1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March, the manufacturing PMI exceeded seasonal expectations and returned above the boom - bust line, with the production index seasonally rebounding, both domestic and external demand improving, and enterprises actively replenishing inventories. The service industry PMI returned to the expansion range, while the construction industry was still in the contraction range, and cost - rising pressure emerged. The subsequent focus should be on international situation changes and promoting various economic - stabilizing policies [1][10]. - The improvement in the manufacturing PMI in March led to some adjustments in the bond market. The current core driving factors of the market are the Middle East situation, inflation expectations, and the increasing allocation power in the bond market. Ultra - long - term interest rates have entered a stage of restorative decline, and the bond market is expected to be volatile and bullish. Future attention should be paid to the persistence of the decline in risk appetite, the situation of fundamental recovery, and the special treasury bond issuance plan in Q2 [4][36]. 3. Summary by Relevant Catalogs 3.1 3 - month PMI Data Review - Manufacturing: In March, the manufacturing PMI was 50.4%, a 1.4 - percentage - point increase from the previous month, returning above the boom - bust line after two months. The production index seasonally recovered, both domestic and external demand improved, the price index rebounded significantly, enterprises actively replenished inventories, and procurement volume returned to the expansion range [10]. - Non - manufacturing: The service industry PMI returned to the expansion range, and the construction industry's contraction slowed down. In March, the service industry business activity index rose 0.5 percentage points to 50.2%, and the construction industry business activity index rose 1.1 percentage points to 49.3%. However, the month - on - month performance of both was weaker than the non - epidemic Spring Festival seasonality [12][15]. 3.2 Manufacturing: Simultaneous Improvement in Production and Demand, and a Significant Rebound in the Price Index - Production: The manufacturing PMI production index in March was 51.4%, a 1.8 - percentage - point increase from the previous month, returning to the expansion range. This was due to the return of employees after the Spring Festival, the recovery of market demand, and the further manifestation of policy effects [16]. - Demand: Both domestic and external demand improved. The proportion of manufacturing enterprises reporting insufficient market demand dropped to below 50% for the first time since July 2022. The new order and new export order indexes increased by 3.0 and 4.1 percentage points respectively. SMEs stabilized, and three key industries expanded rapidly [18][20]. - Price: Affected by rising commodity prices and accelerated corporate procurement, the main raw material purchase price index and ex - factory price index rose by 9.1 and 4.8 percentage points respectively. The ex - factory price index reached a new high since April 2022, indicating that the year - on - year growth rate of PPI in March is expected to turn positive [22]. - Inventory: Enterprises actively replenished inventories, and procurement volume returned to the expansion range. The raw material inventory and finished - product inventory indexes increased by 0.2 and 0.9 percentage points respectively, and the procurement volume index rose to 50.9% [23]. 3.3 Non - manufacturing: Service Industry PMI Returns to Expansion, Construction Industry's Contraction Slows Down - Service Industry: In March, the service industry's prosperity increased slightly by 0.5 percentage points, returning above the boom - bust line. Industries such as railway transportation, telecommunications, and finance were in a high - prosperity range, while consumer - related industries declined due to the high base of Spring Festival consumption [29]. - Construction Industry: In March, the construction industry business activity index rose 1.1 percentage points to 49.3%. The civil engineering construction industry showed a significant increase, while the housing construction industry was still below 50%. The overall recovery was slower than in previous post - holiday periods [32]. 3.4 Impact on the Bond Market - In March, the manufacturing PMI exceeded seasonal expectations, the service industry PMI returned to expansion, but the construction industry was still in contraction, and cost - rising pressure emerged. The bond market adjusted due to the improvement in the manufacturing PMI. The current core driving factors are the Middle East situation, inflation expectations, and the increasing allocation power in the bond market. The bond market is expected to be volatile and bullish, and future attention should focus on risk appetite, fundamental recovery, and the special treasury bond issuance plan in Q2 [36].

