Core Insights - The Dunhuang Mogao Caves are experiencing a significant increase in visitor numbers during the summer tourism peak, with reservations notably higher compared to the same period in 2024 [1] - The Dunhuang Research Institute has proactively initiated an emergency visiting mode and introduced various service measures to meet the demands of tourists [1] Industry Developments - The Mogao Caves scenic area has enhanced its cultural tourism experience by offering a range of activities beyond traditional visits, including digital films and guided tours of physical caves [1] - The "Seeking the Realm of Dunhuang" digital exhibition hall allows visitors to wear VR glasses for an immersive experience, enabling them to explore the details of Cave 285 in a 360-degree format [1] - The Dunhuang Caves Cultural Relics Protection Research Display Center features eight 1:1 replica caves, catering to visitors who wish to experience more of the physical cave environment [1]

丨证券研究报告丨 行业研究丨专题报告丨消费者服务Ⅱ [Table_Title] 社会服务行业 2024A&2025Q1 业绩综述：青山 愈显处，韧行见新章 报告要点 [Table_Summary] 2024 年，社会服务行业整体营业收入同比+0.97%，较 2019 年提升 13.71%，酒店、景区、餐 饮等出行链子行业受益于需求韧性、龙头扩张份额提升等，经营修复持续向好，2024 年营收分 别同比+1.4%/+0.9%/+3.2%，2025Q1 进一步改善。各板块利润层面表现分化，社服行业整体 归母净利润同比下降 43.61%，恢复至 2019 年的 50.08%，其中景区/人资/酒店/餐饮/免税/出境 游/教育分别同比+61.49%/+56.11%/-4.67%/-36.59%/-54.84%/-99.55%/减亏。2025Q1，行业整 体营收同比-1.58%，较 2019 年同期提升 23.45%；归母净利润同比-5.9%，系免税等板块拖累。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健 ...

丨证券研究报告丨 行业研究丨专题报告丨消费者服务Ⅱ [Table_Title] 社会服务行业 2024A&2025Q1 业绩综述：青山 愈显处，韧行见新章 报告要点 [Table_Summary] 2024 年，社会服务行业整体营业收入同比+0.97%，较 2019 年提升 13.71%，酒店、景区、餐 饮等出行链子行业受益于需求韧性、龙头扩张份额提升等，经营修复持续向好，2024 年营收分 别同比+1.4%/+0.9%/+3.2%，2025Q1 进一步改善。各板块利润层面表现分化，社服行业整体 归母净利润同比下降 43.61%，恢复至 2019 年的 50.08%，其中景区/人资/酒店/餐饮/免税/出境 游/教育分别同比+61.49%/+56.11%/-4.67%/-36.59%/-54.84%/-99.55%/减亏。2025Q1，行业整 体营收同比-1.58%，较 2019 年同期提升 23.45%；归母净利润同比-5.9%，系免税等板块拖累。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健 ...

Core Viewpoint - The company Xi'an Qujiang Cultural Tourism Co., Ltd. (referred to as "Qujiang Culture Tourism") is experiencing a significant disparity between the booming tourism market in Xi'an and its own poor financial performance, continuing to face losses and operational challenges despite high visitor numbers at its attractions [2][6]. Group 1: Tourism Market Performance - During the "May Day" holiday in 2025, Xi'an received 14.75 million tourists, a year-on-year increase of 5.2%, with total spending reaching 12.33 billion yuan, up 7.55% [2]. - Qujiang Culture Tourism operates popular attractions such as the Tang Paradise and the Big Wild Goose Pagoda, which attract large crowds, especially during holidays, contributing significantly to the local tourism economy [3][4]. Group 2: Financial Performance - In 2024, Qujiang Culture Tourism reported total revenue of 1.253 billion yuan, a decrease of 16.68% year-on-year, and a net loss of 131 million yuan, although the loss narrowed compared to the previous year [6][7]. - The company has faced continuous net losses for three consecutive years, with losses of 248 million yuan in 2022, 195 million yuan in 2023, and 131 million yuan in 2024 [6][8]. Group 3: Operational Challenges - The company is criticized for its management and operational capabilities, with suggestions to optimize its management and expand consumer spaces around its attractions to enhance revenue [5][9]. - Qujiang Culture Tourism's business model, primarily based on light asset operations, has led to high accounts receivable, with a balance of 1.177 billion yuan as of December 31, 2024, which poses risks to cash flow and profitability [10]. Group 4: Debt and Shareholder Issues - The company's controlling shareholder, Xi'an Qujiang Tourism Investment Group, is facing significant debt issues, with debts and guarantees exceeding 500 million yuan, leading to judicial actions for debt recovery [10][11]. - Recent announcements indicate that shares held by the controlling shareholder are subject to auction due to debt pressures, which may impact the company's financial stability [11].

