Group 1 - The article highlights the contrast between the winter climates of Milan and Changchun, emphasizing Milan's mild weather compared to Changchun's snowy winters [3][5] - Chinese volunteers are actively participating in the Milan Winter Olympics, primarily consisting of students studying in Italy and nearby countries, providing assistance at key locations such as airports and media centers [5][6] - The presence of familiar Chinese faces in the media center reflects a shared enthusiasm for winter sports, with volunteers expressing their love for skiing and plans to visit Chinese ski resorts after the Olympics [6][12] Group 2 - The article captures the essence of Milan as a city of fashion and culture, contrasting it with the harsh winter of Changchun, showcasing the city's romantic atmosphere and leisurely lifestyle [8][10] - The deep-rooted passion for football in Milan is highlighted, with references to legendary teams AC Milan and Inter Milan, illustrating the city's rich sports history and the emotional connection of fans [10][12] - The narrative intertwines the themes of sports and cultural pride, as the author expresses a desire to witness the Chinese flag raised at the Olympic venue, symbolizing national pride and aspirations [12]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]

华源证券研报指出，长白山得天独厚的自然资源，交通改善及定增落地有望打开业绩空间。温泉部落二 期的布局有望承接更多客流，丰富旅游产业相关布局。交通设备提升项目预计满足运力需求，提高旅客 出行体验。选取经营景区业务的峨眉山、经营酒店业务的君亭酒店、经营旅行社业务的岭南控股作为可 比公司，根据ifind一致预期，可比公司2026年PE为60倍，考虑到公司拥有优质的自然资源，后续预计 随着周边交通改善及冰雪游运动渗透率逐步提升，或将带动长白山客流持续增长，且公司定增落地，有 望打开公司业绩空间，首次覆盖，给予"增持"评级。 ...

Core Viewpoint - The 2026 Spring Festival travel season has commenced at Changbai Mountain Airport, which has upgraded its flight network and service offerings to cater to the increasing travel demand during this festive period [1]. Group 1: Airport Operations - On the first day of the Spring Festival travel season, Changbai Mountain Airport executed 50 flights, accommodating over 6,200 passengers, and connecting 11 cities [5]. - The airport has enhanced its flight network by adding three new routes to Wuhan, Changsha, and Chongqing, and increasing the frequency of flights to nine popular cities including Nanjing, Shenzhen, Guangzhou, Shanghai, Qingdao, and Hangzhou [5]. - The airport's operations include a daily average of 10 flights between Changbai Mountain Airport and Shanghai Pudong Airport, improving connectivity between the Yangtze River Delta and Changbai Mountain [5][6]. Group 2: Passenger Experience - The airport terminal was bustling with passengers, featuring cultural activities such as calligraphy for Spring Festival couplets and a local-themed mini market to enhance the festive atmosphere [3]. - Airport staff were strategically positioned to assist passengers with check-in, security, and boarding processes, ensuring a smooth travel experience [3][6]. - The overall environment at the airport combined the warmth of the Spring Festival with the excitement of winter travel, reflecting the dual themes of reunion and adventure [6].

Fixed Income - The overall scale of interest rate bond funds has decreased, with total assets amounting to 3.0 trillion yuan as of Q4 2025, down by 0.09 trillion yuan from Q3 2025 [6][7] - The average yield of interest rate bond funds has rebounded to +0.44% in Q4 2025, compared to -0.48% in Q3 2025, but remains significantly lower than the 4.42% yield in 2024 [8][19] - The expected yield range for 10-year government bonds in 2026 is projected to be between 1.6% and 1.9%, with opportunities for long-term bonds anticipated to arise after significant market corrections [8][19] Manufacturing Sector - The manufacturing PMI fell back below the expansion threshold to 49.3 in January 2026, indicating a slowdown in production activities compared to the previous month [11][10] - The non-manufacturing PMI also decreased to 49.4, suggesting a contraction in service sector activities, with the composite PMI output index at 49.8 [11][10] - The consumption sector is expected to receive policy support, but the impact may be weaker than in 2025 due to high base effects from the previous year [11][10] Social Financing - The forecast for new loans in January 2026 is 4.9 trillion yuan, with social financing expected to reach 7.07 trillion yuan, indicating a slight year-on-year increase [15][18] - M2 is projected to reach 345.1 trillion yuan by the end of January, with a year-on-year growth of 8.3% [15][18] - The social financing growth rate is expected to decline to around 8.1% by the end of January 2026, following a peak in mid-2025 [18][15] Pharmaceutical Sector - The approval of phosphoric acid lebrikizumab cream for the treatment of vitiligo marks a significant milestone for the company, being the first targeted therapy for this condition in China [21][22] - Clinical trials have shown promising results, with a significant percentage of patients achieving a 75% improvement in vitiligo area after 24 weeks of treatment [21][22] - The company is also pursuing additional indications for the cream, including atopic dermatitis, which could further enhance its market potential [22][21] New Consumption Sector - The company holds exclusive operational rights for key scenic areas and has established a robust management system for mountain tourism, positioning it well for growth [25][26] - The opening of the Shenbai high-speed railway is expected to significantly increase visitor traffic, enhancing accessibility to the scenic area [27][26] - The company plans to raise 236 million yuan for expanding its facilities and improving transportation, which is anticipated to boost its operational capacity and customer experience [27][26]

