1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The high - frequency data during the 2026 Spring Festival shows that the "quantity" of travel and tourism consumption continued to recover, but the price recovery lagged; the logistics was differentiated, with strong foreign trade resilience and weak production and consumption logistics; the volume of hotels and scenic spots increased while the price decreased, and the box office was weak; the real - estate market continued to be under pressure, with weak transactions in both new and second - hand housing. With the price increase in the second half of last year and the carry - over effect, it is highly likely that the subsequent fundamentals will shift from "trading price for volume" to "trading volume for price". Currently in a low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market, and the view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [1][4][7][77]. 3. Summary by Relevant Catalogs 3.1. Travel: Long holidays release travel demand, and self - driving travel is popular - The demand for family visits and tourism during the Spring Festival was continuously released, and the overall passenger volume remained high. As of the sixth day of the first lunar month, during the first 21 days of the Spring Festival travel rush, the overall passenger volume increased by 6.0% year - on - year. Among different transportation modes, the waterway had the highest growth rate, with railway, civil aviation, highway, and waterway passenger volumes increasing by 5.3%, 5.5%, 6.0%, and 23.1% respectively [10]. - The cross - regional population flow during the Spring Festival travel rush in 2026 reached a new high in recent years, with a significant increase in travel willingness. The peak occurred on the sixth day of the first lunar month, with a 12.3% increase compared to 2025, a 20.6% increase compared to 2024, and a 46.9% increase compared to 2019 [10]. - There was an obvious characteristic of off - peak travel before the festival. The growth compared to 2025 was mainly concentrated in the post - festival peak, while the improvement compared to 2024 started from the 24th day of the twelfth lunar month. The growth compared to 2019 was throughout the whole period, indicating that the long holiday catalyzed the release of residents' travel demand [11]. - The travel choices during the Spring Festival travel rush in 2026 were dominated by self - driving, reflecting residents' preference for short - distance travel. The proportion of non - commercial highway (mainly private cars) flow reached 81.6%, a 11.9 - percentage - point increase compared to 2019 [18]. - The domestic flight volume, passenger volume, and occupancy rate remained prosperous, but the price recovery was weak, and the pattern of "trading price for volume" was difficult to reverse in the short term. The domestic flight volume increased by 4.0% year - on - year, the passenger volume increased by 6.5%, the occupancy rate increased by 1.2%, and the domestic oil - included ticket price decreased by 1.5% [22]. 3.2. Logistics: Foreign trade shows resilience, while production and consumption logistics weaken in advance - The national logistics near the Spring Festival in 2026 showed a pattern of "strong foreign - trade resilience, high - then - low production logistics, and early - weakening consumption logistics". The container throughput maintained a year - on - year positive growth of 9.3% - 12.2% in the four weeks before the festival, but the growth rate of the monitored port cargo throughput fluctuated and declined [34]. - The production logistics was high in the early stage and low in the later stage. The national highway truck traffic volume increased by 4.3% and 2.6% year - on - year in the four and three weeks before the festival respectively, but the growth rate slowed down and turned negative in the last two weeks before the festival, indicating a rapid contraction of production logistics near the holiday [34]. - The consumption logistics contracted in advance. The postal express collection volume declined from 9.2% four weeks before the festival to 0.5% one week before the festival, and the delivery volume declined from 7.9% to 1.4%, suggesting that the peak of New Year goods delivery was earlier than last year [34]. - The railway transportation was stable, and civil aviation continued to grow. The national railway freight volume fluctuated slightly around zero, and the civil aviation flight volume maintained a positive growth of 4.8% - 6.0% [34]. 3.3. Tourism Consumption: Hotels and Scenic Spots See Volume Increase but Price Decrease, and the Box Office is Weak - The hotel occupancy rate increased, but the price was under pressure. The occupancy rate of the overall sample of Chinese mainland hotels increased from 54.7% five weeks before the festival to 64.0% one week before the festival, a year - on - year increase of 11.7%. However, the revenue per available room (RevPAR) and the average daily rate (ADR) decreased compared to last year [40]. - The scenic spots' business improved. The number of tourists in many provincial - level key - monitored scenic spots increased significantly, and the revenue of some popular scenic spots also increased substantially. For example, the revenue of Zhangjiajie Huanglongdong increased by 79% [42][45]. - Hainan's tourism consumption recovered strongly, with both volume and price increasing. The number of passengers at Haikou Meilan Airport increased day by day, and the off - island duty - free shopping also rebounded significantly. From February 15 - 19, the shopping amount, number of people, and per - capita consumption were 13.8 billion yuan, 17.7 million person - times, and 7,797 yuan respectively, with year - on - year increases of 19%, 24.6%, and - 4.5% [45]. - The Spring Festival movie market had a weak performance in both volume and price. The 7 - day cumulative box office from New Year's Eve to the sixth day of the first lunar month was 5.09 billion yuan, with a recovery rate of only 86% compared to 2019, and the average ticket price decreased by 5% year - on - year [47]. 3.4. Real Estate: Both New and Second - hand Housing Transactions are Weak, and the Volume and Price in First - tier Cities are Declining - The new - housing market had a significant decline in transaction volume. The transaction area of commercial housing in 30 large and medium - sized cities in the two months before the Spring Festival in 2026 was significantly lower than the same period in the past five years. In the first week before the festival, it was only 1.102 million square meters, a year - on - year decrease of 36.6%, and during the Spring Festival week, it was 83,000 square meters, a year - on - year decrease of 20.4% [61]. - The second - hand housing market was weak in both volume and price. The 7 - day moving average (7DMA) of the second - hand housing transaction area in 12 cities was only 247,200 square meters in the first week before the Spring Festival, a year - on - year decrease of 15.3%. The national second - hand housing listing price index continued to decline, with a 7.0% year - on - year decrease in the first week before the festival [61]. - The land market was also sluggish. The premium rate of land transactions in 100 large and medium - sized cities was 2.42% in the first week before the festival, significantly lower than 9.86% in the same period last year [62]. 3.5. How will the Bond Market Price the Spring Festival Holiday Data? - The real - estate market is still in a downward pressure channel, with weak sales volume and price, especially in some first - tier cities where housing prices may decline at an accelerated pace. The consumer data shows a rapid recovery in volume but pressure on prices, continuing the "trading price for volume" trend. With the price increase in the second half of last year and the carry - over effect, it is likely that the fundamentals will shift from "trading price for volume" to "trading volume for price" [77]. - In the current low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market. The view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [77].

