格隆汇12月31日丨三特索道(002159.SZ)在投资者互动平台表示，恩施大峡谷景区不是公司运营的项 目。 ...

尤其是文旅方面，祥源文旅作为一家文旅运营主体，其在资产质量、业务基础与文旅布局上的"硬核"实 力，仍然具备值得肯定的价值。以下几点，值得在舆论与投资者关注中被严肃对待。 祥源文旅的"硬核"基础与资产价值经过多年积累，已经积累了广泛且有深度的文旅资产组合。 登录新浪财经APP 搜索【信披】查看更多考评等级 最近围绕祥源控股的"爆雷"事件，引发对整个"祥源系"旗下企业的信任危机。作为其核心成员之一，祥 源文旅（维权）因大股东旗下金融产品逾期违约，受到市场波及，股价下跌、负面舆论集中，当然收到 冲击和影响的还有另外两家上市公司平台，交建股份（维权）和海昌旅游。 我看了很多评论，很多人把祥源控股和祥源地产和三家上市公司混为一谈，上市公司是公众公司，受到 冲击，对公众利益会有更大的影响，这点要提醒大家注意，不能倒洗澡水把孩子一起倒掉，三家上市公 司的价值不能简单抹杀，控股股东、祥源地产有问题，不能一棒子打死三家上市公司。 投资者与债权人应厘清责任链条。祥源文旅已公告其不承担此次金融产品兑付与担保责任。 若其能坚 持"独立运营、财务隔离"的原则，文旅资产与现金流仍可能保持相对健康。 监管与市场应重视文旅实体资产价值。在地 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Poly Property (06049) and keeps the "outperform" rating with a target price of HKD 42.7, corresponding to a 13x P/E for 2026 and a 22% upside potential [1] Group 1: Strategic Layout and Growth - The "big property" strategic layout has achieved breadth, with the "14th Five-Year Plan" focusing on operational focus and industrial upgrades [2] - During the "14th Five-Year Plan," the company has proactively laid out the "big property" strategy, achieving over 25% compound growth in property management revenue from public services and commercial office sectors from 2021 to 2024 [2] - By 2024, the managed area for non-residential properties is expected to reach 510 million square meters, with non-residential property management revenue accounting for over 40% of total property management revenue [2] - The company's market-oriented external expansion capability and industry coverage are leading, with an annualized contract amount for non-residential external expansion expected to be RMB 2.75 billion in 2024, covering over 40 non-residential sectors [2] - The company has essentially achieved the layout and external expansion capability at the "big property" level, with future development transitioning from breadth and width to deep operations, aiming for further elevation in revenue structure, profitability, and operational capability [2] Group 2: Scenic Area Operations - Scenic area operations present good growth potential and financial models, with property management companies expected to upgrade from traditional management fees to operational revenue sharing through integrated management and operations [2] - The tourism industry is expected to continue its strong growth, with the China Tourism Research Institute predicting that cultural and tourism-related consumption will exceed RMB 10 trillion by 2030, with an average annual growth rate of 8%-10% during the "15th Five-Year Plan" [2] - For example, in the Shenzhen Xichong project, property management fee revenue is around RMB 10 million, with relatively low gross margins; however, integrating ticket revenue sharing and secondary consumption from tourists is expected to significantly enhance project gross margins [2] - By the end of 2024, Poly Property is expected to have served over 100 A-level scenic area projects, including three operational management projects, with ongoing development of benchmark projects providing a solid foundation for further acquisition of scenic area operation projects and creating an integrated service system for scenic area operations and urban management [2]

Core Viewpoint - Xiangyuan Cultural Tourism's gross margin increased by 4 percentage points to 51.84% in Q2 2025, attributed to the company's focus on quality improvement and cost control [1] Financial Performance - Sales expense ratio increased by 2 percentage points to 8.27%, mainly due to enhanced promotional efforts [1] - Management expense ratio decreased by 1 percentage point to 10.36% [1] - Net profit margin increased by 1 percentage point to 23.12% [1] Strategic Initiatives - The company plans to further explore local cultural IPs, focusing on two international-level IPs: pandas and tea [1] - Future investments will include Xiangyuan Travel and Xiangyuan General Aviation, aiming to upgrade the strategic positioning as a "cultural tourism service provider" [1] - The company is actively exploring new low-altitude cultural tourism models to create a second growth curve [1] Business Development - The company's scenic area operations are solid, with innovative breakthroughs in the travel service sector [1] - There is a strategic focus on expanding into the cruise business and low-altitude economy, which are expected to become new growth drivers for the company's performance [1] - The investment rating is maintained at "Buy" [1]