转型中的文旅类城投经营现状及面临的挑战与机遇 联合资信 公用评级二部 迟腾飞|魏 凯|潘跃升 文旅类城投公司作为城投体系中一类细分主体，兼具城市基础设施建设和文旅 资源运营两大角色，是地方政府整合文旅资源的重要载体，其核心竞争力源于政府 赋予的功能定位以及其拥有的文旅资源禀赋。随着城市基础设施建设日趋完善，城 投公司纷纷谋求市场化转型，文旅类城投的发展方向正逐步从传统文旅基础设施建 设业务转向市场化、精细化的文旅运营服务。本文主要聚焦正处于转型中的文旅类 城投，相较于以文旅资源运营为主、已完成转型的文旅类城投，转型中的文旅类城 投其旅游资源尚在培育期，文旅类业务营收结构较为单一、文旅设施和酒店等经营 性项目尚需持续投入，转型过程中挑战与机遇并存。 本文通过梳理当下文旅行业配套支持政策、发展现状，明晰转型中文旅类城投 企业基本特征、其持有的核心景区资源禀赋以及经营状况和财务表现，并结合典型 案例分析该类主体当前发展现状、未来发展机遇和转型面临的挑战，以期尽可能为 文旅类城投产业化、市场化转型提供实务参考。 www.lhratings.com 研究报告 1 一、 文旅行业政策梳理 近年来，国家层面密集出台多项文旅 ...

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Core Insights - The integration of technology and cultural tourism in Beijing is exemplified by the launch of the "Greenway PASS Card," which enhances the visitor experience through NFC technology and various interactive features [1][4][6] Group 1: Event Overview - The "Beijing Tourism and Leisure Greenway Resource Promotion" event was held on February 10, 2026, in the Mentougou District, showcasing a blend of technology and cultural heritage [1] - The event featured the "Walking the Greenway, Enjoying Beijing" theme, promoting local culture and tourism [2] Group 2: Technological Innovations - The "Greenway PASS Card" serves as a smart access tool, enabling users to engage with features like smart check-in, digital guided tours, and AR interactions [4][7] - This card transforms the greenway experience into an "open digital playground," allowing for immersive exploration and interaction with local culture [4][7] Group 3: Cultural and Economic Impact - The initiative aims to stimulate new consumption patterns during the Spring Festival by linking traditional cultural practices with modern technology [2][6] - The first batch of 52 tourism and leisure greenways is designed to connect urban and rural areas, enhancing the integration of cultural, tourism, and commercial activities [6][7] Group 4: Future Developments - The Beijing Cultural and Tourism Bureau plans to collaborate with Ant Group's Alipay to create a comprehensive service for the 52 greenways, promoting a seamless travel experience [6][7] - This initiative is expected to contribute significantly to the enhancement of urban quality and the revitalization of rural tourism [6]

Core Viewpoint - The Beijing Municipal Bureau of Culture and Tourism has partnered with Ant Group's Alipay to launch the "Greenway PASS Card," which utilizes NFC technology to enhance the tourism experience by integrating features like smart check-in maps, AI digital tour guides, and AR interactive effects [1] Group 1 - The "Greenway PASS Card" allows citizens and tourists to explore the scenic greenways while listening to stories about the natural and cultural heritage [1] - The initiative aims to upgrade consumption scenarios by providing one-stop recommendations for dining, accommodation, and shopping [1] - The first batch of 52 tourism and leisure greenways in Beijing connects ecological resources, historical sites, and local life, moving beyond just sports and transportation functions [1] Group 2 - The next step involves tailoring the "Greenway PASS" full-scene service for the 52 greenways, facilitating a convenient experience for users to explore the city [1]

Group 1 - The core viewpoint of the article emphasizes the promotion of high-quality digital social construction in Guangdong Province, focusing on enhancing tourism services through smart technology [1] - The implementation plan encourages tourism attractions and service enterprises to upgrade their smart tourism services, utilizing digital technology to improve service levels [1] - There is an initiative to expand the operational areas for autonomous public transportation and to broaden the testing and demonstration applications of intelligent connected vehicles [1] Group 2 - The plan promotes the integration of digital transportation services, encouraging platforms for navigation, ride-hailing, and smart parking to provide intelligent and integrated transportation solutions [1]

Core Insights - Qinghai Province is leveraging technology to enhance the development of its cultural and tourism industry, focusing on transforming traditional scenic spots into smart tourist destinations through various initiatives such as 5G coverage and smart system upgrades [1][2]. Group 1: Industry Growth - The sales revenue of travel agencies and related services, including accommodation and cultural entertainment, is projected to grow by 6.5% year-on-year by 2025 [1]. - The amount of invoices issued for the purchase of information technology services in tourism-related industries has increased by 85.5% year-on-year [1]. Group 2: Technological Advancements - Over 3A-level scenic spots in Qinghai Province have achieved full 5G coverage, which supports the implementation of smart services [1]. - The "Qing Travel Weather" smart service system has developed 26 weather tourism service models, contributing to a 26.2% year-on-year increase in the sales revenue of the meteorological service industry by 2025 [1]. Group 3: Equipment Upgrades - The cumulative expenditure on equipment upgrades in the tourism-related industry is expected to grow by 8.2% year-on-year by 2025, with the purchase of smart devices like drones increasing by 13.4% [2]. - Key operators such as Qinghai Lake Tourism Group and others are actively integrating AI guides and VR experiences to enhance visitor experiences and drive growth in tourist numbers [2].

