分红方面，长白山A股上市后累计派现1.44亿元。近三年，累计派现4253.39万元。 1月9日，长白山涨1.60%，成交额3.88亿元。两融数据显示，当日长白山获融资买入额3303.45万元，融 资偿还3165.00万元，融资净买入138.45万元。截至1月9日，长白山融资融券余额合计2.88亿元。 机构持仓方面，截止2025年9月30日，长白山十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股274.64万股，相比上期增加174.74万股。富国中证旅游主题ETF（159766）位居第五大流通 股东，持股222.46万股，相比上期增加84.71万股。南方中证1000ETF（512100）位居第七大流通股东， 持股97.42万股，相比上期减少1.53万股。华夏中证1000ETF（159845）位居第九大流通股东，持股 57.98万股，为新进股东。华夏中证旅游主题ETF（562510）位居第十大流通股东，持股48.46万股，为 新进股东。广发鑫享混合A（002132）、华夏内需驱动混合A（011278）、华安安康灵活配置混合A （002363）退出十大流通股东之列。 融资方面，长白山当日融资买入330 ...

每经AI快讯，三峡旅游（SZ 002627，收盘价：7.44元）12月29日晚间发布公告称，公司第六届董事会 第二十三次会议于2025年12月29日在公司6楼会议室以现场与通讯相结合的方式召开。会议审议了《关 于控股子公司购买资产暨关联交易的议案》等文件。 （记者 曾健辉） 截至发稿，三峡旅游市值为54亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 2025年1至6月份，三峡旅游的营业收入构成为：旅行社业务占比35.76%，水路旅游客运占比27.58%， 旅客出行服务占比20.23%，商贸物流占比19.24%，旅游港口服务占比9.21%，车辆延伸服务占比 8.89%。 ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 每经AI快讯，天目湖（SH 603136，收盘价：11.25元）12月9日晚间发布公告称，江苏天目湖旅游股份 有限公司（以下简称"公司"）拟以非公开协议转让的方式将其所持有的江苏天目湖动物王国旅游有限公 司（以下简称"动物王国公司"）4.5944%股权转让给溧阳市国有资产投资控股集团有限公司（以下简 称"溧阳国投"），交易金额为 1,827.50 万元。 2024年1至12月份，天目湖的营业收入构成为：景区业务占比52.67%，酒店业务占比29.74%，温泉业务 占比7.89%，其他业务占比6.7%，旅行社业务占比1.61%。 截至发稿，天目湖市值为30亿元。 （记者 曾健辉） ...

Investment Rating - The report assigns an "Accumulate" rating for Changbai Mountain (603099) for the first time [1]. Core Views - The company is positioned as a leading comprehensive tourism service provider in China, focusing on ice and snow tourism, leveraging its unique natural resources and improving transportation infrastructure to enhance visitor capacity and revenue [6][12][54]. Summary by Sections 1. Company Overview - Changbai Mountain operates in tourism transportation and hotel management, established in 2010 and listed in 2014, with a focus on integrating tourism resources and developing ice and snow tourism [12][18]. - In 2024, the main scenic area received 3.409 million visitors, a year-on-year increase of 24.1%, with revenue reaching 743.2 million yuan, up 19.8% year-on-year [12][18]. 2. High Demand in Tourism - The leisure tourism market is experiencing high demand, with domestic travel increasing significantly. In 2024, domestic travel volume reached 5.615 billion, a 15% increase year-on-year [46]. - Policies are supporting the growth of the ice and snow tourism sector, with projections for 5.2 billion visitors and over 630 billion yuan in revenue during the 2024-2025 winter season [54][62]. 3. Transportation Improvements - Transportation enhancements, including the opening of the Shenbai high-speed railway and the new terminal at Baishan Changbai Mountain Airport, are expected to boost visitor numbers significantly [6][54]. - The company is developing new projects, such as the second phase of the volcanic hot spring resort, which is projected to generate annual revenue of 120 million yuan upon completion [6][54]. 4. Financial Analysis - The report forecasts the company's net profit for 2025-2027 to be 1.576 billion, 1.919 billion, and 2.259 billion yuan, respectively, with corresponding P/E ratios of 84, 69, and 59 [1][6]. - Revenue is expected to grow from 806.46 million yuan in 2025 to 1.0046 billion yuan in 2027, reflecting a compound annual growth rate [1][6]. 5. Investment Recommendations - Given the company's unique positioning in the ice and snow tourism market, rapid visitor growth, and significant capacity expansion potential, the report suggests a valuation premium and recommends an "Accumulate" rating [1][6].

