1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report This year's Spring Festival holiday had unique advantages, including the longest duration in history and a consumption - stimulating activity. It showed excellent performance in multiple dimensions, especially in travel and consumption. The real - estate market showed signs of hitting the bottom, while the film market was dismal. Overseas capital markets had various trends due to factors like Fed's FOMC meeting minutes, geopolitical conflicts, and AI industry development [2][8]. 3. Summary by Related Catalogs Travel - The Spring Festival travel rush saw a continuous increase in long - distance travel. The total cross - regional passenger flow from February 2nd to 21st this year increased by 5.4% compared to the same period in 2025 and 26.3% compared to 2019, reaching a record high. The number of passengers in various transportation modes increased by about 5% - 6%. The self - driving travel enthusiasm was significantly boosted, with the national population migration scale index from the 15th day of the twelfth lunar month to the fifth day of the first lunar month increasing by 22.2% this year compared to 2025 [3][9][12]. - The difference in growth rates between the data from the Ministry of Transport and Baidu Migration was likely due to statistical methods. The non - operational passenger volume on roads accounted for 81.3% of the total cross - regional passenger flow, indicating that self - driving was the main mode of travel during the Spring Festival [16][17]. Consumption - Retail, catering, and service consumption were active. The average daily sales of key retail and catering enterprises in the first four days of the holiday increased by 8.6% compared to the same period in 2025, higher than the growth rates during the May Day and National Day holidays in 2025. The consumption of domestic tourism on key platforms increased by 4.5% in the first three days of the holiday. The rental car order volume on key platforms increased by 26%, and the north - south cross - region orders increased by 196% [4][19][22]. - The "trade - in" policy continued to release consumer demand. By February 19th, the trade - in of consumer goods benefited 28.88 million people, driving sales of 198.02 billion yuan. Smart devices maintained high growth, and Hainan's duty - free sales increased rapidly [22]. Film Market The film market continued its dismal performance since 2025, hitting a new low in the Spring Festival season in the past 7 years. As of the afternoon of the sixth day of the first lunar month, the cumulative box office of this year's Spring Festival season was 4.91 billion yuan, and it was unlikely to exceed 6 billion yuan. The number of screenings reached a new high, but the number of movie - goers hit a new low, mainly due to the lack of high - quality works [25]. Real - Estate Market The real - estate market showed a weak rebound at the bottom, with first - tier cities having a stronger rebound than second - and third - tier cities. From the first to the fifth day of the first lunar month, the average daily sales volume of commercial housing in 30 large and medium - sized cities was 1.04 million square meters, a 24.9% increase compared to the same period last year. The transaction and listing prices of second - hand houses in January also showed signs of stabilization. If the trend in the past 1 - 2 months continues, the real - estate sales may have hit the bottom [5][29]. Overseas Capital Markets - Most overseas bond yields declined. The 10 - year US Treasury yield adjusted upwards due to the hawkish FOMC meeting minutes and tariff policy fluctuations. European bond markets generally strengthened under the expectation of easing. The 10 - year Japanese government bond yield declined by 10.9bp, while the 10 - year Indian government bond yield increased by 4.8bp [6][32]. - The US dollar index strengthened, and the copper - gold ratio fluctuated weakly. Most overseas commodities rose, with oil and coal prices rising by more than 5%. Precious metals and some agricultural products also had varying degrees of increase [35][37]. - European and American stock markets rose collectively, while Asian stock markets were divided. The US stock market rebounded strongly, and European stock markets followed suit. The South Korean stock market hit a record high, while the Hong Kong and Japanese stock markets were weak. The FTSE A50 index rose 0.3% during the holiday [40].

Core Insights - The Spring Festival travel period for 2026 has reached its halfway point, with a total of 5.08 billion people moving across regions in the first 20 days [1] Transportation Sector Summary - Road transport accounted for the majority of the movement, with 4.755 billion people traveling by road [1] - Rail transport saw a cumulative passenger volume of 258 million, highlighting its importance during the Spring Festival [1] - Waterway transport recorded 1.992 million passengers, while civil aviation carried 47.516 million passengers [1] Railway Operations Summary - The railway sector is actively responding to the peak return travel demand by increasing capacity on popular routes [1] - Measures to ensure passenger safety and comfort are being implemented by local railway departments [1] - As of February 22, 3.25 billion train tickets have been sold for the Spring Festival travel period [1]