年 报 显 示 ， 截 至 2024 年 末 ， 张 家 界 资 产 负 债 率 高 达 86.12%，一年内到期的非流动负债较上年末增加22.83%， 占公司总资产比重上升6.49%，短债偿还压力巨大。 作者：叶心冉 封图：图虫创意 5月15日晚，ST张家界（000430.SZ）发布公告称，公司及子公司被湖南建工集团有限公司（下 称"湖南建工"）起诉至张家界市中级人民法院，涉诉金额高达3.86亿元。5月16日收盘，张家界股 价7.41元/股，跌幅3.39%，总市值30亿元。 2024年年报显示，张家界流动负债高达69.95亿元，流动资产仅有1.01亿元。五年累亏13.09亿元的 张家界已经于2024年10月启动预重整。 根据5月15日的公告，2016年6月，ST张家界、湖南建工与上海市政总院签订《建设项目工程总承 包合同》，约定由湖南建工负责张家界市南门口特色街区项目施工（即大庸古城项目），上海市政 总院负责设计，ST张家界授权大庸古城作为合同履行主体，案涉工程总工期1744天。湖南建工认 为，因被告与第三人的共同过错导致工期延误共计1070天，自身遭受重大损失，故而请求被告及 第三人承担相应赔偿责任。 2 ...

Core Points - The article discusses the ongoing complaints from tourists regarding shuttle services at scenic spots, particularly during peak travel periods like Qingming and May Day holidays [1][3] - It highlights the issues of high fees, long wait times, and poor service quality associated with these shuttle services, raising questions about their pricing models and operational efficiency [3][11] Group 1: Tourist Complaints - Tourists have reported high shuttle fees and long waiting times, leading to a negative experience at various scenic spots [1][3] - Specific examples include the Huangguoshu Scenic Area in Guizhou, where the shuttle parking is located far from the entrance, and the need to return to a distant town to purchase tickets for the Changbai Mountain scenic area [3][9] - The majority of complaints are concentrated in natural scenic areas, particularly those with "mountain," "river," or "lake" in their names, indicating a trend in visitor dissatisfaction [3][9] Group 2: Operational Challenges - The design of shuttle services in mountainous and natural scenic areas is often a necessity due to ecological protection and the geographical layout of the sites [7][9] - Some scenic areas, like Emei Mountain, require shuttles due to the vast distances between attractions, which can take hours to traverse on foot [9][11] - There are concerns that some scenic spots intentionally place visitor centers far from main attractions to increase reliance on shuttle services, thereby raising costs for tourists [9][11] Group 3: Revenue Models - The shift in revenue models for scenic areas has led to increased reliance on secondary income sources, such as shuttle services, due to stricter controls on ticket prices [15][16] - Data shows that ticket revenue as a percentage of total income has been declining, prompting scenic areas to explore alternative revenue streams [15][16] - For instance, the revenue from shuttle services and cable cars at Emei Mountain accounts for over 40% of its total income, indicating a significant reliance on these services for financial sustainability [17] Group 4: Service Quality and Improvement - Tourists express dissatisfaction not only with pricing but also with the overall service quality of shuttle operations, which often fails to meet expectations [20][22] - High-profile incidents, such as long wait times during peak seasons, have led to calls for refunds and highlighted the need for improved service standards [22] - The article suggests that addressing these complaints could serve as a catalyst for scenic areas to enhance their service offerings and improve visitor experiences [20][22]

证券研究报告——晨会聚焦 2025 年 5 月 16 日 中银晨会聚焦-20250516 ■重点关注 【宏观经济】4 月金融数据点评*张晓娇 朱启兵。4 月新增社融和新增信贷 偏弱，主要是受美国关税政策冲击；但 4 月数据中仍反映出积极的财政政策 落地速度较快、居民购房需求仍在恢复趋势当中；5 月国内宏观政策加大宽 松力度、海外经贸形势出现较大变化，我们预计将提振二季度经济预期。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3380.82 | (0.68) | | 深证成指 | 10186.45 | (1.62) | | 沪深 300 | 3907.20 | (0.91) | | 中小 100 | 6321.96 | (1.34) | | 创业板指 | 2043.25 | (1.92) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 美容护理 | 3.68 | 计算机 | (2.97) | | 煤炭 | 0.42 | 通信 | (2.45) ...

