万联证券表示，展望2026年，中央经济工作会议继续将坚持内需主导，建设强大国内市场列为首要任 务，促消费政策导向保持稳定，但受居民资产负债表调整影响，基本面复苏仍需时间，上半年社会服务 板块预计以结构性机会为主。今年春节将形成9天长假期，旅游市场景气度有望进一步提升。建议关 注：（1）受益于春秋假制度落地等政策催化与消费信心逐步回暖的出行链相关公司；（2）把握海南自 贸港封关运作机遇，并在新一轮机场免税格局中占据先发优势的免税龙头。 旅游出行板块15日盘中发力拉升，截至发稿，众信旅游涨停斩获两连板，大连圣亚涨超7%，陕西旅游 涨逾6%，君亭酒店涨约4%。 机构表示，2026年元旦假期出行数据实现开门红，春节假期将至，市场景气度有望延续。2026年春节放 假天数为历史最长，出行数据利好催化较多，相关链条公司业绩有望受益。 ...

Core Viewpoint - Tongcheng Travel (00780) experienced a significant increase of over 5% in stock price, attributed to the seasonal rise in domestic travel demand as students enter winter vacation and the reduction in flight and hotel prices [1] Group 1: Company Performance - As of the latest report, Tongcheng Travel's stock rose by 5.36%, reaching HKD 25.18, with a trading volume of HKD 316 million [1] - The company is recognized as a leading OTA in the lower-tier market, poised to benefit from the consumption upgrade of its core customer base [1] - Growth drivers for Tongcheng include the release of demand in lower-tier markets and refined operational strategies, leading to an increase in both customer volume and per capita spending [1] Group 2: Market Trends - The domestic market is experiencing a peak in off-peak travel, driven by the convergence of student vacations and discounted travel options [1] - Recent quarterly metrics show a continuous increase in MPU (Monthly Active Users) and average revenue per user, with Q3 2025 showing growth rates of +3% and +12% respectively, indicating a trend of simultaneous volume and price increase [1] Group 3: Strategic Initiatives - Tongcheng is actively expanding its presence on the app platform and exploring multiple traffic channels to enhance user value [1] - The company has made strategic acquisitions, including Wanda Hotel Management and a significant stake in Dalian Shengya (600593), which are expected to contribute to future growth [1]

Group 1 - The company, Shaanxi Tourism (C陕旅), currently does not operate in the ice and snow industry [1] - Investors inquired about the company's involvement in the ice and snow industry, similar to other companies like Xiyu Tourism, Dalian Shengya, and Changbai Mountain [1] - The inquiry was made on an investor interaction platform, indicating investor interest in the company's potential expansion into this sector [1]

Group 1 - The tourism and scenic spots sector increased by 0.58% on January 6, with N Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - N Shaanxi Tourism's stock price rose by 64.10% to 132.00, with a trading volume of 143,900 shares and a transaction value of 1.971 billion [1] Group 2 - The main funds in the tourism and scenic spots sector had a net inflow of 719 million, while retail funds experienced a net outflow of 24.75 million [2] - The stock performance of various companies in the sector showed mixed results, with some stocks like N Shaanxi Tourism and Songcheng Performance seeing significant changes in net inflow and outflow [3] - N Shaanxi Tourism had a net inflow of 8.27 billion from main funds, while retail funds saw a net outflow of 1.62 billion [3]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 0.72% on January 5, with Caesar Travel leading the drop, while the overall Shanghai Composite Index rose by 1.38% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up 1.38%, and the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - The tourism and scenic area sector saw a net outflow of 278 million yuan from major funds, while retail investors contributed a net inflow of 239 million yuan [2][3] Group 2: Individual Stock Performance - Caesar Travel (code: 000796) closed at 6.70, down 6.94%, with a trading volume of 1.69 million shares and a transaction value of 114.5 million yuan [2] - Other notable declines included Three Gorges Tourism (code: 002627) down 4.18% and Guilin Tourism (code: 000978) down 2.90% [2] - On the positive side, Qujiang Cultural Tourism (code: 600706) rose by 1.42%, closing at 10.75, with a transaction value of 162 million yuan [1] Group 3: Fund Flow Analysis - Major funds showed a net inflow of 28.61 million yuan for Qujiang Cultural Tourism, while retail investors had a net outflow of 20.03 million yuan [3] - The net inflow for retail investors in the tourism sector was 239 million yuan, indicating a mixed sentiment among different investor types [2][3]

