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]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.28% on November 12, with Lingnan Holdings leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Market Performance - The tourism and scenic area sector saw a mixed performance among individual stocks, with notable gainers including Xiangyuan Cultural Tourism, which rose by 3.58% to close at 7.81, and Caesar Travel, which increased by 2.44% to 7.56 [1]. - Lingnan Holdings led the decline with a drop of 3.05%, closing at 12.39 [2]. - The overall trading volume for the tourism and scenic area sector was significant, with Caesar Travel recording a trading volume of 210.98 million shares and a transaction value of 1.612 billion [1]. Group 2: Capital Flow - The sector experienced a net outflow of 52.65 million from institutional investors and 71.76 million from speculative funds, while retail investors saw a net inflow of 124 million [2]. - Key stocks such as Caesar Travel and Xiangyuan Cultural Tourism had varying capital flows, with Caesar Travel seeing a net inflow of 81.60 million from institutional investors, while Xiangyuan Cultural Tourism had a net outflow of 7.78 million from speculative funds [3]. - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by a more favorable reception from retail investors [2][3].

云南旅游股份有限公司 关于重大案件和解的公告 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。 一、概述 2017 年 12 月 21 日，海力控股集团有限公司（以下简称"海力控股"）与云南 旅游股份有限公司（以下简称"公司"）全资公司云南旅游汽车有限公司(以下简称 "云旅汽车")所属全资公司云南云旅交通投资开发有限公司（以下简称"云旅交投"） 签订《建设工程 EPC 总承包合同》，约定云旅交投将位于云南省昆明市官渡区矣六 街道办事处的"云旅旅游服务中心建设项目"按照 EPC 总承包的形式发包给海力控 股，双方对工程概况、权利义务、付款方式及争议解决等均作出了明确约定。后因 双方在合同履行过程中产生纠纷，海力控股向法院提起诉讼，要求公司一方支付工 程款等合计金额 165,995,982. 01 元。 2025 年 1 月，昆明市中级人民法院作出案件一审判决。云旅汽车不服判决，向 云南省高级人民法院提出上诉，具体内容详见公司于 2025 年 2 月 11 日在巨潮资讯 网（http://www.cninfo.com.cn）披露的《公司关于重大诉讼的进展公告》（公告编号 ...

Core Insights - The tourism and scenic spots sector experienced a decline of 0.78% on November 11, with Dalian Shengya leading the drop [1][2] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - The tourism and scenic spots sector saw a net outflow of 215 million yuan from main funds, while retail investors contributed a net inflow of 320 million yuan [2][3] - Notable performers included *ST Zhang Guo, which rose by 4.99% to close at 9.26 yuan, and Qujiang Cultural Tourism, which increased by 2.41% to 11.07 yuan [1][2] Individual Stock Movements - Dalian Shengya's stock price fell by 6.62% to 47.40 yuan, with a trading volume of 140,800 shares and a transaction value of 676 million yuan [2] - Other stocks that declined include Changzi Mountain (-3.80%), Lingnan Holdings (-3.47%), and Jiuhua Tourism (-1.52%) [2] Fund Flow Analysis - The main funds showed a net inflow in stocks like Qujiang Cultural Tourism (30.1 million yuan) and Songcheng Performance (14.89 million yuan), while stocks like *ST Zhang Guo and Xiangyuan Cultural Tourism experienced outflows [3] - Retail investors showed a significant net inflow in stocks like Jiuhua Tourism, indicating a potential shift in investor sentiment [3]

Core Viewpoint - The announcement of the longest Spring Festival holiday in history in 2026 is driving a surge in the consumer sector, particularly in hospitality, tourism, and retail [1][3][5]. Consumer Sector Performance - Major consumer sectors such as hotel and restaurant, tourism, and retail chains saw significant gains, with stocks like Dongbai Group and Caesar Travel hitting the daily limit [1][3]. - The upcoming nine-day Spring Festival holiday from February 15 to February 23, 2026, is expected to boost travel and spending, leading to increased search volumes for travel bookings [3][5]. Policy Support for Service Consumption - Analysts believe that strong policy support will position service consumption as a key investment theme, with a focus on enhancing consumer spending [2][10]. - The government is expected to implement measures to stimulate consumption, including optimizing public service spending and enhancing consumer rights protection [10][11]. Duty-Free Market Developments - Recent policy upgrades for duty-free shops have led to a notable increase in duty-free stock prices, with significant gains observed in companies like Pingtan Development and China Duty Free Group [6][8]. - The new duty-free policies aim to enhance consumer experience and expand the range of products available, which is anticipated to attract more customers and boost sales [8][9]. Future Investment Opportunities - The service sector, particularly in tourism and duty-free retail, is projected to benefit from ongoing policy support and consumer demand recovery, making it a promising area for investment [10][11]. - Companies involved in traditional consumer goods manufacturing and those in education, healthcare, and tourism are expected to gain from favorable policies and market expansion [11].

