Economic Performance - January data shows significant structural differentiation in the economy, with the Emerging Industries Purchasing Managers Index (EPMI) remaining stable compared to January 2024, indicating a robust start[1] - Manufacturing PMI declined compared to January 2024, particularly in key demand indicators like production and new orders, highlighting a weaker manufacturing sector[1] - Overall, January's economic performance reflects structural optimization but a slowdown in total growth compared to December 2025, indicating a temporary setback in recovery[1] February Trends - Positive signals emerged in the first week of February, with broad improvements in economic activities across various sectors, driven by strong domestic demand and foreign trade[2] - Production activities in infrastructure, machinery, and textiles showed significant recovery, while consumer activity was boosted by pre-holiday stocking and increased travel, with urban passenger flow and logistics delivery volumes rising significantly[2] - Port throughput increased by 53.34% year-on-year, driven by pre-holiday export surges, indicating strong external demand resilience[2] Real Estate Market - The real estate market showed signs of stabilization, with new home sales recovering from low levels and downward pressure on prices easing[2] - The second-hand housing market exhibited "hold-sell" behavior, with a decrease in listings and reduced market pressure, suggesting a potential shift in market expectations[2] Investment and Fiscal Data - Fixed asset investment showed a year-on-year decline of 3.80%, while retail sales increased by 0.90% and exports rose by 6.60% in January[4] - The issuance of special refinancing bonds is progressing faster than last year, with a cumulative issuance of 589.9 billion yuan, exceeding the 378.1 billion yuan from the same period last year[4] Risks - There are risks associated with overseas market volatility, which could introduce uncertainties into the economic outlook[3]

Core Viewpoint - The tourism sector is experiencing a significant influx of capital, driven by strong market confidence in service consumption recovery, particularly as the 2026 Spring Festival approaches [1][2]. Group 1: Market Performance - As of February 3, 2026, the total shares of the FuGuo Fund's tourism ETF (159766) reached 1,073,364.09 million, surpassing the 10 billion shares mark, indicating high market recognition for the tourism sector [1]. - The tourism ETF's growth began in late November 2025, expanding from 4.07 billion shares on November 21 to over 10 billion shares within 45 trading days, with the fund size increasing from 3.06 billion yuan to 8.59 billion yuan [1]. - The ETF has seen continuous net inflows exceeding 2.6 billion yuan over the past 20 trading days, reflecting strong investment interest [1]. Group 2: Policy and Seasonal Effects - The surge in tourism ETF investment is supported by favorable policies and the seasonal effects of the Spring Festival, with multiple departments introducing measures to boost consumer spending in the service sector [1]. - The commencement of the Spring Festival travel rush has led to increased passenger flow across railways, civil aviation, and highways, further catalyzing the tourism sector [1]. Group 3: Sector Fundamentals - The tourism sector is characterized by both short-term explosive potential and long-term certainty, with significant capital inflows reflecting strong market confidence in the recovery of service consumption [2]. - Key performance indicators such as the recovery of airline capacity, increased hotel occupancy rates, and surging visitor numbers at tourist attractions provide solid support for the sector's performance [2]. - The FuGuo Fund's tourism ETF closely tracks the CSI Tourism Theme Index, which includes leading companies across various segments of the tourism industry, ensuring comprehensive coverage of the tourism value chain [2].