据海南省旅游和文化广电体育厅统计，元旦假期，海南接待过夜游客97.61万人次，增长16.1%；一日游 游客119.55万人次，增长33.7%。A级旅游景区接待游客142.16万人次，增长35.5%，椰级乡村旅游点接 待游客36.18万人次，同比增长66.3%。 封关红利与假期效应叠加，激发全国游客赴琼热情。来自美团、飞猪、去哪儿、同程等多个平台的数据 显示，假期海南的机票、酒店、门票、租车等预订量均实现大幅增长，入境游、免税购物、主题乐园、 滨海休闲、文旅活动等多元业态供给丰富，助推旅游消费热度持续攀升。 美团数据显示，元旦假期，海口、三亚等地机票、火车票预订量同比增长49%，北京、成都、郑州、上 海、广州等地游客成为赴琼跨年主力。住宿方面，海南的酒店、民宿房间预订量大幅增长，四星级酒店 预订量增长最快，同比增幅达61%。 同程旅行报告也指出，元旦假期，海南岛内三大机场进出港机票预订热度环比上月提升76%，上海、广 州、北京稳居前三大客源地。飞猪发布的《2026元旦假期出游快报》显示，海南门票预订量同比去年增 长270%，租车预订量同比去年增长120%。海南游客的出境游预订量同比去年增长超100%。 外国游客 ...

元旦假期，机票、酒店等订单量大幅增长，文旅活动等多元业态供给丰富 量质齐升，海南旅游喜迎"开门红" 海南日报海口1月3日讯(海南日报全媒体记者 刘晓惠)2026年元旦假期收官，作为海南自贸港全岛 封关后的首个小长假，全省文旅市场喜迎"开门红"。来自美团、飞猪、去哪儿、同程等多个平台的数据 显示，假期期间海南的机票、酒店、门票、租车等预订量均实现大幅增长，入境游、免税购物、主题乐 园、滨海休闲、文旅活动等多元业态供给丰富，助推旅游消费热度持续攀升。 封关红利与假期效应叠加，激发了全国游客赴琼热情。美团数据显示，元旦期间海口、三亚等地机 票、火车票预订量同比增长49%，北京、成都、郑州、上海、广州等地游客成为赴琼跨年主力。住宿方 面，海南的酒店、民宿房间预订量大幅增长，四星级酒店预订量增长最快，同比增幅达61%。同程报告 也指出，元旦假期，海南岛内三大机场进出港机票预订热度环比上月提升76%，上海、广州、北京稳居 前三大客源地。飞猪发布的《2026元旦假期出游快报》显示，海南门票预订量同比去年增长270%，租 车预订量同比去年增长120%。海南游客的出境游预订量同比去年增长超100%。 主题乐园、特色活动精准吸引 ...

