马年新春，年味与新意交融，消费市场暖意涌动。从滑雪胜地到文旅景区，从影院银幕到商超市集，一系列新潮消费场景蓬勃兴起，既延续 了传统年俗的温情，又彰显了消费升级的活力，勾勒出马年新春消费市场的全新图景。 2月22日，游客在杨柳青古镇游玩。新华社记者 赵子硕 摄 冰雪"点燃"新活力 当春节遇上冬奥，冰雪运动热潮席卷神州，全民参与热情持续高涨。冰雪经济乘势而上、蓬勃兴起，"上冰雪、迎新春"正成为新时代最具活 力的过年新风尚，为新春佳节注入强劲动能与别样精彩。 2月21日，游客在湖北省宜昌市夷陵区的百里荒滑雪场体验滑雪。新华社发（张国荣 摄） 春节期间，河南省洛阳市伊龙国际滑雪场，凭借交通便利的区位优势与完善的雪道设施，成为不少游客体验滑雪的热门选择之一。 为满足游客滑雪需求，雪场还特别开放夜场、延长消费时段，丰富人们游玩体验。 河南省洛阳市伊龙国际滑雪场负责人林响前在采访中表示，假期来滑雪的游客明显提升，比平时增加了百分之七八十。 为进一步激活假日消费，多地推出多元联动优惠与特色旅游套餐，不断延伸"冰雪运动+"产业链，将冰雪"冷资源"转化为假日经济"热引擎"， 持续释放春节消费新活力。 马年春节，文旅市场火热，科技 ...

本报告导读： 中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回升与地 产企稳会推动经济预期上修。目前内需板块预期与交易出清，相信价值也会有春天。 投资要点： | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan@gtht.com | | 登记编号 | S0880524080006 | | | 黄维驰(分析师) | | | 021-38032684 | | | huangweichi@gtht.com | | 登记编号 | S0880520110005 | | | 李健(分析师) | | | 010-83939798 | | | lijian8@gtht.com | | 登记编号 | S0880525070013 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | ...

人流、物流的加速流动，为新春消费图景增添了更多动感。交通运输部预测，春节9天假期日均全社会 跨区域人员流动量或创春节假期新高，日均人员流动量将达到2.99亿人次。商务大数据显示，仅春节假 期首日，冰雪游消费增长1.2倍，避寒游消费增长68%；酒店住宿交易额增长32.7%，租车订单量增长 54%，人们的"出行半径"显著延长，丈量更广阔的山海，也将新春消费热潮带到四面八方。与此同时， 快递"春节不打烊"，不仅满足了多元化的节日消费需求，更进一步畅通经济循环。这种大规模、高效率 的人员与货物流动，依托的是日益完善的综合立体交通网和物流体系，展现的是一个活力奔涌、韧性十 足的"流动中国"。 今年春节假期从2月15日持续至23日，共计9天，被称为"最长春节假期"，人们可以更从容地安排团聚、 出行与休闲。无论是年夜饭市场火爆，还是"反向过年"渐成风尚，抑或是春晚分会场所在城市热度攀 升，当悠长假期与消费热情"双向奔赴"，"年经济"的引擎正加速运转，释放澎湃发展动能。除夕当天的 一组数据，为这份火热提供了生动注脚：银联、网联共处理支付交易49.31亿笔，较去年除夕增长 21.64%。"指尖"上的每一笔支付，串联起千家万户的 ...

Group 1 - The core viewpoint of the articles highlights the vibrant consumer activity during the Spring Festival, reflecting strong economic growth and consumer confidence in China [1][2][3] - The Spring Festival holiday lasted from February 15 to February 23, totaling 9 days, allowing for more leisurely arrangements for family gatherings and travel [1] - Payment transactions processed by UnionPay and NetLink reached 4.931 billion on New Year's Eve, marking a 21.64% increase compared to the previous year, indicating a robust consumer market [1] Group 2 - There is a noticeable shift in consumer preferences towards green, smart, and health-oriented products during the Spring Festival, indicating a trend of consumption upgrading [2] - The average daily cross-regional movement of people during the holiday is expected to reach 299 million, potentially setting a new record for the Spring Festival [2] - Hotel accommodation revenue increased by 32.7%, and car rental orders surged by 54%, demonstrating an extended travel radius and a broader reach of the Spring Festival consumption boom [2] Group 3 - Government policies have played a crucial role in supporting the festive market, including measures to ensure the supply and price stability of essential goods [3] - The "New Spring Shopping" campaign, initiated by the Ministry of Commerce and nine other departments, included the distribution of consumer vouchers and subsidies, effectively stimulating market enthusiasm [3] - By February 19, the consumption upgrade program benefited 28.88 million people, generating sales of 198.02 billion, showcasing the successful conversion of consumer intent into actual purchasing power [3]

