Core Viewpoint - The "2026 Spring Festival Special Activity Plan" aims to stimulate consumer spending and enhance cultural life during the 9-day holiday from February 15 to 23, 2026, by promoting a vibrant festival market and integrating various sectors [1][3][4]. Group 1: Objectives and Strategies - The plan emphasizes the implementation of national policies to expand domestic demand and boost consumption, focusing on cultural traditions, family reunions, and shopping needs [6]. - It aims to create a "Buy in China" brand, encouraging government guidance, market leadership, and public participation in diverse consumption activities [6]. Group 2: Activity Timeline and Branding - The activities will take place from February 15 to 23, 2026, coinciding with the Spring Festival holiday [7]. - A unified branding will be established for all promotional materials and activities, ensuring consistency across various participating entities [7]. Group 3: Activity Content - Culinary events will include traditional food fairs and special dining packages, promoting local cuisines and engaging communities in food-related activities [8]. - Housing and accommodation promotions will be organized, offering discounts and special packages for hotels and home improvement services [9]. - Transportation sectors will enhance capacity and services, including special offers on tickets and travel packages [9]. - Cultural and tourism activities will be promoted, featuring local festivals and events to attract visitors [9]. - Retail promotions will focus on enhancing shopping experiences through various sales events and product showcases [10]. - Entertainment options will include film screenings and cultural performances, encouraging community engagement [10]. Group 4: Support Measures - Incentives such as prize invoices and shopping lotteries will be implemented to encourage consumer participation [11]. - Increased subsidies for trade-in programs will be promoted to stimulate purchases of new consumer goods [11]. - Financial institutions will collaborate with merchants to offer exclusive promotions and enhance consumer spending [12]. - Cross-industry collaborations will be encouraged to create bundled offers that enhance the overall consumer experience [12]. - Efforts will be made to facilitate inbound tourism by providing multilingual resources and improving payment options for international visitors [12].

Core Insights - The event "ONE物潮汇六态.金凤首秀启新程" in Yinchuan, Ningxia, focuses on "first-release economy" and integrates various sectors including commerce, culture, tourism, exhibitions, agriculture, sports, and liquor [1][2] - The event features a unique "show and sell" model, allowing consumers to purchase showcased products immediately, which effectively stimulates shopping enthusiasm [1] Group 1 - The event marks the beginning of a series of consumer promotion activities in the Jinfeng District, featuring a vibrant atmosphere with performances and promotional activities [1] - A promotional video and various performances highlight the cultural and commercial appeal of the Jinfeng District, showcasing its unique charm [1] - The event includes nearly 20 first-store brands across categories such as women's wear, men's wear, children's wear, and sports, enhancing the shopping experience [1] Group 2 - The event serves as a practical demonstration of a "policy + activity" and "online + offline" consumption promotion model [2] - The Jinfeng District plans to collaborate with key commercial enterprises to launch over 40 unique activities, including traditional lion dances and themed parades, alongside government initiatives like car purchase subsidies and home appliance vouchers [2]

Core Viewpoint - The Ministry of Commerce and eight other government units have issued the "2026 'Shopping New Spring' Special Activity Plan" to stimulate consumer spending and enhance the festive market during the upcoming Spring Festival [1][3]. Group 1: Activity Overview - The Spring Festival in 2026 will have a nine-day holiday from February 15 to February 23, aimed at promoting market prosperity and enriching cultural life [3][9]. - The plan focuses on core consumer needs such as cultural traditions, family reunions, shopping, and travel, targeting various sectors including digital consumption, green consumption, and inbound tourism [3][8]. Group 2: Activity Content - The activities are categorized into six themes: 1. "Delicious Food" featuring culinary events and promotions [4][10] 2. "Comfortable Stay" with discounts from hotels and home goods [4][11] 3. "Convenient Travel" enhancing transport services and ticket promotions [4][10] 4. "Exciting Tourism" promoting cultural and tourism events [4][11] 5. "Shopping Delight" with various retail promotions and markets [4][12] 6. "Fun Activities" including film discounts and community events [4][12] Group 3: Support Measures - The plan includes five key support measures: 1. Launching prize invoices to encourage consumer participation [5][13] 2. Promoting trade-in programs for consumer goods [6][13] 3. Increasing financial support through partnerships with merchants [6][14] 4. Encouraging cross-industry collaborations for bundled offers [6][14] 5. Facilitating inbound tourism with multilingual resources and improved payment options [6][15]

