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 Insights - The consumption market in Wuhan during the Spring Festival is vibrant, with significant growth in various categories and a focus on quality upgrades [1][4] Group 1: Consumption Trends - During the Spring Festival, Wuhan's total offline retail consumption reached 22.811 billion yuan, a year-on-year increase of 26.73% [4] - The number of transactions was approximately 47.6928 million, up 17.93% year-on-year, with consumer visits totaling around 42.9656 million, reflecting a 17.17% increase [4] - Key categories such as sports goods saw a dramatic increase of 196.6%, while electronic products grew by 89.18%, indicating a shift towards health and smart technology [4] Group 2: Consumer Sentiment and Behavior - Consumers expressed high satisfaction with discounts, as seen in the purchase of a smartwatch that dropped from 2799 yuan to 1950 yuan after applying discounts [3] - The demand for dining experiences was high, with restaurants fully booked during peak hours, indicating a strong interest in local cuisine among both residents and tourists [3] Group 3: Government Initiatives - The Hubei provincial government issued nearly 600 million yuan in consumer subsidies, which significantly boosted spending, leading to a total consumption increase of 31.55 billion yuan [5] - The "old for new" policy for consumer goods, particularly in automobiles and electronics, contributed to robust sales growth, with automotive sales increasing by 23.68% and home appliances by 36.55% during the holiday period [5][6]

Core Insights - The article highlights the vibrant consumer activity in Changsha during the extended Spring Festival holiday, with a total sales revenue of 22.242 billion yuan, marking a year-on-year increase of 7.76% [1] Group 1: Consumer Activity and Trends - The Five One Commercial District has become a primary destination for tourists, showcasing the city's charm and attracting significant foot traffic, with 4.5697 million visitors recorded from February 15 to 23, a 15% increase compared to the same period last year [5] - The peak visitor day recorded 704,300 people on the fourth day of the new year, representing a 28.23% year-on-year increase [5] - The bustling atmosphere in commercial areas is reflected in the long queues at popular restaurants, indicating strong market vitality in Changsha's dining sector [3] Group 2: Events and Activities - Various cultural and entertainment activities have been organized to enhance the festive atmosphere, including performances and immersive experiences that cater to diverse cultural needs [7] - Specific events like the "Non-Heritage Wonderful Meeting" and traditional cultural performances have attracted large crowds, with daily foot traffic exceeding 100,000 at certain venues [7] Group 3: Policy and Incentives - The "Lucky Invoice" initiative has been a significant highlight, with 227,000 invoices submitted during the holiday, leading to a 74.8% winning rate and a total of 4.2905 million yuan in red envelopes distributed [9] - The "old for new" consumption promotion has been actively supported, with 83,200 participants and 60.07 million yuan in subsidies, driving sales of 5.85 billion yuan [11] - Government initiatives, including the "Enjoy Star City" automotive promotion, have further stimulated consumer spending, with a total of over 200 million yuan in fiscal input [11]

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 - The ancient city of Chaozhou is experiencing a vibrant commercial atmosphere during the Spring Festival, with increased consumer activity from morning to night, highlighted by festive decorations and a bustling crowd [1] - The "Min Su +" model, which combines traditional accommodation with coffee and tea culture, is gaining popularity, leading to high booking rates for these unique lodgings during the holiday period [4] - The night economy is thriving, supported by attractions like the Guangji Bridge light show and drone performances, effectively extending visitor stay times [4] Group 2 - Chaozhou's culinary scene, recognized as a "World Food Capital," is seeing long queues at local eateries, with significant increases in revenue since the start of the holiday [5] - Specialty tea products and beautifully packaged local gifts are becoming popular among tourists, with sales of these items significantly higher than usual [5] - The integration of intangible cultural heritage experiences and Hanfu photography is attracting visitors, creating a complete consumption chain that emphasizes cultural memory [5] Group 3 - The successful blend of traditional and emerging business models in Chaozhou is creating new hotspots for cultural tourism consumption, showcasing a harmonious coexistence of tradition and modernity [6]

Core Insights - The 2026 Spring Festival in China is marked by a record 9-day holiday, leading to a surge in consumer activity in Beijing's dining market, with foot traffic increasing to several times the usual levels [1][3] - The trend of "reverse reunion" and the integration of cultural tourism with dining have made Beijing a popular destination for the New Year [1][3] Group 1: Consumer Trends - "Reverse reunion" has become the core driver of dining consumption during the Spring Festival, altering traditional spending patterns [3] - Major cities like Beijing, Shanghai, Chengdu, and Chongqing have emerged as popular travel destinations, with a new consumption model combining dining and tourism [3] - The search interest for local delicacies, such as "Beijing Niujie snacks," surged by 470% year-on-year, indicating a strong preference for regional cuisine among tourists [3] Group 2: Performance of Dining Brands - Notable dining brands like Qingfeng Baozi and Huatian Yanji Restaurant reported over 10% year-on-year revenue growth during the festival period [1] - Haidilao experienced over 18% and 17% increases in customer traffic in Beijing and Shenzhen, respectively, during the New Year [3] - Traditional restaurants near tourist attractions, such as Gulou Makai Restaurant and Songheju, saw significant increases in customer flow and revenue, with some reporting nearly 40% growth in orders [4] Group 3: Innovations and Strategies - Dining establishments have adopted "Spring Festival open all day" services, extending hours and increasing staff to meet high demand [5] - Tea Baidao implemented subsidy policies for franchisees, resulting in a significant increase in operational stores during the holiday [5] - The collaboration between traditional brands and new products has sparked consumer interest, with innovative offerings from brands like Yili and Shuanghe Sheng driving sales [4][5]

