11月20日，两市股指高开低走，尾盘全线下挫，创业板指、科创50指数等跌超1%，场内超3800股飘 绿。 截至收盘，沪指跌0.4%报3931.05点，深证成指跌0.76%报12980.82点，创业板指跌1.12%报3042.34点， 科创50、北证50指数均跌超1%，沪深北三市合计成交17227亿元。 盘面上看，煤炭、石油、旅游餐饮、食品饮料、农业、半导体等板块均走低，银行板块逆市拉升，锂 矿、海南自贸、PCB概念等活跃。 华鑫证券表示，短期A股陷入4000点拉锯战，外部美元指数回升压制科技估值，内部科技获利盘累积、 部分科技财报不及预期且科技持仓集中度过高，三大因素导致A股震荡分化，风格再平衡。从估值、交 易、资金三角度十大指标观察牛市进程，股权风险溢价、量价、拥挤度、技术分析、融资等指标触发短 期休整信号，但见顶信号尚未显现，A股牛市行情仍处中段，等待后续居民存款、公募、外资等增量资 金接力入市。预计11月A股震荡运行，风格再均衡，关注交易端的低位补涨、业绩端的盈利修复和政策 端的科技主题三大方向。 ...

Core Viewpoint - The market is currently in the mid-stage of a bull market, with a potential for a slowdown in growth due to high valuations and recent price increases [1] Market Performance - The Shanghai Composite Index rose by 0.53% to close at 4018.6 points, while the Shenzhen Component Index increased by 0.18% to 13427.61 points. The ChiNext Index fell by 0.92% to 3178.83 points [1] - The SSE 50 Index saw a gain of 0.51%, and the total trading volume across the Shanghai and Shenzhen markets reached 21,947 billion yuan [1] Sector Performance - Strong performance was observed in sectors such as liquor, tourism and catering, food and beverage, and retail [1] - Other sectors that showed upward movement included real estate, insurance, pharmaceuticals, brokerage, semiconductors, and chemicals [1] - Active concepts included phosphorus, organic silicon, duty-free, and storage chips [1] Market Outlook - According to CITIC Securities, the current market is entering a critical phase of verifying economic prosperity, with indices expected to continue fluctuating upwards but at a slower pace [1] - There may be a style switch in the market, with high valuations facing downward adjustments in growth expectations, leading to potential sectoral adjustments [1] - Stocks with improved fundamental expectations are likely to lead the market, favoring a prosperity investment style [1]

Core Viewpoint - Shaanxi Tourism is making its third attempt to go public on the A-share market after a lengthy and challenging journey that began in 2017, with the latest IPO application set for review on November 7, 2025 [2][4]. Group 1: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. operates popular projects such as the live performance "Long Hate Song" and the Huashan West Peak Cableway, with business segments including tourism performances, cableway operations, and dining services [2][4]. - The company plans to raise approximately 1.555 billion yuan through its IPO, with funds allocated to various projects including the Taishan Xiucheng Phase II project and the acquisition of cableway assets [2][4]. Group 2: Historical IPO Attempts - The company first listed on the National Equities Exchange and Quotations in January 2017 and initiated its A-share listing process in July of the same year, but faced significant delays and setbacks [4]. - After a brief revival in 2020, the IPO process was halted again due to investigations into its accounting and legal advisors, leading to a withdrawal of the application in July 2022 [4]. Group 3: Business Performance - The revenue from the "Long Hate Song" performance has been increasing, accounting for 33.50%, 50.12%, 54.28%, and 57.63% of total revenue from 2022 to the first half of 2025 [5]. - The cableway business, while still significant, saw a decline in revenue contribution, dropping from 39.56% to 29.51% over the same period [6]. - The dining segment, represented by the Tang Le Palace restaurant, has a smaller revenue share, fluctuating between 3.36% and 13.70% during the reporting period [6]. Group 4: Financial Performance and Challenges - The company reported revenues of 2.32 billion yuan, 10.88 billion yuan, 12.63 billion yuan, and 5.16 billion yuan from 2022 to the first half of 2025, with net profits showing a recovery after a loss in 2022 [9]. - However, the company anticipates a decline in revenue for 2025 due to adverse weather conditions, projecting a revenue drop of approximately 24.69% to 11.54% compared to 2024 [10]. - Long-term structural challenges include the impact of extreme weather on visitor numbers and operational capacity, particularly for mountain-based attractions like the Huashan scenic area [10][11].

