Core Viewpoint - The A-share tourism sector is set to welcome a new listing with Shaanxi Tourism Cultural Industry Co., Ltd. planning to issue shares at a price of 80.44 yuan each, heavily relying on its main product, the performance "The Long Song," which constitutes over 57% of its revenue by mid-2025 [1][3]. Group 1: Company Overview - Shaanxi Tourism is adopting a direct pricing method for its online subscription, with an issuance price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 times [3]. - The company has shown steady revenue growth, with projected revenues of 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan for the years 2023, 2024, and the first half of 2025, respectively [3]. - The reliance on "The Long Song" is significant, with its revenue contribution exceeding 50% for the years 2023, 2024, and the first half of 2025, reaching 57.63% in the first half of 2025 [3][4]. Group 2: Investment Plans - Shaanxi Tourism plans to raise 1.555 billion yuan, with nearly half allocated to the construction of the Tai Mountain Show City Phase II project, aiming to replicate the success of "The Long Song" [5][6]. - The company is also investing in various projects, including the acquisition of shares in several tourism-related ventures and the development of new performance and cableway projects [6]. Group 3: Challenges and Risks - The company faces challenges in diversifying its revenue streams, as over-reliance on a single performance product poses risks, especially with changing consumer preferences and increasing competition [4][7]. - The Tai Mountain Show City Phase I project has underperformed, with a low attendance rate of 14.73% for its main performance compared to "The Long Song," which has a much higher attendance rate of 77.98% [6][7]. - The differences in tourism dynamics between Xi'an and Tai'an may impact the success of the new projects, as Tai'an is more of a one-day trip destination, affecting visitor spending and engagement [7][8]. Group 4: Industry Trends - The traditional tourism sector is urged to innovate and adapt to changing consumer demands, focusing on product innovation and enhancing visitor experiences to ensure sustainable growth [8][9]. - The competitive landscape in the tourism performance market is intensifying, necessitating a response to audience fatigue and the emergence of new tourism products [9][10]. - Future growth potential for Shaanxi Tourism lies in expanding its business model, creating new intellectual properties, and leveraging technology for cost efficiency and enhanced content delivery [10].

募集资金半数押注旅游演艺 然而，正是看到《长恨歌》带来的丰厚收益，陕西旅游也迫切想要把这一旅游演艺模式复制到泰山，打 破单一地域和单一产品的依赖。 根据招股书，陕西旅游预计融资15.55亿元，募集资金投入项目包括收购太华索道股权项目、收购瑶光 阁股权项目、收购少华山旅游索道项目、泰山秀城（二期）建设项目、少华山南线索道项目、太华索道 游客中心项目和太华索道服务中心项目。值得一提的是，陕西旅游计划利用7.29亿元募集资金投入泰山 秀城（二期）建设项目。 时隔四年，A股旅游板块即将再次迎来新的上市公司。12月22日，陕西旅游文化产业股份有限公司（以 下简称"陕西旅游"）采用直接定价发行方式进行网上申购，每股发行价格为80.44元。从其主营业务来 看，《长恨歌》演艺为主要产品，2025年上半年，其收入占主营业务收入的比例达57.63%。一方面， 陕西旅游主营业务收入近六成依赖于《长恨歌》；另一方面，其仍计划将募集资金中的近半数金额投资 泰山秀城（二期）建设项目，继续押注旅游演艺业态。但作为传统旅游企业的陕西旅游，未来还将面临 新项目培育期、地域文旅资源差异及产品创新等挑战。 近六成营收依赖《长恨歌》 高位的发行价， ...

