Group 1 - Zhangjiajie Tourism Group Co., Ltd. will be marked as "ST" starting from April 17, 2025, due to negative net profits for the last three fiscal years and uncertainty regarding its ability to continue as a going concern [1][3] - The stock will be suspended for one day on April 16, 2025, and the trading limit will be reduced from 10% to 5% [1] - The company has a history of being marked as "ST" multiple times due to financial issues, indicating ongoing challenges in its financial health [3][6] Group 2 - In 2024, the company reported a total revenue of 432 million yuan, a year-on-year increase of 2.77%, but a net loss of 582 million yuan, which is a 142.83% increase in losses compared to the previous year [7][10] - The significant losses are attributed to the Duyong Ancient City project, which incurred a net loss of 596 million yuan and led to an asset impairment provision of 478 million yuan, accounting for 83.9% of the total profit [7][9] - The company has recorded a cumulative loss of approximately 1.348 billion yuan over the past five years, with continuous negative net profits since 2020 [9][10] Group 3 - The company is actively working on restructuring efforts, with 47 potential investors having submitted formal applications for restructuring as of February 12, 2025 [11] - The court has extended the pre-restructuring period by three months, now set to end on July 16, 2025, to facilitate the restructuring process [11]

Core Viewpoint - Tibet Tourism Co., Ltd. reported a stable growth in 2024, with a slight increase in revenue and a significant rise in net profit, indicating effective operational strategies and market adaptation [2][3]. Financial Performance - The company achieved an operating revenue of 213 million yuan, a year-on-year increase of 0.17% - The net profit attributable to shareholders was 16.69 million yuan, reflecting a year-on-year growth of 15.06% [2]. Market Trends and Strategies - The domestic tourism market is stabilizing, with changing consumer preferences towards personalized and rational travel choices - The company is focusing on ecological priorities, demand adaptation, supply innovation, and policy collaboration for high-quality development in the cultural tourism industry [2][4]. Business Development Initiatives - Tibet Tourism launched the "Le You Tibet" e-commerce platform, integrating traditional OTA and social services to enhance travel planning and services for visitors - The company is expanding into high-margin cultural and business travel services, while also advancing projects for scenic area upgrades and digital operation platforms [3][4]. Revenue Growth by Segment - The tourism service business saw significant growth due to favorable national policies, with "business travel services" revenue surging by 378% - The cultural tourism segment contributed 17.2 million yuan in revenue, a 35% increase, with a gross margin rising to 33% [3]. Future Outlook - The company is expected to continue adapting to market changes, focusing on product innovation, smart technology applications, and sustainable development - There is potential for further differentiation in the tourism sector, with an emphasis on immersive experiences and targeted marketing strategies [4][5][6].

文/梧桐晓编 大家印象中，坐拥旅游名山的上市公司肯定是财源滚滚的。但张家界旅游集团股份有限公司（000430）就让人非常意外！4月15日晚，张家界在公布2024年年 报、2025年一季报的同时还公布了《关于公司股票交易将被实施其他风险警示暨股票停牌的提示性公告》。公司最近三个会计年度归属于上市公司股东的净利润 分别为-5.8209亿元、-2.3933亿元、-2.5977亿元。本年度被中审众环会计师事务所出具了带"与持续经营相关的重大不确定性"段落的无保留意见《2024年度审计 报告》。根据深交所《股票上市规则》的规定：最近三个会计年度扣非前后净利润孰低者均为负值，且最近一个会计年度审计报告显示公司持续经营能力存在不 确定性，深交所将对公司股票实施其他风险警示。公司股票4月16日停牌一天，自 2025 年 4 月 17 日起被实施"其他风险警示"，股票简称由"张家界"变更为"ST 张家界"。 一、 公司拥有绝版的旅游资源 公司是独家经营湖南张家界景区的上市公司。公司主要经营业务包括：（1）旅游景区经营；（2）旅游客运；（3）旅行社经营；（4）旅游客运索道经营； （5）其他：酒店经营、房屋租赁等。旅游景区包括宝峰 ...

