海南日报三亚1月8日电（海南日报全媒体记者 李艳玫 陈苡琪 实习生 陈婉茹）1月8日，三亚"爱 Lu"文明旅游微笑服务活动传递仪式在蜈支洲岛旅游区举行。自该活动启动以来，已先后在鹿回头风景 区、大东海旅游区、天涯海角游览区、三亚国际免税城等重要窗口单位开展，形成了文明旅游服务的示 范效应。此次传递至蜈支洲岛旅游区，标志着三亚文明旅游微笑服务体系建设向纵深推进。 在服务标准化建设方面，蜈支洲岛旅游区建立了常态化培训机制，定期开展服务礼仪、安全应急等 专项培训，确保员工既掌握专业技能，又具备良好的服务意识。同时通过实战演练，提升应急处置能 力。 三亚市委精神文明爱卫办有关负责人表示，三亚"爱Lu"文明旅游微笑服务活动正逐步形成可复制、 可推广的服务模式，下一步将在全市范围内推广实施，通过标准化建设推动旅游服务提质增效，为海南 国际旅游消费中心建设贡献力量。 "爱Lu"活动以"爱游客、爱鹿城、爱文明之路"为主题，与蜈支洲岛旅游区长期坚持的"以游客为中 心"服务理念相融合。活动现场，旅游区有关负责人表示，将以此为契机，全面优化服务流程，打造更 具温度、更具特色的旅游服务体验。 近年来，蜈支洲岛旅游区不断升级服务细节。 ...

Core Insights - The HeTou Old Street in Tangshan has become a popular tourist destination, attracting 121,300 visitors during the New Year holiday in 2026, with 90% being from outside the region [2] - The area has been recognized with multiple awards since its opening in 2023, including "National Level Tourism Leisure Street" and "Top Ten Cases of Cultural and Tourism Integration Innovation in 2024" [2] - In 2025, the scenic area received over 8 million visitors, marking a 19.6% year-on-year increase, significantly boosting local accommodation revenue by 150% [2] Group 1 - HeTou Old Street offers immersive cultural experiences, featuring performances by actors in Tang Dynasty costumes and interactive events like a large-scale immersive script-killing performance [3] - The scenic area provides various amenities for visitors, including 12 warm service stations, free drinks, and facilities such as strollers and wheelchairs [3] - Upcoming events include the "Great Tang Lantern Festival" and a national main event for "Intangible Cultural Heritage Celebrating the New Year," enhancing the cultural atmosphere for visitors [3]

Group 1 - The highest market capitalization for tourism companies in 2025 is led by Ctrip at 3,303.58 billion, followed by China Duty Free at 1,929.15 billion, and Huazhu at 1,017.47 billion [1][2][10] - The top ten companies by market capitalization primarily consist of online travel agencies and hotel chains, with Ctrip and Tongcheng Travel occupying the first and fourth positions respectively [3][10] - A total of 15 tourism companies have a market capitalization exceeding 10 billion, while 21 companies fall within the 5 billion to 10 billion range [5][10] Group 2 - In 2025, 38 companies experienced an increase in market capitalization, while 18 companies saw a decline [5][10] - Jinma Amusement, Wanda Hotel Development, and Caesar Travel recorded the highest increases in market capitalization at 282.77%, 111.36%, and 77.78% respectively [5][6][10] - The overall market capitalization growth for tourism companies is lower compared to the broader market indices, indicating a lack of investor interest in the tourism sector [10][13] Group 3 - China Duty Free's significant market growth is attributed to the formal closure of Hainan, enhancing its duty-free shopping capabilities [10][11] - Huazhu and Atour have solidified their positions in the hotel chain market, leading to substantial market capitalization increases of 46.75% and 46.22% respectively [10][11] - The performance of travel agencies varies, with Caesar Travel benefiting from the Hainan Free Trade Port policies, while Zhongxin Tourism faced a decline due to market saturation [11][13]

