Report Industry Investment Rating - Not provided in the content Core Viewpoints - In February, the manufacturing PMI was 49.0%. Affected by the concentrated and extended Spring Festival holiday, the short - term production and operation activities of enterprises slowed down. The high - tech manufacturing PMI reached 51.5%, and the momentum of industrial upgrading continued. The service industry was driven by the "holiday economy" during the Spring Festival, with high prosperity in some industries, while the construction industry declined due to the winter construction off - season and the return of migrant workers. From March 2nd to March 6th, the central bank carried out open - market operations in a reduced volume, with a net withdrawal of 15,634 billion yuan in the open market. The trading association issued a notice to encourage more funds to flow into the field of scientific and technological innovation. The credit bond issuance scale was 347.4 billion yuan, and the net financing was 116 billion yuan. The first smart transportation corporate bond in the country was successfully issued, and one issuer's subject level was downgraded during the statistical period [5]. Summary by Relevant Catalogs 1. Macroeconomic Trends 1.1 Economic Data - The comprehensive PMI output index in February was 49.5%, a 0.3% month - on - month decrease. The manufacturing PMI dropped to 49.0% due to the Spring Festival in mid - to - late February. The high - tech manufacturing PMI was 51.5%, higher than the overall manufacturing level. The service business activity index was 49.7%, a 0.2 - percentage - point increase from the previous month. Industries such as accommodation, catering, and cultural and sports entertainment were in a high - level prosperity range. The construction business activity index was 48.2%, affected by the winter construction off - season and the return of migrant workers [7]. 1.2 Capital Market - From March 2nd to March 6th, the central bank carried out 7 - day reverse repurchase operations of 161.6 billion yuan, with 1525 billion yuan of reverse repurchases due. It carried out 80 billion yuan of 3 - month (91 - day) outright reverse repurchases, with 100 billion yuan of outright reverse repurchases due. In total, the open - market net withdrawal was 156.34 billion yuan. The average values of DR001 and DR007 from March 2nd to 6th were 1.2870% and 1.4340% respectively, down 6.94BP and 7.17BP from the week before the holiday [8][9]. 2. Bond Market Observation 2.1 Bond Market Policies - On March 2nd, the China Inter - bank Market Dealers Association issued a notice to further guide financial resources to "invest early, invest in small enterprises, invest in the long - term, and invest in hard technology", encourage more funds to flow into the field of scientific and technological innovation, and improve the bond issuance, trading mechanism, and rating methods [10]. 2.2 Bond Issuance - This week, 1007 bonds were issued in the primary market, with a net financing of 362.5 billion yuan. Among them, 428 credit bonds were issued, with a scale of 347.4 billion yuan and a net financing of 116 billion yuan. Except for 3 - year corporate bonds and 3 - year medium - term notes of AAA - level issuers, the average issuance interest rates of other major bond types at each subject level were above 2% [11][12]. 2.3 New Bond Types - On March 5th, the "Shandong Hi - Speed Group Co., Ltd. 2026 Publicly Issued Perpetual Corporate Bonds (Phase II) (Smart Transportation)" was successfully issued on the Shanghai Stock Exchange, with a scale of 1 billion yuan and a coupon rate of 1.94%. It is the first smart transportation corporate bond in the country [13]. 3. Risk Warning 3.1 Subject Level Downgrade - During the statistical period, the subject level of one issuer, Meituan, was downgraded from A - to BBB+ by S&P, with a negative outlook [16]. 3.2 Subject Outlook Downgrade - No issuer's rating outlook was downgraded during the statistical period [17]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][8]. Core Insights - The government work report emphasizes the continuation of service consumption as a key focus for expanding domestic demand, with specific measures aimed at enhancing consumer experiences and removing unreasonable restrictions in the consumption sector [2][3]. - The report highlights the importance of optimizing the domestic tourism market, with a focus on enhancing travel experiences during peak holiday seasons and promoting inbound consumption through improved policies [2][3]. - The newly introduced "Service Consumption Quality Improvement Action" aims to address structural supply shortages in the service sector, particularly targeting emerging fields such as cultural tourism, automotive aftermarket, sports events, and performing arts, which are expected to meet the evolving demands of different consumer demographics [3]. Summary by Sections Government Policy Focus - The government is set to implement actions to enhance service consumption, aiming to create new consumption scenarios and stimulate new growth points in the economy [3]. - Specific measures include promoting spring and autumn breaks in schools and implementing paid staggered leave for employees to boost travel and leisure spending [2][3]. Market Trends - The report notes a shift in consumer spending from goods to services, with service consumption projected to become a primary growth engine by 2026, despite a gradual recovery in the overall economic environment [3]. - The social service sector is expected to present structural opportunities in the first half of the year, particularly benefiting companies in the travel chain and chain restaurant sectors [3]. Investment Recommendations - Companies that are likely to benefit from the implementation of the spring and autumn break policies and the gradual recovery of consumer confidence should be closely monitored [3]. - Attention is also recommended for leading chain restaurants that are in a critical phase of scaling and market share expansion, as well as early-stage investments in emerging experiential sectors such as sports events and concerts [3].

