Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [31]. Core Viewpoints - The upcoming summer peak season is expected to make the 2025 summer tourism market the most vibrant yet, with an estimated 150 million passenger trips in civil aviation during the summer transport period (July-August), representing a year-on-year growth of 5.4% [21][31]. - The report highlights the entry of JD.com into the hotel and travel industry, which may trigger competition in the OTA sector and stimulate travel demand [19][31]. - Various local tourism development policies are expected to be enhanced before the summer season, which could improve expectations and valuations for tourism attractions and related sectors [31]. Summary by Sections Market Review - From June 13 to June 26, 2025, the CITIC consumer services industry index experienced a slight decline of 0.21%, underperforming the CSI 300 index by approximately 1.59 percentage points [8]. - The performance of sub-sectors varied, with tourism, hotels, and education sectors declining, while the comprehensive services sector saw a rebound [9]. - A total of 22 listed companies in the industry achieved positive returns, with the top five performers being Junting Hotel, Tianmu Lake, Changbai Mountain, Huangshan Tourism, and Chuangye Heima, showing increases of 9.08%, 5.42%, 5.41%, 4.90%, and 4.73% respectively [13]. - The overall PE (TTM) for the CITIC consumer services industry is approximately 30.70 times, slightly down from previous periods and below the average valuation of 49.69 times since 2016 [16]. Industry News - The report notes significant developments, including the expected increase in civil aviation passenger transport during the summer, with a forecast of 1.5 billion trips and over 240 million daily passengers [21]. - The National Development and Reform Commission plans to focus on promoting the development of the sports and cultural tourism industry [23]. - The release of the top 60 hotel groups in China shows stability in rankings, with notable upward trends for Atour Group and eLong Hotel Technology [24]. Company Announcements - Key announcements from listed companies include Nanjing Business Travel's adjustment of asset acquisition plans and Jinjiang Hotel's approval for H-share issuance [25][26]. Weekly Perspective - The report suggests focusing on cyclical sectors such as exhibitions, human resources, and education, which may benefit from policy expectations due to economic fluctuations in the second half of the year [31]. - Recommended stocks include Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, and Songcheng Performance, among others [32].

Core Insights - The signing of the Copper Bay Commercial Square project, with a total investment of approximately 2.06 billion, marks a significant breakthrough for the Diao Town Street in the economic development race [1][7] - Diao Town is leveraging its geographical advantages and industrial ecosystem to attract high-quality projects, focusing on modern service industry upgrades to enhance urban functionality [1][2] Investment Attraction - Diao Town has successfully signed multiple projects, including the annual production of 46,760 tons of fluorine-containing new materials and the high-performance fluorine chemical project, forming an innovative cluster in the fluorine new materials industry [2] - The area is also advancing projects in intelligent education integration, renewable energy, and high-tech materials, which are expected to drive regional economic growth [2][6] Project Implementation - Diao Town has adopted a proactive approach to ensure the swift construction of key projects, exemplified by the rapid completion of land acquisition and preparation for the Copper Bay project [3] - The local government has implemented a "storekeeper" service model to enhance the business environment, conducting numerous project meetings and visits to address operational challenges [3][4] Economic Impact - The successful implementation of these projects has led to significant economic indicators, with a public budget revenue of 272 million and industrial output value accounting for 30% of the district's total [5] - The ongoing projects are expected to bolster the local economy, enhance service levels, and stimulate consumer activity, thereby addressing service industry shortcomings [5][6] Industrial Development - Diao Town is focusing on building industrial clusters aligned with regional development goals, with multiple high-investment projects underway to strengthen the industrial base [6] - The area is also prioritizing community welfare projects, enhancing infrastructure, and improving living conditions for residents, contributing to overall regional development [6][7]