Core Insights - The article highlights the shift in the cultural tourism industry from "selling tickets" to "selling experiences," exemplified by the success of the Beijing-Tianjin-Hebei tourism joint ticketing model, which has sold over 80,000 tickets and generated 300 million yuan in direct and indirect consumption [1][2]. Group 1: Supply-Side Insights - The "joint ticket model" eliminates the "invisible barriers" that have historically restricted effective demand, as high ticket prices have deterred tourists from exploring multiple attractions [1]. - The joint ticket, priced at 298 yuan, offers access to over 200 attractions valued at nearly 10,000 yuan, allowing unlimited visits throughout the year, thus stimulating local and surrounding tourism markets [1]. Group 2: Demand-Side Insights - The joint ticket model has demonstrated a significant "multiplier effect" on consumption, leading to increased secondary spending in areas such as dining, accommodation, and cultural products, thereby extending the industry chain [1]. - As ticket prices become less of a financial burden, tourists are more likely to allocate additional budgets for other experiences, contributing to a thriving ecosystem where one industry’s growth benefits many others [1]. Group 3: National Trends - The joint ticket model is gaining traction nationwide as a consensus for promoting regional integration and consumption upgrades, supported by government initiatives [2]. - Various regions are implementing tailored strategies, such as Shandong's "High-speed Rail Tour of Qilu" and the Chengdu-Chongqing "Cultural Tourism Card," to enhance travel affordability and encourage cross-regional tourism [2]. - The expectation is that as the Beijing-Tianjin-Hebei collaboration deepens, the joint ticketing system will evolve to support broader economic growth in the region [2].

Core Viewpoint - The Spring Festival holiday in 2026, lasting from February 15 to 23, has seen a vibrant consumer atmosphere across China, reflecting strong economic growth and public satisfaction. The holiday is characterized by increased spending and a shift in consumer preferences towards quality and sustainable products [1]. Group 1: Consumer Behavior - During the Spring Festival, there was a notable increase in payment transactions, with UnionPay and Wanglian processing 4.931 billion transactions on New Year's Eve, marking a 21.64% increase from the previous year [1]. - The demand for green, smart, and health-oriented products surged, indicating a trend towards consumption upgrades and new growth opportunities in related industries [1]. - Gold consumption saw a rise, with preferences shifting towards lightweight and well-designed jewelry, reflecting a change in consumer attitudes from merely meeting needs to pursuing personal satisfaction [1]. Group 2: Travel and Logistics - The Ministry of Transport predicted that the average daily cross-regional movement of people during the 9-day holiday could reach 299 million, potentially setting a new record for the Spring Festival [1]. - There was a significant increase in travel-related spending, with ice and snow tourism consumption growing by 120% and winter escape tourism by 68% on the first day of the holiday [1]. - Hotel accommodation revenue increased by 32.7%, and car rental orders rose by 54%, indicating an extended travel radius and a broader reach of the Spring Festival consumption wave [1]. Group 3: Policy Support - The Central Committee and the State Council issued a notice to ensure the supply and stable prices of essential goods, aiming to stimulate holiday consumption potential through various measures [1]. - The Ministry of Commerce, in collaboration with nine departments, launched the "Happy Shopping Spring Festival" initiative, which included issuing consumption vouchers and subsidies to boost market enthusiasm [1]. - By February 19, the old-for-new consumption policy benefited 28.88 million people, generating sales of 198.02 billion yuan, demonstrating effective policy implementation that translated consumer intent into actual purchasing power [1].

