天河路商圈推出跨年消费活动矩阵，如太古汇"森林幻乐奇妙派对"、K11"古德舞都主题派对"、维多利 广场"越秀悦食节"等，凭借精准定位、特色活动与多元优惠，持续放大集聚效应，成为市民游客消费核 心载体。1月1日至3日，天河路商圈总客流超270万人次，比去年同期增长25.4%。其中正佳广场元旦当 日客流超28万人次，同比上涨47%，创历史新高，销售额同比上涨22%。 北京路商圈以"文明集市" 为主题，广大游客在集市购特产、在大佛寺里叹咖啡、在铜壶滴漏赏非遗， 文明与文脉从"相加"迈向"相融"。3日假期，北京路步行街累计客流量176.5万人次，比去年同期增长 37.3%。 重点商圈人气消费双旺，消费热度全域蔓延 以旧换新国补"双首单"落地，多维优惠叠加释放红利 1月1日零时准，广州启动2026年消费品以旧换新补贴政策，覆盖家电、数码智能产品、汽车3大类203小 类产品。广州京东Mall诞生全国首单线下数码产品国补消费，广汽埃安完成全国首单汽车国补核销。广 百电器、苏宁易购等企业推出"国补+企补+满减"三重优惠，形成"政策引导、万企联动"的消费热潮。 同时，广州启动"食在广州"餐饮消费券活动，设置满200减50、满5 ...

2025年12月31日，"乐在湖北 '马'上有喜"跨年国际消费嘉年华在武汉龙湖江宸天街启动。本次活动与襄阳、宜昌、十堰、荆州等全省 多个市州分会场联动举行，构建集体验、文化、互动与消费于一体的沉浸式场景，为市民带来新体验。 夜幕降临，武汉江宸天街人头攒动、热闹非凡："朱炳仁·铜"武汉首展吸引众多目光，游客围在展台前饶有兴致地体验铜制品制作的独 特乐趣；国潮市集里，近30个年俗雅集摊位一字排开，咖啡美酒、国潮好物、鲜花美食琳琅满目，中国台湾摊主陈志豪的蚵仔煎小摊前更 是排起了等待的队伍。有着30年从业经验的他，作为家族手艺第三代传人，一边熟练地翻煎着蚵仔煎一边笑着对记者说："能在武汉的跨年 夜让更多人尝到正宗的台湾味道，我特别开心。"商场内的盒马超市同样人气高涨，各色年宵花迎来热销，蝴蝶兰、大花蕙兰、银柳等品种 被市民争相选购，为跨年夜增添了浓浓年味。 消费者在"朱炳仁·铜"柜台前选购 y ming n 8 11 1 - 11 18 0 (8) 领取蛋糕的市民排起长队 除了逛吃，江宸天街前门广场上，500米巨型灯笼矩阵打造的"光影江湖"吸引了不少市民拍照打卡。一楼大厅巨型蛋糕的免费品尝活动 前，不少游客早早排队 ...

上海虹口区在本次跨年迎新消费季中，于三大重点商圈同步推出"乐购虹口"消费券及促销活动。 瑞虹新天地商圈在跨年夜开启"嗨购到零点·跨年不打烊"限时狂欢，太阳宫携全馆300多家商户延时营业 至24：00，同时推出促销活动，举办多个线上线下活动。元旦假期3天，瑞虹新天地全域商户单笔实付 满1000元即赠400元新春季餐饮券包，届时将有近100家指定餐饮商户参与用券。滨港商业中心集结"娱 文旅商"全业态合伙人，派发百万消费券，餐饮低至3.8折，零售、服务至高可享5折。元旦当天，新年 音乐会现场还将有红包雨实时发放。白玉兰广场联动全市唯一一座水上冰场与The Stage观景平台，新 年首日起连续3天发放"白玉兰元旦心愿券"，提供"450团600""120团200""40团70"等不同档位的团购优 惠。此外，启动仪式上，虹口为市民提供优惠折扣的线上平台"虹口甄选"发布了宣传视频。"虹口甄 选"栏目在"上海虹口"微信公众号上线后，带着市民解锁了 200个身边好去处，涵盖了虹口的活力商 圈、人文空间、精致小店、烟火小馆，还有潮玩部落。同时，"虹口甄选"还上线了6.5万张折扣优惠 券。 启动仪式上，虹口区正式邀请来自"上海网络 ...