Market Overview - A-shares experienced a decline in the afternoon, with all three major indices closing lower; the Shanghai Composite Index fell by 0.22% to 3448.45 points, the Shenzhen Component dropped by 0.48% to 10343.48 points, and the ChiNext Index decreased by 0.66% to 2114.43 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 16,235 billion yuan [1] Sector Performance - The insurance and brokerage sectors dragged down the market, while the banking sector saw gains, with banks like Jiangsu Bank and Hangzhou Bank reaching historical highs [1] - The oil sector rebounded, with Junyou Co. hitting the daily limit, and the tourism and catering sectors also saw significant increases, with Tianmuhu and Qujiang Cultural Tourism both hitting the daily limit [1] - The military industry sector was notably strong, with stocks like Youji Co. rising nearly 29% and several others hitting the daily limit [3][4] Digital Currency Sector - The digital currency sector was active, with stocks like Xin'an Century and Kexin Information both hitting the daily limit [7] - The Hong Kong government announced a new policy framework to develop the digital asset sector, aiming to position Hong Kong as a global innovation center for digital assets [7][8] Tourism Sector - The tourism and catering sectors showed strong performance, with stocks like Tianmuhu and Qujiang Cultural Tourism reaching their daily limits, and Junting Hotel rising nearly 8% [8][9] - The "cooling economy" trend is driving summer tourism, with increased consumer demand for various services and products related to summer activities [9][10]

Market Overview - The three major stock indices experienced strong fluctuations in the morning but fell in the afternoon, with the Shanghai Composite Index down 0.22% to 3448.45 points, the Shenzhen Component down 0.48% to 10343.48 points, and the ChiNext Index down 0.66% to 2114.43 points. The total trading volume in the Shanghai and Shenzhen markets was 162.35 billion [1] Military Industry - The military sector showed strong performance, with stocks like Youji Co. rising nearly 29%, and several others including Wanlima, Ketech Information, and Zhongke Haixun hitting the daily limit of 20% [3][4] - The military parade scheduled for September 3 is expected to showcase China's defense capabilities and may enhance military trade opportunities, transitioning from "cost-effective alternatives" to "technology benchmarks" [5] Digital Currency - The digital currency sector was active, with stocks like Xin'an Century and Ketech Information reaching the daily limit of 20% [7][9] - Hong Kong's government announced a policy to develop the digital asset sector, aiming to make Hong Kong a global innovation center for digital assets, which may boost the market for stablecoins and related services [10] Tourism and Hospitality - The tourism and hospitality sectors saw significant gains, with stocks like Tianmuhu and Qujiang Cultural Tourism hitting the daily limit, and Junting Hotel rising nearly 8% [13] - The "cooling economy" trend is driving summer tourism, with increased consumer demand for various services, indicating a potential boost in the tourism industry's performance [14]

General Provisions - The company aims to protect the legal rights of shareholders and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][2] - The company was established as a joint-stock company based on the net assets of Jilin Changbai Mountain Tourism Transportation Co., Ltd. as of September 30, 2010 [1][3] - The registered capital of the company is RMB 266.67 million, with a total of 26.667 million shares issued [3][4] Business Objectives and Scope - The company’s business objective is to leverage the rich ecological resources of Changbai Mountain to enhance product and service development capabilities, improve marketing levels, and expand the tourism industry chain [5] - The company’s business scope includes passenger and freight transportation, retail of finished oil, food sales, and various tourism-related services [5] Shares - The company’s shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [6] - The total number of shares is 26.667 million, all of which are ordinary shares [8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and request information [13][19] - Shareholders must comply with laws and the company’s articles of association, and are liable for any damages caused by abusing their rights [19][20] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [41][44] - Shareholder meetings must be convened in accordance with legal procedures, and shareholders can propose temporary motions [47][54] Decision-Making and Voting - Decisions regarding significant transactions, capital increases or decreases, and other major matters must be approved by the shareholder meeting [21][22] - Voting at shareholder meetings can be conducted in person or by proxy, and specific procedures must be followed for proxy voting [34][36]