Company Overview - Changbai Mountain Tourism Co., Ltd. is located in the Changbai Mountain Protection and Development Zone, Jilin Province, and was established on December 8, 2010. The company was listed on August 22, 2014. Its main business involves tourism services, including passenger transport, travel agency services, and hot spring water development and utilization [1][2]. Financial Performance - For the period from January to September 2025, Changbai Mountain achieved operating revenue of 636 million yuan, representing a year-on-year growth of 6.99%. The net profit attributable to the parent company was 149 million yuan, with a year-on-year increase of 1.05% [2]. - Since its A-share listing, Changbai Mountain has distributed a total of 144 million yuan in dividends, with 42.53 million yuan distributed over the past three years [3]. Stock Performance - As of December 2, Changbai Mountain's stock price increased by 2.15%, reaching 51.68 yuan per share, with a trading volume of 471 million yuan and a turnover rate of 3.47%. The total market capitalization is 14.075 billion yuan [1]. - Year-to-date, the stock price has risen by 22.94%, with a 3.09% increase over the last five trading days, a 10.76% decrease over the last 20 days, and an 8.14% increase over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Changbai Mountain was 45,900, an increase of 25.35% from the previous period. The average number of circulating shares per person was 5,814, a decrease of 20.23% [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder, holding 2.7464 million shares, an increase of 1.7474 million shares from the previous period. Other notable shareholders include various ETFs focused on tourism and the broader market [3]. Market Position - Changbai Mountain is classified under the Shenyin Wanguo industry category of social services, specifically in tourism and scenic areas, and is associated with concepts such as ride-hailing, revitalization of Northeast China, and state-owned enterprise reform [2].

Company Overview - Sanxia Tourism (SZ 002627) announced an investor research meeting scheduled for November 27, 2025, from 10:00 to 11:30, with participation from the company's board secretary and securities affairs representative [1] Revenue Composition - For the first half of 2025, the revenue composition of Sanxia Tourism is as follows: - Travel agency business: 35.76% - Waterway tourism passenger transport: 27.58% - Passenger travel services: 20.23% - Trade logistics: 19.24% - Tourism port services: 9.21% - Vehicle extension services: 8.89% [1] Market Capitalization - As of the report, Sanxia Tourism has a market capitalization of 4.6 billion yuan [1]

Core Viewpoint - Xi'an Tourism has significantly shifted its fundraising strategy, moving from expansion plans to focusing on alleviating financial pressure through a new A-share issuance plan aimed at raising up to 300 million yuan for working capital and debt repayment [1][2][4]. Fundraising Strategy - The new fundraising plan involves a reduction in the scale of fundraising from approximately 400 million yuan in the previous plan to a maximum of 300 million yuan, with a higher proportion of funds now allocated for debt repayment and working capital [2][4]. - The company has terminated its previous fundraising plan for 2024, which aimed to invest in direct hotel expansion projects [1][2]. Financial Performance - Xi'an Tourism reported a significant decline in revenue, with a 13.54% drop in 2024 to 582 million yuan and a net loss of 260 million yuan, marking a 69.13% increase in losses year-on-year [4][5]. - In the first half of 2025, the company experienced a 27.4% decrease in revenue, totaling 218 million yuan, with a net loss of approximately 55.93 million yuan [5]. Business Structure and Challenges - The company has faced a drastic change in its revenue structure, with its traditional trade business declining over 80%, while travel agency and hotel businesses have seen increased revenue shares, yet without profitability [6][7]. - The hotel business has reported a negative gross margin of -12.54%, indicating a worsening financial situation where increased revenue leads to greater losses [7][8]. Competitive Landscape - Xi'an Tourism's business model has been criticized for its weak competitiveness, especially when compared to other regional companies with significantly higher gross margins [8]. - The company's aggressive expansion strategy has resulted in a "bleeding growth" scenario, exacerbating resource consumption and financial strain [8].

