Ge Long Hui·2026-02-24 03:12Group 1 - The core viewpoint of the report indicates that overall consumption during the Spring Festival in mainland China remains positive, with strong travel activity observed [1] - The National Immigration Administration projects an average daily cross-border passenger flow increase of approximately 14% year-on-year [1] - Hainan's duty-free store consumption shows resilience due to stronger promotional activities and policy-driven demand, although this has largely been reflected in the stock price of China Duty Free Group [1] Group 2 - The film box office performance has been weak, reaching the lowest level in eight years [1] - Channel surveys by the firm reveal that gold and jewelry sales are under pressure due to fluctuations in gold prices, while some luxury brands have performed strongly year-to-date [1] - The report suggests that strong data related to travel and tourism, along with good performance in high-end consumption, will benefit the firm's preferred stocks, including Samsonite, LVMH, Richemont (parent company of Cartier), and Anta Sports, which is related to domestic demand [1]