社会服务 | 证券研究报告 — 行业周报 2026 年 1 月 12 日 强于大市 社会服务行业双周报 元旦出行热度开门红，期待全年景气度延续 市场回顾&行业动态数据 双周要闻 投资建议 2026 年元旦假期出行数据实现开门红，春节假期将至，期待景气度延 续。我们建议关注后续业绩增长确定性强的出行链及产业相关公司：同 程旅行、黄山旅游、丽江股份、宋城演艺、岭南控股、众信旅游、中青 旅、海昌海洋公园、天目湖、长白山等；受益于商旅客流复苏以及市占 率有望提高的连锁酒店品牌锦江酒店、首旅酒店、君亭酒店等；受益于 促就业政策推动的科锐国际、北京人力；跨境游市场恢复有望推动机场 免税的恢复和市内免税新政加速推出，建议关注中国中免、王府井；承 接餐饮、宴会需求复苏的同庆楼；本地生活消费老字号品牌豫园股份； 受益于商务复苏的会展品牌米奥会展、兰生股份；演艺演出产业链公司 锋尚文化、大丰实业。 评级面临的主要风险 出行需求复苏不足、行业复苏不及预期、政策落地及执行不及预期。 相关研究报告 前两交易周（2025.12.29-2026.01.09）社会服务板块上涨 3.96%，在申万一 级 31 个行业排名中位列第 15。元旦假 ...

截至12月31日，三峡旅游股东户数1.99万，较上期减少5.46%；人均流通股35947股，较上期增加 5.77%。2025年1月-9月，三峡旅游实现营业收入6.09亿元，同比增长9.48%；归母净利润8586.66万元， 同比减少23.29%。 1月12日，三峡旅游盘中上涨2.09%，截至09:47，报7.81元/股，成交4623.74万元，换手率0.84%，总市 值56.59亿元。 资金流向方面，主力资金净流出39.59万元，特大单买入136.09万元，占比2.94%，卖出425.29万元，占 比9.20%；大单买入846.30万元，占比18.30%，卖出596.68万元，占比12.90%。 三峡旅游今年以来股价涨5.26%，近5个交易日涨9.85%，近20日涨16.92%，近60日涨33.28%。 资料显示，湖北三峡旅游集团股份有限公司位于湖北省宜昌市港窑路5号，成立日期1998年8月10日，上 市日期2011年11月3日，公司主营业务涉及客运站经营(有效期至2018年7月31日);省际班车客运、省际包 车客运、一类客运班线、旅游客运(有效期至2018年7月31日);国内快递(邮政企业专营业务除外)(有 ...

Core Viewpoint - On January 8, Shaanxi Tourism experienced a decline of 6.27% in stock price, with a trading volume of 1.059 billion yuan, indicating market volatility and investor sentiment concerns [1]. Group 1: Financial Performance - For the period from January to September 2025, Shaanxi Tourism reported an operating income of 889 million yuan, representing a year-on-year decrease of 18.80% [2]. - The net profit attributable to the parent company for the same period was 369 million yuan, reflecting a year-on-year decline of 26.93% [2]. Group 2: Financing and Trading Activity - On January 8, the financing buy-in amount for Shaanxi Tourism was 114 million yuan, with a net financing buy of 35.37 million yuan after repayments [1]. - The total balance of margin trading for Shaanxi Tourism as of January 8 was 167 million yuan, accounting for 6.55% of the circulating market value [1]. - There were no short-selling activities on January 8, with zero shares sold or repaid, indicating a lack of bearish sentiment in the market [1]. Group 3: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. was established on January 19, 1988, and is located in Xi'an, Shaanxi Province [1]. - The company’s main business includes tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan [1]. - The revenue composition of the company is as follows: tourism performances 57.14%, cable car services 34.72%, passenger road services 3.79%, dining services 3.69%, and other services 0.66% [1].

（文章来源：证券日报） 证券日报网讯 1月8日，云南旅游在互动平台回答投资者提问时表示，2025年12月31日公司股东户数为 65238户。 ...

证券日报网讯 1月7日，C陕旅在互动平台回答投资者提问时表示，公司业务集旅游演艺、旅游索道、旅 游餐饮为一体，依托华清宫、华山等优质旅游资源，充分发挥旅游资源整合优势、专业化运营管理优 势、旅游产品创新优势，为游客提供高品质的旅游产品及服务体验。目前旅游演艺及旅游索道业务均盈 利。公司发行后每股收益6.50元（以2024年经审计的扣除非经常性损益前后归属于母公司股东的净利润 的较低者除以本次发行后总股本计算），每股净资产35.12元（按2025年6月30日经审计的归属于母公司 股东权益加上本次募集资金净额除以本次发行后总股本计算），具体可见公司于2026年1月5日披露的 《陕西旅游首次公开发行股票主板上市公告书》。 （编辑 楚丽君） ...

