Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

证券代码：300795 证券简称：米奥会展 公告编号：2025-082 浙江米奥兰特商务会展股份有限公司 2025年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会没有出现否决议案的情况； 2、本次股东会不涉及变更以往股东会已通过决议的情况； 3、本次股东会审议的议案对中小投资者的表决单独计票。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 12 月 12 日（周五）下午 14:45 开始； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 12 月 12 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统投票的具体时间 为：2025 年 12 月 12 日 9:15 至 2025 年 12 月 12 日 15:00 期间的任 意时间。 2、会议召开方式：本次会议采取现场投票与网络投票相结合的 第 1 页 共 16 页 方式召开。 （1）现场投票：包括本人出席 ...

北京市中伦（深圳）律师事务所 关于浙江米奥兰特商务会展股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于浙江米奥兰特商务会展股份有限公司 2025 年第三次临时股东会的 法律意见书 致：浙江米奥兰特商务会展股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受浙江米奥兰特商务会 展股份有限公司（以下简称"公司"）委托，指派郭子威律师、梁严鑫律师出席并 见证公司 2025 年第三次临时股 ...

证券日报网讯 12月10日，米奥会展（300795）在互动平台回答投资者提问时表示，目前根据既定计 划，明年美国展会暂无恢复安排，而日本AFF展会将继续按计划推进。公司将持续关注国际形势变化， 灵活优化布局，为客户创造价值。 ...

每经AI快讯，米奥会展（300795.SZ）12月10日在投资者互动平台表示，公司始终基于全球市场需求和 战略布局规划业务发展。目前根据既定计划，明年美国展会暂无恢复安排，而日本AFF展会将继续按计 划推进。 （文章来源：每日经济新闻） ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-081 浙江米奥兰特商务会展股份有限公司 关于召开2025年第三次临时股东会的提示性公告 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。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）披露了《关于召开公司 2025 年第三次临时股 东会通知的公告》（公告编号：2025-079），本次股东会将采取现场投 票与网络投票相结合的方式召开，根据相关规定，现将本次会议的有 关情况提示如下： （1）现场会议时间：2025 年 12 月 12 日 14:45 第 1 页 共 10 页 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为2025年12月12日9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年12月 12 日 9:15 至 15:00 的任意时间。 一、召开会议的基本情况 1、股东会 ...

米奥会展所属申万行业为：社会服务-专业服务-会展服务。所属概念板块包括：微盘股、小盘、送转填 权、首发经济、跨境电商等。 12月2日，米奥会展盘中上涨2.06%，截至10:14，报15.88元/股，成交7006.32万元，换手率2.59%，总市 值47.46亿元。 资金流向方面，主力资金净流入654.77万元，特大单买入120.10万元，占比1.71%，卖出0.00元，占比 0.00%；大单买入1300.90万元，占比18.57%，卖出766.23万元，占比10.94%。 米奥会展今年以来股价涨5.07%，近5个交易日涨7.88%，近20日涨11.60%，近60日跌0.59%。 资料显示，浙江米奥兰特商务会展股份有限公司位于上海市恒丰路218号现代交通商务大厦21楼2104 室，成立日期2010年6月30日，上市日期2019年10月22日，公司主营业务涉及会展项目的策划发起、组 织承办、推广及运营服务。主营业务收入构成为：自办展100.00%。 截至9月30日，米奥会展股东户数1.20万，较上期减少6.98%；人均流通股14435股，较上期增加7.36%。 2025年1月-9月，米奥会展实现营业收入4.01亿 ...

Core Viewpoint - Miao Exhibition's stock price has shown a positive trend recently, with a 2.24% increase on December 1, 2023, and a total market capitalization of 4.642 billion yuan [1] Group 1: Stock Performance - As of December 1, 2023, Miao Exhibition's stock price is 15.53 yuan per share, with a trading volume of 75.52 million yuan and a turnover rate of 2.85% [1] - Year-to-date, the stock price has increased by 2.75%, with a 4.51% rise over the last five trading days and a 9.75% increase over the last 20 days, while it has decreased by 2.47% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Miao Exhibition reported a revenue of 401 million yuan, a year-on-year decrease of 5.67%, and a net profit attributable to shareholders of 34.63 million yuan, down 49.17% year-on-year [1] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [2] Group 3: Shareholder Information - As of September 30, 2025, Miao Exhibition had 12,000 shareholders, a decrease of 6.98% from the previous period, with an average of 14,435 circulating shares per shareholder, an increase of 7.36% [1] - Among the top ten circulating shareholders, the Jiashi Theme New Power Mixed Fund (070021) holds 1.3794 million shares, having decreased its holdings by 189,200 shares compared to the previous period [2]

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 18 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in November [1] Group 1: Companies Planning to List - 18 A-share listed companies have announced plans to issue H-shares and list in Hong Kong from November 1 to November 29 [1] - Zhongji Xuchuang announced on November 10 its intention to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 2: Specific Company Announcements - Runjian Co., Ltd. announced on November 25 its plan to issue H-shares and list in Hong Kong [2] - Ningbo Yunsheng authorized management on November 24 to initiate preparations for issuing H-shares and listing in Hong Kong [2] - Igor announced on November 24 its plan to issue H-shares and list in Hong Kong [2] - Miao Exhibition announced on November 24 its intention to issue H-shares and list in Hong Kong [2] - Zhuoyi Information announced on November 20 its plan to issue H-shares and list in Hong Kong [2] - Yuanjie Technology announced on November 19 its intention to issue H-shares and list in Hong Kong [2] - Dashang Co., Ltd. announced on November 18 its plan to issue H-shares and list in Hong Kong [2] - Sifang Jingchuang announced on November 14 its intention to issue H-shares and list on the main board of the Hong Kong Stock Exchange [2] - Zejing Pharmaceutical announced on November 14 its plan to issue H-shares and list in Hong Kong [2] - Juxin Technology announced on November 14 its intention to issue H-shares and list in Hong Kong [2] - Deye Co., Ltd. announced on November 13 its plan to issue H-shares and list in Hong Kong [2] - Tuosida announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Marumi Bio announced on November 12 its plan to issue H-shares and apply for listing in Hong Kong [2] - Transsion Holdings announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Anker Innovations announced on November 11 its plan to issue H-shares and list in Hong Kong [2] - Visual China announced on November 4 that it is planning to issue H-shares [2] - Juhe Materials announced on November 3 its plan to issue FF shares and list in Hong Kong [2]

浙江米奥兰特商务会展股份有限公司 关于对外投资设立控股子公司的进展公告 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。 一、对外投资概述 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）为了 顺应中国企业品牌出海及国际贸易订单碎片化的趋势，通过资源整合 与优势互补，增强协同效应，促进公司的可持续发展，于 2025 年 10 月 20 日召开第六届董事会第三次会议，审议通过了《关于对外投资 设立控股子公司的议案》，同意公司以自有资金与 Panex WD International Limited 共同投资设立合资公司，公司拟以货币出资 人民币 5,100 万元，认缴比例为 51%，合资公司设立后将成为公司控 股子公司并纳入公司合并报表范围内，该控股子公司的注册资本为人 民币 10,000 万元。 具体内容详见公司刊登在中国证监会指定的创业板信息披露网 站巨潮资讯网（www.cninfo.com.cn）上披露的《关于对外投资设立 控股子公司的公告》（公告编号：2025-066）。 二、对外投资进展情况 目前，公司控股子公司已完成工商注册登记手续，取得了慈溪市 ...