Market Overview - The tourism and scenic area sector increased by 0.42% on January 23, with Sanxia Tourism leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the tourism sector included: - Sanxia Tourism (002627) with a closing price of 9.70, up 3.63%, and a trading volume of 349,500 shares, totaling 341 million yuan [1] - Zhongxin Tourism (002707) closed at 8.38, up 2.07%, with a trading volume of 561,700 shares, totaling 469 million yuan [1] - Sizhang Tourism (600749) closed at 17.63, up 1.97%, with a trading volume of 70,000 shares, totaling 12.2 million yuan [1] - Conversely, some stocks experienced declines: - Shaanxi Tourism (603402) closed at 159.26, down 1.69%, with a trading volume of 22,500 shares, totaling 362 million yuan [2] - Xi'an Tourism (000610) closed at 12.99, down 1.37%, with a trading volume of 167,300 shares, totaling 218 million yuan [2] - Songcheng Performing Arts (300144) closed at 8.49, down 0.47%, with a trading volume of 402,500 shares, totaling 34.2 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 210 million yuan from main funds, while retail investors contributed a net inflow of 192 million yuan [2] - Specific stock capital flows included: - Jiuhua Tourism (603199) with a net inflow of 10.81 million yuan from main funds, but a net outflow of 14.80 million yuan from retail investors [3] - Xiangyuan Cultural Tourism (600576) had a net inflow of 10.40 million yuan from main funds, with a net outflow of 7.35 million yuan from retail investors [3] - Yunnan Tourism (002059) recorded a net inflow of 6.79 million yuan from main funds, but a net outflow of 3.12 million yuan from retail investors [3]

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Insights - The report highlights structural opportunities in service consumption, particularly in the jewelry market during the Spring Festival season. It emphasizes the strong performance of high-end beauty brands and the recovery of high-end consumption trends [2][4][41]. Summary by Sections Tourism and Cultural Services - During the New Year's holiday, domestic travel reached 142 million trips, with total spending of 84.789 billion yuan, indicating a robust recovery in the tourism sector. The report suggests focusing on companies benefiting from the winter tourism peak, such as Changbai Mountain and Emei Mountain tourism [3][35]. Beauty and Personal Care - The K-shaped consumption trend is evident, with a growing demand for high-end beauty products and an increase in the penetration of OTC retail channels. The online sales of beauty products are projected to reach approximately 217.08 billion yuan in 2025, with a year-on-year growth rate of 6.1% [4][26]. Retail and Trendy Toys - The high-end consumption recovery is expected to extend to high-end beauty, luxury apparel, and high-end services. The trendy toy sector is projected to see online sales of approximately 72.2619 billion yuan in 2025, with a year-on-year growth rate of 40% [4][12]. Gold and Jewelry - Gold prices are expected to remain strong during the Spring Festival, with limited declines in consumption volume. The report anticipates significant growth for major brands during this period, recommending companies with a high proportion of fixed-price products [4][43].

行 华福证券 社会服务 2026 年 01 月 23 日 业 研 究 社会服务 关注服务消费结构性机会，及春节旺季珠宝行情 投资要点： 行 业 定 期 报 告 文旅：元旦假期出行链数据超预期。海南离岛免税方面，元旦假期期 间，海口海关共监管离岛免税商品销售 44.2 万件，同比增长 52.4%；购物 人数 8.35 万人次，同比增长 60.6%；购物金额 7.12 亿元，同比增长 128.9%。 旅游出行方面，经文化和旅游部数据中心测算，元旦假期 3 天，全国国内 出游 1.42 亿人次，国内出游总花费 847.89 亿元，建议关注四季度冰雪游旺 季公司长白山、大连圣亚，寺庙游标的九华旅游、峨眉山 A 等。 黄金珠宝：金价高位走强，关注春节旺季销售。春节旺季金价走强， 民众基于"买涨"心理，旺季期间预计行业消费量下降有限，而金价同比 大幅上涨，主要品牌 1-2 月同店有望保持较快增长。建议关注一口价产品 占比高的潮宏基、老铺黄金、周大福，其他建议关注高股息的周大生、菜 百股份。 华福证券 风险提示 宏观经济波动；需求不及预期；行业竞争加剧。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： ...

