证券之星消息，11月26日旅游及景区板块较上一交易日下跌1.13%，峨眉山Ａ领跌。当日上证指数报收 于3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。旅游及景区板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002707 | 众信旅游 | 743.85万 | 6.61% | -603.02万 | -5.36% | -140.83万 | -1.25% | | 6680003 | 西域旅游 | 275.35万 | 2.31% | -354.74万 | -2.97% | 79.39万 | 0.66% | | 000524 岭南控股 | | 175.00万 | 2.35% | -171.59万 | -2.30% | -3.41万 | -0.05% | | 603136 | 天目湖 | 129.37万 | 4.12% | -201.46万 | -6.42% | 72.08万 ...

截至11月20日，云南旅游股东户数6.89万，较上期增加0.54%；人均流通股14272股，较上期减少 0.54%。2025年1月-9月，云南旅游实现营业收入1.85亿元，同比减少58.72%；归母净利润-1.32亿元，同 比减少196.83%。 分红方面，云南旅游A股上市后累计派现2.12亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，云南旅游十大流通股东中，富国中证旅游主题ETF（159766）位 居第六大流通股东，持股1018.15万股，相比上期增加365.00万股。 今年以来云南旅游已经5次登上龙虎榜，最近一次登上龙虎榜为9月25日。 资料显示，云南旅游股份有限公司位于云南省昆明市盘龙区世博生态城低碳中心B栋1单元16层,17层， 成立日期2000年12月29日，上市日期2006年8月10日，公司主营业务涉及旅游景区运营、旅游地产开 发、旅游交通、园林园艺、会议酒店、旅行社及旅游文化;旅游园区策划设计、高科技游乐设备研发生 产、工程代建等业务。主营业务收入构成为：交通运输41.26%，景区经营39.10%，旅游文化科技 19.54%，旅行社0.10%。 云南旅游所属申万行业 ...

Market Overview - The tourism and scenic spots sector increased by 1.21% on November 25, with Tianfu Culture and Tourism leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - Tianfu Culture and Tourism (000558) closed at 5.89, with a rise of 6.90% and a trading volume of 2.33 million shares, amounting to a transaction value of 1.367 billion yuan [1] - Other notable performers include: - Caesar Travel (000796) at 6.94, up 3.74% [1] - Emei Mountain A (000888) at 13.17, up 2.57% [1] - Three Gorges Tourism (002627) at 6.40, up 2.40% [1] - Xiyu Tourism (300859) at 35.67, up 1.54% [1] Capital Flow - The tourism and scenic spots sector saw a net inflow of 241 million yuan from main funds, while retail funds experienced a net outflow of 116 million yuan [2] - The capital flow for individual stocks indicates: - Tianfu Culture and Tourism had a main fund net inflow of 236 million yuan, but retail funds saw a net outflow of 138 million yuan [3] - Emei Mountain A recorded a main fund net inflow of 56 million yuan, with retail funds experiencing a net outflow of 31 million yuan [3]

