1. Report's Industry Investment Rating No information provided in the content. 2. Core Viewpoint of the Report The economic recovery rhythm continues to be moderate, which nurtures a bullish environment for the bond market. However, attention should be paid to the disturbances brought about by the rebound in overseas risk appetite [2][6][22]. 3. Summary According to Relevant Catalogs 3.1. Things Not to Be Missed During the Spring Festival - Domestic Chapter 3.1.1. Culture and Tourism: The Extra - Long Spring Festival Holiday Drives Supply and Demand to Prosper The 9 - day "longest holiday in history" and "take 5 days off and get 15 days off" models drove the Spring Festival travel rush in 2026 to reach a record high. The extra - long holiday released the potential of tourism consumption, and the cultural and tourism market saw both supply and demand booming. The per - capita travel days of Tuniu users increased by 1.1 days compared to last year. The average price of domestic hotels during the festival was more than 30% higher than before the Spring Festival. The Hainan off - island duty - free market also performed strongly, with the shopping amount and the number of shoppers from the first to the fifth day of the first lunar month increasing by 19.1% and 24.6% year - on - year respectively [6][9][10][11]. 3.1.2. Consumption: "Ice and Fire" in the Spring Festival Consumption Market The Ministry of Commerce and nine other departments jointly planned the "Happy Shopping in the Spring Festival" special event. Commodity consumption had a good start, with the average daily sales of key retail and catering enterprises in the first two days of the holiday increasing by 10.6% year - on - year. Service consumption also showed strong growth in many aspects, but the Spring Festival box office in 2026 was lower than in previous years, showing a "decline in both volume and price" [6][12][14][15]. 3.1.3. Technology: From the Spring Festival Gala Technology to Frontier Breakthroughs The 2026 Spring Festival Gala became a stage for the concentrated implementation and commercial verification of domestic frontier technologies, focusing on robots and AI. Before and after the Spring Festival, domestic AI large models launched a "battle of hundreds of models", with technology iteration moving towards both practicality and high - order development. Global technology capital and giants were active, bringing development opportunities to domestic AI computing power and other industrial chains [6][16][17][19]. 3.1.4. Multi - assets: The Global Main Commodities Generally Rose During the Spring Festival (from February 13th to 20th, 2026), global main commodities generally rose, especially precious metals and energy. The CMX silver price led the increase with a 9.45% rise. The crude oil market also performed well. Most agricultural products and industrial metals rose, while the VIX index dropped significantly, indicating a significant increase in global market risk appetite [6][20]. 3.2. Weekly Review of the Bond Market - **Funding Rates**: The funding rates first rose and then fell. The central bank conducted a large - scale net injection in the open market. The DR001 rate rose 3.71bp to 1.31%, the DR007 rate fell 14.02bp to 1.32%, and the 1 - year AAA certificate of deposit rate dropped 0.25bp to 1.58% [23][25]. - **Cash Bonds and Futures**: The cash bonds and futures generally strengthened. The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds and national development bonds all declined. The primary market saw 66 interest - rate bonds issued, with a total of 6491 billion yuan, and a net financing of 5319 billion yuan [27]. - **Daily Performance**: The bond market generally strengthened throughout the week. The interest rates fluctuated and declined under the influence of factors such as the central bank's large - scale net injection and the weakening of overseas risk assets [29][33][34][35]. 3.3. Relative Value of Assets 3.3.1. Most of the Treasury Bond Term Spreads Narrowed, and the National Development Bond Term Spreads Varied Most of the treasury bond term spreads narrowed, while the 30Y - 10Y spread widened. The national development bond term spreads were differentiated, with the 2Y - 1Y and 3Y - 2Y spreads having relatively large changes. The implied tax rate mostly widened, the new - old bond spread narrowed, the non - national development - national development spread widened, and the local government bond spread showed different performances [38][39]. 3.3.2. The Term Spreads and Credit Spreads Generally Narrowed Most of the term spreads and credit spreads of various varieties narrowed. The term spreads and credit spreads of enterprise bonds and urban investment bonds all narrowed, while the 5 - year: medium - term note (AA) - medium - term note (AAA) spread and a few secondary capital bond term and credit spreads slightly widened [40][42][43].