证券分析师 证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 请务必仔细阅读正文之后的评级说明和重要声明 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | | | 02 | 年 | 月 | 02 | 日 | | 2026 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 42.47 | | | | | | | | | 年 内 最 低 | 最 | 高 | / | | | | | | 60.33/29.73 | | 一 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 11,566.95 | | | | 流通市值（百万元） | | | | | | | | | 11,325.47 | | | | 总股本 ...

Summary of Conference Call Records Industry Overview - The records focus on the tourism and travel industry, particularly in relation to the upcoming Chinese New Year holiday and associated consumer trends [1][2]. Key Points and Arguments - **Longest Spring Festival Holiday**: The 2026 Spring Festival will be from February 15 to February 23, lasting 9 days, marking the longest Spring Festival holiday in history. This extended holiday is expected to boost the tourism market's activity [1][1]. - **Consumer Subsidies**: The Ministry of Culture and Tourism announced the launch of a Spring Festival Consumption Month starting January 29, with activities continuing until early March. Over 360 million yuan in consumer vouchers and various discounts are expected to stimulate travel [1][1]. - **Travel Trends**: Domestic travel trends include southern trips to escape the cold and northern trips for ice viewing. Popular destinations for domestic flights during the Spring Festival include Sanya, Haikou, and Harbin [2][1]. - **Long-term Outbound Travel**: The "5 days off, 15 days off" policy combined with visa-free travel is expected to increase interest in long-term outbound travel [2][1]. Company-Specific Insights - **Three Gorges Tourism**: The company is expected to benefit from the growing demand from the silver economy, with plans to add two luxury inter-provincial cruise ships this year and another two in 2028, enhancing its product offerings [2][1]. - **Huangshan Tourism**: The completion of the East Huangshan Cableway is anticipated to increase the scenic area’s capacity by 50% by July 2026, driving secondary consumption growth. The company’s high-end hotel in Beihai is set to reopen in September 2025 [2][1]. - **Tianfu Culture and Tourism**: Positioned in the southwest ice and snow tourism sector, the company owns the Xiling Snow Mountain scenic area and has a 34.3% stake in Bipenggou, aiming to capitalize on the upcoming Winter Olympics to boost interest in ice tourism [3][1]. - **Jiuhua Tourism**: The company is expected to benefit significantly from the temple economy during the peak season of the Spring Festival [3][1]. - **Lion Peak Cableway**: Set to be completed by the end of 2026 and operational in 2027, this project is expected to contribute to secondary consumption growth [4][1]. - **Hotel Sector Outlook**: The demand for travel is anticipated to lead to an increase in both volume and pricing for hotels during the Spring Festival, with companies like ShouLai Hotel, Jinjiang Hotel, and Huazhu Group being highlighted [4][1]. Additional Recommendations - **Investment Opportunities**: Attention is drawn to Changbai Mountain (a leader in ice and snow tourism) and Xiangyuan Cultural Tourism (which has quality assets being continuously injected) as potential investment opportunities [5][1].

作者：刘姗姗 长白山拥有"世界生物圈保护区""世界最佳自然保护地""世界地质公园"三张国际名片，是吉林冰雪经济 核心引擎；上海作为华东地区经济文化中心和重要旅游客源地，冰雪旅游需求旺盛。此次航线开通，不 仅是长白山机场织密全国"空中廊道"、优化冬航季布局的重要一步，更推动了"冰雪+文旅"融合发展。 目前，长白山机场至上海浦东航线日均运营达10班，上海至长白山航班覆盖6:35-19:10全时段，长白山 至上海返程运营至22:30，构建起"早出晚归"的便捷出行圈，为长三角旅客提供灵活出行选择。 据悉，长白山机场与上海航空将持续深化合作，优化运营服务品质，探讨拓展更多合作航线，进一步完 善航空网络布局，助力长白山打造世界级旅游目的地。 来源：彩练新闻 春雪映长空，新航启新程。2月2日13时27分，上海航空FM7293航班平稳降落在长白山机场，标志着长 白山—上海航线正式投入运营，上海本土航空品牌首次进驻长白山雪域，为当地冰雪经济发展注入新动 能。 该航线是长白山机场完善航线布局的关键举措，执行期为2月2日至3月13日，实行每日一班常态化运 营。具体时刻为：10:35从上海浦东起飞，13:00抵达长白山机场；13:4 ...