Core Points - The company aims to improve its governance structure and regulate the management of allowances for directors and supervisors [1] - The company defines different types of directors and supervisors, including internal, external, and independent directors, as well as internal and external supervisors [1][2] - The company establishes a compensation scheme for independent directors, external directors, and external supervisors to reflect their responsibilities and encourage active participation [2][4] Allowance Scheme - The allowance for independent directors is set at RMB 80,000 per year [2] - The allowance for external directors is set at RMB 10,000 per year [2] - The allowance for external supervisors is set at RMB 8,000 per year [2] Responsibilities and Compliance - Directors and supervisors are required to adhere to national laws, regulations, and the company's articles of association, and must not harm the company's interests [2][3] - In case of violations leading to penalties from regulatory bodies, the individual directors and supervisors will be held accountable [3] Implementation and Amendments - The allowance scheme will take effect from the date of approval by the shareholders' meeting [5] - The board of directors is authorized to interpret and amend the scheme in accordance with relevant laws and regulations [5]

长白山旅游股份有限公司 关于召开2025年第二次临时股东会的通知 证券代码：603099 证券简称：长白山 公告编号：2025-039 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。 召开的日期时间：2025 年 7 月 9 日 14 点 00 分 召开地点：长白山旅游股份有限公司三楼会议室 重要内容提示： (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 网络投票起止时间：自2025 年 7 月 9 日 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 服务劳务外包协议暨关联交易的议案 案 上述议案 1、2、3 于 2026 年 6 月 23 日召开的公司第五届董事 ...

Group 1 - The meeting of the Supervisory Board of Changbai Mountain Tourism Co., Ltd. was held on June 18, 2025, with all five supervisors participating in the voting, confirming the legality and validity of the meeting procedures [1][2] - The Supervisory Board unanimously approved the proposal regarding agreements and related party transactions, with a voting result of 5 votes in favor, 0 against, and 0 abstentions [1][2] - The Supervisory Board concluded that the transactions were negotiated on a voluntary, equal, and mutually beneficial basis, adhering to the principle of fairness and not harming the interests of the company and all shareholders [1]

长白山旅游股份有限公司董事、监事津贴管理办法 第一章 总 则 第一条 为了进一步完善长白山旅游股份有限公司(以下简称"公司")的公 司治理结构,加强和规范公司董事、监事津贴的管理,根据《公司法》、《公司章程》、 《上市公司治理准则》等有关规定,制订本办法。 第二条 董事包括内部董事、外部董事和独立董事。 内部董事是指与公司或公司控股股东、或其下属公司签订聘任合同，在公司 或控股股东公司、或其下属公司担任某一职务并负责管理有关事务的董事；外部 董事是指在公司除担任董事外，不在公司领薪且不在公司及控股股东公司及其下 属公司担任其他任何职务的董事;独立董事是指公司按照《关于在上市公司建立 独立董事的指导意见》规定聘请的,与公司及其主要大股东不存在可能妨碍其进 行独立客观判断关系的董事。 监事包括外部监事和内部监事。内部监事是指与公司或公司控股股东、或其 下属公司签订聘任合同，在公司或控股股东公司、或其下属公司担任某一职务并 负责管理有关事务的股东代表监事和职工代表监事；外部监事是指在公司除担任 监事外，不在公司领薪且不在公司及控股股东公司担任其他任何职务的股东代表 监事。 （一）独立董事津贴为人民币 8 万元/年； ...

长白山旅游股份有限公司 章 程 (2025 年 6 月 23 日长白山旅游股份有限公司第五届董事会第二次会议通过) 第一章 总则 第一条 为维护长白山旅游股份有限公司（以下简称"公司"）、股东和债权 人的合法权益，规范公司的组织和行为，充分发挥中国共产党长白山旅游股份有限 公司委员会（以下简称"公司党委"）的领导核心和政治核心作用，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国宪法》（以下 简称"《宪法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司章程指引》、《中国共产党章程》（以下简称《党章》）和其他有关规 定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司是 由吉林省长白山旅游交通运输有限公司以 2010 年 9 月 30 日的净资产折股而整体变 更设立；公司在长白山工商行政管理局注册登记，取得营业执照，统一社会信用代 码 912200007868493986。 第三条 公司从事经营活动，应当充分考虑公司职工、消费者等利益相关者的 利益以及生态环境保护等社会公共利益，承担社会责任。公司参与社会公益活动， 公布社会责任报 ...