Market Performance - The state-owned enterprise reform sector rose by 0.3% compared to the previous trading day, with Yinglite leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Top Gainers - Yinglite (000635) closed at 10.29, up 10.05% with a trading volume of 153,700 shares and a turnover of 156 million [1] - Yunnan Tourism (002059) also rose by 10.05% to 6.24, with a trading volume of 1,094,800 shares and a turnover of 666 million [1] - Other notable gainers include Inspur Software (600756) up 10.02%, Baiyang Co. (002696) up 10.01%, and Aerospace Development (000547) up 10.01% [1] Top Losers - Dayou Energy (600403) fell by 10.04% to 9.23, with a trading volume of 1,220,400 shares and a turnover of 1.153 billion [2] - Tongmu Co. (002083) decreased by 10.03% to 11.21, with a trading volume of 2,562,600 shares and a turnover of 2.964 billion [2] - Other significant declines include Unification Holdings (600506) down 10.01% and Hai Ao Di Ao (000566) down 10% [2] Capital Flow - The state-owned enterprise reform sector experienced a net outflow of 7.699 billion from institutional investors, while retail investors saw a net inflow of 7.863 billion [2][3] - Notable stocks with significant capital inflow include China Shipbuilding (600150) and Jianghuai Automobile (600418), while stocks like China Petroleum (600028) and Yunnan Tourism (002059) faced net outflows from institutional and retail investors [3]

Core Insights - The tourism and scenic spots sector saw a slight increase of 0.44% on November 19, with Yunnan Tourism leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Yunnan Tourism (002059) closed at 6.24, up 10.05% with a trading volume of 1.0948 million shares and a transaction value of 666 million [1] - Other notable performers included Changzi Mountain (6602099) with a 4.78% increase, and Dalian Shengya (600593) with a 4.74% increase [1] Fund Flow Analysis - The tourism and scenic spots sector experienced a net inflow of 146 million in main funds, while retail funds saw a net outflow of 35.56 million [2] - Major stocks like Yunnan Tourism had a net inflow of 23.8 million from main funds, but a net outflow of 95.22 million from retail funds [3] Individual Stock Highlights - Yunnan Tourism led the sector with significant trading activity, while stocks like Caesar Travel (000796) faced a decline of 9.13% [2] - The overall trading volume and transaction values for various stocks indicate a mixed performance within the sector [2][3]

Core Insights - The 15th National Games, held from November 9 to 21 in the Guangdong-Hong Kong-Macau Greater Bay Area, significantly boosted local tourism and accommodation spending [1] - Flight bookings to cities like Guangzhou, Shenzhen, and Zhuhai increased by 26% year-on-year during the event, indicating strong demand for travel to these locations [1] - Domestic tourism sector is facing short-term pressure in the secondary market, with the tourism ETF (562510) experiencing four consecutive days of decline [1] - The decline in travel intentions to Japan due to overseas events has negatively impacted Japan's tourism industry, while regions like Yunnan and Hainan are actively attracting tourists, with Yunnan's tourism stocks hitting the daily limit [1] Group 1 - The 15th National Games positively influenced accommodation consumption in host cities [1] - There was a notable increase in flight bookings to key cities during the event [1] - The domestic tourism sector is currently under pressure in the market [1] Group 2 - The decline in travel to Japan is affecting its tourism industry [1] - Yunnan and Hainan are benefiting from the shift in tourist flow, with Yunnan's tourism stocks performing well [1]

Core Insights - The 15th National Games will be held from November 9 to 21 in the Guangdong-Hong Kong-Macao Greater Bay Area, significantly boosting local tourism and cultural activities [1] - Data from Qunar indicates a notable increase in accommodation spending in host cities due to the event [1] - Meituan Travel reports a 26% year-on-year increase in flight bookings to Guangzhou, Shenzhen, and Zhuhai during the National Games [1] - Domestic travel sentiment towards Japan has declined due to overseas events, negatively impacting Japan's tourism industry [1] Market Impact - The domestic tourism sector is currently under short-term pressure, with the tourism ETF (562510) experiencing four consecutive days of decline [1] - As travel to Japan decreases significantly, regions like Yunnan and Hainan are actively working to attract tourists, with Yunnan tourism stocks hitting the daily limit up today [1]

Group 1 - The tourism and hotel sector experienced a strong rebound in the afternoon, with Yunnan Tourism hitting the daily limit up, indicating significant investor interest [1] - Changbai Mountain and *ST Yunwang saw increases of over 4%, reflecting positive market sentiment towards these companies [1] - Other companies such as Qujiang Cultural Tourism, Nanjing Commercial Travel, Quanjude, and Tianfu Cultural Tourism also experienced gains, suggesting a broader recovery in the sector [1]

证券代码：002059 证券简称：云南旅游 公告编号：2025-065 1. 本次股东会采取现场投票与网络投票相结合的表决方式。 2. 本次股东会无否决提案的情况。 3. 本次股东会未出现新增临时提案的情形。 4. 本次股东会不涉及变更前次股东会决议的情况。 一、会议召开基本情况 1. 会议的通知：云南旅游股份有限公司（以下简称"公司"）于2025年11月1日在 《中国证券报》《证券时报》和巨潮资讯网披露了《关于召开2025年第三次临时股 东会的通知》（公告编号：2025-061）。 2. 会议召开时间 （1）现场会议召开时间：2025年11月17日下午14:30 云南旅游股份有限公司 2025年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 特别提示： （2）网络投票时间：2025年11月17日 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年11月17日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的时 间为2025年11月17日上午9:15至下午1 ...