Core Insights - The Beijing cultural and tourism market during the 2026 Spring Festival showcased vibrant consumer activity, with 19.84 million visitors and total tourism spending of 33.14 billion yuan over the nine-day holiday [1][2]. Group 1: Traditional and Cultural Activities - Over 40 unique temple fairs and lantern festivals were held, marking a record in both quantity and scale, blending traditional customs with technological experiences [2]. - The "Double Olympic New Year" cultural exhibition featured Olympic artifacts and integrated traditional Chinese New Year culture, attracting significant visitor engagement [5]. - The "Enjoy the New Year in Beijing" series of activities included participation from 11 provinces, showcasing local specialties and cultural performances, leading to over 10 million yuan in sales of "Beijing gifts" [3]. Group 2: Consumer Trends and Economic Impact - The overall sales during the Spring Festival reached 8.45 billion yuan, with a year-on-year increase of 12.4%, driven by a surge in foot traffic across major shopping districts [6]. - The influx of inbound tourists contributed to a 73.2% increase in consumption related to shopping, aided by new visa policies [8]. - The popularity of museums surged, with approximately 3.28 million visitors during the holiday, reflecting a 20.61% increase from the previous year [10]. Group 3: Technological Integration and Innovation - The integration of technology in consumer experiences was highlighted by the "AI New Year" event, which featured advanced robotics and interactive displays, significantly boosting foot traffic in commercial areas [6]. - The introduction of automated shopping experiences in the Economic Development Zone led to a 23.9% increase in consumer spending [6]. Group 4: Rural Tourism and Community Engagement - Rural tourism saw a rise in activity, with the "Wander in the Suburbs" initiative generating over 28 million exposures and significant sales through innovative marketing strategies [12]. - Community-driven events in rural areas attracted large crowds, showcasing local products and cultural experiences, enhancing the festive atmosphere [13].

Core Viewpoint - The article emphasizes the need for continuous policy support, the creation of new consumption scenarios, and the provision of a solid financial and time foundation to stimulate consumer spending and drive economic growth. Group 1: Policy Support - Continuous enhancement of policy support is essential to further stimulate consumption potential [3] - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notification to boost consumption through a combination of fiscal and financial tools [3] - A special "Happy Shopping Spring Festival" campaign was launched, with 2.05 billion yuan allocated for consumer vouchers and subsidies to ignite market enthusiasm [3] Group 2: New Consumption Scenarios - The Spring Festival holiday showcased new consumption highlights beyond traditional sectors, such as the rising popularity of ice and snow sports and the integration of technology with traditional customs [5] - The focus is shifting from mere availability of products to the quality and experience of services, indicating a growing demand for personalized and diverse consumption options [5] Group 3: Financial and Time Foundation - The "14th Five-Year Plan" aims for high-quality employment, synchronized growth of income and economy, and an optimized distribution structure to support consumption [6] - Increasing income and reducing expenses are crucial for promoting consumption, with recommendations for fiscal investments in essential public services to alleviate residents' burdens [6] - The current mortgage interest rate remains high at 4.2%, suggesting the need for appropriate interest subsidies to ease financial burdens and encourage consumer spending [6] Group 4: Consumer Behavior Trends - The 9-day Spring Festival holiday has popularized "segmented celebrations," allowing for more thoughtful arrangements for family gatherings and travel, leading to a rise in quality consumption [7] - The booming tourism market during the Spring Festival reflects the commitment to domestic demand and the construction of a robust domestic market [7]

Group 1: Cultural Events and Tourism Trends - The Beijing Longfu Temple New Year Market attracted over 120,000 visitors on February 20, setting a historical record, with a focus on "Fu" culture and diverse activities [1] - The search interest for traditional events like lantern festivals and temple fairs increased by 117% during the holiday, with over 60% growth in searches for experiences related to intangible cultural heritage [3] - The Harbin Ice and Snow World recorded over 120,000 visitors in a single day during the holiday, highlighting the popularity of ice and snow tourism [6] Group 2: Travel and Shopping Behavior - The trend of "segment travel" emerged, with travelers spending initial days at home before vacationing, leading to a 30% increase in hotel prices near popular attractions during the holiday [5] - In Hainan, the first Spring Festival after the implementation of the free trade port saw duty-free shopping reach 1.38 billion yuan, with a 19% year-on-year increase in spending [7] - The average daily inbound and outbound travelers at national ports during the holiday is expected to exceed 2.05 million, reflecting a 14.1% increase compared to the previous year [9]

