Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Insights - The report highlights that the total retail sales in January-February 2026 increased by 2.8% year-on-year, showing an improvement from 0.9% in December 2025. The restaurant revenue grew by 4.8%, outperforming the retail goods sales [1][3] - The service sector's PMI for January and February was 49.5% and 49.7%, respectively, indicating a stable performance. The government work report suggests ongoing support for service consumption, which is expected to drive growth in the sector [1][3] - The report emphasizes the government's focus on boosting domestic demand and consumption, which is likely to enhance consumer confidence and spending capacity [1][3] Summary by Sections Domestic Macro Data - Retail sales in January-February reached 86,079 billion, with a year-on-year growth of 2.8%, an increase of 1.9 percentage points from December 2025. The growth in retail sales was influenced by the extended Spring Festival holiday [1][3] - The service sector's production index grew by 5.2% year-on-year, and the consumer confidence index stood at 90.6, indicating a gradual recovery in consumer sentiment [1][3] Investment Recommendations - The report suggests focusing on companies that are expected to benefit from the recovery in tourism and business travel, such as Lingnan Holdings and Zhongxin Tourism. Other recommended companies include Tianmu Lake, Lijiang Co., Songcheng Performance, and various hotel chains [3]

Summary of Conference Call on Cultural Tourism and Sports Events Industry Overview - The conference call focused on the cultural tourism and sports events sectors, highlighting the impact of new government policies on these industries, particularly in 2026 [1][2]. Key Points and Arguments Government Policies - The 2026 government work report emphasizes "high-quality development of the cultural tourism industry" and supports the implementation of paid leave and staggered holidays, which is expected to boost tourism demand significantly [2][3]. - The introduction of "spring and autumn breaks" is anticipated to enhance off-peak capacity utilization in major tourist attractions, improving revenue and profit stability [3]. Company Highlights - **Lijiang Co.**: - The company is set to expand its Yak Niu Ping cableway in March 2026, increasing capacity from 360 to 1,900 passengers per hour, which is expected to alleviate long-standing visitor bottlenecks and enhance profits post-2028 [1][8]. - Post-pandemic, Lijiang's revenue and profits have surpassed pre-pandemic levels, driven by improved transportation infrastructure and increased visitor flow [10]. - **Song City Performance**: - The company anticipates a slight increase in visitor numbers for its "Eternal Love" projects in Q1 2026, supported by new policies that extend travel windows [5]. - The company is also developing a light-asset project in Qingdao and a heavy-asset project in Thailand, which are expected to contribute to growth [5]. - **Jiuhua Tourism**: - The company focuses on cultural tourism with a high repeat visitor rate, driven by its Buddhist cultural experiences. The Lion Peak cableway project is expected to contribute to revenue growth starting in late 2026 [6][7]. - **JunTing Hotels**: - Positioned as a leading domestic high-end hotel brand, benefiting from the growth in high-end demand and the advancement of REITs [4]. - **Lisheng Sports**: - The company plans to enter the golf sector in 2025, maintaining a revenue growth rate of over 10% [1]. Market Dynamics - The sports events economy is highlighted as a new focus area in the government report, with an emphasis on developing more community sports events [2]. - The sports venue operation sector is transitioning to a light-asset model, enhancing operational efficiency and profitability [12][13]. Valuation Insights - Current valuations for tourism and hotel stocks have returned to relatively low levels, suggesting potential for re-evaluation as demand increases [2][4][5]. - Jiuhua Tourism is estimated to have a valuation of around 20 times earnings, which is considered attractive compared to peers [6][7]. Risks and Considerations - The overall performance of Lijiang Co. has been stable, but there is a need for improved visitor growth to enhance profitability further [10]. - The sports industry is still in its early stages of marketization, which may limit immediate profitability for many companies [15][16]. Additional Important Content - The conference highlighted the importance of cultural attributes in driving repeat visits, particularly for Jiuhua Tourism, which differentiates itself from typical tourist attractions [6]. - The potential for increased collaboration between tourism and sports sectors is noted, with companies like Lisheng Sports and JunTing Hotels positioned to benefit from this trend [1][4][12]. This summary encapsulates the key insights from the conference call, focusing on the implications of government policies, company strategies, market dynamics, and valuation considerations within the cultural tourism and sports events sectors.

