Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for specific sectors during the upcoming Spring Festival season [5]. Core Insights - The report emphasizes the importance of service consumption and product consumption during the Spring Festival, suggesting a focus on sectors related to the holiday, including duty-free shopping, travel chains (scenic spots, hotels, dining), tea beverages, gold and jewelry, and supermarkets [1][2][8]. - The duty-free shopping sector in Hainan is expected to remain strong, with significant year-on-year growth in shopping amounts and visitor numbers during the Spring Festival [1]. - The travel chain is anticipated to see increased participation due to the extended holiday, with diverse travel needs emerging, leading to multiple travel peaks during the festival [2]. - The tea beverage industry is benefiting from promotional activities, such as the "Spring Festival 3 Billion Big Free Order" campaign, which has generated substantial order volumes and is expected to enhance online penetration and market concentration [3]. - Despite fluctuations in gold prices, the report remains optimistic about the gold and jewelry sector, citing improved product strength and operational capabilities among leading brands [4][7]. - Supermarkets are expected to benefit from CPI elasticity during the Spring Festival, with historical data showing a positive correlation between CPI and supermarket same-store sales [7]. Summary by Sections Duty-Free Shopping - Hainan's duty-free shopping is projected to maintain strong performance during the Spring Festival, with shopping amounts reaching 4.53 billion yuan and a year-on-year increase of 44.8% [1]. Travel Chains - The extended holiday is expected to boost travel participation, with a notable increase in travel demand and multiple peaks in travel activity during the festival [2]. Tea Beverages - The tea beverage sector is experiencing a surge in orders due to AI-driven promotional campaigns, with over 10 million orders placed within hours of the campaign launch [3]. Gold and Jewelry - The report highlights that leading brands in the gold and jewelry sector have developed stronger product and operational capabilities, which will support sales during the Spring Festival despite price volatility [4][7]. Supermarkets - Supermarkets are expected to see improved sales due to the correlation between CPI and same-store sales, with the Spring Festival effect anticipated to manifest more strongly in Q1 2026 [7]. Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, travel chains, supermarkets, and gold and jewelry, while also considering the potential of AI in e-commerce marketing [8].