Group 1 - The core viewpoint of the articles highlights the upcoming travel boom driven by the longest Spring Festival holiday in history, with a shift towards immersive travel experiences and diverse consumption patterns in the tourism sector [1][2] - The trend of "slow travel" is gaining popularity among younger travelers, who are increasingly seeking relaxation and self-indulgence during their trips, as reflected in social media discussions [1] - Companies like Guangfa Credit Card are strategically positioning themselves to cater to this trend by offering a comprehensive range of discounts and services that enhance the quality of travel experiences, both domestically and internationally [1][2] Group 2 - During the New Year period, outbound tourism has seen a significant increase, with visitor numbers to Australia and New Zealand tripling year-on-year, indicating a strong recovery in cross-border travel [2] - Guangfa Credit Card has introduced a series of benefits for overseas consumption, including cashback offers and discounts, to capitalize on the anticipated surge in cross-border spending during the upcoming Spring Festival holiday [2] - The evolution of financial services is evident as they transition from mere payment tools to becoming integral partners in enhancing customers' quality of life and travel experiences [2]

Group 1 - The tourism and scenic spots sector increased by 0.16% on January 22, with Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the tourism sector showed varied performance, with Shaanxi Tourism rising by 6.11% to a closing price of 162.00 [1] Group 2 - Major stocks that declined included Dalian Shengya, which fell by 5.65% to a closing price of 46.27 [2] - The tourism sector experienced a net outflow of 220 million yuan from main funds, while retail investors saw a net inflow of 272 million yuan [2] - The stock performance table indicates significant trading volumes, with Sanxia Tourism achieving a transaction amount of 256 million yuan [1][2] Group 3 - Shaanxi Tourism had a net outflow of 14.91 million yuan from main funds, while retail investors contributed a net inflow of 783.28 thousand yuan [3] - The overall trend shows that while some stocks like Sanxia Tourism attracted net inflows from main funds, others like Yunnan Tourism experienced net outflows [3] - The data reflects a mixed sentiment among investors, with retail investors showing interest in certain stocks despite the overall net outflow from main funds [3]

Core Viewpoint - The tourism and scenic spots sector experienced a decline of 1.11% on January 21, with Jiuhua Tourism leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Major stocks in the tourism sector showed mixed performance, with notable gainers including Sanxia Tourism (up 2.29%) and Tianfu Cultural Tourism (up 2.10%) [1] - Jiuhua Tourism saw the largest decline at 3.91%, closing at 42.79 [2] Group 2: Trading Volume and Capital Flow - The tourism and scenic spots sector had a net capital outflow of 287 million yuan, while retail investors saw a net inflow of 282 million yuan [2] - The trading volume for Sanxia Tourism was 242,100 shares, with a transaction value of 215 million yuan [1] - Tianfu Cultural Tourism had a trading volume of 604,300 shares, with a transaction value of 322 million yuan [1] Group 3: Individual Stock Capital Flow - Tianfu Cultural Tourism had a net inflow of 24.17 million yuan from major investors, but a net outflow of 9.19 million yuan from speculative investors [3] - Xian Tourism experienced a significant net outflow of 6.34 million yuan from major investors, while retail investors contributed a net inflow of 10.35 million yuan [3] - Yunnan Tourism faced a net outflow of 5.99 million yuan from major investors, with a net inflow of 5.70 million yuan from retail investors [3]

Summary of Conference Call Records Industry Overview - **Industry**: Tourism and Hospitality - **Key Focus**: Anticipation of the longest Spring Festival holiday in history in 2026, leading to significant changes in travel patterns and increased demand for tourism services [1][1] Core Insights and Arguments - **Extended Holiday**: The 2026 Spring Festival (February 17) will feature a 9-day statutory holiday (February 15-23), with the potential for a "5-day leave for 15 days off" arrangement, resulting in a structural shift from "returning home for the New Year" to "family outings" and "global travel" [1][1] - **Market Expectations**: Anticipated market trends include simultaneous increases in volume and price, regional exchanges, and robust inbound and outbound travel [1][1] - **Recommendations**: Suggested investments in hotel chains (Huazhu, Atour, Shoulv), duty-free (China Duty Free), scenic spots (Three Gorges Tourism, Jiuhua Tourism, Hong Kong China Travel, Songcheng Performance), and online travel agencies (Tongcheng Travel, Ctrip Group) [1][1] Data Insights - **Long-Distance Travel Growth**: The China Tourism Research Institute predicts that long-distance travel orders during the 2026 Spring Festival will increase from 38% to 55%, generating over 80 billion yuan in new tourism consumption [2][2] - **Railway Predictions**: The National Railway Group forecasts 539 million passengers during the Spring Festival travel period (February 2 - March 13), a year-on-year increase of 5% [2][2] - **Aviation Forecasts**: CADAS predicts that airport passenger throughput will reach 18.387 million during the Spring Festival, a year-on-year increase of 3.2% [2][2] - **Ticket Booking Trends**: As of January 11, domestic flight bookings during the Spring Festival are up 8% year-on-year, while international flight searches have increased by 16.4% [2][2] - **Tour Group Data**: According to Zhongxin Tourism, outbound long-distance travel during the Spring Festival is expected to increase by 60% year-on-year, with short-distance outbound travel up by 160%, and domestic travel up by 300% [2][2] Hotel and Accommodation Insights - **Hotel Performance**: In 2025, the average occupancy rate during the Spring Festival was 49.7%, down 1.2 percentage points year-on-year, with an average daily rate (ADR) of 266 yuan, down 5.9% year-on-year [3][3] - **RevPAR Expectations**: RevPAR for the 2026 Spring Festival is expected to see high single-digit growth year-on-year [3][3] Outbound Travel and Duty-Free Insights - **Outbound Travel Recovery**: Outbound travel during the Spring Festival is projected to recover to 110%-120% of 2019 levels, with a year-on-year increase of 15%-20% [3][3] - **Duty-Free Shopping Growth**: Duty-free shopping in Hainan saw a total of 4.86 billion yuan in sales during the first month of the new policy, a year-on-year increase of 46.8% [3][3] Scenic Spot Insights - **Beneficiaries of Extended Holiday**: Scenic spots, especially long-distance travel destinations, are expected to benefit significantly from the extended holiday period [2][2] Policy Developments - **Visa Policies**: China has extended visa-free entry for 45 countries until December 31, 2026, and is trialing visa-free entry for Sweden [5][5] - **Local Consumption Coupons**: Various regions are issuing tourism consumption coupons to stimulate local economies, including Guangdong, Hubei, and Gansu, with significant funding allocated [5][6]

