韩国总统李在明及其夫人金惠景启程前往中国（1月4日，Reuters） 包括三星电子、SK、现代汽车和LG等四大财团会长在内的200名企业人士组成的经济代表团也与李在 明同行访华。有猜测称，最早2026年1月在北京将举行K-POP演唱会…… 韩国寻求以总统李在明访华为契机，恢复与中国的经济合作。包括三星电子、SK、现代汽车和LG等四 大财团会长在内的200名企业人士组成的经济代表团也与李在明同行访华。 而李在明提出了"实用外交"，在重视国家利益的同时，积极与各国建立友好关系，也显示出与中国恢复 关系的意愿。 K-POP等韩国内容产业对海外市场的依赖度很高，与作为巨大市场的美国和中国的关系也左右着营商环 境。在韩国国内，对于在中国重启K-POP演出、播放韩剧等期待正在加强。 由于中日关系日益紧张，中国提醒民众避免前往日本。与此形成对比的是，中国赴韩国的游客增加。据 中国媒体报道，中国旅游APP"去哪儿"在1月3日发布消息称，首尔成为中国人元旦假期的首选出境游目 的地。 李在明于1月4日~7日访华，访问北京和上海。1月5日在北京会晤中国国家主席习近平，1月6日会晤国 务院总理李强。 与中国经济界人士的交流机会也很多 ...

元旦的恭城瑶族自治县，文庙的红墙下，深圳游客张先生牵着孩子的手，仰头细看大殿檐角琉璃脊 上斑驳的戏剧人物。"孩子课本里读'庙堂'，今天总算见了真的。"他笑道。不远处，武庙古戏台依稀传 来锣鼓声，仿佛穿越百年。3天小长假，这两座静静矗立600余年的古建筑，迎来了近万名游客。 热闹不只属于田间地头。在位于恭城的桂林聚鑫农业有限公司车间里，自动化生产线昼夜不停，新 鲜月柿经过加工、烘烤，变为柿饼、果干，日均处理超20吨。"订单排到年后了。"负责人指着繁忙的流 水线说。而在电商直播间，恭城森璐贸易的助农主播正热情介绍，月柿产品一小时便卖出近万单，发往 天南海北，甚至远至俄罗斯。 传承百年的油茶，也飘香出新的产业。在新欧记食品的洁净车间，浓缩油茶膏、速溶油茶等新产品 从流水线上鱼贯而出，设计日产能达2吨，仍供不应求。 据统计，元旦假期，全县接待游客超3万人次，同比增长近1/4。月柿系列产品销售额达8600万元， 其中超过1/3经由电商销往全国；油茶及相关制品销售额突破3200万元。随着灌平高速公路通车，来自 广东、湖南的游客占比显著提升，约占客流总量的六成。（施洋洋 韦六彬） 与古建的静雅相映成趣的，是莲花镇红岩村的生 ...

| 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,968.84 | 0.09 | | 深证成指 | | 13,525.02 | -0.58 | | 沪深 | 300 | 4,629.94 | -0.46 | | 中小板指 | | 8,263.86 | -0.46 | | 创业板指 | | 3,203.17 | -1.23 | | 科创 | 50 | 1,344.20 | -1.15 | 资料来源：常闻 研究早观点 2026 年 1 月 5 日 星期一 资料来源：常闻 国内市场主要指数 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 市场走势 【今日要点】 【行业评论】通信：周跟踪（20251222-20251228）-英伟达投资 Groq 重点布局推理 ASIC，科创板促进商业航天加速发展 【行业评论】化学原料：新材料周报（251222-1226）-政策赋能商业航 天高速发展，碳纤维底部确认景气有望回升 【行业评论】2026 年元旦小长假旅游市场整体表现 【行业评论】PDE4B、 ...

Core Insights - The article highlights the increasing popularity of inbound tourism and shopping in China, driven by favorable policies and a growing number of foreign visitors [1][4][9] Group 1: Inbound Tourism Growth - During the New Year holiday, 828,000 foreign visitors entered and exited China, marking a 29.8% increase compared to the previous year [1] - The number of foreign visitors entering under visa exemption policies reached 292,000, a 35.8% increase year-on-year [1] - The 240-hour visa-free transit policy now applies to 55 countries and 65 ports, enhancing accessibility for international travelers [5] Group 2: Enhanced Visitor Experience - Cities like Harbin have improved services for foreign tourists, including bilingual signage and extended public transport hours during peak times [2] - Technological advancements, such as AI translation tools in taxis and smart platforms, are being implemented to address language barriers for inbound tourists [4] - The integration of mobile payment systems has made transactions easier for foreign visitors, with partnerships established with 40 electronic wallets across the Asia-Pacific region [4] Group 3: Shopping and Consumer Trends - The "immediate refund" policy for tax refunds has been well-received, with over 12,252 stores offering this service by November 2025, significantly boosting international shopping [9][11] - The Chinese government is selecting around 15 cities to pilot international consumption environment construction, aiming to enhance the shopping experience for global consumers [11] - A report indicates that inbound tourism bookings saw a 100% increase in the first three quarters of 2025, with orders from visa-exempt countries rising by an average of 153% [11]

