华西证券研报指出，携程《2026马年春节旅游市场预测》显示，在超长拼假、亲子游火热、外国游 客"反向春运"、反季节旅行升温等因素叠加下，今年春节旅游市场有望刷新"最热春节"纪录，多元需求 推动行业焕新升级，携程认为今年春节旅游市场将供需两旺、品质提升。 港股通消费ETF华夏（513230）跟踪中证港股通消费主题指数，该指数覆盖酒旅、餐饮等传统服务 业龙头，更包含潮玩、金饰等高弹性资产，以及运动服饰、白电等高股息标的。成分股近乎囊括港股消 费的各个领域，包括泡泡玛特、百胜中国、老铺黄金、安踏体育、农夫山泉、蜜雪冰城等消费龙头。 每日经济新闻 为抢抓春节消费旺季，从中央到地方，一系列"真金白银"的补贴、丰富多元的活动正密集落地。文 化和旅游部近日宣布启动2026年全国春节文化和旅游消费月系列活动，各地将围绕年俗、演出、展览、 冰雪游、避寒游、亲子游等热点，推出丰富多彩的应季文旅产品和活动，举办约3万场次文旅消费活 动，发放超3.6亿元消费券等补贴，推出门票减免、票根联动优惠、跨区域文旅优惠等举措，加大直达 游客的普惠政策力度。 （责任编辑：张晓波 ） 在地方，文旅促消费活动精彩纷呈。春节期间，北京市级财政通过"北 ...

Group 1 - The number of foreign tourists booking flights to China for the Spring Festival has surged over four times year-on-year in the past two weeks, highlighting a growing interest in experiencing Chinese New Year celebrations [2] - Tourists from various countries, including Spain and Albania, are actively seeking to purchase souvenirs and traditional clothing, indicating a cultural exchange and appreciation for Chinese traditions [6][8] - The influx of international visitors is supported by China's expanding visa-free policies, with the number of countries eligible for unilateral visa exemptions increasing to 48 by 2025, and mutual visa exemption countries expanding to 29 [12] Group 2 - In Shanghai, airports and train stations are witnessing a notable presence of foreign travelers, who are not merely passing through but are eager to immerse themselves in the festive atmosphere of the Chinese New Year [4] - Foreign tourists are particularly interested in high-tech products, such as foldable phones and laptops, with the option for tax refunds available at the point of purchase, enhancing the shopping experience [10]

JE 新 20 ■|■● A NOT a i 8 103 PT 7 105 0 20 鲁网2月12日讯（记者 刘宗尧）年味渐浓，暖意升腾。2月11日上午，"沂源红"2026"黄河大集"新春季暨年货大集直通车启动仪式在沾临高速中庄服务区 举行。这是一场集消费、文化、体验于一体的新春盛会，也是沂源探索推动交旅融合发展，培育"服务区+文旅"新业态，让高速服务区从"过路经济"向"留量 经济"转型的一次创新实践。 I are a 型 英 an ee it NOS nt 1 1 沂源坐拥"山东屋脊"生态高地，是物产丰饶的果业沃土、润泽齐鲁的"齐鲁水塔"、享誉全国的富锶之乡与"中国矿泉水之乡"；同时，这里也是"山东古 人类发源地"、牛郎织女传说文化之乡，文旅资源禀赋得天独厚。如何做大做强全域文旅文章，成为沂源高质量发展的重要课题。 作为山东省首个、全国第二个单侧布局高速服务区，沾临高速中庄服务区充分发挥交通枢纽优势，此次创新将传统年货大集"搬"进高速服务区，打破了 传统服务区单一休憩补给的功能局限，成功打造"交通+文旅+商贸"多元复合消费新场景，为沂源文旅发展与区域经济激活写下精彩一笔。 本次活动以"激活服务区经济、提振节 ...

Core Insights - The report highlights the emergence of "high prosperity spillover" in the AI sector, suggesting that while the fundamental elasticity may not match the high prosperity itself, there is still potential for elasticity in spillover markets [2][11] - It emphasizes the importance of basic bottom-line requirements for spillover markets, indicating that the prosperity cycle needs to confirm a clear bottom [11] - The report suggests that the valuation structure of high prosperity can break through historical averages, but the spillover structure may face challenges [11] Industry Summaries AI Sector - The report identifies specific industries benefiting from AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [2][11] - Fiberglass is noted for its strong bargaining power in the global supply chain, with a valuation slightly above historical averages, indicating a favorable risk-reward profile [11] - The optical fiber sector is experiencing a recovery in traditional segments alongside expectations for AI business advancements, presenting a high short-term success rate [11] Real Estate - The report indicates that the most challenging period for the real estate sector may be over, with signs of marginal improvement in supply and demand dynamics [11] - Data shows a narrowing decline in key indicators, with a significant reduction in the year-on-year decline of second-hand housing transactions [11] - Policy measures are being implemented to stabilize the real estate market, focusing on risk management and ensuring the protection of livelihoods [11] Consumer Electronics - The report discusses the impact of the "old-for-new" policy on the home appliance market, noting significant sales volumes and revenue generated from this initiative [15][18] - It highlights the performance of various appliance categories, with a focus on the kitchen appliance sector, which is experiencing varied performance amid high base pressures [18] - The report anticipates that the 2026 "old-for-new" policy will continue to benefit leading brands with superior product efficiency and performance [18] Tourism and Hospitality - The report outlines the expected surge in domestic tourism during the extended Spring Festival holiday, predicting a significant increase in passenger transport volumes [21] - It notes a shift in consumer preferences towards high-quality accommodations and diverse travel experiences, driven by family and senior travelers [21] - The report suggests that the tourism market is experiencing a multi-faceted explosion, with emerging destinations gaining popularity [21]

