Core Viewpoint - The tourism and scenic spots sector experienced a rise of 1.31% on January 29, with Emei Mountain A leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The tourism and scenic spots sector saw a notable increase, with Emei Mountain A closing at 13.78, up by 4.16% [1] - Other significant gainers included Lingnan Holdings at 12.84, up by 3.97%, and Huangshan Tourism at 12.26, up by 3.11% [1] - The overall trading volume for Emei Mountain A was 259,700 shares, with a transaction value of 354 million yuan [1] Group 2: Capital Flow - The tourism and scenic spots sector had a net inflow of 24.06 million yuan from main funds, while retail funds saw a net inflow of 82.52 million yuan [2] - Conversely, speculative funds experienced a net outflow of 107 million yuan [2] - The individual stock capital flow data indicates that Lingnan Holdings had a main fund net inflow of 27.80 million yuan, while Emei Mountain A had a net inflow of 24.35 million yuan [3]

旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

从资金流向上来看，当日旅游及景区板块主力资金净流出1.93亿元，游资资金净流出169.22万元，散户资 金净流入1.95亿元。旅游及景区板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600593 | 大连圣亚 | 47.38 | 2.98% | 9.03万 | 4.22亿 | | 002707 | 众信旅游 | 7.90 | 1.80% | 40.45万 | 3.18亿 | | 600054 | 黄山旅游 | 11.89 | 1.19% | 8.36万 | 9916.21万 | | 000610 | 西安旅游 | 12.50 | 0.48% | 6 9.41万 | 1.17亿 | | 603099 | 长自山 | 43.16 | 0.42% | 6.22万 | 2.69亿 | | 002059 | 云南旅游 | 5.42 | 0.37% | 10.89万 | 5889.49万 | | 600138 | 中青旅 | 9.72 | 0.21% | 14.55万 | 1.4 ...

Market Overview - The tourism and scenic spots sector experienced a decline of 1.65% on January 27, with Sanxia Tourism leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Notable stock performances included: - Tianfu Culture and Tourism (000558) closed at 5.30, up 2.32% with a trading volume of 452,200 shares and a turnover of 236 million yuan [1] - Sanxia Tourism (002627) closed at 9.02, down 5.25% with a trading volume of 450,900 shares and a turnover of 411 million yuan [2] - Other stocks like Jiu Hua Tourism (661809) and Lingnan Holdings (000524) also saw declines of 0.61% and 0.72% respectively [1][2] Capital Flow - The tourism and scenic spots sector saw a net outflow of 440 million yuan from main funds, while retail investors contributed a net inflow of 418 million yuan [2] - The detailed capital flow for selected stocks showed: - Tianfu Culture and Tourism had a main fund net inflow of 41.04 million yuan, but retail investors had a net outflow of 22.57 million yuan [3] - Jiu Hua Tourism experienced a net outflow from main funds of 0.28% while retail investors had a net inflow of 0.55% [3]

Core Viewpoint - The tourism and scenic spots sector experienced a decline of 1.7% on January 26, with Zhongxin Tourism leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1]. Group 1: Market Performance - The tourism and scenic spots sector saw a significant drop, with Zhongxin Tourism's stock price falling by 5.49% to 7.92, with a trading volume of 674,700 shares and a transaction value of 542 million yuan [2]. - Other notable declines included Xizang Tourism down 3.46% to 17.02, and Caesar's Rotating Industry down 3.03% to 6.09 [2]. - The overall sector faced a net outflow of 555 million yuan from main funds, while retail investors saw a net inflow of 462 million yuan [2]. Group 2: Individual Stock Performance - Huangshan Tourism had a main fund net inflow of 4.12%, while retail investors contributed a net inflow of 2.23% [3]. - Guilin Tourism experienced a net inflow of 1.86% from speculative funds but a net outflow of 5.01% from retail investors [3]. - The stock of Xizang Tourism saw a net outflow of 4.73% from main funds, despite a net inflow of 5.58% from speculative funds [3].

