Core Viewpoint - Yunnan Tourism's stock has experienced fluctuations, with a recent decline of 2.16% and a total market value of 5.88 CNY per share, reflecting a challenging financial performance in 2025 [1][2]. Financial Performance - For the period from January to September 2025, Yunnan Tourism reported a revenue of 185 million CNY, a significant decrease of 58.72% year-on-year [2]. - The company recorded a net profit attributable to shareholders of -132 million CNY, marking a drastic decline of 196.83% compared to the previous year [2]. Stock Market Activity - As of November 26, Yunnan Tourism's stock price has increased by 9.09% year-to-date, but it has seen a decline of 5.77% over the last five trading days [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) five times this year, with the most recent appearance on September 25 [1]. Shareholder Information - As of November 20, the number of shareholders for Yunnan Tourism increased to 68,900, with an average of 14,272 circulating shares per shareholder, a decrease of 0.54% [2]. - The top ten circulating shareholders include the 富国中证旅游主题ETF, which holds 10.18 million shares, an increase of 3.65 million shares from the previous period [3]. Business Overview - Yunnan Tourism operates in various sectors, including tourism scenic area operations, tourism real estate development, transportation, and travel agencies, with the main revenue sources being transportation (41.26%), scenic area operations (39.10%), and tourism culture technology (19.54%) [1].

Core Viewpoint - Yunnan Tourism (002059) reported that as of November 20, 2025, the number of shareholders is 68,877 [1] Summary by Categories - **Company Information** - The number of shareholders for Yunnan Tourism is 68,877 as of November 20, 2025 [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][26]. Core Insights - The social services sector is expected to benefit from continuous government policies aimed at expanding domestic demand, leading to a potential valuation recovery during the reporting period [4][26]. - The report highlights the performance of key stocks within the sector, with notable gains from Yum China (9.53%), Kede Education (9.20%), and Jinjiang Hotels (8.99%) [14][17]. - The anticipated increase in the number of college graduates in 2026, projected to reach 12.7 million, is expected to drive demand in the education sector [19]. Summary by Sections Market Review - The consumer services sector experienced a decline of 2.03% during the reporting period but outperformed the broader market by 2.78 percentage points [13][14]. - The report period was from November 10, 2025, to November 23, 2025, with the CSI 300 index declining by 4.81% [13][14]. Industry and Company Dynamics - Sanya launched its sixth round of duty-free consumption vouchers, which will run until December 31, 2025, targeting both travelers and local residents [18]. - JD Retail has established a new prepared food division, indicating a strategic upgrade in its operations [21]. - NetEase Youdao reported a 51.1% year-on-year increase in online marketing service revenue, becoming its largest revenue source for the first time [22]. Stock Holdings Analysis - Key stocks in the Hong Kong market saw changes in holdings, with Tianli International Holdings and Gu Ming receiving increases in shareholding [25]. Investment Recommendations - The report suggests a focus on stocks such as China Duty Free Group, Huazhu Group, and Trip.com Group, among others, for potential investment [4][26]. - Mid-term recommendations include companies like Meituan, Misyue Group, and Ctrip Group, indicating a diversified investment strategy [4][26]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) estimates for several companies, with China Duty Free Group projected to have an EPS of 1.91 CNY in 2025 and 2.28 CNY in 2026 [5].

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.32% on November 24, with Tianfu Culture and Tourism leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Key stocks in the tourism sector showed significant increases, with Tianfu Culture and Tourism rising by 4.55% to a closing price of 5.51 [1] Group 2: Stock Performance - Notable performers included: - Tianfu Culture and Tourism (000558): 5.51, +4.55%, 844,600 shares traded, 463 million yuan turnover [1] - Zhongxin Tourism (002707): 6.97, +3.41%, 220,200 shares traded, 152 million yuan turnover [1] - Qujiang Culture and Tourism (600706): 10.60, +3.11%, 101,500 shares traded, 107 million yuan turnover [1] - Conversely, Caesar Travel (000796) saw a decline of 6.69% to 6.69, with a trading volume of 1,428,100 shares and a turnover of 973 million yuan [2] Group 3: Capital Flow - The tourism and scenic spots sector experienced a net outflow of 40.05 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - Specific stock capital flows indicated: - Tianfu Culture and Tourism: -30.41 million yuan from institutional investors [3] - Zhongxin Tourism: +13.34 million yuan from institutional investors [3] - Yunnan Tourism (002059): +10.78 million yuan from institutional investors, but -33.39 million yuan from retail investors [3]

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 - Yunnan Tourism's stock price increased by 2.05% to 5.96 CNY per share, with a trading volume of 375 million CNY and a turnover rate of 6.50%, resulting in a total market capitalization of 6.034 billion CNY [1] - The company has seen a year-to-date stock price increase of 10.58%, with recent gains of 3.65% over the last five trading days, 7.78% over the last twenty days, and 14.40% over the last sixty days [1] - Yunnan Tourism has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on September 25 [1] Group 2 - The company operates in the social services sector, specifically in tourism and scenic areas, and is involved in online tourism, tourism hotels, low-cost travel, small-cap stocks, and state-owned enterprise reforms [2] - As of November 10, the number of shareholders increased to 68,500, a rise of 8.47%, while the average circulating shares per person decreased by 7.81% to 14,350 shares [2] - For the period from January to September 2025, Yunnan Tourism reported a revenue of 185 million CNY, a year-on-year decrease of 58.72%, and a net profit attributable to the parent company of -132 million CNY, a decline of 196.83% [2] Group 3 - Since its A-share listing, Yunnan Tourism has distributed a total of 212 million CNY in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, the sixth largest circulating shareholder is the Fortune China Securities Tourism Theme ETF, holding 10.1815 million shares, an increase of 3.65 million shares from the previous period [3]

Core Viewpoint - The tourism and scenic spots sector experienced a decline of 2.02% on November 20, with Dalian Shengya leading the drop. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Group 1: Market Performance - The tourism and scenic spots sector saw a net outflow of 417 million yuan from main funds, while retail investors contributed a net inflow of 396 million yuan [2][3]. - Dalian Shengya's stock price fell by 6.57% to 52.60 yuan, with a trading volume of 179,500 shares and a transaction value of 1.006 billion yuan [2]. - Other notable declines included Yunnan Tourism, which dropped 6.41% to 5.84 yuan, and Tianfu Cultural Tourism, which fell 3.85% to 5.50 yuan [2]. Group 2: Individual Stock Performance - Kaiser Rotation (000796) rose by 3.07% to 7.39 yuan, with a trading volume of 1.4841 million shares and a transaction value of 1.079 billion yuan [1]. - The stock of Xiangyuan Cultural Tourism (600576) decreased by 0.80% to 7.48 yuan, with a trading volume of 239,200 shares and a transaction value of 178 million yuan [1]. - The stock of Huangshan Tourism (600054) fell by 1.05% to 11.36 yuan, with a trading volume of 38,200 shares and a transaction value of 43.56 million yuan [1].

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 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]

Group 1 - The tourism sector experienced a sharp decline in early trading, with companies such as Yunnan Tourism and Nanjing Commercial Travel dropping nearly 5% [1] - Other companies in the sector, including Tianfu Cultural Tourism, Jinling Hotel, and Xiangyuan Cultural Tourism, also saw declines following the initial drop [1]