Group 1 - The Jinan government announced the "Spring Festival in Jinan" theme activities for 2026, featuring over 300 unique events across five major categories to celebrate the New Year [1] - Various scenic spots, including the First Spring and Fangte Oriental God Painting, will host distinctive New Year lantern festivals, blending traditional culture with modern technology [1] - The city aims to enhance consumer engagement through vibrant activities such as the "Dream Drama Carnival" and immersive New Year amusement packages at local attractions [1] Group 2 - The cultural focus includes a series of events centered on cultural heritage and innovation, such as the "Joyful New Year" reading initiative and exhibitions showcasing intangible cultural heritage [2] - The initiative aims to create a cultural feast that combines literature, intangible heritage, and art, enriching the festive atmosphere with both traditional and contemporary cultural elements [2]

Group 1: AI High Prosperity Spillover - The report reviews the storage and lithium battery market since September 2025, summarizing the basic rules of the "high prosperity spillover" trend, indicating that while the fundamental elasticity may not be as strong as the high prosperity itself, spillover trends can still exhibit elasticity [2][11] - It highlights that the spillover trend has basic bottom-line requirements, necessitating a clear confirmation of the prosperity cycle's bottom, including manageable demand risks and sufficient supply clearance [11] - The report suggests focusing on industries experiencing AI price spillover, recommending fiberglass due to its reasonable valuation and visible price increases, and optical fiber due to traditional recovery and short-term AI business progress [2][11] Group 2: January Policy Tracking - The report notes that the longest Spring Festival holiday in 2026 is expected to boost consumer spending, which is crucial for driving domestic demand in the first quarter and solidifying the foundation for economic recovery throughout the year [2][10] - It emphasizes the collaborative efforts of multiple ministries to accelerate support for the economy, particularly in consumption, equipment investment, and the private sector, with significant increases in government bond financing [10][13] - Local governments are proactively deploying economic work, moving away from a wait-and-see attitude, with many regions advancing their annual work deployment to early January [10][13] Group 3: January Inflation Analysis - The report discusses the January inflation data released by the National Bureau of Statistics, indicating a CPI increase of 0.2% year-on-year, down from 0.8% previously, and a PPI decrease of 1.4% year-on-year, with a month-on-month increase of 0.4% [3][12] - It identifies the divergence in inflation as being influenced by the timing of the Spring Festival, external factors, and weak demand, with a notable narrowing of the PPI decline primarily driven by rising copper prices [12][16] - The report also highlights that the CPI remains weak overall, with significant declines in food prices and core commodity CPI, reflecting ongoing challenges in the economy [12][16] Group 4: Home Appliance Industry Insights - The report indicates that the home appliance sector has seen significant sales through the "old-for-new" policy, with over 6.81 million units sold in January, generating substantial revenue [15][18] - It notes that the home appliance market is facing high base pressure in 2025, with a focus on core categories for subsidies, which are expected to benefit leading brands [18] - The report highlights the competitive landscape in the home appliance market, with leading brands gaining market share, particularly in the offline market, while online competition is intensifying [18][19] Group 5: Tourism and Service Industry Outlook - The report anticipates a significant increase in travel during the 2026 Spring Festival, with a projected 95 million passengers expected to travel by air, marking a 5.3% increase year-on-year [21] - It emphasizes the diverse recovery in the domestic tourism market, with family and senior travelers driving demand for high-quality accommodations and unique travel experiences [21][20] - The report suggests that the tourism sector is poised for a strong recovery, with a focus on cross-border travel and differentiated experiences becoming key growth drivers [21][20] Group 6: Banking Sector Analysis - The report discusses the recent approval for a major shareholder of Nanjing Bank to increase their stake above 15%, which is expected to unlock significant incremental capital for the bank [22][23] - It highlights the bank's strong performance, with a projected revenue growth of 10.5% and a net profit growth of approximately 8.1% for 2025, indicating a positive outlook for 2026 [22][23] - The report recommends Nanjing Bank as a buy due to its solid performance, high dividend yield, and the potential for valuation recovery driven by major shareholder support [22][23]