Core Insights - The opening of the Shenyang-Baihe High-Speed Railway (沈白高铁) has significantly boosted winter tourism in Northeast China, particularly for skiing, with a notable increase in passenger traffic during the Spring Festival in 2026 [1][4] Group 1: Passenger Traffic and Growth - The Shenyang-Baihe High-Speed Railway is expected to send an average of 29,000 passengers daily during its first Spring Festival, reflecting a 30% to 40% increase in passenger volume to Changbai Mountain Station [1] - The proportion of tourists traveling by high-speed rail has reached 62%, with the daily maximum passenger volume at Changbai Mountain West Station during the Spring Festival being 6,000, which is 200 times higher than the same period in previous years [1] Group 2: Travel Convenience and Services - To facilitate travelers carrying ski equipment, the railway has introduced a "Ski Equipment Convenience Service" at 25 stations and 10 key trains, allowing passengers to pre-book and travel with their gear [2] - The "Warm Room" facility at Changbai Mountain Station has been upgraded to include heating and scenic spots for travelers to change into ski attire comfortably [3] - Free shuttle services to major ski resorts are available for passengers holding same-day high-speed rail tickets, along with direct buses to various attractions [3]

Group 1 - The State Intellectual Property Office of China has granted a patent for a train positioning correction method and device to Guoneng Xinshi Zhunchi Railway (Shanxi) Co., Ltd., Guoneng Xinshi Railway Co., Ltd., and Beijing All-Rail Communication Signal Research and Design Institute Group Co., Ltd. The patent authorization announcement number is CN119428801B, with an application date of November 2024 [1][2]. Group 2 - Guoneng Xinshi Zhunchi Railway (Shanxi) Co., Ltd. was established in 2011, located in Shuozhou City, primarily engaged in the railway transportation industry, with a registered capital of 5,456.83 million RMB. The company has participated in 942 bidding projects and holds 83 patents, along with 16 administrative licenses [1]. - Guoneng Xinshi Railway Co., Ltd. was established in 2020, located in Ordos City, also primarily engaged in the railway transportation industry, with a registered capital of 10,888.35 million RMB. The company has invested in 5 enterprises, participated in 4,601 bidding projects, holds 272 patents, and has 95 administrative licenses [1]. - Beijing All-Rail Communication Signal Research and Design Institute Group Co., Ltd. was established in 1994, located in Beijing, primarily engaged in software and information technology services, with a registered capital of 2,010 million RMB. The company has invested in 12 enterprises, participated in 5,000 bidding projects, holds 2,380 patents, and has 27 administrative licenses [2].

Group 1 - The core point of the article is the expansion of the "Snow Equipment Convenience Service" by China Railway Shenyang Bureau, which aims to facilitate travel for skiing enthusiasts by increasing the number of service stations and trains [1] - Starting from February 13, the number of "Snow Equipment Convenience Service" stations has increased from 18 to 25, and 4 additional trains have been added, making a total of 10 trains offering this service [1] - Since the pilot program began on January 15, over 500 sets of snow equipment have been transported using this service, indicating a positive reception among travelers [1] Group 2 - Travelers can utilize the "Snow Equipment Convenience Service" through the official railway 12306 app, allowing them to complete the necessary procedures easily [1] - Passengers are allowed to carry snow equipment with a total dimension not exceeding 200 centimeters, and they must use designated channels to board the train [1] - Snow equipment exceeding the specified size must still be checked in as luggage, ensuring that the service accommodates various sizes of equipment [1]

Core Viewpoint - The article highlights the significance of the Aletai region in Xinjiang as a premier winter sports destination, emphasizing its natural snow resources and the efforts of local workers to maintain the skiing facilities and infrastructure for tourists [1][7]. Group 1: Tourism and Visitor Statistics - Aletai, known as the "origin of human skiing" and "China's snow capital," attracts over 16 million visitors during the 2024-2025 snow season due to its exceptional ice and snow resources [1]. - The region's skiing facilities, including the Jiangjun Mountain Ski Resort, feature 61 ski trails totaling 71 kilometers, catering to both beginners and advanced skiers [3]. Group 2: Snow Maintenance Operations - A dedicated snow grooming team works tirelessly throughout the snow season, with tasks including re-grooming the ski trails every night to ensure optimal skiing conditions [3][5]. - The snow grooming process on advanced trails requires significant skill and effort, with the team working up to 9 hours to complete the task [5]. Group 3: Railway Infrastructure and Safety - The Aletai Railway Infrastructure section is responsible for snow removal on critical railway lines, ensuring safe and uninterrupted train operations during harsh winter conditions [8][10]. - A team of 12 workers completes snow clearing and maintenance tasks over 30 to 50 kilometers of track within a 3-hour window, emphasizing the importance of their role in maintaining railway safety [10]. Group 4: Power Supply and Community Support - The He Mu Power Supply Station, staffed by a small team, ensures reliable electricity for local businesses and tourists, especially during peak usage times [14][15]. - Ongoing construction of hotels in the area necessitates careful monitoring of power supply lines, with regular inspections conducted to maintain service reliability [17].