Group 1 - The core point of the article is that the Hong Kong Lands Department reported a significant increase in land premium revenue, reaching approximately HKD 3.571 billion for the third quarter of the fiscal year 2025/26, marking a new high in nearly nine quarters [1] - The Lands Department registered a total of 12 contract amendments and 2 land exchange cases during the quarter, with 2 of the cases being technical amendments that did not involve land premium payments [1] - Among the 14 land transactions, 3 were located on Hong Kong Island, 6 in Kowloon, and 5 in the New Territories, with one plot awarded through private agreement for use as a power substation in Kwun Tong [1] Group 2 - There were no additional land grants registered during the quarter, indicating a stable land supply situation [1]

Group 1 - The land market for 2025 has concluded, with Beijing's land sales revenue at 142.74 billion, Shanghai at 142.72 billion, and Hangzhou at 142.08 billion, determining the top seller in land revenue [1] - Following these cities, Chengdu, Nanjing, and Nantong also secured their desired shares in land sales [1] - Beijing, Shanghai, and Hangzhou have all surpassed the 100 billion mark in land sales revenue, each adopting distinct strategies to achieve this milestone [2] Group 2 - Shanghai has developed a mature dual-track system for land sales, achieving 142.72 billion in public auction revenue, reflecting a slight year-on-year increase of 1.9% [4]

Group 1 - The core viewpoint of the article emphasizes the ongoing fluctuations in the real estate market, particularly in the second-hand housing sector in major cities like Beijing, Shanghai, and Shenzhen, where new listings have decreased both month-on-month and year-on-year [5][6]. - The article highlights that the proportion of transactions for properties priced below 2 million yuan is increasing, indicating a trend of "price for volume" in the short term as the market continues to experience a downward cycle [6]. - In the land auction segment, two residential plots in Beijing were successfully sold for a total price of 3.27 billion yuan, with one plot designated for the construction of traditional courtyard houses [7]. Group 2 - The land supply remains at a high level, with the total supply area reaching 1.433 million square meters, while the transaction area increased by 70% week-on-week, although the bidding enthusiasm appears to be declining [10]. - Recent policy updates from the central bank and the National Bureau of Statistics indicate a cautious approach to interpreting market fluctuations, with an acknowledgment that the real estate market is in a transitional phase that requires time for adjustment [11][12].

Core Insights - The Hong Kong Lands Department reported that in Q3 2023, the total amount involved in land premium cases registered was approximately HKD 26.81 billion, a significant increase of 25.8 times compared to HKD 1 billion in Q2 2023 [1] Summary by Categories Land Transactions - A total of 25 land transactions were registered during the period, including 22 cases of contract amendments and 3 cases of land exchanges [1] - Among these transactions, 4 were technical contract amendments that did not involve land premium amounts [1] Geographic Distribution - The registered land transactions included 4 located on Hong Kong Island, 17 in Kowloon, and 4 in the New Territories [1] Specific Land Grants - Four sites were granted through private agreements, including: - One site in Sai Ying Pun for office use - One site in Chek Lap Kok for airport development, granted to the Hong Kong Airport Authority - One site in Tin Shui Wai for the development of a non-profit school - One site in Mong Kok for residential development, granted to the Urban Renewal Authority [1] Registration Activity - There were no additional land registrations during the quarter [1]