Core Viewpoint - The "Nine-Nine Consumption Season" in Shenyang aims to stimulate winter consumption through a series of themed activities and promotions from December 21 to March 14, 2026, featuring over 400 events across various sectors [1][6]. Group 1: Event Overview - The "Nine-Nine Consumption Season" will include a diverse range of activities such as cultural experiences, leisure bathing, and winter sports, providing different surprises every nine days [1][3]. - The event will kick off with a grand opening ceremony and the release of the "2026 Bathing Guide," focusing on enhancing the city's brand as a "Bathing Leisure Capital" [3]. Group 2: Consumer Engagement - A hand-drawn electronic consumption map will be launched, highlighting 99 unique consumer spots, including 32 premium locations in Shenyang, allowing consumers to access discounts, smart navigation, and lottery features [5]. - Consumers can participate in a lottery by checking in at various marked locations, with prizes including a BMW car for those who check in at over 66 spots [5]. Group 3: Promotional Activities - The "Cold Winter, No Cold" promotional series will feature over 400 themed events throughout the 81 days, ensuring daily discounts and weekly highlights to meet the winter consumption needs of residents and tourists [6]. - The initiative aims to showcase Shenyang's rich winter consumption resources, integrating traditional and modern elements, as well as local and international aspects [6].

楚风汉味与国际美食碰撞，擦亮武汉美食文旅名片。启动仪式上，第二届"武汉十大名菜、十大名点、 十大伴手礼"评选正式启动，六个区率先开展辖区评选，延续首届评选的热度与影响力。武汉、潜江双 城联动开启"冬季鲜活小龙虾"消费季，组建供应联盟、发放优惠券，肥肥虾庄、楚虾王等品牌带来特色 虾品供市民品鉴。美食市集汇集德华楼、老谦记等武汉老字号，以及益禾堂新式茶饮，同时武汉SKP精 选30多个国际特色品牌，呈现日式、法式等多元风格的国际美食。消费季期间，江汉路、光谷步行街等 重点街区还将举办国际美食展销活动。 启幕嘉年华上，武汉SKP主会场打造英式星光国际大道与法式浪漫花园主题街区，汇聚全球精品、国际 美食与光影艺术，吸引众多市民参与。启动仪式围绕"国际风尚，乐购全球""江城年味，食尚盛宴""全 城欢聚，潮玩武汉"三大篇章展开，外籍演员歌舞表演、冯翔演唱《汉阳门花园》、国潮钢琴曲演绎等 节目，融合国际风情与武汉本土记忆。 各大重点企业与平台现场发布"宠粉福利"：杉杉奥特莱斯推出折上折、抽奖等活动；百联奥特莱斯以14 周年店庆为由，推出超300品牌低至1折及万份好礼抽奖；京东MALL家电家居低至5折，提供离境退税 服务。盒马 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Inflation drives the continuous rise in yields, but it should be based on the premise that real economic growth is not significantly affected. The domestic bond market is under pressure this week, and the reasons may be the unfulfilled market expectation of interest rate cuts and the inflation rebound indicated by price indicators. It is necessary to observe the feedback of real growth indicators on the price rebound [2]. - Three important Fed officials expressed a dovish attitude towards a December rate cut this week. The 10-year US Treasury yield is approaching the key level of 4.0% again. In the early stage of the Fed's rate cut cycle, this is an important threshold for the US Treasury yield. Although the medium - term outlook for the decline in US Treasury yields is positive, due to the uncertainty of US tariff policies, the 10 - year US Treasury yield may rebound above 4% even if it falls below this level in the near term [2]. - The consumer season in the US has started. If US residents' consumption remains strong, it may affect the decline in inflation in November and December [2]. Summary by Directory Inflation and Bond Market Pressure - **Domestic Bond Market Pressure**: The domestic bond market is under pressure this week. The 10 - year yield of China Treasury bonds exceeded 1.85% on Thursday for the first time since October this year but fell back on Friday. The market's unfulfilled expectation of interest rate cuts and the inflation rebound indicated by price indicators may be the reasons. Widespread policy rate cuts are not an urgently needed tool at present, and the continuous rise in yields driven by inflation should be based on the premise that real economic growth is not significantly affected [2]. - **US Treasury at a Key Point**: Three Fed officials expressed a dovish attitude towards a December rate cut. The 10 - year US Treasury yield is approaching 4.0% again. In the 2007 rate cut cycle, the 10 - year US Treasury yield only remained stably below 4% after the federal funds rate dropped to a very low level. The US Treasury still faces the risk of fiscal imbalance, and changes in US tariff policies may impact the US fiscal balance in the short term. The consumer season in the US has started, and strong consumer demand may affect the decline