Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

华图山鼎收到深交所监管函。 ...

根据公告，经查，公司存在两项信息披露违规问题。一是公司就北京中师华图文化发展有限公司学员退 费的事项未履行审议程序并对外披露。2024年9月至2025年5月，公司就北京中师学员退费事项对其提供 财务资助金额合计3929.08万元。二是公司与北京华图上学教育科技有限公司之间的关联交易未及时履 行审议程序并披露。2025年1月至5月，公司与华图上学产生关联交易2958.56万元。公司于2025年8月29 日才就此审议并披露了《关于补充确认关联交易的议案》。 （文章来源：第一财经） 华图山鼎晚间公告，公司及相关人员于近日收到中国证券监督管理委员会四川监管局出具的《关于对华 图山鼎设计股份有限公司采取责令改正措施并对相关责任人采取出具警示函措施的决定》。 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2026-006 华图山鼎设计股份有限公司 关于收到中国证券监督管理委员会四川监管局 行政监管措施决定书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）及相关人员于近日收到中 国证券监督管理委员会四川监管局（以下简称"四川证监局"）出具的《关于对 华图山鼎设计股份有限公司采取责令改正措施并对相关责任人采取出具警示函 措施的决定》（[2026]8 号）（以下简称"《决定书》"），现将相关事项公告如 下： 一、《决定书》主要内容 华图山鼎设计股份有限公司及相关责任人: 经查，你公司存在提供财务资助未履行审议程序并披露，以及关联交易未及 时履行审议程序并披露的问题。一是你公司就北京中师华图文化发展有限公司 (以下简称北京中师)学员退费的事项未履行审议程序并对外披露。2024 年 9 月 至 2025 年 5 月，你公司就北京中师学员退费事项对其提供财务资助金额合计 3929.08 万元。二是你公司与北京华图上学教育科技有限公司(以下简称华图上 学)之间的关联交易 ...

Core Insights - The engineering consulting services sector experienced a rise of 1.91% on February 3, with Shenzhen Ruijie leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Sector Performance - Shenzhen Ruijie (300977) closed at 25.20, with a significant increase of 6.92% and a trading volume of 39,900 shares, amounting to a transaction value of 97.39 million yuan [1] - Other notable performers included: - Company 300989, closing at 16.47, up 3.98% with a trading volume of 60,900 shares [1] - Huatu Shanding (300492) closed at 81.60, up 3.80% with a transaction value of 249 million yuan [1] - New City (300778) closed at 14.24, up 3.64% with a transaction value of 105 million yuan [1] Capital Flow - The engineering consulting services sector saw a net outflow of 34.60 million yuan from institutional investors, while retail investors experienced a net outflow of 4.22 million yuan [2] - Conversely, speculative funds recorded a net inflow of 38.83 million yuan [2] Individual Stock Capital Flow - Major capital flows included: - Taiji Industry (600667) with a net outflow of 31.35 million yuan from institutional investors and a net inflow of 35.56 million yuan from speculative funds [3] - Company 300989 had a net inflow of 20.92 million yuan from institutional investors [3] - Shenzhen Ruijie (300977) recorded a net inflow of 3.37 million yuan from speculative funds [3]

中国经济网记者致电华图山鼎，对方表示不了解具体业务情况。 以下为原文： | 行政处罚决定书文号 | (庆)文综罚字《2025 > F-004005号 | 下载修复申请材料 | 在线申请修复 | | --- | --- | --- | --- | | 处罚类别 | 警告;罚款;其他-没收14种560册出版物 | | | | 处罚决定日期 | 2026-01-22 | | | | 处罚内容 | 警告,没收《2026年-红领决胜-国笔专项能力提升-精选易错刷申论》《2026-红领决胜-国笔专项能力提升-箱选易错刷行测》 | | | | | 等14种560册出版物,并处罚款贰万楽仟圆(27000元)整。 | | | | 罚款金额(万元) | 2.7 | | | | 没收违法所得、没收非法 | 0.0 | | | | 财物的金额(万元) | | | | | 暂扣或吊销证照名称及编 | -- | | | | 름 | | | | | 违法行为类型 | 《出版物市场管理规定》第十八条第二款 《出版物市场管理规定》第二十条第 (二)项 | | | | 违法事实 | 华图教育科技有限公司大庆分公司应按规定备案而未备案的行为违反了 ...

（编辑 楚丽君） 证券日报网讯 2月2日，华图山鼎在互动平台回答投资者提问时表示，为了优化招录类考试培训市场的 竞争环境，提升用户体验、实现资源优势互补、共同拓展成人非学历培训市场、共同推动行业规范化、 高质量发展，公司与粉笔有限公司（HK2469）于2025年12月12日签订了《战略合作协议》，协议内容 主要包括：投资合作、公司治理、技术开发、渠道合作、行业自律、用户服务多个方面，公司与粉笔有 限公司已按照相关规定履行了互相派驻董事的程序，具体内容详见公司前期披露的相关公告。 ...

Core Insights - The company, Huatu Shanding, reported significant growth in performance, primarily driven by strong market demand in the examination training sector [2] - The company implemented regional operational reforms, optimizing product delivery to local cities and establishing "light bases" to enhance product supply [2] - The focus on a single major product, "Kaobian Zhitongche," aims to secure long-term preparation resources for students [2] Industry Developments - The examination training industry continues to experience robust demand, contributing to the company's performance growth [2] - The company has increased the application of advanced technologies, achieving intelligent upgrades in recruitment quality inspection, smart scheduling, and teaching research [2] - New products such as intelligent interviews and essay corrections have been launched, optimizing the entire teaching and operational process while reducing unit delivery costs [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 280-420 million yuan in 2025, representing a year-on-year growth of approximately 428%-693%, with a median estimate of 350 million yuan, aligning with previous expectations [1][9] - The non-deductible net profit is projected to be 258-387 million yuan, indicating a year-on-year increase of about 955%-1483%, with a median of 323 million yuan, reflecting a growth of approximately 1244% [1][10] - The rapid growth in 2025 is primarily driven by strong market demand in the recruitment examination training sector and the company's proactive strategies, including regional operations and the "Direct Path to Examination" product [2][10] Financial Forecasts - The company is projected to achieve revenues of 3.371 billion yuan in 2025, with a year-on-year growth of 19% [5] - The net profit forecasts for 2025-2027 are 350 million, 430 million, and 560 million yuan respectively, with corresponding price-to-earnings ratios (PE) of 44, 35, and 27 [4][16] - The company is expected to maintain a high gross margin of 55% and an EBIT margin of 11.5% in 2025 [5][18] Strategic Initiatives - The company is focusing on AI transformation and has established a strategic partnership with Fenbi, which is expected to enhance its AI capabilities and product offerings [2][15] - The "Direct Path to Examination" product is seen as a key reform initiative for 2025, aimed at consolidating the company's leading position in the industry [4][16] - The company has also confirmed the achievement of performance targets related to its employee stock ownership plan for 2025, indicating strong internal alignment with growth objectives [3][14]

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].