第一创业：晨会纪要-20250205

Core Insights - The report highlights a strong recovery in consumer spending during the 2025 Spring Festival, indicating positive signals for the ongoing recovery of resident consumption [2][4] - The transportation sector saw a significant increase in cross-regional travel, with an estimated 4.8 billion people traveling, marking a 7.2% increase compared to the previous year [2] - The tourism sector experienced robust growth, with 490 million tourist visits recorded in the first four days of the Spring Festival, reflecting an 8% year-on-year increase [3] - The film industry achieved record-breaking box office results, with total revenue reaching 7.03 billion yuan, a 24.4% increase from the previous year [3] - Sales of electronic products surged, particularly in cities like Shanghai and Tianjin, where sales growth exceeded 30% due to government subsidies [4] Consumer Sector - The report indicates that self-driving remains the preferred mode of travel, with a concentrated peak in travel due to the overlap of student holidays and migrant workers returning home [2] - The increase in international flights during the Spring Festival was notable, with a 26% rise in flight operations compared to the previous year, while domestic flights saw a modest increase of 1.3% [3] - The report emphasizes that the growth in consumer spending is supported by consumption subsidy policies and reflects a steady recovery in consumer willingness to spend [4]