Core Viewpoint - Dongwu Securities highlights four marginal changes in the tourism and retail sectors that could activate their investment value, focusing on equity, management, licenses, and new economic models, supported by top-down policies promoting consumption [1]. Group 1: Asset Characteristics - Tourism and retail companies possess unique asset characteristics, with high replacement costs and relatively lower profit performance, indicating a special asset profile that combines high asset replacement value with low profit growth [2]. - Most tourism and retail companies have state-owned backgrounds, providing a strong safety margin for their assets [2]. Group 2: Alignment with Quantitative Investment - The characteristics of tourism and retail companies align with quantitative investment aesthetics, including high replacement costs, actual asset value, low stock prices, low institutional holdings, and ongoing policy support, leading to significant stock price elasticity and substantial total profit capacity [3]. Group 3: Broader Definition of Fundamentals - The concept of "fundamentals" extends beyond profit statements; the actual revaluation of assets in tourism and retail companies is a fundamental aspect that may not be reflected in profit statements but is evident in actual equity transaction cases, such as those involving Sanjiang Shopping and Yonghui Supermarket [4]. Group 4: Policy Impact on Consumption - Since 2023, multiple top-down policies have been introduced to promote consumption, emphasizing the importance of the consumption sector. The most direct implementation of these policies occurs in tourism and retail, exemplified by new consumption models or brands, referred to as "first-launch economy," which can be seen in scenarios like supermarket adjustments and the ice and snow economy [5]. - Investment recommendations include continuous attention to the four marginal changes in tourism and retail: equity changes, management changes, license changes, and new economic model changes, with specific company recommendations such as Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, while also monitoring companies like Three Gorges Tourism, Tianfu Cultural Tourism, and Yinzhu Co. [5].

贞丰古城坐落于贞丰县城东侧凤山脚下，是贵州目前少有的一座"城中城"，融合古典建筑、园林与民族 文化，集旅游、休闲、商业、居住于一体。古城内遗迹丰富，保存完好，拥有6处文物保护单位、10余 处清代至民国时期民宅、31座古院落，七街五巷脉络依然。文昌宫、阁楼林立，漫步即见历史。贞丰古 城日夜皆宜游览，夜色更显韵味。 转自：贵州日报 本报讯（记者 祝庆庆）日前，省旅游资源规划开发质量评定委员会发布公告，黔西南州贞丰古城景区 获评国家4A级旅游景区。 ...

Core Viewpoint - The company "Hao Xiang Ni" has launched a shareholder-exclusive "New Year Gift Package" to establish a long-term and diverse shareholder return mechanism, enhancing investor recognition of the company's intrinsic value [1]. Group 1: Shareholder Return Activity - The company announced a special gift package for shareholders to express gratitude for their support and to allow them to enjoy benefits during the New Year festival [1]. - Eligible shareholders holding 100 shares or more as of specific dates can participate in the exclusive benefits activity [1]. - Two types of gift boxes are available: 1. A-type Health Gift Box priced at 399 yuan, with a shareholder price of 179 yuan 2. B-type New Year Gift Box priced at 179 yuan, with a shareholder price of 89 yuan [1]. Group 2: Product Quality and Feedback - The gift boxes include both classic and innovative products, and the company invites shareholders to provide feedback to improve product quality and innovation [2]. - The company emphasizes the importance of shareholder feedback for optimizing product quality and upgrading processes [2]. Group 3: Industry Context - Other companies are also engaging in similar shareholder return activities, such as Su Yan Jing Shen offering free product gift boxes and Qian Wei Yang Chu providing product packages to shareholders [2][3]. - Emei Mountain A has announced a shareholder return activity that includes free admission to its scenic area for shareholders holding 500 shares or more [3].