转自：经济日报 半年多时间销售超8万张，带动3亿元的直接与间接消费……近期，京津冀旅游景区联票的数据，折射出 文旅产业从"卖门票"向"卖场景"的转变，也是区域协同发展走深走实的注脚。 在供给侧，"联票模式"打破了制约有效需求的"隐形门槛"。长期以来，高昂的门票一定程度上阻碍了游 客"多游、深游"。京津冀景区联票以298元的价格，打包200多家景区近万元的价值，且大部分支持全年 不限次畅游。这种性价比，激活了京津冀地区庞大的本地游、周边游市场需求。不仅如此，"联票模 式"还为区域内优质但缺乏知名度的景区输送源源不断的客流，实现资源与客源的对接。 （来源：经济日报） 放眼全国，"联票模式"正成为破题区域融合与消费升级的一大共识。2023年，国务院办公厅转发国家发 展改革委关于恢复和扩大消费措施的通知，明确支持不同区域景区合作推行联票模式。各地因地制宜： 山东推出"高铁环游齐鲁"，将高铁客票与景区门票捆绑，让游客在5天内低成本打卡多个城市。成渝地 区推出"成渝文旅一卡通"，覆盖两地60余家景区和文旅场所，以实惠的旅行成本让游客一站式领略烟火 成都、山水重庆，促进双城生活圈的融合。 未来，随着京津冀协同发展的深入，我 ...

Group 1 - The article highlights the introduction of various consumer-friendly policies across the country, enhancing the festive happiness of citizens during the Spring Festival [1] - In Sichuan, the "old for new" policy has led to significant consumer engagement, with 1.124 million applications for home appliance exchanges, generating a consumption boost of 4.344 billion yuan [4] - The "old for new" initiative not only provides financial benefits to consumers but also promotes consumption upgrades and green transformation, becoming a key growth point in the Spring Festival market [4] Group 2 - Jiangsu's "Lego New Year" special event offers consumers substantial financial incentives, with mobile phones remaining a popular item, alongside emerging tech products like smart glasses and small appliances [5] - The inclusion of smart glasses in national subsidy policies has attracted considerable consumer interest, showcasing the evolving preferences in technology [5][7] - In Anhui, the expansion of the "Two New" policy has invigorated the automotive market, with local subsidies expected to drive monthly consumption by 150 million yuan [9]

Group 1 - The core viewpoint of the article highlights the positive impact of various consumer-friendly policies implemented across the country, enhancing the festive experience for citizens during the Spring Festival [1] - In Sichuan, the "old for new" policy has led to significant consumer engagement, with 1.124 million applications for home appliance exchanges, generating a consumption boost of 4.344 billion yuan [3] - The demand for digital and smart products is also notable, with 1.618 million applications resulting in a consumption increase of 4.878 billion yuan, indicating a trend towards consumption upgrades and green transformation [3] Group 2 - Jiangsu province organized a special "Happy Shopping Spring Festival" event, providing consumers with substantial incentives, and highlighting the popularity of smartphones and smart gadgets among consumers [4] - The introduction of smart glasses into the national subsidy policy has attracted considerable consumer interest, showcasing the growing trend of technology integration in daily life [4][6] - In Anhui's Chuzhou, the automotive market has been revitalized through combined subsidies and streamlined processes, with expectations of generating 150 million yuan in monthly consumption from automotive purchases [8]

Group 1 - The core viewpoint of the article highlights the transformation of the cultural tourism industry from "selling tickets" to "selling experiences," as evidenced by the success of the Beijing-Tianjin-Hebei tourism scenic area joint ticketing model, which has sold over 80,000 tickets and generated 300 million yuan in direct and indirect consumption [1][2] - The "joint ticket model" breaks down the "invisible barriers" that have historically limited effective demand, as high ticket prices have deterred tourists from exploring multiple attractions. The joint ticket, priced at 298 yuan, offers access to over 200 scenic spots valued at nearly 10,000 yuan, allowing unlimited visits throughout the year, thus stimulating local and surrounding tourism markets [1] - The model also facilitates a significant increase in secondary consumption at scenic spots, as the reduction in ticket costs allows tourists to allocate more budget towards dining, accommodation, and cultural products, thereby extending the industry chain and benefiting various sectors [1] Group 2 - Nationwide, the "joint ticket model" is recognized as a key solution for regional integration and consumption upgrades, with the State Council supporting the implementation of this model across different regions. For instance, Shandong has introduced a "high-speed rail tour of Qilu," bundling train tickets with scenic area tickets, enabling tourists to visit multiple cities at a low cost within five days [2] - The Chengdu-Chongqing region has launched the "Chengdu-Chongqing Cultural Tourism Card," covering over 60 scenic spots and cultural venues, allowing tourists to experience both cities affordably and promoting the integration of the dual-city living circle [2] - Looking ahead, as the collaboration in the Beijing-Tianjin-Hebei region deepens, there are expectations that the joint ticketing model will evolve to support more functions, transforming the "flow" of tourism into "incremental" economic growth for the region [2]