Core Viewpoint - Shaanxi Tourism is making a third attempt to go public on the A-share market, with its IPO application set for review on November 7, 2025, after a lengthy and challenging journey since 2017 [1][2]. Business Overview - Shaanxi Tourism's business structure includes tourism performances, cableway operations, and dining services, leveraging high-profile attractions like the Huaqing Palace and Mount Huashan [1][3]. - The company plans to raise approximately 1.555 billion yuan, primarily for various cableway projects and acquisitions [1]. Historical IPO Attempts - The company first attempted to list in 2017 but faced multiple setbacks, including halted reviews due to investigations into its accounting and legal advisors [2]. - After a brief revival in 2022, the company withdrew its application, leading to the current attempt in 2025 [2]. Revenue Composition - The main revenue sources are tourism performances and cableway operations, with the "Chang Hen Ge" performance significantly contributing to total revenue, increasing from 33.50% in 2022 to 57.63% in the first half of 2025 [3][4]. - Cableway revenue has seen a decline in its share of total revenue, dropping from 39.56% in 2022 to 29.51% in the first half of 2025 [4]. Performance Analysis - The company reported revenues of 2.32 billion yuan in 2022, increasing to 12.63 billion yuan in 2024, but faced a decline in 2025 due to extreme weather conditions [6]. - The net profit fluctuated, with a loss of 720.73 million yuan in 2022, followed by profits in subsequent years, but projected a loss of 371 million to 436 million yuan in 2025 [6][7]. Weather Impact - Extreme weather events in 2025, including cold waves and strong winds, have negatively impacted visitor numbers and operational capacity, leading to a projected revenue decline of 24.69% to 11.54% compared to 2024 [7]. - The company anticipates that adverse weather conditions will continue to affect its performance, particularly in winter months when snow can reduce visitor flow [7]. Long-term Challenges - The company faces structural challenges due to the nature of its mountain tourism operations, which are sensitive to climate conditions and have long product profitability cycles [8]. - The heavy asset nature of its operations requires significant upfront investment, with returns taking longer to materialize, posing risks if market demands are not accurately assessed [8].

Core Viewpoint - Shaanxi Tourism is facing significant challenges despite a generally positive domestic tourism market, with a notable decline in revenue and net profit in the first half of 2025, raising concerns about its business model and project viability [1][2]. Financial Performance - The company's revenue surged from 232 million in 2022 to 1.263 billion in 2024, with a net profit of 622 million in 2024, but experienced an 18.99% revenue decline and a 28.37% drop in net profit in the first half of 2025 [1]. - The revenue from the performance project "Chang Hen Ge" constituted 57.63% of total revenue in the first half of 2025, highlighting the company's heavy reliance on a single income source [1]. Project Viability - The company plans to raise 1.555 billion for the second phase of the Taishan Xiucheng project, despite the first phase, "Taishan Fenghuo," operating at a loss since its trial launch in September 2021, generating only 4.077 million in revenue in 2024 [3]. - The projected annual revenue of 260 million and profit of 78 million from the second phase is based on assumptions of improved attendance, which may not be realistic given the current low attendance rates [3]. Safety and Compliance Issues - The company has faced safety management issues, including a fatal accident at a construction site due to non-compliance with safety regulations [4]. - There are concerns regarding the company's transparency, as it was found to have concealed information during a regulatory inspection [4]. Market Context - Despite the company's struggles, the overall domestic tourism market saw a 20.6% increase in visitor numbers and a 15.2% rise in tourism revenue in the same period [2].

Market Performance - The major stock indices experienced fluctuations, with the Shanghai Composite Index falling nearly 1% and the ChiNext Index dropping over 2% on the last trading day of the month [1] - The Shanghai Composite Index closed down 0.81% at 3954.79 points, the Shenzhen Component Index down 1.14% at 13378.21 points, and the ChiNext Index down 2.31% at 3187.53 points [1] - The Northbound 50 Index increased by 1.89%, while the total trading volume across the Shanghai, Shenzhen, and North exchanges reached 23.501 billion yuan [1] Sector Performance - Sectors such as insurance, semiconductors, coal, electricity, and brokerage firms saw declines, while the pharmaceutical and media sectors performed strongly [1] - Other sectors including tourism and catering, food and beverage, automotive, retail, and liquor showed upward trends, with active interest in innovative drugs, short drama games, and AI application concepts [1] Market Outlook - The Hengsheng Qianhai Fund noted that the market has been oscillating around the 4000-point mark, influenced by external factors such as US-China high-level talks and tariff policies, leading to a cautious investment sentiment [1] - The short-term market is expected to maintain a volatile pattern, with a focus on policy, capital flow, and external environment changes [1] - In the long term, Chinese assets are undergoing a revaluation trend, and while short-term corrections may occur, the overall long-term outlook remains positive, with expectations for a market recovery [1]

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. plans to raise 1.555 billion yuan through an IPO on the Shanghai Stock Exchange, despite facing declining revenues and ongoing losses from subsidiaries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue is expected to decline compared to the same period in 2024, with the core revenue source, the performance of "The Long Hate Song," accounting for over 50% of total income but experiencing a nearly 10 percentage point drop in attendance [2][4][6]. - The total number of visitors for the tourism cable car business was only 1.8495 million in the first half of 2025, significantly lower than the 4.6476 million for the entire year of 2024 [2][6]. - The attendance rates for "The Long Hate Song" and "12·12 Xi'an Incident" dropped to 77.98% and 54.72%, respectively, from 87.77% and 85.31% in the previous year [6]. Business Structure and Governance - The company's shares are highly concentrated, with Shaanxi Tourism Development Co., Ltd. holding 47.59% directly and an additional 6.69% indirectly, raising concerns about governance independence [3][7]. - Frequent related-party transactions and potential competition with subsidiaries pose risks to the company's operational independence [7][8][9]. Investment Plans - The company intends to allocate 729 million yuan of the raised funds to the second phase of the Taishan Show City project, which aims to build a cultural performance theater [9][10]. - The Taishan Show City project is part of a strategy to expand and upgrade operations nationally, although the operating entity, Tai'an Cultural Tourism, has been continuously losing money since 2024 [10][11].

