今年"五一"假期首日，甘肃省敦煌市莫高窟便迎来客流高峰，每日6000张常规票早早售罄。根据核定的 最大承载量，莫高窟目前每日发售6000张常规票，游客凭票可以观看两部数字影片并参观8个洞窟。 在"五一"假期，由于游客量较之平常会大幅上涨，敦煌研究院为了满足更多游客参观的需求会适时启动 应急参观模式，当景区启动应急参观模式时，游客可以参观4个大型洞窟。(央视财经) ...

Core Viewpoint - The article highlights the rise of immersive experiences in tourism, particularly in the East Lake scenic area, transforming visitors from mere spectators to active participants in cultural performances and activities [1][15]. Group 1: Immersive Experiences - The East Lake scenic area has introduced numerous immersive performances during the May Day holiday, allowing visitors to engage deeply with cultural narratives [1][15]. - Various attractions, such as Wuhan Happy Valley and the Wuhan Botanical Garden, are offering interactive activities that enhance visitor engagement and enjoyment [1][8]. Group 2: Visitor Engagement - A six-year-old visitor showcased the appeal of live performances by dancing along to traditional music, illustrating the captivating atmosphere created by these events [2]. - Visitors are actively participating in interactive scenarios, such as engaging with NPC actors in themed activities, which adds a layer of enjoyment to their experience [4][11]. Group 3: Cultural Integration - The integration of traditional and modern elements in performances, such as the "National Tide Culture Festival" at Wuhan Happy Valley, attracts a diverse audience and enhances the cultural experience [8][10]. - The promotion of local heritage through performances like the Chu opera and immersive storytelling using advanced technologies like VR and 3D is contributing to the cultural richness of the East Lake area [12][15]. Group 4: Economic Impact - The shift towards immersive tourism experiences is driving a transformation in the East Lake area's tourism model, moving from simple sightseeing to deeper cultural engagement, which is expected to boost local economic activity [15].

Core Viewpoint - The company's Q1 2025 net profit exceeded previous expectations, while 2024 revenue and profit were slightly below prior forecasts. The company aims for aggressive targets in 2025, focusing on the execution pace and effectiveness of new projects [1] Investment Highlights - The forecasted EPS for 2025-2027 is 0.51, 0.54, and 0.65 yuan respectively. Considering the industry average PE of 34 for 2025, the company is assigned a 30X PE valuation, raising the target price to 15.3 yuan and maintaining a buy rating [2] - 2024 performance was slightly below expectations, with revenue of 536 million yuan (down 14.87%) and net profit of 105 million yuan (down 28.80%). The decline was attributed to operational disruptions from hotel renovations and rigid cost pressures [2] - Q4 2024 revenue was 132 million yuan, down 6.9% quarter-on-quarter and down 15.2% year-on-year, with net profit of 19 million yuan, down 41.5% quarter-on-quarter and down 28.6% year-on-year. In Q1 2025, revenue was 105 million yuan (down 1.6%), but net profit rose to 14 million yuan (up 26.45%) [2] Core Scenic Areas and Hotel Performance - Revenue from core scenic areas in 2024 was 282 million yuan (down 13.0%), with a gross margin of 70.4% (down 0.8 percentage points). Hotel revenue was 159 million yuan (down 23.1%), with a gross margin of 21.4% (down 8.5 percentage points) [3] - The company is enhancing growth through the renovation and new construction of scenic areas, such as the Nanshan Xiaozhai Phase II project, to improve brand appeal and market competitiveness [3] 2025 Operational Plan - The company plans to achieve revenue of 580 million yuan and profit of 149 million yuan in 2025, focusing on innovative operations, quality improvement, and project development to leverage its one-stop tourism destination advantage [3]

异地项目停工及诉讼纠纷等因素影响下，大连圣亚旅游控股股份有限公司（600593.SH，以下简称"大连 圣亚"）2024年度净利骤降。 日前，大连圣亚发布2024年年报。年报显示，2024年度，大连圣亚增收不增利，同比由盈转亏。 业绩承压的同时，再有董事对年报内容提出"不保真"意见。大连圣亚董事吴健提出，大连星海湾金融商 务区投资管理股份有限公司（以下简称"星海湾投资"）只是大连圣亚大股东，并非控股股东。 《中国经营报》记者梳理发现，大连圣亚当前董事会成员及各高管中，有星海湾投资方面背景的似只余 吴健一人。多年前大连圣亚控制权争议公开化后，大股东方面已多次表示对该公司没有控制权。此前， 大股东方代表董事已多次对大连圣亚财报中控股股东相应内容提出"不保真"意见，目前相应董事多已离 职。 就大股东方面在公司董事会及高管中委派的代表数量及对上市公司控制权等问题，记者向大连圣亚方面 求证，对方未进行正面回复，仅表示，关于公司控制权事宜，以公司历来公告为准。 星海湾投资目前法定代表人为吴健。吴健目前同时为大连圣亚非独立董事。 对于大连圣亚2024年年报，吴健无法保证报告内容的真实性、准确性和完整性，理由是星海湾投资只是 ...

