Core Viewpoint - The "Yangtze River Night Tour" in Yichang has become a popular tourism product, attracting over one million visitors and significantly contributing to the city's night economy [3][5][8] Group 1: Tourism Product Development - The "Yangtze River Night Tour" features a unique experience that includes passing through the Gezhouba ship lock and viewing iconic landmarks such as the Natural Tower and Zhenjiang Pavilion [3][5] - The product has been upgraded continuously, with investments in lighting and the introduction of green energy tourism vessels, enhancing the overall experience [5][7] Group 2: Economic Impact - The night tour has become a core intellectual property (IP) of Yichang's night economy, with ticket sales booming ahead of the upcoming National Day and Mid-Autumn Festival holidays [3][5] - The development of diverse night-time consumption scenarios, such as the West Ba Night City and Jiuma Wharf cultural and commercial complex, has stimulated night-time consumer activity [7][8] Group 3: Future Prospects - The project is evolving beyond mere sightseeing to integrate land and water activities, fostering a multi-faceted approach to night economy and tourism [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company has transitioned from a traditional road passenger transport enterprise to a leader in the Yangtze River Three Gorges cruise tourism sector, focusing on its core tourism business [6][15]. - The company has successfully optimized its product offerings, including the "Two Dams and One Gorge" and "High Gorge and Flat Lake" tours, which are integral to its tourism service system [6][38]. - The company is expected to achieve a compound annual growth rate (CAGR) of 27% in net profit from 2025 to 2027, with a target market capitalization of 8 billion yuan, indicating a potential upside of 73% from the current market value [7][24]. Summary by Sections 1. Transition from Transport to Tourism - The company has undergone a strategic transformation, focusing on tourism and gradually divesting from capital-intensive businesses like passenger car services [6][29]. - The company has established a comprehensive tourism service system, enhancing its competitive edge in the Three Gorges tourism market [6][15]. 2. Product Development and Market Position - The core products include "Two Dams and One Gorge," "High Gorge and Flat Lake," "Three Gorges Family Special Line," and "Yangtze River Night Tour," which cater to diverse customer needs [6][38]. - The company has introduced new vessels and upgraded existing products to enhance customer experience and increase ticket prices, reflecting a strong market demand for high-quality tourism experiences [6][66]. 3. Financial Performance and Forecast - The company is projected to generate total revenue of 741 million yuan in 2024, with a net profit of 118 million yuan, showing a recovery trend in its core tourism business [5][24]. - The report anticipates a steady increase in revenue and net profit over the next few years, with significant growth expected in the tourism segment [5][24]. 4. Market Dynamics and Competitive Landscape - The Yangtze River cruise market is characterized by limited supply due to strict regulatory controls, which favors high-end luxury cruises over economy options [6][9]. - The company is well-positioned to capitalize on the growing demand for luxury cruise experiences, supported by its strategic investments in new vessels and service enhancements [6][9].

Core Viewpoint - The first luxury solar-powered cruise ship on the Yangtze River, "Mei Wei Kai Xuan," is set to embark on its maiden voyage on September 28 in Chongqing, marking a significant advancement in eco-friendly tourism in the region [1]. Company Overview - "Mei Wei Kai Xuan" was constructed starting in 2023 with an investment of approximately 200 million yuan, measuring 149.99 meters in length and 21.8 meters in width, featuring a maximum height of 17 meters and seven passenger decks [2]. - The cruise ship is a collaboration between Chongqing Dongjiang Industrial Co., Ltd. and Chongqing Chuandong Shipbuilding Co., Ltd. [2]. Technological Innovations - The ship utilizes hybrid oil-electric power technology and is equipped with a 300KW solar photovoltaic system, converting sunlight directly into electricity, thus leading the Yangtze River cruise industry into the "photovoltaic+" era [4]. - It incorporates advanced technologies such as DC networking, energy storage batteries, and top-level photovoltaic generation, which reduces reliance on shore power and enhances the overall cruising experience by minimizing noise [4]. Cultural Integration - The cruise ship features a unique design that merges culture and tourism, creating a mobile "Yard on the River" with elements like blue bricks, white walls, bamboo shadows, and wooden carvings, providing a tranquil and elegant atmosphere [6]. - The ship will operate along the Yangtze River route between Chongqing and Shanghai, significantly contributing to the high-quality development of Yangtze River cruise tourism [6].