北京市炜衡（昆明）律师事务所关于云南旅游股份有限公司 2025年第三次临时股东会的 法律意见书 致：云南旅游股份有限公司 云南旅游股份有限公司（以下简称"公司"）2025 年第三次临时股东会 （以下简称"本次股东会"）于 2025 年 11 月 17 日（星期一）下午 14:30 在云南省昆明市盘龙区世博生态城低碳中心 B 栋 1 单元 17 楼会议室召开， 北京市炜衡（昆明）律师事务所（以下简称"本所"）接受公司的委托，指 派杨晓莉、陈自航律师（以下简称"本所律师"）出席会议，并依据《中华 人民共和国证券法》《中华人民共和国公司法》《上市公司股东会规则》（以 下简称《股东会规则》）和《云南旅游股份有限公司章程》（以下简称《公 司章程》）出具本法律意见书。 本所律师是按照《股东会规则》的要求对公司 2025 年第三次临时股东 会的召集、召开程序是否符合法律法规和《公司章程》的规定，出席会议人 员的资格、召集人资格是否合法有效以及股东会的表决程序、表决结果是否 合法有效发表法律意见。 法律意见书中不存在虚假记载、误导性陈述及重大遗漏，否则本所律师 愿意承担相应的法律责任。本所律师是根据对事实的了解和对法律的理解 ...

Core Insights - On November 17, Yunnan Tourism executed a block trade of 365,000 shares, amounting to 1.909 million yuan, which represented 0.83% of the total trading volume for the day [1][2] - The transaction price was 5.23 yuan per share, reflecting a discount of 9.04% compared to the market closing price of 5.75 yuan [1][2] Summary by Categories Trading Details - Trading Date: November 17, 2025 [2] - Security Code: 002059 [2] - Security Name: Yunnan Tourism [2] - Transaction Price: 5.23 yuan [2] - Transaction Volume: 365,000 shares [2] - Transaction Amount: 1.909 million yuan [2] - Buyer Brokerage: CITIC Securities Co., Ltd. [2] - Seller Brokerage: Ping An Securities Co., Ltd. [2]

Core Viewpoint - Yunnan Tourism's stock price increased by 5.15% to 5.92 CNY per share, with a trading volume of 278 million CNY and a turnover rate of 4.94%, resulting in a total market capitalization of 5.994 billion CNY [1] Group 1: Company Overview - Yunnan Tourism Co., Ltd. is located in Kunming, Yunnan Province, and was established on December 29, 2000, with its listing date on August 10, 2006 [1] - The company's main business includes tourism scenic area operation, tourism real estate development, transportation, landscaping, conference hotels, travel agencies, and tourism culture [1] - The revenue composition of the main business is as follows: transportation 41.26%, scenic area operation 39.10%, tourism culture technology 19.54%, and travel agency 0.10% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Yunnan Tourism, a fund under the Fortune Fund holds a significant position [2] - The Fortune CSI Tourism Theme ETF (159766) increased its holdings by 3.65 million shares in the third quarter, bringing its total to 10.1815 million shares, which accounts for 1.04% of the circulating shares [2] - The estimated floating profit from this investment is approximately 2.9526 million CNY [2] Group 3: Fund Performance - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a current scale of 4.927 billion CNY [2] - Year-to-date return is 13.1%, ranking 3445 out of 4216 in its category; the one-year return is 8.14%, ranking 3241 out of 3951; since inception, it has a loss of 20.3% [2]

Core Insights - Yunnan is actively promoting its "Travel to Yunnan" initiative, aiming to develop a high-quality travel industry and enhance local living standards through a comprehensive development plan [1][2][3] Group 1: Development Plans and Initiatives - The "Travel to Yunnan" high-quality development conference introduced the "Travel to Yunnan Development Special Plan (2025-2030)", which includes 26 pilot projects across 16 prefectures, focusing on increasing farmers' income, promoting employment, and integrating industries [1] - The plan outlines a spatial development framework consisting of "two axes, three belts, and six zones" to create a comprehensive travel corridor and promote differentiated regional development [1] Group 2: Market Potential and Economic Impact - In 2024, Yunnan is expected to receive 700 million tourists, generating a total tourism expenditure of 1.14 trillion yuan, with tourism-related industries contributing over 7% to the regional GDP [3] - The local tourism consumption structure indicates that transportation costs account for approximately 40%, while accommodation and dining make up 30% and 10% respectively, highlighting the need for a shift from traditional ticket-based revenue models [3] - By 2024, the number of travelers residing in Yunnan is projected to reach 3.898 million, with a consumption scale exceeding 42.56 billion yuan, where over 60% of spending is on local services [3] Group 3: Competitive Landscape - Other provinces such as Guizhou, Hainan, and Zhejiang are also developing their own travel brands and initiatives to attract tourists, indicating increasing competition in the travel residency market [4] - The national travel market has a potential demand of 600 million visitors, with an overall market size expected to approach 3 trillion yuan, emphasizing the importance of retaining visitors [4]