●公司放弃本次祥源通航增资扩股的优先认购权，不属于损害公司及全体股 东（特别是中小股东）利益的情形，符合《公司法》《上海证券交易所股票上市 规则》等相关法律法规以及《公司章程》的规定；本次交易不构成关联交易，亦 不构成《上市公司重大资产重组管理办法》规定的重大资产重组，同时该交易已 由祥源通航董事会及股东会审议通过，无需提交公司董事会及股东会审议。 一、本次增资概述 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-062 浙江祥源文旅股份有限公司 关于控股子公司增资扩股暨放弃优先认购权的公告 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： ●浙江祥源文旅股份有限公司（以下简称"公司"）控股子公司祥源通航航 空发展（上海）有限公司（以下简称"祥源通航"、"标的公司"）增资扩股， 公司作为祥源通航原股东之一，同意放弃对该新增注册资本的优先认购权。零重 力飞机工业（合肥）有限公司（以下简称"零重力"）以 1,000 万元人民币认购 祥源通航新增注册资本 666.6667 万元人民币（以下简称"本次 ...

本次交易将进一步巩固公司在低空经济生态中的综合服务能力与先发优势，有助于推动公司低空战略的 进一步深化，为培育低空新消费场景、推动传统文旅转型升级奠定关键基础。 本次祥源通航增资扩股暨公司放弃优先认购权交易不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 格隆汇11月26日丨祥源文旅（维权）(600576.SH)公布，公司控股子公司祥源通航航空发展（上海）有 限公司（以下简称"祥源通航"、"标的公司"）增资扩股，公司作为祥源通航原股东之一，同意放弃对该 新增注册资本的优先认购权。零重力飞机工业（合肥）有限公司（以下简称"零重力"）以1,000万元人 民币认购祥源通航新增注册资本666.6667万元人民币（以下简称"本次增资"），增资价格为1.5元人民 币/每一元注册资本，除新增注册资本外的其余认购款项计入标的公司资本公积金。本次增资完成后， 祥源通航的注册资本由5,000万元人民币增加至5,666.6667万元人民币，公司持有祥源通航的股权比例由 80%减少为70.5883%，祥源通航仍为公司的控股子公司。 ...

格隆汇11月26日丨祥源文旅(600576.SH)公布，公司控股子公司祥源通航航空发展（上海）有限公司 （以下简称"祥源通航"、"标的公司"）增资扩股，公司作为祥源通航原股东之一，同意放弃对该新增注 册资本的优先认购权。零重力飞机工业（合肥）有限公司（以下简称"零重力"）以1,000万元人民币认 购祥源通航新增注册资本666.6667万元人民币（以下简称"本次增资"），增资价格为1.5元人民币/每一 元注册资本，除新增注册资本外的其余认购款项计入标的公司资本公积金。本次增资完成后，祥源通航 的注册资本由5,000万元人民币增加至5,666.6667万元人民币，公司持有祥源通航的股权比例由80%减少 为70.5883%，祥源通航仍为公司的控股子公司。 本次交易将进一步巩固公司在低空经济生态中的综合服务能力与先发优势，有助于推动公司低空战略的 进一步深化，为培育低空新消费场景、推动传统文旅转型升级奠定关键基础。 本次祥源通航增资扩股暨公司放弃优先认购权交易不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 ...

近日，2025 国际山地旅游暨户外运动大会传来重磅消息，广东丹霞山成功入选第二批 "世界旅游名山" 名录，实现了从单一地貌景区向复合型旅游目的地、从区域特色景点向世界级旅游名山的双重跨越。这 一里程碑式成果，不仅充分释放了丹霞山的核心资源价值，更为中国文旅产业高质量发展提供了可借鉴 的实践样本，也为祥源文旅的国际化布局增添了关键助力。 构建文旅融合新生态，激活区域经济增长新引擎 韶关市紧抓省级农文旅融合发展试点的战略机遇，将丹霞山片区纳入 "一带五环" 县镇村高质量发展片 区的核心布局，打造"一核两环"深度融合发展体系，为景区升级提供了清晰的政策指引与资源支持。市 政府主动统筹丹霞山世界自然遗产资源、周边乡村生态优势及岭南人文积淀，推动景区品质提升与乡村 振兴战略深度衔接。2024 年 9 月，祥源文旅成功取得丹霞山五大核心景交资产 39 年特许经营权，并接 手文旅综合体的建设运营工作，标志着 "政府引导、企业主导、市场运作" 的合作模式正式落地。这 一"投资运营一体化"机制，既发挥了政府在战略规划、资源整合中的统筹作用，也依托了祥源文旅在文 旅目的地打造领域的专业能力与成熟经验。 与此同时，韶关市政府与祥源 ...