证券代码：300144 证券简称：宋城演艺 公告编号：2026-004 （一）公司回购股份的时间、回购股份的数量、回购股份的价格及集中竞价 交易的委托时段均符合回购公司股份方案及《深圳证券交易所上市公司自律监管 1 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 宋城演艺发展股份有限公司（以下简称"公司"）分别于2025年12月9日召 开第九届董事会第七次会议、于2025年12月25日召开2025年第四次临时股东会， 逐项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司使用自有资金以集中竞价交易方式回购股份用于注销并减少公司注册资本。回 购资金总额为不低于人民币1亿元（含本数）且不超过人民币2亿元（含本数）， 具体以回购期满时实际回购股份使用的资金总额为准；回购价格上限为12.00元/ 股；回购股份的实施期限为自公司股东会审议通过本次回购方案之日起6个月内。 具 体 内 容 详 见 公 司 于2025 年 12 月 10 日 、 2025 年 12 月 25 日 在 巨 潮 资 讯 网 （www.cninfo.com ...

Group 1 - The core viewpoint of the article is that Songcheng Performance (300144.SZ) has maintained a long-term good cooperation with Douyin in ticketing and brand promotion [1]

Core Viewpoint - The company is focusing on expanding its international customer base while primarily serving domestic tourists at its Qian Gu Qing scenic area [2] Group 1: Domestic and International Market Focus - The majority of the company's visitors are currently domestic tourists [2] - The company is actively working to tap into the international customer market due to the growing global appreciation for Chinese traditional culture [2] - The company is implementing various strategies to attract international tourists, including online promotions and simplified ticket purchasing processes [2] Group 2: Marketing Strategies - Online strategies include leveraging overseas influencers for content exposure and offering special ticket types for foreign visitors [2] - Offline marketing efforts involve enhancing promotions in source markets and increasing advertising touchpoints related to accommodation, dining, and shopping [2] - The proportion of foreign tourists visiting the company’s attractions is increasing year by year [2]

Group 1 - The core point of the article is that Songcheng Performance has reported a total of 87,820 shareholders as of February 10, 2026, including credit accounts [2]

Group 1 - The company maintains an open attitude towards exploring collaborations with various excellent cultural works [2] - The company will comprehensively consider factors such as the complementarity of the collaboration content with existing scenic area operations, the recognizability of cultural symbols, and the cultural awareness and viewing experience of tourists [2]

Macro: Long Holidays Boost Consumer Sentiment - The 2026 Spring Festival saw an increase in consumer sentiment, attributed to the long holiday and supportive consumption policies from nine government departments, which included financial subsidies [4][7] - During the first four days of the holiday, the average daily sales of key retail and catering enterprises increased by 8.6% compared to the same period in 2025, marking a high growth rate for major holidays since 2024 [4][17] - The first three days of the holiday saw a 10.6% increase in average daily sales compared to the same period in 2025, indicating a strong pre-holiday consumption boost [4][5] Tourism and Hospitality: Longest Spring Festival Releases Consumption Potential - The Spring Festival travel period recorded 5.08 billion person-times of inter-regional movement, a year-on-year increase of 5.5%, with significant growth in railway and civil aviation [5][32] - The average travel days for users on Tuniu reached 5.9 days, an increase of 1.1 days from the previous year, indicating a trend towards longer trips [5][6] - The relaxation of visa policies has led to a rapid increase in inbound tourism, with a predicted daily average of over 2.05 million inbound and outbound travelers during the holiday, a 14.1% increase year-on-year [6][7] Retail and Consumer Goods: Strong Performance in Various Sectors - The retail and catering sectors experienced robust growth, with key platforms reporting a 19.7% increase in sales of smart wearable devices during the first three days of the holiday [29][35] - The demand for traditional cultural IP and duty-free sales performed well, with duty-free sales in Hainan reaching 9.7 billion yuan during the first four days, a 15.8% increase year-on-year [32][33] - The "old for new" policy continued to stimulate consumer demand, with 28.43 million people benefiting from it, leading to sales of 196.39 billion yuan, including 1.0023 billion yuan from new car sales [33][36] Media and Entertainment: Mixed Performance - The total box office for the 2026 Spring Festival reached 5 billion yuan, with a significant decline of 37.6% compared to the previous year, marking the lowest level since 2018 [7][17] - The decline in box office revenue is attributed to a high base from the previous year, where the film "Nezha" contributed significantly to the box office [7][17] Internet and Technology: Growth in Online Services - The online travel agency (OTA) data showed a significant increase in travel bookings, with domestic flight ticket reservations exceeding 11.78 million, an 11% increase year-on-year [32][36] - The demand for online services surged, with Douyin reporting a 216% increase in group meal orders during the Spring Festival, indicating a shift towards digital consumption [35][36] Investment Strategy: Focus on Growth Sectors - The report suggests focusing on sectors with growth potential, such as AI technology, consumer electronics, and traditional cultural experiences, as they are expected to benefit from ongoing consumption policies [22][23] - The investment outlook remains stable, with a particular emphasis on AI and robotics sectors, which are anticipated to be highlights in the post-holiday market [22][23]

