LEBANON ECONOMIC MONITOR A Fragile Rebound Winter 2025 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized ?????????????????? ?????????????????? ?????????????????? Lebanon Economic Monitor A Fragile Rebound Winter 2025 Global Practice for Economic Policy Middle East and North Africa Region Rights and Permissions Document of the World Bank © 2025 International Bank for Reconstruction and Development/The World Bank 1818 H Street NW Washington DC ...

分段式错峰游兴起，小众玩法加速出圈 数据显示，今年春节假期，旅游用户分段式出游趋势明显，选择假期前错峰的早鸟游用户占比接近 35%。第一波出游高峰始于南方小年（2月11日）后，第一波出游峰值在情人节及假期首日（2月15 日），属于出游和返乡的叠加态。最新预订数据显示，预计大年初二（2月18日）将迎来今年春节假期 的出游最高峰值。 数据显示，境内游热门目的地方面，广东、云南、海南、江苏、黑龙江等方向截至目前预订热度排名靠 前。其中，北京、广州、上海、三亚、哈尔滨、昆明、成都、南京、重庆、厦门等传统热门城市持续火 爆，预订热度位居"春节境内游热门目的地榜单"前列。 近年来，传统热门目的地持续涌现出一批兼具文化性、社交性、互动性的创新玩法，城市特色公园、古 建乃至老厂房、菜市场，以及藏在社区街道的宝藏书店、咖啡馆、手工艺店、私家菜馆等各具特色的主 理人店铺，逐渐转化为可漫游、可分享、可消费的新文旅场景。游客的需求也从追求景点的数量和密 度，转向可以更多地参与到当地生活，追求像当地人一样的"松弛感旅行"，为情绪价值买单。 转自：扬子晚报 9天的"最长春节假期"临近，游客积蓄已久的热情被彻底点燃，旅游市场供需两旺。北上 ...

1月30日，由广东省"百千万工程"纵向帮扶工作队联合多家省属企业主办的"山海惠东·品味时尚"促消费 活动在广州天河城南广场启动。 活动现场 活动通过惠东女鞋、农特产品和旅游资源三大展区联动展销，打造了一场融合产业、文化与消费的惠民 盛宴。 政企协同，推动惠东臻品直通湾区 省国资委、广东广播电视台、中国银行广东省分行等帮扶单位代表，惠东县委副书记、县长徐永强等县 领导，以及18家省属企业代表共同参与启动仪式。 多元展区，营造山海惠东沉浸式体验 活动现场以海洋蓝、山林绿与沙滩金为主色调，划分三大特色展区。 活动现场 其中"山海时尚"女鞋区，集中展示3D打印鞋、时尚高跟鞋等500余款产品，提供定制服务与促销活动； 在"山海馈赠"农产区，熙荔荔枝醋、乐夫鸡蛋、海鲜干货等特色产品试吃摊位排起长队；在"山海相 依"文旅区，结合"请到广东过大年"活动发放消费券，推介双月湾、巽寮湾等景点。现场惠东非遗渔 歌、客家话说唱等表演展现地方文化底蕴，吸引市民驻足互动。 创新营销， 接待市民超2万人次 活动采用"线下展销+线上直播"联动模式，邀请网络达人直播引流，设置主题打卡互动促进二次传播。 山海惠东·品味时尚 徐永强在致辞中表示， ...

Core Viewpoint - The upcoming Spring Festival in Jiangsu is marked by a surge in consumer activity, driven by various promotional events and government subsidies aimed at boosting spending [1][2] Group 1: Consumer Trends - Jiangsu's Spring Festival consumption season is themed "Four Seasons Appointment · Digital Enjoyment," featuring diverse activities that enhance consumer engagement [1] - The local government has implemented substantial subsidies for car replacements and home appliance upgrades, with maximum incentives reaching 20,000 yuan [1] - The "Su New Consumption" initiative has launched a comprehensive program for upgrading home appliances and digital products, involving 14,000 stores across the province [1] Group 2: Economic Impact - As of January 25, 540 million yuan in subsidies has stimulated nearly 4 billion yuan in sales, demonstrating a leverage effect of 1:7.4 [1] - The combination of online and offline shopping experiences has created a vibrant consumer landscape, with e-commerce platforms and local markets actively participating in the festive season [1] Group 3: Cultural Integration - The integration of cultural and tourism activities, such as the "Qinhuai Lantern Festival" and "Intangible Cultural Heritage New Year," enhances the festive atmosphere and encourages consumer participation [2] - The blend of traditional customs and modern experiences fosters a complete consumption cycle, inviting visitors to enjoy the unique offerings of Jiangsu during the Spring Festival [2]

