假期最后一天热门景区热度未减，多家景区接待游客人次同比两位数增长 2月23日虽然是春节假期的最后一天，但许多热门景区的热度丝毫未减。智通财经（www.thepaper.cn） 注意到，当日，仍有不少景区发布限流公告。 都江堰景区发布的消息显示，截至2月23日15时05分，游客量已达到暂停入园人数，为提升游览体验， 景区已启动游客暂停入园措施。 2月23日，为期9天的春节假期收官。作为春节申遗成功后的第二个春节，也是首个"9天超长黄金周"， 2026年春节假期在这双重效应叠加下，市民出游意愿显著增强，旅游市场"火力全开"。 唐模景区发布的消息显示，截至2月23日15:50，唐模景区游客接待量已接近饱和。景区已启动限流措 施。 还有景区过了春节假期依旧火爆的。 九寨沟景区发布的消息显示，截至2月23日10:00，九寨沟景区2026年2月24日门票预订2.3万张，已达到 最大承载量。 多家景区披露的数据显示，今年春节假期旅游市场迎来马年"开门红"。 九寨沟景区2月23日披露的数据显示，春节期间九寨沟共接待游客18.27万人次，比去年春节上涨 17.70%。 多家在线旅游平台的数据显示，今年春节假期旅游订单量与人均消 ...

"今天越王勾践来了也看不到他的剑。""今天的灵隐寺，济公来了都要排队。" 2月20日，春节假期第6天，全国各地景区仍旧"人山人海"，网友们在各地热门景区拍照打趣，到哪儿都得排队。 朱元璋来了也得排队 好多人好多人全是人从众众众众众众#南京 ♡ 地点 南京 · 明孝陵景区 Q 猜你想搜｜过年出门实况 已晕人 昨天 15:08 安徽 关注 5/6 越王来了也得排一上午~ #迷人的老祖宗啊 #越王勾践剑 ♡ 地点│武汉·湖北省博物馆 59分钟前 江苏 已声明原创 > 은 不喜欢 ∠ 说点什么 ... 9081 · · 1470 2 说点什么 ... 639 ק 十 我也发一张 3 ) 6 ... 128 xx NE Park a 1 35 t 201 W 8 3-1 7 con 6 130 215 Gelo W ASSESS REA the : ga 12 are d 12 15 4 2 PICS t . 2 5 A 12 12 4 1 2014 .. 1 4 n 8 2 4 15 20 - ALC: 2017 AND THE ST CALL HS 2017 25 REVEN CA A 2012 C B 11 11 ...

跨省游以4至7天行程为主流，飞机团与动车团比例接近1:1，一家一团小包团出游数量同比上涨明显，东北、云南、贵州、四 川、广西、华东、湖北、甘肃、福建、山东等目的地排名靠前。值得一提的是，大部分团队都对除夕年夜饭团餐进行了升级， 如"四川、峨眉乐山、成都双飞5天"就安排成都鸳鸯火锅川味团年饭，用脆爽的口感和辛辣的刺激让游客体验四川人过年氛围。 自1999年黄金周制度落地以来，我国首个长达9天的春节长假今日（2月15日，农历腊月廿八）正式拉开帷幕，悠长假期点燃全 民出游热情，广东旅游市场迎来客流井喷，来粤旅游、出境、出省、省内周边出游、景区游览等旅游消费场景同步升温，处处 洋溢着喜庆的新春氛围。据 岭南控股 （000524）旗下广之旅数据显示，亲子游、民俗游、避寒游成为假期首日游客主流出行选 择，凭借独特岭南文化、别样年味及舒适气候等特点，今年外省来粤旅游团数量增长明显，"请到广东过大年"品牌效应得到持 续释放，并呈现进一步定制化、精品化趋势。 广之旅董事长、总裁邬琛表示，旅行社倡导广大游客在长假畅玩期间践行文明旅游理念，做到合理避峰出游、遵守公共秩序， 爱护文物古迹与生态环境，不乱扔垃圾、不攀折花木，尊重各地民 ...

Core Insights - The report predicts a "front low and back high" trend for the real estate market in 2026, suggesting potential recovery opportunities in the sector [1][3] - It emphasizes the importance of stabilizing the market through inventory reduction and boosting demand and confidence, while also supporting reasonable financing needs of real estate companies [3][4] - The report identifies three main investment lines: stable companies in core cities, "small but beautiful" firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [1][9] Market Outlook - The real estate market is expected to face continued pressure in 2025, with a focus on policy measures to prevent a sharp decline [3][4] - The report forecasts a decline in key real estate indicators for 2026, including a projected 8% decrease in sales area to 810 million square meters and a 12% drop in sales revenue to 7.4 trillion yuan [5][6] - It anticipates a gradual recovery in the market, with potential policy and fundamental turning points in Q1 and Q4 of 2026, respectively [7][8] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in first and second-tier cities, such as China Resources Land and China Merchants Shekou [1][9] - It highlights the potential of Poly Real Estate Group as a "small but beautiful" firm that has made significant sales and land acquisition breakthroughs [9] - The report also points to commercial real estate companies like China Resources Vientiane Life and Swire Properties that are actively exploring new operational models [1][9]