Core Insights - The article discusses the introduction of AI-driven job services in rural areas, specifically in Longchuan's Sidu Town, which allows villagers to prepare resumes and conduct interviews more efficiently using AI technology [1][16]. Group 1: AI Job Services - The AI employment service station in Sidu Town offers a streamlined process for job seekers, contrasting with traditional noisy job fairs [10][11]. - Villagers can utilize AI to create resumes by simply providing their personal information, which the AI organizes into a coherent format [13][14]. - The implementation of AI resume writing has significantly improved conversion rates, with the work experience section's conversion rate rising to 31.4% and the self-introduction section jumping to 92.5% [20][21]. Group 2: AI Interview Experience - After preparing their resumes, job seekers can opt for online interviews with an AI interviewer, which allows them to practice and refine their responses [25][27]. - Common interview questions are provided to candidates, helping them understand what employers are looking for in various industries [28][30]. - The AI interview process alleviates anxiety for candidates, as they can reattempt questions if needed, leading to a more confident performance [39][42]. Group 3: Changes in Recruitment Dynamics - The article highlights a shift in recruitment practices, where job seekers are encouraged to start their job search before returning to urban areas, thus not missing out on opportunities [47][55]. - The spring recruitment peak has arrived earlier this year, with over 150,000 companies using AI for initial candidate screening, making the hiring process faster and more efficient [60][62]. - Major companies such as Midea, BYD, and TCL are actively seeking candidates, indicating a robust demand for labor across various sectors [58][59].

Core Insights - Shanghai's online and offline consumption reached 60.35 billion yuan from February 15 to 22, marking a 12.8% year-on-year increase [1] - Offline consumption accounted for 36.55 billion yuan, up 15.4%, while online consumption was 23.8 billion yuan, increasing by 8.9% [1] Consumption Trends - Major commercial districts in Shanghai organized various events to stimulate consumer activity, resulting in a total consumption of 4.78 billion yuan across 19 monitored districts, a 12.0% increase [1] - Daily foot traffic averaged 3.19 million, reflecting a 15.8% year-on-year growth [1] Specific District Performance - Nanjing East Road saw a 30% increase in sales due to its "Welcoming the New Year" activities [2] - The Yuyuan district's sales grew by 22.1% with its new spring lantern festival [2] - Huaihai Middle Road's sales rose by 23.7% through its themed events [2] - The Lujiazui area reported a 27.8% increase in sales with its "Modern Journey" activities [2] - The North Bund achieved a remarkable 36.0% sales growth through its large-scale light art installations [2] Restaurant and Food Sector - Restaurant consumption in Shanghai increased by 15.2%, with 567 merchants offering 1,136 preferred meal sets, leading to significant revenue growth for 80% of participating merchants [3] - Online food maps contributed to a 36.7% increase in dine-in revenue for 1,194 participating merchants [3] Consumer Electronics and Automotive - Sales in home appliances and digital products reached 299 million yuan due to new subsidy measures [3] - The automotive sector saw 13,000 participants in purchase subsidy programs, with individual subsidies ranging from 3,000 to 20,000 yuan [3] Tax Refunds and External Consumption - Tax refunds for outbound tourists reached over 80 million yuan, a 150% increase year-on-year, with significant contributions from tourists from Hong Kong, Macau, Taiwan, Russia, South Korea, and the USA [3][4] Regional Consumer Incentives - Various districts issued consumer vouchers, with over 110 million yuan distributed since January, leading to over 500 million yuan in retail and dining consumption [4] - Huangpu district's promotional activities generated 125 million yuan in sales [5] - Pudong district's 20 million yuan in consumer vouchers led to 86 million yuan in sales [5]

Core Insights - The Spring Festival holiday in Beijing, lasting 9 days, combined with over 460 promotional activities, significantly boosted consumer activity in physical retail spaces, with a total of 51.09 million visitors and a consumption amount of 15.43 billion yuan, marking a year-on-year increase of 5.8% and 2.2% respectively [1] Group 1: Consumer Activity and Trends - Key commercial districts in Beijing, such as Qianmen, Wangfujing, and Sanlitun, successfully integrated traditional culture with modern consumer experiences, leading to growth in both foot traffic and sales [1] - The Longfu Temple area saw a remarkable 4.2 times increase in visitor numbers, driven by a unique Spring Festival market showcasing intangible cultural heritage and local delicacies [3] - The overall foot traffic in commercial complexes increased by 75% compared to the previous year, with sales rising by 20% during the Spring Festival period [3] Group 2: Cultural Integration and Thematic Activities - Chaoyang Joy City created a vibrant Spring Festival experience by incorporating traditional cultural activities, resulting in increased foot traffic and sales across various sectors [4] - Wangfujing WellTown launched six themed activities to attract visitors, leading to a 2.2 times increase in foot traffic in the Universal City area [4] - The Shougang Park integrated diverse festive activities, resulting in a 23.6% increase in consumption compared to the previous year [4] Group 3: Innovation and Technology in Retail - The Chongwenmen area showcased 16 new products that combined national trends and technology, leading to an 11.1% increase in consumption [5] - The Blue Harbor area experienced a 31.1% increase in holiday consumption due to the launch of new products and artistic events [5] - The Haidian District's New Year Technology Fair featured interactive tech experiences, resulting in an 86.3% increase in foot traffic in the Zhongguancun area [5] Group 4: Government Initiatives and Support - The Beijing government implemented a strategy combining consumer vouchers and promotional activities to stimulate holiday spending, distributing 83 million yuan in vouchers [6] - The "Prize Invoice" pilot program across Beijing, Tianjin, and Hebei aimed to further enhance regional consumption, with participation reaching 4.489 million people during the Spring Festival [6]