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

Summary of Emei Mountain Company Conference Call Industry and Company Overview - The conference call pertains to Emei Mountain Company, which operates in the tourism industry, specifically focusing on the Emei Mountain scenic area and its related services such as ticketing, cable cars, and hotel accommodations [2][10]. Key Points and Arguments - **Technological Empowerment**: Emei Mountain is actively exploring technological innovations to enhance visitor interaction and experience, aiming to increase tourist flow and related revenues from tickets, cable cars, and hotels. This initiative is primarily managed by subsidiaries Shitu Network and Lingchuang [2][3]. - **Leshan Airport Development**: The upcoming opening of Leshan Airport is seen as a significant opportunity. The company plans to enhance marketing efforts to improve awareness of travel convenience to Emei Mountain and develop corresponding travel routes, while continuing to promote joint tourism routes with the Leshan Giant Buddha [2][6]. - **Golden Summit Cableway Project**: The approval process for the Golden Summit cableway renovation is complex, requiring national-level approvals. The project is part of the 2025 capital expenditure plan, with no significant changes in investment scale or amount anticipated [2][7][8]. - **High Debt Ratio**: The company's high asset-liability ratio is attributed to its strategic development as a wholly state-owned enterprise, which also undertakes some tourism infrastructure construction responsibilities. Currently, there are no plans for equity pledge financing [2][9][10]. - **Social Responsibility and Marketing**: The company is conducting free ticket and cable car promotions as part of its social responsibility and marketing strategy, aimed at enhancing its market value management, which is a long-term goal [5][10]. - **New Product Launches**: Emei Mountain's tea brand, Emei Snow Bud, has introduced new products like beer, with efforts underway to enhance marketing and brand influence, aiming to make these products a highlight of sales revenue [5][11]. - **Impact of Holiday Policies**: National holiday policies, such as the Spring and Autumn holidays, positively influence tourist flow. The company plans to leverage these policies with targeted marketing activities and develop specific tourism products for these periods [5][12]. - **Visitor Demographics**: Post-introduction of the Autumn holiday, there has been a positive impact on visitor numbers, with approximately 80% of visitors being individual travelers and over 50% being under the age of 45 [12]. Other Important Information - The company is currently in a phase of exploring AI and robotics, which is not expected to yield significant short-term profits but is aimed at attracting younger demographics and enhancing visitor experiences [3]. - The company is not facing any competition issues with its new major shareholder, as per the strategic decisions made by the local government [10]. - The company is committed to ongoing communication regarding project updates and operational timelines through official announcements [7][8].

金顶索道改造推动运力跃升，核心资产价值再强化。索道业务是公司营收与利润提升的核心驱动力， 2023–2024 年毛利率持续高于80%，收入占比约40%，经营韧性强。金顶索道设计运力将从约1200人/小 时提升至 3200 人/小时，运力增幅约167%。高峰排队将明显缓解，游客在金顶停留时间增加，有望提 升索道、门票及衍生消费转化效率。 乐山机场通航在即，助力游客增长。截至2025 年2 月，乐山机场航站楼等主体工程已完工，预计2025 年年底前具备通航基本条件。乐山机场通航后，将衔接现有高速公路网，构建" 航空＋高速"直达主要 景区的联运大通道。乐山机场的设计年吞吐量为260 万人次，有望促进峨眉山旅游客流扩展。 差异化票价政策见效，市场潜力仍有较大挖掘空间。以24 年数据为例，横向对比中，峨眉山客流量为 467.22 万人次，低于 普陀山（1230万人次）、九华山（1050 万人次） 和 五台山（690 万人次），但旅 游总收入高于九华山，2024 年峨眉山旅游总收入为 10.13 亿元，而九华山的收入为 7.64 亿元。峨眉山 具备较强的单位游客价值转化能力，未来有望通过交通改善和产品升级进一步挖掘市场潜 ...

Core Viewpoint - The rise of "factory tours" in Zhejiang reflects a growing interest in industrial tourism, driven by curiosity about production processes and brand culture, as well as the increasing popularity of experiential travel [1][2][3] Group 1: Experience and Education - Factory tours provide rich experiential learning opportunities, allowing visitors to witness advanced manufacturing processes, such as robotic collaboration and automation, enhancing their scientific literacy [1] - The integration of industrial tourism with educational programs adds an educational dimension, where students can learn about industrial knowledge and ignite their interest in technological innovation through hands-on experiences [1][2] Group 2: Social Media and Brand Impact - The popularity of factory tours is amplified by social media, with transformed industrial sites becoming trendy destinations for visitors who share their experiences online, thus expanding the influence of "factory tours" [2] - Companies benefit from factory tours through increased revenue from ticket sales and merchandise, as well as enhanced brand recognition and consumer trust, as witnessing the production process fosters a stronger connection to the products [2] Group 3: Challenges and Future Development - The development of factory tours faces challenges, including ensuring production safety while providing quality visitor experiences and avoiding homogenization in offerings as more factories enter the tourism sector [2] - Future growth of factory tours is anticipated with further policy support and industry innovation, aiming to showcase the strength of national manufacturing and cultural confidence, while promoting economic, cultural, and social benefits [3]