Core Viewpoint - The article outlines the "2026 'Le Gou New Spring' Spring Festival Special Activity Plan" aimed at stimulating consumer spending during the Spring Festival by promoting various activities and incentives across multiple sectors [1][2][3]. Group 1: Activity Overview - The Spring Festival will have a 9-day holiday from February 15 to 23, 2026, with a focus on enhancing market vitality and enriching cultural life [5]. - The plan emphasizes government guidance, market leadership, and public participation, targeting core consumer needs related to family reunions and shopping [4]. Group 2: Activity Content - Culinary activities will include the "Chinese Food Fair" and "Old Brand Carnival," promoting local delicacies and festive meals, with events like food competitions and community food markets [6]. - Housing and accommodation sectors will offer promotions such as "New Spring Home Renewal" and discounts for extended stays in hotels and resorts [7]. - Transportation sectors will enhance capacity and offer special promotions for travel, including ticket discounts and improved services for travelers [8]. - Retail activities will focus on promoting local products and organizing shopping festivals, encouraging participation from various merchants and communities [9]. - Cultural and entertainment events will include film promotions, public performances, and extended hours for museums and sports venues [10]. Group 3: Support Measures - The plan encourages the implementation of reward invoices and shopping lotteries to attract consumer participation [9]. - Financial institutions are urged to collaborate with merchants to offer special promotions, including consumption red envelopes and discounts [10]. - Cross-industry collaborations are promoted, linking dining, accommodation, and entertainment sectors to enhance consumer experiences [10].

Core Viewpoint - The 2026 "Happy Shopping Spring Festival" special event plan aims to stimulate consumer spending and enhance cultural life during the 9-day holiday, aligning with the government's economic policies to boost domestic demand and consumption [1][3][15]. Group 1: Event Overview - The event will take place from February 15 to February 23, 2026, coinciding with the Spring Festival holiday [5][17]. - The plan emphasizes a collaborative approach involving various government departments and local authorities to ensure effective implementation and monitoring of the event [1][14]. Group 2: Activity Themes - The event will focus on several themes, including food, accommodation, travel, shopping, and entertainment, to cater to diverse consumer needs [4][18]. - Activities will include food festivals, home improvement promotions, travel incentives, shopping fairs, and cultural performances to create a festive atmosphere [7][19][20]. Group 3: Support Measures - Financial incentives such as lucky invoices, trade-in subsidies, and enhanced financial support from institutions will be implemented to encourage consumer participation [21][22]. - Cross-industry collaborations will be promoted, linking various sectors like hospitality, tourism, and retail to enhance the overall consumer experience [22].

Group 1 - The average GDP growth target for 2026 across twenty provinces is set at 5.1%, a slight decrease of 0.2 percentage points from the 2025 target, but an increase of 0.1 percentage points compared to the actual growth rate in 2025, indicating a more pragmatic and positive outlook [2][11][44] - Eight regions, including Beijing and Shandong, have set their GDP growth targets at around 5% or higher, while Hainan and Xinjiang lead with targets of approximately 6% and 5.5%-6%, respectively [2][11][44] - Economic powerhouses like Guangdong, Henan, and Zhejiang have adopted a more optimistic tone in their reports, emphasizing efforts to achieve better results in their economic performance [3][11][44] Group 2 - Investment growth targets show significant regional differentiation, with western regions like Xinjiang setting a high target of around 8%, while coastal provinces generally aim for around 5% [4][15][44] - Most regions have set their retail sales growth targets above the actual performance in 2025, with notable increases in targets for Henan and Xinjiang, while Hebei and Guangdong maintain targets around 5% [20][44] - Employment remains a priority, with provinces like Guangdong, Shandong, and Henan setting ambitious targets for new urban jobs, while environmental indicators are becoming more stringent, with specific PM2.5 concentration targets set by Beijing and Shandong [5][27][44] Group 3 - Expanding domestic demand is still the primary task, shifting focus from physical consumption to a balance of goods and services, with policies like "trade-in" becoming normalized [6][29][44] - Service consumption is being elevated, with various regions focusing on "first-release economy" and "silver economy" to create new demand [6][29][44] - The concept of "new quality productivity" is gaining traction, with regions leveraging their unique advantages for differentiated development, such as Beijing focusing on AI and quantum technology, while Zhejiang aims to create a national-level integrated circuit cluster [6][29][44]

