Group 1: Agricultural Supply and Market Stability - The national large agricultural wholesale markets play a crucial role in stabilizing the supply of agricultural products, especially with increased stockpiling ahead of the New Year holiday [1] - The Ministry of Agriculture and Rural Affairs reports that the supply of grain and oil products is stable, with sufficient "vegetable basket" products, leading to overall market stability [2] - The area of vegetables planted nationwide has reached 8.625 million acres, an increase of over 1.6 million acres year-on-year, ensuring a reliable supply of vegetables [4] - For the New Year period, it is expected that the supply of "rice bags," "oil bottles," and "vegetable baskets" will be ample, with stable prices and strong market sales [6] Group 2: Tourism and Recreational Activities - The upcoming New Year holiday is anticipated to see a significant increase in outbound tourism, with an expected daily average of over 2.1 million travelers, marking a 22.4% increase compared to the same period in 2024 [7] - New winter tourism activities are being introduced, such as "frost drift" and "snow house hot pot" experiences in Jilin's Changbai Mountain, catering to diverse tourist needs [8][10] - The winter fishing event at Chagan Lake has begun, with a significant catch of over 500,000 pounds in a single day, symbolizing prosperity and abundance [25][26]

Investment Rating - The industry investment rating is "Maintain Overweight" [5] Core Viewpoints - The travel and consumption market remains vibrant, with significant increases in cross-regional travel during the holiday period, indicating strong consumer activity [1][2][3] - The report highlights four main investment themes: new consumption growth, transformation and reform opportunities, overseas expansion, and favorable policies [4][7][8] Summary by Sections Travel and Tourism - During the Mid-Autumn and National Day holidays, cross-regional travel is expected to reach 2.36 billion trips, a 3.2% increase from last year [1] - Tourist attractions have seen record visitor numbers, with notable increases in various regions, such as a 22.16% rise in visitors to Changbai Mountain [2] Hotel and Retail Performance - Hotel occupancy rates have improved, with an average of 64.7% during the first four days of the holiday, up 2 percentage points year-on-year [2] - Retail sales from key enterprises increased by 3.3% year-on-year during the holiday period, with specific regions like Guangxi showing an 11.3% increase [3] Investment Recommendations - Short-term focus on companies with strong Q3 performance certainty and those likely to benefit from the upcoming holiday season, including cross-border e-commerce and certain tourist attractions [4] - Recommended companies include Xiaogoods City, Yonghui Supermarket, and Jiuhua Tourism, among others [4][7][8]