旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

Core Viewpoint - China's trade surplus is driven by global market demand and is providing tangible benefits to economies around the world [1] Group 1: Impact on Developing Countries and Emerging Economies - Developing countries and emerging economies benefit from the expansion of Chinese exports, which provide essential products for infrastructure development and energy transition [1] - A significant portion of Chinese exports consists of intermediate goods, which help African regions reduce costs and enhance competitiveness, allowing deeper integration into global value chains [1] - A report from the International Monetary Fund indicates that Chinese investment has significantly increased local processing rates in African countries, promoting their industrialization [1] Group 2: Benefits to Developed Economies - Western developed economies also benefit from Chinese exports, as multinational companies are deeply embedded in the Chinese manufacturing system, using China as a production base for global markets [2] - Foreign enterprises in China account for nearly one-third of China's total exports, providing consumers worldwide with higher cost-performance products [2] Group 3: China's Economic Adjustments - China is actively adjusting its economic structure to enhance domestic demand's role in economic development [2] - The country's large population and growing middle-income group present significant consumption potential, representing one of the most important growth opportunities globally [2]

Economic Growth - Kazakhstan's GDP is projected to grow by 6.5% year-on-year in 2025, driven by key sectors such as industry, transportation, construction, and trade [1] - The industrial production index is expected to increase by 7.4%, with manufacturing growing by 6.4% [1] - Notable growth is observed in specific sectors, including mechanical manufacturing, which is anticipated to rise by 12.9% [1] Transportation and Logistics - The transportation and logistics sector is expected to maintain a strong growth trajectory, with transportation and warehousing increasing by 20.4% year-on-year [1] - Rising freight volumes in rail and road transport are contributing to growth in related services such as freight forwarding and airport operations [1] Construction Sector - The construction industry is projected to grow by 15.9%, with new housing area reaching 20.1 million square meters, a 5.1% increase year-on-year [1] - Increased investment in education, healthcare, and infrastructure is effectively driving growth in the construction sector [1] Trade Performance - Total trade volume is expected to grow by 8.9%, continuing the previous growth trend, with wholesale trade showing significant increases [2] - Key commodities such as food, machinery, pharmaceuticals, automobiles, and dairy products are experiencing rapid sales growth, indicating sustained market demand [2] Agriculture and Communication - The agriculture, forestry, and fishing sectors are projected to grow by 5.9%, while the information and communication sector is expected to increase by 3.6% [3] - In 2024, Kazakhstan's GDP is anticipated to grow by 5% [3]

Economic Overview - In 2025, the Russian economy is expected to experience a controlled cooling period, with GDP growth projected to decline to around 1% after reaching a 12-year high of 4.3% in 2024 [1] - The economic slowdown is attributed to weak production growth, reduced consumer spending, and declining contributions from key sectors [1][2] GDP and Growth Projections - The Russian Academy of Sciences predicts a GDP growth of 0.7% for 2025, while some commercial banks estimate it at 0.9% [2] - Industrial production remains a significant driver of economic growth, with manufacturing, particularly machinery and chemical production, showing stable contributions [2] Inflation and Monetary Policy - Inflation pressure is easing, with the inflation rate dropping to 6.6% in November from a high of 10.34% in March, although it remains above the central bank's target of 4% [3] - The central bank has more room to ease monetary policy due to the declining inflation and cooling domestic demand [3] Currency and Debt Dynamics - The real effective exchange rate of the ruble has appreciated significantly, increasing by 25.2% from January to November [3][4] - Public debt has risen by 10.1% to 32.98 trillion rubles, with domestic debt increasing while external debt has decreased [4] Future Economic Strategy - The Russian government is focusing on structural economic reforms aimed at creating high-tech industries and high-value production jobs, with a plan extending to 2030 [7] - Balancing inflation control, exchange rate stability, and growth is emphasized as crucial for achieving national development goals [7]

