Summary of Conference Call Records Industry Overview - The records focus on the tourism and travel industry, particularly in relation to the upcoming Chinese New Year holiday and associated consumer trends [1][2]. Key Points and Arguments - **Longest Spring Festival Holiday**: The 2026 Spring Festival will be from February 15 to February 23, lasting 9 days, marking the longest Spring Festival holiday in history. This extended holiday is expected to boost the tourism market's activity [1][1]. - **Consumer Subsidies**: The Ministry of Culture and Tourism announced the launch of a Spring Festival Consumption Month starting January 29, with activities continuing until early March. Over 360 million yuan in consumer vouchers and various discounts are expected to stimulate travel [1][1]. - **Travel Trends**: Domestic travel trends include southern trips to escape the cold and northern trips for ice viewing. Popular destinations for domestic flights during the Spring Festival include Sanya, Haikou, and Harbin [2][1]. - **Long-term Outbound Travel**: The "5 days off, 15 days off" policy combined with visa-free travel is expected to increase interest in long-term outbound travel [2][1]. Company-Specific Insights - **Three Gorges Tourism**: The company is expected to benefit from the growing demand from the silver economy, with plans to add two luxury inter-provincial cruise ships this year and another two in 2028, enhancing its product offerings [2][1]. - **Huangshan Tourism**: The completion of the East Huangshan Cableway is anticipated to increase the scenic area’s capacity by 50% by July 2026, driving secondary consumption growth. The company’s high-end hotel in Beihai is set to reopen in September 2025 [2][1]. - **Tianfu Culture and Tourism**: Positioned in the southwest ice and snow tourism sector, the company owns the Xiling Snow Mountain scenic area and has a 34.3% stake in Bipenggou, aiming to capitalize on the upcoming Winter Olympics to boost interest in ice tourism [3][1]. - **Jiuhua Tourism**: The company is expected to benefit significantly from the temple economy during the peak season of the Spring Festival [3][1]. - **Lion Peak Cableway**: Set to be completed by the end of 2026 and operational in 2027, this project is expected to contribute to secondary consumption growth [4][1]. - **Hotel Sector Outlook**: The demand for travel is anticipated to lead to an increase in both volume and pricing for hotels during the Spring Festival, with companies like ShouLai Hotel, Jinjiang Hotel, and Huazhu Group being highlighted [4][1]. Additional Recommendations - **Investment Opportunities**: Attention is drawn to Changbai Mountain (a leader in ice and snow tourism) and Xiangyuan Cultural Tourism (which has quality assets being continuously injected) as potential investment opportunities [5][1].

证券日报网讯2月2日，三峡旅游（002627）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东人数为20749户。 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volumes during the Spring Festival [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to the upcoming holiday and improved vacation policies [4]. - The report suggests selecting short-term outperformers in the gold sector as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Summary by Relevant Sections Industry Overview - The report notes a significant increase in domestic flight ticket bookings, with over 7.16 million tickets reserved as of January 29, 2026, reflecting a year-on-year growth of approximately 16% [4]. - International flight bookings also show slight growth, with over 1.72 million tickets reserved [4]. Retail Sector Insights - The report cites a Bain & Company report indicating a 3% to 5% contraction in China's personal luxury goods market in 2025, although this represents a significant improvement compared to the previous year's decline [4]. Company Announcements - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. expects a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - Cuihua Jewelry forecasts a net profit of 21 million to 31 million RMB for 2025, a decrease of 85.69% to 90.31% compared to the previous year [4]. Key Stock Recommendations - The report recommends several stocks across various sectors, including: - Hotels: Huazhu Group, ShouLai Hotel, JinJiang Hotels [4]. - Duty-free: China Duty Free Group [4]. - Scenic spots: Emei Mountain A, Jiuhua Tourism, Huangshan Tourism [4]. - Gold sector: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold [4]. - AI and new consumption: Kangnait Optical, Huatu Shanding, Tianli International Holdings [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

证券代码：002627 证券简称：三峡旅游 公告编号：2026-008 湖北三峡旅游集团股份有限公司 关于因公开招标形成关联交易的进展公告 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、关联交易情况概述 2025年12月，根据湖北三峡旅游集团股份有限公司（以下简称"公 司"）"长江三峡省际度假型游轮旅游项目"实施计划，公司控股子 公司宜昌交运长江游轮有限公司（以下简称"长江游轮"）就第二批 长江三峡省际度假型游轮船舶建造项目，在秭归县公共资源交易中心 进行公开招标，确定宜昌鑫汇船舶修造有限公司（以下简称"鑫汇船 舶"）为本项目中标人，中标金额为36,931.09万元。 鑫汇船舶为控股股东湖北三峡文化旅游集团有限公司的一致行 动人宜昌城市发展投资集团有限公司的全资股东宜昌城发控股集团 有限公司的控股子公司，为公司关联方，本次交易构成关联交易。本 次交易已经公司第六届董事会独立董事专门会议2026年第一次会议、 第六届董事会第二十四次会议审议通过，董事会审议本次交易涉及的 议案时，关联董事已回避表决。具体内容详见公司于2026年1月14日 在巨潮资讯网（ww ...

