白银价格持续高位震荡 12月11日，美国纽约商品交易所白银期货价格在首次突破每盎司60美元关口之后再次突破每盎司62美 元。国内市场方面，截至12月11日15：00收盘，上海期货交易所沪银主力合约报收于14488元/千克，也 继续上涨。东方金诚研究发展部副总监瞿瑞表示，白银价格短期将高位震荡。"一方面，美联储12月议 息会议如期降息25个基点符合市场预期，可能出现'预期兑现'引发的获利了结压力，同时白银现货紧 张，推升银价涨幅显著大于黄金，也会导致白银面临调整压力；另一方面，在光伏与新能源需求驱动 下，白银供给已连续5年小于需求，同时矿产白银产量增长有限、全球白银库存处于历史低位，供需缺 口持续扩大利好银价。"中长期来看，支撑白银上涨的核心逻辑未发生变化。国信期货研究所首席分析 师顾冯达分析称，随着新能源、电子制造等产业的快速发展，白银的工业应用场景持续拓宽，加剧市场 对白银供需缺口的担忧，吸引资金基于中长期逻辑进行布局。（经济参考报） 年内商业银行"二永债"发行规模达1.66万亿元 中国货币网信息显示，近日，上海银行完成发行年内首只无固定期限资本债券，发行规模为100亿元。 今年以来，商业银行持续通过发行二 ...

近日，宋城演艺发布公告称，拟支付现金购买控股股东宋城集团持有的宋城实业100%股权，整体转让价格为9.63亿元。交易完成后，宋城实业将成为宋城 演艺的全资子公司并纳入合并报表范围。 宋城实业主要资产为杭州市之江路148号-1号的土地使用权约9.24万平方米，及地上11幢房屋合计约9.45万平方米。长期以来其大部分土地使用权和房屋租赁 给宋城景区作为停车场及景区运营场地，也就是说宋城实业的主要收入来源于上述租赁收入及酒店收入。 若此次交易顺利完成，宋城演艺旗下的宋城景区占地面积将从67亩拓展至约200亩。截至2025年10月31日，宋城实业的评估价值约为9.63亿元，较账面值预 估增值7.79亿元，增值率为422.74%。 针对评估价值和账面估值之间的差距问题，宋城演艺回复GPLP犀牛财经称，评估反映了宋城实业在基准日的市场价值，交易定价未超过评估值，交易价格 公允、公平、合理。本次评估采用资产基础法，宋城实业取得土地时间较早，该地区的土地价格有较大增长；同时主要建筑材料价格和人工价格相比建造时 有一定上升，亦导致房屋建筑物的重置成本有所增加。 公告中提到，成功收购宋城实业后，宋城演艺将打造多个不同类型的沉浸式 ...

（文章来源：证券日报） 证券日报网讯 12月4日晚间，宋城演艺发布公告称，公司已于近日完成注册资本变更的工商登记及《公 司章程》备案手续，并取得由浙江省市场监督管理局换发的《营业执照》，注册资本变更为贰拾陆亿贰 仟贰佰伍拾叁万柒仟玖佰肆拾元。 ...

《只此周庄》，从来不只是一场演出。它是周庄从"观览式"到"体验式"转型的缩影——在《四季周 庄》17年3497场演出的积淀上，以"文旅+科技+时尚"的新形态，为古镇注入了新力量。 由昆山周庄镇和中国东方演艺集团共同打造的行浸式多维空间剧《只此周庄》，自去年7月首演以 来，获评"全国高质量发展投资创业范例""长三角古镇文旅消费新场景"等殊荣，也是昆山打造"江南文 化"品牌的重点文旅项目。 近日，文化和旅游部公布第二批全国旅游演艺精品名录，全国共30个项目入选。苏州《只此周庄》 项目成功跻身其中，标志着其在文化传承与文旅创新领域的探索获得国家级认可。 ...