Core Viewpoint - The recent collective decline of four new stocks on their debut in the Hong Kong market is attributed to multiple factors, including tightening liquidity and a mismatch between high valuations and fundamental performance [2][4]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, experienced significant declines on their first trading day: Mingji Hospital down 49.46%, Impression Dahongpao down 35.28%, Huazai Bio down 29.32%, and Nanhua Futures down 24.17% [2][6]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have also seen their prices drop on the first day [4]. - In contrast, the overall performance of new stocks throughout 2025 was strong, with 76 out of 102 new listings seeing price increases, and 16 stocks achieving over 100% cumulative gains [5]. Group 2: Market Environment - The Hong Kong stock market is facing a weakening liquidity environment, with average daily trading volume dropping below 200 billion HKD and southbound capital inflows significantly decreasing [2][7]. - Southbound capital net inflow for December 2025 was only 21.91 billion RMB, a stark contrast to previous months where inflows often exceeded 100 billion RMB [8]. Group 3: Factors Behind Weakness - Internal factors contributing to the weak liquidity include new regulations for public funds that may lead to net selling of Hong Kong stocks, as many funds are overexposed compared to their benchmarks [9]. - The high demand for funds in the Hong Kong market is also influenced by a backlog of over 300 companies waiting to go public, which adds pressure to the existing liquidity [9]. Group 4: Individual Stock Fundamentals - Mingji Hospital's high valuation is under scrutiny, with a price-to-earnings (PE) ratio of approximately 29.8, compared to the average PE of 17 for private hospitals in Hong Kong. Its revenue and profit have also declined year-on-year [11][12]. - Impression Dahongpao has similarly reported a decrease in profit, with figures of 42.86 million RMB and 10.23 million RMB for 2024 and the first half of 2025, respectively [12]. Group 5: IPO Mechanism Changes - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially reduce mispricing risks. However, it may also hinder companies with high valuations from recovering through retail investor participation [13].

Core Viewpoint - The recent performance of new stocks in the Hong Kong market has been notably poor, with four new listings experiencing significant declines on their first trading day, marking a rare occurrence of collective price drops among new stocks [1][2]. Group 1: New Stock Performance - Four new stocks listed on December 22, 2025, saw substantial declines: Ming Kee Hospital down 49.46%, Impression Da Hong Pao down 35.28%, Huazai Biotechnology down 29.32%, and Nanhua Futures down 24.17% [1][3]. - This trend of new stocks underperforming is not isolated; over half of the 17 new stocks listed in December 2025 have experienced price drops on their first day [2]. Group 2: Market Conditions - The overall liquidity environment in the Hong Kong market has tightened, with daily trading volumes falling below HKD 2 trillion, and southbound capital inflows significantly reduced [1][4]. - Southbound capital net inflows for December 2025 were only HKD 21.91 billion, a stark contrast to previous months where inflows often exceeded HKD 100 billion [5][6]. Group 3: Factors Influencing Performance - The decline in new stock performance is attributed to multiple factors, including tightening liquidity and high valuations not aligning with fundamental performance [1][7]. - Specific to Ming Kee Hospital, its price-to-earnings (PE) ratio was approximately 29.8 times, significantly higher than the average PE of 17 times for the private hospital sector in Hong Kong [8][10]. - The company's revenue for the first half of 2025 was reported at HKD 1.312 billion, a decline of 1.34% year-on-year, with net profit also decreasing by 23.18% [8]. Group 4: IPO Mechanisms - The introduction of "Mechanism B" for IPOs allows issuers to set a lower limit on the public offering portion, which can lead to smaller trading volumes and potentially lower the risk of price drops [9][10]. - However, this mechanism can also backfire for companies with high valuations and weak demand, as it lacks a mechanism to adjust allocations to retail investors [10].

时隔四年，A股旅游板块即将再次迎来新的上市公司。12月22日，陕西旅游文化产业股份有限公司（以 下简称"陕西旅游"）采用直接定价发行方式进行网上申购，每股发行价格为80.44元。从其主营业务来 看，《长恨歌》演艺为主要产品，2025年上半年，其收入占主营业务收入的比例达57.63%。一方面， 陕西旅游主营业务收入近六成依赖于《长恨歌》；另一方面，其仍计划将募集资金中的近半数金额投资 泰山秀城（二期）建设项目，继续押注旅游演艺业态。但作为传统旅游企业的陕西旅游，未来还将面临 新项目培育期、地域文旅资源差异及产品创新等挑战。 | | | | | | | | 单位: 万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | 长恨歌演艺收入 | 29.548.77 | 57.63% | 68.081.19 | 54.28% | 54.157.80 ...