Core Points - The first solar-powered luxury cruise ship on the Yangtze River, "Mei Wei Kai Xuan," will set sail on September 28 in Chongqing [1][3] - The cruise ship was constructed with an investment of approximately 200 million yuan, measuring 149.99 meters in length and 21.8 meters in width, featuring seven passenger decks [1] - The ship utilizes segmented pre-assembly technology and high-precision positioning technology, achieving millimeter-level positioning accuracy, enhancing construction efficiency and structural integrity [1][3] Technology and Innovation - The cruise ship employs hybrid oil-electric power technology and is equipped with a 300KW solar photovoltaic system, converting sunlight directly into electricity, marking the entry of Yangtze River cruises into the "photovoltaic+" era [3] - It features innovations such as DC networking, energy storage batteries, and top-level photovoltaic generation technology, reducing reliance on shore power and ensuring low-noise navigation for a comfortable experience [3] Cultural Integration - The ship's interior design reflects a deep integration of culture and tourism, creating a mobile "courtyard on the river" with elements like blue bricks, white walls, bamboo shadows, and stone carvings [3] - The "courtyard on the river" located on the fifth floor combines the softness of Sichuan West courtyards with the ruggedness of the Three Gorges, establishing a tranquil and elegant space [3] Impact on Tourism - The cruise will operate along the Yangtze River route between Chongqing and Shanghai, significantly contributing to the high-quality development of Yangtze River cruise tourism [3]

（编辑 王雪儿） 证券日报网讯 三峡旅游9月22日发布公告，在公司回答调研者提问时表示，根据公司《长江三峡省际度 假型游轮旅游可行性研究报告》，公司首批2艘省级游轮将分别于2026年6月、2026年12月完工并投入运 行，第二批2艘省级游轮将于2028年6月完工并投入运行；公司4艘省级游轮将运营长江三峡最经典、最 受欢迎的宜渝航线（宜昌至重庆）；公司宜渝航线定价取2800-3000元/人，旅行社协议结算价取2500元/ 人，但最终定价将充分参考新建游轮投运时，对应的同类档次产品的运营价格，并根据市场竞争及营销 渠道建设等因素综合考虑。 ...

Core Viewpoint - Ctrip will bear the losses related to flight and hotel bookings due to the postponement of Disney's cruise operations, providing free rescheduling or full refund services for affected customers [1][2] Group 1: Company Actions - Ctrip announced a guarantee plan for customers affected by the postponement of Disney's cruise, applicable to bookings made for travel dates between December 15, 2025, and March 12, 2026 [1][2] - The company will cover the costs for affected customers who book round-trip flights to Singapore and local hotel reservations within 7 days before or after their original travel dates [1][2] - Ctrip is collaborating with Disney Cruise Line to expedite the refund process, which is expected to begin implementation within the week [1][2]

Core Viewpoint - The "Yangtze River Journey: Embracing the Moon" cruise ship will leverage the "mother port economy" to enhance the integration of cultural and tourism resources along the Yangtze River and promote industrial collaboration [1] Group 1: Cruise Ship Overview - The "Yangtze River Journey: Embracing the Moon" measures approximately 150 meters in length and 23 meters in width, with a maximum capacity of 650 passengers and 259 guest rooms [3] - The cruise ship is developed by the Three Gorges Tourism Group in collaboration with Wuhan Yangtze Shipbuilding Design Institute and Germany's PSD Design Group, focusing on a design philosophy of "close to nature, spacious, bright, and comfortable" to meet high-quality demands for food, accommodation, transportation, entertainment, and leisure [3][5] Group 2: Environmental and Technological Features - The cruise ship features an energy-efficient design with a hybrid power system that combines fuel and battery power, enabling a range of 1,500 kilometers and achieving over 20% energy savings compared to similar-sized vessels [3][5] - It introduces Huawei's HarmonyOS smart home system to create a fully integrated smart cabin experience, allowing guests to control lighting, curtains, air conditioning, and smart locks through voice commands or touch panels [5] Group 3: Regional Tourism Development - Yichang, located at the junction of the upper and middle reaches of the Yangtze River, is rich in tourism resources, including the Three Gorges Dam and Xiling Gorge, and is actively promoting itself as a center for new energy cruise ship manufacturing and brand output [5]