Core Viewpoint - The State Council of China has approved a comprehensive reform pilot plan for market-oriented allocation of factors in ten regions, aiming to enhance the efficiency of resource allocation and promote a high-level socialist market economy [2][3]. Group 1: Pilot Regions and Implementation - The pilot regions include Beijing's urban sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Changsha-Zhuzhou-Xiangtan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [2][3]. - The implementation of the plan is expected to break down institutional barriers that hinder the free flow and efficient allocation of factors, ensuring equal legal protection for various ownership economies [2][3]. Group 2: Technology Factor Allocation - The plan emphasizes the need to streamline the technology transfer chain and promote the construction of an international technology innovation center in Beijing [6][7]. - It encourages the integration of technology and capital factors, supporting financial institutions to provide more financial products for technology transfer [7][8]. Group 3: Land Factor Allocation - The reform includes exploring land management system reforms and encouraging the use of long-term leases and flexible supply methods for industrial land [8][9]. - It aims to revitalize idle land and low-efficiency construction land through market-oriented methods, enhancing the efficiency of land use [9][10]. Group 4: Human Resource Flow - The plan seeks to facilitate the social mobility of labor and talent by broadening the recognition of foreign professional qualifications and supporting high-level talent recruitment [10][11]. - It aims to stimulate innovation and entrepreneurship among talents by allowing flexible compensation structures [10][11]. Group 5: Data Factor Circulation - The plan proposes to improve the public data sharing mechanism and expand the application scenarios for data development [11][12]. - It emphasizes the establishment of a data circulation and trading system, promoting the integration of public and social data [12][13]. Group 6: Capital Factor Support for the Real Economy - The plan aims to increase effective financial service supply while preventing risks, supporting the development of a digital inclusive finance database [13][14]. - It encourages higher levels of financial openness and cooperation, facilitating cross-border financial services [13][14]. Group 7: Resource and Environmental Market System - The plan includes constructing a green factor trading mechanism and exploring the realization of ecological product value [14][15]. - It aims to enhance the market-oriented allocation of resource factors while ensuring ecological protection [14][15]. Group 8: Overall Efficiency of Factor Allocation - The plan focuses on enhancing the collaborative allocation efficiency of various factors, particularly in emerging industries and services [15][16]. - It aims to create a fairer and more vibrant market environment by optimizing resource allocation efficiency and maximizing benefits [15][16].

Group 1 - The "Guangzhou Land Supermarket" has launched version 4.0, integrating "listing transaction" data and adding a "marine resources" special section [1] - The upgrade allows for real-time sharing of data throughout the entire process of land announcement, listing, bidding, and transaction [1] - The platform now provides a comprehensive overview of available land for investment, including key information such as land area, building area, starting price, and transaction price [1] Group 2 - The update includes a new marine resources data section, facilitating a "one-map matching" for marine industry spatial needs [2] - A total of 36 new quality investment lands have been added, primarily residential and commercial lands located in key urban areas of Baiyun District, Panyu District, and Zengcheng District [2] - The platform has established a dynamic management and monthly update mechanism for land resources, ensuring data remains current and providing comprehensive services for global investors [2]

Core Points - The "Guangzhou Land Supermarket" has launched version 4.0, integrating "listing transaction" data and adding a "marine resources" special section [1][2] - The platform now provides real-time sharing of data throughout the entire process of land announcement, listing, bidding, and transaction [1] - A total of 36 new quality investment lands have been added, primarily residential and commercial lands located in key urban areas of Baiyun District, Panyu District, and Zengcheng District [2] Group 1 - The upgraded platform offers a comprehensive overview of available, announced, and bid lands, displaying key information such as land area, building area, starting price, and transaction price [1] - The new marine resources section facilitates a "one-map matching" for marine industry spatial needs [2] - A dynamic management and monthly update mechanism for land resources has been established to ensure data remains current and accessible for global investors [2]

Core Points - In July 2025, Guangzhou Trading Group announced the successful transaction of 13 plots of state-owned construction land use rights, totaling an area of 276,500 square meters and a total transaction price of 3.202 billion yuan [2] - A total of 34 plots of state-owned construction land use rights were announced for sale, with a total area of approximately 870,800 square meters and a starting total price of about 2.913 billion yuan [2] Summary by Category - **Transaction Details** - 13 plots of land were successfully sold, covering an area of 276,500 square meters and generating a total revenue of 3.202 billion yuan [2] - The total area of all announced plots for sale is approximately 870,800 square meters, with a starting price of around 2.913 billion yuan [2] - **Market Context** - The transactions reflect ongoing activity in the real estate market in Guangzhou, indicating demand for state-owned construction land [2]

Core Insights - The total transaction amount for residential land auctions in Hangzhou for the first half of this year is approximately 116 billion yuan, nearing the total amount for the entire previous year, which was 116.9 billion yuan [1] Group 1 - The residential land auction transaction amount in Hangzhou for H1 2023 is about 116 billion yuan [1] - This amount is close to the total residential land sales revenue of 116.9 billion yuan from the previous year [1]