Group 1 - The "ice and snow economy" is gaining traction in Tianjin, with the Tianjin Happy Valley introducing an "Ice and Snow Festival" during the Spring Festival, attracting over 10,000 visitors daily and achieving a revenue increase of over 40% year-on-year [2] - The festival features immersive experiences, including a mobile game "Egg Party" and interactive challenges with animated characters, allowing visitors to earn "Jin Coins" for traditional handicrafts or gifts [2] - The flower market is also thriving, with the East Xin Flower Technology Company reporting high sales of butterfly orchids due to a warm winter, and offering services to deliver flowers to frontline workers [3] Group 2 - The East Liy District is leveraging the holiday economy by promoting the integration of agriculture, commerce, culture, tourism, and sports, transforming tourism from mere sightseeing to deep cultural interaction [3] - The Guanhul Castle Resort has launched a Tang Dynasty-themed performance project that integrates natural hot springs, enhancing the visitor experience with a full-service model combining culture, performance, and consumption [3] - Data indicates that during the 2026 Spring Festival, tourist numbers in East Liy District are expected to increase by 5.7% compared to 2025, with tourism revenue rising by 18.9% and per capita spending growing by 12.5% [3][4] Group 3 - The East Liy District is developing the "East Liy Lake Happy Season - Weekend Appointment" cultural tourism brand, organizing sports events and cultural activities to stimulate holiday consumption [4] - In 2026, the district plans to utilize its natural resources to enhance the holiday economy, promote collaborative marketing among local attractions, and host high-quality events throughout the year [4]

Group 1: Movie Industry Performance - The 2026 Spring Festival box office reached 5.752 billion yuan, a year-on-year decline of 39.5%, with total attendance dropping by 35.8% to 120 million [1][7] - The average ticket price fell to 47.8 yuan, a decrease of 5.9%, marking the lowest price in six years [1][8] - The lack of blockbuster films led to a "hollowing out" of major titles, with only two well-known IPs contributing significantly to the box office [6][19] Group 2: Audience Behavior and Preferences - The audience's interest in cinema has diminished, with many opting for more cost-effective entertainment options, such as short dramas [12][19] - The traditional long-tail effect of returning home for the holidays was nearly absent this year, indicating a shift in viewing habits [7][9] - The total number of screenings reached 3.873 million, with an average occupancy rate of only 43%, the lowest in six years [9] Group 3: Tourism and Short Dramas - Domestic tourism during the Spring Festival reached 596 million trips, with total spending hitting 803.483 billion yuan, both figures setting historical records [15] - The short drama sector saw significant growth, with over 300 new titles released during the festival, indicating a shift in content consumption [16][18] - Short dramas are emerging as a competitive alternative to traditional films, with lower production costs and a diverse range of content appealing to audiences [18][21] Group 4: Industry Adjustments and Future Outlook - Major film companies are shifting focus from traditional cinema to diversified entertainment options, including short dramas and experiential entertainment [19][20] - Companies like Huace Film and Television are becoming more cautious with film investments, reflecting a broader trend in the industry [19][20] - The film market is undergoing a transformation, with competition from tourism and short dramas necessitating a reevaluation of business strategies [21]