Group 1 - Recent stock buybacks and shareholder increases from over 60 companies in the Shanghai market signal positive market expectations [2][3] - On November 21, approximately 40 companies in the Shanghai market announced buybacks and operational improvements, with over 30 buyback announcements [3] - Companies like Huida Technology and Yuyuan Group initiated new buyback plans, with Yuyuan Group planning to buy back between 80 million to 120 million yuan [3][4] Group 2 - Spring Airlines accelerated its buyback efforts, planning to repurchase shares worth 300 million to 500 million yuan for employee stock ownership plans [4] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, representing 0.35% to 0.69% of its total share capital [4] - Heng Rui Pharmaceutical reported a total buyback of 889,870 shares for approximately 59.79 million yuan [5] Group 3 - State-owned enterprises like Sinopec and Fenghuo Communication disclosed their buyback and increase progress, with Sinopec completing a buyback of 48.82 million shares for 270 million yuan [6][7] - China Glass has repurchased 34.18 million shares, accounting for 0.85% of its total share capital, with over 534 million yuan spent [6] Group 4 - The hard technology sector saw at least 14 companies report buyback progress and contract orders, indicating strong market confidence [8] - JinkoSolar announced the mass production of its TigerNeo3.0 product, achieving a production efficiency of over 24.8% and a power output of up to 670W [8]

Group 1 - The performance market in China has been active, with national tourism performance box office exceeding 13 billion yuan in the first three quarters of 2025, indicating robust growth [1] - Companies in the industry are accelerating their layout around stage equipment, immersive experiences, and cultural scene creation, with several listed companies winning bids for related projects [1] - Zhejiang Dafeng Industrial Co., Ltd. won a bid for the Shenzhen International Performing Arts Center project, with a contract amount of 165 million yuan for stage machinery and audio-visual equipment [1] Group 2 - The State Council's measures support the creation of immersive experience spaces in cultural venues and scenic spots, promoting new immersive cultural tourism products [2] - There is a growing demand for high-performance equipment such as 3D holographic projection and intelligent lighting control systems due to the increase in large-scale concerts and immersive performances [2] - Longfor Group won a project in Chongqing to manage a 55,000 square meter area, planning to create immersive performance spaces and cultural salons to enhance visitor engagement [2] Group 3 - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. and Anhui Transportation Construction Co., Ltd. formed a consortium to win a bid for the Yuewang Valley Cultural Tourism Project, with a total bid amount of approximately 1.533 billion yuan [3] - Xiangyuan Cultural Tourism plans to invest 156 million yuan for a 22% stake in the project, focusing on cultural tourism operations and performance planning [3]

Group 1 - The core viewpoint is that the recent wave of share buybacks and major shareholder increases among listed companies reflects strong market confidence and indicates a stable development trend in the A-share market, despite short-term fluctuations [1][2] - Companies like Huida Technology and Xiangyuan Cultural Tourism have initiated new buyback plans, while major shareholders, such as the chairman of Longi Green Energy, have completed their increase plans, showcasing a commitment to market stability [1] - The investment value recognition of A-shares has been increasing this year, with a focus on technology assets and high-quality core assets, leading to a resurgence in the market towards the 4000-point level [1] Group 2 - In the first three quarters of this year, A-share listed companies reported a revenue growth of approximately 1% year-on-year and a net profit growth of about 6%, indicating a stable financial performance [2] - The recent buyback and increase wave is closely linked to supportive policies, such as extending the maximum loan term for stock buybacks from 1 year to 3 years and reducing the self-funding ratio requirement for buybacks from 30% to 10% [2] - The increase in cancellation-type buybacks this year highlights a greater emphasis on shareholder returns, particularly during market volatility, which enhances stock price support and boosts market confidence [2]

