Core Viewpoint - The stock of China Three Gorges Tourism has shown significant growth, with a year-to-date increase of 61.02% and a recent surge of 18.71% over the past five trading days, indicating strong market interest and performance [1][3]. Company Overview - China Three Gorges Tourism Group Co., Ltd. is located in Yichang, Hubei Province, and was established on August 10, 1998, with its stock listed on November 3, 2011 [2]. - The company's main business includes passenger transport, tourism services, domestic express delivery, insurance agency, and various other services related to tourism and transportation [2]. Revenue Composition - The revenue structure of the company is as follows: - Tourism comprehensive services: 34.47% - Comprehensive transportation services: 21.36% - Travel agency business: 15.80% - Sightseeing cruise services: 12.18% - Other segments include logistics, vehicle services, and tourism port services [2]. Stock Performance and Market Activity - As of December 18, the stock price was 7.93 yuan per share, with a trading volume of 2.76 billion yuan and a market capitalization of 57.46 billion yuan [1]. - The stock has experienced a net outflow of 21.24 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 609 million yuan, reflecting a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 23.29% to 85.87 million yuan [3]. Shareholder Information - As of December 10, the number of shareholders was 20,700, a decrease of 14.74%, with an average of 34,606 circulating shares per shareholder, an increase of 17.29% [3]. - The company has distributed a total of 508 million yuan in dividends since its A-share listing, with 138 million yuan distributed in the last three years [4]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Penghua Quality Governance Mixed Fund, which is the fourth largest shareholder, and two other new institutional investors in the top ten [4].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 9.45 CNY [5][16]. Core Insights - The company is expected to benefit from the recovery in demand and the advancement of its inter-provincial cruise project, which is anticipated to open new business growth and profit flexibility [2][12]. - The company aims to transition from a purely sightseeing model to a vacation-oriented model, enhancing overall customer spending and profit levels through the introduction of four inter-provincial cruise ships [12][16]. - The projected net profits for the company from 2025 to 2027 are estimated to be 112 million CNY, 153 million CNY, and 206 million CNY respectively, with corresponding EPS of 0.16 CNY, 0.21 CNY, and 0.28 CNY [16][19]. Financial Summary - Total revenue is projected to decline from 1,600 million CNY in 2023 to 741 million CNY in 2024, followed by a gradual increase to 1,326 million CNY by 2027 [4][13]. - The net profit attributable to the parent company is expected to show significant growth from 130 million CNY in 2023 to 206 million CNY in 2027, reflecting a substantial increase in profitability [4][13]. - The company’s return on equity (ROE) is projected to rise from 4.2% in 2023 to 6.3% in 2027, indicating improved financial performance [4][13]. Demand Analysis - The company reported a 20.20% year-on-year increase in tourism revenue to 286 million CNY in the first half of 2025, driven by a rise in visitor numbers and product price adjustments [22][23]. - The number of tourists served by the cruise products reached 1.2525 million, marking a 10.96% increase compared to the previous year, indicating a strong recovery in demand [22][23]. Supply Analysis - The regulatory environment has tightened, with new restrictions on the establishment of inter-provincial passenger transport companies, which is expected to stabilize the competitive landscape [26][28]. - The company plans to build and operate four large leisure cruise ships, with the first two expected to be operational by June and December 2026, respectively [29][30].

Summary of the Conference Call for Three Gorges Tourism Company Overview - **Company**: Three Gorges Tourism - **Industry**: Luxury Cruise and Tourism Key Points and Arguments - **Core Business Performance**: The traditional business is expected to contribute approximately 90 million yuan to core earnings in 2025, with a net figure of 140 to 150 million yuan after excluding one-time tax impacts. Future growth is projected to maintain a mid-to-high single-digit percentage increase, providing a solid cash flow and performance foundation for the company [2][3][4]. - **Cruise Business as Growth Driver**: The cruise business is identified as the second growth curve, with plans to operate a route from Chongqing to Yichang, covering key scenic spots in the Three Gorges area. The target customer base includes senior citizens and inbound tourists. The opening of the high-speed rail from Wuchang to Yichang is expected to enhance travel efficiency and increase tourist numbers [2][3]. - **New Cruise Ships Launch**: The company plans to launch two new cruise ships in April and September 2026, with the first ship's maiden voyage scheduled for April 18, 2026. Each ship will be equipped with HarmonyOS smart devices and will have a capacity of approximately 600 passengers. Once fully operational, these ships are expected to contribute 40 to 50 million yuan annually [2][4]. - **Cost and Revenue Projections**: The cost of each ship is less than 200 million yuan, and the use of hybrid power can further reduce operational costs. By 2028, with four ships in operation, the expected incremental revenue could reach 160 to 200 million yuan, leading to a total projected performance of around 350 million yuan when combined with the core business [2][4]. - **Long-term Market Goals**: The long-term goal is to achieve a 30% market share on the Chongqing to Yichang route, which would correspond to a fleet size of 15 to 16 ships and a profit target exceeding 800 million yuan. The current valuation of the company is considered attractive, making it a recommended investment [4]. Additional Important Insights - **Market Research Findings**: There are currently 13 cruise companies operating 58 ships, with a significant number of older vessels. The market is characterized by a high entry barrier due to substantial capital expenditures required for new ships, particularly in the luxury segment [5][6]. - **Customer Demographics**: The primary customer demographic consists of individuals aged 50 and above, accounting for over 90% of the customer base, with a significant proportion being individual travelers [5][6]. - **Industry Profitability**: The luxury cruise market shows varying occupancy rates, with lower-end ships achieving 70-85% occupancy and high-end ships around 60%. Profit margins in the industry range from 20% to 30%, with higher-end vessels achieving around 30% [7][8]. - **Cost Structure**: Major costs in the luxury cruise industry include fuel, construction, depreciation, labor, food, and marketing. Fuel costs represent about one-third of total expenses, significantly impacting profitability [8][9]. - **Competitive Landscape**: The competitive advantages among brands are primarily based on hardware facilities, age of vessels, smart technology, and service quality. Pricing strategies are also influenced by different sales channels, with new ships typically priced above 4,000 yuan [6][9]. This summary encapsulates the essential insights from the conference call regarding Three Gorges Tourism and the luxury cruise industry, highlighting the company's growth strategies, market dynamics, and financial projections.