1 证券代码：002627 证券简称：三峡旅游 公告编号：2026-009 湖北三峡旅游集团股份有限公司 关于变更签字会计师的公告 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 4 月 18 日召开第六届董事会第十七次会议，于 2025 年 5 月 12 日召开 2024 年度股东大会，审议通过了《关于续聘会计师事务所的议案》， 同意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为 公司 2025 年度财务报告审计机构和内部控制审计机构。具体内容详 见公司于 2025 年 4 月 22 日、2025 年 5 月 13 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《关于续聘会计师事务所的公告》（公告编号： 2025-018）、《2024 年度股东大会决议公告》（公告编号：2025-026）。 公司于近日收到立信发来的《关于变更湖北三峡旅游集团股份有 限公司签字会计师的函》，具体情况公告如下： 一、签字会计师变更的 ...

Core Viewpoint - The stock of China Three Gorges Tourism has seen a significant increase of 5.53%, reaching a price of 9.35 yuan per share, with a trading volume of 218 million yuan and a turnover rate of 3.35%, resulting in a total market capitalization of 6.775 billion yuan [1] Group 1: Company Overview - Hubei 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 transportation, domestic express delivery, insurance agency services, port machinery leasing, ticketing services, and tourism operations [2] - 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%), and other services [2] Group 2: Fund Holdings - According to data, Jin Xin Fund has a significant holding in China Three Gorges Tourism, with the Jin Xin Consumption Upgrade Stock A fund holding 580,000 shares, accounting for 2.8% of the fund's net value, making it the ninth largest holding [3] - The estimated floating profit from this holding is approximately 284,200 yuan [3] - Jin Xin Consumption Upgrade Stock A fund has a total scale of 55.9808 million yuan, with a year-to-date loss of 0.56% and a one-year return of 26.18% [3]

Group 1 - The A-share market saw active performance in certain tourism stocks, with notable increases including Caesar Travel rising over 7%, and others like Hao Xiang Ni and Song Cheng Performing Arts increasing over 4% [1] - The State Council recently issued a work plan aimed at accelerating the cultivation of new growth points in service consumption, focusing on potential areas such as performance services, sports event services, and experiential services [1] - The plan emphasizes the improvement of infrastructure at travel destinations and promotes the enhancement and renovation of existing facilities [1] Group 2 - Specific stock performances include: - Caesar Travel (code: 000796) up 7.68% with a market cap of 10.3 billion and a year-to-date decline of 10.42% - Hao Xiang Ni (code: 002582) up 4.55% with a market cap of 5.758 billion and a year-to-date increase of 16.38% - Song Cheng Performing Arts (code: 300144) up 4.10% with a market cap of 22.7 billion and a year-to-date increase of 5.49% - Huangshan Tourism (code: 600054) up 3.67% with a market cap of 9.27 billion and a year-to-date increase of 12.93% - Other notable increases include Li'an Technology, Dongbai Group, and others with varying performances [2]

近期，湖北三峡旅游集团股份有限公司（以下简称"公司"）控股子公司宜昌交运集团客运有限公司（以 下简称"客运公司"）原持股20%股东宜昌城市发展投资集团有限公司（以下简称"宜昌城发"）与原持股 10%股东湖北三峡文化旅游集团有限公司（以下简称"湖北三峡文旅"）签订《股权转让协议》，宜昌城 发将其持有的20%股权有偿转让给湖北三峡文旅。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002627 证券简称：三峡旅游 公告编号：2026-007 湖北三峡旅游集团股份有限公司 关于控股子公司完成工商变更登记的公告 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。 特此公告。 湖北三峡旅游集团股份有限公司 董 事 会 2026年1月29日 本次交易完成后，宜昌城发不再持有客运公司股权，湖北三峡文旅持有的客运公司股权由10%增至 30%。本次交易不涉及上市公司持有的客运公司的股权变动。 近日，客运公司已完成上述事项的工商变更登记手续，具体变更及备案事项如下表： ■ 除上述变更之外，客运公司《营业执照》的其他登记信息未发生变化。 ...

湖北三峡旅游集团股份有限公司 关于控股子公司完成工商变更登记的公告 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。 证券代码：002627 证券简称：三峡旅游 公告编号：2026-007 除上述变更之外，客运公司《营业执照》的其他登记信息未发生 变化。 特此公告。 湖北三峡旅游集团股份有限公司 董 事 会 2026 年 1 月 29 日 近期，湖北三峡旅游集团股份有限公司（以下简称"公司"）控 股子公司宜昌交运集团客运有限公司（以下简称"客运公司"）原持股 20%股东宜昌城市发展投资集团有限公司（以下简称"宜昌城发"）与 原持股 10%股东湖北三峡文化旅游集团有限公司（以下简称"湖北三 峡文旅"）签订《股权转让协议》，宜昌城发将其持有的 20%股权有偿 转让给湖北三峡文旅。 本次交易完成后，宜昌城发不再持有客运公司股权，湖北三峡文 旅持有的客运公司股权由 10%增至 30%。本次交易不涉及上市公司持 有的客运公司的股权变动。 近日，客运公司已完成上述事项的工商变更登记手续，具体变更 及备案事项如下表： | 变更（备案）事项 | 变更（备案）前内容 | 变更（备 ...