秋假、雪假对文体消费拉动作用已显 1)秋假：去哪儿旅行数据显示，2025年11月12-16日秋假期间，四川省内门票总体预订量同比增长3.4 倍，周环比增长1.4倍，多个热门景区门票同比涨1倍以上，其中毕棚沟门票预订同比增长16.4倍，成都 动物园涨5.3倍。秋假期间，浙江省内多个景点门票预订量周环比翻倍增长，如湖州龙之梦国际大马戏 门票预订环比增长14.3倍、宁波罗蒙环球乐园门票预订环比涨12.9倍、杭州野生动物世界门票预订环比 涨5倍。此外，乌镇、横店影视城、安吉云上草原、太湖演艺城、千岛湖景区、台州神仙居、灵隐寺等 景区，都位列浙江秋假期间门票环比增幅最大的前十景区。2)雪假：据去哪儿&美团，阿勒泰地区雪假 期间酒店预订量同比增长30%，2025年11月18日-12月1日，"阿勒泰滑雪"关键词搜索量同比增长43%;据 吉林日报，松花湖滑雪场雪假期间日均接待学生及家长群体超3000人次，雪道利用率较平日提升60%。 政策推动下，出行链和会展体育有望迎来板块机遇 智通财经APP获悉，国盛证券发布研报称，短期重视海南板块及春节旺季弹性子板块，中期看好新消费 优成长、转型改革困境反转、出海相关、政策利好四条主线。 ...

近日，电广传媒（000917）发布公告称，公司全资子公司华丰达有线网络控股有限公司(简称"华丰达") 拟以持有的河北广电网络集团保定有限公司(简称"保定网络公司")49%股权增资中国广电河北网络股份 有限公司(简称"河北网络公司")。 公司表示，本次以保定网络公司49%股权置换为河北网络公司股权，既能优化资产结构、提升资源配置 效率，也与公司战略发展方向高度契合。 2020年以来，电广传媒全面优化产业结构，聚焦优势产业，明确了清晰的双主业发展战略——"新文 旅、大资管"，并以此为双引擎，近年来新战略驱动公司连续盈利。 "新文旅"方面，电广传媒着力打造独具传媒特色的芒果文旅产业，其重点推进的"三湘星光行动"已在省 内8个地市落地10个项目，持续为区域塑造文旅新地标，带动经济效益稳步提升。 "大资管"方面，公司凭借旗下达晨财智持续巩固创投行业领先地位，以前瞻性布局和战略定力，成功应 对经济周期波动，实现业绩稳健增长。(胡敏) 《全国有线电视网络整合发展实施方案》(中宣发[2020]4号)明确要求，按照"一省一网"的形式，各省 (区、市)只保留一个统一运营管理的有线电视运营商。电广传媒表示，公司本次交易是进一步落实 ...

本报记者 何文英 广电网络"一省一网"整合进程再获实质性进展。 根据公告披露的交易细节，华丰达所持保定网络公司49%股权作价9819.07万元，将全部用于认购河北 网络公司新增股份，对应新增股份数量为468.9496万股，增资完成后将占河北网络公司注册资本的 2.24%（暂定）。 1月6日，湖南电广传媒股份有限公司（以下简称"电广传媒"）发布公告称，公司全资子公司华丰达有线 网络控股有限公司（以下简称"华丰达"）拟以持有的河北广电网络集团保定有限公司（以下简称"保定 网络公司"）49%股权，增资入股中国广电河北网络股份有限公司（以下简称"河北网络公司"）。 福州公孙策公关咨询有限公司合伙人詹军豪对《证券日报》记者表示，此次股权置换不仅是电广传媒落 实行业整合政策的关键举措，更彰显其聚焦"新文旅、大资管"双主业的战略定力。 电广传媒相关负责人对《证券日报》记者表示，本次交易通过股权置换优化资产结构、提升资源配置效 率，与公司长期战略发展方向高度契合。 詹军豪表示，电广传媒此次举动是对"一省一网"政策的积极响应，将有效推动河北地区广电网络的一体 化运营。 电广传媒在广电网络整合进程中始终扮演重要角色。2020年， ...

