Group 1: Event Overview - The World Tourism Cities Federation hosted the 2025 World Tourism Cities Resource Promotion Conference in Beijing, aimed at promoting international tourism resource display, experience exchange, and practical cooperation [1] - The event featured three segments: "Meet a Different World," "Meet a Different Beijing," and the introduction of the "International Standard for Tourism City Brand Evaluation" [1] Group 2: Global Tourism Insights - The World Tourism Cities Federation has 257 members and focuses on building efficient platforms for international collaboration [2] - Representatives from various cities shared their tourism resources, cultural characteristics, and development strategies, highlighting the importance of enhancing tourism facilities and service quality [2] Group 3: Cultural Heritage and Sustainable Development - Athens is enhancing social cohesion through infrastructure investment and cultural innovation while addressing climate challenges [3] - Kathmandu is balancing cultural heritage protection with tourism development through sustainable practices [3] - Belgrade is improving tourism experiences in preparation for the 2027 World Expo, showcasing its multicultural appeal [3] Group 4: Domestic Tourism Development - Jilin City hosts nearly 100 cultural tourism events annually and offers over 10,000 cultural products to invigorate its tourism sector [4] - Linzhi City combines ecological tourism with ethnic culture through events like the Peach Blossom Festival [4] Group 5: International Standard for Tourism City Brand Evaluation - The "International Standard for Tourism City Brand Evaluation" was developed over three years and approved by the International Organization for Standardization (ISO) [5] - The standard includes 8 primary indicators and 53 secondary indicators, covering various aspects such as tourism resources, infrastructure, and visitor experience [5] - Its implementation is expected to guide cities in brand building and enhance the quality of global tourism development [5] Group 6: Beijing's Tourism Landscape - Beijing's tourism industry is evolving through the integration of digital innovations, showcasing its cultural charm as a modern international city [6] - The city emphasizes the organic integration of historical heritage with contemporary life, enhancing its cultural vitality [6] - Beijing is also focusing on creating diverse consumer experiences through its traditional and modern cultural offerings [7]

Group 1 - The A-share tourism and catering sector showed strong fluctuations, with companies like Caesar Travel and Tianfu Cultural Tourism hitting the daily limit, and others like Dalian Shengya and Changbai Mountain also experiencing significant gains [1] - The upcoming National Day and Mid-Autumn Festival will merge into an 8-day holiday, leading to a peak in travel bookings as the "Golden Week" approaches [1] - According to a report by Zhongxin Tourism Group, the number of travelers during the "Golden Week" is expected to increase by 130% compared to last year, with GMV (Gross Merchandise Volume) rising over 120% [1][2] Group 2 - Domestic travel products in northern regions are seeing high sales, particularly in destinations like Xinjiang, Inner Mongolia, and Gansu, while outbound travel is benefiting from visa-free policies and restored flights, with a 75% increase in destination offerings compared to last year [1][2] - Popular outbound destinations such as Europe and North America have seen traveler numbers increase by 80% and 207% respectively compared to the same period last year [1][2] - Short-haul destinations in Asia and the Middle East have also experienced significant growth, with traveler numbers increasing by 380% and 216% respectively [2] Group 3 - The trend towards smaller group sizes in travel is becoming more pronounced, with team sizes shrinking from 30 to 12-16, and even smaller groups of 10 or fewer emerging in Southeast Asia and domestic short-haul destinations [2] - The Tuniu platform has reported a surge in bookings for the National Day holiday, with popular domestic destinations including Beijing, Shanghai, and Sanya, while outbound destinations like Japan and Indonesia are seeing high demand for free travel products [2][3] - Domestic flight bookings for the upcoming holiday have exceeded 3.26 million, with a daily average increase of about 26% compared to last year, while international flight bookings have surpassed 1.16 million, with a 15% increase [3] Group 4 - Major catering companies are actively preparing for the upcoming consumption peak during the "Golden Week," with brands like Xiaobuxiabu launching new dining models to enhance customer experience and value [3]

Core Insights - The report by Zhongxin Tourism indicates a significant increase in travel trends for the upcoming National Day and Mid-Autumn Festival, with an 8-day holiday in 2025 leading to a "dual prosperity" in both domestic and outbound tourism [1] Group 1: Travel Trends - The number of travelers during the National Day period has surged by 130% year-on-year as of September 8 [1] - The Gross Merchandise Value (GMV) for travel bookings has increased by over 120% [1] - Popular travel routes have sold out three months in advance, indicating strong demand [1]

Core Viewpoint - On September 5, Zhongxin Tourism (002707) announced that, apart from guarantees within the consolidated financial statements, the company and its subsidiaries have not provided any external guarantees, nor are there any overdue external guarantees [1] Summary by Category - **Company Guarantees** - The company confirmed that it has not provided any external guarantees outside of those included in the consolidated financial statements [1] - There are no overdue external guarantees reported by the company or its subsidiaries [1]

