Group 1 - The travel market is expected to show characteristics of "having fun and doing more" during the New Year's holiday in 2026, with a significant increase in consumer travel willingness [1] - Popular long-distance routes such as Shenzhen-Harbin, Beijing-Kunming, and Beijing-Xishuangbanna are seeing a surge in travelers, with numbers exceeding those on December 31 [1] - Cities with unique features like "immersive experiences," "nearby micro-vacations," and "high-cost performance ski resorts" are emerging as unexpected popular destinations for the New Year's holiday [1] Group 2 - The trend of "new entrants expanding and main players upgrading" is evident, with a 130% year-on-year increase in bookings from travelers born after 2005, indicating strong growth potential among younger demographics [2] - Travelers aged 1990-1999, known as the "post-90s," represent 40% of New Year's holiday bookings, with an average order value increasing by 17% year-on-year, reflecting a willingness to pay for high-quality services and experiences [2] - Hotel bookings in popular areas for New Year's Eve, such as Changsha, Xi'an, and Chongqing, have seen significant year-on-year growth, with some locations experiencing increases of up to 5 times [2]

本报讯 首席记者李思凡报道 "请3休8"带旺元旦游。12月19日，飞猪发布的数据显示，2026年元旦假 期，云南的定制游、线路游商品和接送机/站预订量同比均大幅增长。 飞猪数据显示，元旦假期，游客对个性化体验与跨年仪式感的追求不断提升，极光旅行、宠物随行等特 色体验类旅游玩法热度同比增长200%，包括跨年演出、烟花秀、灯光秀等跨年游玩法的搜索热度同比 上涨58%。 出境游方面，2026年元旦假期的出境游商品预订量大幅超过2025年元旦假期，尤其是落地自驾玩法火 爆，飞猪平台的国际租车预订量同比增长超200%。目的地选择上，"4小时飞行圈"内的韩国和东南亚国 家依然领跑出境游热门目的地榜单，美国、澳大利亚也跻身热门目的地前十；阿根廷、尼泊尔、沙特阿 拉伯、葡萄牙、匈牙利等目的地增速迅猛，预订量同比增长均超4倍。 截至目前，云南元旦假期的定制游商品预订量同比增长约300%，线路游商品预订量同比增长约400%， 接送机/站预订量同比增长超170%。昆明、西双版纳、丽江、大理、保山排名热门州（市）前5位，红 河、普洱、文山旅游订单量增速最快。 元旦假期，游客到昆明将能体验好玩的观鸥季活动。漫步滇池草海开合浮桥，从滇池 ...

受益于元旦假期临近、海南封关、冰雪旅游等多重催化，旅游ETF（562510）今日大涨超2%，景区、 航空、免税、酒店等细分领域表现活跃，中国中免强势领涨。 2026年元旦假期相较于2025年更长，为文旅消费市场带来乘数级拉动效应。数据显示，截至12月17日， 元旦假期国内航线机票预订量超176万张，同比增长约46%。 按照提前15天预售的规定，12月18日起，2026年元旦假期火车票已正式开售，热门旅行目的地车票快速 售罄。 政策层面来看，文化和旅游部等部门出台多项支持政策，从推出文旅消费券、扩大优质产品供给等多方 面给予指导及支持，积极推动旅游行业高质量发展。 （文章来源：每日经济新闻） ...

长江证券发布研报称，OTA当前竞争格局趋稳，同程长期深耕OTA业务，纵深旅游产业链，用户基本 盘、供应链能力、服务效率筑牢龙头护城河，当前战略聚焦于提升运营效率。公司盈利能力在用户营销 策略优化、精细化补贴、出境游盈利提升下，进入上行通道，后续销售费用率及take rate仍有提升空 间，有望支撑公司利润率持续上行。 同程旅行(00780)尾盘涨超3%，截至发稿，涨3.39%，报22.6港元，成交额1.61亿港元。 消息面上，国家统计局数据显示，2025年11月全国CPI同比上涨0.7%，涨幅较上月明显扩大，居民消费 延续恢复态势。从结构看，服务价格同比上涨0.7%，高于消费品价格涨幅，服务消费修复特征进一步 显现。在此背景下，旅游相关价格表现相对占优，11月旅游价格同比上涨2.0%，1-11月累计同比小幅抬 升，反映出文旅出行需求对价格的支撑仍具韧性。 ...

消息面上，国家统计局数据显示，2025年11月全国CPI同比上涨0.7%，涨幅较上月明显扩大，居民消费 延续恢复态势。从结构看，服务价格同比上涨0.7%，高于消费品价格涨幅，服务消费修复特征进一步 显现。在此背景下，旅游相关价格表现相对占优，11月旅游价格同比上涨2.0%，1-11月累计同比小幅抬 升，反映出文旅出行需求对价格的支撑仍具韧性。 长江证券发布研报称，OTA当前竞争格局趋稳，同程长期深耕OTA业务，纵深旅游产业链，用户基本 盘、供应链能力、服务效率筑牢龙头护城河，当前战略聚焦于提升运营效率。公司盈利能力在用户营销 策略优化、精细化补贴、出境游盈利提升下，进入上行通道，后续销售费用率及take rate仍有提升空 间，有望支撑公司利润率持续上行。 智通财经APP获悉，同程旅行(00780)尾盘涨超3%，截至发稿，涨3.39%，报22.6港元，成交额1.61亿港 元。 ...

