证券之星消息，12月2日旅游及景区板块较上一交易日上涨0.24%，三峡旅游领涨。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。旅游及景区板块个股涨跌见下表： 从资金流向上来看，当日旅游及景区板块主力资金净流出2.52亿元，游资资金净流入4486.38万元，散户 资金净流入2.07亿元。旅游及景区板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 658000 | 西域旅游 | 3987.44万 | 13.40% | -344.70万 | -1.16% | -3642.74万 | -12.24% | | 600593 | 大连圣亚 | 3208.36万 | 4.98% | 927.10万 | 1.44% | -4135.47万 | -6.42% | | 6602099 | 长自山 | 1610.69万 | 2.21% | -208.58万 | -0 ...

资金流向方面，主力资金净流出664.53万元，特大单买入508.06万元，占比5.42%，卖出520.01万元，占 比5.55%；大单买入840.36万元，占比8.96%，卖出1492.94万元，占比15.92%。 12月2日，祥源文旅（维权）盘中下跌2.13%，截至13:53，报7.35元/股，成交9375.16万元，换手率 1.92%，总市值77.51亿元。 分红方面，祥源文旅A股上市后累计派现2268.07万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，祥源文旅十大流通股东中，朱雀恒心一年持有（011531）位居第 三大流通股东，持股1236.40万股，相比上期减少158.95万股。朱雀产业臻选A（007493）位居第五大流 通股东，持股956.62万股，相比上期减少121.68万股。朱雀企业优选A（010141）位居第七大流通股 东，持股791.58万股，相比上期减少56.45万股。朱雀企业优胜A（008294）位居第九大流通股东，持股 522.12万股，为新进股东。朱雀匠心一年持有（010922）位居第十大流通股东，持股496.62万股，为新 进股东。摩根新兴动力混合A类 ...

Company Overview - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, and was established on December 8, 2010. The company was listed on August 22, 2014. Its main business involves tourism services, including passenger transport, travel agency services, and hot spring water development and utilization [1][2]. Financial Performance - For the period from January to September 2025, Changbai Mountain achieved operating revenue of 636 million yuan, representing a year-on-year growth of 6.99%. The net profit attributable to the parent company was 149 million yuan, with a year-on-year increase of 1.05% [2]. - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [3]. Stock Performance - As of December 2, Changbai Mountain's stock price increased by 2.15%, reaching 51.68 yuan per share, with a trading volume of 471 million yuan and a turnover rate of 3.47%. The total market capitalization is 14.075 billion yuan [1]. - Year-to-date, the stock price has risen by 22.94%, with a 3.09% increase over the last five trading days, a 10.76% decrease over the last 20 days, and an 8.14% increase over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Changbai Mountain was 45,900, an increase of 25.35% from the previous period. The average number of circulating shares per person was 5,814, a decrease of 20.23% [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period. Other notable shareholders include various ETFs focused on tourism and the broader market [3]. Market Position - Changbai Mountain is classified under the Shenyin Wanguo industry category of social services, specifically in tourism and scenic areas, and is associated with concepts such as ride-hailing, revitalization of Northeast China, and state-owned enterprise reform [2].

Group 1 - The report indicates that the sentiment in the market has cooled down, with a slight decrease in the proportion of rising stocks in the CSI 300 index, which remains above 50%, suggesting a cautious outlook for the near term [2] - The new stock fundraising scale has decreased month-on-month, with November 2025 seeing 11 new stocks listed and a total fundraising amount of 10.188 billion yuan, although it still maintains a level above 10 billion yuan [3] - The report predicts negative year-on-year profit growth for industries such as coal, cement, float glass, and ordinary steel, while fuel refining profits are expected to see slight positive growth [4] Group 2 - The inbound tourism market in China is entering a high-quality development phase, driven by visa-free policies and cultural outreach, with significant growth potential for leading OTA companies like Ctrip and Tongcheng Travel [5] - Ctrip is positioned as a leading OTA benefiting from the inbound tourism boom, while Tongcheng Travel is rapidly expanding its international business [5] - The report recommends a "buy" rating for Ctrip Group and maintains a "buy" rating for Tongcheng Travel, while also giving an "accumulate" rating for Zhongxin Tourism [5] Group 3 - The report highlights that China's copper smelting plants are expected to reduce production by over 10% in 2026, which is anticipated to support a bullish outlook for copper prices [6] - The copper market is facing a shortage that is affecting electrolytic copper, with imbalances in inventory potentially leading to increased tightness outside the US [6] - Recommendations include Zijin Mining, Luoyang Molybdenum, Western Mining, and Jinchuan Group, with a focus on companies like Tongling Nonferrous Metals and Jiangxi Copper [6] Group 4 - The report tracks high-frequency data on the real estate market, indicating a cumulative transaction of 706,000 new homes across 20 cities, reflecting a 13% decrease year-on-year [7] - In major cities, Beijing saw a 19% decline in new home transactions, while Shanghai and Shenzhen experienced decreases of 5% and 31%, respectively [7] - Conversely, the second-hand housing market showed a slight increase of 3.1% in transactions across 10 cities, with notable increases in Beijing, Shanghai, and Shenzhen [7]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000888 | 峨眉山Ａ | 14.16 | 10.02% | 50.09万 | 7.09亿 | | 603099 | 长自山 | 50.59 | 5.02% | 12.94万 | 6.42亿 | | 002627 | 三峡旅游 | 6.77 | 3.83% | 29.32万 | 1.98 Z | | 600593 | 大连圣亚 | 48.76 | 3.48% | 11.09万 | 5.33 乙 | | 002059 | 云南旅游 | 5.82 | 3.19% | 55.05万 | 3.20亿 | | 300144 | 宋城演艺 | 8.10 | 2.53% | 38.07万 | 3.07亿 | | 000796 | 凯撒旋业 | 7.10 | 2.45% | 105.30万 | 7.46 Z | | 000610 | 西安旅游 | 12.76 | 2.41% | 18.48万 | 2.35亿 | | 000558 | 天府文旅 | 6.05 | ...