Group 1 - C Shaanxi Travel (C陕旅) saw a 64.10% increase on its first trading day, with a turnover rate of 74.41% and a transaction volume of 1.971 billion yuan [2] - The stock's first-day financing purchase amounted to 261 million yuan, accounting for 13.25% of the total trading volume, with a latest financing balance of 241 million yuan, representing 9.45% of the circulating market value [2] - The company integrates tourism performance, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [3] Group 2 - On the first trading day, the stock experienced a net inflow of 661 million yuan from main funds, with large orders contributing 439 million yuan and special large orders adding 222 million yuan [3] - The top five trading departments on the first day had a total transaction of 308 million yuan, with a net purchase of 152 million yuan after accounting for sales [4] - The company has developed notable tourism performance works, including the large-scale historical dance drama "Chang Hen Ge" and the large-scale red performance "Tai Shan Feng Huo," which serve as carriers for the transmission of Chinese history and traditional culture [3]

Core Viewpoint - Shaanxi Tourism experienced a significant stock price increase of 64.10% on January 6, with a trading volume of 1.971 billion yuan, indicating strong market interest and potential investor confidence in the company [1]. Financing Summary - On January 6, Shaanxi Tourism had a financing buy-in amount of 261 million yuan, with a net financing purchase of 241 million yuan after repaying 1.99867 million yuan [1][2]. - The current financing balance stands at 241 million yuan, which represents 9.45% of the company's market capitalization [2]. Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. is located in Xi'an, established on January 19, 1988, and listed on January 6, 2026. The company focuses on integrated tourism services, including performance arts, cable cars, and dining, leveraging premium tourism resources like Huaqing Palace and Huashan [2]. - The revenue composition of Shaanxi Tourism includes: 57.14% from tourism performances, 34.72% from cable car services, 3.79% from passenger road services, 3.69% from dining, and 0.66% from other sources [2]. Financial Performance - For the period from January to September 2025, Shaanxi Tourism reported an operating income of 889 million yuan, reflecting a year-on-year decrease of 18.80%. The net profit attributable to the parent company was 369 million yuan, down 26.93% year-on-year [2]. - As of January 6, the number of shareholders for Shaanxi Tourism reached 38,600, showing a dramatic increase of 642,916.67% compared to the previous period, with an average of 501 circulating shares per shareholder [2].

中国经济网北京1月6日讯今日，陕西旅游（603402）文化产业股份有限公司(股票简称：陕西旅游，股票代码：603402.SH)在上交所 主板上市。该股开盘报131.15元，截至收盘报132.00元，涨幅64.10%，成交额19.71亿元，振幅33.57%，换手率74.41%，总市值 102.08亿元。 陕西旅游业务集旅游演艺、旅游索道、旅游餐饮为一体，依托华清宫、华山等优质旅游资源，充分发挥旅游资源整合优势、专业化 运营管理优势、旅游产品创新优势，为游客提供高品质的旅游产品及服务体验。 需进一步落实事项： 无。 陕西旅游本次公开发行股票的数量为1,933.3334万股，占发行后总股本的比例为25%；本次发行全部为新股发行，不涉及发行人原有 股东公开发售股份，发行价格为80.44元/股。陕西旅游的保荐机构为中国国际金融股份有限公司，保荐代表人为唐云、马思翀。 陕西旅游本次发行募集资金总额为155,517.34万元，扣除发行费用后募集资金净额为152,192.69万元，比原计划少3,320.10万元。陕西 旅游2025年12月18日披露的招股书显示，公司拟募集资金155,512.79万元，用于收购太华索道股权项目 ...

Group 1 - The company N Shanlv (603402) was listed today, opening with a rise of 63.04%, and by the end of the morning session, the increase expanded to 78.98%, with a trading volume of 10.8183 million shares and a turnover of 1.485 billion yuan, resulting in a turnover rate of 55.96% [2] - The company's business integrates tourism performances, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [2] - In the tourism performance sector, the company has created major works such as the large-scale historical dance drama "Chang Hen Ge" and the large-scale red performance "Tai Shan Feng Huo," focusing on the transmission of Chinese history and traditional culture [2] Group 2 - The total number of shares issued by the company is 19.3333 million, with an online issuance of 19.3330 million shares at a price of 80.44 yuan per share, resulting in a price-to-earnings ratio of 12.37, compared to the industry average of 26.90 [3] - The funds raised from the initial public offering amount to 1.555 billion yuan, which will be primarily allocated to projects such as the second phase of Taishan Xiucheng, acquisition of Taihua Cableway equity, and several other cableway and tourism projects [3] - The company's latest stock price is 143.97 yuan, with a morning session increase of 78.98% and a half-day turnover rate of 55.96% [3]

北京商报讯（记者 马换换 王蔓蕾）2026年首只上市新股来了！1月6日，陕西旅游（603402）登陆沪市 主板上市，上市首日公司股价高开63.04%，开于131.15元/股。 据了解，陕西旅游业务集旅游演艺、旅游索道、旅游餐饮、旅游项目投资及管理为一体，公司本次发行 价格80.44元/股。 ...