Core Insights - The New Year celebration in Shenzhen has evolved from traditional family gatherings to more personalized and diverse experiences, with events like light shows and concerts gaining popularity among the youth [1][3] - Shenzhen's cultural and tourism market experienced a strong start in 2026, with 3.1164 million visitors during the New Year holiday, a daily increase of 32.3% year-on-year, and tourism revenue reaching 2.093 billion yuan, a daily increase of 36% [1] Group 1: Youth Trends and Preferences - Young people, particularly those born in the 2000s and 1990s, are driving travel trends, with the "00s" demographic accounting for 39% of travelers and the "90s" for 33% [2] - The phrase "love you old self" has become a popular expression among young people, reflecting their desire for meaningful experiences rather than traditional sightseeing [3] Group 2: Event Highlights and Participation - The "King of Glory" Super IP Carnival in Shenzhen attracted significant attention, featuring creative installations and various events, including a New Year flash music concert and competitions, drawing large crowds [3] - The indoor snow park, Qianhai Snow World, hosted a New Year celebration party that combined snow, electronic music, and light shows, receiving 5,200 visitors on January 1 alone [4] Group 3: Economic Impact - Shenzhen's diverse events and attractions generated over 2 billion yuan in revenue over the New Year period, showcasing the city's role as a "self-pleasure" experimental ground for young people [5] - The city’s transportation network played a crucial role in supporting the influx of visitors, with the metro system recording a total passenger volume of 13.05 million on December 31, 2025, marking a 9.8% year-on-year increase [6] Group 4: Transportation Developments - Shenzhen's metro system extended its operational hours during the holiday, contributing to record passenger numbers and enhancing accessibility for residents and tourists [6][7] - The opening of new metro lines improved connectivity, alleviating congestion in key areas and increasing the overall efficiency of the transportation network [7] Group 5: International Travel Trends - Shenzhen Airport has expanded its international flight network, adding nearly 30 new routes to destinations such as Mexico City and Tokyo, resulting in a 44% year-on-year increase in foreign travelers [8] - The airport's efficient transport system has facilitated a significant increase in passenger flow, connecting the city's cultural and tourism activities with global visitors [8]

Group 1 - The core message highlights the dedication of transportation personnel across various regions in China during the New Year's Eve celebrations, ensuring safe and smooth travel for citizens and tourists [1][19][25] - In Beijing, the public transport system implemented targeted strategies for eight key areas, including increasing bus services and opening two free shuttle lines to accommodate the surge in passenger flow [1][3] - The Beijing subway extended its operating hours until 01:00 on January 1, providing assistance to returning passengers and promoting the extended service measures [3][5] Group 2 - In Hubei, the transportation authority maintained vigilance during adverse weather conditions, including rain and snow, ensuring road safety and smooth travel for millions [15][25] - The Hubei traffic management collaborated with various departments to monitor road conditions and provide timely travel updates, enhancing passenger safety [15][29] - In Chongqing, transportation enforcement personnel actively managed traffic flow and addressed illegal operations to maintain order during the New Year's celebrations [19][20] Group 3 - Anhui's transportation system responded swiftly to snow and travel peak challenges, organizing snow removal and warm service initiatives to ensure safe travel for the public [25][29] - The Anhui provincial highway department implemented emergency responses to prevent traffic congestion due to icy conditions, ensuring continuous monitoring and support for travelers [26][30] - Various regions, including Hefei and Huainan, initiated emergency plans to address icy road conditions, conducting frequent inspections and snow removal operations [34][37]