来源：中新经纬 A股将迎来2026年首个交易日，今年能否延续强势行情？ 2025年，上证指数以"11连阳"收官。回看全年，上证指数涨18.41%，深证成指涨29.87%，创业板指涨 49.57%。 上交所发布的2025年上海股票市场统计表显示，截至2025年底，沪市总市值约64.78万亿元，较2024年 底增加约12.35万亿元；股票筹资额约1.04万亿元，同比增长343.64%，其中IPO筹资额813亿元，同比增 长148.75%；股票账户数3.99亿户，较2024年底增加2700万户。 深交所披露，2025年深市公司回购增持金额上限超1100亿元，分红持续超5000亿元；深市ETF总规模超 过1.79万亿元，同比增长79%；全年IPO公司48家，其中87.5%属于战略新兴产业；全年股票融资额1485 亿元。 值得注意的是，当地时间1月3日，美国空袭委内瑞拉首都并抓获了委内瑞拉总统马杜罗及其妻子。招商 证券指出，从后续影响来看，短期油价走势或较为纠结。在美国抑制通胀的诉求下，油价可能下跌，利 好航空、炼化化工等油价敏感的下游板块。另外，美国行动较为快速的背景下，短期美元或较为强势， 黄金走势或较为纠结。同时 ...

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - The consumption market shows strong growth during the New Year holiday, with significant increases in travel and spending among younger demographics [1][2][4] - The cross-year travel and ice-snow tourism are gaining popularity, with notable increases in ticket bookings and hotel reservations [2] - Hainan's duty-free sales doubled in the first two days of the New Year holiday, indicating robust consumer interest [3] - Various cities reported double-digit sales growth during the holiday, reflecting a vibrant consumption environment [4][7] Summary by Sections Travel Trends - High travel enthusiasm was noted during the New Year holiday, with a significant increase in ticket bookings and hotel reservations, particularly among younger travelers [1][2] - The search volume for "cross-year travel" increased by 125% year-on-year, with theme parks and concerts being major attractions [2] Duty-Free Sales - Hainan's duty-free sales reached 30.7 million items, with a 121.5% year-on-year increase in sales amounting to 5.05 billion yuan [3] - The sales in Sanya alone saw a remarkable increase, with sales amounting to 1.63 billion yuan on January 1, marking an 83.2% increase [3] Consumption Growth - Beijing's sales during the holiday reached 4.04 billion yuan, with a 16.3% year-on-year increase [4] - Shanghai reported an average daily consumption of 12.2 billion yuan, with online sales growing by 5.5% year-on-year [4] - Other cities like Qingdao and Nanjing also reported positive sales growth, indicating a broad recovery in consumer spending [4][7] Investment Recommendations - The report suggests focusing on Hainan and sectors with performance elasticity during the Spring Festival, including duty-free, cross-border e-commerce, and certain scenic spots [8] - It highlights the potential of new consumption trends and the importance of adapting to market changes in 2026 [8]

Company Overview - Hunan Electric Broad Media Co., Ltd. was established in 1998 and listed on the Shenzhen Stock Exchange in 1999, recognized as the first cultural media company to go public in China [2] - The company focuses on cultural tourism, investment, advertising, and gaming, with operations centered in major cities like Changsha, Beijing, Shanghai, Guangzhou, and Shenzhen [2] - Achieved a revenue of CNY 3.19 billion in the first three quarters of 2025, a year-on-year increase of 16.32%, and a net profit of CNY 132 million, up 116.61% [2] Cultural Tourism Development - The company aims to establish the largest cultural tourism investment platform in Hunan and rank among the top 20 tourism enterprises in China [3] - The "Mango Cultural Tourism" initiative has successfully launched 10 projects across 8 cities in Hunan, including theme parks and cultural complexes [3] - In the first half of 2025, the cultural tourism sector received 4.12 million visitors, a 97% increase year-on-year [3] Project Highlights - The "Xiangxiang Star Action" initiative has led to the opening of several projects, including the Anhua Tea Horse Ancient Road and Huaihua Yushuwan Youth Square, attracting over 200 million visitors during the National Day holiday [3][4] - The Anhua Tea Horse Ancient Road project received approximately 15,000 visitors during the May Day holiday, setting new records for visitor numbers and revenue [3] - The Hengyang Dongzhou Island project has welcomed nearly 4.5 million visitors since its trial operation began in September 2024 [4] Financial Performance - Changsha World Park reported a revenue of CNY 79.11 million in the first half of 2025, a 15.99% increase, with a net profit of CNY 9.76 million, up 71.51% [5] - The park has maintained profitability for over 20 years, enhancing its operational capabilities and continuously upgrading its attractions [5] Investment Strategy - Dacheng Caizhi focuses on long-term, professional, and value-driven investments, with a portfolio of nearly CNY 66 billion and over 800 invested companies [6] - The firm emphasizes investments in emerging sectors such as AI, robotics, and biotechnology, with a particular focus on early-stage application projects [6] Advertising and Gaming Business - Despite a decline in traditional advertising, the company achieved significant growth in advertising revenue in the first three quarters of 2025, driven by community property ads and information flow business [9] - The gaming segment, led by Shanghai Jiuzhirun, generated approximately CNY 360 million in revenue in the first three quarters, with expectations to maintain performance compared to the previous year [8]