Core Insights - The report emphasizes the unique characteristics of tourism and retail companies, highlighting their high asset replacement costs and low profitability, which makes them attractive for quantitative investment strategies [5][10][14] - It identifies the significant role of government policies in promoting consumer spending, particularly in the tourism and retail sectors, as a key driver for investment opportunities [5][21][22] - The report suggests that the potential investment value of tourism and retail companies is being activated by changes in equity, management, licenses, and new economic models [5][6] Group 1: Characteristics of Tourism and Retail Companies - Tourism and retail companies are primarily state-owned, with 45 out of 92 companies being local state-owned enterprises, which provides a strong safety margin for investments [11][12] - These companies generally have replacement costs that exceed their market value, indicating substantial underlying asset value that is not reflected in their financial statements [14][15] - The average stock price of these companies is relatively low, with 12 companies priced below 5 yuan and 49 below 10 yuan, making them appealing for quantitative investors [17][18] Group 2: Policy Support and Economic Models - Since 2023, numerous policies have been introduced to stimulate consumption, reflecting a high-level commitment to boosting the consumer sector [21][22] - The concept of "first-release economy" is highlighted as a direct application of these policies, with examples including supermarket adjustments and the promotion of winter sports and low-altitude economies [5][21] - The report notes that the low institutional ownership in these companies, with 67 having less than 5% institutional holdings, aligns with the aesthetic preferences of quantitative investors [24][25] Group 3: Investment Recommendations - The report recommends focusing on four key areas of change: equity, management, licenses, and new economic models, which are expected to enhance the investment potential of tourism and retail companies [5][6] - Specific companies to watch include Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, with additional attention on Sanxia Tourism and Tianfu Culture and Tourism [5][6]

Core Insights - Linqu County is developing a positive growth model of "transportation driving tourism, tourism promoting transportation" through multi-dimensional integration of transportation and tourism, aiming to activate new momentum for cultural and tourism economic development [1][3] Group 1: Transportation and Tourism Integration - The collaboration with Shandong Highway aims to promote Linqu's unique cultural and tourism products in highway service areas, enhancing the conversion of highway traffic into tourism consumption [3] - The innovative dual integration model of "attracting visitors to scenic spots and vehicles to highways" has been implemented at six toll stations, effectively connecting traffic flow with tourism resources [3] Group 2: Infrastructure Development - The "Tianhong Yudai. Happiness Arrives" boutique tourism road has been successfully selected as a typical case in Shandong Province, linking 15 A-level tourist attractions and multiple key rural tourism villages, creating a seamless travel experience [5] - A partnership with China Railway Jinan Bureau Group has been established to offer ticket benefits for visitors to Yishan Scenic Area, enhancing the integration of railway and tourism sectors [5]

Group 1 - The core point of the article is that Guilin Tourism has disclosed its total number of shareholders, which is 31,847 as of December 31, 2025 [2]

数据来源：文化和旅游部等 文化和旅游深度融合发展，对满足人民美好生活需要、赋能经济社会发展、建设文化强国和旅游强国具 有重要意义。良渚遗址溯源文明根脉，三星堆文物彰显古蜀瑰丽，英歌舞、簪花围等非遗焕发新生…… 一系列文旅深度融合发展的鲜活实践，勾勒出"诗和远方"相得益彰、浑然一体的蓬勃图景，更好地满足 了人民群众对美好生活的期待。 "十五五"规划建议提出，"推进文旅深度融合，大力发展文化旅游业，以文化赋能经济社会发展。"坚 持"以文塑旅、以旅彰文"，推动文旅融合向更深层次迈进，让文化自信浸润生活、凝聚力量，为美好生 活持续添彩，为民族复兴注入精神动能。 ——编 者 山西恒山风景名胜区管理中心悬空寺景区负责人麻斌 "悟空"带火古建游 "壮观！"元旦假期，山西大同浑源县恒山悬空寺前，游客们驻足最佳拍照点，望着崖壁间的千年古建， 不时发出由衷赞叹。始建于北魏、现存主体为明清遗存的悬空寺，是中国古代建筑艺术的杰作。 步入金龙峡谷，翠屏峰西侧崖壁腰间，三层古楼阁静静伫立。斗拱飞檐仿佛是从崖壁中"生长"而出，只 有碗口粗的一排木柱凌空支撑，上载危岩、下临深谷。走廊上，游客如长龙，望着这座"空中楼阁"的奇 险精巧，让每个人 ...