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.32% on November 24, with Tianfu Culture and Tourism leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Key stocks in the tourism sector showed significant increases, with Tianfu Culture and Tourism rising by 4.55% to a closing price of 5.51 [1] Group 2: Stock Performance - Notable performers included: - Tianfu Culture and Tourism (000558): 5.51, +4.55%, 844,600 shares traded, 463 million yuan turnover [1] - Zhongxin Tourism (002707): 6.97, +3.41%, 220,200 shares traded, 152 million yuan turnover [1] - Qujiang Culture and Tourism (600706): 10.60, +3.11%, 101,500 shares traded, 107 million yuan turnover [1] - Conversely, Caesar Travel (000796) saw a decline of 6.69% to 6.69, with a trading volume of 1,428,100 shares and a turnover of 973 million yuan [2] Group 3: Capital Flow - The tourism and scenic spots sector experienced a net outflow of 40.05 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - Specific stock capital flows indicated: - Tianfu Culture and Tourism: -30.41 million yuan from institutional investors [3] - Zhongxin Tourism: +13.34 million yuan from institutional investors [3] - Yunnan Tourism (002059): +10.78 million yuan from institutional investors, but -33.39 million yuan from retail investors [3]

超配（维持） 强政策刺激消费，关注结构性机会 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 消费者服务行业 2026 年投资策略 2025 年 11 月 24 日 推荐 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 消费者服务指数走势 投 资 策 略 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 消费者服务行业 ◼ 行业回顾：2025年年初以来，消费者服务指数整体波动上涨。截至 2025年11月20日，消费者服务指数整体上涨9.82%，跑输沪深300指 数。细分板块均上涨，其中免税行业受到多重政策支持利好出现较大 幅度上涨，带动旅游休闲板块上升，酒店餐饮板块竞争仍较激烈但供 需格局有所缓和。在政 ...

Group 1: Market Response and Confidence - Over 60 companies in the Shanghai Stock Exchange have collectively released positive signals through announcements regarding share buybacks and operational improvements [1] - Leading companies and shareholders are actively repurchasing shares to build market confidence, particularly in "hard technology" sectors where contract orders and R&D news are consistently positive [1] Group 2: Share Buyback Activities - Companies such as Xiangyuan Cultural Tourism and Yuyuan Holdings have initiated share buybacks, with Xiangyuan planning to spend between 80 million to 120 million yuan, having already repurchased 2.095 million shares for 15.63 million yuan [2] - Spring Airlines has accelerated its buyback, planning to spend 300 million to 500 million yuan, with a total of 71,800 shares repurchased for nearly 4 million yuan as of November 21 [2] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, aiming to repurchase 0.35% to 0.69% of its total shares [2] Group 3: Central Enterprises' Actions - Central enterprises like Sinopec and China Communications have disclosed significant buyback and shareholding increases, with China Communications repurchasing 40.53 million shares for 607 million yuan [4] - Sinopec's buyback has been substantial, with 48.82 million shares repurchased for 270 million yuan prior to November, and 40.53 million shares for 500 million yuan in November alone [4] Group 4: Major Shareholder Increases - Three Gorges Energy reported that its controlling shareholder has increased its stake by 186 million shares, representing 0.65% of total shares, with a total investment of 796 million yuan [5] Group 5: Hard Technology Developments - At least 14 companies in the Sci-Tech Innovation Board have reported buyback progress and positive contract orders, indicating strong commitment [7] - JinkoSolar announced the mass production of its TigerNeo3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [7] - Hillstone Networks has made progress in the development of its ASIC security chip, which has passed all functional and performance tests and is expected to begin mass sales in Q1 2026 [8]