Investment Rating - The industry is rated as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [2][49]. Core Insights - The social service sector has shown steady growth in consumer retail sales, with a 3.7% year-on-year increase in 2025, reaching a total of 50.12 trillion yuan. Urban retail sales grew by 3.6%, while rural sales increased by 4.1% [5][30]. - The sector experienced a 4.78% increase in the first two trading weeks of 2026, ranking 8th among 31 industries in the Shenwan classification [2][13]. - The introduction of duty-free shops at 41 ports is expected to enhance consumer spending and support the recovery of the tourism and retail sectors [5][30]. Summary by Sections Market Review & Industry Dynamics - The social service sector outperformed the CSI 300 index by 5.97 percentage points during the first two weeks of 2026, with notable increases in sub-sectors such as professional services (+7.65%) and hotel and catering (+4.75%) [2][13][17]. - The overall consumer spending and income levels are on the rise, with per capita disposable income reaching 43,377 yuan, a 5.0% increase year-on-year [5][30]. Investment Recommendations - Companies with strong growth potential in the travel and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co. [5][42]. - The report suggests focusing on hotel brands like Jinjiang Hotels and ShouLai Hotels, which are expected to benefit from the recovery of business travel and increased market share [5][42]. - Companies in the cross-border tourism market, such as China Duty Free Group and Wangfujing, are also highlighted due to the anticipated recovery in airport duty-free sales [5][42]. Company Dynamics & Announcements - The report notes significant developments, such as the establishment of new duty-free shops at 41 ports, which is expected to boost consumer spending [30]. - Other company-specific news includes the restructuring plans of Huazhong Hotel and the financial support initiatives by Lingnan Holdings to enhance operational capabilities [30].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as investment opportunities arising from policies promoting service consumption [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a 1.80% increase, while the CSI 300 index decreased by 0.62% [8][10]. - The report notes that the hotel and restaurant sectors showed positive performance, with hotel stocks rising by 3.69% and restaurant stocks by 3.31% during the reporting period [18]. Related Companies - Recommended companies include hotels with balanced supply and demand such as Junting Hotel, Jinjiang Hotel, and Huazhu Group, as well as human resources services like Core International and Beijing Renli [5]. - The report also highlights companies in the duty-free sector benefiting from new policies, such as China Duty Free Group and Zhuhai Duty Free Group [5]. - Other notable mentions include online and offline integrated platforms like Meituan and Alibaba, and innovative tourism companies like Three Gorges Tourism and Changbai Mountain [5].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41][43]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as the impact of service consumption-related policies on investment opportunities [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The absolute performance of the industry over the past month is -7.7%, while the relative performance is -6.9% [3]. Weekly Performance - The consumer services industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a rise of 1.80%, and the CSI 300 index, which declined by 0.62% [8]. - Notable performers in the sector included SF City with a 34.27% increase and Jiuhua Tourism with a 10.89% increase [5]. Important Announcements - Beijing Human Resources reported a planned reduction of 1.698 million shares by a shareholder, amounting to 313 million yuan, reducing their stake to 5.8% [31]. - Guilin Tourism expects to turn a profit in 2025 with a projected net profit of 11 million yuan, driven by a 10% increase in tourist numbers [31]. - Jinling Hotel anticipates a net profit of 55 million to 63.5 million yuan in 2025, representing a year-on-year growth of 65.37% to 90.93% [31].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][6][9]. Core Insights - Lingnan Holdings is a comprehensive tourism company with a national and diversified business development strategy, focusing on travel agency operations, hotel management, and related tourism industry services [5][11]. - The tourism market is showing strong recovery, with domestic travel expected to reach 5.62 billion trips in 2024, a year-on-year increase of 14.8% [26][30]. - The company has completed a nationwide layout for its travel agency business, with over 200 stores across China, and is expanding its hotel business with new projects and rooms [5][40]. Summary by Sections Company Overview - Lingnan Holdings operates as a major tourism industry platform, integrating travel, accommodation, and other tourism-related services, with a focus on innovation and capital management [5][15]. - The company is controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, ensuring a stable shareholding structure [16]. Business Performance - The company expects revenues of 4.967 billion, 5.602 billion, and 6.277 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.26%, 12.80%, and 12.03% [9][10]. - The travel agency segment is projected to contribute over 70% of the company's revenue, with significant growth anticipated in both domestic and outbound tourism [40][49]. Market Trends - The inbound tourism market is recovering rapidly, with inbound visitors expected to reach 131.9 million in 2024, a 60.8% increase year-on-year [30][33]. - The company is actively leveraging new policies to boost inbound tourism, including tax refund policies and visa exemptions [50]. Financial Projections - The report forecasts a net profit of 135 million, 182 million, and 235 million RMB for 2025, 2026, and 2027, with growth rates of -10.22%, 35.04%, and 28.90% respectively [9][10]. - The current price-to-earnings (P/E) ratios are projected at 65.18, 48.27, and 37.45 for the next three years [9][10]. Strategic Initiatives - The company is expanding its hotel management and operation business, with a focus on brand development and strategic partnerships to enhance its market presence [55][70]. - Lingnan Holdings is diversifying its tourism offerings, including technology integration in travel services and expanding into duty-free operations [68][72].

Market Overview - The tourism and scenic area sector increased by 0.42% on January 23, with Sanxia Tourism leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the tourism sector included: - Sanxia Tourism (002627) with a closing price of 9.70, up 3.63%, and a trading volume of 349,500 shares, totaling 341 million yuan [1] - Zhongxin Tourism (002707) closed at 8.38, up 2.07%, with a trading volume of 561,700 shares, totaling 469 million yuan [1] - Sizhang Tourism (600749) closed at 17.63, up 1.97%, with a trading volume of 70,000 shares, totaling 12.2 million yuan [1] - Conversely, some stocks experienced declines: - Shaanxi Tourism (603402) closed at 159.26, down 1.69%, with a trading volume of 22,500 shares, totaling 362 million yuan [2] - Xi'an Tourism (000610) closed at 12.99, down 1.37%, with a trading volume of 167,300 shares, totaling 218 million yuan [2] - Songcheng Performing Arts (300144) closed at 8.49, down 0.47%, with a trading volume of 402,500 shares, totaling 34.2 million yuan [2] Capital Flow - The tourism and scenic area sector saw a net outflow of 210 million yuan from main funds, while retail investors contributed a net inflow of 192 million yuan [2] - Specific stock capital flows included: - Jiuhua Tourism (603199) with a net inflow of 10.81 million yuan from main funds, but a net outflow of 14.80 million yuan from retail investors [3] - Xiangyuan Cultural Tourism (600576) had a net inflow of 10.40 million yuan from main funds, with a net outflow of 7.35 million yuan from retail investors [3] - Yunnan Tourism (002059) recorded a net inflow of 6.79 million yuan from main funds, but a net outflow of 3.12 million yuan from retail investors [3]