Group 1 - The company reported a revenue of 3.19 billion yuan for the first three quarters of the year, representing a year-on-year growth of 16.32%, primarily driven by increased advertising revenue and growth in venture capital, cultural tourism, and gaming businesses [1] - The net profit attributable to shareholders reached 132 million yuan, a significant increase of 116.61%, mainly due to gains from fair value changes [1] - The company's "New Cultural Tourism and Large Asset Management" strategy has been effectively implemented, showing significant results from dual-driven growth, with traditional core businesses demonstrating resilience and accelerating recovery [1] Group 2 - The company aims to establish itself as the largest cultural tourism investment platform in Hunan and among the top 20 tourism enterprises in China, with the "Three湘星光行动" initiative successfully launching 10 projects across 8 cities in Hunan [2] - The cultural tourism segment opened three projects in the first nine months of the year, attracting over 2 million visitors during the recent National Day holiday, positioning "New Cultural Tourism" as a new economic engine for the region [2] - Upcoming projects include the upgrade of Changsha World Window to a benchmark theme park integrating culture and technology, along with new signings for additional cultural tourism projects [2] Group 3 - The chairman highlighted that the ongoing advancement of the New Cultural Tourism strategy has enhanced the company's industry position and market influence, indicating a promising market outlook for the cultural tourism sector [3] Group 4 - The investment business showed strong performance in the third quarter, with successful listings of direct investments like Ruili Kemi, showcasing the value of the company's long-term and patient capital approach [4] - The company’s investment arm, Dacheng Caizhi, has made significant strides in sectors such as intelligent manufacturing and healthcare, managing nearly 66 billion yuan across over 800 enterprises, with 301 successful exits [4] - The gaming business has maintained steady growth, with the subsidiary Shanghai Jiuzhirun's online game "Dancing Party" seeing stable user engagement, and the mobile game "Dawn: Moment of Victory" achieving high popularity on Bilibili [4]

Core Viewpoint - The company, Dianguang Media, reported significant growth in both revenue and net profit for the first three quarters of 2025, driven by an increase in advertising revenue and a recovery in investment business, particularly in the cultural tourism sector [1][2]. Financial Performance - Dianguang Media achieved operating revenue of 3.19 billion yuan, a year-on-year increase of 16.32%, primarily due to increased advertising revenue and growth in investment, cultural tourism, and gaming businesses [1]. - The company reported a net profit attributable to shareholders of 132 million yuan, representing a year-on-year growth of 116.61%, mainly due to increased fair value changes [1]. Investment Business - The investment business has become a core part of Dianguang Media's operations alongside cultural tourism, advertising, and gaming [1]. - The fair value change gains during the reporting period amounted to approximately 184 million yuan, with investment income from trading financial assets of about 51.67 million yuan and dividends from other equity investments of approximately 127 million yuan [1]. Cultural Tourism Strategy - Dianguang Media is accelerating its "New Cultural Tourism, Big Asset Management" strategy, aiming to establish itself as the largest cultural tourism investment platform in Hunan and among the top 20 tourism companies in China [2]. - The "Three Xiang Star Action" initiative has successfully launched 10 projects across 8 cities in Hunan, including theme parks and cultural tourism complexes, attracting over 2 million visitors during the recent National Day holiday [2]. Gaming Business - The gaming segment of Dianguang Media continues to grow steadily, with its subsidiary, Shanghai Jiuzhirun, seeing stable user engagement for its online game "Dancing Party" and its mobile game "Dawn: Victory Moment" recently topping the Bilibili mobile game popularity chart [3].

