Core Viewpoint - The company, Three Gorges Tourism, clarified its involvement in the film and cinema industry, stating it does not engage in film production but collaborates with film entities for scene support using its cruise ships [1] Group 1 - The company has not entered the film and cinema production sector and does not directly participate in short film-related industries [1] - The company engages in scene cooperation with film parties, providing shooting support through its cruise ships [1] - In 2025, the company will host the Film Channel M Honor Night entrance ceremony on its cruise ship [1] Group 2 - The company has participated in the filming of travel documentaries such as "The Most Beautiful Journey" and "Traveling China," as well as some micro-short films [1] - The company will continue to monitor "film+" related policies and industry trends [1] - The company aims to explore innovative development opportunities through the deep integration of culture, technology, art, and tourism [1]

证券代码：002627 证券简称：三峡旅游 公告编号：2026-011 湖北三峡旅游集团股份有限公司 关于使用闲置募集资金进行现金管理的 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。 湖北三峡旅游集团股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日召开的第六届董事会第十九次会议审议通过了《关于使用闲 置募集资金进行现金管理的议案》，根据公司募投项目的建设进度及 实际资金安排，同意公司及实施募投项目的子公司在确保不影响募集 资金按投资计划正常使用的情况下，使用不超过 7 亿元的闲置募集资 金进行现金管理，上述额度内资金可滚动使用，使用期限不超过 12 个月。《关于使用闲置募集资金进行现金管理的公告》《第六届董事 会第十九次会议决议公告》详见 2025 年 6 月 28 日的巨潮资讯网 （www.cninfo.com.cn）及《证券时报》《中国证券报》《上海证券报》 《证券日报》。 近期，公司使用闲置募集资金办理的大额存单已到期，并计划继 续进行现金管理，现将相关事项公告如下： 公司已对受托机构的基本情况、信用评级情况及其交易履约能力 ...

Core Viewpoint - The company, Three Gorges Tourism (002627.SZ), clarifies its involvement in the film and cinema industry, stating it does not engage in film production but collaborates with film entities for scene support using its cruise ships [1] Group 1 - The company has not entered the film and cinema production sector and does not directly participate in short film-related industries [1] - The company collaborates with film parties to provide filming support using its cruise ships as a platform [1] - In 2025, the company will host the Movie Channel M List Honor Night entrance ceremony on its cruise ship [1] Group 2 - The company has participated in the production of travel documentaries such as "The Most Beautiful Journey" and "Wandering China," as well as some micro-short films [1]

证券代码：002627 证券简称：三峡旅游 公告编号：2026-010 特别提示： 1. 案件所处的诉讼阶段：湖北省人民检察院已受理宜昌市人民 检察院提请抗诉审查 2. 上市公司所处的当事人地位：一审原告（反诉被告）、二审 上诉人（被上诉人）、再审被申请人、检察监督其他当事人 3. 涉案的金额：业绩承诺方按业绩补偿协议约定履行补偿义务， 应补偿三峡旅游股份 7,260,655 股，应返还现金分红 790,130.10 元； 本案全部诉讼费用、财产保全费用及财产保全的担保费用、律师费。 4. 对上市公司损益产生的影响：目前湖北省人民检察院已决定 受理宜昌市人民检察院对该民事诉讼的提请抗诉审查，最终审查结果 尚不确定，对公司本期或期后利润的影响暂不确定。 一、本次诉讼事项的基本情况 湖北三峡旅游集团股份有限公司 关于业绩补偿所涉诉讼事项的进展公告 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。 三、其他尚未披露的诉讼仲裁事项 公司已在定期报告诉讼事项章节中具体披露公司当期及往期涉 及的诉讼及应诉事项，截至本公告披露日，公司没有尚未披露的重大 诉讼、仲裁事项，没有应 ...

经济观察网三峡旅游（002627）2026年的发展将聚焦于新项目投运、财务表现及行业环境变化。 公司项目推进 公司正在推进长江三峡省际度假游轮项目，首批两艘高端游轮(如"长江行.极光"和"长江行.揽月")预计将 于2026年6月和12月投入运营。后续两艘游轮计划于2028年6月交付。该项目被视为公司从观光旅游向度 假升级的关键举措，可能在供给受控的背景下提升运力稀缺性。 以上内容基于公开资料整理，不构成投资建议。 股东人数情况 2026年1月末股东户数较上期增加4.49%。 行业政策与环境 2026年春节前后，旅游行业在政策红利(如促消费措施)和需求复苏驱动下可能迎来阶段性行情。 股票近期走势 需注意公司股价近期波动，如2026年2月11日连续四天累计下跌12.09%。 机构观点 华西证券（002926）在2026年2月的研报中指出，该项目落地后有望成为利润增长点，并首次覆盖给 予"买入"评级。 业绩经营情况 公司2025年三季报显示营收同比增长9.48%，但净利润同比下降23.29%。投资者可关注2025年年度报告 的发布(通常于2026年初披露)。 ...