Core Insights - The 2026 Spring Festival holiday policy, which introduces a 9-day break, is a strategic move to stimulate domestic demand and reshape consumer behavior [5][12] - The extended holiday is expected to enhance consumer spending and create new opportunities across various sectors, including tourism, retail, and services [6][7] Group 1: Holiday Policy Impact - The 9-day holiday optimizes the holiday system, releasing time assets and enhancing consumer spending by allowing for more flexible travel and leisure options [5][6] - Data shows that during the 2026 Spring Festival, domestic travel reached 596 million trips, with total spending of 803.48 billion yuan, marking a significant increase from the previous year [6][7] - The holiday's structure encourages a "family reunion followed by vacation" model, creating new opportunities for tourism and retail sectors [6][7] Group 2: Consumer Behavior Trends - There is a notable shift towards experience-oriented and emotional consumption, with consumers prioritizing quality and depth of experience over mere transactional purchases [7][10] - The consumer market is exhibiting a "K-shaped" recovery, where high-income groups are leaning towards premium experiences while lower-income groups focus on value and practicality [8][9] - Younger generations (90s and 00s) are driving changes in consumption patterns, favoring travel and self-rewarding purchases over traditional gift-giving practices [9][10] Group 3: Structural Changes in Consumption - The rise of new consumption forms, such as experiential and emotional spending, is becoming increasingly significant, supported by digital technologies and platforms [10][11] - The integration of online and offline consumption is deepening, with consumers enjoying the convenience of digital payments and personalized marketing [10][11] - The focus on service consumption is expected to grow, with a decline in traditional product consumption as new trends emerge [11] Group 4: Long-term Strategies for Demand Expansion - A systemic approach is needed to support sustained consumer demand beyond holiday spikes, emphasizing the importance of policy measures that encourage regular consumption [12][13] - Enhancing the vacation system and ensuring social security for various employment groups can create a more conducive environment for consumer spending [13][14] - The development of rural tourism and local experiences is highlighted as a key area for growth, leveraging the influx of urban consumers during holidays [9][12]

Group 1 - The 2026 Spring Festival holiday will last for 9 days, leading to a surge in cross-border travel demand and reshaping travel patterns for returning home [1] - From February 15 to February 23, 104,700 passengers traveled through Jiangsu's air ports, with Nanjing Lukou International Airport operating 42 international routes, including intercontinental flights to Paris, Melbourne, and Sydney [1] - Airlines have increased or launched new international routes to destinations such as Singapore, Phuket, Bangkok, Manado, and Kuala Lumpur to meet the travel demand during the Spring Festival [1] Group 2 - The holiday economy is experiencing a boost, with efficient departure tax refund services enhancing the shopping experience for travelers [2] - At Wuxi Shuofang Airport, a foreign traveler successfully completed the departure tax refund verification in under 3 minutes, thanks to dedicated verification stations and multilingual support [2] - From February 15 to February 23, Nanjing and Wuxi departure tax refund ports processed 44 tax refund verification requests, totaling 1,082,300 yuan [2]

Group 1: Travel and Tourism - The Spring Festival holiday saw a record high of 28 billion cross-regional personnel movements, with daily averages reaching 3.11 billion, marking an 8.2% year-on-year increase [1][3] - The number of inbound and outbound travelers during the Spring Festival is expected to exceed 2.05 million daily, a 14.1% increase compared to the previous year [2] - Popular tourist destinations included traditional cultural sites and events, showcasing China's rich heritage and attracting both domestic and international visitors [1][7] Group 2: Retail and Consumption - Key retail and catering enterprises reported an 8.6% increase in average daily sales during the first four days of the holiday compared to the previous year [5] - E-commerce platforms like Douyin saw a significant rise in sales, with orders for reunion dinner packages increasing over 210% and sales of intangible cultural heritage performances growing over 100% [5] - Hainan's duty-free shopping during the first seven days of the holiday reached 2.07 billion, a 16.8% increase from the previous year [4] Group 3: Technology and Innovation - Sales of smart wearable devices and AI home appliances surged, with new products featuring AI experiences accounting for over 50% of sales [6] - The shift in consumer spending is moving from quantity to quality, driven by new technologies and business models that enhance market potential [6] Group 4: Cultural Exchange - The Spring Festival is increasingly recognized globally, with celebrations and cultural events occurring in various countries, highlighting China's growing influence [8][9] - The festival's significance has transcended regional boundaries, becoming a global cultural symbol [9]