Core Insights - The opening of the Guangzhan High-Speed Railway has significantly improved logistics efficiency, enabling fresh seafood from Zhanjiang to reach markets in Guangzhou and Shenzhen within two hours, compared to the previous four to six hours [7][9] - The high-speed rail network is not only benefiting the seafood industry but also other local products like lychees and citrus fruits, which are poised to expand their market reach [11] Group 1: Seafood Industry Impact - Fresh seafood from Zhanjiang is quickly transported to major cities, with wholesalers aiming to catch the 10 AM high-speed train for timely delivery [5] - The high-speed rail allows for daily round trips with 83 trains, each capable of carrying 300 to 500 kilograms of goods, enhancing the logistics capacity [9] - The freshness of seafood has led to increased market activity, with both wholesale and retail transactions thriving at the Zhanjiang Xiamen Seafood Market [7] Group 2: Broader Market Opportunities - The high-speed rail's efficiency is creating new opportunities for various local specialties, such as the sweet lychees from Maoming and the sweet citrus from Yangjiang, to reach broader markets [11]

Core Insights - The total number of inbound and outbound travelers in China reached 697 million in 2025, marking a 14.2% year-on-year increase, the highest on record [1] - The growth in inbound tourism and cross-border transportation reflects a more vibrant and open China [1] Group 1: Inbound Tourism - In 2025, Beijing's ports recorded over 21.4 million inbound and outbound travelers, a 17.4% increase year-on-year, the highest since 2020 [2] - The number of foreign visitors benefiting from visa-free and temporary entry permits exceeded 2 million, 1.9 times that of the previous year, driving growth in inbound tourism [2] - The introduction of various policies, such as extending visa-free transit to Indonesia and implementing visa-free entry for ASEAN tour groups, has significantly boosted inbound tourism [2][3] Group 2: Cross-Border Movement - The number of foreign travelers entering and exiting China reached 82.04 million in 2025, a 26.4% increase year-on-year, with 30.08 million entering visa-free, up 49.5% [3] - Measures to facilitate cross-border movement include expanding the number of ports eligible for 24-hour visa-free transit and improving customs efficiency, resulting in a 30% increase in processing speed at peak times [3] Group 3: Hong Kong and Taiwan Relations - The number of travelers between mainland China and Hong Kong and Taiwan reached 279 million, a 10.1% increase year-on-year, with significant growth in the issuance of travel permits [4] - New train routes and policies to facilitate travel for talent and family visits have enhanced connectivity between regions [4][5] Group 4: Efficient Cargo Flow - In 2025, the number of inbound and outbound aircraft, trains, ships, and vehicles increased significantly, with cargo flights rising by 73.6% [6] - Jiangsu province reported a notable increase in the inspection of cargo ships and exports of various goods, supported by improved customs services [6] - The implementation of 24/7 customs operations at certain ports has further streamlined cargo movement, reflecting the overall efficiency of China's customs system [6][7]

