截至11月20日，云南旅游股东户数6.89万，较上期增加0.54%；人均流通股14272股，较上期减少 0.54%。2025年1月-9月，云南旅游实现营业收入1.85亿元，同比减少58.72%；归母净利润-1.32亿元，同 比减少196.83%。 分红方面，云南旅游A股上市后累计派现2.12亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，云南旅游十大流通股东中，富国中证旅游主题ETF（159766）位 居第六大流通股东，持股1018.15万股，相比上期增加365.00万股。 今年以来云南旅游已经5次登上龙虎榜，最近一次登上龙虎榜为9月25日。 资料显示，云南旅游股份有限公司位于云南省昆明市盘龙区世博生态城低碳中心B栋1单元16层,17层， 成立日期2000年12月29日，上市日期2006年8月10日，公司主营业务涉及旅游景区运营、旅游地产开 发、旅游交通、园林园艺、会议酒店、旅行社及旅游文化;旅游园区策划设计、高科技游乐设备研发生 产、工程代建等业务。主营业务收入构成为：交通运输41.26%，景区经营39.10%，旅游文化科技 19.54%，旅行社0.10%。 云南旅游所属申万行业 ...

Investment Rating - The report assigns an "Accumulate" rating for Hong Kong Travel (00308.HK) for the first time [1]. Core Views - The company is positioned as a leading integrated platform for tourism investment and operation, backed by the central enterprise China Travel Group, focusing on both domestic and international expansion [1][9]. - The tourism sector is experiencing sustained high demand, supported by policies aimed at releasing consumer potential, with expectations for continued growth in domestic travel [3][41]. Summary by Sections Company Overview - Hong Kong Travel, established in July 1992 and listed in November of the same year, operates as a tourism asset investment and operation platform under China Travel Group, managing approximately 60 domestic and international scenic spots by the end of 2024 [13][33]. - The company has a diversified business model that includes tourism attractions, travel documentation, hotel operations, and cross-border passenger transport [17][33]. Core Highlights - The tourism industry is experiencing robust growth, with domestic travel numbers and spending showing significant increases, indicating strong consumer demand [38][41]. - The company has a nationwide layout of scenic spots, focusing on integrated operation and management, with a revenue breakdown showing significant contributions from various segments [45][54]. Financial Analysis - Revenue projections indicate a growth trajectory, with total revenue expected to reach HKD 5,559 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.19% [1]. - The net profit attributable to shareholders is forecasted to increase significantly, from HKD 239.55 million in 2023 to HKD 597.20 million by 2027, indicating a strong recovery and growth potential [1]. Investment Forecast and Recommendations - The report anticipates that the company will continue to expand its quality tourism assets, justifying a valuation premium and supporting the "Accumulate" rating [1][9]. - The expected price-to-earnings (P/E) ratios for the upcoming years are projected to be 32, 21, and 15 for 2025, 2026, and 2027 respectively, reflecting the company's growth potential [1].

Group 1 - Hong Kong Travel (00308) saw a stock increase of over 11%, reaching a price of 1.85 HKD with a trading volume of 461 million HKD [1] - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption, including 19 measures across five areas, such as launching a "Service Consumption Season" [1] - The tourism market is experiencing heightened activity due to the upcoming Mid-Autumn Festival and National Day holidays, with expectations for a sustained high level of tourism [1] Group 2 - China Aviation Securities believes that policy support, supply response, and demand upgrades are creating a synergistic effect that will sustain the high tourism activity during the "super long golden week," benefiting various sectors including accommodation, transportation, dining, retail, and entertainment [1] - Hong Kong Travel is the flagship of China Travel Group's tourism investment and operation business, focusing on the development and operation of tourism destinations [1] - The company operates approximately 60 domestic and international scenic spots and resorts, including 18 5A scenic spots and 18 4A scenic spots, with a commitment to high-quality and unique cultural tourism resources [1]

Core Points - The stock price of Xiangyuan Cultural Tourism is reported at 7.68 yuan as of August 6, 2025, with a slight decline of 0.01 yuan or 0.13% from the previous trading day [1] - The company operates in the tourism and hotel sector, with over 63% of its revenue coming from scenic area operations according to the 2024 financial report [1] - The company plans to utilize a total of 519 million yuan from surplus reserves and capital reserves to cover cumulative losses and optimize its financial statement structure [1] - A subsidiary of the company is set to upgrade the Danxia Mountain scenic area project, with a contract amounting to 26.85 million yuan [1] - On August 6, there was a net outflow of 9.5992 million yuan in main funds, with a cumulative net outflow of 8.7915 million yuan over the past five days [1]

Group 1 - The stock of Tibet Tourism increased by 6.93% on August 5, reaching 27.14 CNY per share, with a trading volume of 1.27 billion CNY and a turnover rate of 22.49%, resulting in a total market capitalization of 6.16 billion CNY [1] - Tibet Tourism Co., Ltd. is located in Lhasa, Tibet, and its main business includes tourism scenic area operation, tourism services, and tourism commercial operation, owning several A-level scenic spots including the world's largest canyon, the Yarlung Tsangpo Grand Canyon [1] - The company has received over 2 million visitors annually over its 20 years of operation, developing core competencies in operational management, resource integration, and smart capability construction suitable for its development [1] Group 2 - As of March 31, Tibet Tourism had 26,600 shareholders, with an average of 8,532 circulating shares per shareholder [2] - For the first quarter of 2025, Tibet Tourism achieved operating revenue of 25.53 million CNY, representing a year-on-year growth of 11.52%, while the net profit attributable to shareholders was -9.12 million CNY, showing a year-on-year increase of 53.93% [2]