Core Viewpoint - The Yangtze River Three Gorges inter-provincial cruise market is currently in a critical phase of recovery and transformation, characterized by "demand rebound, structural optimization, intensified competition, and accelerated innovation" [1] Group 1: Company Overview - The company plans to operate four inter-provincial cruise ships, with the first two expected to launch in June and December 2026, and the second batch in June 2028 [1] - As of the end of 2024, there will be 12 inter-provincial cruise companies in the Yangtze River Three Gorges region, with a total of 47 cruise ships averaging 15.27 years in age, and a projected cumulative passenger volume of 1.2359 million [1] - The company operates the core tourism product "Two Dams and One Gorge," which is exclusive and does not compete with inter-provincial cruises, positioning Yichang as a major hub for inter-provincial vacation cruises [1] Group 2: Financial Projections - According to the feasibility study, the four inter-provincial cruise ships are expected to generate an operating income of 395 million yuan and a net profit of 100 million yuan in the year they reach full production, effectively creating a new revenue stream for the company [1] Group 3: Competitive Advantages - The company has established a comprehensive tourism port network centered around the Three Gorges Cruise Center, supported by Yichang Port and other ports, making it a key starting point for inter-provincial vacation cruises [2] - The first two inter-provincial cruise ships are the largest green low-carbon new energy inland cruise ships in China, featuring innovative technologies such as a hybrid power system and intelligent auxiliary driving systems [2] - The company has autonomous pricing power and focuses on developing standardized, mid-range, and customized high-end products to enhance revenue through diversified product offerings [2] Group 4: Future Plans - The company aims to expand its cruise industry scale by accelerating the construction of inter-provincial cruise ships and developing vacation cruise tourism, while also pursuing external growth to join the ranks of leading luxury cruise operators [2]

Core Insights - The "silver-haired cruise" market is gaining popularity, with a significant increase in cruise product bookings, particularly for overseas long-haul cruises, which surged by 120% year-on-year during the summer season [2][3] - The silver-haired demographic is a crucial customer base for cruise products, as companies like Three Gorges Tourism are tailoring their services to meet the needs of this group [2][11] - Three Gorges Tourism reported a revenue of 367 million yuan and a net profit of 64 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.47% and 17.74% respectively [2][5] Company Performance - Three Gorges Tourism's cruise services generated 101 million yuan in revenue, marking a 19.59% increase year-on-year [2][5] - The subsidiary, Yichang Jiangyun Yangtze River Cruise Co., achieved a revenue of 105 million yuan, up 20.04%, and a net profit of 21 million yuan, up 34.67% in the same period [6] - The company is expanding its cruise offerings and plans to develop inter-provincial cruise tourism, aiming to become a leader in China's inland cruise tourism [2][5] Market Trends - The demand for high-quality cruise experiences is rising, with a shift from sightseeing to leisure and vacation tourism [7][10] - The market for silver-haired tourists is expanding, driven by an increase in this demographic and improvements in the industry supply chain [3][14] - Companies are focusing on enhancing service quality and product offerings to cater to the evolving needs of the silver-haired population [8][11] Industry Developments - The Long River Three Gorges is identified as a key area for the development of inland river cruises, benefiting from favorable conditions such as the completion of the Three Gorges Project [4][14] - The cruise market is seeing a growing interest in themed cabins and customized services, indicating a trend towards more personalized travel experiences [7][10] - The overall cruise tourism market in China is expected to grow, with a focus on high-end vacation experiences and the integration of health management services [3][10]

北京商报讯（记者 吴其芸）9月3日，重庆邮轮中心微信公众号发布的数据显示，2025年8月，长江三峡 游轮发船492艘次（其中省际非跨夜游轮42艘次），为2024年同期的89.29%；完成客运量12.64万人（其 中省际非跨夜游轮0.45万人），为2024年同期的97.51%；游轮平均载客率（床位）为79.26%，较2024年 同期上升3.73个百分点。 从游客年龄结构看，2025年8月，60岁以上老年人群占总量的23.37%；45—60岁的人群占21.77%；30— 45岁的人群占21.64%；18—30岁的人群占5.51%；18岁以下未成年人群占27.71%。 ...