商贸零售行业跟踪周报：旅游市场高景气，关注景区公司改革

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Viewpoints - The tourism market continues to show high prosperity, with domestic travel reaching 4.237 billion trips in Q1-Q3 2024, a year-on-year increase of 15%. The tourism market is expected to maintain a steady increase in visitor numbers in the future. The Ministry of Culture and Tourism has introduced various consumption stimulus policies to boost tourism consumption, which is seen as a key driver for improving consumer spending. Scenic area companies are actively promoting reforms to optimize tourism resource supply, including asset acquisitions, equity restructuring, and capacity expansion [1][19] - Xiyu Tourism, as the only listed cultural tourism platform in Xinjiang, is expected to integrate tourism resources after the change of its controlling shareholder to Xinjiang Cultural Tourism Investment. The company will complete its board restructuring after the shareholders' meeting on December 23, 2024. Xinjiang Cultural Tourism Investment aims to integrate high-quality cultural tourism resources across the region, including several 5A scenic spots [2][19] - Zhangjiajie is advancing its restructuring efforts to integrate industrial resources. The court has accepted the restructuring application for Dayong Ancient City, and the company is seeking investors with industrial synergy and resource integration capabilities. This restructuring is expected to revitalize assets and enhance collaboration with local resources [2][20] Summary by Sections 1. Industry Insights - The tourism market is experiencing sustained high growth, with significant government support through consumption stimulus policies. Scenic area companies are reforming to enhance resource supply [1][19] 2. Company Updates - Xiyu Tourism is set to benefit from resource integration under new management, while Zhangjiajie is restructuring to optimize its asset utilization and resource collaboration [2][20] 3. Investment Recommendations - The report suggests focusing on scenic area companies with reform expectations such as Xiyu Tourism, Zhangjiajie, and others, as well as those with capacity expansion expectations like Changbai Mountain and Emei Mountain [3][20]