证券代码：002033 证券简称：丽江股份 公告编号：2026001 丽江玉龙旅游股份有限公司 关于丽江玉龙雪山牦牛坪旅游索道改扩建停运的公告 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。 一、丽江玉龙雪山牦牛坪旅游索道改扩建停运的原因 丽江玉龙旅游股份有限公司董事会 2026 年 3 月 3 日 丽江玉龙旅游股份有限公司（以下简称"公司"）控股子公司丽江牦牛坪旅 游索道有限公司运营的丽江玉龙雪山牦牛坪旅游索道 1999 年投入运营。为提高 游客乘坐索道的便捷性、舒适度，更好地服务景区游客，改善牦牛坪景区交通可 达性和便捷性，完善景区游览体系，有效扩容景区接待能力，提升景区品质，2017 年 12 月 18 日，公司召开的第六届董事会第七次会议审议通过了《关于牦牛坪索 道改扩建项目的议案》,董事会同意对牦牛坪索道进行改扩建，详见公司于 2017 年 12 月 20 日披露的《对外投资公告》。2024 年 9 月 7 日，该项目取得了《云 南省发展和改革委员会关于丽江玉龙雪山牦牛坪旅游索道改扩建项目核准的批 复》文件。2024 年 9 月 24 日，公司第七届 ...

Group 1: Real Estate Industry Insights - The Shanghai housing policy was adjusted on February 25, 2026, to lower the purchase threshold for non-local residents, indicating a proactive approach to stabilize housing prices [9] - The new policy allows non-local residents to purchase homes in the outer ring of Shanghai after paying social insurance or individual income tax for just one year, down from three years [9] - The relaxation of policies in major cities like Beijing and Shanghai suggests an increasing optimism in the real estate sector, with expectations of further supportive measures to stabilize the market [9] Group 2: Pet Food Industry Analysis - The pet food industry in China is expected to continue its growth trajectory, driven by an increase in new pet owners and resilient consumer spending despite inflation [10][11] - The market is witnessing a shift towards premium products, with mid-to-high-end pet food segments showing significant growth, indicating a trend of consumption upgrading [10] - The concentration of market share among leading brands is increasing, with top brands experiencing growth rates significantly higher than smaller competitors [10][11] Group 3: Tourism and Retail Sector Trends - The 2026 Spring Festival saw record numbers in domestic travel, with 596 million trips taken, reflecting a 19% year-on-year increase, and total spending reaching approximately 803.48 billion yuan [13] - The travel market is evolving, with traditional family visits transforming into tourism experiences, indicating a shift in consumer behavior during holidays [13] - The demand for travel services is expected to remain strong, supported by favorable policies and a recovering economy, suggesting a positive outlook for the tourism sector [13]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the sector compared to the overall market performance [45]. Core Insights - The report highlights a significant rebound in travel consumption during the 2026 Spring Festival, with domestic travel reaching 596 million trips, a 19% increase year-on-year, and total spending of 803.48 billion yuan, up 18.7% from the previous year [2][7]. - The shift from "returning home" to "traveling during the New Year" reflects changing consumer behavior, leading to multiple travel peaks and strong continuity in travel demand [36]. - The report emphasizes the strong performance of the accommodation market, particularly in county-level cities, where hotel bookings surged by 1.3 to 1.4 times compared to the previous year [24][25]. Summary by Sections 1. Transportation - High levels of cross-regional movement were recorded, with a total of 5.96 billion domestic trips during the Spring Festival, marking a 19% increase year-on-year [7]. - Daily average spending during the holiday reached 89.28 billion yuan, reflecting a 5.5% increase compared to the previous year [7]. 2. Domestic Travel - The peak travel period saw over 320 million cross-regional movements, driven by a combination of tourism and family visits [22]. - Online travel platforms reported a significant increase in travel orders and average spending, with ticket orders up over 80% and hotel night bookings up 75% [23]. 3. Accommodation Consumption - The accommodation market experienced a notable increase in both volume and price, with hotel bookings in key cities like Shenzhen rising by 48% year-on-year [25]. - Average hotel prices during the Spring Festival were 536.4 yuan per night, a 5.37% increase compared to previous holidays [25]. 4. Hainan Duty-Free - Hainan's duty-free sales reached record highs, with sales on February 17 alone hitting 204 million yuan, a significant increase from the previous year [28]. - The demand for zero-tariff goods in Hainan has been robust, contributing to a stable market environment [28]. 5. Inbound and Outbound Travel - A record 17.796 million people crossed borders during the Spring Festival, with a daily average of 1.977 million, marking a 10.1% increase year-on-year [32]. - The report notes a significant increase in inbound tourism, particularly from Russia and South Korea, with bookings up 471% and 95% respectively [32]. 6. Investment Analysis - The report suggests a strong potential for tourism consumption, driven by a shift in consumer behavior and supported by government policies aimed at enhancing travel services [36]. - Recommended companies for investment include Sanxia Tourism, Jiuhua Tourism, Songcheng Performing Arts, and China Duty Free [36].