Core Insights - The Xinjiang Uygur Autonomous Region aims to attract 323 million tourists and generate 370 billion yuan in tourism revenue by 2025, reflecting growth rates of 8% and 8.4% respectively, positioning Xinjiang as a desirable destination for domestic and international travelers [1] Group 1: Tourism Development Strategy - Xinjiang is focusing on the "Tourism Prosperity Strategy" to enhance the cultural and tourism industry cluster, improve infrastructure and service systems, and create a series of premium travel routes and unique products [1] - The winter tourism sector in Xinjiang is experiencing a surge, with ski resorts like the Nuerga Ski Resort in Changji City attracting a significant number of visitors [1] - In 2026, Xinjiang plans to further develop winter sports and border tourism, aiming to establish national 5A-level tourist attractions such as the Kunlun Mountains and the Robu People Village [1] Group 2: Service and Infrastructure Enhancement - This year, Xinjiang will continue to collaborate with relevant departments to improve comprehensive service facilities covering dining, accommodation, transportation, tourism, shopping, and entertainment [2] - The region will enhance smart tourism services and strengthen safety regulations related to tourism, while promoting a courteous and warm service atmosphere [2] - Efforts will be made to deepen the special action for tourism quality improvement, ensuring fairness and transparency in the tourism experience [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][6][9]. Core Insights - Lingnan Holdings is a comprehensive tourism company with a national and diversified business development strategy, focusing on travel agency operations, hotel management, and related tourism industry services [5][11]. - The tourism market is showing strong recovery, with domestic travel expected to reach 5.62 billion trips in 2024, a year-on-year increase of 14.8% [26][30]. - The company has completed a nationwide layout for its travel agency business, with over 200 stores across China, and is expanding its hotel business with new projects and rooms [5][40]. Summary by Sections Company Overview - Lingnan Holdings operates as a major tourism industry platform, integrating travel, accommodation, and other tourism-related services, with a focus on innovation and capital management [5][15]. - The company is controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, ensuring a stable shareholding structure [16]. Business Performance - The company expects revenues of 4.967 billion, 5.602 billion, and 6.277 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.26%, 12.80%, and 12.03% [9][10]. - The travel agency segment is projected to contribute over 70% of the company's revenue, with significant growth anticipated in both domestic and outbound tourism [40][49]. Market Trends - The inbound tourism market is recovering rapidly, with inbound visitors expected to reach 131.9 million in 2024, a 60.8% increase year-on-year [30][33]. - The company is actively leveraging new policies to boost inbound tourism, including tax refund policies and visa exemptions [50]. Financial Projections - The report forecasts a net profit of 135 million, 182 million, and 235 million RMB for 2025, 2026, and 2027, with growth rates of -10.22%, 35.04%, and 28.90% respectively [9][10]. - The current price-to-earnings (P/E) ratios are projected at 65.18, 48.27, and 37.45 for the next three years [9][10]. Strategic Initiatives - The company is expanding its hotel management and operation business, with a focus on brand development and strategic partnerships to enhance its market presence [55][70]. - Lingnan Holdings is diversifying its tourism offerings, including technology integration in travel services and expanding into duty-free operations [68][72].

Core Insights - Jiangsu is advancing the deep integration of culture and tourism by enhancing "culture + industries" and "industries + culture" initiatives, leveraging digital technology to enrich high-quality cultural tourism products and services to meet diverse visitor needs [1][2] Group 1: Cultural and Tourism Integration - The province emphasizes the symbiotic relationship between culture and tourism, exploring cultural depth and innovating experiential carriers to ensure cultural richness and market appeal [2] - Immersive performances are being utilized to activate modern expressions of traditional culture, with projects like "Great Voyage Yangzhou" and Suzhou's "Only This Zhouzhuang" becoming key attractions for tourists [3] Group 2: Cultural IP Development - There is a focus on deepening the development of classic cultural IPs, creating culturally rich "mobile business cards" that align traditional culture with modern consumer demands, resulting in popular cultural products that have gained traction on social media [4] Group 3: Museum and Heritage Tourism - The potential of "museum + tourism" is being explored, with initiatives like immersive night tours and themed routes that connect cultural venues with scenic spots, enhancing visitor experiences [5] Group 4: Night Economy - Localities are promoting night-time cultural tourism consumption areas and leisure streets, developing diverse offerings such as night markets and museum night tours, creating a vibrant cultural atmosphere [6] Group 5: Multi-Dimensional Integration - Jiangsu is implementing a dual empowerment strategy, fostering deep connections between culture and various sectors like agriculture, sports, and transportation, transitioning from superficial experiences to deep engagement [7] Group 6: Agricultural Tourism - Innovative rural tourism products are being developed, including farm stays and experiential learning classes, creating a comprehensive agricultural and cultural tourism product system that meets deep experience demands [8] Group 7: Sports and Tourism - Sports events are being leveraged to drive tourism consumption, creating integrated services that combine event attendance with local attractions, enhancing overall visitor engagement [9] Group 8: Transportation and Tourism - Transportation is being utilized to create "flowing cultural tourism landscapes," offering scenic travel experiences that connect various attractions and enhance visitor enjoyment [10] Group 9: Emerging Industries - The integration of cultural tourism with emerging industries like pet economy and winter sports is being pursued to attract younger consumers, enhancing the diversity of tourism offerings [11] Group 10: Digital Technology Integration - The deep integration of digital technology with cultural tourism is enhancing visitor satisfaction and providing data-driven insights for government management and decision-making [12] Group 11: Smart Tourism Initiatives - Jiangsu's action plan for smart tourism development outlines a clear path for high-quality growth, showcasing innovative projects that exemplify technology's role in enhancing the tourism experience [13] Group 12: Platform Development - The "Suxin Travel" public service platform has been revamped to provide intelligent, all-weather travel assistance, significantly increasing user engagement and access [14]