in inflation in November and December. In the medium term, the outlook for the decline in US Treasury yields is positive, but there is a risk of rebound [2]. - **Production Material Price Index Rebound**: This week, the average wholesale price of pork decreased by 0.26% week - on - week and 23.72% year - on - year; the average wholesale price of 28 key monitored vegetables increased by 1.23% week - on - week and 15.88% year - on - year. The price index of edible agricultural products decreased by 0.10% week - on - week and 3.92% year - on - year in the week of November 21. The domestic cement price index decreased by 0.06% week - on - week; the South China Iron Ore Index increased by 0.85% on average week - on - week; the operating rate of coking enterprises with a capacity of over 2 million tons increased by 1.57% week - on - week; the inventory index of rebar decreased by 3.77% week - on - week; the price index of rebar increased by 0.88% week - on - week; the blast furnace operating rate of 247 domestic steel mills decreased by 1.34% week - on - week. The production material price index increased by 0.20% week - on - week and decreased by 2.72% year - on - year in the week of November 21. The average prices of Brent and WTI crude oil futures decreased by 0.95% and 1.38% week - on - week respectively. The average daily trading volume of commercial housing in 30 large and medium - sized cities from November 1 - 25 this year was about 243,000 square meters per day, compared with about 390,000 square meters per day in November 2024 [2]. High - Frequency Data Panoramic Scan - **High - Frequency Data and Important Macroeconomic Indicators Comparison**: Multiple charts show the relationship between high - frequency data and important macroeconomic indicators, such as the relationship between domestic industrial added value and PPI year - on - year, the relationship between the 10 - year US Treasury yield and the federal funds rate, etc. [8][19] - **US and European Important High - Frequency Indicators**: Charts show indicators such as the US weekly economic indicators and real economic growth rate, the number of initial jobless claims and the unemployment rate in the US, etc. [89] - **Seasonal Trends of High - Frequency Data**: The seasonal trends of high - frequency data are presented, with all seasonal trend indicators being month - on - month increases and the unit being %. [103] - **High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen**: The year - on - year changes in subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen are shown. [151]

Core Insights - The event "Purchase in China: Shandong Consumer Goods Trade-in Relay Race (Lanshan Station)" will officially launch on November 28, focusing on consumer benefits and interactive experiences [1][3] - The event is organized by the Shandong Provincial Department of Commerce and the Linyi Municipal Government, aiming to enhance local consumption through policy incentives and special products [1][3] Group 1: Event Overview - The event theme is "Enjoying Linyi, Happy Shopping," and it will take place at the East Square of the No. 1 Gate of the China International Food City [1] - It will feature a combination of policy benefits, unique products, and interactive experiences for citizens [1][3] Group 2: Market Significance - Linyi Market is the largest market cluster in China, with 136 professional wholesale markets covering 27 categories and over 6 million products [3] - The market sees daily transactions involving over 30,000 people and 20,000 trucks, with an annual transaction volume ranking first among Chinese prefecture-level cities [3] Group 3: Consumer Benefits - The event will showcase special exhibition areas for quality products such as beverages, daily necessities, and instant retail items, while integrating trade-in policies for home appliances and digital products [3] - Financial institutions will offer exclusive subsidies to enhance consumer experience during the "renewal" shopping [3] Group 4: Future Prospects - This event is a significant step in implementing trade-in policies and showcasing Linyi's commercial heritage [3] - Future activities will involve more market participants to extend the consumer service chain, ensuring that policy benefits reach households and invigorate the local consumption market [3]

