Group 1 - The company Tianfu Culture and Tourism (000558.SZ) has signed cooperation framework agreements with multiple local cultural and tourism authorities to promote the integration of film and tourism [1][2] - The agreements aim to enhance the film production service chain and develop a comprehensive service system for the film industry, including production, digital copyright trading, and tourism services [1][2] - The collaboration focuses on leveraging regional tourism and cultural resources to create new tourism products and routes, thereby fostering high-quality integration of the cultural, tourism, and film industries [2] Group 2 - The company plans to establish a resource library for filming locations and provide comprehensive production services for film crews, targeting major film projects in the western region [2] - The initiative includes the development of a one-stop filming service system, integrating various aspects of film production and tourism operations [2] - The company aims to expand its film business by integrating tourism experiences and resources, and by establishing operations for film shooting bases, educational programs, and IP incubation [2]

【导读】本周打新沐曦股份的投资者赚翻了，最高一签盈利近40万元；下周3只新股可申购，沪深北各一只 A股打新投资者注意啦！ 根据目前发行安排，下周有3只新股可申购。 12月22日可申购上交所主板新股陕西旅游、深交所创业板新股新广益，12月23日可申购北交所新股蘅东光。 陕西旅游主业依托华清宫和华山景区 陕西旅游的申购代码是732402，发行价为80.44元/股，发行市盈率为12.37倍，参考行业市盈率为26.90倍。 陕西旅游此次总发行数量为1933万股，均实施网上发行。投资者参与网上申购陕西旅游，申购数量上限为1.90万股，顶格申购需配沪市市值19万 元。 陕西旅游从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营，主业所处的华清宫和华山均是国家5A级旅游景区，在国内具有广泛的知 名度。 以华山为例，其作为"五岳"之一的山岳型景区，近年来旅游人数稳步增长。除外部特定不利因素期间外，2018年以来常态化接待游客稳定突破 300万人次/年。 | 项目 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025.1-6 | | --- | --- ...

【导读】本周打新沐曦股份的投资者赚翻了，最高一签盈利近40万元；下周3只新股可申购，沪深北各一只 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周有3只新股可申购。 12月22日可申购上交所主板新股陕西旅游、深交所创业板新股新广益，12月23日可申购北交所新股蘅东光。 陕西旅游主业依托华清宫和华山景区 陕西旅游的申购代码是732402，发行价为80.44元/股，发行市盈率为12.37倍，参考行业市盈率为26.90倍。 陕西旅游此次总发行数量为1933万股，均实施网上发行。投资者参与网上申购陕西旅游，申购数量上限为1.90万股，顶格申购需配沪市市 值19万元。 陕西旅游从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营，主业所处的华清宫和华山均 是国家5A级旅游景区 ，在国内具有 广泛的知名度。 以华山为例，其作为"五岳"之一的山岳型景区，近年来旅游人数稳步增长。除外部特定不利因素期间外，2018年以来常态化接待游客稳定 突破300万人次 /年 。 | 项目 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025.1- ...

| | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 昌一 | 新广益 (申购代码: 301687) | 21.93元 | 28.59 | 创业板 | | (12月22日) | 陕西旅游 (申购代码:732402) | 80.44元 | 12.37 | 沪市主板 | | 周二 | 衛东光 | | | | | (12月23日) | (申购代码: 920045) | 31.59元 | 14.99 | 北交所 | 根据目前的发行安排，下周有三只新股申购，创业板、沪市主板、北交所新股各有一只。 从日程安排看，周一（12月22日）可申购创业板新股新广益、沪市主板新股陕西旅游，周二（12月23日）可申购北交所新股蘅东光。 陕西旅游主要从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营。旅游演艺方面，陕西旅游打造了中国首部大型实景历史舞剧《长恨 歌》、大型红色实景演艺《泰山烽火》等旅游演艺作品；在旅游索道业务方面，公司在华山景区建设和运营了西峰索道及华威滑道等项目；旅游餐 饮业务方面，其下属剧院式 ...

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration for Shaanxi Tourism Culture Industry Co., Ltd., which plans to raise 1.555 billion yuan on the Shanghai Stock Exchange [1][2]. Company Overview - Shaanxi Tourism was established in April 2011 and primarily engages in tourism operations focusing on tourism performances, cable cars, and dining [5]. - The company has become a leading enterprise in the "scenic area + cultural tourism" sector, leveraging rich tourism resources and years of operational experience [5]. - Its business integrates tourism performances, cable cars, and dining, relying on high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [5].