Core Viewpoint - The performance of Songcheng Performance in 2024 is outstanding, with a net profit of 1.049 billion yuan, accounting for 63.6% of the total net profit of 22 tourism and scenic area listed companies in A-shares [1][2] Group 1: Financial Performance - In 2024, the total net profit of 22 tourism and scenic area listed companies reached 1.648 billion yuan, with Songcheng Performance contributing 1.049 billion yuan [1] - Songcheng Performance's revenue increased by 25.49% year-on-year, while management expenses grew by only 17.79%, resulting in a management expense ratio of 7.14%, a decrease of 0.47 percentage points from 2023 [1] Group 2: Brand and Marketing Strategy - The company has established a commercial closed loop through four major festival IPs, including "Carnival Chinese New Year," which enhances brand communication and drives consumer engagement [1] - The average visitor stay at some of the company's scenic spots can reach up to 7 hours, indicating strong customer engagement [1] Group 3: Operational Management - Songcheng Performance employs a dual-driven strategy of "internal growth + external introduction," creating a talent matrix that covers the entire cultural tourism industry chain [1] - The company focuses on dynamic human resource allocation to reduce costs, emphasizing "professional talent, digital management, and agile organization" for efficient operations [1] Group 4: New Projects and Market Impact - The newly opened "Qian Guqing" scenic areas have generated significant consumer interest, with the Guangdong Qian Guqing area achieving profitability in its first year [2] - The "Three Gorges Qian Guqing" scenic area generated over 100 million yuan in revenue within 100 days of opening, boosting local tourism revenue by over 40% [2]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 PMI 数据：制造业 PMI 回落至荣枯线以下 4 月制造业 PMI 为 49.0% ，前值为 50.5% 。具体分项来看： 1 ） PMI 生产指数为 49.8% ，前值为 52.6% ，回落 2.8 个百分点。 2 ） PMI 新订单指数为 49.2% ，前值为 51.8% 。 PMI 新出口订单指数为 44.7% ，前值为 49.0% 。 3 ） PMI 从业人员指数为 47.9% ，前值为 48.2% 。 4 ）供货商配送时间指数 为 50.2% ，前值为 50.3% 。 5 ） PMI 原材料库存指数为 47.0% ，前值为 47.2% 。 其他行业： 1 ）建筑业：建筑业商务活动指数为 51.9% ，比上月下降 1.5 个百分点。 2 ）服务业：服务业 商务活动指数为 50.1% ，比上月下降 0.2 个百分点。 3 ）综合产出： 4 月，综合 PMI 产出指数为 50.2% ，比上月下降 1.2 个百分点，仍高于临界点。 PMI 点评：三类行业继续 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 三类行业继续保持扩张态势 ——4 月 PMI 数据点评 ❖ PMI 数据：制造业 PMI 回落至荣枯线以下 4 月制造业 PMI 为 49.0%，前值为 50.5%。具体分项来看：1）PMI 生产指数 为 49.8%，前值为 52.6%，回落 2.8 个百分点。2）PMI 新订单指数为 49.2%， 前值为 51.8%。PMI 新出口订单指数为 44.7%，前值为 49.0%。3） PMI 从业 人员指数为 47.9%，前值为 48.2%。4）供货商配送时间指数为 50.2%，前值为 50.3%。5）PMI 原材料库存指数为 47.0%，前值为 47.2%。 其他行业：1）建筑业：建筑业商务活动指数为 51.9%，比上月下降 1.5 个百 分点。2）服务业：服务业商务活动指数为 50.1%，比上月下降 0.2 个百分点。 3）综合产出：4 月，综合 PMI 产出指数为 50.2%，比上月下降 1.2 个百分点， 仍高于临界点。 ❖ PMI 点评：三类行业继续保持扩张态势 （一）外部环境急剧变化影响下，部分指标出现下滑 4 月，受前期制造业较快增长形成较高基数叠加 ...