Summary of Key Points from the Conference Call Industry Overview - The data pertains to the retail and tourism sectors during the 2026 Spring Festival holiday in China, focusing on duty-free shopping, hotel occupancy, and overall consumer spending trends. Duty-Free Shopping - Duty-free shopping in Hainan reached a total of 1.38 billion yuan during the first five days of the Spring Festival, with the number of shoppers totaling 177,000, representing a year-on-year increase of 19% and 24.6% respectively [1][2] - Passenger throughput at major airports in Hainan (Haikou Meilan, Sanya Phoenix, and Qionghai Boao) is expected to reach 1.915 million during the Spring Festival period (February 15-23), marking a 5.4% increase compared to the previous year [1][2] Tourist Attractions - Songcheng Performance's "Eternal Love" had 576 shows over nine days, with an average daily performance decrease of 5.5% compared to 2025 [2] - Changbai Mountain saw a total of 39,000 visitors in the first four days of the holiday (February 15-18), reflecting a year-on-year growth of 77.5% [2] - Overall, tourist numbers are expected to grow by over 20% during the holiday period [2] - Xinyuan Cultural Tourism received 264,500 visitors in the first four days, a 20% increase year-on-year [2] - Emei Mountain and Jiuhua Tourism reported overall increases in visitor numbers, with Jiuhua issuing crowd control notices due to high visitor volumes [2] Hotel Performance - Hotel performance metrics from various companies during the holiday period (compared to the same period in 2025): - Junting Hotels: RevPAR increased by 37%, ADR by 20%, and occupancy by 14% [2] - Jinjiang Hotels: RevPAR up by 32%, ADR by 21%, and occupancy by 9% [3] - Huazhu: RevPAR increased by 26%, ADR by 17%, and occupancy by 8% [3] - ShouLai: RevPAR up by 24%, ADR by 15%, and occupancy by 9% [3] Beverage Sector - Shanghai Auntie reported high single-digit growth in same-store sales during the holiday [3] - Tea Baidao experienced double-digit growth in single-store sales, with same-store growth exceeding single-store performance [4] Retail Sector - National retail sales during the 7-day Spring Festival holiday (February 17-23) surpassed 1.4 trillion yuan, setting a new historical record [5] - Key retail and catering enterprises saw an average daily sales increase of 8.6% in the first four days compared to the same period in 2025, with a 5.9 percentage point increase compared to the previous National Day holiday [5] - UnionPay and NetUnion reported a total transaction volume of 9.78 trillion yuan, reflecting a year-on-year increase of 15% [5] Foot Traffic and Sales Performance - In the first three days of the holiday, foot traffic and sales in 78 monitored pedestrian streets increased by 4.5% and 4.8% respectively compared to the same period last year [6] - Yonghui Supermarket adjusted its store operations, achieving average daily sales of 870,000 to 880,000 yuan in the week leading up to the holiday, dropping to nearly 500,000 yuan in the following week [6] - Huijia Times reported peak sales on New Year's Eve, with a single store on Beijing Road achieving sales of 4.6 million yuan, and daily sales exceeding 1 million yuan during the holiday [6] - Jiajiayue reported overall positive same-store sales growth [6] - Xinhua Department Store experienced single-digit growth in same-store sales, with higher growth in adjusted stores [7]

Summary of Conference Call Notes Industry Overview - The notes focus on the tourism industry during the Spring Festival period, highlighting various scenic spots and their visitor statistics compared to previous years [1][2]. Key Points and Arguments - **Visitor Growth**: - **Three Gorges Tourism**: Boat reception volume increased by 56% year-on-year during the nine-day period compared to last year's eight days [1] - **Lijiang Co.**: Visitor growth exceeded 20% from New Year's Eve to the sixth day of the new year [1] - **Jiuhua Tourism**: 310,000 visitors from the first to the sixth day, a 24.5% increase compared to the same period last year [1] - **Changbai Mountain**: Visitor numbers grew by 17% during the nine-day holiday compared to last year's eight days [1] - **Huangshan Tourism**: Daily traffic at the southern gate increased by 20%, with peak daily traffic rising by 30% [1] - **Xiangyuan Cultural Tourism**: 264,500 visitors in the first four days of the holiday, a 20% year-on-year increase [1] - **Western Region Tourism**: Tianshan Tianchi scenic area saw a 13% increase in visitors from February 15 to 19; overall visitor numbers remained flat due to weather impacts [1] - **Lingnan Holdings**: