Vi e w p o i n t | 11 Jan 2026 23:00:04 ET │ 79 pages China Consumer 2026 Outlook: Stock Picking with Five Investment Themes CITI'S TAKE We expect investors to rebalance portfolio profiles of "value" vs "growth" within the China consumer sector in 2026E. With our low expectation of an immediate consumption boost from government policies amid a likely less inflationary environment in 2026E, our stock picking is centered on companies' sustainable level of profit growth (which is gauged by our five investment ...

| 01 土耳其 | 上涨 320% ↑ | | --- | --- | | 02 斯里兰卡 | 上涨 240% ↑ | | 03 俄罗斯 | 上涨 207% ↑ | | 04 西班牙 | 上涨 155% ▲ | | 05 法国 | 上涨 129% ↑ | | DC *** | + 70LL 4 | 2026年春节9天连休，促成"史上最长春节假期"，直接刺激出境游需求的爆发。同程旅行数据显示，截至1月12日，春节出境游相关产品预订已进入高峰时 段。春节前后出发的个人旅游签证、机票、酒店、跟团游等产品搜索量及预订热度全面超越2025年春节。5天-7天的短途出境游产品预订仍占据主流，不 少人将出发节点延至大年初二前后，回乡过年、出国度假"两不误"的趋势越发明显。 随着大众旅行消费升级，今年春节假期，非一线城市尤其是中西部城市用户出境游热情高涨。同程旅行数据显示，春节出境游TOP15客源地中，成都、重 庆、武汉、乌鲁木齐、太原、长沙等中西部城市纷纷上榜，占比达到四成左右。东部沿海城市依然是出境游主力，其中，杭州表现比较突出，其出境游热 度超越广州，成为仅次于上海、北京、深圳的第四大出境游客源地。 "新晋免签国"增长 ...

Group 1 - The core objective of Yinchuan City is to achieve high-quality development by 2026, focusing on the "project-oriented" approach with a total of 1,236 projects planned, amounting to a total investment of 351.5 billion RMB, and an annual planned investment of 103.76 billion RMB [1] - The projects are categorized into four main sectors: industry, infrastructure, social welfare, and real estate, with industry projects numbering 407 and an annual planned investment of 46.76 billion RMB, accounting for 45% of the total annual investment [1] - Infrastructure projects total 519, with an annual planned investment of 27.78 billion RMB, representing 27% of the total annual investment [1] Group 2 - The social welfare sector includes 230 projects with an annual planned investment of 12.04 billion RMB, while real estate projects consist of 80 projects with an annual planned investment of 17.18 billion RMB [1] - Among the projects, 256 have total investments exceeding 100 million RMB, with an annual planned investment of 76.78 billion RMB, which constitutes 74% of the total annual investment [2] - To ensure the smooth progress of these projects, Yinchuan City will utilize the "two debts and one fund" leverage effect, focusing on key projects like urban underground pipelines and village renovations, while prioritizing funding and expediting project approvals [2]

新年钟声敲响，消费市场"热"力全开！从海南免税城到北方冰雪场，升腾的烟火气里，跃动着中国经济的活力密码。 从"销假游"的错峰出行，到"跨年游"的沉浸式体验，再到"冰雪游"的季节特色，多元化的旅游消费新趋势、新玩法集中涌现，勾勒出元旦假期 文旅市场的生动图景。 2026年元旦假期，全国文旅消费市场热度持续攀升。交通运输部数据显示，元旦假期首日（1月1日），全社会跨区域人员流动量为20747.5万 人次，同比增长20.3%。 07 11 INHUA NEWS 假期 IF "5 天津核心商圈迎来 各大商场 3流激增 3 7 编辑：呼乐乐 ...