央视网消息：五一临近，湖南张家界入境游热度飙升。凭借独一无二的石英砂岩峰林奇观，以及多元化的旅游体验，吸引了大批海外游 客。 乘坐观光缆车穿梭于峡谷峰林，海拔千米的张家界国家森林公园黄石寨景区内，鸽子花、高山杜鹃、樱花竞相绽放，云雾在山间翻涌，宛 若一片花海，外国游客纷纷驻足拍照留念。 世界最高户外电梯——百龙天梯垂直高差 335 米，68 秒直达山顶。轿厢飞速上升间，形态各异的石英砂岩峰林尽收眼底，引得游客们惊 叹连连。夜幕降临，民俗大戏精彩上演，演员身着绚丽民族服饰，演绎非遗技艺与歌舞杂技，多语种解说让外国游客深度领略中国文化魅力。 在张家界文化旅游创意产业园，土家织锦、军声砂石画等非遗文创备受青睐，外国游客亲手体验织锦技艺，一针一线感受土家文化魅力。 为提升境外游客体验，张家界开通旅游专线，实现市区与景区无缝接驳，景区内配有多语种自动售票机。 今年以来、截至4月27日，张家界全市景区共接待入境游客达69万人次，同比增长43%。 山西晋中：乔家大院特色民俗迎客来 最近，山西晋中祁县的乔家大院文化园区也做好了迎接客流高峰的准备，他们将大院特色民俗和非遗文化相结合，为游客带来独特的旅游 体验。 在山西祁县的乔 ...

4月29日，黄山旅游（600054）（600054.SH）发布2025年一季报。2025年一季度，公司实现营业收入 4.03亿元，同比增长19.79%；归母净利润3689.50万元，同比增长44.69%；扣非净利润3497.62万元，同 比增长55.79%。 报告期内，黄山旅游通过一系列创新的营销策略和丰富的活动安排，提升景区影响力和市场竞争力，实 现了接待人数的显著增长。 假期接待人数显著增长，景区运营能力提升 2025年春节假期，黄山市全市各景区点共接待游客331.4万人次、同比增长38.31%；黄山区全区共接待 游客75.5万人次，旅游总收入6.15亿元，分别同比增长16.15%和15.38%；假期8天，黄山风景区接待游 客人数超20万。大年初二至初七，景区日接待游客均达冬季最大承载量，体现了黄山作为热门旅游目的 地的强大吸引力，也反映出黄山旅游在节假日期间的高效运营能力。 多维营销拓展市场，创新活动激发景区活力 今年以来，黄山旅游在营销策略上展现了极高的创新性和前瞻性，通过跨界合作和主题活动，成功吸引 了不同客群的关注，实现了从"流量"到"留量"的转变。 面对国内游客，黄山旅游通过多种宣传渠道和活动形 ...

Core Viewpoint - The article highlights the transformation of Wangxiangu, a former mining area in Jiangxi Province, into a thriving eco-tourism destination, showcasing the successful integration of ecological restoration and rural revitalization efforts [1][2][3]. Group 1: Ecological Restoration and Development - Wangxiangu has undergone significant ecological restoration, shifting from a resource-extraction model to an eco-prioritized development approach, emphasizing the concept that "green mountains and clear waters are as valuable as mountains of gold and silver" [2][3]. - The local government has attracted 2.6 billion yuan in social capital for the unified planning and ecological restoration of over 600 hectares of land surrounding Wangxiangu, aiming to enhance natural resources and promote eco-industrialization [2]. Group 2: Tourism and Economic Impact - Wangxiangu has become a popular national AAAA-level tourist attraction, receiving over 2 million visitors in 2023 and generating tourism revenue exceeding 1 billion yuan [3]. - The "scenic area + farmers" cooperation model has created tens of thousands of job opportunities, encouraging many villagers to return and engage in specialty farming, handicrafts, and hospitality businesses, thus increasing local income [3]. Group 3: Cultural Heritage and Community Engagement - The development strategy incorporates both natural and artificial restoration methods, preserving local cultural heritage while enhancing the natural landscape, thereby creating a unique cultural experience for visitors [2]. - The project emphasizes the importance of respecting nature, preserving culture, and benefiting the local community, aligning with the broader concept of a "community of life between humans and nature" [3].