东海证券：晨会纪要-20250207

Group 1 - The report highlights a strong performance in the Chinese tourism sector during the Spring Festival, with domestic travel reaching 501 million trips, a year-on-year increase of 5.9% [12][13] - The total domestic tourism revenue during the Spring Festival was 677 billion yuan, reflecting a 7.0% year-on-year growth [12][13] - The average spending per person during the 8-day domestic travel period was 1,351 yuan, showing a slight increase compared to the previous year [12][13] Group 2 - The report notes that the box office for the Spring Festival reached a record high of 95.1 billion yuan, surpassing the previous record of 80.16 billion yuan [15] - The film "Nezha: The Devil Child Comes to the World" achieved a box office of 48.39 billion yuan, ranking among the top five in Chinese film history [15] - The report indicates a positive outlook for the tourism and entertainment sectors, driven by high consumer spending and travel demand during the holiday [15] Group 3 - The report discusses the impact of U.S. tariffs on imports from China, Canada, and Mexico, with a temporary suspension of tariffs on Canadian and Mexican goods until March 4, 2025 [5][6] - It mentions that the U.S. GDP growth for Q4 2024 was 2.3%, below the expected 2.6%, but consumer spending remained resilient [9] - The report highlights the performance of various asset classes during the holiday period, including a slight increase in gold prices and fluctuations in equity markets due to external factors [6][7] Group 4 - The report outlines the recent regulatory changes in supply chain finance aimed at better supporting small and medium-sized enterprises in China [18] - It emphasizes the importance of developing diverse supply chain financial models to enhance the competitiveness and resilience of the supply chain [18] - The report also notes the Bank of England's recent interest rate cut of 25 basis points, aligning with market expectations [19]