Core Insights - The total number of inbound and outbound travelers in China reached 697 million in 2025, marking a 14.2% year-on-year increase, the highest in history [1] - The growth in inbound tourism is driven by policies such as visa exemptions and temporary entry permits, which have significantly boosted foreign visitor numbers [2][3] Group 1: Inbound Tourism Growth - In 2025, Beijing's ports recorded over 21.4 million inbound and outbound travelers, a 17.4% increase year-on-year, the highest since 2020 [2] - The number of foreign visitors benefiting from visa exemptions exceeded 2 million, 1.9 times that of the previous year, contributing to the surge in inbound traffic [2] - The implementation of new visa policies, including the addition of Indonesia to the 240-hour transit visa exemption list, has facilitated increased foreign tourism [2][3] Group 2: Cross-Border Movement - The total number of foreign travelers entering and exiting China reached 82.04 million in 2025, a 26.4% increase year-on-year, with visa-exempt entries rising by 49.5% to 30.08 million [3] - Measures to streamline border inspection processes, such as expanding the number of ports with 24-hour transit visa exemptions, have improved efficiency [3] - The "dual-channel inspection" model at Beijing Capital International Airport has enhanced the efficiency of foreign traveler processing by approximately 30% during peak times [3] Group 3: Regional Connectivity - The movement between mainland China and Hong Kong, Macau, and Taiwan has intensified, with 279 million entries and exits recorded, a 10.1% increase year-on-year [4] - The introduction of new high-speed rail routes connecting Hong Kong to various mainland cities reflects the growing demand for cross-border travel [4] - Policies to facilitate talent movement and streamline visa processes for residents traveling between regions have been well received, enhancing cross-border collaboration [4][5] Group 4: Efficient Cargo Flow - In 2025, the number of inbound and outbound aircraft, trains, ships, and vehicles increased significantly, with aircraft movements rising by 14.5% and cargo ships by 4.9% [6] - Jiangsu province reported a notable increase in cargo inspections, with a 73.6% rise in cargo aircraft movements, indicating robust export activity [6] - The implementation of expedited customs processes at various ports has improved cargo transit times, supporting national and regional economic strategies [6][7]

Group 1: Manufacturing Sector - In January 2026, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, indicating a decline of 0.8 percentage points from the previous month, reflecting a decrease in economic activity [1] - The production index stood at 50.6%, indicating continued expansion, while the new orders index fell to 49.2%, suggesting a drop in market demand [2] - High-tech manufacturing PMI was at 52.0%, remaining above 52.0% for two consecutive months, indicating a positive trend in related industries [2] Group 2: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index was reported at 49.4%, down 0.8 percentage points from the previous month, indicating a general decline in the sector's economic performance [4] - The financial services sector showed strong performance with a business activity index exceeding 65%, providing a favorable financing environment for growth [4] - The service sector's business activity expectation index rose to over 57%, indicating optimism regarding the impact of the upcoming Spring Festival on service-related consumption [4][5] Group 3: Economic Outlook - Experts suggest that while manufacturing activity may slow down in February due to the Spring Festival, there are signs of stabilizing market demand and ongoing expansion in production activities [3] - The construction industry is expected to rebound post-Spring Festival, driven by policy guidance and market demand, which may enhance overall economic conditions [5]

Group 1: Manufacturing Sector - In January 2026, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, indicating a decline of 0.8 percentage points from the previous month, reflecting a decrease in economic prosperity levels [1] - The production index stood at 50.6%, indicating continued expansion in manufacturing production, while the new orders index fell to 49.2%, suggesting a drop in market demand [2] - High-tech manufacturing PMI was at 52.0%, remaining above 52.0% for two consecutive months, indicating a positive development trend in related industries [2] Group 2: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index was reported at 49.4%, down 0.8 percentage points from the previous month, indicating a decline in overall non-manufacturing prosperity levels [4] - The financial sector's business activity index rose above 65%, showing a significant increase compared to the same period last year, providing a favorable financing environment for growth [4] - The service sector's business activity expectation index rose to over 57%, indicating that businesses are optimistic about the impact of the upcoming Spring Festival on service sector demand [4][5] Group 3: Economic Outlook - The manufacturing production and operational activity expectation index was at 52.6%, remaining above the critical point, indicating strong confidence among enterprises regarding recent industry developments [3] - Seasonal factors and external influences are expected to cause fluctuations in manufacturing operations in February, but a stable recovery is anticipated post-Spring Festival [3] - Investment-related demand is expected to be released after the Spring Festival, potentially boosting the construction industry's prosperity [5]