Core Viewpoint - Xiyu Tourism (300859.SZ) is actively enhancing its offerings at the Tianshan Tianchi scenic area by introducing various ice entertainment activities, aiming to improve visitor experience and satisfaction [1] Group 1 - The company has launched multiple ice entertainment projects, including snowmobiles and a 100-meter inflatable ring skiing track [1] - Future plans include continued product innovation and marketing promotion to further enrich the visitor experience [1] - The focus is on increasing visitor satisfaction through these new offerings [1]

Group 1: Industry Overview - The first local regulation focusing on the ice and snow industry in China, the "Qitaihe City Ice and Snow Industry Promotion Regulations," was approved and will take effect on January 1, 2026, providing clear support for the industry's development [1] - The ice and snow economy is experiencing rapid growth, with projections indicating that the industry scale will reach 980 billion yuan in 2024, a year-on-year increase of 10.8%, and is expected to exceed 1 trillion yuan in 2025 [1] - By 2025, the ice and snow industry scale is anticipated to reach 1,005.3 billion yuan, nearly quadrupling since 2015, with an average annual compound growth rate exceeding 14% [1] Group 2: Consumer Engagement - During the 2024-2025 ice and snow season, approximately 292 million residents participated in ice and snow sports, with a participation rate of 20.61%, an increase of about 27.44 million compared to the previous season [2] - The consumer spending driven by residents participating in ice and snow sports exceeded 187.5 billion yuan, showing a year-on-year growth of over 25%, with ski resort spending reaching 78.613 billion yuan [2] - The search volume for "outdoor ski resorts" surged nearly 900% since mid-October 2025, indicating a significant increase in industry activity and interest [2] Group 3: Policy Support - The State Council has issued opinions to stimulate the vitality of the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] - The "Special Action Plan to Boost Consumption" for 2025 emphasizes promoting ice and snow consumption and supports the development of globally recognized ice and snow tourism destinations [2] Group 4: Key Companies in the Industry - Major companies in the ice and snow industry include Snowman Group and Ice Wheel Environment, which are leaders in the global ice-making equipment sector and have completed several ice and snow project constructions [5] - Companies like Ice Mountain Cold and Crystal Snow Energy are involved in constructing ice and snow venues, while others like Sanfu Outdoor and Anta Sports are engaged in manufacturing personal equipment for ice and snow sports [5][6] - Online travel agencies such as Ctrip and Tongcheng Travel are significant players in the travel sector, with revenues of 53.3 billion yuan and 17.3 billion yuan, respectively, in 2024 [7]

证券日报网讯12月22日，西域旅游（300859）在互动平台回答投资者提问时表示，公司股价受宏观经济 环境、行业因素、市场行情、投资者预期等多重因素影响。目前公司生产经营正常，不存在应披露未披 露的相关事项。公司未来将继续努力做好日常经营，夯实核心竞争力，提升规范运作水平，提高信息披 露质量，加强与投资者的沟通交流，向市场传递公司价值，推动公司高质量可持续发展，努力为投资者 创造更好的回报。 ...

Core Viewpoint - The company emphasizes its commitment to service as a means to create value, leveraging its core tourism resources, brand advantages, and management experience to enhance cultural tourism offerings for visitors [1] Group 1 - The company plans to fully utilize its geographical advantages in tourism [1] - The company aims to enhance its brand advantages in the cultural tourism sector [1] - The company intends to leverage its operational management experience to improve service quality [1] Group 2 - The company is focused on exploring high-quality cultural tourism product supply within the region [1] - The company aims to provide visitors with superior cultural tourism products [1]

Core Insights - The 2026 Spring Festival holiday will last for 9 days, leading to a significant increase in outbound travel compared to 2025, with hotel bookings for popular destinations more than doubling [3][5]. - Popular outbound destinations include Thailand, South Korea, and Malaysia, with a notable rise in long-distance travel to places like Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [3][5]. - The trend of segmented travel is emerging, with many travelers opting to return home before heading abroad, resulting in two peaks of outbound travel during the holiday [3]. Travel Trends - Popular low-cost destinations for outbound travel include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [4]. - Long-distance destinations such as Egypt, Spain, Australia, Turkey, and Portugal have seen hotel bookings increase by over 2 times, with Egypt leading at a 3.3 times increase [5]. - The age group of 23 to 40 years old constitutes over 55% of outbound travelers, with the 31 to 40 age group showing a 90% increase in travel intent [6]. Market Impact - The surge in travel demand has positively impacted tourism stocks, with companies like China Youth Travel (5.02% increase), Zhongxin Tourism (1.85% increase), and China Duty Free (8.25% increase) seeing significant stock price rises [8]. - The cruise industry is adapting to changes in travel patterns, with many routes originally planned for Japan being redirected to South Korea, reflecting a shift in consumer preferences [8].

