双轮驱动战略 日前，冰雪概念龙头股长白山(603099)一则公告引起市场和投资者关注。12月12日，公司公告了《2025 —2026年"提质增效重回报"行动方案》，旨在通过全面提升经营管理效率、强化核心竞争力，以稳健业 绩增长和积极股东回报与投资者共享发展成果。 行动方案的指导思想是以高质量发展为核心，聚焦主业，通过"内在价值提升"与"市场价值实现"双轮驱 动，实现公司的稳健经营与市值的合理反映。 四是业态矩阵多元创新，区域文旅消费不断升级。公司打造一批文旅创新消费新地标，构建"高端—中 端—特色"酒店品牌矩阵，整合冰雪、森林、地质等跨区域资源，推出精品旅游线路，打造多元品质业 态。 五是品牌营销持续破圈。以"品牌化、精准化"为目标，在抖音、小红书、微信视频号等平台打造"长白 山旅游"官方账号，持续宣贯"长白山不止天池"度假理念。 旅游项目年年迭代 新雪季，长白山的旅游项目不断创新：12月3日至7日，吉林省首次推出"冰雪假期"，雪假期间，恩都里 休闲度假商旅社区、雪绒花音乐生活馆、云顶市集等游客接待量增长20%以上；和平滑雪场、红松王滑 雪场、南山滑雪场游客接待量分别同比增长46.24%、68.02%、323 ...

Group 1: Market Dynamics - 21 new private placement projects were added in the last two weeks, a 10.53% increase from the previous period[5] - 10 projects were terminated, marking a 42.86% increase in terminations[5] - The number of projects awaiting approval stands at 598, with 60 projects having passed the review and registration process[5] Group 2: Fundraising and Pricing - The total fundraising amount for the 9 projects listed in the last two weeks reached 5.362 billion yuan, a 286.83% increase[26] - The average base discount rate for competitive projects was 14.88%, up 2.94 percentage points from the previous period[26] - The average subscription success rate for competitive projects dropped to 40.00%, a decrease of 60.00 percentage points[26] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, 4 yielded positive returns, resulting in an 80.00% success rate[42] - The average absolute return on the unlocking day for these projects was 25.30%, with an excess return of 26.87%[42] - The average market price discount rate for unlocked projects was 15.91%, down 1.12 percentage points[42] Group 4: Project Analysis - Long White Mountain aims to raise up to 236 million yuan for tourism-related projects, with a total market value of 8.475 billion yuan[19] - China Energy Construction plans to raise up to 9 billion yuan for multiple renewable energy projects, with a total market value of 80.176 billion yuan[20]