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。 ...

答:公司现有游轮和即将推出的省际游轮的折旧年限均为20年。 格隆汇12月12日丨三峡旅游(002627.SZ)在投资者关系中表示，有被问到:公司即将推出的省际游轮的折 旧是几年？ ...

员已正式进入运营前的培训阶段，将为后续业务落地做好充分 准备。关于收入及利润的预期情况，请参考我们披露的可行性 分析报告，可行性报告中产品定价为 2800-3000 元/人，最终的 定价会参考同规格船型的市场价格。 2. 公司省际游轮产品相较市场现有游轮有什么差异化的 竞争优势？ 除了高端省际游轮现有的配套设施外，公司首批两艘省际 游轮将呈现五大显著特色：一是硬件配置的先进性，游轮搭载 智能家居系统，打造智能便捷的旅居环境；二是服务体验的极 致性，创新"服务上岸"模式，构建"船岸一体"全流程服务体 系；三是游览体验的独特性，以"登船即入戏"为核心，打造 游轮全程沉浸式文化体验；四是行程安排的惬适性，采用上岸 游览错峰机制，系统性优化游览节奏与体验感；五是三峡风光 的全揽性，深度依托"两坝一峡"核心资源，打造产品差异化亮 点。 3. 公司除了现有规划的 4 艘省际游轮外，未来还有外延 式扩张的计划吗？ 目前，公司已确立"长江三峡旅游主导者"和"中国内河 游轮旅游领航者"的战略目标，其中游轮的发展目标对应的是 "中国内河游轮旅游领航者"，主要通过两个路径来实现：一 是加快推进省际游轮自建，开发运营省际度假游轮旅游 ...

从资金流向上来看，当日旅游及景区板块主力资金净流出1965.67万元，游资资金净流出4197.86万元， 散户资金净流入6163.54万元。旅游及景区板块个股资金流向见下表： 证券之星消息，12月12日旅游及景区板块较上一交易日上涨0.26%，三峡旅游领涨。当日上证指数报收 于3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。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。 ...

智通财经APP获悉，申万宏源发布研报称，2025年春秋假及雪假政策显著拉动淡季旅游需求，错峰出行 成为常态，景区及旅游企业受益明显。同时，航旅纵横数据显示，国内往返四川、浙江、广东、湖北的 机票平均价格约700元，同比上涨约7%，成都至三亚、西双版纳等热门目的地航班及酒店预订量大幅提 升。政策组合措施(政府补贴+金融支持+商家优惠)有效激发居民消费意愿，文旅及冰雪产业投资机会值 得关注。同时，高基数景区及优质供给仍稀缺，研学旅游、亲子游及高频冰雪消费成为市场亮点。 申万宏源主要观点如下： 春秋假政策刺激文旅市场回暖，市场热度超预期 2025年春秋假政策落地，多地教育部门响应实施。10月，浙江、广东、湖北等省份推出秋假，浙江成为 首个全省推行省级春秋假省份，四川随后于11月4日宣布全省范围执行。春秋假通常与"五一"和国庆长 假相接，形成3至7天"迷你黄金周"，部分地区如杭州市在3天秋假结束后可直接进入10月1日至8日的国 庆假期，最长可连休11天，有效缓解了集中假期的出行压力并带动错峰旅游。秋假期间，中小学生及家 庭出行需求激增，全国亲子家庭出游占比超过53%，成都青城山-都江堰景区研学旅游活动参与度同比 增长 ...

Investment Rating - The report rates the industry as "Positive" [3] Core Insights - The implementation of the Spring and Autumn holiday policy has significantly boosted tourism demand, leading to a remarkable increase in market activity [5][22] - The "Snow Holiday" policy has stimulated rapid growth in the winter tourism sector, particularly in ice and snow activities [25][26] - Government subsidies and financial support are effectively driving service consumption across multiple sectors, including tourism, sports, and education [32][33] Summary by Sections 1. Spring and Autumn Holidays Drive Tourism Demand Recovery - The Spring and Autumn holiday policy was introduced to encourage local education departments to implement school holidays, leading to increased travel during off-peak seasons [10][13] - Family travel demand surged, with over 53% of trips during the Autumn holiday being family-oriented, particularly in educational tourism activities [17][21] - Popular tourist destinations experienced a significant increase in ticket bookings, with some locations reporting a 3.4 times year-on-year increase in ticket reservations [21][22] 2. Consumer Subsidies Promote Steady Recovery in Service Consumption - Recent policies from multiple government departments aim to enhance service consumption quality and convenience, focusing on cultural, tourism, sports, and education sectors [32][33] - During the National Day and Mid-Autumn Festival, over 29,000 cultural and tourism events were held, with consumption subsidies exceeding 480 million yuan [33] - The introduction of "ticket root economy" has linked various sectors, significantly boosting overall city consumption [33] 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, highlighting their market capitalization and earnings per share projections [37][40] - Notable companies include Sanchuan Tourism, Huazhu, Atour, and Jiuhua Tourism, which are recommended for investment consideration due to their growth potential in the current market environment [40][41]

所属行业来看，股东户数连降股中，机械设备、医药生物、建筑装饰等行业最为集中，分别有18只、9 只、9只个股上榜。板块分布上，股东户数连降股中，主板有73只，创业板有47只，科创板有2只。 从机构动向看，股东户数连降股中，近一个月获机构调研的有17只，机构调研次数较为频繁的有云南铜 业、长城证券、中电港等，其间分别获机构调研3次、2次、2次；机构调研家数看，机构较为扎堆的是 三峡旅游、博众精工、云南铜业，分别有76家、43家、25家机构参与调研。（数据宝） 股东户数连续下降股排行榜 | 代码 | 简称 | 最新股东户 | 较上期增减 | 连续下降期 | 筹码集中以来涨跌 | 相对沪指 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | （%） | 数 | （%） | （%） | | 002384 | 东山精 密 | 84717 | -16.68 | 3 | 13.58 | 14.72 | | 301042 | 安联锐 视 | 4708 | -12.80 | 7 | 58.15 | 55.80 | | 002371 | 北方华 创 | 72332 | - ...

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]