Group 1: Core Insights - The consumption market in Jiyuan is experiencing a vibrant and prosperous atmosphere during the Spring Festival, showcasing a strong holiday economy supported by sufficient supply and stable prices [1][3][8] - Supermarkets are implementing strict management of essential goods, ensuring ample stock and stable prices for items like rice, oil, and meat, contributing to consumer confidence [2][3] - The "Open Invoice for Joy" campaign is promoting consumer spending by offering rewards for digital invoices, enhancing the shopping experience and encouraging participation [4][6][7] Group 2: Sales and Consumer Behavior - Jiyuan supermarkets achieved a total sales revenue of 42.82 million yuan during the Spring Festival, with a customer flow of 1.0067 million people, reflecting the residents' pursuit of a better life [3] - The average occupancy rate of hotels reached 38.5%, a year-on-year increase of 7.54%, while the restaurant sector reported a total revenue of 3.4544 million yuan, up 6.74% year-on-year, indicating a significant boost in holiday spending [8] - The "Trade-in for New" initiative has seen 18,252 vehicles and appliances replaced, with subsidies totaling 9.6398 million yuan and sales reaching 74.3635 million yuan, highlighting strong market vitality [9] Group 3: Digital and Community Engagement - The introduction of a city points code platform during the temple fair economy has successfully aggregated sales data from 54 merchants, resulting in 52,600 transactions worth 843,700 yuan, injecting new digital vitality into the consumption market [9] - The combination of policy incentives and consumer demand for upgrades is driving a robust "Trade-in for New" market, enhancing the quality of life for residents [9]

Core Insights - Dunhuang City successfully integrated traditional culture with modern festivities during the Spring Festival, attracting over 809,300 visitors and generating an estimated revenue of 479 million yuan, marking increases of 48.11% and 38.42% respectively compared to the previous year [1] Group 1: Cultural Events - The "Chinese New Year · Dunhuang Journey" theme featured over 30 high-quality cultural and tourism activities, including the Dunhuang Lantern Festival and a barbecue competition, enhancing the holiday experience [1] - The Dunhuang Lantern Festival showcased classic elements such as "Flying Apsaras" and "Nine-Colored Deer," creating a vibrant atmosphere that resonated with visitors [2] - Traditional performances, including lion dances and folk shows, were held throughout the city, showcasing local customs and enhancing the festive spirit [5] Group 2: Visitor Experience - Visitors enjoyed immersive experiences, such as making dumplings with staff dressed in traditional costumes, fostering a sense of community and warmth [2] - The Dunhuang Museum and Library offered special exhibitions and activities, allowing tourists to engage with the region's rich cultural heritage [4] - Interactive elements at scenic spots, like the Mingsha Mountain Crescent Spring, provided unique experiences that combined local folklore with natural beauty [4] Group 3: Economic Impact - The influx of tourists during the Spring Festival significantly boosted the local economy, with a notable increase in tourism spending compared to the previous year [1] - The integration of modern technology, such as drone light shows, attracted attention and contributed to the city's reputation as a vibrant tourist destination [5]

Group 1 - The Spring Festival in Shandong showcased a vibrant consumer market, with various cultural and tourism activities attracting significant public interest [1][2] - Traditional cultural events, such as the giant fish display in Jinan and the lantern festival in Rizhao, became popular attractions, drawing large crowds and social media attention [4][8] - The integration of technology in cultural experiences, including drone shows and VR exhibitions, enhanced visitor engagement and provided immersive experiences [11][18] Group 2 - The implementation of a prize invoice program in 50 cities, including Jinan, Qingdao, and Yantai, aimed to stimulate consumer spending during the Spring Festival, with a total prize pool of 1 billion yuan [19][21] - The prize invoice initiative led to high participation rates, with over 327,000 individuals submitting valid invoices, resulting in a total invoice amount of nearly 520 million yuan [21] - The innovative approach to consumer engagement through prize draws transformed the shopping experience into a more enjoyable and anticipated activity [21]