Group 1 - The difficulty of listing cultural tourism companies is significant due to structural contradictions between the purpose of listing and the current state of real business operations [20] - Most cultural tourism enterprises, approximately 99.99%, do not need to consider listing as a development goal, nor should they view secondary markets like REITs as a target for growth [20] - Existing listed cultural tourism companies have engaged in disorderly expansion, effectively blocking the path to a viable listing business model [20] Group 2 - Single scenic spots have the potential for listing if they meet two necessary conditions: having a top-tier brand and avoiding blind cross-industry expansion [20] - The number of domestic cultural tourism scenic spots that can meet these standards is limited, and success depends on subjective initiative and appropriate land use procedures [20] - The prosperity of capital markets is contingent upon excellent real business performance; relying on listing as a development goal can only provide temporary relief, as unsustainable practices will eventually be exposed [21] Group 3 - The current listing requirements for companies include being a joint-stock company, having stable shareholders and core management, meeting financial indicators, ensuring legal compliance, and adhering to capital and issuance ratios [6] - Cultural tourism companies face unique challenges as their core products, such as tourist attractions, are fixed and cannot be relocated, making expansion reliant on supplementary business models [9][11] - The only cultural tourism company that has successfully listed and meets the requirements is Songcheng Performance [12]

以下文章来源于城市进化论 ，作者淡忠奎 城市进化论 . 探寻城市路径，揭秘经济逻辑 （互联网新闻信息服务许可证编号：51120190017） 作者： 淡忠奎 来源：城市进化论 "五一"假期，文旅市场跑出"近五年新高"。 全国国内出游3.14亿人次，同比增长6.4%；国内游客出游总花费1802.69亿元，同比增长 8.0%。北京、上海、杭州等热门旅游目的地，赚得"盆满钵满"。 而从资本市场角度而言，当地旅游上市公司大多掌握景区等核心资产，是衡量旅游发展业态乃至 城市旅游市场的一个重要切口。 Wind显示，目前A股景区类（中信证券行业分类）上市公司共16家，分布在杭州、池州、黄山、 峨眉山、丽江、武汉、常州、延边、拉萨、桂林、昌吉、张家界、西安、北京等15座城市，也均 是老牌文旅重镇。 不久前，桂林旅游就因" 累计亏损10亿 "而登上微博热搜榜首，也将背后桂林旅游业的困境折射 出来。而从更大范围看，16家A股上市公司均已披露2024年年报和2025年一季度，冷暖分化十 分明显，这背后又传递出怎样的信号？ 01 顶流"互动" 这16家A股上市公司，手握各地文旅富矿。在今年"五一"假期，它们也成为各自旅游城市吸引人 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumption power during the May Day holiday was strong, with a total of 1.467 billion people traveling across regions, a year-on-year increase of 8.0% [1][2] - Hotel bookings saw a significant increase, with OTA hotel sales up 24.93% year-on-year, and user spending on hotels also rising by 24.8% [1] - The retail and catering sectors experienced a robust performance, with key retail and catering enterprises' sales increasing by 6.3% year-on-year during the holiday [2] - The tourism sector thrived, with various scenic spots reporting record visitor numbers and revenue growth [2] Summary by Sections 1. Industry Overview - The report highlights a resurgence in offline traffic, benefiting traditional business formats, with key beneficiaries including Yonghui Supermarket and other retail chains [3] - AI technology is expected to continue its upgrade, with increasing penetration in applications, benefiting companies like Focus Technology and others [3] 2. Consumer Behavior - Consumers are increasingly willing to pay for emotional value, leading to a sustained high performance in the new retail sector, with beneficiaries including Miniso and Pop Mart [3] - Under the backdrop of promoting domestic demand, cyclical sectors are expected to recover from low levels, releasing performance elasticity, with beneficiaries including Haidilao and others [3] 3. Investment Opportunities - The report suggests focusing on five investment themes, including the recovery of offline traffic, AI technology upgrades, emotional value in consumer spending, cyclical sector recovery, and the potential of consumer brands going overseas [3]