New Zealand’s tourism industry still needs to do more if it is to regain its title as the nation’s biggest earner of overseas revenue https://t.co/q5cencIwdu ...

1 March 2026 | 12:15PM HKT Portfolio Strategy Research CHINA WEEKLY KICKSTART Offshore lost 1% while A-shares gained 1%; CNY Golden Week data showed solid tourism volume improvement; "Two Sessions" will kick off next week MXCN lost 0.6% while CSI300 gained 1.1% this week. CNY Golden Week data showed solid tourism volume improvement, while daily movie box office revenue during the week fell to its lowest since 2021. President Xi met with German Chancellor Friedrich Merz in Beijing. White House announced that ...

文 | 源Sight 周艺 史上"最长春节假期"落幕，虽然电影不及预期，但旅游、短剧等其他文娱市场依旧显示出欣欣向荣的活 力。 据猫眼发布的春节档数据洞察，2026年春节档（正月初一至初九，共9天）以57.52亿元收官，同比下滑 39.5%，与2018年持平；总观影人次为1.2亿，同比下降35.8%。最重要的是，平均票价更是降到了47.8 元，同比下降5.9%，是近六年来票价最低的一年。 图片来源：猫眼专业版 便宜的电影票已经无法吸引更多的人走进电影院，看电影恐怕已经成为性价比最低的娱乐方式。 开年第一日，以横店影视、博纳影业、光线传媒为代表的影视板块以跌停开盘，年前最被看好的横店影 视更是连续两日跌停。华策影视则直白表示，之后将对电影投资更加慎重。 与电影行业形成鲜明对比的是旅游和短剧。根据有关数据，随着免签国家的增加，出、入境游的人次实 现增长。春节期间的旅游人数和相关消费则创下历史新高。 另一方面，选择宅家度过最长假期的人也向更具性价比的娱乐方式"低头"了——短剧成为春节档的最大 惊喜，各类IP爆款不断，富含不同题材的创新内容，弥补了同档期电影的传统和匮乏。 市场和观众都不再对电影抱有幻想，文娱行业的热 ...

马年新春首个工作日，江苏苏州北站综合枢纽项目塔吊林立、施工正酣，常州罗森伯格智慧工厂向着竣 工投产全力冲刺；湖北咸宁的钢化玻璃餐具生产线火力全开、食用菌智造车间机声隆隆，光电子企业实 验室里技术攻关紧锣密鼓；上海黄浦一批重大工程集中开工，徐汇、宝山各区深入企业一线解难题、促 发展…… 一年之计在于春，开局起势见精神。2026年的春天，消费的暖流、建设的热潮、奋斗的浪潮交织奔涌， 勾勒出昂扬向上的发展图景。新征程上，没有捷径可走，唯有实干作答。唯有广大党员干部始终保持马 不停蹄的干劲，激发万马奔腾的活力，把新春的良好势头延续下去，以实干抓落实、以拼搏求突破，就 能在新的一年里闯出新路子、干出新业绩，为中国式现代化建设书写更多精彩答卷。 【责任编辑：谢婷月】 MACD金叉信号形成，这些股涨势不错！ 春启新程，实干为基。9天春节长假期间，神州大地消费市场热气升腾，重大项目建设步履不停，劳动 者坚守岗位奋斗不歇。假期刚过，从江南水乡到荆楚大地，沪上新城到各地产业园区，机器轰鸣的车 间、热火朝天的工地、贴心服务的一线，这幅万马奔腾的新春奋进图景，正是以实干抢抓机遇、以拼搏 夯实根基的生动写照，为2026年经济发展"全年 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China/Hong Kong Consumer Sector - **Focus**: 2026 Chinese New Year (CNY) Holiday Consumption Trends Core Insights - **Domestic Travel**: - Total travelers during the 9-day holiday (Feb 15-23, 2026) increased by **19%** compared to the 8-day holiday in 2025 - Tourism revenue rose by **18.7%**, while per traveler spending decreased by **0.2%** compared to the previous year [2] - Daily traveler numbers grew by **5.7%**, and tourism revenue increased by **5.5%**, but spending per traveler fell by **11.3%** year-over-year [2] - **Cross-Border Travel**: - Average daily inbound and outbound travelers increased by **10.1%** year-over-year compared to 2025 CNY, which had a **6.3%** increase [2] - **Retail and Catering Sales**: - Key enterprises saw a **5.7%** increase in sales on a daily basis compared to 2025 CNY, up from **4.1%** year-over-year in 2025 [3] - Haidilao (6862.HK) reported an average table turnover of over **5 times per day**, up more than **5%** year-over-year, with an average of **1.56 million** daily guests during CNY, reflecting a **9%** increase year-over-year [3] - **Box Office Performance**: - The box office was notably weak, showing a decline of **39%** compared to 2025 CNY [3] - **Hainan Duty-Free Sales**: - Average daily offline sales, number of shoppers, and quantity of items purchased increased by **16%**, **20%**, and **8%** respectively compared to 2025 CNY [3] - **Food & Beverage Sector**: - Overall demand for the CNY season showed improvement, although consumers remained price-sensitive [4] Additional Observations - **Consumer Sentiment**: - Overall consumption trends during the CNY holiday improved compared to the previous year, attributed to an extra day of holiday, leading to strong growth in travel numbers but flat per capita spending [8] - Consumers displayed budget caution, indicating a need for a broader recovery in the market, which is expected to be uneven throughout 2026 [8] - **Pockets of Resilience**: - Notable areas of resilience include a pickup in offline services consumption, supply recalibration, pricing recovery, and overseas growth opportunities [8] Conclusion - The CNY holiday consumption trends indicate a mixed recovery in the China/Hong Kong consumer sector, with significant growth in travel and retail sales but challenges in consumer spending and entertainment sectors. The overall sentiment reflects cautious optimism, with expectations for a gradual recovery in the coming year.

