year, it has returned 28.29%, ranking 3431 out of 3804, while it has incurred a loss of 25.68% since inception [2]

云南旅游股份有限公司 关于独立董事任期满六年辞职的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 云南旅游股份有限公司（以下简称"公司"）独立董事杨向红女士自 2019 年 9 月 17 日起担任公司独立董事，截至 2025 年 9 月 17 日，连续担任公司独立董事已届 满六年。根据《上市公司独立董事管理办法》《公司章程》等有关规定，独立董事 连任时间不得超过六年，因此杨向红女士于近日向公司董事会提交了书面辞职报告， 杨向红女士申请辞去公司第八届董事会独立董事、公司董事会薪酬与考核委员会召 集人及审计委员会委员职务。 由于杨向红女士的辞职将导致公司独立董事人数低于董事会成员的三分之一， 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司章程》等有关规定，杨向红女士的辞职申 请将在公司股东大会选举产生新任独立董事之日起生效。在辞职申请尚未生效前， 杨向红女士将继续履行独立董事、董事会专门委员会委员相关职责。公司将按照规 定尽快完成新任独立董事的选举程序。 证券代码：002059 证券简称：云南旅游 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

Group 1 - The tourism and hotel sector experienced a significant rally on September 17, with Yunnan Tourism hitting the daily limit up [1] - Lijiang Co. saw an increase of over 3%, while other companies such as Xi'an Tourism, Tibet Tourism, and Xiangyuan Cultural Tourism also experienced gains [1]

Market Performance - The tourism and scenic spots sector increased by 2.02% on September 16, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Key Stocks in Tourism Sector - Caesar Travel (000796) closed at 7.12, up 7.07%, with a trading volume of 2.83 million shares and a transaction value of 2.008 billion [1] - Jiuhua Tourism (661809) closed at 39.78, up 4.25%, with a trading volume of 99,100 shares [1] - Tibet Tourism (600749) closed at 21.91, up 2.86%, with a trading volume of 226,400 shares and a transaction value of 491 million [1] - Emei Mountain A (000888) closed at 14.70, up 2.51%, with a trading volume of 291,000 shares and a transaction value of 422 million [1] Capital Flow Analysis - The tourism and scenic spots sector saw a net inflow of 144 million from institutional investors, while retail investors experienced a net inflow of 65.56 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors faced outflows [2][3] Individual Stock Capital Flow - Caesar Travel had a net inflow of 91.35 million from institutional investors, while retail investors saw a net outflow of 28.35 million [3] - Songcheng Performance (300144) experienced a net inflow of 69.40 million from institutional investors, but retail investors faced a net outflow of 28.35 million [3] - Yunnan Tourism (002059) had a net inflow of 20.63 million from institutional investors, with retail investors experiencing a net outflow of 15.07 million [3]