富国中证旅游主题ETF（159766）基金经理为曹璐迪。 截至发稿，曹璐迪累计任职时间5年123天，现任基金资产总规模137.39亿元，任职期间最佳基金回报 110.28%， 任职期间最差基金回报-44.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，富国基金旗下1只基金位居西藏旅游十大流通股东。富国中证旅游主题ETF（159766）二季 度减持22.04万股，持有股数176.6万股，占流通股的比例为0.78%。根据测算，今日浮盈赚取约238.41万 元。 富国中证旅游主题ETF（159766）成立日期2021年7月15日，最新规模29.55亿。今年以来收益5.46%， 同类排名3871/4222；近一年收益28.29%，同类排名3431/3804；成立以来亏损25.68%。 9月18日，西藏旅游涨6.03%，截至发稿，报23.73元/股，成交4.75亿元，换手率9.33%，总市值53.86亿 元。 资料显示，西藏旅游股份有限公司位于西藏自治区拉萨市柳 ...

Investment Rating - The report maintains an "Accumulate" rating for Jiuhua Tourism (603199.SH) [3][5] Core Views - The investment logic continues to be validated, with annual revenue and profit reaching historical highs [4][5] - The company has shown resilience against weather disruptions, with an upward trend in performance expected to continue in the second half of the year [5] - The company has achieved double-digit growth for three consecutive quarters, indicating an acceleration in its fundamentals [5] Financial Performance Summary - For the first half of 2025, Jiuhua Tourism reported revenue of 483 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 142 million yuan, up 24.0% year-on-year [5] - The company’s revenue and profit for Q2 2025 reached 248 million yuan and 73 million yuan, respectively, both marking historical highs for the second quarter [5] - Revenue projections for 2025, 2026, and 2027 are adjusted to 226 million yuan, 259 million yuan, and 289 million yuan, respectively, with corresponding P/E ratios of 17.9, 15.5, and 13.9 [5][7] Business Segment Performance - All business lines have shown strong growth, with hotel revenue at 133 million yuan (up 12.9% YoY), passenger transport revenue at 117 million yuan (up 29.8% YoY), cable car revenue at 185 million yuan (up 21.5% YoY), and travel agency revenue at 193 million yuan (up 34.0% YoY) [5] Future Outlook - The report emphasizes the company's advantageous location, strong tourism experience, and spiritual consumption attributes, which are expected to contribute to future revenue and profit growth [5] - Upcoming projects, including the construction of the Lion Peak cableway and the upgrade of the Baici Palace cable car, are anticipated to provide additional revenue streams [5]