Summary of the Conference Call on Jiuhua Tourism Company Overview - **Company**: Jiuhua Tourism - **Industry**: Tourism and Hospitality Key Points and Arguments 1. **Performance and Growth**: Jiuhua Tourism has shown stable and solid growth in its performance for 2025 and 2026, with positive financial data reported [1] 2. **Significance of Jiuhua Mountain**: Jiuhua Mountain is a major scenic area in China, with a high ranking in national tourist attractions based on visitor numbers [2] 3. **Core Business Segments**: The company operates four main business segments: - Cable car and lift services - Passenger transport services - Hotel operations - Travel agency services The most critical segments are the hotel and cable car services, with the company being the sole operator of three cable cars in the area [3][4] 4. **Passenger Transport Business**: This segment has a gross margin of 50%, with significant demand during peak times when private vehicles are restricted from accessing the mountain [4] 5. **Hotel Operations**: Jiuhua Tourism manages key hotels in Jiuhua Mountain, including the Giant Dragon Hotel and East Asia Hotel, focusing on mid to high-end accommodations [5] 6. **Revenue Growth**: The passenger transport business has seen a year-on-year revenue growth of 30%, attributed to the addition of new transport centers and increased traffic management measures [6] 7. **High Gross Margin**: The cable car business maintains a high gross margin of 86%, indicating strong profitability [7] 8. **Cultural Significance**: Jiuhua Tourism is noted for its unique cultural attributes compared to other tourism companies, making it a distinctive investment opportunity [7] 9. **Post-Pandemic Supply Side Acceleration**: The company has accelerated its supply-side initiatives post-pandemic, including the opening of new hotels and a new transport center [8] 10. **Future Projects**: Upcoming projects include a new cable car and hotel in the Shiziguan area, expected to enhance future revenue and performance [9] 11. **Customer Demographics**: The primary customer base consists of self-driving tourists from densely populated and economically developed regions in central and eastern China [9] 12. **2025 Revenue Forecast**: The company anticipates achieving approximately 2.15 billion in revenue by 2025, with a strong growth trajectory expected [10] 13. **Seasonal Challenges**: The first quarter of 2024 faced challenges due to snowfall, impacting operations, but the overall outlook remains stable [10] Additional Important Information - **Market Position**: Jiuhua Tourism is positioned as a unique asset in the tourism sector, with a focus on cultural and scenic value [7] - **Investor Engagement**: The conference encouraged investor interaction for further details and insights into the company's operations and future plans [12]

据新华社，河南省气象局12日发布消息称，监测显示，4月11日6时至12日6时，河南省大部出现8到 10级阵风，部分县市11到13级，最大风力达15级，40个国家站最大风速达到或突破4月历史同期极 值。 河南省气象局预计，12日强风将持续，全省阵风8到10级，中西部、北部局地达11到12级，并伴有 浮尘或扬沙；13日仍有8到10级阵风。 针对大风天气过程，河南省气象部门早先发布大风黄色预警，并同步启动重大气象灾害（大风）Ⅲ级应急 响应。截至4月12日6时21分，河南全省生效中的大风、寒潮、雷暴大风等预警信号达105条。郑州方特旅 游度假区、郑州园博园等多个景区发布临时闭园公告，河南宝泉旅游度假区、洛阳老君山景区等启动限流 措施。 河南省气象局的监测显示，河南风速较大的三个站点分别为：林州市马安脑46.8米/秒（15级）、焦 作市十二会40.8米/秒（13级）、修武县峰林峡40.3米/秒（13级）。同时，全省大部伴有浮尘或扬 沙，多个地区出现阵雨、雷阵雨。 ...

Group 1 - The core viewpoint of the article is that the optimization of the departure tax refund policy, such as "buy and refund immediately," will boost inbound tourism and retail, thereby stimulating domestic consumption [1] - The report references the development of Japan's tax refund policies, indicating that such optimizations have significantly driven growth in inbound tourism and increased sales through tax refund channels [1] - The long-term market potential for departure tax refunds is substantial, suggesting a broad market space for growth [1] Group 2 - The report recommends paying attention to tourism retail operators, tourism service providers, consumer infrastructure and related operators, scenic spots, and cross-border ecological service providers [1]