Core Insights - The 2026 Spring Festival travel rush has reached its halfway point, with a total of 50.8 billion person-times of cross-regional movement recorded in the first 20 days [1] Transportation Sector Summary - Road transportation accounted for the majority of the movement, with a total of 47.55 billion person-times [1] - Railway passenger volume reached 2.58 billion person-times [1] - Waterway passenger volume was recorded at 1.9992 million person-times [1] - Civil aviation passenger volume totaled 47.516 million person-times [1]

Core Viewpoint - The 2026 Spring Festival travel rush has reached its halfway point, with significant cross-regional movement of people reported, totaling 5.08 billion trips in the first 20 days [1] Group 1: Transportation Statistics - The total cross-regional movement of people during the first 20 days of the Spring Festival is 5.08 billion trips [1] - Breakdown of transportation modes: - Road: 4.755 billion trips - Rail: 258 million trips - Water: 1.9992 million trips - Air: 47.516 million trips [1] Group 2: Rail Transportation - Railways are a crucial public transport mode during the Spring Festival, with efforts to increase capacity in popular directions to accommodate the returning passenger peak [1] - As of February 22, 8 AM, a total of 325 million train tickets have been sold for the Spring Festival period through the railway ticketing platform 12306 [1]

Core Insights - The 2026 Spring Festival travel period has reached its halfway point, with a total of 5.08 billion people moving across regions in the first 20 days [1] Transportation Sector Summary - Road transport accounted for the majority of the movement, with 4.755 billion people traveling by road [1] - Rail transport saw 258 million passengers, highlighting its importance during the Spring Festival [1] - Waterway transport recorded 1.992 million passengers, while civil aviation carried 47.516 million passengers [1] Rail Transport Measures - The railway sector is actively responding to the peak return flow of passengers by increasing capacity in popular directions [1] - Various measures have been implemented to ensure a safe, orderly, and pleasant travel experience for passengers [1] - As of February 22, 3.25 billion train tickets have been sold for the Spring Festival travel period [1]

Core Insights - The overall inter-regional personnel flow is expected to reach 37,663 million trips on February 22, marking a 4.7% increase month-on-month and an 11.2% increase compared to the same period in 2025 [1] Transportation Modes Summary - **Railway Passenger Volume**: Expected to be 17.95 million trips, with a month-on-month increase of 4.4% and a year-on-year increase of 9.1% compared to 2025 [1] - **Highway Personnel Flow**: Anticipated to be 35,460 million trips, reflecting a month-on-month increase of 4.9% and an 11.3% increase compared to 2025. This includes: - **Public Transport Volume**: Estimated at 33.01 million trips, with a month-on-month increase of 6.9% and a year-on-year increase of 0.4% compared to 2025 [1] - **Non-commercial Vehicle Flow**: Expected to be 32,159 million trips, with a month-on-month increase of 4.7% and a year-on-year increase of 12.6% compared to 2025 [1] - **Waterway Passenger Volume**: Projected at 1.42 million trips, showing a month-on-month decrease of 21.9% but a year-on-year increase of 15.6% compared to 2025 [1] - **Civil Aviation Passenger Volume**: Expected to reach 2.66 million trips, with a month-on-month increase of 2% and a year-on-year increase of 7.5% compared to 2025 [1]

Group 1 - The core point of the article highlights the significant increase in cross-regional personnel flow during the Spring Festival travel season, with a total of 5.08 billion trips expected in the first 20 days, averaging 250 million trips per day, marking a 5.6% increase compared to the same period in 2025, and setting a historical high for this timeframe [1] - On February 21, the total cross-regional personnel flow is expected to exceed 360 million trips, indicating a rise in return travel [1] - The national railway is projected to send 16.8 million passengers on February 21, with measures such as increasing the frequency of special trains and night high-speed trains to accommodate the surge in travelers [1] Group 2 - The road transport is expected to see a personnel flow of over 33.9 million trips on February 21, reflecting a 12% increase compared to the same period in 2025 [1] - Waterway passenger transport is anticipated to reach 1.81 million trips, which is a 27.6% increase compared to 2025 [1] - Civil aviation passenger volume is expected to be 2.63 million, showing an 8.3% increase compared to 2025 [1]