2026年春节9天连休的假期红利持续释放，叠加俄罗斯、菲律宾等国新增对华免签政策扩容，以及消费 群体从"走马观花"向深度体验迭代的多重利好，推动旅游市场实现供需两端的同步升级。 年初以来，国内文旅消费市场已呈现加速复苏态势，民众参与文化活动与出游意愿显著攀升，消费需求 集中释放，成为拉动内需的重要动力。经文化和旅游部数据中心测算，元旦假期3天，全国国内出游 1.42亿人次，国内出游总花费847.89亿元，为全年文旅消费开了好局。这一热度顺势延续至春节假期， 当前出境游与国内游呈现双向增长态势，目的地选择更趋多元，消费需求进一步向深度体验、场景化服 务倾斜。结合飞猪数据来看，春节假期中段出行服务预订量同比增长超30%，大年初三成为出行最高 峰，预订量较去年增长超40%，高星级酒店预订量更是同比大增近70%，印证了年初文旅消费的强劲韧 性。 旅游企业精准锚定市场变化，众信旅游（002707）、香格里拉、上海迪士尼等主体纷纷通过小团组深度 游、文化主题套餐、马年定制活动等主题化、个性化产品创新承接需求，形成"趋势引导供给、供给适 配需求"的良性循环。据同程旅行、去哪儿旅行、途家民宿等平台数据及企业动态显示，今年春节 ...

Core Viewpoint - Zhongxin Tourism announced a change in its auditing team for the 2025 financial statements and internal controls, with new appointees replacing previous auditors due to personnel changes at the auditing firm [1] Group 1: Audit Changes - Zhongxin Tourism received a notice from Zhongzheng Tiantong Accounting Firm regarding the change of the signing registered accountant and quality control reviewer for the 2025 audit project [1] - The original signing registered accountant, Sun Taihong, has left Zhongzheng Tiantong, and Shao Fuxia has had a work adjustment, leading to the appointment of Xiao Yuan as the new second signing registered accountant and Pang Yong as the new quality control reviewer [1] - After the changes, the signing registered accountants for the 2025 audit project will be Dai Liang and Xiao Yuan, with Pang Yong serving as the quality control reviewer [1]

众信旅游集团股份有限公司 股票代码：002707 股票简称：众信旅游 公告编号：2026-003 关于变更签字注册会计师及项目质量控制复核人的 公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 众信旅游集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日召开的第六届董事会第二次会议、2025 年 5 月 20 日召开的 2024 年度股东大 会审议通过了《关于续聘公司 2025 年度审计机构的议案》，同意聘任中证天通 会计师事务所（特殊普通合伙）（以下简称"中证天通"）为公司 2025 年度审 计机构，具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于续聘会计师事务所的公告》（公告编号：2025-019）。 近日，公司收到中证天通《关于变更项目签字注册会计师的告知函》和《关 于变更项目质量控制复核人的告知函》，现将具体情况公告如下： 一、本次变更人员的基本信息 中证天通作为公司 2025 年度财务报表和内部控制的审计机构，原委派孙太 宏先生担任项目第二签字注册会计师、邵富霞 ...