Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Shaanxi Tourism, indicating a decline in stock price and net financing outflow on January 16 [1] - On January 16, Shaanxi Tourism's stock price fell by 0.35%, with a trading volume of 939 million yuan. The net financing outflow was 22.28 million yuan, with a total financing balance of 175 million yuan, representing 5.83% of the circulating market value [1] - The company reported a significant decrease in revenue and net profit for the period from January to September 2025, with operating income of 889 million yuan, down 18.80% year-on-year, and a net profit of 369 million yuan, down 26.93% year-on-year [2] Group 2 - As of January 6, the number of shareholders for Shaanxi Tourism reached 38,600, reflecting a substantial increase of 642,916.67% compared to the previous period [2] - The company's main business segments include tourism performances (57.14% of revenue), tourism cable cars (34.72%), passenger road transport (3.79%), tourism catering (3.69%), and other supplementary services (0.66%) [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Core Viewpoint - On January 8, Shaanxi Tourism experienced a decline of 6.27% in stock price, with a trading volume of 1.059 billion yuan, indicating market volatility and investor sentiment concerns [1]. Group 1: Financial Performance - For the period from January to September 2025, Shaanxi Tourism reported an operating income of 889 million yuan, representing a year-on-year decrease of 18.80% [2]. - The net profit attributable to the parent company for the same period was 369 million yuan, reflecting a year-on-year decline of 26.93% [2]. Group 2: Financing and Trading Activity - On January 8, the financing buy-in amount for Shaanxi Tourism was 114 million yuan, with a net financing buy of 35.37 million yuan after repayments [1]. - The total balance of margin trading for Shaanxi Tourism as of January 8 was 167 million yuan, accounting for 6.55% of the circulating market value [1]. - There were no short-selling activities on January 8, with zero shares sold or repaid, indicating a lack of bearish sentiment in the market [1]. Group 3: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. was established on January 19, 1988, and is located in Xi'an, Shaanxi Province [1]. - The company’s main business includes tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan [1]. - The revenue composition of the company is as follows: tourism performances 57.14%, cable car services 34.72%, passenger road services 3.79%, dining services 3.69%, and other services 0.66% [1].

Core Viewpoint - Company C Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [1] Group 1: Business Overview - The company operates in three main segments: tourism performances, cable cars, and dining services [1] - Both the tourism performance and cable car businesses are currently profitable [1] Group 2: Financial Metrics - The company reported an earnings per share (EPS) of 6.50 yuan, calculated based on the lower of the audited net profit attributable to shareholders of the parent company for 2024, excluding non-recurring gains and losses, divided by the total share capital after the issuance [1] - The net asset value per share is 35.12 yuan, calculated based on the audited equity attributable to shareholders of the parent company as of June 30, 2025, plus the net amount of funds raised from this issuance, divided by the total share capital after the issuance [1]

Core Viewpoint - Shaanxi Tourism experienced a significant stock price increase of 64.10% on January 6, with a trading volume of 1.971 billion yuan, indicating strong market interest and potential investor confidence in the company [1]. Financing Summary - On January 6, Shaanxi Tourism had a financing buy-in amount of 261 million yuan, with a net financing purchase of 241 million yuan after repaying 1.99867 million yuan [1][2]. - The current financing balance stands at 241 million yuan, which represents 9.45% of the company's market capitalization [2]. Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. is located in Xi'an, established on January 19, 1988, and listed on January 6, 2026. The company focuses on integrated tourism services, including performance arts, cable cars, and dining, leveraging premium tourism resources like Huaqing Palace and Huashan [2]. - The revenue composition of Shaanxi Tourism includes: 57.14% from tourism performances, 34.72% from cable car services, 3.79% from passenger road services, 3.69% from dining, and 0.66% from other sources [2]. Financial Performance - For the period from January to September 2025, Shaanxi Tourism reported an operating income of 889 million yuan, reflecting a year-on-year decrease of 18.80%. The net profit attributable to the parent company was 369 million yuan, down 26.93% year-on-year [2]. - As of January 6, the number of shareholders for Shaanxi Tourism reached 38,600, showing a dramatic increase of 642,916.67% compared to the previous period, with an average of 501 circulating shares per shareholder [2].

