众信旅游集团股份有限公司 内幕信息知情人登记备案制度 （2025 年 10 月修订） 第一章 总则 第一条 为规范公司内幕信息管理，加强内幕信息保密工作，确保信息 披露的公平公正，保护公司投资者及相关当事人的合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》中国证券监督管理委员会（以下简 称中国证监会）发布的《上市公司信息披露管理办法》、《上市公司监管指引 第 5 号——上市公司内幕信息知情人登记管理制度》、《深圳证券交易所股票 上市规则》（以下简称《股票上市规则》）、《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关法律、法规、规章、规范 性文件和《众信旅游集团股份有限公司章程》（以下简称《公司章程》）、 《众信旅游集团股份有限公司信息披露管理办法》的有关规定，并结合本公司 的实际情况，制定本制度。 第二条 公司董事会是内幕信息的管理机构，应当保证内幕信息知情人 档案真实、准确和完整，董事长为主要负责人。董事会秘书为内幕信息管理工 作负责人，负责办理上市公司内幕信息知情人的登记入档事宜和报送事宜。董 事长与董事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书 ...

众信旅游集团股份有限公司 信息披露管理办法 （2025 年 10 月修订） 第一章 总则 第一条 为规范众信旅游集团股份有限公司（以下简称公司或本公司）的 信息披露行为，加强信息披露事务管理，促进公司依法规范运作，维护公司、投 资者、债权人及其他利益相关者的合法权益，依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司信息披露管理办法》《深圳证券交易所股票上市规则》（以下简称《股票 上市规则》）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》（以下简称《规范运作》）等有关法律、法规、规章、规范性文件 及《众信旅游集团股份有限公司章程》（以下简称《公司章程》）的有关规定， 并结合公司实际情况，制定本办法。 第二条 公司应当按照《股票上市规则》及深圳证券交易所的其他相关规 定及时、准确履行信息披露义务。 第三条 本办法所称信息披露是指在规定的时间内以规定的披露方式将 所有可能对公司股票及其衍生品种交易价格产生较大影响而投资者尚未得知的 信息及证券监管部门要求披露的信息在规定的媒体公布。 第四条 本办法所称信息披露义务人是指公 ...

Core Insights - The tourism and scenic area sector experienced a decline of 1.26% on October 30, with Caesar Travel leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Major stocks in the tourism sector showed varied performance, with Dalian Shenya rising by 2.27% to a closing price of 50.41, while Caesar Travel fell by 5.43% to 6.09 [2] - The trading volume for Caesar Travel was significant at 1.24 million shares, with a transaction value of 770 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 341 million yuan from main funds, while retail investors contributed a net inflow of 330 million yuan [2][3] - Dalian Shenya had a net inflow of 6.57 million yuan from main funds, while Caesar Travel experienced a net outflow of 1.52 million yuan [3]

Core Viewpoint - The article emphasizes the growing significance of the silver economy in China, particularly in the context of an aging population, and highlights the government's commitment to fostering its sustainable development as a means to boost consumption and expand domestic demand [1] Group 1: Market Trends - The number of travelers aged 60 and above is increasing, with projections indicating that by the end of 2024, this demographic will reach 310 million, accounting for over 22% of the total population [2] - By the end of 2025, the low-age healthy elderly group in China is expected to exceed 100 million, with silver tourism revenue anticipated to surpass 1 trillion yuan, marking it as a new "blue ocean" in the cultural tourism market [2] - The silver tourism market is transitioning from a niche to a mainstream market, with orders from this demographic on platforms like Ctrip growing over 22% year-on-year, significantly outpacing the overall tourism market growth [2][3] Group 2: Changing Consumer Preferences - There is a notable shift in the consumption preferences of the elderly, moving from a focus on cost-effectiveness to prioritizing quality experiences, with an increased willingness to pay for comfort, high-quality service, and emotional value [3] - Travel agencies are adapting to these changes by offering tailored products that enhance the travel experience for elderly customers, such as Ctrip's "Old Friends Club" and other specialized cultural travel products [3][4] Group 3: New Tourism Formats - Silver tourism is evolving from simple sightseeing to cultural and educational experiences, focusing on cultural and spiritual needs, with an emphasis on "outcome output" [4] - New tourism formats are emerging, such as slow travel experiences and multi-dimensional travel options that combine comfort and culture, which are increasingly favored by the elderly [5] Group 4: Challenges and Opportunities - Despite the growth, the silver tourism market faces challenges, including a lack of diverse product offerings and insufficient high-quality services, which can negatively impact the travel experience [5] - There is a call for innovation in tourism products and services to meet the diverse needs of elderly travelers, alongside policy support for creating elderly-friendly tourism destinations and integrating with the elderly care industry [5][6] Group 5: Technological Integration - The integration of AI technology into silver tourism is seen as a crucial strategy for overcoming development bottlenecks, enhancing travel planning, safety monitoring, and health management [6] - The deep integration of technology and culture in the silver economy is expected to create a more convenient and enjoyable travel experience for the elderly, driving the sector towards quality improvement and sustainable growth [6]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [1]. Core Insights - The report highlights that the social services sector has shown stable growth in cultural and tourism consumption during the first three quarters of 2025, with domestic travel reaching 4.998 billion trips, a year-on-year increase of 18.0% [4][30]. - The report anticipates that upcoming policies aimed at promoting service consumption will provide further benefits to the industry [4]. - The social services sector's performance in the last two trading weeks was an increase of 0.83%, ranking 7th among 31 industries in the Shenwan classification [1][12]. Summary by Sections Market Review & Industry Dynamics - The social services sector's sub-sectors showed varied performance, with tourism retail leading at +2.80%, followed by professional services at +1.81% and tourism and scenic spots at +1.13% [16]. - The overall PE (TTM) for the social services industry is 34.83 times, which is at the 31.83% historical percentile, compared to the 13.69 times for the CSI 300 index at the 66.90% historical percentile [20]. Investment Recommendations - The report suggests focusing on companies with strong growth certainty in the travel chain and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [4]. - It also highlights the potential benefits for hotel brands like Junting Hotel and Jinjiang Hotel due to the recovery of business travel and increased market share post-pandemic [4]. Industry Company News - The report notes that the domestic travel market remains robust, with a significant increase in both the number of trips and spending, indicating a positive outlook for the sector [30]. - It mentions the recent adjustments to the Hainan duty-free shopping policy, which is expected to enhance the tourism experience and boost consumption [29].