关于为全资子公司提供担保的进展公告 股票代码：002707 股票简称：众信旅游 公告编号：2025-039 众信旅游集团股份有限公司 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、担保情况概述 众信旅游集团股份有限公司（以下简称"公司"或"众信旅游"）于 2025 年 4 月 28 日召开第六届董事会第二次会议、第六届监事会第二次会议及 2025 年 5 月 20 日召开的 2024 年度股东大会，审议通过了《关于确定公司及子公司互 保额度的议案》，同意公司与 9 家控股子公司之间 2025 年度互保的额度为人民 币 20 亿元，有效期为自公司 2024 年度股东大会审议批准之日起至 2025 年度股 东大会召开之日止，有效期内担保额度可循环使用。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于确定公司及子 公司互保额度的公告》（公告编号：2025-021）。 二、担保进展情况 1、公司近日与北京银行股份有限公司国家文化与金融合作示范区雍和文创 支行（以下简称"北京银行雍和文创支行"）签订了 ...

Group 1 - The tourism and scenic spots sector increased by 0.25% on September 5, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Xiyu Tourism's stock price rose by 6.98% to 47.35, with a trading volume of 221,100 shares and a transaction value of 1.007 billion [1] Group 2 - The sector experienced a net outflow of 546 million from main funds, while retail investors saw a net inflow of 414 million [2] - The top gainers included Lingnan Holdings and Zhongxin Tourism, with increases of 4.77% and 4.65% respectively [1] - The top losers included Tibet Tourism, which fell by 8.48%, and Changzi Mountain, which decreased by 5.27% [2] Group 3 - Xiyu Tourism had a net inflow of 71.1 million from main funds, while retail investors had a net outflow of 44.3 million [3] - Zhongxin Tourism also saw a net inflow of 63.9 million from main funds, with a significant outflow from retail investors [3] - The overall trend indicates a mixed sentiment among different investor types within the tourism sector [2][3]

Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

Group 1 - The summer of 2023 has seen a significant increase in both inbound and outbound tourism in China, with a notable rise in the number of travelers and transportation checks at major ports [1] - From July 1 to August 28, over 3.95 million people traveled through Beijing's ports, marking a 10.6% year-on-year increase, while Guangzhou reported over 2.77 million travelers, up approximately 12.8% [1] - Inbound tourism has been boosted by various facilitation measures, including the expansion of the 240-hour visa-free transit policy and improvements in mobile payment services, enhancing the travel experience for foreign tourists [1] Group 2 - The growth in inbound tourism is attributed to the implementation of convenient entry policies and effective promotion through social media influencers, which has increased foreign interest in visiting China [2] - There is a notable trend of increasing foreign traveler flow in inland provinces such as Yunnan, Sichuan, and Guizhou, indicating a deeper expansion of the inbound tourism market [2] - The overall travel consumption trend is shifting towards quality upgrades, with a significant increase in international flight passenger volumes, particularly from non-first-tier cities [3] Group 3 - Popular outbound destinations for Chinese tourists include Japan, Thailand, South Korea, Hong Kong, and Malaysia, with long-haul destinations like Iceland and Greece seeing over 50% year-on-year growth [3] - Data from the National Day holiday indicates a 130% increase in travel bookings compared to the same period in 2024, with North America seeing a 207% increase in travelers [3] - Southeast Asia and Northeast Asia are also experiencing strong growth in outbound tourism, with traveler numbers rising by 380% and 216% respectively [3]

业务扩张带动费用增长，期待后续表现 众信旅游(002707) 证券研究报告 教育/ 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-29 | | 收盘价(元) | 8.29 | | 流通股本(亿股) | 8.25 | | 每股净资产(元) | 0.92 | | 总股本(亿股) | 9.83 | 最近 12 月市场表现 -5% 5% 16% 26% 36% 46% 众信旅游 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《出境游业务稳步修复，线下门店有望加 速扩张》 2024-11-07 2. 《出境游供给修复叠加行业出清带动业 绩高增》 2024-09-02 3. 《国际航班持续修复，关注春节旺季及免 签利好》 2024-01-31 核心观点 请阅读最后一页的重要声明！ 盈利预测 | [币种Table_FinchinaSimple] (人民币) | ...

据证券之星公开数据整理，近期众信旅游（002707）发布2025年中报。截至本报告期末，公司营业总收 入28.75亿元，同比上升9.85%，归母净利润4044.97万元，同比下降43.64%。按单季度数据看，第二季 度营业总收入17.09亿元，同比上升7.34%，第二季度归母净利润2148.92万元，同比下降50.86%。本报 告期众信旅游公司应收账款体量较大，当期应收账款占最新年报归母净利润比达193.78%。 本次财报公布的各项数据指标表现一般。其中，毛利率12.42%，同比减5.01%，净利率1.43%，同比减 53.38%，销售费用、管理费用、财务费用总计3.08亿元，三费占营收比10.71%，同比增9.66%，每股净 资产0.92元，同比增8.69%，每股经营性现金流0.36元，同比减16.93%，每股收益0.04元，同比减43.84% 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为63.16%、近3年经营性现金流均值/流动负债仅为 6.93%） 建议关注公司应收账款状况（应收账款/利润已达193.78%） 分析师工具显示：证券研究员普遍预期2025年业绩在1.16亿元，每股收益 ...