Group 1: Travel Trends - The total cross-regional movement of people during the 2025 National Day and Mid-Autumn Festival holiday is projected to reach 2.433 billion, with an average of 304 million per day, marking a 6.3% year-on-year increase compared to 2024, setting a historical record [1] - Domestic travel during the 8-day holiday reached 888 million trips, an increase of 123 million trips compared to the 7-day holiday in 2024, with total spending amounting to 809 billion yuan, up by 108.2 billion yuan [1] - Tourists are increasingly exploring more diverse destinations, with travel interest shifting from classic to niche locations, as evidenced by significant growth in orders from third-tier cities and smaller cities in East Asia, Southeast Asia, and Europe [1] Group 2: Consumer Behavior - The average booking volume for transportation and accommodation increased by 5% and 4.6% respectively, while the average spending per trip rose by 14.6% during the holiday [2] - Popular domestic travel cities included Shanghai, Beijing, and Guangzhou, while international destinations favored by travelers included Japan, Hong Kong, and Thailand [2] - The rise of local food experiences has become a key aspect of deep tourism, with a 50% increase in tourists engaging in extended stays for immersive experiences compared to 2024 [3] Group 3: Experience Consumption - Experience-based consumption has become mainstream, with significant growth in orders for ancient towns and cities, as well as for zoos and water parks, with increases of 299%, 196%, and 152% respectively [4] - Traditional cultural experiences, such as glassmaking and pottery, have seen substantial order growth, with increases of 270% and 206% respectively, indicating a strong interest in intangible cultural heritage [4] - The popularity of ancient-style makeup among young tourists has surged, with a 111% increase in related orders, reflecting a trend towards cultural engagement [4]

Core Insights - The report by Fliggy indicates a 14.6% year-on-year increase in average spending per traveler during the National Day and Mid-Autumn Festival holiday [1] - The highest proportion of bookings comes from the "post-95" generation, highlighting a demographic shift in travel preferences [1] - There is a noticeable trend of multi-destination travel, with a 5% increase in average bookings for transportation-related products and a 4.6% increase for accommodations, tours, and tickets [1] - The geographical reach of travelers has expanded significantly, covering over 180 countries and regions, marking a substantial increase compared to the previous year [1]

Core Insights - The average spending per traveler during the National Day and Mid-Autumn Festival holiday has increased by 14.6% compared to last year [1] - The highest proportion of bookings comes from travelers born after 1995 [1] - There is a noticeable trend of multi-destination travel, with an increase of 5% in average bookings for transportation-related products and a 4.6% increase for accommodations, tours, and tickets compared to last year [1] - The geographical reach of travelers has expanded significantly, covering over 180 countries and regions, marking a substantial growth from the previous year [1]

Core Insights - The average spending per traveler during the National Day and Mid-Autumn Festival holiday has increased by 14.6% compared to last year, with the post-95 generation (those born between 1995 and 1999) accounting for the highest proportion of bookings [1] - There is a noticeable trend of multi-destination travel, with an increase of 5% in average bookings for transportation and a 4.6% increase for accommodations and activities compared to last year [1] - The travel interest is shifting from classic destinations to lesser-known locations, with significant growth in travel to third-tier cities domestically and smaller cities in East Asia, Southeast Asia, and Europe [1] Travel Trends - The number of travelers has expanded to over 180 countries and regions, showing a substantial increase from last year [1] - Popular domestic travel cities include Shanghai, Beijing, Hangzhou, and Guangzhou, while popular international destinations include Japan, Hong Kong, Thailand, and South Korea [1] - The post-05 generation (those born after 2005) is also beginning to travel independently, with a 61% increase in booking numbers compared to last year [1] Student Travel Behavior - University students are moving away from short, local trips to longer, more immersive travel experiences, with a 63% increase in overall flight bookings and a 110% increase in international flight bookings compared to last year [2] - The average spending per university student during the holiday has risen by 31% compared to the previous year [2]