Core Viewpoint - Since the state-owned capital took control in 2023, the profitability of SanTe Cableway (002159.SZ) has significantly improved, achieving a remarkable performance in the context of the tourism industry's recovery [1][2]. Financial Performance - In 2024, the company reported total revenue of 692 million yuan, with a net profit attributable to shareholders of 142 million yuan, representing a year-on-year increase of 11.34% despite a revenue decline of 3.69% [2][4]. - The company's asset-liability ratio stood at 23.62%, marking a historical low, while financial expenses decreased by 94.14% to 742,300 yuan [4]. Business Operations - The cableway business remains a strong revenue driver, contributing 79.60% of total revenue with operational income of 551 million yuan [2]. - Key projects such as Guizhou Fanjing Mountain and Shaanxi Huashan have driven significant revenue growth through innovative products and targeted marketing strategies [2][3]. Project Developments - The Zhuhai project achieved a 20.1% increase in revenue to 63.92 million yuan, benefiting from e-commerce operations and a 23% increase in visitor numbers [3]. - The company is strategically upgrading the Hangzhou Qiandao Lake project, aiming to establish a new benchmark in cultural tourism [5]. Strategic Focus - The company plans to continue focusing on its core business of cableways and ecological cultural tourism, enhancing brand operations and content innovation while expanding its asset-light model [5].

裘翔｜中信证券首席A股策略师 S1010518080002 板块配置｜六大主线板块当前处在什么位置？ 一个季度过去了，市场最关注的几个主线板块都处在什么位置？后续还可以期待什 么？我们从股价、估值、基本面等维度自上而下梳理了科技、消费、医药、新能源、 红利、出海六大板块一季度运行动态，并给出了相关配置线索。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复 苏不及预期；海内外宏观流动性超预期收紧；地缘政治风险。 尹欣驰 ｜中信证券 汽车及零部件行业首席分析师 S1010519040002 商用车｜卡车电动化最后一块拼图：重卡混动发展前瞻 重卡新能源化进展如火如荼，趋势明确不可逆。但现有主流的纯电动重卡受限于续航 里程限制，主要在短途和特定场景下渗透，中长距离场景的新能源化仍待开拓。复盘 乘用车新能源化进程，混动车型于纯电车型普及后两年开始加速渗透，我们认为混动 也将成为重卡新能源化的最后一块拼图。混动重卡在政策大力支持的新能源重卡范畴 内、且在中长距离运输场景中满足高效运输需求，经济性表现远超柴油重卡、且混动 技术已较为成熟，我们认为其已具备大范围商业化基础。我们预计2024/202 ...

盈利预测：公司为稀缺的多区域布局自然景区，资产注入带来中短期利润增长，"文旅+科技"综合业务 运营能力助力长期发展。预计公司2024-2026年实现营业总收入8.25/11.40/13.13 亿元， yoy+14%/+38%/+15%，归母净利润1.74/3.96/5.40 亿元，yoy+15%/+127%/+37%。当前股价对应2024- 2026年估值分别53/23/17X。 风险提示：宏观消费环境改善不及预期风险，注入项目运营提升不及预期风险，自然天气变化影响。 25 年开年以来，公司旗下景区经营表现持续领先，为25 全年净利润高增奠定基础。一方面，公司旗下 景区多布局在人口密集省份，享受周边游、性价比游等趋势带来的红利，同时公司运营的景区项目多为 景交项目，刚需性强且规模效应高；另一方面，公司景区运营管理能力强，对24 年注入的莽山、丹霞 山等项目改造升级效果明显。 公司拥有高成长性&强兑现性，稀缺性强。当前推荐逻辑仍为"利润兑现&资产注入&低空催化"，建议 持续关注：1）即将进入假节日密集阶段，关注后续五一、端午、暑期的经营情况，若旺季天气状况良 好，公司25 全年业绩或有超预期可能；2）控股股东资 ...

Macro Strategy - The core impact of the recent reciprocal tariffs is on the existing global tariff and trade system rather than solely on China's exports, with the overall tariff rate on Chinese imports reaching 64.66% [18][19] - The new tariffs may lead to a GDP growth drag of approximately 1.5% for China, with a potential 31.5% decline in exports to the US [19] Fixed Income Analysis - The analysis indicates that the adjusted yield of bank assets can signal interest rate turning points, specifically when the adjusted yield of 3M interbank certificates rises to the level of corporate loan yields, indicating a potential downward turning point for interest rates [20][21] - The report highlights the importance of comparing yields between different asset classes to predict market movements [20] Industry Insights - In the engineering machinery sector, the direct export cost burden due to tariffs has increased to 79%, but the overall exposure to the US market is manageable for major players like SANY and XCMG, with their US exposure being relatively low [24] - Companies with manufacturing facilities in North America or Mexico are better positioned to mitigate tariff risks, with SANY and Hengli Hydraulic being notable examples [24]