当酱酒热退潮，如何跳出同质化，酿一瓶让核心圈层消费者认可的好酒？ 好酱酒不只茅台酒，也不唯茅台标准。 神农架，因炎帝神农搭架采药而得名，是中国首个进入联合国教科文组织三大保护名录的保护地 ——"世界自然遗产地""人与生物圈自然保护区"和"世界地质公园"。 神农架林区，全国唯一以"林区"命名的行政区。目前，在位于林区松柏镇八角庙村的盘水生态工业园， 劲牌神农架酒业有限公司（下称"劲牌神农架酒业"）的技改扩能二期工程正在施工中。 在刚完成的神农架林区"十四五"规划里，传统的"木头经济""石头经济"逐步被生态工业新业态替代，传 统产业也装上了"绿色智造"的发动机。林区还在国家公园试点基础上发展生态旅游。 无论是选址、引用泉水还是移种高粱、采用机械臂摊晾取酒、开展"万人探秘神农架"酒旅融合，劲牌公 司正在做一场前所未有的大型"实验"——能不能在世界级的生态环境里，以时光为轴，天人合一，酿一 瓶中国特色生态酱酒？ 大自然是最好的酿酒师 离开了贵州茅台镇的酱酒还是好酒吗？ 一批批的经销商带着疑问来到了劲牌神农架酒业。 经过对纬度、地域、生态环境等多项指标综合分析，劲牌公司选择了神农架林区。 这是大自然递过来的一张世界级生 ...

Core Insights - The launch of the "Sanya-Prague" route marks China's first seventh-freedom passenger route, enhancing international air transport openness [1][3] - The new route aims to provide European travelers with a more direct and convenient travel option, potentially increasing international tourist traffic to Sanya [4] - Sanya's international aviation network has expanded significantly, with 41 international and regional routes now connecting 32 cities globally [4] Aviation Industry Impact - The introduction of the seventh-freedom route is a result of China's open policies in international air transport and the benefits from the Hainan Free Trade Port [3] - Sanya Phoenix International Airport has seen a record of over 21.849 million passenger trips, with international passenger volume increasing by 46.6% year-on-year [4] Economic and Market Development - The enhanced transportation accessibility has stimulated market vitality, leading to nearly 1,000 new business entities in sectors like tourism and high-tech industries since the Hainan Free Trade Port's special customs operations began [5] - During the first week of special customs operations, duty-free sales in Sanya reached 736 million yuan, a year-on-year increase of 48.2%, with tourist trips totaling 635,000, up 19% year-on-year [6]

Core Insights - Daan District has achieved significant economic growth, ranking 12th in the provincial county economic rankings by Q2 2025, with a historical best performance [1] - The district has implemented a comprehensive development strategy focusing on cultural tourism, industrial revitalization, agricultural prioritization, and urban upgrading [1] - A total of 138 signed projects with an investment of 42.378 billion yuan have injected vitality into Daan's economy over the past five years [1] Group 1: Economic Development - Daan District's county economic ranking has dramatically improved, achieving 12th place in the province by Q2 2025, with 37 urban districts ranking 7th [1] - The district's economic transformation is supported by a "1+6+5" project promotion system and extensive efforts in attracting investments, including 180 trips by district leaders for business recruitment [1] - The district has seen a total investment of 42.378 billion yuan from 138 signed projects, enhancing its economic framework [1] Group 2: Industrial and Technological Advancements - Daan District has made strides in industrial upgrades, with local companies like Sichuan Hard Alloy Co., Ltd. recognized as national champions in manufacturing [2] - The establishment of an artificial intelligence data labeling industry cluster has attracted 52 companies, including major tech firms like Baidu and Tencent, within just 36 days of project signing [2] - The district's focus on "smart transformation" has led to the recognition of several enterprises as "specialized, refined, and innovative" at the provincial level [2] Group 3: Cultural and Tourism Development - Daan District has successfully integrated culture, tourism, sports, and commerce, achieving high-quality development in the cultural tourism economy [2] - The district has been recognized as a top-tier tourist destination, consistently ranking in the top 10 of the provincial tourism review for two consecutive years [2] - Major cultural events and the establishment of significant heritage sites have contributed to the district's reputation as a national-level tourism hub [2] Group 4: Rural and Social Development - Daan District has achieved first place in the province for creating a national modern agricultural industrial park, marking a breakthrough for the region [3] - The district has developed 83 pocket parks and green spaces, enhancing the living environment for residents [3] - Upgrades to 116 old residential communities have improved local infrastructure and quality of life for thousands of residents [3]