Core Insights - On October 22, 2023, Zhongxin Tourism experienced a slight decline of 0.14% with a trading volume of 61.81 million yuan [1] - The company reported a net financing outflow of 12.23 million yuan for the same day, with a total financing and securities lending balance of 401 million yuan [1][2] Financing Overview - On October 22, Zhongxin Tourism had a financing buy-in amount of 7.92 million yuan, while the financing balance stood at 401 million yuan, accounting for 5.83% of its market capitalization [1] - The financing balance is above the 60th percentile level over the past year, indicating a relatively high position [1] Securities Lending Overview - On the same day, there were no shares repaid or sold in the securities lending market, with a total lending balance of 0 yuan, which is above the 80th percentile level over the past year [1] Company Profile - Zhongxin Tourism Group Co., Ltd. was established on August 11, 1992, and listed on January 23, 2014 [1] - The company's main business includes outbound travel wholesale (76.66% of revenue), outbound travel retail (13.76%), integrated marketing services (9.01%), and other industry products (0.56%) [1] Financial Performance - For the first half of 2025, Zhongxin Tourism reported a revenue of 2.875 billion yuan, representing a year-on-year growth of 9.85% [2] - The net profit attributable to shareholders was 40.45 million yuan, showing a significant decrease of 43.64% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 12.79% to 71,200, while the average circulating shares per person decreased by 11.34% to 11,585 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 22.07 million shares, a decrease of 38.78 million shares from the previous period [2]

Core Insights - Beijing's inbound tourism is entering a high-quality development phase, with inbound orders increasing by 34.07% year-on-year during the summer to National Day period [1][5] - The market is characterized by a dual track of "short stays" and "long experiences," with day trips gaining popularity while 4-7 day deep tours remain mainstream [1][4] Inbound Tourism Trends - The proportion of inbound tourists staying for only one day has significantly increased to 27.94%, up 5.18 percentage points from the previous year [5][4] - Tourists with longer stays (4-7 days) account for 26.23%, while those staying for 2 days and 3 days represent 21.89% and 13.69%, respectively [8][9] Popular Attractions - Iconic sites such as the Forbidden City and the Great Wall continue to be must-visit destinations for inbound tourists, with the Great Wall receiving approximately 580,000 inbound visitors this year, a 55% increase from last year [13][14] - The Beijing Universal Resort has also become a popular attraction, drawing both Western and Southeast Asian tourists [14] Emerging Attractions - The Bubble Mart City Park has emerged as a new favorite, ranking sixth among the top ten inbound tourism attractions for 2025, up from ninth place in 2024 [15] - The shift in tourist interest reflects a broader trend towards a diverse tourism experience that combines traditional culture with modern entertainment [15] Accommodation Preferences - Inbound tourists increasingly prefer to stay near core attractions, with areas like Tiananmen/Wangfujing being top choices [17][19] - The occupancy rate for hotels in the central axis area has seen significant growth, with inbound tourists making up 8%-10% of total guests in some hotels [19][20] Business and Leisure Segmentation - Business travelers represent a notable segment of inbound tourists, with key business districts like Sanlitun and CBD being popular accommodation areas [20] - The diversity in accommodation choices reflects the evolving preferences of inbound tourists, with a growing number opting for hotels that offer convenience and proximity to attractions [20]