宏 观 研 究 2026 年地方"两会"跟踪 国 内 经 济 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 联系人 社零方面，多数省份设定的目标高于 2025 年实际增速。新疆、河南、海南等地将社零增速目 标定在 6%及以上；河北、吉林定在 5%左右。贵州、甘肃、辽宁及重庆的目标设定为 4%及以 上。与 2025 年目标相比，河南、新疆目标分别上调 0.5 个百分点和 1 个百分点。与 2025 年 地方实际社零增速相比，河北、吉林、河南、广东等明显调高社零增速目标。 侯倩楠 A0230524080006 houqn@swsresearch.com 2026 年 02 月 01 日 地方"两会"观察：二十省市，三大特征 ——2026 年地方"两会"跟踪 1 月下旬以来，地方"两会"进入密集召开期。各地 2026 年 GDP 增速设定情况如何，各地 2026 年政府工作报告定量与定性分析呈现 ...

Core Insights - Hunan's commercial sector is evolving with diverse new business models, focusing on "new consumption, new scenarios, and new formats" to drive high-quality development [1][2][5] - The province aims to leverage its market potential of over 66 million people to enhance consumption quality and expand capacity, aligning with the "14th Five-Year Plan" [5] Group 1: New Business Models - Traditional enterprises in Hunan are innovating and integrating across sectors to explore new growth paths [1] - The Wanjiali business district exemplifies this trend, featuring a mix of dining, entertainment, and retail, attracting high-profile visitors and showcasing the city's commercial vitality [1] - New consumption models, such as the "home + automotive" integration, are being introduced to lead consumer trends [1] Group 2: Cultural and Entertainment Offerings - The Five-One business district in Changsha offers a variety of entertainment options, including escape rooms and live performances, enriching the nighttime cultural supply [2] - New consumption theaters are collaborating with local brands and accommodations to integrate cultural experiences into daily life [2] Group 3: Strategic Initiatives - The Hunan Provincial Commercial Association is committed to the "Strong Province" strategy, engaging with over 60 member enterprises and providing more than 200 strategic suggestions [3] - The association has organized numerous events to foster collaboration and enhance consumer engagement, contributing to a collective effort to boost consumption [3] Group 4: Future Development Plans - Hunan plans to innovate consumption models under the "Trendy and Fun" initiative, promoting the replacement of large consumer goods and expanding the supply of green and smart products [5] - The province aims to create high-quality commercial districts and night economy hubs that reflect local culture while attracting international events and brands [5] - The association will continue to focus on member needs, optimizing services and encouraging participation in emerging sectors like AI and low-altitude economy [5]

今日开幕的黑龙江省第十四届人民代表大会第四次会议上，扩内需、促消费再次成为政府工作报告里的 重点工作，2026年，黑龙江省将举办"购在龙江"等促消费活动超2000场，发放政府消费券8亿元以上。 2025年，黑龙江省开展提振消费专项行动，扩围实施消费品以旧换新，组织系列促消费活动，拉动消费 728.4亿元。激发 首发经济、直播电商等有潜能消费，新设国际国内知名 首店15家，网上零售额同比增 长14.7%。投资结构持续优化，高技术制造业投资同比增长11.5%，民间投资占比提高2.2个百分点。 ...

Core Viewpoint - The focus of the Heilongjiang Provincial Government's work report emphasizes expanding domestic demand and promoting consumption as key initiatives for economic growth [1] Group 1: Consumption Promotion - In 2026, Heilongjiang Province plans to hold over 2,000 consumption promotion events, including the "Buy in Longjiang" initiative, with government consumption vouchers exceeding 800 million yuan [1] - A special action to boost consumption will be launched in 2025, aiming to stimulate consumption by 72.84 billion yuan through various activities, including a trade-in program for consumer goods [1] - The online retail sales are projected to grow by 14.7% year-on-year, indicating a strong shift towards e-commerce and digital sales channels [1] Group 2: Investment Trends - Investment structure in Heilongjiang is continuously optimizing, with high-tech manufacturing investment increasing by 11.5% year-on-year [1] - The proportion of private investment has risen by 2.2 percentage points, reflecting a growing confidence in the private sector [1] - The establishment of 15 new flagship stores from internationally and domestically renowned brands is expected to enhance the local retail landscape [1]