文 ｜ 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 在彻底取消所有对华单边关税措施前，中美贸易谈判可能进展有限；国内的政策是托底和应对式的，4月只是第一波以试验和预防为特征 的政策；筹码出清相对彻底且对业绩不敏感的主题阶段性占优；市场整体情绪位置不算低，科技板块相对医药和消费更接近冰点，对风偏 回升更敏感。配置上，5月关注新技术和产业题材轮动、海外科技映射链修复以及服务业扩内需政策落地。 在彻底取消所有对华单边关税措施前， 中美贸易谈判可能进展有限 近期特朗普针对关税问题表态持续反复，美股市场反应较为敏感。但我们认为国内投资者不需要花精力关心这些高频变化，特朗普试图灵活 利用关税武器来制造谈判筹码，而中国商务部新闻发言人何亚东表示"如果美方真的想解决问题，就应该正视国际社会和国内各方理性声音， 彻底取消所有对华单边关税措施，通过平等对话，找到解决分歧的办法"。我们建议还是关注特朗普未来一年面临的两大约束，一是7~8月需 要推进债务上限谈判和减税法案通过，二是明年中期选举。尽管目前特朗普的民调支持率已经开始明显下降，但这属于每个美国总统百日新 政后正常的回落，而特朗普两次任期的民调本身就比其他美国总统偏低，目前 ...

Core Viewpoint - Guilin Tourism is facing significant financial losses, highlighting deeper systemic issues within the city of Guilin itself [1][5][21]. Financial Performance - In 2024, Guilin Tourism reported an operating income of 432 million yuan, a year-on-year decrease of 7.58%, and a net profit loss of 204 million yuan, a staggering decline of 1830.7%. Cumulatively, the company has lost nearly 1 billion yuan since 2020 [2][4]. Resource Management - Despite controlling key scenic resources such as the Li River and several five-star hotel assets, Guilin Tourism has failed to capitalize on these advantages, leading to increasing financial losses [3][4]. Investment Strategy - The company has engaged in blind expansion, investing in various projects that have largely failed, resulting in significant financial strain. Examples include: - Danxia Tourism Company, which reported a net profit of -24.13 million yuan and a 44% drop in visitor numbers [6]. - Luoshan Lake Tourism Company, which has been inactive since 2015 and reported a loss of 123 million yuan in 2024 [6]. - Guilin Tianzhitai Building project, which incurred losses exceeding 21 million yuan [7]. - Asset impairment and credit impairment alone accounted for 152 million yuan in losses, significantly impacting the profit statement [8]. Cash Flow Issues - Guilin Tourism continues to invest heavily despite declining revenues, with a net cash flow from investment activities of -45.16 million yuan in 2024, worsening from the previous year [12][13]. Visitor Experience - The overall visitor reception in 2024 decreased by 8.12%, with tourism revenue from scenic spots dropping by 16.5%. Negative experiences such as high ticket prices, poor service, and frequent complaints have damaged the company's reputation [16][18][20]. Systemic Challenges - The issues faced by Guilin Tourism reflect broader systemic problems within the city, including a lack of operational autonomy for state-owned enterprises and bureaucratic inefficiencies that hinder market responsiveness [21][25][41]. - The tourism market in Guilin has been plagued by persistent issues such as overcharging and forced shopping, which have eroded trust among visitors [28][30][32]. Future Outlook - There is potential for recovery, but it requires significant reforms, including granting operational autonomy to state-owned enterprises, eliminating bureaucratic barriers, and improving visitor experiences to restore trust [38][40][41].

相较于免费，更重要的是如何创造不可替代的体验价值，景区只有打造出自己的"文化IP"，走"免费开 放"到"流量聚集"再到"价值衍生"的道路，才能让衍生消费的增值远超门票收入，真正实现"免费"的意 义。 （文章来源：经济日报） 近年来，多地景区试水"免费开放"模式，试图以门票让利拉动全域旅游发展。但有的地方未做好科学论 证、充分准备，引发客流骤增、服务缺位、投诉增多等现象，出现生态维护困难、古建修缮成本增加等 问题。 景区免费政策的初衷在于打破"门票依赖"，通过客流带动餐饮、住宿、文创等延伸消费。但这种模式成 功的前提是景区具备完善的商业配套和交通网络。盲目跟风会顾此失彼。在决策是否免费时，应在充分 进行市场调研的基础上，从生态承载力、设施饱和度、财政可持续性等不同维度对运营成本、收益情况 进行综合考量，制定最优方案。唯有立足科学评估、精准施策，通过不断提高科学治理能力，才能找到 惠民政策、游客体验、生态保护、商业效益之间的最大公约数，推动文旅产业可持续发展。 要差异化精准施策。破解景区免费困局，需建立多维评估体系与动态调节机制，实现全年客流均衡分 布。对一些景点可推行淡旺季浮动票价，将本地客源、周边客源、外地客 ...