Core Viewpoint - Guizhou Province is planning a series of consumer promotion activities for 2026, titled "Shopping in China · Colorful Guizhou Happy Shopping," aimed at enhancing consumption through a combination of policies and activities [1] Group 1: Consumer Promotion Activities - The provincial business departments will create diverse consumption scenarios to better meet the needs of urban and rural residents as well as tourists [1] - Guizhou will launch the "Shopping in Four Seasons" initiative, distributing consumption vouchers for liquor cloud exhibitions throughout the year during holidays and key events [1] - Specific activities for residents include new car purchases and an online Spring Festival goods fair, along with the issuance of various consumer vouchers to stimulate spending [1] Group 2: Tourism and External Consumer Engagement - For tourists from outside the province, Guizhou will integrate consumption with cultural tourism, sports, and exhibitions, offering discounts in key commercial areas and specialty dining [1] - Tourists can enjoy benefits by presenting tickets from A-level scenic spots, cultural performances, major festival events, and significant exhibitions [1]

全面深化改革开放。开展营商"五大环境"提升行动，推动惠企政策精准直达，推出24小时"AI政务顾 问"和法治服务十大举措，全方位优化发展环境。充分发挥开发区经济建设主阵地、主战场作用，巩固 拓展沈阳金融商贸开发区法定机构改革成果，持续提升金融服务实体经济质效，尽快把开发区改革的进 展体现在项目建设、招商引资、产业发展的实际成效上。深化国资国企改革，加强央地合作，盘活低效 存量资源，提升经营效益和盈利能力。提升对外开放能级，持续做强国家文化出口基地，推进服务业扩 大开放综合试点，大力发展"跨境电商+产业带"，推动交易额实现更大突破。 不断厚植民生福祉。深入推进城市有机更新，改造10个老旧小区，更新各类老旧管网53公里，新增公共 停车泊位400个，改善群众居住环境。深化城市精细化管理，整治背街小巷环境秩序，规范早夜市运 营，打造干净有序的城市风貌。优化公共服务供给，拓宽就业创业渠道，扩充普惠托育与护理型养老资 源，推进中小学改扩建和高中联盟化发展，增强群众获得感、幸福感、安全感。 沈阳日报、沈报全媒体记者 张晶 "市委经济工作会议为我们扎实做好明年经济工作指明了方向和路径。沈河区将深入贯彻落实会议精 神，锚定金融商 ...

Core Insights - The "14th Five-Year Plan" period has seen significant improvements in the construction of Qinghai as an international ecological tourism destination, with a substantial increase in tourism capacity [1][2] Group 1: Development Achievements - Qinghai has established 228 A-level scenic spots and 252 key rural tourism villages, along with 750 travel agencies and nearly 9,000 cultural and tourism enterprises [1][3] - The province has implemented a "1+N+X" planning system and issued guidelines and standards to ensure structured development in the tourism sector [1] Group 2: Ecological and Economic Integration - The creation of the Qinghai Lake demonstration area serves as a model for integrating ecological protection, green development, and improving livelihoods [2] - Investments exceeding 1.6 billion yuan have been allocated for 43 projects aimed at upgrading scenic areas, alongside the establishment of a "smart tourism" platform covering 163 scenic spots [2] Group 3: Tourism Product Development - Eight ecological cultural tourism routes and six premium study tour routes have been launched, with Qinghai Lake offering unique products focused on observing local wildlife [3] - The province has attracted significant investment, including 460 million yuan through initiatives like "Hundred Enterprises Enter Qinghai," enhancing the tourism experience [3]