Core Viewpoint - The Hong Kong Stock Exchange welcomed four companies, including Impression Dahongpao Co., Ltd., Huashan Biotechnology (Qingdao) Co., Ltd., Mingki Hospital Group Co., Ltd., and Nanhua Futures Co., Ltd., to list simultaneously, showcasing the growing interest in the market [1] Group 1: Company Listings - Impression Dahongpao issued 36.1 million shares at an offering price of HKD 3.6 per share, raising approximately HKD 130 million, which will be used for upgrading its signature performance and expanding its business influence [1] - Huashan Biotechnology offered around 17.65 million shares at an issue price of HKD 38.2 per share, raising about HKD 670 million, aimed at supporting the clinical development and commercialization of its products [1] Group 2: Role of Huafu International - Huafu International acted as the joint bookrunner and lead underwriter for the successful issuance of Impression Dahongpao and Huashan Biotechnology, highlighting its cross-border service capabilities and professional execution as a Chinese securities firm in Hong Kong [1]

今日港股四只新股上市首日集体破发。截至收盘，明基医院(02581.HK)、印象大红袍(02695.HK)、华芢 生物(02396.HK)、南华期货(02691.HK)分别下跌49.46%、35.28%、29.32%和24.17%。据Wind数据显 示，明基医院今日跌幅已超海螺材料科技(02560.HK)1月9日47.67%的跌幅，创下年内港股新股首日最差 表现。 ...

来源：新浪港股 国有文旅服务企业印象大红袍 （02695） 、生物制药公司华芢生物-B （02396） 、内地民营综合医院 明基医院 （02581） 、期货公司南华期货 （02691） 4只新股首日挂牌，均逆市破发。 华芢生物开报33.8港元，较招股价38.2元低11.5%，每手200股，一手帐面亏880元。 公司基石投资者包括禾荣科技、合富（中国）及苏州战兴，合共认购发售总数的49.63%。 印象大红袍开报3.26港元，较招股定价3.6元低9.4%，每手1000股，一手帐面蚀340元。 公司主要经营基于武夷山茶文化的旅游演艺和文旅配套服务，业务包括三个主要分部：演出及表演服 务、印象文旅小镇业务、茶汤酒店业务。公司以张艺谋等执导的《印象·大红袍》实景演出为核心收入 来源（占比超85%）。 公司获超购超3400倍，联席保荐人为兴证国际及铠盛。公司上周五在港股主流三大暗盘表现分化，辉 立、耀才潜水约3%，但富途则收涨11%。 公司主攻伤口愈合疗法，是一家未盈利的生物制药公司，专注于开发蛋白质药物，专注于血小板衍生生 长因子（PDGF）药物。 公司没有引入基石投资者。华泰国际、中信证券为联席保荐人。 明基医院开报 ...

证券日报网讯 12月15日，宋城演艺（300144）在互动平台回答投资者提问时表示，灵隐寺实行免费开 放政策有望吸引更多潜在客流。其次，杭州宋城景区与灵隐寺同处于西湖风景区及其周边区域，两者相 距约11公里，距离相对较近。杭州宋城景区有望在一定程度上受益于灵隐寺带来的客流辐射效应。 ...

"侨心铸史·嘉庚之光"AI剧本游活动现场。 AI剧本游在线页面。 泉州市丰泽区侨联供图 在温州市龙湾区寺前街，游客戴上AR眼镜，体验"人生八禧"为主题的时空漫游项目。 青田县"夜游太鹤湖"AR项目，游客透过AR视窗看到的效果图。 青田县农业旅游发展投资有限公司供图 拿起手机，在一场AI剧本游中"穿越"百年；登上游船，透过AR视窗回到昔日的繁华埠头；坐在剧 场，透过AI概念音乐剧与历史人物实现对话……时下，走进各地侨乡，科技与人文交织的文旅新场景 正不断涌现。这些充满巧思的"新玩法"，将侨乡的历史与文化元素，转化为可感知、可互动的生动旅 程，为游客带来耳目一新的体验。 用AI当一回"侨史主角" 这几天，福建省泉州市丰泽区光明城文武坊街区很热闹。不少市民游客与侨界青年化身"玩家"，参 与了一场侨史主题"剧本游"。 在这场"侨心铸史·嘉庚之光"AI剧本游活动中，参与者可使用手机上的专属APP或小程序，阅读"剧 本"，选择"穿越"身份，化身心系家国的南洋归侨，或肩负使命的南侨机工后裔，成为爱国华侨陈嘉庚 与南洋华侨故事里的"关键人物"。 选定角色后，泉州的南少林寺、光明城文武坊街区便成为游戏的舞台。"玩家"根据剧情指 ...