截至2025年6月6日收盘，天目湖（603136）报收于12.6元，较上周的11.4元上涨10.53%。本周，天目湖 6月5日盘中最高价报12.99元。6月3日盘中最低价报11.52元。天目湖当前最新总市值34.04亿元，在旅游 及景区板块市值排名16/22，在两市A股市值排名3929/5148。 公司公告汇总 江苏天目湖旅游股份有限公司在2025年1月10日召开的第六届董事会第十一次会议和第六届监事会第九 次会议上，审议通过了使用不超过21000万元闲置募集资金进行现金管理的议案。随后，在2025年5月15 日和5月20日，第六届董事会审计委员会第九次会议和第六届董事会第十三次会议再次审议并同意使用 不超过9000万元闲置募集资金进行现金管理，总计不超过30000万元。2025年6月3日，公司向兴业银行 股份有限公司认购了两笔结构性存款，金额分别为4800万元和4200万元，合计9000万元，产品类型为保 本浮动收益型，期限分别为26天和208天。公司确认与兴业银行无关联关系。此次用于现金管理的资金 来源于公开发行可转换公司债券所募集的资金，净额为28973.10万元，主要用于"南山小寨二期项 目"和"御水 ...

Group 1: Domestic Travel Trends - During the 2025 Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7% [1] - Total domestic travel expenditure during the holiday was 42.73 billion yuan, reflecting a year-on-year growth of 5.9% [1] - In Beijing, 8.21 million tourists were received during the holiday, marking a 5.4% increase compared to the previous year [1] - Beijing's tourism revenue during the holiday was 10.77 billion yuan, up 6.7% year-on-year [1] Group 2: Commercial Developments - The Wuhan Shanshan Outlets project is 95% complete, with the first batch of merchants expected to enter by mid to late June [2] - The project covers approximately 130,000 square meters and aims to attract over 250 well-known brands, marking Hubei's first lakeside outlet [2] Group 3: Corporate Investments - Haichang Ocean Park announced a strategic investment from Xiangyuan Holdings, involving the issuance of 5.1 billion new shares at a subscription price of 0.45 HKD per share, totaling 2.295 billion HKD [3] - The subscription price represents a discount of approximately 46.43% compared to the previous trading day's closing price [3] - If successful, Xiangyuan Holdings will become the controlling shareholder of Haichang Ocean Park [3] Group 4: Corporate Actions - Jinjiang Hotels plans to issue H-shares overseas and list on the Hong Kong Stock Exchange to enhance its global strategy and improve governance transparency [4] - The proposed issuance will not exceed 15% of the total share capital post-issuance, with an option for overall coordinators to exercise an additional 15% over-allotment [4] Group 5: Operational Issues - At the Atour Hotel in Hangzhou, a "hospital pillowcase" incident led to the hotel being removed from the Atour Group's app and mini-program [5] - The hotel acknowledged a serious operational oversight due to a supplier's error and has terminated its relationship with the supplier [5] - The hotel has conducted a thorough inspection of all room linens to prevent similar issues in the future [5]

歙县，自秦朝设县，至宋时设立徽州府，州县同城长达1400年。这里是古徽州政治、经济与文化的核 心，是徽州文化的发祥地，也是徽商、徽菜的主要源头，更是文房四宝中徽墨、歙砚的主要产地。境内 的歙州古城与云南丽江、山西平遥、四川阆中齐名，同为中国保存最为完好的四大古城。它们在岁月的 风雨中屹立，展现着独特的地域风貌与深厚的历史文化底蕴。 皖南古村落令人神往，原因众多。其一，徽派建筑特色鲜明；其二，历史文脉悠悠流淌；其三，屋舍四 周青山环绕，绿水潺潺，田园风光如画，为人们提供了远离喧嚣、回归宁静的心灵栖息地。这些因素相 互交融，构成了皖南古村落难以抵挡的独特魅力。 在皖南这片广袤大地的温柔怀抱中，歙县与黟县宛如两颗古朴且璀璨的明珠，其间隐匿着无数粉墙黛 瓦、小桥流水的古村落。这些古村，有的历经两三百年风雨，有的甚至已有五六百年的悠久历史。村 里，每一座饱经沧桑的老屋，每一块镌刻着岁月痕迹的砖石，每一条幽深宁静的小巷，都承载着悠悠岁 月沉淀下的古老故事。 坐落于黟县东北部、被誉为中国山水画中瑰宝的宏村，始建于南宋，是中国保存最完好的古村落之一， 2000年被联合国教科文组织列入世界文化遗产名录。宏村最大的特色是其独一无 ...

[Table_Reportdate] 2025年06月06日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250606 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.若有效上破3418点压力位，指数或有进一步盘升动能——技术分析上证指数简评 ➢ 2.端午旅游增速放缓——端午消费数据点评 ➢ 1.国家主席习近平同美国总统特朗普通电话 ➢ 2.央行发布1万亿买断式逆回购操作 ➢ 3.税务总局表示前四月民营经济活力持续提升 ➢ 4.中国人民银行副行长陶玲：构建与科技创新相适应的科技金融体制，加强银行信贷服务 能力 ➢ ...

