证券之星消息，8月29日旅游及景区板块较上一交易日上涨1.73%，凯撒旅业领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旅业 | 5.92 | 10.04% | 173.08万 | 256.6 | | 600593 | 大连圣亚 | 34.65 | 4.94% | 10.80万 | 3.70亿 | | 660E09 | 长白山 | 44.90 | 4.47% | 16.74万 | 7.48亿 | | 002707 | 众信旅游 | 8.29 | 2.73% | 77.14万 | 6.39亿 | | 000888 | 峨眉山Ａ | 14.48 | 2.70% | 31.63万 | 4.53亿 | | 6631809 | 九华旅游 | 38.16 | 2.55% | 4.38万 | 1.66亿 | | 600054 | 黄山旅游 | 12. ...

增持 原评级：增持 市场价格:人民币 11.98 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 6.8 1.6 4.8 13.0 相对上证综指 (11.0) (5.2) (10.3) (22.4) 发行股数 (百万) 729.38 (4%) 4% 12% 21% 29% 38% Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 黄山旅游 上证综指 | 流通股 (百万) | 729.38 | | --- | --- | | 总市值 (人民币 百万) | 8,737.97 | | 3 个月日均交易额 (人民币 百万) | 110.64 | | 主要股东持股比例 | | | 黄山旅游集团有限公司 | 40.66% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 28 日收市价为标准 相关研究报告 《黄山旅游》20250424 《黄山旅游》20240830 《黄山旅游》20240430 中银国际证券股份有限公司 具备证券投资咨询业务资 ...

长白山（603099.SH） 社会服务/旅游及景区 借力 IP 营销暑期客流高增，Q4 交通改善蓄力新一轮 2025 年 08 月 29 日 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 42.98 | | 一年最高最低(元) | 60.67/22.47 | | 总市值(亿元) | 114.61 | | 流通市值(亿元) | 114.61 | | 总股本(亿股) | 2.67 | | 流通股本(亿股) | 2.67 | | 近 3 个月换手率(%) | 214.7 | 股价走势图 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 长白山 沪深300 数据来源：聚源 相关研究报告 《2025Q1 利润表现承压，关注定增预 案落地进展—公司信息更新报告》 -2025.4.25 《2024Q3 利润端短期承压，期待新冰 雪季提振经营—公司信息更新报告》 -2024.10.29 初敏（分析师） 叶彬慧（联系人） chumin@kysec.cn 证书编号：S07905220800 ...

Market Performance - The tourism and scenic spots sector rose by 1.21% on August 28, with Tianfu Culture and Tourism leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Key Stocks in Tourism Sector - Tianfu Culture and Tourism (000558) closed at 6.42, up 5.77% with a trading volume of 2.815 million shares and a transaction value of 1.774 billion [1] - Other notable performers include: - Caesar Travel (000796) at 5.38, up 5.28% [1] - Qujiang Culture and Tourism (600706) at 10.92, up 3.02% [1] - Xiyu Tourism (300859) at 44.60, up 2.95% [1] - Zhongxin Tourism (002707) at 8.07, up 1.51% [1] Capital Flow Analysis - The tourism and scenic spots sector saw a net inflow of 52.0195 million in main funds, while retail investors experienced a net outflow of 69.5711 million [2] - Notable capital flows include: - Caesar Travel had a main fund net inflow of 14.66 million, but retail investors had a net outflow of 93.9169 million [3] - Xiyu Tourism experienced a main fund net inflow of 24.3052 million, with a retail net outflow of 20.6620 million [3] - Qujiang Culture and Tourism had a main fund net inflow of 18.2792 million, but retail investors faced a net outflow of 26.9226 million [3]

证券之星消息，8月27日旅游及景区板块较上一交易日下跌1.63%，宋城演艺领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600749 | 西藏旅游 | 25.21 | 5.75% | 41.69万 | 10.30亿 | | 000558 | 天府文旅 | 6.07 | 3.06% | 229.03万 | 13.80亿 | | 000888 | 峨眉山Ａ | 14.07 | -0.50% | - 20.06万 | 2.83亿 | | 000524 | 岭南控股 | 13.15 | -0.60% | 19.04万 | 2.52亿 | | 600593 | 大连圣亚 | 33.16 | -1.10% | 5.77万 | 1.93亿 | | 002707 | 众信旅游 | 7.95 | -1.36% | 38.87万 | 3.11亿 | | 661209 | 九华旅 ...

Core Viewpoint - The A-share market is entering a peak period for the disclosure of mid-year performance reports, with all reports expected to be completed by August 29. The market's focus on performance has significantly increased recently [2][5]. Group 1: Performance Overview - As of August 26, 3,233 listed companies have disclosed their mid-year performance reports, achieving a disclosure rate of 60.85% [2]. - The net profit growth rates for the first half of 2025 for all A-shares, non-financial A-shares, and the main board are 9.85%, 6.74%, and 9.23% respectively, indicating sustained economic vitality in the second quarter [7][11]. - The second quarter performance growth is primarily concentrated in cyclical industries, brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. Group 2: Industry Insights - The industries with high growth in Q2 include cyclical sectors (steel, non-ferrous metals, building materials), brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. - Other sectors showing performance potential include TMT (Technology, Media, and Telecommunications), consumer goods, and manufacturing [11][12]. - The current low-priced high-performing sectors are mainly in consumer goods, as well as certain cyclical and manufacturing sectors, including agriculture, new consumption (beverages, personal care products), and medical services [12].