创业板指数日K线图 郭晨凯 制图 ◎记者 李雨琪 4月25日，A股三大指数涨跌互现，沪指盘中一度站上3300点，创业板指反弹力度较大。截至收盘，上 证指数报3295.06点，微跌0.07%；深证成指报9917.06点，涨0.39%；创业板指报1947.19点，涨0.59%。 全市场当天成交额11370亿元，与上个交易日几乎持平。 盘面上，全市场上涨个股超2800只，算力、消费电子等科技题材的修复对昨日市场情绪有所提振。拓维 信息、中际旭创、新易盛、立讯精密等细分龙头不仅涨势明显，其成交量也位居前列。其中，拓维信 息、中际旭创全天成交额分别为56.50亿元、55.24亿元，分列A股第二位、第四位。 旅游出行板块热度较高 随着"五一"假期临近，旅游景区、酒店餐饮等板块昨日走势活跃。截至收盘，天府文旅、三峡旅游涨 停，众信旅游、桂林旅游、西安旅游等纷纷跟涨。 众信旅游近日表示，随着全球旅游市场加速回暖，中国出境游市场进入了体验旅游时代。公司零售业务 品牌众信优游在去年获得5000万元Pre-A轮融资后，目前众信旅游已拥有超过2300家零售门店，并计划 2026年底在全国范围内达到5000家门店的规模。 消息面上，近 ...

本报讯 （记者吴奕萱）4月23日，厦门象屿集团有限公司（以下简称"象屿集团"）与浙江大丰实业股份有限公司（以下简 称"大丰实业"）联手打造的闽南幻境主题景区"屿见闽南・时光幻境"举办沉浸式发布会，该景区定位"全球闽南文化之窗"和厦 门文旅名片，将于今年"五一"正式开启公测。 据悉，该项目位于东渡码头后方，毗邻国际邮轮中心，建设面积20.1万平方米，由1500名设计人员、1800名建设队伍精心 打造，以海洋文明、闽南文化、厦门故事为核心，涵盖"远古山海""闽南幻境""鼓浪回响""滨海流光""邮轮时光"五大篇章。其 中，一期"远古山海"和"闽南幻境"将于5月17日正式亮相。 去年新落地的厦门大丰文运文化发展有限公司作为大丰实业海西总部，将以该项目为起点，立足厦门地缘优势，聚焦多核 心业务，助力提升城市文化资产，打造海西文旅新名片。 （编辑 张钰鹏） 作为大丰实业继海口国际免税城后又一文商旅新场景代表作品，该项目在国家引导打造消费新场景背景下，展现全产业链 整合能力，打造集文化体验、数字消费、智慧运营于一体的新型场景。 该项目在商业场景创新上，以"折叠时空"为逻辑，打造"四海庭-千番市-福熹山"三大复合场景，让游客 ...