Company Overview - Today International (SZ 300532) announced the convening of its 25th meeting of the fifth board of directors on December 12, 2025, via telecommunication voting [1] - The meeting reviewed the proposal to amend the "Information Disclosure Management System" among other documents [1] Financial Performance - For the first half of 2025, Today International's revenue composition was 98.6% from manufacturing and 1.4% from other businesses [1] - As of the report date, the market capitalization of Today International is 5.3 billion yuan [1]

Core Insights - Vietnamese enterprises' foreign investment reached 1.1 billion USD in the first 11 months of 2025, marking an 83.9% year-on-year increase [1] Investment Overview - New foreign investment projects totaled 148, with a total investment amount of 742.8 million USD, reflecting a 33.8% year-on-year growth [1] - Capital increase in existing projects amounted to 358.2 million USD, which is 8.2 times higher than the same period last year [1] Sector Distribution - The majority of foreign investment from Vietnamese enterprises is concentrated in the electricity and gas production and sales sector, accounting for 31.1% of total foreign investment [1] - The processing and manufacturing sector follows, representing 25.2% of the total investment [1] - The wholesale and retail sector accounts for 11.8% of the total foreign investment [1] Geographic Focus - Laos remains the largest destination for Vietnamese investment, with an investment amount of 590.3 million USD, making up 53.6% of Vietnam's total foreign investment [1] - Other notable investment destinations include the Philippines, Germany, Indonesia, and the United States [1]

Core Viewpoint - Vietnam's industrial production index (IIP) experienced a year-on-year growth of 9.3% in the first 11 months of 2025, indicating a robust recovery in industrial activities across the country [1] Group 1: Overall Industrial Growth - The processing and manufacturing sector grew by 10.6%, contributing 8.5 percentage points to the overall IIP growth [1] - Water supply, waste, and wastewater treatment increased by 8.4%, contributing 0.1 percentage points [1] - Electricity production and sales rose by 6.5%, contributing 0.6 percentage points [1] - The mining sector saw a growth of 0.9%, contributing 0.1 percentage points [1] Group 2: Sector-Specific Performance - Notable growth was observed in several key industries, including: - Automobile production increased by 22.0% [1] - Non-metallic mineral products grew by 16.5% [1] - Rubber and plastic products rose by 16.4% [1] - Metal production increased by 15.5% [1] - Clothing production grew by 13.5% [1] - Prefabricated metal products (excluding machinery and equipment) increased by 12.6% [1] Group 3: Regional Performance - Industrial production showed positive trends across all 34 provinces and municipalities, with significant growth in: - Quang Ninh at 33.8% [1] - Phu Tho at 28.8% [1] - Ninh Binh at 23.4% [1] - Thanh Hoa at 17.5% [1] - Bac Ninh and Hai Phong both at 16.9% [1]

截至发稿，美新科技市值为22亿元。 （记者 曾健辉） 每经AI快讯，美新科技（SZ 301588，收盘价：18.91元）12月4日晚间发布公告称，公司第二届第十九 次董事会会议于2025年12月4日在公司会议室以现场结合通讯表决的方式召开。会议审议了《关于聘任 公司副总经理的议案》等文件。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 2024年1至12月份，美新科技的营业收入构成为：加工制造业占比100.0%。 ...

截至发稿，美新科技市值为22亿元。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 （记者 王晓波） 每经AI快讯，美新科技（SZ 301588，收盘价：18.91元）12月4日晚间发布公告称，因公司经营管理需 要，经总经理提名，董事会提名委员会审核，公司董事会同意聘任包明辉先生为公司副总经理。 2024年1至12月份，美新科技的营业收入构成为：加工制造业占比100.0%。 ...

每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 王晓波） 每经AI快讯，精达股份（SH 600577，收盘价：10.45元）11月28日晚间发布公告称，截至公告披露日， 公司对控股子公司提供的担保总额约39.47亿元，占公司最近一期经审计净资产的比例为67.02%。 2024年1至12月份，精达股份的营业收入构成为：加工制造业占比96.7%，其他业务占比3.3%。 截至发稿，精达股份市值为225亿元。 ...