证券之星消息，8月26日旅游及景区板块较上一交易日上涨0.58%，大连圣亚领涨。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600593 | 大连圣亚 | 33.53 | 3.49% | 9.00万 | 2.99亿 | | 660E09 | 长自山 | 43.68 | 3.38% | 14.18万 | 6.17亿 | | 600576 | 祥源文旅 | 8.10 | 2.14% | 34.24万 | 2.78亿 | | 000558 | 天府文旅 | 5.89 | 1.90% | 140.97万 | 8.25亿 | | 600706 | 曲江文旅 | 10.95 | 1.58% | 20.24万 | 2.22亿 | | 000430 | ST张家界 | 7.65 | 1.06% | 6.58万 | 5031.10万 | | 000888 | 峨眉山 A | 14 ...

Group 1 - The stock price of Tibet Tourism fell by 2.00% on August 26, trading at 23.99 CNY per share, with a total market capitalization of 5.445 billion CNY [1] - Year-to-date, Tibet Tourism's stock price has increased by 123.79%, but it has seen a decline of 18.65% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on August 15, where it recorded a net purchase of 25.996 million CNY [1] Group 2 - Tibet Tourism, established on June 27, 1996, operates in the tourism and cultural media sectors, with 76.48% of its revenue coming from tourism attractions [2] - The company reported a revenue of 90.3397 million CNY for the first half of 2025, a year-on-year decrease of 1.49%, while net profit attributable to shareholders increased by 181.22% to 2.0932 million CNY [2] - As of June 30, 2025, the number of shareholders decreased by 3.91% to 25,600, with an average of 8,879 circulating shares per person, an increase of 4.06% [2] Group 3 - Tibet Tourism has distributed a total of 4.7284 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, the ninth largest circulating shareholder is the Fortune CSI Tourism Theme ETF, holding 1.766 million shares, a decrease of 220,400 shares from the previous period [3]

Market Overview - On August 25, the tourism and scenic spots sector rose by 0.46% compared to the previous trading day, with Zhongxin Tourism leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Key stocks in the tourism and scenic spots sector showed varied performance, with Zhongxin Tourism closing at 8.04, up 1.77%, and Lingnan Holdings at 13.30, up 1.53% [1] - Other notable performers included Songcheng Performance at 66.8, up 1.47%, and Emei Mountain A at 14.00, up 0.86% [1] Trading Volume and Value - The trading volume and value for key stocks were significant, with Zhongxin Tourism recording a volume of 481,900 shares and a transaction value of 385 million [1] - Lingnan Holdings had a trading volume of 199,900 shares and a transaction value of 265 million [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 207 million from main funds, while retail investors saw a net inflow of 287 million [2][3] - Notable capital flows included Zhongxin Tourism with a net inflow of 20.3 million from retail investors, despite a net outflow from main funds [3] Individual Stock Analysis - Zhongxin Tourism had a main fund net inflow of 20.3 million, while Songcheng Performance saw a net inflow of 14.4 million from main funds [3] - Conversely, Lingnan Holdings experienced a net outflow of 20.9 million from main funds [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 21.42 and a sector rating of "Outperform" [1][3]. Core Insights - The company's core OTA (Online Travel Agency) business shows steady growth, with a revenue of RMB 4.669 billion in Q2 2025, representing a year-on-year increase of 10.0%. The adjusted net profit reached RMB 775 million, up 18.0% year-on-year. The report emphasizes the company's significant long-term competitive advantages [3][5][8]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of RMB 4.669 billion, with an adjusted EBITDA of RMB 1.185 billion, reflecting a year-on-year growth of 29.7%. The adjusted net profit was RMB 775 million, up 18.0% year-on-year. The core OTA business generated revenue of RMB 4.01 billion, a 13.7% increase year-on-year [3][8]. - The company's gross margin stood at 65.0%, an increase of 0.4 percentage points year-on-year. Cost optimization led to improved profit margins, with the OTA operating profit margin at 26.7%, up 2.4 percentage points year-on-year [8]. Business Segments - Revenue from the accommodation, transportation ticketing, vacation, and other segments in Q2 2025 was RMB 1.37 billion, RMB 1.88 billion, RMB 660 million, and RMB 760 million, respectively. The transportation segment saw a nearly 30% year-on-year increase in international ticket volume [8]. Market Outlook - The domestic travel market remains robust, with cross-border travel continuing to grow. The company is well-positioned to benefit from the industry's growth in lower-tier markets and is actively expanding its business [5][8]. - The report projects the company's net profit for 2025-2027 to be RMB 2.707 billion, RMB 3.369 billion, and RMB 4.082 billion, with corresponding P/E ratios of 17.0, 13.7, and 11.3 times [5][7].