Group 1 - The 2026 Spring Festival travel season officially started on February 2, lasting for 40 days, with Daxing Airport expected to handle 40,500 flights and 6.3739 million passengers, representing a year-on-year increase of 5.09% and 5.35% respectively [1] - The peak travel days at Daxing Airport are predicted to occur on February 10, with expected daily flights reaching 1,055 and passenger volume at 174,200 [1] - Major domestic destinations include Guangzhou, Shenzhen, Chengdu, Hangzhou, Kunming, Xi'an, Shanghai, and Changsha, while international hotspots include Moscow, Seoul, Kuala Lumpur, Doha, Bangkok, London, Singapore, and regions in Hong Kong and Macau [1] Group 2 - China Southern Airlines has launched new and additional flights to popular destinations such as Altay, Baishan, Jieyang, Mangshi, Guilin, and Changde, and plans to increase flights on the Beijing Daxing to Bishkek route, with a new route to Baku starting on March 1 [1] - Eastern Airlines has opened new routes from Beijing Daxing to Jiaxing, Altay, Beihai, Qiqihar, and Nanning, while resuming and adding flights to Jiamusi, Changbai Mountain, Changchun, Xiamen, and Kashgar, and increasing frequency on routes to Yinchuan, Mangshi, Hangzhou, and Haikou [2] - The airport advises travelers to monitor flight dynamics and weather changes due to high passenger volume during the Spring Festival, and to ensure compliance with baggage regulations and entry policies for international travel [2]

Core Viewpoint - The article introduces a novel theoretical framework called the Capital Ordered Expansion Ecological Threshold Model, aimed at balancing the dynamic interaction between digital capital vitality and sustainable civilization development in the context of the global digital economy [1]. Group 1: Theoretical Foundation - The model is rooted in the "Threefold Five-Dimensional" integration framework, emphasizing the need for a healthy "ecological interval" to prevent systemic risks arising from the interrelated nature of capital relationships, movement characteristics, and benefit essence in the digital age [2]. - The model identifies three bottom-line constraints: social equity (α), ecological sustainability (β), and data sovereignty security (γ), which must be maintained to avoid systemic collapse [2]. - The model aims to maximize five dimensions of interests through a coordinated framework, ensuring that no single dimension expands unchecked [2]. Group 2: Model Core - The core of the model is a target function designed to achieve the maximization of five-dimensional interests, expressed mathematically [3]. - The model incorporates governance philosophies and technical logic, such as clarifying data property rights and ensuring algorithm transparency and accountability [4]. Group 3: Decision Variables - The model defines three key decision variables: Kr (relationship variables), Km (movement variables), and Ki (benefit variables), which represent policy levers aimed at optimizing production relationships, capital movement forms, and benefit distribution patterns, respectively [5][8]. - Specific examples include the introduction of employee stock ownership in companies like China Unicom and Eastern Airlines to adjust internal capital and labor relations [8]. Group 4: Five-Dimensional Interest Function - The model specifies five measurable dimensions of interests, including subjective interests (Is), objective interests (Io), process interests (Ip), time interests (It), and spatial interests (Isp), each with its own key indicators [6][9]. - For instance, the implementation of data rights in Shenzhen has led to increased income for delivery workers, reflecting an enhancement of subjective interests [9]. Group 5: Constraints and Governance - The optimization of the target function is bounded by four rigid constraints, which form the model's lifeline: social equity (α), ecological sustainability (β), data sovereignty security (γ), and a coordination degree constraint (δ) [10][11]. - The model emphasizes the importance of maintaining a dynamic harmony index (δ) of at least 0.7 to ensure effective policy coordination across the three dimensions [13]. Group 6: Global Significance of China's Approach - The Capital Ordered Expansion Ecological Threshold Model represents a theoretical innovation and a "Chinese solution" for global digital governance, transcending both technological utopianism and market fundamentalism [11]. - The model provides a practical governance toolbox that translates abstract concepts of fairness, sustainability, and security into quantifiable indicators, facilitating precise management [11]. - It embodies the concept of a "community with a shared future for mankind," reflecting a commitment to global development and long-term sustainability [12].