Core Insights - TUI, Europe's largest tour operator, reported that its earnings for the 2025 fiscal year surpassed its guidance due to robust demand for hotels and cruises [1] Company Summary - TUI's earnings exceeded expectations, indicating strong performance in the travel sector [1] - The growth in earnings is attributed to increased demand specifically in hotel and cruise segments [1] Industry Summary - The travel and tourism industry is experiencing a rebound, with significant demand for hospitality and cruise services [1]

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is set to go public on the Shanghai Stock Exchange after passing the listing review, marking it as the first cultural tourism enterprise to be approved under the new policy since May 2025 [1][3]. Group 1: Listing Process - The company's IPO application was accepted on May 30, 2025, and it underwent two rounds of inquiries, taking only five months from acceptance to the review meeting [3][4]. - This approval makes Shaanxi Tourism the first cultural tourism IPO to pass in the A-share market in the past five years [3][4]. Group 2: Financial Performance - The company reported revenues of CNY 1.088 billion, CNY 1.263 billion, and CNY 516 million for the years 2023, 2024, and the first half of 2025, respectively, with net profits of CNY 427 million, CNY 512 million, and CNY 204 million [4]. - From 2017 to 2024, the average annual compound growth rate of the company's main business revenue was nearly 15%, while net profit grew at over 20% [5]. Group 3: Business Operations - Shaanxi Tourism focuses on tourism performances, cableway operations, and dining, leveraging resources from attractions like Huaqing Palace and Huashan Mountain [4][8]. - The company has developed notable tourism performances, including the large-scale historical dance drama "Chang Hen Ge" and other significant cultural productions [7]. Group 4: Fundraising and Investment Plans - The company aims to raise CNY 1.555 billion through the IPO to fund projects such as the acquisition of cableway assets and the expansion of performance projects [12][14]. - The planned investments are expected to enhance the company's profitability and market competitiveness, with all targeted projects already showing profitability in 2024 [14][17].

Core Viewpoint - The company plans to lease 15 properties in Qingdao to develop a youth living community project that integrates accommodation and commercial spaces [1] Summary by Categories Company Actions - The company's wholly-owned subsidiary, Caesar Bay, intends to lease 15 buildings located in the historical cultural district of Qingdao [1] - The total area of the leased properties is approximately 5641.77 square meters [1] Financial Details - The basic rental price is set at 1.25 yuan per day per square meter [1] - The lease term is for 5 years, with rent increasing by 5% every 3 years [1] - The total rental amount under the contract is 8.3365 million yuan, with an 18-month rent-free period [1] Project Overview - The project aims to create a community that includes commercial, leisure, entertainment, and accommodation spaces [1]

Core Insights - The strategic cooperation between Shanghai Airlines Tourism Group and Leshan Airport Investment Development (Group) Co., Ltd. aims to enhance connectivity between Shanghai and Leshan, promoting Leshan as an internationally recognized tourist destination and boosting regional economic and tourism development [1][2] Group 1: Strategic Cooperation - The cooperation focuses on three main areas: route collaboration, network synergy planning, and cultural tourism integration [1] - The partnership is expected to create a more efficient and convenient route network, facilitating personnel exchanges and economic and cultural interactions between Shanghai and Leshan [2] Group 2: Tourism Development - Leshan is a key intersection of the Southern Silk Road and the Yangtze River Economic Belt, recognized as a national-level tourism reform and innovation pilot area, with rich tourism resources including three UNESCO World Heritage sites [1] - Leshan Airport is projected to be operational by early 2026, presenting new opportunities for local tourism development [1] Group 3: Company Profile - Shanghai Airlines Tourism Group is a leading comprehensive tourism operator in China, known for its innovative "Aviation + Cultural Tourism" and "Aviation + Destination" models, and has been recognized as one of the top 20 travel agencies in China for six consecutive years [1]

Company Dynamics - The company plans to divest its tourism real estate business, which is expected to improve profitability and optimize resource allocation [1] - The company has signed an agreement to acquire 100% equity of Songhua Lake Resort, indicating positive progress in its tourism destination investment operations [1][2] - During the National Day and Mid-Autumn Festival holidays, the company's destinations performed exceptionally well, with significant visitor numbers [2] Comments - The divestiture of the tourism real estate business is anticipated to enhance the company's profitability and reduce its debt ratio, allowing for more resource allocation to core businesses [1] - The proposed distribution includes both physical distribution and cash alternatives, with the controlling shareholder opting for physical distribution, while other shareholders can choose a cash payout of HKD 0.336 per share [1] - The company expects a one-time loss of HKD 160 million from the proposed distribution, primarily due to the reallocation of cumulative exchange differences [1] Acquisition Details - The company announced the acquisition of Songhua Lake Resort and Wanbingxue Company for a total consideration of HKD 295 million and HKD 5 million, respectively, while also assuming bank loans of HKD 755 million [2] - The acquisition is expected to enhance the company's leisure tourism destination layout and improve management service capabilities [2] - The Songhua Lake Resort has an annual visitor volume exceeding 350,000 and revenue exceeding HKD 300 million, with projected after-tax profits of HKD 9.96 million and HKD 230,000 for 2024 [2] Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast to a loss of HKD 50 million, down by HKD 140 million, while increasing the 2026 profit forecast by 8% to HKD 370 million [2] - The current stock price corresponds to a 25x P/E ratio for 2026, with a target price increase of 20% to HKD 1.80, reflecting a 27x P/E ratio for 2026 and an upside potential of 8% [2]