旅游行业资产整合专题报告：整合序幕拉开，旅游资产重估

Investment Rating - The report rates the tourism industry as "Buy" [2][3] Core Viewpoints - The report emphasizes that the integration of cultural and tourism assets is expected to optimize resource allocation and enhance operational efficiency for listed companies. It recommends companies such as Changbai Mountain, Jiuhua Tourism, and Santas Cableway, while highlighting beneficiaries like Xiyu Tourism, Xiangyuan Cultural Tourism, Nanjing Commercial Travel, and Rhine Sports [3] - The report outlines that the integration of assets is a significant pathway to improve the quality of supply and operational efficiency, driven by the encouragement of mergers and acquisitions by the China Securities Regulatory Commission (CSRC) [3][9] - The report identifies that regions like Zhejiang, Xinjiang, Hainan, and Anhui have a higher probability of asset integration due to their rich tourism resources and financial conditions [16][17] Summary by Sections 1. Opportunities in Cultural and Tourism Asset Integration - Asset integration is seen as a crucial path to enhance the competitiveness of state-owned enterprises and improve the quality of assets [10][11] - The report discusses the importance of optimizing structure, improving quality, and enhancing operations through asset integration [10][12] 2. Gradual Progress of Integration - The report notes that both state-owned and private enterprises are participating in the integration process, with examples such as Xiyu Tourism changing its controlling shareholder to a state-owned entity [3][9] - Companies like Xiangyuan Cultural Tourism and Nanjing Commercial Travel are actively pursuing asset injections and acquisitions to enhance their operational performance [3][9] 3. Investment Recommendations - The report suggests that the integration of cultural and tourism assets will likely lead to improved resource allocation and operational efficiency, making it a favorable investment opportunity [3][9] - Specific companies are highlighted for their potential benefits from this trend, including Xiyu Tourism and Zhangjiajie, which have significant income contributions from their respective groups [3][9] 4. Distribution of Tourism Assets - The report indicates that the majority of high-quality tourism resources are concentrated in regions like Jiangsu and Zhejiang, with state-owned enterprises holding a dominant position [14][16] - It provides a detailed analysis of the distribution of 5A-level scenic spots across various provinces, emphasizing the role of state-owned enterprises in managing these assets [14][16]