Group 1 - The core viewpoint of the news is that Dalian Shengya's stock has shown significant fluctuations, with a year-to-date increase of 34.10% but a recent decline of 9.49% over the last five trading days [1] - As of November 25, Dalian Shengya's stock price was 48.65 CNY per share, with a total market capitalization of 6.346 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 10.86 million CNY, with large orders showing a buy of 45.16 million CNY and a sell of 51.96 million CNY [1] Group 2 - Dalian Shengya's main business revenue composition includes 80.33% from scenic area operations, 13.69% from commercial operations, 3.34% from hotel operations, and 2.62% from animal operations [1] - As of September 30, the number of shareholders decreased by 17.26% to 23,100, while the average circulating shares per person increased by 20.86% to 5,576 shares [2] - For the period from January to September 2025, Dalian Shengya reported a revenue of 429 million CNY, a year-on-year increase of 0.38%, while the net profit attributable to the parent company was 65.97 million CNY, a decrease of 37.27% year-on-year [2] Group 3 - Since its A-share listing, Dalian Shengya has distributed a total of 55.20 million CNY in dividends, with no dividends paid in the last three years [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company demonstrated strong performance in Q3, with revenue growth of 15.5% year-on-year, surpassing Bloomberg's expectation of 14.6% [11] - The Non-GAAP net profit increased significantly by 221.2% to 191.56 billion yuan, primarily due to the sale of a stake in Makemytrip [11] - The adjusted EBITDA related to the main business was 63.5 billion yuan, reflecting an 11.7% increase, which also exceeded expectations [11] Revenue Breakdown - The company's accommodation booking revenue reached 80.5 billion yuan, up 18.3%, while transportation ticketing revenue was 63.1 billion yuan, up 11.6% [12] - International platform revenue is expected to grow by 40%, with Trip.com platform hotel and flight bookings increasing over 60% [12] - Domestic revenue is estimated to have grown about 10%, with hotel night stays maintaining a growth rate of 15% [12] Profitability Analysis - The company's gross margin decreased by 0.7 percentage points year-on-year, attributed to structural impacts from the growth of Trip.com [13] - The operating profit margin (OPM) for the first three quarters showed a gradual improvement in the decline rate, indicating operational efficiency [13] - The company is expected to maintain a total revenue growth rate of over 15% despite short-term fluctuations in international travel [14] Financial Forecasts - The company is projected to achieve Non-GAAP net profits of 318 billion yuan in 2025, with a dynamic PE ratio of 11x [14] - Revenue forecasts for the upcoming years are as follows: 61.86 billion yuan in 2025, 71.40 billion yuan in 2026, and 82.24 billion yuan in 2027, reflecting a steady growth trajectory [5][15]

Investment Rating - The report maintains a "Recommended" rating for the hotel and duty-free industries, indicating a positive outlook for operational improvements in these sectors [1]. Core Viewpoints - Despite the overall pressure on consumption in the current macro environment, a structural recovery trend in certain consumer service sectors is becoming increasingly evident. Operational improvements are being observed, suggesting a gradual exit from the bottom range [4]. - The hotel industry is experiencing an optimization in supply-demand dynamics, with core operational data showing marginal improvements, indicating a mild upward trend in industry prosperity supported by sustained travel demand [4]. - The duty-free industry is expected to benefit from policy incentives, particularly with the upcoming operational phase in Hainan and the continued rollout of related policies, which are anticipated to catalyze new growth opportunities [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services sector experienced a decline of 4.86% this week, while the overall A-share market fell by 5.14%. The CSI 300 index decreased by 3.77% [7][23]. - Notable stocks in the consumer services sector that performed well include Dalian Shengya, Chuangye Heima, and Shangri-La (Asia) [4]. Important Announcements - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, reaching 30.6 billion yuan, with net profit of 1.5 billion yuan [30]. - Ctrip Group's Q3 net operating revenue was approximately 18.3 billion yuan, reflecting a 16% year-on-year growth, with a net profit increase of 192.6% [30]. - Wanwu Xingsheng achieved a total revenue of 5.15 billion yuan in Q3 2025, marking a 27.1% year-on-year increase [30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Bubu Gao on December 11, Guilin Tourism on December 5, and Guangzhou Restaurant on November 28 [31].

Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.32% on November 24, with Tianfu Culture and Tourism leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Key stocks in the tourism sector showed significant increases, with Tianfu Culture and Tourism rising by 4.55% to a closing price of 5.51 [1] Group 2: Stock Performance - Notable performers included: - Tianfu Culture and Tourism (000558): 5.51, +4.55%, 844,600 shares traded, 463 million yuan turnover [1] - Zhongxin Tourism (002707): 6.97, +3.41%, 220,200 shares traded, 152 million yuan turnover [1] - Qujiang Culture and Tourism (600706): 10.60, +3.11%, 101,500 shares traded, 107 million yuan turnover [1] - Conversely, Caesar Travel (000796) saw a decline of 6.69% to 6.69, with a trading volume of 1,428,100 shares and a turnover of 973 million yuan [2] Group 3: Capital Flow - The tourism and scenic spots sector experienced a net outflow of 40.05 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - Specific stock capital flows indicated: - Tianfu Culture and Tourism: -30.41 million yuan from institutional investors [3] - Zhongxin Tourism: +13.34 million yuan from institutional investors [3] - Yunnan Tourism (002059): +10.78 million yuan from institutional investors, but -33.39 million yuan from retail investors [3]