河上街景区除了丰富的文化演艺活动及常态化开放的神州鸟园夜场，还推出了非遗民俗、国潮演出、网 红打卡、欢乐巡游等特色文旅活动，通过不断打造精品活动，让夜生活更加新奇、好玩，吸引更多游客 为"可参与的烟火气"买单。 夜经济是经济，更是生活。步入河上街布衣巷，烤脑花、老酸奶、冰糖马蹄莲、香港鸡蛋仔等近百种特 色小吃，令人垂涎欲滴，吸引了各地游客。河上街景区周边的潮州菜馆、薄记烩面、菊花雪花酪等几十 家品牌餐饮门店，同样食客如云。 品过美食，手握一杯蜜雪冰城的饮料，沿河而行，乘坐古色古香的"画舫游船"，与三五好友欣赏夜景， 听河水潺潺，好不惬意。 走进神州鸟园北门处的"漯河礼物"旗舰店，仿佛踏入了一座漯河文化展示馆，这里融入漯河文化元素的 创意手工艺品让人目不暇接。 暮色四合，"夜漯河"的精彩在河上街景区拉开帷幕。 这一切，得益于漯河市坚持"文化点亮城市、产业彰显特色、创新引领未来"，突出"四个拉动"协同发 力，推动文化内涵丰富向文旅产业蝶变迈出的实质性步伐。据统计，去年，河上街景区接待游客800多 万人次，旅游综合收入15亿元。 夜游、夜健、夜食、夜展、夜秀、夜娱、夜购、夜宿八大主题场景，美食、演艺、游船、非遗等2 ...

Core Insights - The implementation of the 240-hour visa-free transit policy has significantly boosted China's inbound tourism market during the recent "May Day" holiday, with a 130% year-on-year increase in inbound travel orders reported by Ctrip [6][5][12] - Various regions in China are actively promoting their unique cultural and tourism offerings to attract foreign visitors, leading to a notable rise in inbound tourist numbers across multiple destinations [10][11][14] Group 1: Inbound Tourism Growth - The inbound tourism market in China has seen a strong recovery, with a reported 1,089.6 million people entering and exiting the country during the "May Day" holiday, marking a 28.7% increase compared to the previous year [7] - The peak day for inbound and outbound travel was May 3, with 2.297 million people crossing borders on that day [7] - The demand for cultural experiences among foreign tourists is evolving towards deeper and higher-quality engagements, with local culinary experiences seeing a 6.8-fold increase in orders [10] Group 2: Policy Support and Infrastructure - A series of facilitative policies, including the 30-day visa-free entry for South Korean passport holders, have contributed to the influx of tourists, with efficient border control processes reported [7][9] - The introduction of optimized tax refund policies for departing tourists is expected to further stimulate inbound consumption [8][9] - Enhanced transportation networks, such as direct train services from Vietnam to Yunnan, have made it easier for foreign tourists to enter China [9] Group 3: Regional Highlights - Various regions, including Sichuan and Shaanxi, have reported significant increases in inbound tourist numbers, with Sichuan seeing a 114% rise in inbound travel orders during the holiday [14] - The Shanghai cruise port experienced a record high of nearly 30,000 inbound and outbound passengers on May 5, showcasing the popularity of cruise tourism [11] - Cultural events and local experiences, such as the "Long River Night Tour" in Wuhan, have attracted international visitors, contributing to a 70% increase in inbound travel orders [12][13]

Core Viewpoint - ST Zhangjiajie is facing a lawsuit from Hunan Construction Group for a total amount of 386 million yuan, which is part of ongoing financial difficulties and restructuring efforts [1][2][3] Group 1: Legal Issues - Hunan Construction Group filed a lawsuit against ST Zhangjiajie and its subsidiary, Duyong Ancient City Development Co., claiming damages due to project delays [1][2] - The lawsuit involves a construction contract for the Duyong Ancient City project, with claims of significant losses due to delays attributed to both ST Zhangjiajie and a third-party design firm [2][3] - The total amount claimed in the lawsuit is 386 million yuan, with additional claims for priority repayment rights and joint liability for debts [3] Group 2: Financial Performance - ST Zhangjiajie reported a net loss of 582 million yuan in 2024, marking the largest loss since its listing, primarily due to the underperformance of Duyong Ancient City [4][5] - The company has experienced continuous losses since 2020, with cumulative losses increasing each year, totaling 2.39 billion yuan in 2023 [5] - As of the first quarter of 2025, ST Zhangjiajie had total assets of 2.1 billion yuan and total liabilities of 1.82 billion yuan, resulting in a debt-to-asset ratio of 87.55% [5] Group 3: Restructuring Efforts - The company is currently undergoing a pre-restructuring process, which has been extended until July 16, 2025, to facilitate potential recovery [4] - A total of 47 potential investors have expressed interest in the restructuring process, with 45 submitting investment proposals [5] - The company aims to leverage new investments to revitalize its tourism assets and improve operational capabilities, focusing on sustainable development [5]