Outbound long-distance travel increased by 38%, with Turkey emerging as a "dark horse" in the outbound travel market, showing a 152% increase in visitor numbers [1] - **Hotel Occupancy**: Many scenic spots reported full occupancy in hotels, with city hotels also experiencing high demand for reservations, indicating strong visitor interest [1]. - **Weather Impact**: The overall weather during the Spring Festival was characterized by cold at both ends and warm in the middle, with significant snowfall and sandstorms affecting return travel on the sixth and seventh days [2]. - **Consumer Incentives**: The issuance of approximately 2 billion yuan in Spring Festival consumption vouchers by the Ministry of Commerce and other departments has boosted consumer willingness to spend, with a notable increase in voucher redemption efficiency compared to last year [2]. Additional Important Content - **Future Outlook**: The upcoming spring break in April and May is expected to continue benefiting from consumption vouchers, with sustained positive impacts on the tourism and hotel sectors [3].

Summary of Conference Call Records Industry Overview - The service consumption sector is experiencing growth through increased holidays and policy openings, despite the absence of large subsidies like those in the home appliance and automotive sectors. Future subsidies could further boost industry development, particularly in cultural tourism and travel, including segments like scenic spots, hotels, travel agencies, dining, sports, and duty-free markets in Hainan [1][2][3]. Key Companies and Their Insights 1. **Songcheng Performance**: Traditional project performances have stabilized, new projects are ramping up, and the company has ample cash flow, which may lead to increased dividend rates [5]. 2. **Huangshan Tourism**: New cable car and hotel openings are expected to drive growth, alongside reduced losses from Huashan cuisine and potential expansion projects [5]. 3. **China Youth Travel Service (CYTS)**: Benefits from the restoration of Gubei Water Town and Wuzhen scenic area, along with new project expansions [5]. 4. **Tianfu Culture and Tourism**: Anticipated improvements from ice and snow economy projects, acquisitions, and asset injections from the controlling shareholder [5]. 5. **Emei Mountain Tourism**: Although the cable car launch is delayed until 2027, asset integration from Leshan Giant Buddha and the opening of Leshan Airport are expected to provide growth [5]. 6. **Guilin Tourism**: Focus on the integration of Li River cruise operations and potential capital injection from the controlling shareholder [5]. 7. **ST Zhangjiajie**: Significant potential for regional asset integration, currently under observation [5]. 8. **Yunnan Tourism**: Engaging in AI and cultural tourism asset integration, though with less direct correlation to scenic spots [5]. Market Trends and Opportunities - The service consumption sector is seeing notable changes in 2026, including an increase of 5 days in holiday adjustments, with spring and autumn holidays now covering about one-third of the Chinese population. The gradual relaxation of inbound tourism policies is also providing new growth points [2]. - The sports sector is benefiting from major events like the Winter Olympics and the World Cup, with increased investments from various provinces. Key beneficiaries include China Sports Industry, Lisheng Sports, and Jiaoyun Co., among others [3][20]. Additional Noteworthy Points - **Jinjiang Hotel Group**: Expected demand increase in 2026, with a projected decline in supply. Focus on improving internal operational efficiency and reducing losses from overseas direct stores, potentially through mergers and stock incentives [13]. - **Sima Media**: After acquisition, it remains focused on media business and may inject assets related to Sichuan's western region and hotel assets [11]. - **Nanjing Business Travel**: Originally a retail company, now integrating the Confucius Temple boat project with potential for future scenic and cultural tourism asset injections [12]. - **Sports Sector**: Companies like Zhujiang Co., Gongchuang Turf, and Xue Ren Group are involved in the sports field and have clean chip structures, indicating significant upside potential with marginal changes [20]. Conclusion The service consumption sector is poised for growth driven by policy support and market recovery, with various companies positioned to capitalize on emerging opportunities. The focus on cultural tourism, sports events, and strategic asset integrations will be critical for sustained development in the coming years.