Core Insights - Hunan Electric Media Co., Ltd. reported a revenue of 3.19 billion yuan for the first three quarters of 2023, marking a year-on-year increase of 16.32%, primarily driven by growth in advertising revenue and other business segments [1] - The company achieved a net profit attributable to shareholders of 132 million yuan, reflecting a significant year-on-year increase of 116.61%, mainly due to increased fair value gains [1] - The company's "New Cultural Tourism and Large Asset Management" strategy has shown significant results, with traditional core businesses demonstrating resilience and recovery [1] Business Developments - The "Three Xiang Star Action" initiative has successfully launched 10 projects across 8 cities in Hunan, including theme parks and cultural tourism complexes, contributing to the establishment of new cultural tourism landmarks [2] - During the recent National Day holiday, the company's projects attracted over 2 million visitors, positioning the "New Cultural Tourism" as a new economic engine for the region [2] - Upcoming projects include the upgrade of Changsha World Window and new signings for theme parks in Ningxiang and Xiangtan, enhancing the company's cultural tourism product matrix [2] Investment Performance - The investment business of the company showed strong performance in Q3, with successful listings of direct investments like Ruili Kemi, highlighting the value of long-term capital strategies [3] - The company’s investment arm, Dacheng Caizhi, has been actively investing in sectors such as smart manufacturing and healthcare, maintaining a leading position in the industry [3] - The management fund of Dacheng Caizhi has nearly 66 billion yuan in assets, with over 800 invested companies, including 143 that have gone public [3] Market Trends - The venture capital market is at a turning point, with increased national attention and policy support expected to drive significant growth in the industry [4] - The gaming segment of the company continues to grow steadily, with its subsidiary Shanghai Jiuzhirun seeing increased user engagement in its online games [4] - The mobile game "Dawn: Moment of Victory" has recently topped the Bilibili mobile game popularity chart, indicating strong market interest [4]

Group 1 - The company reported a revenue of 3.19 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 16.32%, primarily driven by increased advertising revenue and growth in venture capital, cultural tourism, and gaming businesses [1] - The net profit attributable to shareholders reached 132 million yuan, a significant increase of 116.61%, mainly due to gains from fair value changes [1] - The company's "New Cultural Tourism and Large Asset Management" strategy has been effectively implemented, showing significant results from dual-driven growth, with traditional core businesses demonstrating resilience and recovery [1] Group 2 - The company aims to establish itself as the largest cultural tourism investment platform in Hunan and among the top 20 tourism enterprises in China, with the "Three湘星光行动" initiative successfully launching 10 projects across 8 cities [2] - The cultural tourism segment has opened three projects this year, attracting over 2 million visitors during the recent National Day holiday, positioning "New Cultural Tourism" as a new economic engine for the region [2] - Upcoming projects include the upgrade of Changsha World Window and new signings for theme parks, enhancing the company's cultural tourism product matrix [2] Group 3 - The chairman highlighted that the ongoing advancement of the "New Cultural Tourism" strategy has elevated the company's industry position and market influence, indicating a promising market outlook [3] Group 4 - The investment business showed strong performance in Q3, with successful listings of direct investments like 瑞立科密, showcasing the value of the company's long-term capital strategy [4] - The company has been actively investing in sectors such as intelligent manufacturing, AI, and healthcare, maintaining a leading position in the venture capital industry [4] - Recent government initiatives in Shenzhen aim to enhance the quality of listed companies and promote mergers and acquisitions, which could benefit the company's investment operations [4] Group 5 - The management fund of 达晨财智 has nearly 66 billion yuan, investing in over 800 companies, with 143 successfully listed, indicating a robust investment portfolio [5] - The venture capital market is at a turning point, with increased national attention and policy support, suggesting potential for significant growth in the industry [5] - The gaming business has shown steady growth, with active user engagement for its online game and a successful launch of a new mobile game version, enhancing market interest [5]