证券之星消息，12月2日旅游及景区板块较上一交易日上涨0.24%，三峡旅游领涨。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。旅游及景区板块个股涨跌见下表： 从资金流向上来看，当日旅游及景区板块主力资金净流出2.52亿元，游资资金净流入4486.38万元，散户 资金净流入2.07亿元。旅游及景区板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 658000 | 西域旅游 | 3987.44万 | 13.40% | -344.70万 | -1.16% | -3642.74万 | -12.24% | | 600593 | 大连圣亚 | 3208.36万 | 4.98% | 927.10万 | 1.44% | -4135.47万 | -6.42% | | 6602099 | 长自山 | 1610.69万 | 2.21% | -208.58万 | -0 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]

Core Viewpoint - The company has established a partnership to operate a health and elderly care service project in Yichang, Hubei, which is currently in trial operation [1] Financial Performance - For the period from January to September 2025, the company reported a revenue of 609 million, representing a year-on-year growth of 9.48% [1] - The net profit attributable to the parent company was 86 million, showing a year-on-year decline of 23.29% [1]

Core Viewpoint - The stock of China Three Gorges Tourism has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth opportunities for investors [1]. Group 1: Stock Performance - As of November 28, the stock price of China Three Gorges Tourism rose by 2.04% to 6.51 CNY per share, with a trading volume of 21.54 million CNY and a turnover rate of 0.46%, resulting in a total market capitalization of 4.717 billion CNY [1]. - Year-to-date, the stock has increased by 32.18%, with a 5-day increase of 5.85%, a 20-day increase of 10.90%, and a 60-day increase of 11.47% [1]. Group 2: 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 various services such as passenger transport, domestic express delivery, insurance agency, port machinery leasing, ticketing services, and tourism operations [2]. - The revenue composition includes tourism comprehensive services (34.47%), comprehensive transportation services (21.36%), and other related services [2]. Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 609 million CNY, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 23.29% to 85.87 million CNY [3]. - The company has distributed a total of 508 million CNY in dividends since its A-share listing, with 138 million CNY distributed over the past three years [4]. Group 4: Shareholder Information - As of November 20, the number of shareholders for China Three Gorges Tourism was 24,900, a decrease of 12.18% from the previous period, with an average of 28,790 circulating shares per shareholder, an increase of 13.88% [3]. - Notable institutional shareholders include Penghua Quality Governance Mixed Fund, which is the fourth largest shareholder with 15.59 million shares, and two new shareholders, including the Fortune China Tourism Theme ETF and Penghua Industry Selected Mixed Fund [4].

三峡旅游（002627.SZ）11月27日在投资者互动平台表示，公司参股设立了宜昌至喜弘仁健康养老服务 有限公司，该公司主要负责运营湖北宜昌市养老综合服务PPP示范项目（公建民营模式），目前该项目 已试营业。 每经AI快讯，有投资者在投资者互动平台提问：贵公司是否涉及康养产业？ （记者 张明双） ...

Company Overview - Sanxia Tourism (SZ 002627) announced an investor research meeting scheduled for November 27, 2025, from 10:00 to 11:30, with participation from the company's board secretary and securities affairs representative [1] Revenue Composition - For the first half of 2025, the revenue composition of Sanxia Tourism is as follows: - Travel agency business: 35.76% - Waterway tourism passenger transport: 27.58% - Passenger travel services: 20.23% - Trade logistics: 19.24% - Tourism port services: 9.21% - Vehicle extension services: 8.89% [1] Market Capitalization - As of the report, Sanxia Tourism has a market capitalization of 4.6 billion yuan [1]

Group 1: Visitor Reception Growth - The company experienced a significant increase in visitor reception in the first three quarters of 2025 due to enhanced marketing efforts, product supply expansion, increased transportation capacity, and favorable weather conditions [3][4]. - The marketing team actively promoted brand awareness and product offerings, making core products essential for tourists visiting Yichang [3]. - New products such as "Premium All-Region Tour" and "Sturgeon VIP Experience" were introduced, contributing to the growth [3]. Group 2: Cruise Development - The first two inter-provincial cruise ships are under construction, with expected operational dates by June 2026 and December 2026 [3][4]. - The company has established a management and marketing system for the inter-provincial cruise business, with a focus on building a competent operational management team [3]. Group 3: Financial Performance and Dividend Policy - The company has maintained a high cash dividend ratio, with a cash dividend of CNY 68.94 million in 2024, representing 58.63% of the net profit [5]. - The annual cash distribution ratio has been increased from 10% to 30%, and the cumulative cash distribution over the last three years will be at least 50% of the average distributable profit [5]. Group 4: Asset Depreciation and Infrastructure - The depreciation period for the company's tourism vessels is set at 20 years, in line with industry standards [6]. - Yichang has seen improvements in transportation infrastructure, including expanded airport routes and new high-speed rail connections, enhancing accessibility for tourists [7][8]. Group 5: Strategic Goals - The company aims to become a leader in Yangtze River Three Gorges tourism and a pioneer in China's inland cruise tourism [8]. - Strategies include leveraging the parent company's resources for mergers and partnerships, and expanding the cruise fleet to enhance tourism offerings [8].

Core Viewpoint - The stock of China Three Gorges Tourism has shown a year-to-date increase of 27.51%, despite a recent decline of 1.72% over the last five trading days, indicating volatility in its performance [1]. Company Overview - China Three Gorges Tourism Group Co., Ltd. is located at No. 5 Gangyao Road, Yichang City, Hubei Province, established on August 10, 1998, and listed on November 3, 2011 [2]. - The company's main business includes passenger station operations, inter-provincial bus services, domestic express delivery, insurance agency services, port machinery leasing, ticketing services, and tourism operations [2]. Revenue Composition - The revenue composition 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% - Passenger travel services: 8.94% - Trade logistics: 8.50% - Port services: 4.07% - Vehicle extension services: 3.93% - Tourism transportation services: 2.19% - Other services: 0.50% - Scenic area business: 0.24% [2]. Stock Performance and Shareholder Information - As of November 10, the number of shareholders for China Three Gorges Tourism is 28,400, a decrease of 1.31% from the previous period, with an average of 25,282 circulating shares per person, an increase of 1.33% [3]. - For the period from January to September 2025, the company achieved a revenue of 609 million yuan, representing 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]. Dividend and Institutional Holdings - Since its A-share listing, China Three Gorges Tourism has distributed a total of 508 million yuan in dividends, with 138 million yuan distributed over the last three years [4]. - As of September 30, 2025, notable institutional shareholders include: - Penghua Quality Governance Mixed Fund (LOF) A, holding 15.59 million shares, ranked as the fourth largest shareholder and a new entrant - Fortune CSI Tourism Theme ETF, holding 10.39 million shares, ranked as the ninth largest shareholder and a new entrant - Penghua Industry Select Mixed Fund A, holding 9.43 million shares, ranked as the tenth largest shareholder and a new entrant [4].

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]