证券日报网讯众信旅游（002707）11月17日在互动平台回答投资者提问时表示，公司持续关注业内新兴 业态，荒野求生类项目具有一定的创新性和吸引力，公司将结合市场需求、客群定位及安全标准等因素 进行评估考量，适时推出相关产品。 ...

从资金流向上来看，当日旅游及景区板块主力资金净流出3.59亿元，游资资金净流出4480.84万元，散户 资金净流入4.04亿元。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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000796 凯撒旅业 | | 4012.89万 | 2.23% | -4051.84万 | -2.25% | 38.95万 | 0.02% | | 603199 九华旅游 | | 551.28万 | 5.53% | -269.79万 | -2.71% | -281.48万 | -2.82% | | 000978 桂林旅游 | | 390.70万 | 5.74% | -543.50万 | -7.99% | 152.80万 | 2.25% | | 000524 岭南控股 | | 383.06万 | 2.36% | -98.65万 | -0.61% | -284.40万 | -1.75% | | 000888 峨眉 ...

随着国内入境游的持续便利化及免签政策落地，入境游市场迎来复苏，旅行服务进出口规模稳步增长。 这场复苏并非简单复刻过往，而是呈现出深刻的结构性变革：亚洲客源凭借地缘与交通优势持续扩容， 欧美客群消费能级大幅提升，自由行成为主流游玩方式，游客从广度打卡转向深度文化沉浸之旅。 市场变化对旅游服务的供给品质提出更高要求。入境游热既为川渝、云贵等新兴目的地带来机遇，也凸 显了二三线城市在多语言服务和配套设施等方面的短板。如何顺应客源结构与消费需求变化，破解影 响"看得到""来得了""玩得好"的三大"梗阻"，成为推动入境游持续增长的关键，也为行业参与者开辟了 广阔蓝海。 入境游客源结构生变 自全面放宽过境免签政策以来，中国入境游市场走出了一条显著的复苏曲线。商务部数据显示，前三季 度，中国旅行服务增长较快，进出口达16372.5亿元，增长8.8%。其中，出口大幅增长54.4%，进口增长 2.7%。 "2025年中国入境游恢复率已达123%，远超全球和亚太地区平均水平。"携程集团CEO孙洁近期公开表 示。 值得注意的是，与疫情前相比，此番复苏的底色已然不同，客源结构和市场需求正在发生结构性变化， 这从航线的恢复情况可见一斑 ...

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.28% on November 12, with Lingnan Holdings leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Market Performance - The tourism and scenic area sector saw a mixed performance among individual stocks, with notable gainers including Xiangyuan Cultural Tourism, which rose by 3.58% to close at 7.81, and Caesar Travel, which increased by 2.44% to 7.56 [1]. - Lingnan Holdings led the decline with a drop of 3.05%, closing at 12.39 [2]. - The overall trading volume for the tourism and scenic area sector was significant, with Caesar Travel recording a trading volume of 210.98 million shares and a transaction value of 1.612 billion [1]. Group 2: Capital Flow - The sector experienced a net outflow of 52.65 million from institutional investors and 71.76 million from speculative funds, while retail investors saw a net inflow of 124 million [2]. - Key stocks such as Caesar Travel and Xiangyuan Cultural Tourism had varying capital flows, with Caesar Travel seeing a net inflow of 81.60 million from institutional investors, while Xiangyuan Cultural Tourism had a net outflow of 7.78 million from speculative funds [3]. - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by a more favorable reception from retail investors [2][3].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.241 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 10.96%, while the net profit attributable to shareholders was 67 million yuan, down 45.73% year-on-year [1] - The retail business is expanding rapidly through a franchise model, with plans to increase the number of retail stores from 2,500 to 5,000 by 2027 [1][2] - The company is positioned as a leader in the outbound group travel market, with strong product and brand value, as well as robust supply chain and resource integration capabilities [2] Financial Performance - In Q3 2025, the company achieved a revenue of 2.366 billion yuan, a year-on-year increase of 12.35%, but the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [1] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, primarily due to intensified competition in the group travel market [2] - The company expects revenues of 7.224 billion yuan, 8.050 billion yuan, and 9.119 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.9%, 11.4%, and 13.3% [2][3] Business Segments - The wholesale travel business remains the core revenue driver for the company, with a recovery rate of 87.8% in the international aviation market compared to 2019 [1] - The retail business is leveraging digital technologies such as the "U Protection" service plan and AI assistants to enhance operational efficiency and customer experience [1] Market Outlook - The company is actively expanding into inbound tourism and other trending business areas, which is expected to open up long-term growth opportunities [2]

Group 1 - The State Council has announced the holiday schedule for 2026, with the Spring Festival holiday set from February 15 to February 23, totaling 9 days. This extended holiday period is expected to significantly boost the tourism market, with a projected 30% increase in demand across various segments such as domestic travel, outbound travel, vacation travel, and ice and snow tourism [1][2] - Following the announcement, Ctrip reported a more than 100% increase in search volume for keywords related to "2026 Spring Festival," "outbound travel," and "long-distance travel," indicating an unprecedented surge in the tourism market for the upcoming Spring Festival [1][2] Group 2 - Ctrip's Vice President Qin Jing emphasized that the length of the holiday is a key factor influencing the depth and breadth of tourism consumption. The 9-day holiday not only allows for more flexible arrangements for traditional family visits but also greatly stimulates interest in medium to long-term leisure vacations [2] - After the holiday schedule was released, the call volume to the customer service center of Zhongxin Tourism surged by 300%, with a noticeable increase in demand for vacation products and small group tours. Over 50% of tourists plan to choose products that last more than 10 days [2] - The proportion of travel products exceeding 10 days is gradually increasing, with products lasting over 20 days seeing a 10% increase compared to the previous year. For instance, typical travel durations for Spain and Portugal are around 12 days, which constitutes a significant portion of the overall offerings [2] - The polar tourism market is also experiencing renewed vitality, with Antarctic products for the 2025-2026 season selling out three months in advance, particularly those departing around the Spring Festival, which have garnered widespread market attention [2]