Group 1 - The article discusses the increasing homogenization and commercialization of tourist attractions in China, highlighting the transformation of unique sites into overly commercialized and visually overwhelming experiences [2][3][6] - The Yangsigang Yangtze River Bridge, initially celebrated for its natural beauty, has been criticized for its transformation into a commercialized space with high entry fees and excessive lighting [14][18][19] - The trend of creating "wild attractions" that prioritize photogenic qualities over authenticity is noted, with examples including various urban locations that have become popular for social media posts [7][10][11] Group 2 - The article points out that many ancient towns and scenic spots have adopted a nightlife-oriented approach, often resembling nightclubs rather than preserving their historical essence [20][21][28] - U-Town, a successful ancient town, is cited as a model for profitability, attracting 7.72 million visitors and generating revenue of 1.784 billion yuan in 2023, showcasing the potential financial success of well-managed tourist sites [26][27] - The article emphasizes the rapid growth of night tourism in China, with projections indicating that domestic night tourism spending could reach approximately 1.91 trillion yuan by 2024 [57][58] Group 3 - The lighting industry in China has seen significant growth, becoming a key component of the tourism experience, with the market for landscape lighting accounting for nearly 80% of the national market [62][63] - The article discusses the challenges faced by lighting designers in balancing aesthetic appeal with commercial demands, often leading to the overuse of bright and colorful lighting in tourist attractions [64][66] - The phenomenon of "over-commercialization" is critiqued, with references to the negative public perception of attractions that prioritize profit over cultural and aesthetic integrity [66]

当"比赛第一，友谊第十四"的标语刷屏社交网络，江苏省城市足球联赛（以下简称"苏超）正以燎原之势点燃消费市场。 图源来自Pixabay免版税图库 而苏超的"出圈"也恰逢政策红利密集释放。4月央行等四部门出台《金融支持体育产业高质量发展指导意见》，明确强化足球基础设施金融保障；5月底发改 委《促进体育消费实施方案》更要求"打造区域特色赛事IP"。 在消费提振需求迫切的2025年，这场政府主导的业余联赛，正以地域文化为燃料，以城市荣誉感为引擎，催化出"赛事经济"的全新叙事。 地域认同引发观赛狂潮，一场情绪消费完成酝酿 众所周知，江苏是个"散装省份"，实力相当的十三个地级市一直"互不相让"。 而这次苏超联赛虽是地方赛事，但据江苏媒体《现代快报》报道，第二轮联赛共有5.9万名球迷走进球场，场均观赛人数9852人，已超越中甲、直逼中超， 成功跻身"全球顶级联赛"。 开赛仅三轮，这场被网友戏称为"十三太保内斗"的赛事已吸引超18万球迷涌入现场，抖音相关话题播放量突破8亿次，更在资本市场掀起波澜。 6月3日，金陵体育以"20CM"涨停领涨板块，共创草坪连续两日涨停，双象股份、康力源、棕榈股份等跟涨，足球概念股整体涨幅超5%， ...

Core Viewpoint - The article highlights the successful development and promotion of the Zhongshan Scenic Area in Nanjing, showcasing its rich historical heritage and modern tourism appeal, which has attracted a significant number of domestic and international visitors this year [1][9]. Group 1: Scenic Area Development - The Zhongshan Scenic Area has implemented actions to create a world-class tourist destination, enhancing its aesthetic appeal and integrating new experiences for visitors [1][9]. - The scenic area ranked fifth and third in visitor numbers among national tourist attractions during the Spring Festival and May Day holidays, respectively [1]. Group 2: Natural and Historical Attractions - The Yanjue Lake, described as a summer version of a "Monet Garden," features seasonal beauty with various flowers and historical architecture, enhancing its appeal [2]. - The Meihua Mountain, known as the "First Plum Mountain in the World," boasts over 38,000 plum trees and has the most self-bred varieties in China, with 155 varieties recognized internationally [3]. Group 3: Cultural and Educational Integration - The newly established Purple Mountain Observatory Museum has become a platform for visitors to learn about traditional Chinese culture through ancient astronomical instruments and modern technology [5][6]. - The "Zhongshan Museum Cluster" includes 15 institutions, promoting a blend of architecture, ecology, culture, and education [6]. Group 4: Innovative Tourism Experiences - The scenic area has introduced diverse activities, such as poetry reading events and hands-on cultural experiences, to engage visitors and enhance their understanding of local heritage [7]. - Recent events have attracted international tourists, with groups from Singapore, the United States, and other countries participating in cultural activities [8][9]. Group 5: Visitor Statistics and Future Goals - The Zhongshan Scenic Area is projected to receive nearly 38 million visitors in 2024, with plans to enhance its international image and improve the integration of ecological protection and cultural tourism [9].