Core Insights - The Spring Festival travel rush has entered its 21st day, with a peak in return travel expected today as the Ministry of Transport anticipates a record volume of cross-regional passenger flow [1] Transportation Sector - National railways are expected to send 17.93 million passengers today, with plans to add 2,203 passenger trains to accommodate the surge in travelers [1] - In response to the peak return flow, railway departments are reallocating high-speed and regular train resources, increasing capacity on popular routes, and enhancing the frequency of night high-speed trains [1] - On the road, national expressways are projected to see over 71 million vehicle trips today, marking the peak traffic day of the Spring Festival holiday [1] - Major expressways such as the Jinggang'ao, Jinghu, and Huyou expressways are likely to experience significant congestion during the return peak [1] - Water transport is also busy, with an expected 1.42 million passengers traveling today, particularly in the Qiongzhou Strait, where maritime authorities are coordinating with shipping companies to increase service frequency [1]

Core Insights - The article discusses the comprehensive measures taken by Hainan Province to ensure a smooth and comfortable return journey during the Spring Festival travel peak, focusing on transportation capacity allocation, service optimization, and inter-departmental collaboration [2][3][4] Group 1: Transportation Capacity and Statistics - As of February 20, the total passenger volume for the first 19 days of the Spring Festival travel period reached 10.68 million, representing a year-on-year increase of 8.05% [2] - The number of passengers traveling from Hainan via the Qiongzhou Strait reached 2.33 million, marking a 16% increase and setting a historical record for ferry crossings [2] - The Qiongzhou Strait currently has a fleet of 61 vessels, including 4 new energy vehicle flatboats, with a maximum of 350 sailings per day [3] Group 2: Weather and Emergency Response - The provincial Spring Festival working group has developed detailed emergency response plans for extreme weather conditions, implementing a tiered management system for emergency coordination [3] - A four-level emergency response system has been established based on port shutdown duration and the scale of waiting vehicles, ensuring efficient management of cargo transport [3] Group 3: Air Travel and Additional Capacity - In collaboration with the Civil Aviation Administration of China, Hainan has implemented a plan for 2,040 additional flights, with over 600,000 extra seats expected to be available during the Spring Festival travel period [3] - The Civil Aviation Administration has also made arrangements for emergency capacity reserves in response to extreme weather conditions affecting passenger travel [3] Group 4: Service Enhancements - The provincial government has initiated seven warm-hearted actions for the Spring Festival, with port and shipping companies implementing six service measures to enhance the travel experience for passengers [4] - The transportation system has established a collaborative framework involving multiple departments and local governments to optimize ticket purchasing, port entry reservations, and the separation of passenger and cargo transport [4]

Core Viewpoint - The transportation sector is preparing for a peak in return travel as the Spring Festival holiday concludes, with measures in place to ensure safe and orderly travel for the public [1]. Group 1: Travel Volume and Trends - During the first five days of the Lunar New Year, the total inter-regional movement of people is expected to exceed 1.6 billion, averaging 320 million per day, representing a year-on-year increase of over 11% [3]. - The cumulative inter-regional movement of people in the first 20 days of the Spring Festival is projected to reach 5.08 billion, with a daily average of 250 million, marking a 5.6% increase compared to the same period in 2025, setting a historical high [5]. - On February 21, the inter-regional movement of people is expected to exceed 360 million, with the railway sector anticipating the dispatch of 16.8 million passengers [5]. Group 2: Transportation Modes and Capacity - The transportation capacity across various modes has improved, with commercial passenger volumes increasing by 4.7% for rail, 6.5% for road, 21.8% for water, and 6.1% for air transport [5]. - The road transport volume is expected to exceed 33.9 million on February 21, showing a 12% increase compared to 2025 [6]. - Waterway passenger volume is projected at 1.81 million, reflecting a 27.6% increase compared to 2025, while civil aviation passenger volume is expected to reach 2.63 million, an 8.3% increase [6]. Group 3: Safety and Management - The overall traffic safety situation remains stable, with no reports of long-term congestion or significant accidents on major highways and national roads as of February 21 [8]. - Authorities are advising drivers to conduct thorough vehicle checks before returning home, emphasizing safe driving practices during the peak travel period [8]. Group 4: Regional Focus - Hainan - Hainan is experiencing a peak in return travel, with tight availability of vehicle ferry tickets due to increased passenger flow [10]. - As of February 21, a total of 282 ferry trips have been made, transporting 122,700 passengers and 25,700 vehicles, including 5,290 new energy vehicles [12]. - The local transportation department is coordinating resources to ensure safe and efficient ferry services for self-driving travelers, with a ticket reservation system in place to manage demand [12].