万联证券万联晨会

Core Insights - The tourism industry is steadily recovering during the Dragon Boat Festival, with a total of 110 million domestic tourists, representing a year-on-year increase of 6.3%, and total spending of 40.35 billion yuan, up 8.1% year-on-year [26][21] - The demand for tourism is normalizing, with a significant portion of travelers being young people, particularly those born in the 2000s, who accounted for 37% of travelers, showing a nearly 30% increase in travel numbers compared to last year [21][8] - Cultural trends, particularly the resurgence of traditional Chinese culture, are driving tourism experiences, with many tourists engaging in activities related to national customs and heritage [21][8] Market Review - The A-share market showed mixed results, with the Shanghai Composite Index closing up 0.31% and the Shenzhen Component Index up 0.08%, while the ChiNext Index fell by 0.44% [29][13] - The total trading volume in the Shanghai and Shenzhen markets reached 690 billion yuan, with a net outflow of 3.335 billion yuan from northbound funds [29][13] - In the Hong Kong market, the Hang Seng Index fell by 1.31%, and the Hang Seng Tech Index dropped by 1.71% [29][15] Economic Indicators - In May, China's Consumer Price Index (CPI) rose by 0.3% year-on-year, with a core CPI increase of 0.6%, indicating a stable consumption market [14][7] - The green electricity consumption in China exceeded 180 billion kilowatt-hours in the first five months of the year, with a year-on-year growth of 327% [14][7]