Core Viewpoint - The introduction of "exoskeleton robots" at the Badaling Great Wall enhances the hiking experience for tourists, particularly benefiting the elderly and those with mobility issues [1][15][17]. Group 1: Technology and Implementation - Exoskeleton robots provide assistance by lifting legs uphill and stabilizing knees downhill, offering nearly 2 kilograms of support [4][15]. - These devices have been adopted across various mountainous tourist attractions in China, including Tai Mountain, Huangshan, and Wuyishan [7][8]. - During the May Day holiday, Tai Mountain reported a rental volume of 700 units in a single day, indicating high demand for this technology [13]. Group 2: Market Dynamics and Consumer Behavior - The exoskeleton robots are seen as a solution to the challenges posed by an aging population, allowing older individuals to enjoy hiking without physical strain [15][30]. - The rental model for these devices is cost-effective, with a price of around 100 yuan for three hours, leading to a rapid return on investment compared to traditional infrastructure like cable cars [33]. - The technology is perceived as a "soft solution" to enhance the hiking experience without the drawbacks of heavy investments in physical infrastructure [29][34]. Group 3: User Experience and Feedback - Users have reported mixed experiences, with concerns about the weight and comfort of the devices, particularly in hot weather [38][39]. - There is a need for better user education and product iteration to improve understanding and usability of the exoskeleton robots [40][42]. - Future developments are focused on lightweight design, intelligent features, and improved battery systems to enhance user experience [48][49].

Core Viewpoint - The initiative to boost tourism consumption through performance ticketing in Pudong aims to enhance the integration of cultural and tourism industries, creating a vibrant economic ecosystem that attracts visitors and encourages spending [1][2][3] Group 1: Event and Economic Impact - Pudong will host nearly 100 performances from May 30 to September 30, with ticket purchases on designated platforms allowing discounts on hotels and attractions [1] - The initiative is expected to increase not only ticket sales but also boost related sectors such as accommodation, dining, transportation, and shopping [1] - Large-scale performances account for nearly 70% of Shanghai's performing arts market, showcasing Pudong's unique advantages in the ticketing economy [2] Group 2: Financial Incentives and Collaborations - A "golden combination" of 30% government subsidies and 20% discounts from participating hotels and attractions will provide significant savings for consumers [2] - The initiative includes a "half-price package" for consumers, enhancing the attractiveness of Pudong's cultural offerings [2] Group 3: Technological and Operational Support - Pudong is developing a comprehensive technical support system to ensure accurate identification and redemption of ticketing information, addressing previous challenges in cross-industry data sharing [3] - The region aims to create a "real-name closed loop" for cultural tourism consumption, enhancing the overall visitor experience [3] Group 4: Future Development and Vision - Pudong plans to adopt a more open approach with diverse scenarios and high-quality services, positioning itself as a leading destination for cultural tourism in Shanghai [3]

Core Viewpoints - The market in June is expected to remain in a consolidation phase, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, while April's industrial profits continued to show a recovery trend but experienced a decline in both volume and price. The cost decline was the main driver of profit growth in April. PMI data for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, and the trend of weak inventory replenishment is likely to continue in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a cautious and oscillating market environment. Key areas to watch for a breakthrough include developments in overseas tariffs and the implementation of domestic growth-stabilizing policies in June [4][10][12]. June Stock Recommendations - The June stock selection by the report includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Pharmaceuticals) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [10][12]. Industry Summaries Transportation Industry: SF Express - SF Express reported a net profit of 2.234 billion yuan in Q1 2025, reflecting a steady growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The profit growth was primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness. The company also focused on cost control through operational model reforms and network optimization, achieving a gross profit margin of 13.3%, an increase of 0.1 percentage points year-on-year [12][13]. Chemical Industry: Anji Technology - Anji Technology experienced rapid growth in revenue and net profit in 2024 and Q1 2025, driven by increased market coverage and new product introductions. The gross profit margin for 2024 was 58.45%, with a net profit margin of 29.08%. In Q1 2025, the gross profit margin was 55.70%, and the net profit margin was 30.96%. The company is seeing a steady increase in its global market share for polishing liquids, with a projected market size growth for semiconductor CMP polishing materials [14][15]. Pharmaceutical Industry: Bairen Medical - Bairen Medical reported rapid growth in revenue and profit in 2024, with significant increases in its three main business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The company is expected to maintain high growth rates in 2025, driven by the approval of its first interventional valve product, which offers significant advantages in terms of operation and safety [17][18]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, and a net profit of 150 million yuan, up 116.08%. The company’s travel agency operations and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism and the expansion of hotel management projects [20][21]. Food and Beverage Industry: Qingdao Beer - Qingdao Beer faced pressure on volume and price in Q3 2024, with a year-on-year decline in sales volume of 7.0%. However, the company benefited from a decrease in raw material costs, leading to an improvement in gross profit margins. Future growth is anticipated as restaurant demand recovers, supported by the company's strong brand and distribution network [23][24]. Computer Industry: Suochen Technology - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. The engineering simulation software segment has shown significant growth, contributing to an overall increase in the company's gross profit margin [25][26][27].