Vi e w p o i n t | 24 Feb 2026 09:34:09 ET │ 13 pages China Consumer Decent Leisure Travel Demand in the Year of the Horse: 2026 CNY Tourism Review CITI'S TAKE The Year of the Horse has kicked off with encouraging leisure travel trend during the 9-day CNY Golden Week (15-23 Feb). According to the Ministry of Culture and Tourism, domestic tourist number/tourism revenue recorded 596m person times/Rmb803bn, +5.7%/+5.5% yoy on average daily basis, which sequentially improved compared to the +1.6%/+1.0% yoy duri ...

Group 1 - The core viewpoint of the article highlights the significant increase in consumer activity and investment during the extended Spring Festival holiday, reflecting a robust domestic demand [1][7]. - Key retail and catering enterprises experienced a daily sales increase of 5.7% compared to the 2025 Spring Festival, with over 28 billion people traveling across regions and a total domestic travel expenditure of 803.48 billion yuan [1][4]. - The travel and tourism market saw a surge, with an average of 5.96 million domestic travelers and a notable increase in long-distance travel orders, indicating a shift towards longer vacations [2][6]. Group 2 - New consumption models and activities, such as the "movie + market" concept in Changsha, have emerged, enhancing consumer engagement and diversifying holiday experiences [3][4]. - Government policies have been implemented to boost consumer spending, including subsidies and consumption vouchers, resulting in a 6.7% increase in foot traffic and a 7.5% increase in sales in monitored shopping districts compared to the previous year [4][6]. - The introduction of visa-free policies for travelers from Canada and the UK has led to a 28.5% increase in foreign visitors during the holiday, further stimulating domestic consumption [5][6].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Economy - **Event**: Chinese New Year (CNY) holiday analysis and upcoming National People's Congress (NPC) policy expectations Core Insights and Arguments - **Household Spending**: The CNY holiday showed strong household spending, with retail sales increasing by 8.6% YoY in the first four days, significantly higher than the Golden Week's 2.7% YoY growth and 2025's 3.7% YoY retail sales growth [3] - **Mobility Trends**: Passenger traffic grew by 5.5% YoY during the holiday period, aligning closely with the government's forecast of 5.3% YoY, with self-driving trips making up 81.3% of total travel [2][10] - **Domestic Tourism**: Provincial data indicates robust tourism activity, with Hainan's duty-free sales soaring by 24.6% YoY, while Hubei and Fujian also reported strong gains of 12.4% YoY and 10.1% YoY, respectively [4] - **Property Market**: Home sales in the top-30 cities surged by 101.1% YoY in the first seven days of the holiday, marking a significant increase during a typically slow season [6][5] - **Box Office Performance**: The box office revenue fell by 46.7% YoY in the first week of CNY, attributed to a lack of blockbuster releases, marking the weakest performance since COVID [6] Upcoming Policy Focus - **NPC Expectations**: Market attention is shifting to the NPC scheduled for March 5th, with expectations that the government will lower the growth target to "4.5-5%" and potentially set a new numeric target for the consumption ratio to emphasize policy commitment to rebalancing [1] - **Fiscal Policy Outlook**: Anticipated pro-growth fiscal measures include approximately RMB 1 trillion in incremental funds, a 20 basis points cut in policy rates, and a 50 basis points reduction in the reserve requirement ratio (RRR) this year [1] Additional Important Insights - **Cross-Border Travel**: Daily two-way trips are expected to increase by 4.1% YoY, with mainland visits to Hong Kong rising by 10.0% YoY, and inbound flight bookings by foreigners surging over 400% YoY due to the visa-free policy [5] - **Consumer Confidence**: Despite the positive spending signals, consumer confidence remains low, indicating potential risks in sustained economic recovery [7] This summary encapsulates the key points from the conference call, highlighting the current state of the Chinese economy, consumer behavior during the CNY holiday, and expectations for future policy directions.