Group 1 - The core viewpoint of the article indicates a moderate improvement in consumption, with service consumption recovering ahead of the holiday, as evidenced by increased subway passenger flow in 18 cities and a positive shift in the Hainan tourism price index year-on-year [1] - In terms of investment, the issuance of special bonds has concluded, leading to an increase in physical workload, with asphalt operating rates rebounding and continuous improvement in building materials data [1] - The real estate sector shows a seasonal recovery in sales, with an increase in the proportion of second-hand housing, although overall prices and premiums remain low [1] Group 2 - In foreign trade, there is a divergence between rising domestic export freight rates and a decline in the Baltic Dry Index (BDI) [1] - Production continues to show differentiation, with emerging industries such as polyester, lithium batteries, and photovoltaic chains demonstrating strong resilience, while traditional cyclical industries like steel and some chemicals are experiencing a downturn [1] - Inventory levels are decreasing for coal and building materials, while PTA continues to deplete inventory and polyester shows a slight accumulation [1] Group 3 - Industrial product prices are generally rebounding, with oil and non-ferrous metals experiencing a rebound, and the South China index rising [1] - The Consumer Price Index (CPI) shows structural differentiation, with food prices fluctuating [1] - In terms of liquidity, funding rates have shown slight fluctuations, and the renminbi continues to strengthen due to a weaker dollar and increased demand for foreign exchange settlements [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, real - estate sales remained weak. The real - estate market is in a situation of stock competition, with stable prices but falling volumes in the new - home market and trading volume for price in the second - hand home market. Next year may face concentrated selling of second - hand new homes due to the "5 - year resale restriction policy" [2]. - In terms of investment and production, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased. Most industrial production start - up rates declined, with only the start - up rate of polyester filament rising slightly [2]. - In terms of consumption, the momentum of travel was strong. Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile consumption was below the seasonal level [2]. - In terms of inflation, pork and vegetable prices declined, while oil prices rose [2]. - In terms of exports, the SCFI and BDI declined this week [2]. 3. Summary According to the Table of Contents 3.1 Real - Estate Sales - From November 7th to November 13th, the new - home sales area increased month - on - month, and the year - on - year decline narrowed. The new - home sales of cities at all levels were stronger than the previous period to varying degrees, but still significantly weaker than the same period last year. Among key cities, Shanghai and Hangzhou had year - on - year increases, while others mostly declined [7]. - From November 7th to November 13th, second - hand home sales increased month - on - month but declined significantly year - on - year. Among key cities, the month - on - month sales of all key cities were stronger than the previous period, and the year - on - year decline of Beijing and Hangzhou narrowed, while others widened [7]. 3.2 Investment - This week, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased [36]. 3.3 Production - This week, most start - up rates declined. The start - up rates of petroleum asphalt, steel - mill blast furnaces, and coking enterprises decreased, as did the start - up rates of automobile tires and PTA. The start - up rate of polyester filament increased slightly [44]. 3.4 Consumption - Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile sales were below the seasonal level [53]. 3.5 Exports - This week, the SCFI index, BDI index, port cargo throughput, and CRB spot index all declined [60]. 3.6 Prices - Pork and vegetable prices declined slightly, while oil and rebar prices increased slightly [65].

Core Points - The Qianjiang Third Bridge will undergo full closure for reconstruction starting from November 22, 2025, impacting traffic flow significantly [3][7] - The local traffic management authorities have developed comprehensive measures to mitigate the impact on urban traffic during the construction period [10][11] Traffic Management Measures - Specific traffic restrictions will be implemented, including the prohibition of vehicles and pedestrians on Qianjiang Third Bridge, Qingtai Interchange, and Qingtai Widening Bridge [5][6] - Adjustments to traffic organization will be made for affected routes, including the prohibition of vehicle access on several key roads [5][6] Traffic Impact Analysis - The closure will create nine traffic disruption points, leading to potential congestion in surrounding areas, particularly on major routes like Airport Highway and Fengqing Expressway [7] - The Qianjiang Third Bridge is a critical transit point, handling approximately 163,000 vehicles daily, with significant commuter and airport traffic [7] Alternative Routes - Authorities have recommended 14 alternative routes to accommodate various travel needs, including local and airport access [8][9] - Specific routes for different areas have been outlined to facilitate smoother traffic flow during the construction period [9][19] Emergency Response and Management - The traffic management department will enhance monitoring and response capabilities, deploying drones and establishing a multi-layered patrol system to manage congestion and emergencies [11][10] - A series of 40 traffic improvement measures will be implemented to optimize traffic flow and address predicted congestion points [10] Public Transport Adjustments - Public transport routes, including buses, will be adjusted to accommodate the changes, with specific lines being rerouted to maintain service [12][13] - Enhanced connections between metro and bus services will be established to improve public transport efficiency during the bridge closure [13][15]