Core Viewpoint - The report from Guohai Securities highlights the launch of the "Changjiang Xing Lan Yue" cruise by Three Gorges Tourism, marking a new growth trajectory for inter-provincial cruise operations, with the maiden voyage scheduled for April 18, 2026 [1] Summary by Relevant Sections - **Cruise Launch Details** - The maiden voyage is set to depart from Chongqing, with the core route being Chongqing to Yichang and vice versa [1] - Pricing for standard luxury cabins starts at 4,399 yuan per person, while premium luxury cabins and various suites range from 5,279 to 17,596 yuan per person, catering to mid-to-high-end customer demand [1] - **Growth Potential** - The introduction of the "Lan Yue" cruise, along with the stable performance of existing operations like "Two Dams and One Gorge," provides a solid foundation for the company's long-term performance growth [1] - The period of 2026-2027 is expected to be crucial for the company as it focuses on ramping up new ship operations and optimizing ticket pricing structures [1] - **Investment Outlook** - The company is currently in a transitional phase until 2025, which is characterized by the integration of new ships, with a gradual recovery in valuation anticipated over the next three years as profitability materializes [1] - The report initiates coverage with a "Buy" rating based on the expected earnings growth and valuation recovery [1]

Core Viewpoint - The tourism and catering sector is experiencing a surge, particularly in the ice and snow tourism segment, with significant increases in stock prices for related companies [1] Group 1: Market Performance - Qujiang Cultural Tourism has reached its daily limit increase, while Sanxia Tourism has risen by approximately 7%, and Shoulu Hotel has increased by about 5% [1] - Other companies such as Changbai Mountain and Dalian Shengya have also seen stock price increases of over 3% [1] Group 2: Ice and Snow Tourism Trends - The ice and snow tourism market is gaining momentum as the winter season approaches, with a nearly 900% year-on-year increase in search volume for "outdoor ski resorts" since mid-October 2025 [1] - Major cities leading in ice and snow tourism include Shenzhen, Beijing, Shanghai, Harbin, Zhangjiakou, Wuhan, Guangzhou, Hangzhou, Shenyang, and Chengdu [1] - There has been a more than 20% year-on-year increase in searches for "food near ski resorts" and "hotels near ski resorts" on Meituan [1] Group 3: Investment Recommendations - Zhongyin Securities notes that winter is typically a low season for cultural tourism, but the interest in ice and snow tourism is rising, particularly in northern regions [1] - The firm suggests focusing on companies with strong performance growth certainty in the travel chain and related industries [1]

（文章来源：每日经济新闻） 每经AI快讯，12月17日，旅游股盘中异动拉升，三峡旅游一度涨停，曲江文旅触及涨停，西域旅游、 大连圣亚、云南旅游、长白山等跟涨。 ...

证券代码：002627 证券简称：三峡旅游 公告编号：2025-059 湖北三峡旅游集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 湖北三峡旅游集团股份有限公司（以下简称"公司"）于2025年4 月18日召开的第六届董事会第十七次会议、于2025年5月12日召开的 2024年度股东大会审议通过了《关于2025年度为子公司提供担保额度 预计的议案》，同意公司为全资子公司宜昌长江三峡旅游客运有限公 司（以下简称"旅客公司"）提供担保，担保额度不超过7,000万元，有 效期自公司2024年度股东大会审议通过之日起至2025年度为子公司 担保事项的审议决策程序通过之日止。具体内容详见公司于2025年4 月24日在巨潮资讯网（www.cninfo.com.cn）及《证券时报》《中国证 券报》《上海证券报》《证券日报》上披露的《关于2025年度为子公 司提供担保额度预计的公告》。 债权人（甲方）：中国工商银行股份有限公司三峡云集支行 保证人（乙方）：湖北三峡旅游集团股份有限公司 1. 保证方式：连带责 ...

证券之星消息，12月16日旅游及景区板块较上一交易日上涨0.08%，三峡旅游领涨。当日上证指数报收 于3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。旅游及景区板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游及景区板块主力资金净流出5230.18万元，游资资金净流出472.5万元，散 户资金净流入5702.68万元。旅游及景区板块个股资金流向见下表： ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

证券日报网讯12月12日，三峡旅游（002627）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司股东人数为20722户。 ...