Market Overview - Hong Kong stock market opened under pressure with Hang Seng Index down 0.97%, National Enterprises Index down 1.07%, and Hang Seng Technology Index down 1.75% [1] - Popular ETFs showed mixed performance, with Hong Kong Consumption ETF (513230) experiencing a decline of nearly 1% [1] Holiday Impact - The State Council announced the holiday schedule for 2026, featuring a nine-day Spring Festival holiday, the longest in history [1] - Following the announcement, online travel booking platforms saw a doubling in search volume for train tickets and international flights during the New Year and Spring Festival periods [1] Investment Opportunities - Xinda Securities highlighted that service consumption is crucial in combating deflation, with cultural tourism being a key area of focus [1] - The tourism sector is experiencing steady growth, with new consumption engines emerging from combinations of "cultural tourism + events," "cultural tourism + food," and "cultural tourism + performances" [1] ETF Composition - Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing major players in internet e-commerce and new consumption sectors [2] - The ETF includes leading companies across various fields, such as Pop Mart, Lao Pu Gold, and Miniso, as well as e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its strong tech and consumption attributes [2]

Core Insights - The Qinhuangdao municipal government is focusing on the integration of culture, tourism, and sports events to enhance industrial development in the Beidaihe New Area [1][2] - The Ocean Blue Coast, managed by the Far Ocean Group, is being positioned as a benchmark for the "culture + sports events" model, with plans for regular and popular sailing and pickleball events [2] Group 1 - The municipal leaders expressed gratitude for the Far Ocean Group's long-term support in developing cultural tourism IP in Qinhuangdao [1] - The Ocean Blue Coast has hosted over 20 high-profile domestic and international sailing and windsurfing events, gaining significant operational experience [2] - The successful hosting of the 2025 ILCA Asian Championships is expected to enhance the city's international influence [2] Group 2 - The government aims to create a high-quality outdoor sports destination while maintaining the goal of becoming an "international leisure vacation area" [2] - There is a strong emphasis on improving transportation planning to enhance regional connectivity and efficiency [2] - Future initiatives will include the establishment of a national pickleball event and the introduction of provincial sailing teams and clubs, alongside the Qinhuangdao Ocean Music Festival [2]