Group 1: Economic Resilience - The Chinese economy remains strong during the Spring Festival, with many listed companies continuing operations to meet market demand and fulfill orders [1][2][8] - Companies like LiuGong and TianNai Technology are maintaining production during the holiday to capitalize on increased demand, particularly from overseas markets [2][3] Group 2: Manufacturing Sector - Manufacturing companies are strategically scheduling production and reasonable breaks to ensure continuous delivery and meet customer needs [2][3] - LiuGong reported significant growth in industry demand, leading to a busy production schedule during the holiday [2] - TianNai Technology is also continuing production to better serve customers due to rapid market demand for its products [2] Group 3: Consumer Sector - The Spring Festival is a peak consumption period, with companies like Quanjude and Guangzhou Restaurant Group launching various marketing activities to attract customers [4][5] - Quanjude has prepared for a strong demand for New Year's Eve dinners and is implementing online and offline marketing strategies [4] - Guangzhou Restaurant Group is promoting themed activities and special menus to enhance customer engagement during the holiday [4][5] Group 4: Digital Technology Integration - Companies are leveraging digital technology to enhance traditional festive experiences, such as the fully digitalized lantern festival in Shanghai [7] - Cybersecurity firm Qihoo 360 is providing 24/7 technical support during the holiday to ensure smooth operations for clients [7] - AI service provider Zongheng Communication anticipates increased traffic and engagement on major platforms during the Spring Festival, which may positively impact its business [7] Group 5: Overseas Projects - Some companies are accelerating overseas projects during the Spring Festival, with Hongbang Biological confirming that construction is proceeding as planned in Australia and Indonesia [8]

Core Viewpoint - The Songcheng Performing Arts Project, constructed by China State Construction Engineering Corporation, is progressing towards completion and is set to open in 2026, enhancing the cultural tourism landscape in the region [1][2]. Group 1: Project Overview - The project covers a total construction area of approximately 49,000 square meters, with about 47,000 square meters above ground and 2,000 square meters underground [1]. - It features a large theater and multiple themed commercial districts, integrating intangible cultural heritage displays, cultural experiences, and leisure consumption [1]. Group 2: Construction Progress - The focus of construction has shifted from main structural work to decoration and system installation, with a phased approach to ensure quality and progress [1]. - Future work will include the installation of outdoor utility networks, landscape greening, and public facilities to enhance the overall functionality of the project [2]. Group 3: Cultural and Economic Impact - The project aims to combine various cultural elements, including Qilu culture and the Maritime Silk Road culture, to create immersive experiences that reflect cultural exchanges [2]. - Upon completion, the project is expected to become a key node for cultural display, public activities, and leisure consumption, thereby activating the development potential of the surrounding area [2].