11月24日，三峡旅游盘中上涨2.11%，截至14:07，报6.28元/股，成交5618.13万元，换手率1.26%，总市 值45.50亿元。 分红方面，三峡旅游A股上市后累计派现5.08亿元。近三年，累计派现1.38亿元。 机构持仓方面，截止2025年9月30日，三峡旅游十大流通股东中，鹏华优质治理混合(LOF)A（160611） 位居第四大流通股东，持股1559.18万股，为新进股东。富国中证旅游主题ETF（159766）位居第九大 流通股东，持股1039.71万股，为新进股东。鹏华产业精选混合A（005812）位居第十大流通股东，持股 943.22万股，为新进股东。 责任编辑：小浪快报 资料显示，湖北三峡旅游集团股份有限公司位于湖北省宜昌市港窑路5号，成立日期1998年8月10日，上 市日期2011年11月3日，公司主营业务涉及客运站经营(有效期至2018年7月31日);省际班车客运、省际包 车客运、一类客运班线、旅游客运(有效期至2018年7月31日);国内快递(邮政企业专营业务除外)(有效期 至2020年9月2日);保险兼业代理(限许可证核定的类别,有效期至2018年10月9日);港口机械、设施、设 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 10.8 yuan per share, indicating an expected upside of 11.6% [2][7]. Core Views - The company reported a revenue of 3.16 billion yuan in Q3 2025, a year-on-year increase of 17.2%, but a net profit attributable to shareholders of 54 million yuan, a decrease of 32.9% year-on-year. For the first three quarters of 2025, total revenue reached 8.03 billion yuan, up 13.9% year-on-year, while net profit attributable to shareholders was 121 million yuan, down 21.1% year-on-year [2][7]. - Extreme weather conditions have negatively impacted visitor numbers and revenue, particularly in key tourist areas like Wuzhen and Gubei Water Town, leading to significant declines in both visitor numbers and profits [2][7]. - The company is making steady progress in integrated marketing and travel agency operations, maintaining profitability while servicing high-profile events and corporate marketing activities [2][7]. Financial Summary - **Revenue Forecasts**: The company is projected to achieve total revenues of 11.61 billion yuan in 2025, 12.18 billion yuan in 2026, and 12.64 billion yuan in 2027, with year-on-year growth rates of 16.6%, 4.9%, and 3.8% respectively [2][8]. - **Net Profit Forecasts**: Expected net profits attributable to shareholders are forecasted at 140 million yuan in 2025, 186 million yuan in 2026, and 210 million yuan in 2027, with year-on-year growth rates of -13.0%, 33.4%, and 12.7% respectively [2][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.19 yuan in 2025, 0.26 yuan in 2026, and 0.29 yuan in 2027 [2][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be 49 in 2025, 37 in 2026, and 33 in 2027, while the price-to-book (P/B) ratio remains stable at 1.1 [2][8].

Market Overview - The tourism and scenic spots sector experienced a decline of 3.08% on November 21, with Dalian Shengya leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Dalian Shengya saw a significant drop of 10.00%, closing at 47.34, with a trading volume of 147,500 shares and a transaction value of 714 million [2] - Other notable declines included Tianfu Culture Tourism (-4.18%), Changzi Mountain (-4.08%), and Qujiang Culture Tourism (-3.93%) [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 486 million from main funds, while retail investors saw a net inflow of 461 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Yunnan Tourism had a main fund net inflow of 10.99 million, while it faced a retail net outflow of 32.27 million [3] - Huangshan Tourism and Sanxia Tourism experienced significant net outflows from main funds, at 10.61 million and 11.62 million respectively, while both saw positive retail inflows [3]