Core Points - Guangzhou is enhancing its transportation infrastructure and services in preparation for the upcoming 15th National Games and the Special Olympics, focusing on traffic management and public transport efficiency [1][3][5] Transportation Infrastructure and Services - The Guangzhou Transportation Bureau is accelerating the upgrade and quality improvement of transportation infrastructure to ensure effective service during the events [3] - From November 1 to November 9, specific metro lines will temporarily halt operations, including the 4th line's Huangcun Station and the 21st line's Tianhe Park to Suyuan section [3] - To accommodate the increased demand, two special metro shuttle lines will be introduced, and regular bus services in key areas will be intensified [3][5] Traffic Management Measures - Approximately 15% more bus services will be added in restricted areas during the events, with metro intervals reduced to 2-5 minutes based on passenger flow [5] - The "All Games Guangzhou" and "Guangzhou Parking" apps will provide real-time parking information to assist citizens and spectators [5] Airport Developments - The new Terminal 3 at Baiyun Airport will open on October 30, increasing the airport's annual passenger capacity and supporting regional economic development [5][7] - Several airlines, including China Eastern Airlines, will begin operations at the new terminal, with specific flight schedules already established [7] Road Quality Improvements - The transportation department has completed 59 road renovation projects and optimized 1,085 traffic signs, enhancing the overall road quality in Guangzhou [8] - Key roads and bridges have undergone maintenance and aesthetic upgrades to improve the city's appearance [8]

Group 1: Tourism and Cultural Activities - Xi'an received over 20 million visitors during the National Day and Mid-Autumn Festival holiday, with total tourist spending reaching 19.96 billion yuan [2] - The city organized 46 major cultural activities and 395 district-level events, significantly boosting local tourism [2] - The "2025 Xi'an Mid-Autumn Moon Feast" live-streamed event attracted over 11.4 million online viewers, highlighting the integration of traditional culture with modern technology [2] - Key tourist performances saw a 7% increase in attendance, with specific shows like "Unbounded: Chang'an" and "Brave Qin" experiencing growth rates of 68.3% and 51% respectively [2] Group 2: Transportation and Infrastructure - Xi'an Xianyang International Airport recorded a historic high of 161,000 passengers on a single day, with a total of 1.22 million passengers transported during the holiday [6] - The airport handled 8,053 flights, marking a 1.2% increase in flight operations compared to the previous year [6] - The city's metro system transported nearly 39 million passengers over the holiday period, averaging 4.3 million daily [7] Group 3: Safety and Emergency Management - The provincial emergency management system maintained a stable safety situation during the holiday, with 21 expert teams deployed to assist in safety inspections [9] - A total of 7,340 safety hazards were identified and addressed across various sectors, including mining and hazardous materials [9] - The police deployed over 50,000 personnel for security checks at tourist sites and transportation hubs, ensuring visitor safety [11]