Core Viewpoint - The tourism and scenic spots sector experienced a slight increase of 0.48% on December 31, with Caesar Travel leading the gains. The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1]. Group 1: Stock Performance - Caesar Travel (000796) closed at 7.20, up 6.04%, with a trading volume of 1.89 million shares and a transaction value of 1.332 billion yuan [1]. - Other notable performers included ST Zhanggu (000430) at 7.76, up 2.51%, and Guilin Tourism (000978) at 7.24, up 2.26% [1]. - The overall trading volume and transaction values for various stocks in the tourism sector indicate active market participation, with total transaction values reaching billions [1]. Group 2: Capital Flow - The tourism and scenic spots sector saw a net outflow of 105 million yuan from main funds, while retail investors contributed a net inflow of 103 million yuan [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing stocks within the sector [2]. - Specific stocks like Caesar Travel had a significant net inflow from retail investors, despite a net outflow from main funds [3].

Group 1 - The tourism and scenic spots sector experienced a decline of 0.3% on December 30, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] - Notable stock performances included *ST Zhang Gu with a rise of 4.99% and Caesar Travel with a decline of 6.47% [2] Group 2 - The tourism and scenic spots sector saw a net outflow of 40.71 million yuan from major funds, while retail investors had a net inflow of 98.03 million yuan [2] - Key stocks with significant net inflows from retail investors included Changzi Mountain and Zhongqing Travel, while major funds showed outflows in several stocks [3] - The trading volume for Caesar Travel was 1.8435 million shares, with a transaction value of 1.274 billion yuan [2]

Core Viewpoint - The tourism and scenic area sector experienced a decline of 1.24% on December 29, with Caesar Travel leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the tourism sector showed varied performance, with *ST Zhang Guo rising by 4.95% to 7.21, while Caesar Travel fell by 3.97% to 7.26 [2] Group 2: Trading Volume and Capital Flow - The tourism and scenic area sector saw a net outflow of 277 million yuan from main funds, while retail investors contributed a net inflow of 271 million yuan [2] - The trading volume for Caesar Travel was 2.1712 million shares, with a transaction value of 1.612 billion yuan [2] Group 3: Individual Stock Analysis - Three Gorges Tourism had a main fund net inflow of 25.6356 million yuan, while retail investors had a net outflow of 29.9291 million yuan [3] - Guilin Tourism saw a main fund net inflow of 10.8122 million yuan, but a retail net outflow of 20.0009 million yuan [3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 被担保人名称：大连圣亚旅游控股股份有限公司 ● 担保金额：本次全资子公司为公司提供担保的金额为人民币5,000万元 一、担保情况概述 为保障大连圣亚旅游控股股份有限公司（以下简称"大连圣亚"或"公司"）持续健康、平稳地运营，满足 资金需求，公司向上海浦东发展银行股份有限公司大连分行申请流动资金贷款，综合授信额度人民币 5,000万元，授信期限1年。本次融资额度在公司2024年年度股东会审议通过的《关于2025年度融资额度 的议案》范围之内。公司全资子公司哈尔滨圣亚极地公园有限公司（以下简称"圣亚极地"）为公司该笔 贷款提供连带责任保证。 公司持有圣亚极地100%的股权，圣亚极地系公司全资子公司（一级）。 （二）被担保人基本情况 大连圣亚成立于1994年1月，统一社会信用代码91210200604862592R，工商登记注册资本为12,880.00万 元人民币，法定代表人为杨子平，注册地址为辽宁省大连市沙河口区中山路608-6-8号，经营范围为建 设、经营水族馆 ...

Group 1 - The company Dalian Shengya announced that its wholly-owned subsidiary Shengya Polar has provided a joint liability guarantee for a 50 million yuan one-year working capital loan applied to SPD Bank Dalian Branch [2] - This guarantee is included within the financing limit for the year 2025 [2]