Group 1 - The core viewpoint of the article highlights the strong performance and growth potential of Xiyu Tourism, a leading company in the Xinjiang tourism industry, as evidenced by its financial results and strategic initiatives [1][3][5] - In 2024, Xiyu Tourism reported a revenue of 304 million yuan and a net profit of 86.51 million yuan, with total assets reaching 1.09 billion yuan, reflecting a year-on-year growth of 39.37% [1] - The company has a diverse portfolio, including operations in scenic areas, transportation, and travel agency services, and has established partnerships with other tourism-related companies [1][3] Group 2 - Xinjiang is recognized for its rich tourism resources, possessing 56 out of 68 types of tourism resources in China, and is expected to see a significant increase in tourist numbers and spending in 2024 [2] - Official data indicates that Xinjiang is projected to receive 302 million visitors in 2024, a 14% increase year-on-year, with total tourist spending reaching 359.54 billion yuan, up 21% [2] - The company is actively expanding its tourism projects, including immersive cultural experiences and low-altitude tourism initiatives, to enhance its service offerings and market presence [4][5] Group 3 - Xiyu Tourism has become a controlled subsidiary of Xinjiang Cultural Tourism Investment, which is expected to facilitate the company's future development and align with regional tourism strategies [3] - The company plans to focus on innovation and market expansion, aiming to optimize its project offerings and improve operational efficiency through technology [5] - A profit distribution plan has been announced, proposing a cash dividend of 3.00 yuan per 10 shares to all shareholders [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][7] Core Views - The company's performance in 2024 is under pressure due to multiple factors, but medium to long-term project developments are expected to boost the scenic area capacity and enhance business synergy [5][10] - The company achieved a revenue of RMB 1.931 billion in 2024, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders decreased by 25.51% to RMB 315 million [5][10] - The report anticipates a recovery in tourist growth and potential increases in capacity from both mountain and valley projects [10] Financial Summary - The company is projected to implement new regulations for paid use of scenic resources from 2025 to 2026, with adjusted EPS estimates of RMB 0.47, 0.54, and 0.63 for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25.4, 22.0, and 19.0 [7][9] - The main revenue sources and their growth rates are as follows: - Main revenue: RMB 1,931 million in 2024, with a growth rate of 0.1% - EBITDA: RMB 788 million in 2024, with a decrease of 7.9% - Net profit: RMB 315 million in 2024, with a decrease of 25.5% [9][10] - The report highlights that the company’s revenue from ticket sales decreased due to various discount policies, while the cable car business showed stable growth [10]

大连圣亚（600593）公告，2025年第一季度营收为8431.67万元，同比下降7.88%；净亏损814.57万元， 去年同期净利润127.57万元。 ...

西域旅游（300859）公告，2024年营业收入为3.04亿元，同比下降0.51%；归属于上市公司股东的净利 润为8651.31万元，同比下降18.06%；基本每股收益为0.56元/股，同比下降17.65%。公司拟向全体股东 每10股派发现金红利3元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增0股。 ...

Core Insights - The company reported its 2024 annual results and Q1 2025 results, with performance in line with expectations [1] - Revenue for 2024 was 536 million, a decrease of 14.87% year-on-year, while net profit attributable to shareholders was 105 million, down 28.8% due to extreme weather and external market conditions [1] - In Q1 2025, total revenue was 105 million, a decline of 1.6% year-on-year, but net profit attributable to shareholders increased by 26.45% to 14 million [1] Financial Performance - The company's sales and management expense ratios for 2024 were 8.41% and 14.68%, respectively, with year-on-year changes of +0.83 and +0.99 percentage points [1] - For Q1 2025, the sales and management expense ratios were 5.67% and 17.15%, with year-on-year changes of +0.86 and +0.15 percentage points [1] Core Business Stability - The core scenic area business remained robust, with Tianmu Lake's main attractions generating revenues of 148 million and 135 million, down 17.47% and 7.58% year-on-year, respectively [1] - Gross profit margins for these attractions were 69.72% and 71.22%, indicating strong profitability [1] - The company effectively mitigated seasonal revenue fluctuations by developing secondary consumption scenarios and complementary seasonal products [1] Growth Initiatives - Scenic area renovations and new projects are driving organic growth, with ongoing projects like Nanshan Xiaozhai Phase II and Night Park enhancing visitor experience and brand appeal [2] - The company is expanding its hotel business through new constructions and renovations, improving reception capacity and service quality [2] - The opening of the Hushu Lake High-speed Railway at the end of 2024 will reduce travel time from Shanghai to Liyang to about one hour, potentially boosting visitor traffic [2] Shareholder Returns - The company implemented a profit distribution plan for 2023, distributing 5.36 yuan per 10 shares (including tax), totaling 100 million yuan [2] - The board approved a profit distribution proposal for 2024, planning to distribute 2.35 yuan per 10 shares (including tax), expected to total 63 million yuan [2] - The cash dividend policy aligns with company regulations, ensuring the protection of minority shareholders' rights [2] Investment Outlook - The company is focused on a "one-stop tourism" development model, with unique and competitive products [3] - Following the opening of the Hushu Lake High-speed Railway, there is significant marketing flexibility [3] - Upcoming projects include the planning and construction of Nanshan Xiaozhai Phase II, the planning of Pingqiao characteristic leisure tourism area, and the third phase of Yushui Hot Spring [3] - Profit forecasts for 2025 and 2026 have been revised down to 134 million and 153 million, respectively, with a new forecast for 2027 at 170 million [3]