Core Viewpoint - Xi'an Tourism's stock price has shown a positive trend with a year-to-date increase of 7.38%, indicating a recovery in the tourism sector despite a decline in revenue [1][2]. Group 1: Stock Performance - On January 15, Xi'an Tourism's stock rose by 2.06%, reaching 13.38 CNY per share, with a trading volume of 2.60 billion CNY and a turnover rate of 8.40% [1]. - The company has experienced a 6.61% increase over the last five trading days, a 9.05% increase over the last 20 days, and a 9.85% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Xi'an Tourism reported an operating income of 3.80 billion CNY, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders was -8034.09 million CNY, reflecting a year-on-year increase of 7.48% [2]. - The company has cumulatively distributed 1.10 billion CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xi'an Tourism was 60,000, a decrease of 6.24% from the previous period, while the average circulating shares per person increased by 6.66% to 3,923 shares [2]. - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF holds 3.33 million shares, an increase of 1.17 million shares from the previous period, while the Huaxia China Securities Tourism Theme ETF holds 757,100 shares, an increase of 242,000 shares [3]. Group 4: Business Overview - Xi'an Tourism, established on December 31, 1996, and listed on September 26, 1996, operates primarily in domestic commerce, food services, material supply, residential services, and tourism services [1]. - The company's main business revenue composition includes travel agency services (63.83%), hotel industry (24.46%), leasing (5.46%), commerce (2.75%), other services (2.56%), and amusement parks (0.94%) [1].

Group 1 - Yunnan Tourism's stock price increased by 2.02% on January 14, reaching 5.55 CNY per share, with a trading volume of 1.79 billion CNY and a market capitalization of 56.19 billion CNY [1] - The company experienced a net inflow of main funds amounting to 17.07 million CNY, with significant buying and selling activities recorded [1] - Year-to-date, Yunnan Tourism's stock has risen by 3.16%, with a 2.21% increase over the last five trading days and a 4.91% increase over the last twenty days [1] Group 2 - As of December 31, Yunnan Tourism had 65,200 shareholders, a decrease of 3.79% from the previous period, while the average circulating shares per person increased by 3.94% to 15,068 shares [2] - For the period from January to September 2025, Yunnan Tourism reported an operating revenue of 185 million CNY, a year-on-year decrease of 58.72%, and a net profit attributable to shareholders of -132 million CNY, a decrease of 196.83% [2] Group 3 - Since its A-share listing, Yunnan Tourism has distributed a total of 212 million CNY in dividends, with no dividends paid in the last three years [3] - As of September 30, 2025, the sixth largest circulating shareholder of Yunnan Tourism is the Fortune China Securities Tourism Theme ETF, holding 10.18 million shares, an increase of 3.65 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Tibet Tourism's stock has shown a positive trend with a 3.81% increase year-to-date and a 2.07% increase on January 14, reaching a price of 17.73 yuan per share [1][2] - As of January 14, the trading volume was 91.06 million yuan with a turnover rate of 2.28%, and the total market capitalization was 4.024 billion yuan [1] - The company reported a 5.43% year-on-year decrease in operating revenue for the first nine months of 2025, amounting to 161 million yuan, while the net profit attributable to shareholders increased by 62.44% to 32.56 million yuan [2] Group 2 - Tibet Tourism's main business revenue composition includes 69.50% from tourism scenic spots, 13.95% from tourism services, 8.46% from other supplementary services, 7.40% from cultural tourism, and 0.69% from tourism commerce [2] - The company has seen a significant increase in the number of shareholders, with 53,000 shareholders as of September 30, 2025, an increase of 107.48% compared to the previous period [2] - The company has not distributed any dividends in the last three years, with a total payout of 4.7284 million yuan since its A-share listing [3]

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

Core Insights - The tourism and scenic spots sector experienced a decline of 0.92% on January 13, with *ST Zhang leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Sector Performance - Notable gainers in the tourism sector included: - Shaanxi Tourism (603402) with a closing price of 146.00, up 5.42% [1] - Zhongxin Tourism (002707) with a closing price of 7.51, up 2.88% [1] - Changzi Mountain (603099) with a closing price of 45.92, up 0.81% [1] - Major decliners included: - *ST Zhang (000430) with a closing price of 7.42, down 2.88% [2] - Caesar Culture (000796) with a closing price of 6.41, down 2.88% [2] - Sanxia Tourism (002627) with a closing price of 7.73, down 2.52% [2] Capital Flow - The tourism and scenic spots sector saw a net outflow of 365 million yuan from main funds, while retail investors contributed a net inflow of 275 million yuan [2] - The main funds' net inflow for notable companies included: - Changzi Mountain (603099) with a net inflow of 25.20 million yuan [3] - Zhongxin Tourism (002707) with a net inflow of 15.73 million yuan [3] - Dalian Shengya (600593) with a net inflow of 14.02 million yuan [3]