Group 1: Economic Initiatives - Dongguan officially launched the "Shopping in Dongguan" cross-year consumption season activity, which will run from November 2025 to March 2026, covering six major sectors: retail, catering, culture, tourism, agriculture, and sports [3] - The event aims to engage over a thousand enterprises and platforms, utilizing a closed-loop model of "event attraction - activity experience - consumption conversion" to inject new momentum into the Greater Bay Area economy [3] Group 2: Industrial Recognition - Two industrial clusters from Dongguan were recognized in the fourth batch of characteristic industrial clusters for small and medium-sized enterprises by the Ministry of Industry and Information Technology, valid for three years [5] - The recognized clusters are the潮流玩具产业集群 in Shipa Town and the线缆产业集群 in Humen Town [5] Group 3: Real Estate Development - The first batch of 633 quality residential units was released under the "Thousand Houses Attract Thousand Talents" initiative, involving seven residential projects across Dongguan [11][13] - This initiative aims to support talent attraction and innovation in the region [13] Group 4: Agricultural Imports - The first batch of fresh longan from Cambodia, weighing 49.3 tons, successfully arrived at Dongguan Port, marking the establishment of a direct shipping route from Cambodia [8] Group 5: Corporate Rankings - Dongguan had 26 enterprises listed in the 2025 Guangdong Top 500 Enterprises list, including six state-owned enterprises [10] Group 6: Talent and Innovation Support - Dongguan's government released a project implementation plan to support talent innovation and entrepreneurship, aiming to attract high-level innovative talents to enhance industrial technological innovation [15] Group 7: Event Economy - The mascots for the 15th National Games, inspired by the Chinese white dolphin, have gained popularity, with local companies in Dongguan receiving authorization for production and retail [19] - The completion of the Dongguan-Taiwan High-tech Industrial Park marks a significant milestone in the region's development and reflects the deepening cooperation between Dongguan and Taiwan [19]

Core Viewpoint - The automotive carnival in Tongzhou District, Beijing, aims to stimulate consumer spending through various car brands and substantial subsidies, enhancing regional economic activity [1] Group 1: Event Overview - The automotive carnival is taking place from October 18 to 19 at Tongzhou Lianzheng Square, featuring well-known car brands such as Mercedes-Benz, Cadillac, Buick, GAC Toyota, BYD, Xpeng Motors, Tesla, Zeekr, Volkswagen, GAC Trumpchi, and AITO [1] - The event is designed to provide a platform for consumers to enjoy car viewing and purchasing experiences, coupled with significant discounts and immersive experiences [1] Group 2: Government and Economic Impact - Yang Xi, the head of the Tongzhou District Commerce Bureau, emphasized the growing importance of consumption in economic activities and the government's efforts to innovate methods and explore new models to better serve consumers [1] - The carnival aims to connect supply and demand seamlessly, ensuring satisfaction for both consumers and businesses through the presentation of quality products and services [1]

Group 1 - The "2025 Autumn Consumption Season" was launched on August 30, transforming Xinmin Street into a popular city walk destination with thousands of visitors [1][3] - Eight themed zones were created, each offering immersive experiences and showcasing local products, including traditional crafts and specialty items from Jilin [3][5] - Various local businesses participated, featuring products such as Mid-Autumn gift boxes, new beer cans, and health products, contributing to a vibrant shopping atmosphere [5][7] Group 2 - The event attracted a diverse crowd, including students and tourists, who expressed excitement over the variety of offerings, including local delicacies and high-end hotel food [7][9] - The festival included interactive elements such as a flower and gardening area, financial and logistics information, and entertainment like parades and performances, enhancing the overall experience [11][19] - The atmosphere was lively, with performances and interactions that created a festive environment, reminiscent of an outdoor music festival [17][19]