Core Viewpoint - Shaanxi Tourism (603402.SH) has successfully listed on the Shanghai Stock Exchange, with a closing price of 132.00 yuan, marking a 64.10% increase on its first day of trading, and a total market capitalization of 10.208 billion yuan [1]. Group 1: Company Overview - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [1]. - The controlling shareholder, Shaanxi Tourism Group, holds 47.59% of the company, with the actual controller being the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [1]. Group 2: Financial Performance - The company reported revenues of 23.19 million yuan, 108.83 million yuan, and 126.27 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of -10.26 million yuan, 52.95 million yuan, and 62.16 million yuan during the same period [5]. - For the first half of 2025, the company achieved a revenue of 51.65 million yuan and a net profit of 24.71 million yuan [7]. Group 3: Fundraising and Investment Plans - The company plans to raise approximately 155.52 million yuan through the issuance of 19.33 million shares at a price of 80.44 yuan per share, with net proceeds expected to be 152.19 million yuan after deducting issuance costs [3]. - The raised funds will be allocated to various projects, including the construction of the second phase of Taishan Xiucheng, acquisition of Shaanxi Taihua Tourism Cableway, and other related projects [4]. Group 4: Future Projections - For the first nine months of 2025, the company anticipates revenues between 95.1 million yuan and 111.7 million yuan, representing a year-on-year decline of approximately 24.69% to 11.54% [10]. - The projected net profit for 2025 is expected to be between 37.1 million yuan and 43.6 million yuan, reflecting a decrease of 27.50% to 14.80% compared to 2024 [10].

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for the year and the first cultural tourism company to list in nearly five years [1][2] - The company engages in tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan, with stable operations and high consumer recognition for its performances like "The Song of Everlasting Regret" [1] - The listing reflects the capital market's support for consumer enterprises with stable profitability and mature business models, indicating a positive trend in domestic tourism consumption driven by rising income and upgraded consumption structures [1] Group 2 - The initial public offering (IPO) involved the issuance of 19.333334 million shares at a price of 80.44 yuan per share, corresponding to a price-to-earnings ratio of 12.37 for 2024, raising a total of 1.555 billion yuan [2] - On its first trading day, Shaanxi Tourism opened at 131.15 yuan, representing a 63.04% increase from the issuance price [2]

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for the year and the first cultural tourism company in nearly five years [1] - The opening price was 131.15 yuan, representing a 63.04% increase from the issuance price of 80.44 yuan [1] - The company focuses on tourism performances, cable cars, and dining, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan, with a stable business operation [1] Group 2 - The IPO was approved by the China Securities Regulatory Commission (CSRC) on November 19, 2025, and the issuance began on December 18, 2025, using a direct pricing method without offline inquiries or allocations [1] - The final issuance price was 80.44 yuan per share, corresponding to a 2024 price-to-earnings ratio of 12.37 times, raising a total of 1.555 billion yuan, consistent with the expected fundraising scale disclosed in the prospectus [1] - The 20th National Congress emphasized the acceleration of cultural industry development and the deep integration of culture and tourism, which supports the growth of the tourism sector [1][2] Group 3 - The listing of Shaanxi Tourism reflects the capital market's support for consumer enterprises with stable profitability and mature business models, indicating a positive trend in the market's role in supporting the real economy and expanding consumption [2] - The Central Economic Work Conference in December 2025 prioritized domestic demand and proposed actions to boost consumption, aligning with the government's focus on enhancing service consumption potential [2] - The CSRC and other ministries issued guidelines to support consumer enterprises in listing and financing, promoting high-quality development in the consumption sector [2]

中国经济网北京1月6日讯 今日，陕西旅游（603402）在上交所上市。 陕西旅游本次发行募集资金总额为155,517.34万元，扣除发行费用后募集资金净额为152,192.69万 元，用于收购太华索道股权项目、收购瑶光阁股权项目、收购少华山旅游索道项目、泰山秀城（二期） 建设项目、少华山南线索道项目、太华索道游客中心项目、太华索道服务中心项目。 (责任编辑：关婧) 陕西旅游业务集旅游演艺、旅游索道、旅游餐饮为一体，依托华清宫、华山等优质旅游资源，充分 发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新优势，为游客提供高品质的旅游产品及服 务体验。 本次发行前，陕西旅游集团有限公司（简称"陕旅集团"）为公司控股股东，直接持有公司47.59%的 股份，通过陕旅股份间接控制公司6.69%的股份。此外，陕旅集团为陕西省国资委全资控股企业。因 此，陕西省国资委为公司实际控制人。 上交所：陕西旅游 ...

Group 1: Company Offerings - Zhixin Co., Ltd. is offering shares today with a subscription code of 732352, at a price of 21.88 yuan per share, requiring a minimum market value of 180,000 yuan for maximum subscription [1][2] - The company has a total of 56.67 million shares available for public offering, with a single account subscription limit of 18,000 shares [2] - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive stamping parts and related molds [2] Group 2: Company Offerings - Kema Materials is also offering shares today with a subscription code of 920086, at a price of 11.66 yuan per share, requiring a minimum market value of 10.9767 million yuan for maximum subscription [1][3] - The company has a total of 20.92 million shares available for public offering, with a single account subscription limit of 941,400 shares [3] - Kema Materials focuses on the research, production, and sales of dry friction plates and wet paper-based friction plates, as well as the development of new friction materials [4] Group 3: Company Listing - Shaanxi Tourism is listed today on the Shanghai Stock Exchange with a stock code of 603402, at an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 [1][5] - The company has undergone several name changes since its establishment in 1988, with its current name reflecting its focus on tourism-related services [5] - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources to provide premium experiences for visitors [5]