Report Industry Investment Rating - No information provided Core View of the Report - In the context of China's mild economic recovery and the increasing expectation of global liquidity easing, the policy resonance of the Fed's December interest rate meeting and China's Central Economic Work Conference will affect the A-share market rhythm in December and lay the foundation for the cross-year market and investment themes in 2026. Before the official implementation of the policies of the two meetings, funds may be more cautious, and the stock market is expected to remain volatile, with funds favoring defensive allocations. Once the meeting contents are clear and the positive policy signals resonate with the Fed's interest rate cuts, market risk appetite is expected to rise again [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts decreased compared to the day before, with declines ranging from -0.25% to -0.30%. The trading volume and open interest of each contract varied, and the open interest of all contracts increased [1] - **IH Contracts**: The previous day's closing prices of IH contracts also decreased, with declines ranging from -0.35% to -0.41%. The trading volume and open interest showed different trends, and the open interest of most contracts increased [1] - **IC Contracts**: The previous day's closing prices of IC contracts dropped, with declines from -0.35% to -0.42%. The trading volume and open interest changed, and the open interest of all contracts increased [1] - **IM Contracts**: The previous day's closing prices of IM contracts decreased, with declines ranging from -0.53% to -0.58%. The trading volume and open interest varied, and the open interest of all contracts increased [1] - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts had different values compared to the previous values, with some spreads widening and some remaining the same [1] 2. Stock Index Spot Market - **Stock Indexes**: The previous day's values of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 indexes decreased compared to the day before, with declines of -0.51%, -0.52%, -0.62%, and -0.89% respectively. The trading volume and total trading amount also changed [1] - **Industry Indexes**: Different industries in the Shanghai - Shenzhen 300 industry index showed different trends, with the raw materials industry rising by 0.85% and other industries such as energy, industry, and optional consumption showing declines [1] 3. Basis between Futures and Spot - The basis between futures and spot of IF, IH, IC, and IM contracts all decreased compared to the day before, indicating changes in the relationship between futures and spot prices [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all decreased, with declines ranging from -0.51% to -1.12% [1] - **Overseas Indexes**: The Hang Seng Index decreased by -1.28%, the DAX Index decreased by -0.07%, the S&P 500 Index increased by 0.30%, and the Nikkei 225 Index remained unchanged [1] 5. Macroeconomic Information - The US ADP employment data in November showed a decrease of 32,000 private - sector jobs, the largest decline since March 2023, far below market expectations. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90% [2] - Chinese Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic economic cycle. Relevant measures should be taken in urbanization planning, population citizenization, urban renewal, and breaking the urban - rural dual structure [2] - The US President signed a law regarding US - Taiwan relations, and China urged the US to stop official exchanges with Taiwan and not send wrong signals to "Taiwan independence" forces [2] - The State Council approved the "Yangtze River Delta Territorial Space Planning (2023 - 2035)", which aims to support Shanghai in playing a leading role and promote the construction of a world - class city cluster [2] - From January to November this year, consumer goods trade - in drove related commodity sales of over 2.5 trillion yuan, benefiting over 360 million people. From January to October, China's service trade imports and exports totaled 6.58443 trillion yuan, a year - on - year increase of 7.5%, and the service trade deficit decreased by 269.39 billion yuan year - on - year [2] 6. Industry Information - The Ministry of Culture and Tourism and the Civil Aviation Administration issued an action plan for the integrated development of culture, tourism, and civil aviation, including 15 specific measures [2] - As the fourth batch of 69 billion yuan of national subsidy funds is further consumed, more than 20 cities across the country have suspended or adjusted automobile trade - in subsidy activities [2] - In November, the retail sales of the national passenger car market were 2.263 million units, a year - on - year decrease of 7%. Among them, the retail sales of the new - energy vehicle market were 1.354 million units, a year - on - year increase of 7%, and the penetration rate of the new - energy vehicle market was 59.8% [2] - In November, China's logistics industry prosperity index was 50.9%, up 0.2 percentage points from the previous month. Energy logistics demand slowed down, while logistics demand in the industrial manufacturing and consumer sectors showed positive and stable trends respectively [2]

Core Viewpoint - The "Action Plan for the Integration and Development of Culture, Tourism, and Civil Aviation" aims to deepen the integration of culture and tourism with the civil aviation industry, enhancing consumer experiences and stimulating new economic growth by 2027 [4][8][21]. Summary by Sections Overall Requirements - The plan is guided by Xi Jinping's thoughts and aims to meet the growing cultural and travel needs of the public while fostering a virtuous cycle of demand and supply in the industry by 2027 [8][21]. Enhancing Travel Service Levels - Optimize the travel environment for elderly tourists by upgrading services and facilities at airports and airlines [6][10]. - Improve safety and convenience for educational travel, ensuring tailored services for families traveling with children [6][10]. - Enhance the convenience of inbound tourism by implementing policies for easier entry and exit for foreign tourists [6][11]. - Increase accessibility to domestic travel by expanding the aviation network to more tourist cities and promoting popular destinations [6][12]. Optimizing Travel Routes and Service Facilities - Encourage the development of direct flights to major tourist source countries and enhance the inbound tourism route network [12][13]. - Support the establishment of dedicated areas at airports for tourist transport services, providing one-stop services for travelers [13]. Cultivating New Products, Business Models, and Scenarios - Promote "Civil Aviation + Culture and Tourism" services by encouraging airlines to offer bundled travel packages and themed travel experiences [7][14]. - Develop cultural and tourism products related to civil aviation, including educational and immersive experiences [15][16]. Creating a Favorable Environment for Integration - Establish communication and coordination mechanisms between cultural, tourism, and civil aviation sectors to foster collaboration and innovation [17][18]. - Strengthen policy support to optimize flight route management and promote the development of integrated products [18][19].

Core Viewpoint - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued an "Action Plan for the Integrated Development of Culture, Tourism, and Civil Aviation," which emphasizes the orderly development of low-altitude tourism [1] Group 1: Development of Low-Altitude Tourism - The action plan aims to standardize and promote the development of low-altitude tourism [1] - It encourages local governments to establish a joint regulatory mechanism for low-altitude tourism that combines industry and local conditions [1] - The plan supports qualified enterprises in providing low-altitude tourism projects while ensuring safety [1] Group 2: Market Management and Product Development - The action plan includes the formulation of management measures for the aerial sightseeing market [1] - It aims to guide the healthy and orderly development of low-altitude tourism by developing unique low-altitude tourism routes and products based on local tourism resources and seasonal characteristics [1]

Core Viewpoint - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued an action plan to promote the integration of cultural tourism and civil aviation, aiming to enhance service offerings in the "civil aviation + cultural tourism" sector [1] Group 1: Action Plan Details - The action plan encourages airlines to offer package tickets and multi-destination passes [1] - It supports collaboration between airlines, airports, cultural sites, tourist attractions, hotels, travel agencies, car rental companies, and online travel platforms [1] - The plan aims to launch more combination products for tourists, especially around events like "China Tourism Day" and national cultural tourism consumption promotion activities [1] Group 2: Thematic Travel Packages - The plan promotes the creation of themed travel packages such as "traveling with performances," "traveling with sports events," "traveling with films," and "traveling with intangible cultural heritage" [1] - It encourages the development of group tickets for educational travel and family discounts for parent-child tourism [1] - Local governments are encouraged to include "civil aviation + cultural tourism" combination products in the scope of consumption voucher policies [1]