国内篇：春节期间不可错过的事情

1. Report's Industry Investment Rating No information provided in the content. 2. Core Viewpoint of the Report The economic recovery rhythm continues to be moderate, which nurtures a bullish environment for the bond market. However, attention should be paid to the disturbances brought about by the rebound in overseas risk appetite [2][6][22]. 3. Summary According to Relevant Catalogs 3.1. Things Not to Be Missed During the Spring Festival - Domestic Chapter 3.1.1. Culture and Tourism: The Extra - Long Spring Festival Holiday Drives Supply and Demand to Prosper The 9 - day "longest holiday in history" and "take 5 days off and get 15 days off" models drove the Spring Festival travel rush in 2026 to reach a record high. The extra - long holiday released the potential of tourism consumption, and the cultural and tourism market saw both supply and demand booming. The per - capita travel days of Tuniu users increased by 1.1 days compared to last year. The average price of domestic hotels during the festival was more than 30% higher than before the Spring Festival. The Hainan off - island duty - free market also performed strongly, with the shopping amount and the number of shoppers from the first to the fifth day of the first lunar month increasing by 19.1% and 24.6% year - on - year respectively [6][9][10][11]. 3.1.2. Consumption: "Ice and Fire" in the Spring Festival Consumption Market The Ministry of Commerce and nine other departments jointly planned the "Happy Shopping in the Spring Festival" special event. Commodity consumption had a good start, with the average daily sales of key retail and catering enterprises in the first two days of the holiday increasing by 10.6% year - on - year. Service consumption also showed strong growth in many aspects, but the Spring Festival box office in 2026 was lower than in previous years, showing a "decline in both volume and price" [6][12][14][15]. 3.1.3. Technology: From the Spring Festival Gala Technology to Frontier Breakthroughs The 2026 Spring Festival Gala became a stage for the concentrated implementation and commercial verification of domestic frontier technologies, focusing on robots and AI. Before and after the Spring Festival, domestic AI large models launched a "battle of hundreds of models", with technology iteration moving towards both practicality and high - order development. Global technology capital and giants were active, bringing development opportunities to domestic AI computing power and other industrial chains [6][16][17][19]. 3.1.4. Multi - assets: The Global Main Commodities Generally Rose During the Spring Festival (from February 13th to 20th, 2026), global main commodities generally rose, especially precious metals and energy. The CMX silver price led the increase with a 9.45% rise. The crude oil market also performed well. Most agricultural products and industrial metals rose, while the VIX index dropped significantly, indicating a significant increase in global market risk appetite [6][20]. 3.2. Weekly Review of the Bond Market - Funding Rates: The funding rates first rose and then fell. The central bank conducted a large - scale net injection in the open market. The DR001 rate rose 3.71bp to 1.31%, the DR007 rate fell 14.02bp to 1.32%, and the 1 - year AAA certificate of deposit rate dropped 0.25bp to 1.58% [23][25]. - Cash Bonds and Futures: The cash bonds and futures generally strengthened. The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds and national development bonds all declined. The primary market saw 66 interest - rate bonds issued, with a total of 6491 billion yuan, and a net financing of 5319 billion yuan [27]. - Daily Performance: The bond market generally strengthened throughout the week. The interest rates fluctuated and declined under the influence of factors such as the central bank's large - scale net injection and the weakening of overseas risk assets [29][33][34][35]. 3.3. Relative Value of Assets 3.3.1. Most of the Treasury Bond Term Spreads Narrowed, and the National Development Bond Term Spreads Varied Most of the treasury bond term spreads narrowed, while the 30Y - 10Y spread widened. The national development bond term spreads were differentiated, with the 2Y - 1Y and 3Y - 2Y spreads having relatively large changes. The implied tax rate mostly widened, the new - old bond spread narrowed, the non - national development - national development spread widened, and the local government bond spread showed different performances [38][39]. 3.3.2. The Term Spreads and Credit Spreads Generally Narrowed Most of the term spreads and credit spreads of various varieties narrowed. The term spreads and credit spreads of enterprise bonds and urban investment bonds all narrowed, while the 5 - year: medium - term note (AA) - medium - term note (AAA) spread and a few secondary capital bond term and credit spreads slightly widened [40][42][43].