Core Viewpoint - The company has developed its own online sales platform for travel agencies, scenic spots, and hotels, while also collaborating with online travel agencies (OTAs) to expand product sales channels [1] Group 1: Online Business Strategy - The company operates an independent online sales platform for its travel agency, scenic spots, and hotel businesses [1] - Collaboration with OTAs is utilized to broaden product sales channels [1] Group 2: Cultural and Artistic Initiatives - The Wuzhen Scenic Area has successfully hosted the Wuzhen Theatre Festival for twelve consecutive years since its inception in 2013, establishing it as an internationally influential theatre brand [1] - The company has launched various cultural initiatives such as the "Wuzhen International Contemporary Art Invitation Exhibition" and the "Wuzhen International Future Visual Art Project" to enhance its cultural positioning [1] Group 3: Innovative Experiences at Scenic Spots - The Gubei Water Town has leveraged its historical resources, such as the Simatai Great Wall, to create immersive experiences like "Dream Back to Gubei Great Wall Town" [1] - The immersive drama and interactive performances extend from the stage to the streets, enhancing the connection between architecture, scenes, and culture, resulting in positive market feedback [1]

Core Viewpoint - Tianmu Lake's stock price has shown fluctuations with a year-to-date increase of 6.64%, while recent trading activity indicates a mixed performance in the short term [2][3]. Group 1: Stock Performance - As of November 10, Tianmu Lake's stock rose by 2.08%, reaching a price of 11.80 CNY per share, with a trading volume of 37.34 million CNY and a turnover rate of 1.18% [1]. - Year-to-date, Tianmu Lake's stock has increased by 6.64%, with a 3.24% rise over the last five trading days and a 2.61% increase over the last 20 days, but a decline of 5.98% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Tianmu Lake reported a revenue of 386 million CNY, reflecting a year-on-year decrease of 4.65%, while the net profit attributable to shareholders was 83.25 million CNY, down 2.54% year-on-year [3]. - Since its A-share listing, Tianmu Lake has distributed a total of 375 million CNY in dividends, with 163 million CNY distributed over the past three years [4]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Tianmu Lake was 23,400, a decrease of 13.46% from the previous period, with an average of 11,559 shares held per shareholder, an increase of 15.55% [3]. - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF holds 2.75 million shares, an increase of 1.00 million shares from the previous period, while the E Fund Enhanced Return Bond A has entered as a new shareholder with 1.42 million shares [4]. Group 4: Business Overview - Tianmu Lake, established on September 15, 1992, and listed on September 27, 2017, operates primarily in tourism, with its main business segments including scenic area operations (55.19%), travel agency services (33.78%), and hotel operations (28.65%) [2]. - The company is classified under the Shenwan industry as part of social services in tourism and scenic areas, with relevant concept sectors including online tourism, tourism hotels, small-cap stocks, micro-cap stocks, and state-owned enterprise reforms [2].

Core Viewpoint - Xi'an Tourism's stock price has shown a slight increase recently, but the company has experienced a decline in revenue and a net loss in the first nine months of 2025 [2][3]. Financial Performance - As of November 10, Xi'an Tourism's stock price rose by 2.07% to 12.80 CNY per share, with a market capitalization of 3.03 billion CNY [1]. - Year-to-date, the stock price has decreased by 6.30%, but it has increased by 5.00% over the last five trading days [2]. - For the period from January to September 2025, the company reported operating revenue of 380 million CNY, a year-on-year decrease of 12.75%, and a net profit attributable to shareholders of -80.34 million CNY, which represents a year-on-year increase of 7.48% [2]. Business Overview - Xi'an Tourism was established on December 31, 1996, and was listed on September 26, 1996. The company operates in various sectors, including domestic commerce, food services, material supply, and tourism services [2]. - The main revenue sources are travel agency services (63.83%), hotel operations (24.46%), leasing (5.46%), trade (2.75%), other services (2.56%), and amusement parks (0.94%) [2]. - The company is classified under the social services sector, specifically in tourism and scenic areas [2]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.24% to 60,000, while the average circulating shares per person increased by 6.66% to 3,923 shares [2]. - The company has distributed a total of 110 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - Among the top ten circulating shareholders, the Fortune CSI Tourism Theme ETF holds 3.33 million shares, an increase of 1.17 million shares compared to the previous period [3].