行业研究 华创证券研究所 证券分析师：饶临风 邮箱：raolinfeng@hcyjs.com 执业编号：S0360525080002 证券分析师：曹锦瑜 邮箱：caojinyu@hcyjs.com 执业编号：S0360525100001 证 券 研 究 报 告 消费者服务行业周报（20251117-20251121） 推荐（维持） 看好经营改善的酒店、免税行业 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 55 | 0.01 | | 总市值(亿元) | 4,988.04 | 0.43 | | 流通市值(亿元) | 4,570.81 | 0.49 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -7.7% | -0.7% | 9.2% | | 相对表现 | -6.9% | -20.3% | -9.9% | -12% 0% 12% 23% 24/11 25/02 25/04 25/06 25/09 25/11 2024-11-25~2025-11-21 消费者服务 沪深300 ...

作为承载千年文化与自然遗产的世界名山，峨眉山A(000888)正以文旅融合、基建升级、数字转型为核 心布局，从传统名山迈向世界级文旅标杆。 11月21日，峨眉山A举行媒体开放日活动，上市公司董事长许拉弟、营销总监何群、财务总监王蓉、董 事会秘书龙舸等高管到场参会交流。 基建扩容提质："三站一路"夯实发展底座 许拉弟表示，上市公司团队正认真研究，要对照国内的旅游企业的优秀标杆，找差距、添措施，一步一 步地守稳，把峨眉山的金字招牌擦亮。同时，也要保护好峨眉山的资源，做到既要金山银山，还要保证 效益的可持续发展。峨眉山要通过多种方式，以开放的心态来引进高科技企业，探索新产品、新场景、 新业态，深化文旅+百业融合发展，聚焦打造锦绣天府，安逸四川文旅品牌。 文旅融合破圈：全域营销激活消费潜力 作为传统山岳型景区，通常会遇到单一的盈利模式依赖问题，即门票+索道等简单收入渠道。 当前，峨眉山A以"一体化营销+文旅跨界"双轮驱动，打破传统门票经济依赖，构建多元营收体系。 在媒体开放日活动上，峨眉山A董事长许拉弟表示，自1997年创业以来，公司依托于峨眉山景区的旅游 业务，加快创新发展步伐，大力拓展景区门票、索道、宾馆酒店、茶 ...

Core Insights - The holiday economy has seen significant growth in cultural and tourism consumption, driven by increased demand and the development of related industries [1][2] - The National Day and Mid-Autumn Festival holiday period resulted in 888 million domestic trips, an increase of 123 million trips compared to the previous year, with total spending reaching 809 billion yuan, up by 108.2 billion yuan [1] - The integration of new technologies and innovative consumption scenarios has contributed to the resilience and vitality of the holiday economy [1][2] Policy and Service Enhancements - Government departments have implemented practical measures to facilitate travel, including adjustments to train schedules and highway fee reductions [2] - Digital services and transportation networks have been upgraded, with high-speed rail coverage exceeding 95% in popular tourist cities [2] - Innovative business models covering the entire tourism chain have emerged, enhancing the growth of cultural and tourism consumption [2] Challenges and Recommendations - Overcrowding at popular tourist destinations has led to infrastructure strain, including inadequate parking and restroom facilities, as well as ecological damage [3] - Some experiential cultural tourism projects lack depth and quality, resulting in low consumer satisfaction [3] - To sustain growth in the holiday economy, it is essential to optimize visitor experiences through technology and infrastructure improvements [3][4] Market Regulation and International Expansion - Strengthening market regulation and establishing merchant credit profiles are necessary to address issues like deceptive marketing practices [4] - Expanding inbound consumption policies and developing premium travel routes can enhance both domestic and international consumption [4]

广西文化和旅游厅副厅长吴玉国表示，广西重视文旅产业发展，将今年确定为"广西旅游年"，出台文化 惠民卡等12项重点政策措施，开展"跟着文物古迹游广西"等22项重点工作和5项配套活动，形成"文旅 +百业"同频共振、繁荣发展的良好局面。(完) 来源：中国新闻网 编辑：郭晋嘉 广西柳州借"出圈"势头发展乡村旅游 促进"文旅+百业"融合 中新网柳州9月12日电(林馨 陈梅)广西柳州市第八届文化旅游产业发展大会9月12日召开，推进"文旅+百 业"深度融合发展。近年来，柳州借"一碗粉"不断"出圈"，顺势积极发展乡村旅游、大健康、生态农业 等低碳产业。 作为本届大会的举办地，柳州市柳城县推动乡村旅游与乡村振兴、文化产业等有机结合，创新拓展"四 季柳城 魅力乡镇"系列活动，形成"春祈福、夏戏水、秋品果、冬赏枫"的四季旅游特色，构建全域全季 文旅发展新格局。 在本次大会上，柳城县重点推介集水上运动、温泉疗养、度假休闲于一体的云栖沙埔漂流综合体项目， 依托侨文化打造的伏虎茗园产学研游项目；聚焦全国唯一的仫佬族乡，深度挖掘民俗、红色、农耕等文 化资源，打造古砦仫佬族乡农文旅融合项目。 通过连续举办七届文化旅游产业发展大会，柳州实现文 ...

Core Insights - The article highlights the surge in summer consumption driven by innovative cultural and recreational activities across various regions, focusing on the "interest value" and "emotional value" of experiences [1][6]. Group 1: Cultural and Recreational Activities - Museums and art galleries are experiencing record visitor numbers, with the Shanghai Pudong Museum receiving over 10,000 visitors in a single day, setting a new record since its opening [3]. - The average daily sales in the museum's cultural and creative store have increased to more than ten times compared to the same period last year [3]. - Various exhibitions and events, such as the "Modern Creation: Treasures from the Musée d'Orsay" and dinosaur exhibitions, are attracting large crowds, indicating a growing consumer willingness to spend on cultural experiences [6][11]. Group 2: New Consumption Venues - Rooftop venues and scenic platforms are becoming popular, with initiatives like the "Skyland Paradise" in Chongqing attracting significant foot traffic, averaging about 50,000 visitors on weekends since July [8]. - Cities are introducing diverse activities on rooftops, such as outdoor concerts and movie festivals, which extend consumer engagement and spending time [8]. - Traditional parks are innovating by incorporating interactive and immersive activities, enhancing visitor experiences and increasing attendance [10][11]. Group 3: Economic Impact - The integration of cultural tourism with various industries is seen as a strategy to stimulate economic growth and meet the rising demand for quality life experiences among consumers [11]. - The article emphasizes the importance of leveraging local characteristics and differentiated scene designs to enhance consumer engagement and drive economic activity [11].