Core Viewpoint - UBS reports that MTR Corporation (0066.HK) is expected to announce its interim results for the first half of the year in mid-August, with projected profits of HKD 8.9 billion, primarily driven by profits from real estate development, although recurring business profits are anticipated to be impacted by the pandemic from February to April [1] Group 1: Financial Performance - MTR's local railway service passenger volume is expected to decline by approximately 12% year-on-year for the first half of the year [1] - Operating expenses are projected to slightly increase year-on-year following the opening of the second phase of the Tuen Ma Line in June last year [1] - UBS estimates that net profits from the two projects, LP10 in Sunrise, and the "Jinhuan" project above Wong Chuk Hang Station, will total HKD 8.7 billion [1] Group 2: Rental Income and Property Performance - Rental income from investment properties is expected to decline by 3% year-on-year due to last year's rent reductions, a decrease in Hong Kong retail sales, and additional rental concessions provided in the first half of the year, partially offset by the opening of The Lohas shopping mall [1] - Rental income from station commercial operations is projected to decrease by 5% [1] Group 3: Dividend Policy and Target Price - MTR has announced plans to change its dividend distribution to one-third for interim and two-thirds for final dividends while maintaining a progressive dividend policy [1] - UBS has revised MTR's target price from HKD 43.1 to HKD 42.3, reflecting a 20% discount to the net asset value per share of HKD 52.9, while maintaining a "Neutral" rating [1]

Core Viewpoint - Shenzhen has implemented a comprehensive transportation shutdown in response to Typhoon alerts, affecting various modes of public transport including subways, buses, and flights, with specific timelines for service cessation and resumption based on the storm's impact [1][3][7]. Public Transport Summary - The subway system will cease operations early on September 23, with the last trains departing at 18:00 from their respective terminals, and only allowing passengers to exit at stations thereafter [1]. - Regular bus services and taxis will also stop operating from 20:00 on September 23, impacting all public transport across the city [3][5]. - High-speed and regular trains in Guangdong province will begin to halt services from 12:00 on September 23, with a complete suspension on September 24, and a gradual resumption expected based on weather conditions starting from September 25 [6]. - Shenzhen Airport will suspend all flight operations from 20:00 on September 23, with the resumption time dependent on the typhoon's effects [7]. - All ports have also ceased operations, with specific contact numbers provided for passenger inquiries [8]. Emergency Services and Communication - Citizens are advised to plan their travel accordingly and follow instructions from transport staff during peak hours [2]. - Contact numbers for various transport services have been provided for public assistance [3][4][8].

Core Points - The launch of the 2025 Green Travel Promotion Month and Public Transport Promotion Week in Wuhan emphasizes the city's commitment to enhancing public transport services and promoting green travel [1] - The "Respect for the Elderly Bus Line" initiative has been recognized for its compassionate service towards elderly passengers, with specific actions taken by drivers to assist them [2][3] - The establishment of "Barrier-Free Service Boutique Stations" in the subway system highlights the city's efforts to ensure accessibility for all passengers, particularly those with mobility challenges [5][7] Public Transport Initiatives - The "Respect for the Elderly Bus Line" program includes special services such as the "Red Ribbon" initiative for elderly passengers, which allows them to receive tailored assistance from drivers [3][4] - The 533 bus line has served over 40,000 elderly passengers since 2025, receiving 24 commendations from them, indicating a positive reception of the service [3][4] - The city has recognized 10 bus lines as "Respect for the Elderly Bus Lines" to enhance the travel experience for senior citizens [4] Subway Accessibility - The Wuhan Metro has designated the Wuchang Railway Station and the Wuhuan Sports Center Station as "Barrier-Free Service Boutique Stations," ensuring seamless access for passengers with disabilities [5][7] - The stations feature zero-height access points, clear signage, and dedicated staff to assist passengers, ensuring a smooth transition between different modes of transport [7][9] - The metro system is equipped with specialized facilities such as accessible restrooms and emergency response equipment to cater to the needs of passengers with disabilities [9] Green Travel Statistics - Wuhan's public transport system has achieved an 80% green travel rate, reflecting the city's focus on sustainable transportation solutions [10][12] - The city operates 15 metro lines with a total length of 567 kilometers, serving nearly 4 million passengers daily, showcasing the extensive reach of its public transport network [10] - The conventional bus system operates 779 routes, transporting 1.7 million passengers daily, addressing diverse travel needs across the city [12]