Core Viewpoint - The stock of China Three Gorges Tourism has experienced fluctuations, with a recent decline of 2.02% and a total market value of 5.63 billion yuan, despite a year-to-date increase of 4.72% [1] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 609 million yuan, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 23.29% to 85.87 million yuan [3] - Since its A-share listing, the company has distributed a total of 508 million yuan in dividends, with 138 million yuan distributed over the past three years [4] Stock Market Activity - As of January 13, the stock price was 7.77 yuan per share, with a trading volume of 123 million yuan and a turnover rate of 2.18% [1] - The stock has seen a significant increase over various time frames: 9.28% over the last five trading days, 12.12% over the last 20 days, and 34.66% over the last 60 days [1] Shareholder Information - As of January 9, the number of shareholders increased by 5.01% to 20,900, with an average of 34,231 circulating shares per person, a decrease of 4.77% [3] - Notable new institutional shareholders include Penghua Quality Governance Mixed Fund, holding 15.59 million shares, and other funds entering the top ten shareholders [4] Business Overview - The company, established in 1998 and listed in 2011, operates in various sectors including tourism services, transportation, and logistics, with tourism services contributing 34.47% to total revenue [2]

Core Insights - The 2026 Spring Festival holiday will last for 9 days from February 15 to February 23, marking the longest Spring Festival holiday in history [1] - The Spring Festival is a crucial driver of domestic tourism in China, with 5.01 billion domestic trips and a total expenditure of 677 billion yuan during the 2025 holiday, reflecting a year-on-year growth of 5.9% and 7.0% respectively [1] - The tourism market is already experiencing a surge in activity, with over 3 million flight tickets booked for the 2026 Spring Festival as of January 9, showing a 20% increase in daily bookings compared to the same period last year [1] Company and Industry Highlights - Key tourism and travel-related stocks with significant institutional interest include: - Songcheng Performance (300144.SZ) with 160 institutional visits and a price increase of 222.57% [2] - Guangdong Expressway (000429.SZ) with 156 visits and a price increase of 229.04% [2] - Three Gorges Tourism (002627.SZ) with 143 visits and a price increase of 57.46% [2] - Sichuan Chengyu (601107.SH) with 115 visits and a price increase of 174.00% [2] - Baiyun Airport (600004.SH) with 100 visits and a price increase of 244.58% [2] - Other notable stocks with high institutional visits include HNA Holding (600221.SH) with 66 visits and a price increase of 753.11%, and China Duty Free (601888.SH) with 32 visits and a price increase of 1954.90% [2][3] - Stocks with high price increase frequency over the past year include: - Caesar Travel (000796.SZ) with 13 price limit increases [3] - Tibet Travel (600749.SH) and Haikou Group (603069.SH) each with 10 price limit increases [3]

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.22% on January 12, with C Shaanxi Tourism leading the gains, reflecting positive market sentiment in the industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1]. - C Shaanxi Tourism (603402) saw a significant increase of 6.71%, closing at 138.50, with a trading volume of 127,200 hands and a transaction value of 1.86 billion [1]. - Other notable performers included: - Three Gorges Tourism (002627) up by 3.66% to 7.93 with a transaction value of 232 million [1]. - Songcheng Performance (300144) up by 1.92% to 8.48 with a transaction value of 489 million [1]. Group 2: Capital Flow - The tourism and scenic spots sector experienced a net outflow of 102 million from main funds, while retail investors contributed a net inflow of 221 million [2]. - The capital flow for key stocks included: - C Shaanxi Tourism had a main fund net inflow of 88.99 million, while retail funds saw a net outflow of 0.87 million [3]. - China Youth Travel (600138) had a main fund net inflow of 49.12 million, with retail funds experiencing a net outflow of 2.33 million [3]. - Three Gorges Tourism (002627) had a main fund net inflow of 12.26 million, while retail funds saw a net outflow of 25.97 million [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Market Overview - The tourism and scenic spots sector declined by 0.59% on January 8, with C Shaanxi Tourism leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable gainers included *ST Zhang Gu with a closing price of 7.82, up 2.89%, and Xiangyuan Cultural Tourism at 6.60, up 2.01% [1] - C Shaanxi Tourism saw a significant decline of 6.27%, closing at 132.00, with a trading volume of 80,500 shares and a turnover of 1.059 billion yuan [2] - Other notable decliners included Changzi Mountain down 2.88% and Dalian Shengya down 2.48% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 273 million yuan from main funds, while retail investors saw a net inflow of 279 million yuan [2][3] - The main funds showed a net inflow in Jiang Co. with 16.94 million yuan, while significant outflows were noted in Huangshan Tourism and other companies [3] Individual Stock Analysis - *ST Zhang Gu had a net inflow of 4.45 million yuan from main funds, while it faced a net outflow from retail investors [3] - Xiangyuan Cultural Tourism had a net inflow of 13.32 million yuan from main funds, but also saw outflows from retail investors [3] - The performance of stocks like Sanxia Tourism and Qujiang Cultural Tourism indicated mixed capital flows, with some experiencing net inflows from retail investors despite overall sector declines [3]