中新网广州2月23日电 (记者 程景伟)广东省文化和旅游厅23日通报，据初步测算，2026年春节假期九天 (2月15日至2月23日，年廿八至初七)，该省接待游客8658.9万人次，较2025年春节假期八天增长8.1%(以 下均按此可比口径对比)；实现旅游收入848.9亿元，增长13.9%。 春节假期，广东全省4A级及以上景区接待游客2825.5万人次，增长12.5%；纳入监测的14段古驿道沿线 重点区域接待游客617.5万人次，增长12.9%；纳入监测的13家红色旅游经典景区接待游客195.9万人 次，增长18.5%；纳入监测的100个乡村旅游点和历史古村落接待游客401.5万人次，增长14.3%。 期，古龙峡吸引大批游客到来。柳青 摄 春节假 这个春节假期，清远古龙峡景区累计接待游客11.9万人次，客流呈现"稳中有升、多元汇聚"的良好态 势，不同年龄层、不同地域的游客在山水间共度新春佳节、共享团圆喜悦。该景区全新升级的网红河谷 ·奇幻仙峡走红，长达3公里的雨林栈道云雾氤氲，红桥碧波与"史前巨兽"景观相映成趣，随手就能拍出 氛围感年味大片。 据介绍，广东紧紧围绕"请到广东过大年"主题，深耕春节文化内涵，丰富优 ...

Core Insights - The article highlights the tourism peak at Fanjing Mountain during the 2026 Spring Festival, attracting visitors nationwide for scenic views and New Year blessings [1][3]. Group 1: Tourism Development - Fanjing Mountain scenic area has planned activities around the theme "Climbing High for Blessings, Welcoming Spring at Fanjing," integrating ecological sightseeing, intangible cultural heritage experiences, folk performances, and unique consumption to create an immersive cultural tourism scene [3][5]. - The scenic area has seen a significant increase in the proportion of out-of-province visitors during the holiday period, indicating a growing interest in the destination [5]. Group 2: Visitor Experience - To enhance visitor comfort, the scenic area has introduced warm services for those waiting in line, including non-heritage performances to alleviate fatigue and providing hot ginger tea for warmth [7]. - Cultural activities such as the God of Wealth parade, ethnic song and dance, and local folk performances showcase the charm of Eastern Guizhou's intangible cultural heritage and ethnic culture [7].

Group 1 - During the Spring Festival, the total number of cross-regional personnel flow reached 5.08 billion, a year-on-year increase of 5.5%, with an average of 250 million people per day, setting a historical record for the same period [1][6] - The transportation volume increased across various modes: railway, road, waterway, and civil aviation saw year-on-year growth of 5.5%, 5.0%, 21.8%, and 5.4% respectively [1][6] Group 2 - Retail and catering sales accelerated during the Spring Festival, with key retail and catering enterprises reporting an average daily sales increase of 8.6% compared to the same period in 2025, up from 4.1% in 2025 [7][8] - The "old for new" policy significantly boosted sales in categories like smart products, with double-digit growth in smart wearables, smart glasses, and smart blood glucose meters [7][8] - Duty-free sales in Hainan increased by 15.8% during the holiday [7][8] Group 3 - In the service consumption sector, car rental orders increased by 26% in the first three days of the holiday, indicating early activation and high growth [9][10] - The first day of the holiday saw a surge in New Year's Eve dinner reservations, with an increase of 80.7% on key platforms [9][10] - Domestic tourism consumption grew by 4.5% in the first three days, with a projected daily average of over 2.05 million inbound and outbound travelers during the holiday, a 14.1% increase year-on-year [11][10] Group 4 - The total box office for the Spring Festival reached 5.4 billion, with several popular films released simultaneously overseas [12][11] - The real estate market showed signs of recovery, with an average daily transaction area of 16,000 square meters in 30 major cities during the holiday, a 10.4% increase compared to the same period in 2025 [12][13] Group 5 - The first week after the holiday saw a significant amount of reverse repos and MLF maturing, indicating potential liquidity tightening in the market [13] - Key technological advancements were highlighted during the holiday, including the release of models like Seedance 2.0 and Qwen3.5-Plus, which were showcased during the Spring Festival Gala [13][14] Group 6 - The Chinese yuan continued to appreciate, with the offshore yuan against the US dollar rising by 0.06% and the Hang Seng Index increasing by 1.94% as of February 23 [5][16][17]