Core Viewpoint - The announcement of the 2026 holiday schedule, particularly the extended Spring Festival break from February 15 to 23, has significantly boosted interest in long-distance travel, igniting the tourism market [2]. Group 1: Market Reaction - On November 5, tourism-related stocks saw a collective rise, with *ST Zhang (000430.SZ) hitting the daily limit with a price of 8.28 yuan and a market capitalization exceeding 3 billion yuan [3]. - Other notable stock performances included: - Caesar Travel (000796.SZ) reaching a limit-up price of 7.47 yuan, up 10.01%, with a market cap of 11.98 billion yuan [3]. - Tianfu Cultural Tourism (000558.SZ) increased by 3.70% [3]. - Yunnan Tourism (002059.SZ) rose by 2.91%, peaking at 5.79 yuan [3]. - Shoulv Hotel (600258.SH) gained 2.64%, reaching a high of 14.83 yuan [3]. - Other companies like Jiuhua Tourism (603199.SH) and Jinjiang Hotel (600754.SH) also experienced modest increases [3]. Group 2: Travel Trends - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are already booking flights for the pre-Spring Festival period, with popular domestic destinations including Haikou, Sanya, and Hangzhou, and international hotspots like Seoul and Tokyo [4]. - The search volume for domestic travel during the Spring Festival is notably high for cities such as Sanya, Dali, and Harbin, while international interest has surged for Berlin, Busan, and Melbourne [4]. Group 3: Industry Insights - Spring and Autumn Travel's deputy general manager reported a 200% increase in inquiries for European travel packages during the Spring Festival, with searches for destinations like Greece, Norway, and Iceland doubling [5]. - According to Tongcheng Travel, hotel search volumes for February 14 and 15 have more than doubled compared to the previous day, reflecting the impact of the extended holiday on consumer behavior [6]. - The introduction of AI tools for travel planning is becoming more prevalent, with users utilizing platforms like DeepTrip for itinerary planning [6]. - The extended holiday is expected to lead to a more balanced daily flow of travelers, enhancing overall travel comfort and potentially setting new records for travel volume during the Spring Festival [6].

Group 1 - The tourism sector experienced a collective rise in stock prices following the announcement of the 2026 holiday schedule, particularly the Spring Festival break from February 15 to 23, which lasts for 9 days [1] - Notable stock performances include *ST Zhang (000430.SZ) reaching a limit up at 8.28 yuan with a market cap exceeding 3 billion yuan, and Caesar Travel (000796.SZ) also hitting the limit up at 7.47 yuan, reflecting a 10.01% increase and a market cap of 11.98 billion yuan [1] - Other companies such as Tianfu Culture Tourism (000558.SZ) and Yunnan Tourism (002059.SZ) also saw significant increases in their stock prices, indicating strong investor interest in the tourism sector [1] Group 2 - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are booking flights for the Spring Festival, with popular domestic destinations including Haikou and Sanya, and international destinations like Seoul and Tokyo [2] - Spring and Autumn Tourism reported a 200% increase in inquiries for European tours during the Spring Festival, with significant interest in destinations such as Greece and Norway, suggesting a robust demand for international travel [2] - The overall search volume for domestic hotels has more than doubled for the days leading up to the Spring Festival, indicating a surge in travel planning and consumer interest [3] Group 3 - The extended Spring Festival holiday and pilot programs for student breaks are seen as effective tools for enhancing macroeconomic consumption and population mobility [3] - The integration of AI technology in travel planning is becoming more prevalent, with users utilizing tools like DeepTrip for itinerary planning, reflecting a shift in consumer behavior [3] - The longest Spring Festival holiday in history is expected to lead to a balanced daily flow of travelers, potentially resulting in record-high travel and tourism activity during the holiday period [3]

Core Viewpoint - The tourism sector is experiencing a counter-trend rise, with significant increases in stock prices for companies like Yunnan Tourism and Hainan Airport, contributing to the overall growth of tourism ETFs [1][2]. Group 1: Market Performance - Yunnan Tourism shares rose over 4%, while Hainan Airport and China Duty Free Group saw increases of over 3%, driving the tourism ETF up [1]. - The tourism ETF managed by Fortune Fund has shown a year-to-date increase of 7.23% [2]. Group 2: Upcoming Trends - The 2026 Spring Festival holiday will last nine days, from February 15 to February 23, which is expected to boost travel demand significantly, with a 63% increase in flight bookings compared to the same period in 2025 [3]. - The optimization of duty-free consumption policies is anticipated to further stimulate the tourism sector, with new measures set to take effect from November 1, 2025 [3]. Group 3: Duty-Free Shopping Impact - On the first day of the new duty-free shopping policy in Hainan, sales reached 78.549 million yuan, marking a 6.1% increase from the previous day [4]. - The new policy allows for the sale of six categories of domestic products duty-free, enhancing consumer engagement and spending [4]. Group 4: Financial Performance - In the first three quarters of 2025, the tourism and scenic area sector generated revenue of 28.708 billion yuan, a year-on-year increase of 5.09%, but net profit decreased by 17.79% [5]. - The hotel and catering sector reported revenues of 21.697 billion yuan, down 4.05% year-on-year, with net profit declining by 25.46% [5].

Core Viewpoint - Yunnan Tourism stated that its current operating conditions are normal and that the cash reserves held are sufficient to meet daily operations and future development needs [2] Company Summary - The company has confirmed that its business operations are stable [2] - Yunnan Tourism possesses adequate cash funds to support ongoing and future operational requirements [2]