中加团队游市场叩开重启大门。 与此同时，供给端也积极响应。 各大旅行社以闪电速度上架相关跟团游产品：岭南集团旗下广之旅上架的"加拿大东西岸联游14天"跟团 游产品，首发团上线仅半个多小时，14个预留位置就已全部订满；众信旅游也快速推出多条加拿大冬季 主题线路，覆盖多伦多、渥太华、蒙特利尔，温哥华，维多利亚等核心城市，产品一经上线，所有线路 呈现出团团爆满的态势。 潜力巨大的中国市场 加拿大一直是中国游客青睐的热门目的地。 加拿大整体位于 42°N–83°N，跨越北温带、亚寒带与部分北极圈，且位于板块挤压地带，独特的纬度和 地形条件形成了壮丽的自然风光。如落基山脉的雪山、冰川与湖泊，班夫国家公园的原始森林，以及秋 季的枫叶季，还有极光观测、滑雪等特色项目…… 11月3日，中国外交部发言人毛宁宣布，中方决定恢复旅行社经营中国公民赴加拿大团队游业务。自 此，疫情以来暂停的"赴加拿大跟团游"全面重启。 而此前，加方刚刚推出全新旅游品牌——"自然绮境，当然是加拿大（Canada, Naturally）"。 加拿大旅游局亚太区总经理李蔚此前向21世纪经济报道记者表示，依托这一品牌战略，加方力争到2030 年实现每年160 ...

Group 1 - The core viewpoint is that the policies related to the Hainan Free Trade Zone will positively impact the local business of the company, facilitating market expansion and diversification [1] - The company plans to closely monitor market dynamics in the Hainan region [1] - The company aims to actively launch tourism service products that feature local characteristics in response to market demand [1]

Group 1 - The A-share tourism sector showed significant activity, with companies like Caesar Travel, Jishi Media, and others reaching their daily price limits [1] - The State Council announced an extended Spring Festival holiday in 2026, increasing it to 9 days, which is the longest in history, igniting enthusiasm in the tourism market [1] - The holiday schedule includes the Spring Festival from February 15 to February 23, 2026, with additional holidays for the Mid-Autumn Festival and National Day [1] Group 2 - Following the announcement, domestic flight and hotel search volumes for February 14 and 15, 2026, surged over 100% compared to the previous day, with Qunar reporting a threefold increase in flight searches for the Spring Festival [2] - Popular domestic travel destinations during the Spring Festival include Sanya, Dali, Harbin, Haikou, and Kunming, while international interest has notably increased for Berlin, Busan, and Melbourne [2] - Industry experts are optimistic about the long holiday effect, suggesting it will lead to more balanced daily passenger flows and a more comfortable travel experience [2] Group 3 - Companies like Zhongxin Travel plan to develop long-term travel products in response to the anticipated increase in travel due to the extended holiday [3] - The combination of long holidays, including potential "拼假" (combining leave) strategies, is expected to significantly boost market confidence [3] - Spring and Autumn breaks, along with snow holidays, are seen as tools to stimulate consumer spending and promote population mobility [2][3]

Core Viewpoint - The announcement of the 2026 holiday schedule, particularly the extended Spring Festival break from February 15 to 23, has significantly boosted interest in long-distance travel, igniting the tourism market [2]. Group 1: Market Reaction - On November 5, tourism-related stocks saw a collective rise, with *ST Zhang (000430.SZ) hitting the daily limit with a price of 8.28 yuan and a market capitalization exceeding 3 billion yuan [3]. - Other notable stock performances included: - Caesar Travel (000796.SZ) reaching a limit-up price of 7.47 yuan, up 10.01%, with a market cap of 11.98 billion yuan [3]. - Tianfu Cultural Tourism (000558.SZ) increased by 3.70% [3]. - Yunnan Tourism (002059.SZ) rose by 2.91%, peaking at 5.79 yuan [3]. - Shoulv Hotel (600258.SH) gained 2.64%, reaching a high of 14.83 yuan [3]. - Other companies like Jiuhua Tourism (603199.SH) and Jinjiang Hotel (600754.SH) also experienced modest increases [3]. Group 2: Travel Trends - Data from Qunar indicates that travelers from major cities like Shanghai, Beijing, and Guangzhou are already booking flights for the pre-Spring Festival period, with popular domestic destinations including Haikou, Sanya, and Hangzhou, and international hotspots like Seoul and Tokyo [4]. - The search volume for domestic travel during the Spring Festival is notably high for cities such as Sanya, Dali, and Harbin, while international interest has surged for Berlin, Busan, and Melbourne [4]. Group 3: Industry Insights - Spring and Autumn Travel's deputy general manager reported a 200% increase in inquiries for European travel packages during the Spring Festival, with searches for destinations like Greece, Norway, and Iceland doubling [5]. - According to Tongcheng Travel, hotel search volumes for February 14 and 15 have more than doubled compared to the previous day, reflecting the impact of the extended holiday on consumer behavior [6]. - The introduction of AI tools for travel planning is becoming more prevalent, with users utilizing platforms like DeepTrip for itinerary planning [6]. - The extended holiday is expected to lead to a more balanced daily flow of travelers, enhancing overall travel comfort and potentially setting new records for travel volume during the Spring Festival [6].