Core Viewpoint - The stock price of China Three Gorges Tourism has been declining for four consecutive days, with a total drop of 12.09% during this period, currently trading at 8.80 CNY per share [1] Company Overview - Hubei Three Gorges Tourism Group Co., Ltd. was established on August 10, 1998, and listed on November 3, 2011. The company is based in Yichang, Hubei Province [2] - The main business activities include passenger station operations, inter-provincial bus services, domestic express delivery, insurance agency services, port machinery leasing, ticketing services, and tourism operations. The revenue composition 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% - Other services: 0.50% [2] Fund Holdings - According to data, the Noan Fund has a significant holding in China Three Gorges Tourism, with its Noan Active Allocation Mixed A Fund (006007) holding 710,700 shares, representing 2.1% of the fund's net value, making it the eighth largest holding. The fund has incurred a floating loss of approximately 85,990 CNY during the four-day decline [3] - The Noan Active Allocation Mixed A Fund was established on July 27, 2018, with a current size of 227 million CNY. Year-to-date returns are 7.64%, with a one-year return of 17.44% and a cumulative return of 44.24% since inception [3]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Group 1: AI and Power Equipment - Alphabet plans to raise $20 billion through bond issuance, exceeding previous expectations, to invest heavily in data centers crucial for its AI strategy [1] - The global demand for high-power, stable electricity supply for AI computing is increasing, leading to a supply-demand gap in high-voltage power equipment [1] - TBEA is a leading private transformer manufacturer in China, capable of integrated services in high-voltage cables and accessories [2] Group 2: AI and Security - The integration of AI into cybersecurity is creating new opportunities, with safety and trust becoming core themes in the industry [3] - The implementation of new cybersecurity regulations in China marks a shift towards more detailed governance in the sector [3] - Anheng Information has launched China's first AI security agent, enhancing its capabilities in various security scenarios [4] Group 3: Metal Prices - The price of indium has surged to its highest level in over a decade, with a significant increase of 88% from 2500 RMB/KG to 4700 RMB/KG [5] - China accounts for 70% of global indium production, and the supply growth has been limited, indicating potential for further price increases [5] - Xiyang Co. holds the largest indium resource reserves globally, producing 101.62 tons of indium [5] Group 4: Tourism Industry - The domestic tourism market is expected to see a 300% increase in planned trips during the upcoming Spring Festival, indicating a strong recovery [6] - Companies like Sanxia Tourism are expanding their offerings to meet diverse consumer demands, including high-end cruise services [7] Group 5: AI Content Creation - Reading Group is focusing on AI-driven content creation, aiming to enhance the efficiency and value of IP development [8] - Daily Interactive provides data intelligence services, catering to the short video and short drama sectors [9] Group 6: Automotive Industry - The Ministry of Commerce is implementing measures to boost automotive consumption, including trade reforms and policies to support vehicle replacement [11] - Companies like Feilong Co. and Xingyu Co. are positioned to benefit from the anticipated growth in the automotive sector [11]

Core Viewpoint - The Hubei state-owned enterprise reform sector experienced a decline of 0.44% on February 10, with the Three Gorges Tourism leading the drop [1] Market Performance - On the same day, the Shanghai Composite Index closed at 4128.37, up by 0.13% [1] - The Shenzhen Component Index closed at 14210.63, up by 0.02% [1] Capital Flow - The main capital in the Hubei state-owned enterprise reform sector saw a net outflow of 229 million yuan [1] - Retail investors contributed a net inflow of 193 million yuan [1] - Speculative funds recorded a net inflow of 35.91 million yuan [1]

Summary of Conference Call on Scenic Area Industry Industry Overview - The report focuses on the scenic area industry, highlighting a favorable investment period driven by policy support and strong supply-demand dynamics [1][2] - The overall vacation system has been significantly optimized, with evidence of its effectiveness already observed [1] Key Points and Arguments Policy Drivers - Various provincial policies have been introduced to stimulate consumption, including a special action plan released by the Central Committee and State Council in March 2025 [2] - The exploration of spring and autumn vacations is being encouraged, with specific plans already in place in provinces like Zhejiang, Jiangsu, Sichuan, and Chongqing [2][3] - Anticipated implementation of 5-9 day continuous holidays in certain provinces by 2026, which is expected to boost demand during off-peak seasons [3] Tourism Demand and Growth - Domestic tourism spending is projected to reach 57.5 trillion yuan in 2024, a 17% increase from 2023, significantly outpacing GDP growth [6] - By Q3 2025, domestic tourism metrics such as visitor numbers and revenue have recovered to 112% and 108% of 2019 levels, respectively [6] - The implementation of new vacation policies is expected to enhance travel demand, particularly during off-peak periods [5] Consumer Behavior and Trends - A shift in consumer behavior is noted, with a more cautious approach leading to a decrease in average spending per trip in 2025 [7] - The student population, approximately 200 million, is identified as a key demographic for future tourism consumption, particularly in educational and experiential travel [7][8] Industry Performance and Challenges - The tourism industry is experiencing a bifurcation, with 50% of 51 analyzed tourism companies reporting revenue declines in the first three quarters of 2025 [10] - Capital operations are heating up, with a notable increase in equity changes and mergers, indicating a consolidation phase in the industry [10][11] Investment Opportunities - Recommendations for investment focus on three main areas: 1. **Transportation Improvements**: Companies like Emei Mountain and Jiuhua Tourism are expected to benefit from enhanced transport links [15] 2. **Resource Injection**: Companies with strong resource integration potential, such as Tianfu Culture and Shaanxi Tourism, are highlighted [16] 3. **New Project Developments**: Companies like Songcheng Performance and Three Gorges Tourism are noted for their upcoming projects [16] Additional Important Insights - The scenic area industry exhibits a seasonal revenue pattern, with peaks during certain holidays and lower activity in colder months [13] - The integration of gamification and experiential offerings in tourism products is emerging as a significant growth driver, as seen in successful case studies like Wansui Mountain [11][12] - The government is expanding its openness to international tourism, with a record number of outbound and inbound travelers in 2025 [12] This summary encapsulates the key insights and trends discussed in the conference call regarding the scenic area industry, emphasizing the interplay between policy, consumer behavior, and investment opportunities.