Core Insights - The tourism market is experiencing a significant shift from "seeing the world" to "enjoying oneself," driven primarily by younger consumers who prioritize emotional and experiential value in their travel choices [1][2][5] - The demand for high-quality travel experiences is increasing, with consumers willing to pay a premium for unique accommodations and activities [1][5] Group 1: Market Trends - The New Year's tourism market shows a 20% increase in both the average number of shopping items and spending per visitor compared to the previous year [1] - There is a notable trend towards the decentralization of travel destinations, with smaller cities and counties experiencing significant growth in tourism orders [2][3] - Popular destinations like Qingyuan, Tongchuan, and Fushun have seen rapid order growth, indicating a shift in tourist preferences towards unique local experiences [2][3] Group 2: Experience-Driven Consumption - Events such as music festivals and concerts are becoming key drivers of local tourism, reflecting a transition from resource-oriented to experience-oriented tourism [2] - The rise of domestic theme parks, particularly those with cultural themes, is attracting younger audiences and boosting local hotel bookings [3] - The integration of various experiences, such as "ice and snow" activities and "duty-free" shopping, is enhancing the appeal of winter tourism [4] Group 3: International Travel Dynamics - The outbound tourism market is recovering, with long-haul destinations like Australia and the USA gaining popularity, alongside rapid growth in lesser-known destinations due to visa-free policies [5] - There is a noticeable increase in outbound travel orders from non-first-tier cities, indicating a broader market penetration of travel demand [5] - The trends observed during the New Year's holiday are expected to shape the tourism industry in 2026, emphasizing the need for experiential, quality, and diversified travel offerings [5]

2025年A股市场圆满收官，上证指数报收3968.84点，全年累计上涨18.41%，印证了国泰海通在2025年的重要策略判断。 近两月共识转悲之际，国泰海通策略 敢于在关键时刻判断"步出先手棋"，跨年行情在12月启动。在市场持续反弹之际，我们认为，中国股市有望跨越与站稳重要关口：1）美联储下任主席谜底即 将揭晓，市场开始憧憬2026年美国降息的前景。海外流动性的宽松，叠加春节前结汇，有望推动人民币的稳定与升值。2）以A500ETF为代表的增量资金持续 涌入，叠加险资"开门红"，配置需求进一步夯实流动性基础。3）决策层首次提出"推动投资止跌回稳"，求是网强调"改善和稳定房地产市场预期"，政策进一 每周 一 景 ：上海浦东陆家嘴 点击右上角菜单，收听朗读版 【宏观】 元旦"微度假"热度高 元旦居民出行热度高，"微度假"是主流。 跨区域人员流动以19.5%的同比增速创近期新高，铁路、水路客运增速领跑，中短途微度假成主流，服务消费中游乐 需求表现亮眼，但商品消费受年末翘尾效应消退影响有所回落。其他高频数据显示， 投资方面， 地产销售边际回落，不过其中一线城市限购放松释放部分需 求，基建与开工建设仍受新项目不足等因素制 ...

Group 1: Market Outlook - The A-share market is expected to welcome a "spring opening red" with the Shanghai Composite Index closing at 3968.84 points, marking an annual increase of 18.41% in 2025, confirming the strategic judgment of Guotai Junan [2][7] - Key factors supporting the market include the anticipated announcement of the new Federal Reserve Chair, expectations for U.S. interest rate cuts in 2026, and the influx of incremental capital represented by the A500 ETF [2][8] - The decision-making body has emphasized the need to "promote investment stabilization," indicating a stronger policy push to boost growth, particularly in the real estate sector [2][8] Group 2: Price Signals and Economic Recovery - The central bank's fourth-quarter meeting highlighted the importance of price signals in promoting stable economic growth and reasonable price recovery, with price increases beginning to emerge in certain sectors since the second half of 2025 [3][11] - Specific sectors experiencing demand improvement but supply contraction include chemicals (e.g., organic silicon, refrigerants) and new energy materials (e.g., lithium carbonate) [3][11] - The current price increase cycle is characterized by demand driven by new technologies such as AI and energy storage, rather than traditional infrastructure [3][11] Group 3: Industry Comparisons - The outlook for technology, non-bank financials, and consumer sectors is positive, with strong growth expected in emerging technologies and capital goods exports [4][13] - Recommendations include technology growth stocks, non-bank financials benefiting from increased wealth management demand, and cyclical stocks positioned for recovery due to domestic demand expansion [4][13] - The focus on cyclical stocks includes those in the tourism, hotel, and consumer goods sectors, which are expected to benefit from policy support for domestic demand [4][13] Group 4: Thematic Recommendations - AI applications are expected to see significant growth, with companies like MiniMax preparing for IPOs and advancements in AI models driving demand [4][22] - The robotics sector is entering a phase of scale development, with new products being launched and significant investments in technology and supply chains [4][23] - The commercial aerospace sector is poised for growth, with new guidelines for IPOs and advancements in reusable rocket technology [4][24] - Consumer spending is expected to increase, driven by new consumption scenarios in sports events and tourism, supported by government policies [4][25]