Core Viewpoint - The article highlights the impressive performance of domestic tourism in China during the recent National Day holiday, with a significant increase in both the number of travelers and total spending. In this context, Shaanxi Tourism Cultural Industry Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange, aiming to leverage its cultural tourism resources, including the famous "Chang Hen Ge" performance [1][17]. Group 1: Company Overview - Shaanxi Tourism's core business focuses on "scenic spots + cultural tourism," with major revenue streams from tourism performances, cable cars, and dining services [2][7]. - The company has developed notable performances such as "Chang Hen Ge," which is a large-scale historical dance drama that has become a cultural highlight for Shaanxi tourism [2][4]. Group 2: Financial Performance - The revenue from "Chang Hen Ge" has increased significantly, accounting for 57.63% of total revenue in the first half of 2025, up from 33.5% in 2022. In contrast, revenue from cable car services has decreased from 50.08% to 35.77% during the same period [7][8]. - The company's financial performance has shown volatility, with revenues of approximately 2.32 billion, 10.88 billion, 12.63 billion, and 5.16 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits were -1.03 billion, 5.3 billion, 6.22 billion, and 2.47 billion yuan for the same periods [12][19]. Group 3: Market Dynamics - The company faces risks related to innovation in performance content and increasing competition in the cultural tourism sector, with a notable decline in audience attendance rates for some performances [9][15]. - The overall tourism market in China is recovering post-pandemic, with domestic tourism numbers reaching 32.85 billion in the first half of 2025, a year-on-year increase of 20.6% [10][19]. Group 4: IPO and Future Prospects - Shaanxi Tourism plans to raise approximately 15.55 billion yuan through its IPO, with funds allocated for various projects, including cable car expansions and acquisitions [19]. - The company is controlled by Shaanxi Provincial State-owned Assets Supervision and Administration Commission, which may pose competition risks with other subsidiaries in similar business areas [18][19].

Core Insights - The article highlights the successful integration of ethnic cuisine and tourism in the Inner Mongolia region, specifically through the efforts of a local Russian ethnic woman, Sun Yunmei, who has created a thriving business around traditional Russian foods [1]. Group 1: Business Overview - Sun Yunmei, a 63-year-old Russian ethnic woman, operates a restaurant and wooden house inn in the Erguna City of Inner Mongolia, attracting tourists with her authentic ethnic cuisine [1]. - The restaurant serves traditional dishes such as cheese buns and "Gedelek" (meat patties with fried potatoes), which blend Russian culinary techniques with local flavors [1]. - Last year, the establishment welcomed over 4,000 tourists, showcasing the growing interest in ethnic cultural experiences [1]. Group 2: Cultural Significance - Sun Yunmei emphasizes her identity as a Chinese Russian woman, highlighting the cultural richness and diversity within China [1]. - The culinary offerings not only provide a taste of Russian culture but also promote local agricultural products, such as high-quality cheese from local pastures [1]. - The success of her business reflects a broader trend of cultural tourism, where visitors seek authentic experiences tied to local traditions and cuisines [1].

Market Overview - The three major stock indices experienced narrow fluctuations in the morning, followed by a rebound in the afternoon, with the Sci-Tech 50 Index rising significantly [1] - As of the market close, the Shanghai Composite Index increased by 0.22% to 3828.58 points, the Shenzhen Component Index rose by 0.67% to 13157.97 points, and the ChiNext Index gained 0.55% to 3107.89 points [1] - The Sci-Tech 50 Index saw a notable increase of 3.38%, while the total trading volume in the Shanghai and Shenzhen markets reached 21,427 billion [1] Sector Performance - Sectors such as tourism, catering, liquor, food and beverage, media, retail, and banking experienced declines [1] - The semiconductor sector showed strong performance, while brokerage and automotive sectors also saw gains [1] - Consumer electronics and CPO concepts were active in the market [1] Analyst Insights - According to CITIC Securities, the market remains at a high level without a clear trend of topping or retreating [1] - There is an increasing rotation among previously popular sectors, with the overall index in a phase of horizontal consolidation [1] - Historical reference suggests that the final support level may align with the 60-day moving average, indicating a likelihood of continued sector rotation and declines in high-performing stocks [1] - The recommendation is to maintain a horizontal mindset in the short term, focusing on sector rotation and individual stocks rather than the overall index [1]