证券研究报告：宏观报告 发布时间：2025-07-08 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《内外利好共振，成长风格迎来布局 窗口》 - 2025.07.02 宏观研究 破内卷困局，离不开扩内需支撑 核心观点 中央持续强化"反内卷"政策导向，旨在解决名义经济增速低迷和 PPI 持续负增长问题，重点整治低价无序竞争和产能过剩，同时优化 资源配置效率，加速推动产业结构调整，夯实高质量发展基础。 从官方通报"内卷式"竞争行业，结合产能利用率和 PPI 同比增 速来看，煤炭开采和洗选业、化学原料及化学制品、非金属矿物质品、 有色金属冶炼及压延加工业、专用设备、电气机械和器材、通用设备、 汽车、医药或存在"内卷式"竞争问题，预计接下来"反内卷"或将 针对这些重点行业进行展开。 借鉴 2016 年供给侧改革经验，"反内卷"政策推进，或采取"行 政强制+市场调节+技术创新"组合拳。根据 2016 年供给侧结构 ...

Group 1 - The company plans to distribute a cash dividend of 1.72 yuan per 10 shares, totaling approximately 125.45 million yuan, which represents a cash dividend ratio of 39.83% of the net profit attributable to shareholders for the year 2024 [1][12][51] - The company operates in the tourism industry, classified under "N78 Public Facilities Management" by the China Securities Regulatory Commission, and is positioned to benefit from the ongoing development of the tourism sector in China [2][3] - The domestic tourism market is showing a positive trend, with 5.615 billion domestic trips in 2024, an increase of 14.8% year-on-year, and total spending of 5.75 trillion yuan, up 17.1% from the previous year [4][3] Group 2 - The company manages several scenic areas, including Huangshan Scenic Area, and has accumulated extensive experience in scenic area operations and management [4][10] - The company has a diversified business model that includes cable car services, hotel operations, and a restaurant business focused on Huizhou cuisine, which has received multiple national honors [5][6][10] - The company is actively involved in smart tourism initiatives, integrating modern information technology with tourism resources to enhance visitor experiences and operational efficiency [7][10] Group 3 - The company reported a total of 4.9224 million visitors to Huangshan Scenic Area during the reporting period, a 7.60% increase from the previous year, while cable car services transported 9.8149 million passengers, reflecting a 3.25% increase [10] - The company achieved operating revenue of 1.931 billion yuan, a slight increase of 0.09% year-on-year, but the net profit attributable to shareholders decreased by 25.51% to 315 million yuan [10][12] - The company is positioned to leverage the ongoing recovery in the tourism sector, supported by favorable macro policies and a growing consumer demand for travel experiences [3][4]

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