Core Viewpoint - The article raises concerns about the governance level of Songcheng Performance (300144.SZ) following its acquisition of 100% equity in Hangzhou Songcheng Industrial Co., Ltd. for 9.63 billion, suggesting potential conflicts of interest and financial mismanagement [3][4][6]. Summary by Sections Acquisition Details - Songcheng Performance announced the acquisition of Hangzhou Songcheng Industrial, which includes land and buildings adjacent to its theme park, previously leased for operations [5][9]. - The acquisition price of 9.63 billion is considered excessively high, given that Hangzhou Songcheng Industrial's net profit for 2024 is projected at only 2.03 million, implying a payback period of nearly 474 years [6][7]. Financial Concerns - The acquisition raises suspicions about the financial health of the controlling shareholder, Songcheng Group, especially during a downturn in the real estate market [5][6]. - There is a notable 31% pledge ratio of shares held by Songcheng Group, indicating potential liquidity issues [6]. Revenue Performance - Songcheng Performance's revenue from its theme park has declined from 769 million in 2018 to 530 million in 2024, highlighting operational challenges rather than a need for expansion [10][11]. - The article argues that the decision to acquire land and property should be based on increased revenue and visitor numbers, which are currently lacking [12]. Historical Context - The article references past financial mismanagement, including a significant impairment loss of 1.8 billion in 2021 related to the acquisition of the "Liujianfang" platform, raising further doubts about governance practices [16][18]. - Previous regulatory issues, including incomplete disclosures and accounting adjustments, have led to warnings from regulatory bodies, further questioning the company's governance [20][21]. Conclusion - The article concludes that the recent acquisition, combined with historical financial practices, necessitates a reevaluation of Songcheng Performance's governance and operational strategies [13][14].

Group 1: Market Trends and Challenges - The Sanya tourism market is undergoing a significant transformation, shifting from traditional sightseeing to a focus on deeper experiences and personalized exploration [2][3] - Despite an increase in inbound visitors, there has been a decline in foot traffic at competing attractions, performance of entertainment competitors, and duty-free shopping [2] - The upcoming Hainan closure policy is expected to bring substantial changes to the Sanya tourism market, particularly in inbound tourism and consumer behavior [2] Group 2: Strategic Initiatives - Since 2024, the Sanya project has adopted a strategy of "internal cultivation, experience first, and business integration" to adapt to the new market environment [2][3] - New offerings include culturally themed performances and immersive experiences targeting younger demographics, such as the "Hainan Island Battle" and "Haunted Hospital" shows [2][3] - The project aims to enhance visitor experience through interactive zones and social media sharing points [2][3] Group 3: Financial Performance and Projections - The company reported stable performance across various attractions in Q4, with self-operated venues maintaining or slightly increasing performance compared to the previous year [5] - The acquisition of Songcheng Industrial at a valuation of 9.63 billion yuan is deemed fair, with the company ensuring compliance with auditing standards [6][7] - The company plans to invest approximately 5 billion yuan in upgrades post-acquisition, with a construction period of about two years [10] Group 4: Visitor Demographics and Marketing Strategies - As of October, foreign visitors accounted for 13% of total visitors, with significant representation from Russian-speaking countries (over 50%) and Southeast Asia (over 30%) [3] - The marketing strategy focuses on innovative "entertainment+" collaborations to drive cultural and commercial consumption [3][12] - The company is enhancing its online presence and diversifying marketing channels to attract both domestic and international tourists [12] Group 5: Operational Efficiency and Future Plans - The company is transitioning from a rental model to ownership of land and facilities to address operational constraints and enhance growth potential [13][14] - The "Central Kitchen" model aims to standardize content creation and management across locations, facilitating efficient replication of successful projects [12] - Future capital expenditures are expected to support ongoing improvements and maintain competitive positioning in the market [15][18]

Group 1 - The core point of the article is that Songcheng Performance has reported a total of 89,828 shareholders, including credit account holders, as of November 10, 2025 [2]

Core Viewpoint - Company emphasizes the importance of safety management, highlighting nearly thirty years of experience in scenic area safety prevention [1] Group 1 - Company has accumulated rich experience in safety prevention over nearly three decades of operation [1] - Regular safety inspections and emergency drills are conducted, especially during holidays for comprehensive safety deployment and visitor reception [1] - The measures are aimed at ensuring the personal safety and overall experience of visitors [1]

Core Viewpoint - The company is actively monitoring the progress of the Xitang project and will make reasonable assessments based on its operational pace and market changes, committing to timely disclosures if relevant developments meet disclosure standards [1] Group 1: Project Management - The Huangdi Eternal Love project is characterized as a light asset output project, with specific details to be followed through official communications [1] - The company is focused on a "combination of light and heavy" approach, continuously exploring and steadily advancing new project layouts [1] Group 2: Market Communication and Value Management - The company has established a Market Value Management System and strictly adheres to its execution, emphasizing sustainable and healthy development as a key aspect of value management [1] - The company aims to enhance operational quality and intrinsic value while maintaining good communication with the capital market to convey its value and achieve sustainable market value management [1]

Core Viewpoint - The company emphasizes the importance of enhancing the consumer experience for visitors, particularly addressing concerns related to dining options [1] Summary by Categories Consumer Experience - The company is committed to improving the dining experience for visitors by increasing supply and variety, enhancing quality, and optimizing pricing [1]