Group 1 - The A-share market saw a strong performance in the duty-free sector, with Zhu Mian Group hitting the daily limit, China Duty Free rising over 5%, and Wangfujing and Haixia shares increasing by over 2% [1] Group 2 - Zhu Mian Group's stock rose by 9.96%, with a total market capitalization of 15.6 billion and a year-to-date increase of 21.59% [2] - China Duty Free's stock increased by 5.52%, with a total market capitalization of 201.6 billion and a year-to-date increase of 3.06% [2] - Wangfujing's stock rose by 2.69%, with a total market capitalization of 16.7 billion and a year-to-date decrease of 4.19% [2] - Haixia shares increased by 2.29%, with a total market capitalization of 23.9 billion and a year-to-date decrease of 12.00% [2] - Hainan Development's stock rose by 1.94%, with a total market capitalization of 14.2 billion and a year-to-date decrease of 29.45% [2] - Southern Airlines' stock increased by 1.82%, with a total market capitalization of 151.7 billion and a year-to-date increase of 4.49% [2] - Lingnan Holdings' stock rose by 1.34%, with a total market capitalization of 8.632 billion and a year-to-date increase of 7.42% [2]

Group 1 - The duty-free shop sector experienced a significant rise, with Zhujiang Duty-Free Group hitting the daily limit [2] - Other companies such as China Duty Free Group, Wangfujing, Hainan Development, and Lingnan Holdings also saw increases in their stock prices [2]

Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

Strategy Overview - The core strategy indicates that Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman suggests a hawkish policy stance, advocating for balance sheet reduction and cautious interest rate cuts, which may reverse market expectations for continued liquidity easing and strengthen the dollar, leading to a global tightening of dollar liquidity expectations and asset price reassessment [4][2] - In the short term, after a strong spring rally, the market may enter a rhythm adjustment period due to proactive policy guidance and increased overseas disturbances, presenting rotation opportunities for previously stagnant sectors [4][2] Real Estate Sector: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions, with a settlement area of 814,000 square meters, up 20.8% year-on-year, and a settlement amount of 17.37 billion yuan, up 52.5% year-on-year [8] - Despite revenue growth, the net profit attributable to shareholders decreased by 44.3%, primarily due to a negative investment income of 950 million yuan and an increase in minority shareholder losses [8] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while the net profit margin decreased to 1.3%, down 0.7 percentage points year-on-year [8][9] - The company’s debt structure improved, with interest-bearing debt down 8.6% year-on-year to 68.2 billion yuan, and the average financing cost decreased by 48 basis points to 2.90% [9] - The company’s sales ranking improved to 15th in the industry, with a sales amount of 29.5 billion yuan in the first seven months of 2025, despite a 13.5% year-on-year decline [10] Transportation Sector: CITIC Offshore Helicopter - CITIC Offshore Helicopter is a leading player in China's general aviation sector, operating the largest civil helicopter fleet in Asia with 84 advanced model helicopters [13] - The company has a strong revenue stream from offshore oil services, with nearly 70% of its revenue derived from this segment, and maintains a market share of over 60% in the offshore helicopter service market [14] - The general aviation market in China is expected to grow steadily, supported by policy guidance, with the number of general airports reaching 475 and the number of general aviation enterprises reaching 760 by 2024 [14] Transportation Sector: Air China - Air China is the only flag carrier in China, with passenger transport services accounting for nearly 91% of total revenue in 2024 [16] - The company reported a revenue of 166.7 billion yuan in 2024, up 18.14% year-on-year, with a sales gross margin of 5.11% [16] - The domestic passenger transport volume reached 730 million in 2024, a 17.86% increase year-on-year, marking a historical high [17] Chemical Sector: Zhejiang Longsheng - The company reported a 6.47% year-on-year decline in revenue to 6.505 billion yuan in the first half of 2025, with a gross margin of 29.80%, up 1.87 percentage points year-on-year [19][20] - The dye business saw a slight revenue decline of 3.17% to 3.632 billion yuan, but the gross margin improved by 4.40 percentage points to 34.17% [19] - The company is focusing on cost reduction and efficiency improvements to maintain stable development amid industry challenges [19] Chemical Sector: Yake Technology - The company achieved a revenue growth of 15.37% in the electronic materials segment, with a total revenue of 2.573 billion yuan in the first half of 2025 [24] - The company is actively developing new technologies and products in the LNG and electronic materials sectors, with a focus on semiconductor chemical materials [23] New Energy Sector: Foster - Foster is a leading player in the photovoltaic encapsulation materials market, maintaining a market share of around 50% [27] - The company is exploring new solutions for space environment applications, leveraging its existing technology in photovoltaic materials [28] Medical Sector: Mindray Medical - The company faced revenue pressure in the first half of 2025, with a 23.77% year-on-year decline in Q2 revenue to 8.506 billion yuan [29] - International business revenue increased by 5.39%, accounting for about 50% of total revenue, indicating a growing presence in the global market [30] - The company is focusing on building a digital healthcare ecosystem through the integration of devices, IT, and AI technologies [31] Food and Beverage Sector: Kweichow Moutai - The company is navigating a challenging environment in the liquor industry, focusing on quality and long-term value rather than short-term performance metrics [33] - In Q3 2025, the company reported a revenue of 39.06 billion yuan, a slight increase of 0.6% year-on-year, with a gross margin of 91.3% [34] Social Services Sector: Lingnan Holdings - The company achieved a revenue of 2.09 billion yuan in the first half of 2025, up 8.52% year-on-year, with a net profit of 50 million yuan, up 24.39% [36] - The company is expanding its travel agency and hotel management services, with a focus on enhancing its operational capabilities [38] Electronics Sector: Zhaoyi Innovation - The company expects a revenue of approximately 9.203 billion yuan in 2025, a 25% year-on-year increase, driven by demand from AI computing and the storage industry [39]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].