Group 1: Tourism Market Trends - The tourism market is experiencing a surge in activity as the New Year and Spring Festival holidays approach, with diverse holiday durations contributing to varied consumer scenarios and growth momentum [1] - Data from Qunar indicates that many cities across the country are hosting New Year's concerts, significantly boosting local cultural and tourism consumption [2] - Hotel bookings in popular cities for the New Year period have increased by over 300%, with Guangzhou, Nanning, and Shanghai leading the way [3] Group 2: Travel Preferences and Destinations - The domestic travel market is witnessing a dual trend of "ice and snow" tourism alongside "warm winter" tourism, with significant increases in booking numbers for both types of destinations [4] - The popularity of "whole house" villa rentals for New Year celebrations has surged, with bookings increasing by 140%, and the post-00s generation becoming the main consumers of homestays [5] - International travel is also expanding, with destinations like Phuket, Bangkok, and Jeju Island becoming popular alternatives due to recent travel adjustments in Japan [7] Group 3: Specific Destination Highlights - Nanning has emerged as a top destination for New Year celebrations, with hotel bookings increasing by 1700% compared to the previous year, surpassing major cities like Shanghai and Beijing [2] - The recent release of "Zootopia 2" has positively impacted ticket sales at Shanghai Disneyland, which saw a 520% increase compared to 2025 [2] - The introduction of a 30-day visa-free policy for Chinese citizens to Russia has led to a spike in interest for travel to destinations like Murmansk, with many related products already sold out for the upcoming holiday period [7]

宏观经济 | 动态跟踪 服务消费提振核心 CPI 2025 年 11 月通胀点评 研究结论 报告发布日期 2025 年 12 月 11 日 | 孙国翔 | 执业证书编号：S0860523080009 | | --- | --- | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 陈至奕 | 执业证书编号：S0860519090001 | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 全球资本开支仍是出口主线：11 月进出口 | 2025-12-10 | | --- | --- | | 点评 | | | 12 月鹰 ...

不仅如此，为更好支持科技企业，当地政府还推出了模型券、贴息券、技改券等六项服务工具，以"陪伴式服务"为科创企业提供全周期金 融支撑。 深圳市南山区副区长 蔡淡宏：我们以5亿元种子基金、百亿级引导基金撬动超1400亿元社会资本；央地联动方面，我们联合人民银行构 建"央行政策工具+地方服务网络"机制，推出"千亿计划"、南山"信易贷"平台等，助力了6263家次企业获贷超1000亿元，让金融"活水"直达科 创一线。 央视网消息：信贷投向是经济发展的"风向标"，资金流向折射产业变迁。今年前10个月，我国新增人民币贷款近15万亿元，这些"真金白 银"投向了哪些领域？透过数据我们发现，今年以来科技型中小企业贷款、绿色贷款增速均高于全部贷款增速，金融资源正加速流向科技创 新、绿色发展、旅游消费等关键领域。 天津这家专注基因工程领域基础材料研发的企业，目前正全力攻关一项核心技术。针对企业研发阶段的大额资金需求，人民银行天津市分 行推出45项具体举措，推动金融服务精准对接技术研发、成果转化等关键环节需求。凭借过硬的研发实力，企业顺利通过评分获得1300万元信 贷资金。 不仅仅是研发阶段，科创企业在早期都需要资金支持。但记者在采访 ...

信贷投向是经济发展的"风向标"，资金流向折射产业变迁。今年前10个月，我国新增人民币贷款近15万亿元，这些"真金白银"投向了哪些领域？透过数据我 们发现，今年以来科技型中小企业贷款、绿色贷款增速均高于全部贷款增速，金融资源正加速流向科技创新、绿色发展、旅游消费等关键领域。 从不敢贷到放心投 破解科创企业融资困局 天津一家专注基因工程领域基础材料研发的企业，目前正全力攻关一项核心技术。 天津全和诚科技有限责任公司财务中心副总经理 孙岩：它的研发投入周期很长，资金投入量很大，需要我们有3年到4年的储备资金。 针对企业研发阶段的大额资金需求，人民银行天津市分行推出45项具体举措，推动金融服务精准对接技术研发、成果转化等关键环节需求。 邮储银行天津红桥支行行长 王世才：研发贷就是在科创贷基础上的一个升级迭代，然后给予客户更低的贷款利率、更长的贷款期限和更优的授信方案。根 据客户的研发实力、研发团队，还有产品的一些技术壁垒等因素进行定性定量的打分。 凭借过硬的研发实力，企业顺利通过评分，获得1300万元信贷资金。 天津全和诚科技有限责任公司财务中心副总经理 孙岩：拿到这笔研发贷之后，我们首先购买了实验仪器，同时扩大了我 ...

Core Insights - The article discusses the recent introduction of a snow holiday for middle and primary school students in Jilin Province, which has sparked significant public debate and mixed reactions from parents [1][2]. Group 1: Changing Demographics in Skiing - The primary demographic for skiing in China is shifting towards younger individuals, particularly children aged 6-12, who now represent over 30% of ski lesson purchasers from 2020 to 2024 [3][4]. - This trend indicates a growing interest in skiing among younger age groups, driven by parental concerns about education and social status [5][6]. Group 2: Parental Reactions and Behavior - Many parents express frustration over the snow holiday while simultaneously seeking ski lessons for their children, highlighting a contradiction in their attitudes [6][7]. - The increase in ski lesson bookings during the snow holiday period, with a reported 210% surge in orders for parent-child ski courses, reflects a strong demand despite parental complaints [7][8]. Group 3: Implications for the Ski Industry - The emergence of a younger skiing demographic is prompting ski resorts to adapt their marketing and services to cater to this new customer base, which is seen as a vital source of long-term growth [14]. - Ski resorts are implementing various strategies, such as offering free admission for students and creating targeted ski training programs, to attract and retain young skiers [14]. Group 4: Broader Economic Impact - The introduction of new public holidays like the snow holiday is expected to stimulate tourism and consumer spending, contributing to economic growth [15][16]. - The success of the snow holiday may lead to more provinces adopting similar initiatives, enhancing the overall landscape of public holidays in China [16][17].