一年来，通州区立足京津冀协同发展大局和新时代首都发展全局，聚焦答好市委"二十年之问"，接续落 实北京城市副中心控规，打造中国式现代化进程中城市发展样板，开创了高质量发展新局面。2025年， 通州区全年地区生产总值增长10.8%，增速居全市第一，社会消费品零售总额增长9%，居民人均可支配 收入稳步增长，实现"十四五"圆满收官。 样板之路 成色更足 与雄安新区拓展人才政策、规划编制等领域合作，实现政务服务"区域通办"全覆盖。通亦协同更加紧 密，基础设施、产业发展等29个项目按计划实施。四区结对成效明显，16个结对项目全部落地。 北京城市副中心建设是调整北京空间格局、治理"大城市病"、拓展发展新空间的需要，也是推动京津冀 协同发展、探索人口经济密集地区优化开发模式的需要，肩负着打造中国式现代化城市发展样板的重要 使命。一年来，通州举全区之力，持续优化城市功能，释放老城活力，特色小镇建设成效显著。 2025年，通州区456个重大项目全面实施，功能承接有序推进。运河商务区新增完工面积18万平方米， 华夏银行总部主体结构封顶，运河西岸整体提升项目建成投用；文化旅游区"湾里"商业娱乐综合体盛大 开业，群芳综合交通枢纽试运行 ...

日前，海南省新闻办介绍，封关首月，海南省免签入境外籍旅客达8.7万人次，同比增长64%，占同期 入境外籍旅客总数的93%，免签仍是外籍人士来琼的主要选择。 国际旅游消费中心的定位推动海南消费升级。据海口海关统计，自2025年12月18日封关以来截至2026年 1月17日，共监管离岛免税购物金额48.6亿元，同比增长46.8%；购物人数74.5万人次，同比增长 30.2%；购物件数349.4万件，同比增长14.6%。 在高端装备制造领域，2025年10月17日产业转移对接活动中已落地海洋装备、清洁能源装备等一批重点 项目，其中船舶游艇维修企业因保税维修政策加速聚集。生物医药产业则受益于"乐城政策+自贸港"双 叠加，吸引创新药企设立研发及生产基地。 在贸易方面，封关首月，海南新增备案外贸企业5132家，超过2024年一个季度的备案数，备案总数超过 10万家。同期全岛货物贸易进出口214.2亿元，同比增长19.6%，其中，进口、出口分别增长13.3%和 31.6%。 长期看，封关将吸引更多高端制造环节布局，形成特色现代产业体系。"一线放开"使进口手续压缩70% 以上，而"岛内自由"允许资金、货物无摩擦流动，提升供应 ...

Market Overview - On January 19, the three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.29% to close at 4114.00 points, while the Shenzhen Component Index increased by 0.09% to 14294.05 points. The ChiNext Index fell by 0.70% to 3337.61 points. The total trading volume was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1][3]. Sector Performance - The electric grid equipment sector experienced a significant surge, while the precious metals sector also showed strength. The tourism sector gained momentum, and there was a partial recovery in the commercial aerospace concept. Other sectors such as Hainan, military industry, chemicals, oil and gas, and robotics also performed well during the trading session [3]. - Conversely, the AI application sector declined, with the internet, cultural media, and AI healthcare sectors experiencing the largest drops. Individual stocks such as Haige Communication faced continuous trading halts, and several stocks including Sanwei Communication and Vision China also hit their daily limits [3]. Notable Stocks - Fenglong Co., Ltd. resumed trading and hit the daily limit for the 14th consecutive trading day, with a cumulative increase of 280% since December 17, 2025 [4]. Market Sentiment - The current stock market environment is described as a test of courage, with notable commentary on the volatility and unpredictability of stock performance. There is a call for caution among retail investors, especially regarding the use of AI models for stock selection, which is viewed as risky [6][17][18].

新年伊始，各地立足自身资源禀赋，因地制宜持续做大做强特色优势产业，全面推进乡村振兴。 壮大特色优势产业。今年，河北持续支持培育特色主导产业，大力提升农产品精深加工水平，加快建设一批产业强镇、特色乡村。在保定易县，冰柿产业园 正在建设，投产后，每天生产冰柿约8.8万枚，年产值达1.65亿元，能带动相关农户年均增收近2万元。 今年，湖南聚焦粮食、畜禽、水果、蔬菜等特色优势产业，建立产业延链补链强链机制，加快推动良种繁育、精深加工、冷链物流等建设，持续提升产品市 场竞争力。 加快农文旅深度融合。新的一年，吉林省设立5亿元专项资金，升级冰雪体验、民俗体验等新业态，实现冰雪旅游业态县域全覆盖，带动乡村冰雪旅游加快 发展。福建今年将大力推动"全域生态旅游小镇"等建设，不断提升乡村旅游品质。眼下，福州万石村2000余亩梅花进入观赏季，今年，村里推出的花海露 营、水上赏梅等文旅新场景，让游客们沉浸式体验冬日乡村的诗情画意。 福建省文化和旅游厅资源开发处副处长邝婧：我们将通过景村联动发展，不断丰富乡村文旅产品的供给，通过深度打造"一村一品"，培育差异化的发展模 式，推动乡村旅游向纵深发展，助力乡村振兴。 科技赋能乡村特色产业。 ...