| 总量研究 2 | | | --- | --- | | 本周观点 | 2 | | 重点报告 | 2 | | 行业研究 3 | | | 本周观点 | 3 | | 重点报告 | 4 | | 公司研究 5 | | | 重点报告 5 | | | 重点报告摘要 6 | | | 总量研究 6 | | | 行业研究 8 | | | 公司研究 10 | | 一周观点 总量研究 本周观点 | 领域 | 一周观点 | 分析师 | | --- | --- | --- | | | 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然 | | | 策略 | 有相当大的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨 | 张宇生 | | | 幅更加重要。不过短期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于 | | | | 稳健，股市短期或以震荡蓄势为主。 | | | | 本周国内权益市场指数震荡下行，各类行业主题基金表现不佳，金融地产主题基金相对抗跌。 | | | 金工 | 不同投资范围的 ETF 资金均呈现流入，各宽基主题 ETF 受被动资金显著加仓，TMT 主 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 曾庆怡）12月1日上午，旅游及景区行业板块震荡走高。截至10点35分，该 板块涨超2%，其中峨眉山A涨停，三峡旅游涨超3%，天府文旅、云南旅游等跟涨。 此外，工业和信息化部等六部门近日联合印发《关于增强消费品供需适配性进一步促进消费的实施方 案》。文化和旅游部产业发展司司长缪沐阳在国务院政策例行吹风会上表示，为了做好《方案》的贯彻 落实工作，文化和旅游部将从供需两端发力，着力在产品上新、场景焕新、活动出新上下功夫。 消息面上，11月29日，峨眉山A发布公告称，公司将开展2025年"峨眉山A"股东回馈活动。活动期间， 持有"峨眉山A"股票500股及以上的个人股东（每次可携2名随行家属）和法人股东代表（每家法人股东 可指定5名代表）可参与。回馈活动涉及门票、索道、酒店、温泉、滑雪、茶叶、文创七项福利。活动 时间为2025年12月1日至2026年1月31日（国家法定节假日除外）。 ...

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]

Core Viewpoint - Xiyu Tourism's stock price has shown fluctuations, with a recent increase of 2.00% and a year-to-date increase of 3.81%, despite a decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Xiyu Tourism achieved operating revenue of 286 million yuan, representing a year-on-year growth of 6.20%. However, the net profit attributable to shareholders decreased by 14.51% to approximately 98.58 million yuan [2]. - The company has distributed a total of 108 million yuan in dividends since its A-share listing, with 93 million yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Xiyu Tourism was 26,700, a decrease of 7.65% from the previous period. The average circulating shares per person increased by 8.28% to 5,812 shares [2]. - Notable changes in institutional holdings include an increase in shares held by the Fortune China Securities Tourism Theme ETF, which now holds 1.8567 million shares, and the entry of Hong Kong Central Clearing Limited as a new shareholder with 982,100 shares [3]. Business Overview - Xiyu Tourism, established on January 18, 2001, and listed on August 6, 2020, is primarily engaged in the development and operation of tourism resources. Its main business segments include tourism passenger transport (64.81%), cableway transportation (13.16%), and sightseeing boat services (11.36%) [2]. - The company operates within the social services sector, specifically in tourism and scenic areas, and is associated with concepts such as low-altitude economy, state-owned enterprise reform, and Xinjiang revitalization [2].