为丰富新春文旅供给，营造喜庆祥和的节日氛围，沈阳市法库县策划举办"古镇过大年"系列活动。据悉，活动于2月10日正式拉开帷幕，时间 将持续至3月初。 古镇围绕春节消费新需求，打造多元潮玩场景，在茶咖街增设"换装游古镇"、禅酷咖啡、无人机基站、精酿品鉴等特色项目，专门设置烟花 售卖点及安全燃放区，精准满足家庭出游、亲友欢聚的燃放需求。同时，推出"门票暖心送、白酒随意喝、冰雪撒欢玩、车辆免费停"等惠民 福利，开通沈阳至景区"新春专线大巴"，全方位提升游客出行体验。 此外，古镇立足"健康过大年"理念，创新打造健康好物市集，设置包含中医义诊及药食同源食品展示、中药煎配中心及同仁堂药房在内的综 合性健康体验区，集中提供优质健康食材与养生优品，引入国医诊脉、推拿艾灸等特色服务，精准契合不同群体的健康需求，让市民游客既 能过个热闹年，也能过个健康年。 稻草体验藏童趣 法库乡野过大年 千年文脉承年味 古镇风情迎新春 活动创新打造"古镇年·乡村年"文化盛景，深度融合冰雪、养生、美食、非遗等多元业态，全力构建东北年俗沉浸式体验地与沈阳新春爆款文 旅目的地，为广大市民游客呈现"最有体验的健康年、最有回忆的儿时年、最有特色的东北年、最 ...

（来源：中国旅游报） 2026年，海南将以新施行的《海南自由贸易港旅游条例》为法治保障，依托其"扩大免签范围、丰富特色业态、规范市场秩序"核心导向，不断提升入境便利 度，丰富旅游产品供给，持续规范旅游市场秩序，提升服务质量，助力海南国际旅游消费中心建设迈上新台阶，让椰风海韵间的每一处风景都成为自贸港的 生动注脚，让文旅发展成果惠及更多群众。 转自：中国旅游报 2025年12月19日至21日，2025中国国际旅游交易会在海南省海口市举办。海南省旅游和文化广电体育厅 供图 2025年，海南文旅答卷硕果盈枝，全省接待国内外游客1.06亿人次，同比增长9.1%，游客总花费2254.32亿元，同比增长10.5%。海南设立29家海外推广办事 处架起国际桥梁，89.55%的免签入境占比彰显开放活力。文化传承创新成果丰硕，《椰壳哒哒幸福来》《竹木呈祥》分获群星奖、文华节目奖；落笔洞遗 址成海南首个考古遗址公园立项单位；黎锦技艺活化、黄花梨沉香博物馆等加速落地。体旅融合价值凸显，万宁日月湾、陵水分界洲岛成体育旅游标杆。旅 游服务质量持续提升，万人投诉率逐年下降，从2024年0.16‱下降至2025年0.14‱；游客满意度逐年上 ...

Group 1 - In 2025, Qinghai's cultural and tourism sectors are experiencing significant integration and high-quality development, with notable progress in international ecological tourism destination construction and a comprehensive "1+N+X" planning policy system [3] - The construction of the Qinghai Lake demonstration area has been completed, and the Qingnan experimental zone has been fully launched, with ongoing upgrades to scenic areas and increased popularity of the Qinggan Grand Loop [3] - Tourism services are being enhanced, including the promotion of age-friendly modifications in scenic areas, facilitating smoother travel for visitors [3] Group 2 - The tourism market is operating safely and orderly, with an efficient scheduling system for holiday periods and peak seasons, resulting in a positive trend of increasing visitor numbers and spending, alongside a significant decrease in tourism complaints [3] - Cultural tourism is being promoted alongside agricultural products, events, and highland health tourism, with initiatives like the Ring Qing Race gaining popularity online and special tourist trains being well-received [3] - Qinghai aims to accelerate the construction of a strong cultural and tourism province, with plans to develop a comprehensive "14th Five-Year" cultural and tourism development plan, enhancing service facilities and product offerings [4]

转自：中国旅游报 2025新疆兵团全民足球超级联赛吸引50.6万人次观赛，有效拉动市场消费。新疆生产建设兵团文化体育广电和旅游局 供图 （来源：中国旅游报） 2025年，兵团以铸牢中华民族共同体意识为主线，实施文化润疆、推进旅游兴疆，旅游基础设施建设加快推进，接待游客量和旅游花费 稳步增长，文化旅游及相关产业市场主体实现倍增，文旅产业对经济发展贡献率显著提升。新疆兵团军垦博物馆等成为游客感悟家国情 怀，体验兵团精神和胡杨精神、老兵精神的重要场所；唐王城遗址面向社会开放、白杨沟佛寺遗址考古成果连续展出，成为推动中华文 化充分弘扬、直抵人心的生动实践；"新疆兵超"足球联赛等成为深化文体旅融合、推进中华民族共同体建设的创新载体。 新的一年，兵团将深入贯彻党的二十大和二十届历次全会精神，围绕"激发全民族文化创新创造活力，繁荣发展社会主义文化"，深入实 施文化润疆工程、旅游兴疆战略，聚焦军垦红色旅游、绿色生态旅游、边境跨境旅游，精准实施重大项目引领、经营主体壮大、宣传推 介引客、数智赋能增效、服务创优提升、区域合作兵地融合等重点工程，为加快建设文化强国、旅游强国展现兵团文旅新的贡献、更大 作为。 ...