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Company and Industry Summary Company: 三特索道 (SanTe Cableway) Key Points - **Valuation Improvement**: The company has experienced a significant increase in stock price due to the clearing of historical burdens and an accelerated pace of new project developments [1] - **Historical Issues**: The low valuation was primarily attributed to historical legacy issues, including financial problems [1] - **Debt Reduction**: The company has significantly reduced its debt ratio, with interest-bearing debt now at zero, leading to a notable decrease in future impairment scale [1][2] - **Operational Performance**: Existing projects are performing steadily, with the Hainan project expected to exceed expectations in January and February due to the timing of the Spring Festival [1] - **Future Revenue Projections**: The QianDaoHu MuXinGu project is set to be completed by the end of 2026, with an anticipated annual revenue release of approximately 120 million and a net profit of 35 million after ramp-up [1] - **Project Acceleration**: Starting in 2026, the company plans to accelerate the pace of new project advancements, with clear market capitalization management goals [1] - **Tourism Sector Outlook**: The company is positioned to benefit from the upcoming Spring travel peak, with recommendations to monitor various tourism stocks including Huangshan Tourism, Jiuhua Tourism, and others [1] Company: 当代 (Contemporary) Key Points - **Regulatory Issues**: The company is expected to face administrative penalties for violations related to fund occupation, but it does not have other significant risks or ST (Special Treatment) risks [2] - **Loss-Making Projects**: The exit from the KQ project is anticipated to have a one-time positive impact, while the Chongyang project is expected to show a significant reduction in losses this year [2] - **Financial Health**: Similar to SanTe Cableway, the company has also significantly reduced its debt ratio, with interest-bearing debt at zero, which will lead to a notable decrease in future impairment scale [2]

Core Viewpoint - Lijiang Co., Ltd. is a pioneer in the tourism industry in the Lijiang region and is the first listed company in Lijiang and northwest Yunnan [2] Company Overview - The company has a diverse business scope that includes cable car services, hotel construction and operation, cultural performances, catering services, tourism support services, scenic area visitor distribution, and travel agency operations [2]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [50]. Core Insights - The upcoming Spring Festival holiday, lasting 9 days, is expected to significantly boost travel demand, leading to high market activity in the travel and tourism sector [4][43]. - The social service sector experienced a decline of 3.44% in the past two trading weeks, ranking 24th among 31 industries in the Shenwan classification [13][21]. - The travel market is anticipated to reach a historical peak with an estimated 9.5 billion people traveling during the Spring Festival, driven by various factors including extended holiday periods and increased domestic travel [33][38]. Summary by Sections Market Review & Industry Dynamics - The social service sector's performance was below the market average, with a 3.44% decline compared to a 1.71% drop in the Shanghai Composite Index [13][21]. - The hotel and catering sub-sector saw a slight increase of 0.64%, while other sub-sectors like education and professional services experienced declines of 6.26% and 5.25%, respectively [17][20]. Investment Recommendations - Companies with strong growth potential in the travel chain and related industries include Tongcheng Travel, Huangshan Tourism, and Lijiang Shares, among others [4][43]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [4][43]. - The recovery of cross-border travel is likely to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [4][43]. Company Dynamics & Announcements - Notable company announcements include China Travel Service forecasting a revenue of 11.339 billion yuan for 2025, reflecting a 13.88% year-on-year increase, while other companies like Zhongxin Tourism and Fengshang Culture are expecting significant declines in net profits [37][38]. - The duty-free shopping market in Hainan saw a 44.8% year-on-year increase in January 2026, indicating a strong recovery in consumer spending [30][31]. Travel Data Tracking - The domestic travel market shows positive trends, with a significant increase in hotel bookings and flight reservations during the Spring Festival period [30][31]. - The international flight volume has recovered to 85.59% of the 2019 levels, indicating a steady recovery in the travel sector [21][38].