Domestic Economic Performance - During the Spring Festival from February 2 to February 21, 2026, the total inter-regional population flow reached 508,011.5 million, an increase of approximately 5.5% compared to 2025[1] - Domestic tourism consumption grew by 4.5% in the first three days of the holiday, driven by favorable weather and an extended holiday period[1] - The average daily sales of key retail and catering enterprises increased by 8.6% year-on-year in the first four days of the holiday[1] - Real estate sales improved significantly, with a total transaction area of 72,500 square meters in 30 cities during the holiday, a 54% increase compared to 2025[1] International Trade and Market Trends - The U.S. Supreme Court ruled that IEEPA tariffs were unconstitutional, leading to a potential 5%-10% reduction in tariffs on Chinese goods[2] - Trump's announcement to raise tariffs to 15% may create a new window for export opportunities for China[2] - Global stock markets showed a slight rebound during the Spring Festival, with major indices like the Nikkei and Dow Jones reaching historical highs[3] Asset Outlook - The Chinese Yuan is expected to continue appreciating, with projections moving towards 6.8 against the USD[4] - A-shares are anticipated to perform well due to stable domestic fundamentals and favorable external market conditions[4] - The bond market is expected to experience narrow fluctuations in yields due to a relaxed liquidity environment post-holiday[4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumption sector is experiencing a mild recovery, with notable changes in consumption structure and patterns, particularly during the Spring Festival period. The government has initiated special activities to stimulate consumption and promote reasonable price increases [1][2] - There is a significant increase in consumer traffic and spending in key retail and dining sectors, although the market remains skeptical about a full recovery. For instance, the essential and non-essential consumption indices in Hong Kong saw declines during the Spring Festival [1][2] - New consumption trends are emerging, driven by smaller family structures and increased car ownership, leading to a rise in self-driving travel and experiential consumption [1][2] Summary by Sections 1. Spring Festival Consumption Monitoring - During the Spring Festival from February 2 to 20, 2026, cross-regional mobility increased by 5.1% compared to the same period in 2025, with significant growth in railway (4.1%), waterway (21.2%), and civil aviation (5.9%) passenger volumes [6][7] - The average ticket price for flights rose by 1.6% compared to 2025 and by 5.9% compared to pre-pandemic levels in 2019 [6] 2. Cultural and Tourism Consumption - The increase in car ownership and changes in population structure have led to a shift towards "self-pleasing" consumption during the Spring Festival, with a notable rise in self-driving trips and experiential activities [11] - The trend of "reverse New Year" is growing, where young people invite their parents to cities for celebrations, reflecting a shift away from traditional family gatherings [11] - The tourism sector saw a surge in hotel bookings in regions like Chaoshan, with Shantou experiencing a 186% increase in bookings compared to the previous year [11] 3. Hainan Duty-Free Consumption - Hainan's duty-free sales reached 9.7 billion yuan during the first four days of the Spring Festival, marking a 15.8% increase year-on-year [15][17] - Sales in Sanya's duty-free shops on the first day of the Lunar New Year hit 2.04 billion yuan, setting a record for the day [15] 4. Spring Festival Movie Box Office - The box office for the 2026 Spring Festival period reached 4.858 billion yuan, with a significant drop compared to the previous year, attributed to fewer blockbuster films [18][21] 5. Consumer Price Index (CPI) - The CPI showed signs of recovery, with year-on-year increases of 0.2%, 0.7%, and 0.8% in October, November, and December 2025, respectively. The growth was driven by rising prices in fresh produce and household goods [25]

Core Insights - The article highlights the vibrant atmosphere and consumer engagement in Beijing's Dajixiang area during the Spring Festival, showcasing a blend of traditional and modern elements in the shopping experience [2][3]. Group 1: Consumer Engagement and Activities - Dajixiang has become a popular destination for families during the Spring Festival, with various attractions such as a hundred-meter-long lantern corridor and handmade crafts from remote regions, driving significant foot traffic [2]. - The "Dajizhi Heart" light installation in the underground level has attracted visitors, enhancing the festive ambiance and encouraging social media sharing [3]. - The city organized over 460 themed activities under "Le Gou New Spring · Jing Cai Four Seasons," resulting in a collective surge in consumer activity across multiple shopping districts [3]. Group 2: Sales and Consumer Trends - During the Spring Festival, monitored retail sectors, including department stores and restaurants, achieved a total sales revenue of 8.45 billion yuan, reflecting a year-on-year growth of 12.4% [4]. - The total foot traffic in 60 key shopping districts reached approximately 51.09 million, marking a 5.8% increase compared to the previous year, with total consumption amounting to 15.43 billion yuan, up by 2.2% [4]. - The influx of inbound tourists contributed significantly to consumer spending, with a reported 73.2% increase in purchase-related expenditures [4].