Group 1 - The 2026 Spring Festival holiday will last for 9 days, marking the longest Spring Festival in history, leading to a surge in outbound travel compared to 2025 [1] - Data from Qunar indicates that outbound flight and hotel bookings for 2026 have already peaked, with hotel bookings for popular destinations increasing by over 100% [1] - Popular outbound destinations include Thailand, South Korea, and Malaysia, with long-haul travel demand also rising significantly, particularly to Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [1] Group 2 - Affordable travel options for the 2026 Spring Festival include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [2] - Hotel bookings for popular countries during the 2026 Spring Festival have doubled year-on-year, with Southeast Asian destinations being favored due to proximity, lower travel costs, and favorable visa policies [2] - Long-haul destinations like Egypt saw hotel bookings increase by 3.3 times, with other countries like Spain, Australia, and Turkey also experiencing over 200% growth in hotel bookings [2] Group 3 - Data from Tuniu shows that popular destinations for outbound travel during New Year and Spring Festival include Indonesia, Malaysia, Singapore, and Egypt, with Russia seeing rapid growth due to visa-free policies [3] - The trend of expanding visa-free countries has increased outbound travel options, with Malaysia and Singapore being top choices for family trips [3] - International car rental bookings for the New Year have surged over 200% compared to last year, with Southeast Asia remaining the leading choice for destinations [3] Group 4 - The age group of 23 to 40 years old constitutes over 55% of outbound travelers during the 2026 Spring Festival, with the 31 to 40 age group showing the highest growth [4] - The 23 to 30 age group has seen a booking increase of over 120%, becoming a key driver of growth in the outbound travel market for the Spring Festival [4] Group 5 - Recent changes in cruise itineraries have seen many routes to Japan replaced with routes to South Korea, with full refunds offered to customers who cancel and incentives for those who retain their bookings [6] - The surge in travel demand around New Year and Spring Festival has positively impacted tourism stocks, with notable increases in share prices for companies like China Youth Travel and China International Travel Service [6]

（编辑 袁冠琳） 证券日报网讯 12月18日，西域旅游在互动平台回答投资者提问时表示，公司股价受宏观经济、行业政 策、市场投资偏好、经营生产等多重因素影响。公司生产经营正常，不存在应披露未披露的重大信息。 公司将努力做好经营工作，力争以良好的业绩回馈投资者。 ...

证券日报网讯 12月18日，西域旅游（300859）在互动平台回答投资者提问时表示，公司生产经营正 常，不存在应披露未披露的重大信息。 ...

Investment Rating - The tourism industry maintains a stable development trend, with a stable outlook rating [29] Core Insights - In the first three quarters of 2025, domestic travel volume and total spending both experienced double-digit growth year-on-year, although the growth rate of total spending has slowed down despite an increase in travel volume [4][29] - The recovery of inbound tourism is strong, with international flight passenger transport volume exceeding the same period in 2019 [4][8] - The industry is supported by various government policies aimed at promoting high-quality development in tourism [27][29] Summary by Sections Industry Operation Status - Domestic tourism reached 4.998 billion trips in the first three quarters of 2025, an increase of 761 million trips, representing an 18.0% year-on-year growth, surpassing the 2019 level [4] - Domestic tourism revenue totaled 4.85 trillion yuan, a year-on-year increase of 11.5%, but the growth rate has slowed compared to the previous year [4] - Inbound tourism saw a 23.5% year-on-year increase in international flight passenger transport volume, reaching 591.55 billion ton-kilometers [8] Sub-industry Analysis Scenic Areas - Most scenic areas saw improved cash flow, but profitability declined compared to the previous year, with total profits of 1.785 billion yuan, down 5.67% year-on-year [10] Hotels and Restaurants - The hotel industry faces intensified competition, with only a few major hotel groups showing slight improvements in occupancy rates and RevPAR [14][20] - Major hotel groups reported mixed performance, with some experiencing significant profit declines due to high base effects from previous asset sales [20] Duty-Free Shopping - The duty-free market in Hainan continues to face pressure from weak consumer spending, with sales down 7.7% year-on-year in the first three quarters [22] - However, the market began to recover in September 2025, showing a 3.4% year-on-year increase in monthly sales [24] Industry Policies - The government has introduced multiple support policies, including cultural tourism consumption vouchers and expanding the supply of quality products to promote high-quality development in the tourism sector [27][29] Outlook - The tourism industry is expected to maintain stable demand, supported by ongoing government policies and a recovering economy, with a stable outlook rating maintained [29]

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.02 trillion yuan, a decrease of 987 billion yuan compared to the previous trading day, with 1,578 stocks rising and 3,724 stocks falling [1][20] - The major sectors that saw gains included large technology, lithium mining, CPO concept stocks, communication equipment, fertilizer and pesticide, and tourism and hotel sectors, while previously high-performing sectors like Hainan Free Trade Zone and commercial aerospace experienced declines [1][20] Sector Performance - Lithium mining stocks surged, with companies like Shengxin Lithium Energy, Dazhong Mining, and Jinyuan Co. hitting the daily limit of 10%, while Salt Lake Co. rose over 7% and Ganfeng Lithium increased by over 4% [7][26] - The CPO sector saw significant gains, with major companies like Zhongji Xuchuang and Xinyi Sheng rising by 3.52% and 6.46% respectively, reflecting a strong rebound in the technology sector [12][35][36] Stock Highlights - Muxi Co. debuted with a remarkable opening increase of 568%, reaching a price of 824.5 yuan per share, marking a 687.79% rise by midday, making it the most profitable new stock since the full registration system was implemented in A-shares [4][23] - The tourism and hotel sector also performed well, with Qujiang Cultural Tourism and Nanjing Commercial Travel both hitting the daily limit of 10%, driven by a significant increase in hotel bookings for the upcoming New Year [9][28] Key Indices - The Hang Seng Index rose to 25,265.46, up 0.12%, while the Hang Seng Technology Index slightly declined by 0.02% [22] - The performance of individual stocks included Tencent, Alibaba, Meituan, and JD Group, all of which saw increases, contributing to the overall positive sentiment in the Hong Kong market [2][22]