Economic Performance - The New Year's holiday period from January 1 to January 3, 2026, saw a significant increase in travel and consumption across China, reflecting strong economic momentum and potential for growth [1] - National railway services transported a total of 48.1 million passengers during the holiday, with January 1 alone accounting for 18.56 million passengers, indicating a smooth and orderly transportation operation [4] Travel and Tourism - Major cities reported impressive tourism figures: Beijing welcomed 8.81 million visitors with a total tourism expenditure of 10.97 billion yuan; Shanghai received 6.82 million visitors with a total tourism consumption of 12.27 billion yuan; Guangdong had 17.88 million visitors, achieving a daily growth of 34.8% and a tourism revenue of 9.98 billion yuan [9] - Domestic scenic spot ticket bookings increased over fourfold compared to the previous year, with a 125% year-on-year growth in searches related to "New Year travel" [12] Border Control and Immigration - National border inspection agencies facilitated 6.615 million entries and exits during the holiday, averaging 2.205 million per day, which is a 28.6% increase compared to the same period last year [7] Retail and Consumer Spending - The retail sector experienced a surge in customer traffic, with a 110% month-on-month increase in store visits during the holiday, driven by government policies supporting consumer spending [18] - In Beijing, 60 key commercial districts recorded a total foot traffic of 28.23 million during the holiday, while Tianjin's monitored retail enterprises achieved sales of 1.31 billion yuan with a total foot traffic of 9.07 million [20] Food and Beverage Sector - The dining market saw a significant increase in popularity, with a 142% year-on-year growth in the "must-eat" list traffic, and a nearly 100% increase in cross-regional traffic. In Beijing, monitored dining sales saw a daily year-on-year growth of 4.6% during the holiday [23]

Core Insights - The New Year's holiday in 2026 has significantly boosted tourism consumption, with a notable increase in bookings for flights, hotels, and vacation rentals, driven by the "please take 3 days off and rest for 8" holiday trend [1][2] Domestic Travel - The domestic travel market is characterized by a blend of short-term micro-vacations and long-term deep travel, with core city clusters actively engaging in consumption [2] - Popular destinations include Northeast China, Hainan, Yunnan, Xinjiang, and Sichuan, with a 176% year-on-year increase in bookings for winter sun destinations [2] - The trend of "cross-regional travel" is evident, with over 50% of bookings for southern destinations made by northern travelers [2] Consumption Trends - There is a diversification in consumption scenarios, with events driving interest in various destinations, such as the popularity of Chinese-themed amusement parks [3] - The demand for high-quality accommodations and personalized services has increased, with family and child-friendly options seeing significant growth [4] - Bookings for family-oriented vacation rentals have surged, with orders for two-bedroom and larger properties increasing by 13% and 227% respectively [4] External Influences - The implementation of Hainan's duty-free shopping policy has led to a 20% increase in visitors since December 2025, with hotel and rental occupancy rates more than doubling [5] Cross-Border Travel - The cross-border travel market is experiencing a dual recovery, with both outbound and inbound tourism gaining momentum [6][7] - Popular outbound travel themes include island vacations and destinations with visa-free access, with significant growth in bookings from non-first-tier cities [7] - Inbound tourism is also on the rise, with a 5-fold increase in foreign visitors to Sanya, and a diverse range of cities being popular among international travelers [8]

四川省文化和旅游厅、河北省石家庄市正定县等8家单位在会上作交流发言。会议期间，与会代表 考察了巴中市旅游厕所革命和旅游公共服务建设情况。 12月27日至28日，全国旅游厕所革命工作推进现场会在巴中市召开。记者从会上获悉，2018 年-2019年，全国共建设旅游厕所5.37万座，已完成"新三年行动计划"目标的91%。其中，2019年我省完 成新建、改建厕所602座，为年度目标任务的120.16%。截至目前，我省已建成旅游厕所4800座，其中A 级以上厕所占46.56%。 2020年是《全国旅游厕所建设管理新三年行动计划》的收官之年。会议要求，要切实加强旅游厕所 运营管理，继续推进旅游厕所革命工作重心由"建"向"管"转变。积极探索移动厕所配置和管理模式，有 效缓解旅游高峰期游客如厕压力。同时，各地要合理制定旅游厕所建设计划，不搞面子工程，突出干净 卫生、方便实用等功能，坚决杜绝形式主义和奢华之风。要在认真总结旅游厕所革命工作经验的基础 上，推动全面提升旅游公共服务整体水平。 文化和旅游部副部长张旭出席会议并讲话，副省长杨兴平出席会议并致辞。（记者 史晓露） ...