Core Insights - Beijing's inbound tourism market is evolving into a new pattern characterized by "short stays" and "long experiences" [1][9] - The proportion of inbound tourists staying for only one day has significantly increased, reflecting the city's role as an international hub [1][2] - There is a growing demand for diverse experiences among inbound tourists, with short-stay visitors favoring iconic landmarks and longer-stay visitors seeking thematic experiences [1][4] Inbound Tourist Trends - As of mid-September, inbound tourist numbers at Beijing's border checkpoints exceeded 15 million, a year-on-year increase of approximately 18%, with foreign visitors surpassing 4.2 million, up about 34% [2] - From July 1 to October 8, the number of inbound air travelers to Beijing exceeded 2.16 million, marking a year-on-year growth of around 14% [2] - The average stay duration for inbound tourists is increasingly skewed towards shorter visits, with 27.94% of tourists staying for just one day, up from 22.76% in the same period last year [2][3] Visitor Preferences - Short-stay tourists predominantly visit major attractions like the Great Wall and the Forbidden City, often as part of a transit journey [3][8] - Longer-stay tourists, who typically stay between 4 to 7 days, represent a significant portion of inbound visitors, accounting for 26.23% of the total [4][6] - The demand for thematic and experiential travel is rising, with tourists showing interest in leisure parks and cultural experiences [6][8] Quality and Experience Enhancement - The increase in the proportion of tourists staying for 4 to 7 days presents an opportunity for quality improvement in inbound tourism [9][10] - Enhancing the supply of unique travel products and experiences is crucial for extending visitor stays beyond one day [10][12] - There is a need for better product development and talent cultivation within the tourism sector to meet the evolving demands of international visitors [10][12] Future Directions - The tourism industry must focus on improving the quality of headliner products and promoting diverse offerings to attract repeat visitors [12] - New cultural landmarks and experiences, such as night tours of the Great Wall and technology-themed attractions, should be highlighted to enhance the appeal of Beijing as a travel destination [12]

Core Insights - On October 20, 2023, Zhongxin Tourism's stock rose by 2.34% with a trading volume of 112 million yuan [1] - The company reported a financing buy-in of 11.01 million yuan and a financing repayment of 14.01 million yuan, resulting in a net financing outflow of 3 million yuan [1] - As of October 20, 2023, the total financing and securities lending balance for Zhongxin Tourism was 407 million yuan, which is 5.93% of its market capitalization [1][2] Financing Overview - On October 20, 2023, Zhongxin Tourism had a financing buy-in of 11.01 million yuan, with a current financing balance of 407 million yuan, exceeding the 70th percentile of the past year [1] - The company’s securities lending showed no shares were repaid or sold on October 20, 2023, indicating a high level of securities lending activity [1] Business Performance - As of June 30, 2023, Zhongxin Tourism had 71,200 shareholders, an increase of 12.79% from the previous period, while the average circulating shares per person decreased by 11.34% [2] - For the first half of 2023, Zhongxin Tourism reported a revenue of 2.875 billion yuan, a year-on-year increase of 9.85%, but the net profit attributable to shareholders decreased by 43.64% to 40.45 million yuan [2] - Since its A-share listing, Zhongxin Tourism has distributed a total of 112 million yuan in dividends, with no dividends paid in the last three years [2] Shareholding Structure - As of June 30, 2023, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 22.07 million shares, a decrease of 38.78 million shares from the previous period [2] - The eighth largest circulating shareholder was the Fortune China Tourism Theme ETF, holding 8.92 million shares, down by 1.60 million shares from the previous period [2]

Core Insights - The tourism and scenic spots sector increased by 2.78% on October 20, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Sector Performance - Dalian Shengya (600593) closed at 41.78, up 10.01% with a trading volume of 138,700 shares [1] - Changzi Mountain (660E09) closed at 51.88, up 8.81% with a trading volume of 251,600 shares [1] - Caesar Travel (000796) closed at 6.68, up 7.05% with a trading volume of 2,334,700 shares [1] - Tianfu Cultural Tourism (000558) closed at 5.39, up 4.46% with a trading volume of 771,900 shares [1] - Other notable performers include Tibet Tourism (600749) up 3.08% and Xiyu Tourism (300859) up 2.69% [1] Capital Flow - The tourism and scenic spots sector saw a net inflow of 442 million yuan from main funds, while retail investors experienced a net outflow of 245 million yuan [2] - The main funds' net inflow for Caesar Travel was 171 million yuan, representing 10.87% of its trading volume [3] - Changzi Mountain also saw a significant net inflow of 123 million yuan, accounting for 9.60% of its trading volume [3]