Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

（编辑 丛可心 袁冠琳） 证券日报网讯 12月4日，TCL科技在互动平台回答投资者提问时表示，公司及管理层高度重视投资者关 系与市值工作，充分尊重并保障中小股东的知情权与参与权，始终通过合规渠道与投资者保持有效沟 通。在规范履行信息披露义务的前提下，积极通过业绩交流会、接待调研、回复互动易平台提问、接听 股民热线等多种方式与广大投资者互动交流，听取投资者对公司发展的意见建议，切实维护投资者尤其 是中小股东的合法权益。公司也将继续做好经营，规范运作，加强与投资者沟通交流，积极传递公司价 值，提升投资者对公司的关注和认可，推动公司价值与市值均衡发展。 ...

（编辑 姚尧） 证券日报网讯 12月4日，TCL科技在互动平台回答投资者提问时表示，公司一直秉承透明、开放的态 度，致力于加强与投资者的沟通和交流，确保投资者能够及时、准确地获取公司的业绩信息和经营动 态。在规范履行信息披露义务的前提下，公司积极通过业绩交流会、接待调研、回复互动易平台提问、 接听股民热线等多种方式与投资者沟通交流，有效保障业绩信息的广泛传播和投资者关切的回应。 ...

证券日报网讯12月4日，中航西飞（000768）在互动平台回答投资者提问时表示，公司充分理解投资者 对股价波动的关切，高度重视市值管理与股东信心维护工作。公司将持续加大投资者关系管理力度，多 渠道、多维度向市场传递公司内在价值，努力实现公司价值与股东回报的长期统一。 ...

（文章来源：证券日报） 证券日报网讯 12月4日，北方华创在互动平台回答投资者提问时表示，公司高度重视投资者沟通工作， 提供多种方式的交流渠道，后续将持续优化沟通回复效率，进一步提升投资者服务质量。 ...

证券日报网讯12月4日，中国电建（601669）在互动平台回答投资者提问时表示，公司始终重视投资者 关系的有效沟通，并持续优化互动机制。针对同类问题，公司将加强回复的清晰度与可参考性，尽可能 提供具体内容或索引，切实提升投资者沟通的质量与效率。 ...

Core Viewpoint - The recent announcement by Emei Mountain A to provide benefits such as free admission to shareholders holding 500 shares or more has led to a short-term increase in stock price, but it ultimately fell by 4.84% on December 3, indicating limited long-term impact on stock performance [1][3]. Group 1: Shareholder Return Activities - Over 30 A-share companies have announced shareholder return initiatives this year, with 8 in the cultural tourism sector, 11 in food consumption, and 7 in beauty and home products, primarily offering experiences or physical products [3]. - The shareholder return activities have not significantly influenced stock prices, with most stocks showing stable performance despite the announcements [3]. Group 2: Market Reactions and Analyst Insights - Analysts suggest that shareholder return activities are more about brand promotion and investor relations management rather than core performance improvement, leading to only short-term emotional market reactions [5][10]. - There is a concern that if these return activities are misrepresented as "physical dividends" or lack proper disclosure, they may attract regulatory scrutiny [7]. - The distinction between shareholder return activities and cash dividends is emphasized, urging investors to focus on the core operational capabilities and long-term growth potential of companies [8].

Core Viewpoint - The trend of A-share companies offering unique shareholder rewards is gaining popularity, with companies like Emei Mountain A and Qianwei Yangchu engaging in promotional activities to attract investor attention and boost stock prices [1][2][3] Group 1: Company Activities - Emei Mountain A announced a shareholder reward program allowing individual shareholders holding over 500 shares to enjoy free admission to its scenic area from December 1, 2025, to January 31, 2026, along with discounts for accompanying family members [2] - Qianwei Yangchu quickly followed suit by offering a product gift package worth 200 yuan to shareholders holding at least 100 shares, which led to a temporary increase in its stock price [1] - Over 30 listed companies have engaged in similar shareholder reward activities since 2025, including gifting products and offering discounts, indicating a broader trend in the market [3] Group 2: Market Implications - These shareholder reward initiatives serve as innovative and low-cost investor relations strategies that can enhance shareholder loyalty and public goodwill, although their long-term impact on investment value depends on the company's core business growth and profitability [4] - Such activities can create short-term trading opportunities and significantly boost stock prices, but they often lack sustained fundamental support, leading to potential price corrections after the initial excitement [4] - The emotional impact on investors can lead to speculative behavior, diverting attention from the company's fundamental value and increasing market volatility [4]

Core Viewpoint - The company Emei Mountain Tourism Co., Ltd. (Emei Mountain A) is launching a shareholder reward program that offers various benefits to shareholders, reflecting a growing trend among listed companies to enhance investor relations through unique reward schemes rather than traditional cash dividends [1][3]. Group 1: Shareholder Benefits - Emei Mountain A will provide free admission to the scenic area, cable car rides, and hot spring access for shareholders holding 500 shares or more from December 1, 2025, to January 31, 2026 [1]. - Shareholders can also enjoy discounts for accompanying family members, including 50% off on tickets and cable cars, and 40-50% off on hot springs and skiing experiences [1]. - Additional perks include discounted hotel stays and promotional offers on local products, enhancing the overall value proposition for shareholders [1]. Group 2: Market Trends - The trend of rewarding shareholders is not isolated; over 30 listed companies have adopted similar strategies this year, offering products, discount vouchers, and tourism benefits to engage investors [3][4]. - Companies in the cultural tourism and entertainment sectors are particularly focused on experiential rewards, while consumer goods firms tend to offer tangible gifts to strengthen brand loyalty [3][4]. Group 3: Business Logic - The reward programs leverage core business resources, allowing companies to provide benefits at a low marginal cost while achieving mutual benefits for both the company and its shareholders [4][5]. - These initiatives aim to enhance shareholder recognition and long-term investment confidence by providing direct experiences of the company's business strengths and product quality [5]. - The approach is seen as a dual marketing strategy that not only rewards existing shareholders but also attracts potential investors, contributing to effective market value management [5].

证券日报网讯12月1日，沃尔核材（002130）在互动平台回答投资者提问时表示，公司将在严格遵守信 息披露相关法律法规的基础上，持续优化投资者关系工作，向市场传递公司价值。 ...