Summary of the Conference Call on China Consumer Sector Outlook 2026 Industry Overview - The focus is on the **China consumer sector** with an emphasis on stock picking strategies for 2026E, balancing "value" vs "growth" investments [1][11] - Anticipation of a less inflationary environment and low expectations for immediate consumption boosts from government policies [1][11] Key Investment Themes 1. **Shift Towards Experience/Service Consumption** - Consumers are increasingly valuing emotional experiences over basic needs, seeking happiness and self-expression [2][23] - 66% of respondents in a survey indicated a willingness to spend more for special moments [23] - Notable examples include Pop Mart's affordable entertainment options and Haidilao's casual dining as social venues [2][23] 2. **Focus on Well-being** - Increased spending on wellness, including health, fitness, and nutrition [3] - Growth potential identified in sportswear (Anta), health supplements (H&H), beauty care (Mao Geping), and tourism (Atour) [3] 3. **Rising "Silver" Economy** - The aging population is creating demand for leisure and cultural experiences [4] - Industries like tourism (Atour, H World), sportswear (Anta), and health supplements (H&H) are expected to benefit [4] 4. **Emerging New Channels** - Growth in omni-channel operations and new offline channels such as membership stores and snack specialty chains [5] - Food companies like Eastroc and Nongfu are adapting to these changes [5] 5. **Multi-brand Strategy** - Industry leaders are expanding brand portfolios to meet diversified consumer demands [6] - Companies like Anta and Midea are revising growth targets to ease channel inventory pressure [6] Top Buys in Consumer Sector - **Consumer Discretionary**: Anta (2020.HK), Pop Mart (9992.HK), Haidilao (6862.HK), Atour (ATAT.O), Midea (300.HK) [1][14] - **Consumer Staples**: CR Beer (291.HK), Eastroc (605499.SS), Mao Geping (1318.HK) [1][14] Additional Insights - The report emphasizes the importance of sustainable profit growth amid a dynamic marketplace [1][11] - The analysis includes a pecking order of various consumer sub-sectors, highlighting the relative strengths of companies within those sectors [1][14] - The report also notes the potential for companies like Li Ning and Haitian to outperform in case of a better-than-expected recovery in consumption [1] Conclusion - The China consumer sector is poised for a transformation driven by changing consumer preferences towards emotional and experiential consumption, with significant opportunities identified across various industries and companies. The focus on well-being, the aging population, and the emergence of new channels are critical factors influencing investment strategies for 2026E [1][2][3][4][5][6]

Group 1 - The 2026 Spring Festival will feature a 9-day holiday, marking the longest Spring Festival break in history, which is expected to significantly boost outbound travel demand [1] - As of January 12, 2026, bookings for outbound travel products related to the Spring Festival have peaked, with searches and reservations for personal travel visas, flights, hotels, and group tours surpassing those of the 2025 Spring Festival [1] - Short-term outbound travel products (5-7 days) remain the mainstream choice, with many travelers planning to depart around the second day of the Lunar New Year, balancing returning home for the holiday and going abroad for vacation [1] Group 2 - Southeast Asia is the top choice for Chinese tourists celebrating the Spring Festival abroad, with major destinations including Singapore, Kuala Lumpur, Ho Chi Minh City, and Bali [5] - The popularity of outbound travel is also rising in non-first-tier cities, particularly in central and western regions of China, with cities like Chengdu, Chongqing, and Wuhan contributing to about 40% of outbound travel sources [5] - Among first-tier cities, Hangzhou has shown remarkable outbound travel enthusiasm, surpassing Guangzhou to become the fourth-largest source of outbound tourists after Shanghai, Beijing, and Shenzhen [5] Group 3 - New visa-free countries, particularly Turkey, have seen significant growth in popularity, with a 320% year-on-year increase in travel interest during the Spring Festival [6] - Long-haul destinations such as Spain, Italy, New Zealand, Australia, and Egypt have also experienced notable increases in travel interest, with year-on-year growth rates ranging from 63% to 155% [6] - France has entered the list of emerging destinations for Spring Festival outbound travel, with related product searches and bookings increasing by nearly 30% [6] Group 4 - There is a noticeable shift in traveler preferences from multi-country "check-in" tourism to "in-depth" travel experiences within a single country or "dual-country" itineraries [7] - Popular outbound travel products include a 9-day tour of the UK covering London, Oxford, Liverpool, and Edinburgh, as well as a 12-day tour of Spain and Portugal, both of which have seen strong sales [7]