Core Insights - Dongguan has successfully integrated traditional culture, modern commercial elements, and vibrant activities to create a unique Spring Festival experience, highlighted by nearly 400 cultural and tourism events and the distribution of 4 million yuan in consumption vouchers [1][2][3] Group 1: Tourism and Economic Impact - During the nine-day Spring Festival holiday, Dongguan received 5.7371 million visitors, a 9.8% increase compared to the eight-day holiday in 2025, generating a total tourism revenue of 3.403 billion yuan, which represents a 12.9% year-on-year growth [1][3] - Overnight tourism showed significant growth, with 1.0608 million domestic overnight visitors, marking an 11.8% increase, and overnight tourism revenue reaching 1.5 billion yuan, up 15.7% [3] Group 2: Service Enhancements - Dongguan implemented various warm service initiatives at major transportation hubs, including free luggage storage and travel consultations, enhancing the visitor experience [2] - The city introduced 40 special tourism bus routes and 15 night transport lines to facilitate seamless travel for visitors, particularly during peak return times [2] Group 3: Policy and Market Activation - The issuance of 4 million yuan in cultural tourism consumption vouchers directly stimulated market activity, showcasing the government's commitment to boosting domestic demand [2][3] - Local businesses reported increased foot traffic and sales due to the consumption vouchers, indicating a positive impact on the local economy [3] Group 4: Integration of Commerce and Culture - Dongguan promoted a deep integration of commerce and culture, transforming shopping centers into comprehensive cultural tourism destinations, exemplified by the success of the Wanjiang Longwan Lantern Festival [4] - The city introduced five "Tour and Purchase" routes that seamlessly connect industrial tourism, cultural experiences, and shopping, enhancing the overall visitor experience [4][5] Group 5: Cultural Events and Community Engagement - Various cultural events attracted significant attendance, including a panoramic music concert and art exhibitions, contributing to a vibrant cultural atmosphere during the holiday [5] - Dongguan's cultural venues collectively welcomed over 330,000 visitors, driving additional consumption in related sectors [5]

从AI一键下单，到跟着电影去取景地打卡，再到一杯免单奶茶的温暖陪伴……大麦娱乐旗下灯塔研究院今日发布《2026年春节档电影市场洞察报告》， 报告显示，2026年春节档正展现出前所未有的"电影+"融合消费图景。 春节前夕，千问APP正式接入大麦APP，开启AI智能购票新体验。数据显示，用户通过千问APP直接下单购买的电影票票房环比激增66倍，其中近八成订 单集中于《飞驰人生3》与《惊蛰无声》。 作为连接电影、演唱会、旅游等40多个"现实娱乐"品类的超级入口，大麦APP在春节期间特别推出一系列"电影+"优惠活动，以会员买一赠一、家庭观影 套票、"灯会+电影"双人券包、民俗福利券等多样化权益助力"跟着电影去旅游"成为新年俗。大麦娱乐数据显示，今年春节，大麦平台上线旅游服务项目 超1200个，灯会庙会、民俗活动逾100场，有效连接跨业态消费。 2026年春节档再次印证，电影早已不是孤立的文化商品，而是串联情绪、场景与实体经济的价值枢纽。而大麦娱乐凭借其在线下娱乐内容、消费场景、产 品平台与生态协同方面的前瞻性布局，正以一个产业样本的姿态，参与并推动"电影+"价值外溢的探索进程。 扬子晚报/紫牛新闻记者孔小平 校对盛媛 ...