Group 1 - The core issue raised by a visitor, Mr. Sha, was the restriction on using professional photography equipment at the Wanshuishan Scenic Area, which has been in place since February 2023 [2] - The scenic area has implemented a ban on commercial photography to address complaints regarding unclear pricing, forced consumption, and excessive charges for unauthorized photography services [4][6] - The scenic area has launched an official photography service platform to provide standardized and affordable photography services, which has received positive feedback from visitors since its operation [4][6] Group 2 - The management's focus is on preventing unauthorized commercial photography while allowing regular visitors to take personal photos without restrictions [4][6] - The scenic area acknowledged that some staff members did not communicate the new policies effectively, leading to negative experiences for some visitors, and expressed apologies for this [4][6] - Future efforts will be made to optimize the management and execution of photography regulations to enhance visitor experience while maintaining order in the scenic area [4][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The high - frequency data during the 2026 Spring Festival shows that the "quantity" of travel and tourism consumption continued to recover, but the price recovery lagged; the logistics was differentiated, with strong foreign trade resilience and weak production and consumption logistics; the volume of hotels and scenic spots increased while the price decreased, and the box office was weak; the real - estate market continued to be under pressure, with weak transactions in both new and second - hand housing. With the price increase in the second half of last year and the carry - over effect, it is highly likely that the subsequent fundamentals will shift from "trading price for volume" to "trading volume for price". Currently in a low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market, and the view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [1][4][7][77]. 3. Summary by Relevant Catalogs 3.1. Travel: Long holidays release travel demand, and self - driving travel is popular - The demand for family visits and tourism during the Spring Festival was continuously released, and the overall passenger volume remained high. As of the sixth day of the first lunar month, during the first 21 days of the Spring Festival travel rush, the overall passenger volume increased by 6.0% year - on - year. Among different transportation modes, the waterway had the highest growth rate, with railway, civil aviation, highway, and waterway passenger volumes increasing by 5.3%, 5.5%, 6.0%, and 23.1% respectively [10]. - The cross - regional population flow during the Spring Festival travel rush in 2026 reached a new high in recent years, with a significant increase in travel willingness. The peak occurred on the sixth day of the first lunar month, with a 12.3% increase compared to 2025, a 20.6% increase compared to 2024, and a 46.9% increase compared to 2019 [10]. - There was an obvious characteristic of off - peak travel before the festival. The growth compared to 2025 was mainly concentrated in the post - festival peak, while the improvement compared to 2024 started from the 24th day of the twelfth lunar month. The growth compared to 2019 was throughout the whole period, indicating that the long holiday catalyzed the release of residents' travel demand [11]. - The travel choices during the Spring Festival travel rush in 2026 were dominated by self - driving, reflecting residents' preference for short - distance travel. The proportion of non - commercial highway (mainly private cars) flow reached 81.6%, a 11.9 - percentage - point increase compared to 2019 [18]. - The domestic flight volume, passenger volume, and occupancy rate remained prosperous, but the price recovery was weak, and the pattern of "trading price for volume" was difficult to reverse in the short term. The domestic flight volume increased by 4.0% year - on - year, the passenger volume increased by 6.5%, the occupancy rate increased by 1.2%, and the domestic oil - included ticket price decreased by 1.5% [22]. 3.2. Logistics: Foreign trade shows resilience, while production and consumption logistics weaken in advance - The national logistics near the Spring Festival in 2026 showed a pattern of "strong foreign - trade resilience, high - then - low production logistics, and early - weakening consumption logistics". The container throughput maintained a year - on - year positive growth of 9.3% - 12.2% in the four weeks before the festival, but the growth rate of the monitored port cargo throughput fluctuated and declined [34]. - The production logistics was high in the early stage and low in the later stage. The national highway truck traffic volume increased by 4.3% and 2.6% year - on - year in the four and three weeks before the festival respectively, but the growth rate slowed down and turned negative in the last two weeks before the festival, indicating a rapid contraction of production logistics near the holiday [34]. - The consumption logistics contracted in advance. The postal express collection volume declined from 9.2% four weeks before the festival to 0.5% one week before the festival, and the delivery volume declined from 7.9% to 1.4%, suggesting that the peak of New Year goods delivery was earlier than last year [34]. - The railway transportation was stable, and civil aviation continued to grow. The national railway freight volume fluctuated slightly around zero, and the civil aviation flight volume maintained a positive growth of 4.8% - 6.0% [34]. 3.3. Tourism Consumption: Hotels and Scenic Spots See Volume Increase but Price Decrease, and the Box Office is Weak - The hotel occupancy rate increased, but the price was under pressure. The occupancy rate of the overall sample of Chinese mainland hotels increased from 54.7% five weeks before the festival to 64.0% one week before the festival, a year - on - year increase of 11.7%. However, the revenue per available room (RevPAR) and the average daily rate (ADR) decreased compared to last year [40]. - The scenic spots' business improved. The number of tourists in many provincial - level key - monitored scenic spots increased significantly, and the revenue of some popular scenic spots also increased substantially. For example, the revenue of Zhangjiajie Huanglongdong increased by 79% [42][45]. - Hainan's tourism consumption recovered strongly, with both volume and price increasing. The number of passengers at Haikou Meilan Airport increased day by day, and the off - island duty - free shopping also rebounded significantly. From February 15 - 19, the shopping amount, number of people, and per - capita consumption were 13.8 billion yuan, 17.7 million person - times, and 7,797 yuan respectively, with year - on - year increases of 19%, 24.6%, and - 4.5% [45]. - The Spring Festival movie market had a weak performance in both volume and price. The 7 - day cumulative box office from New Year's Eve to the sixth day of the first lunar month was 5.09 billion yuan, with a recovery rate of only 86% compared to 2019, and the average ticket price decreased by 5% year - on - year [47]. 3.4. Real Estate: Both New and Second - hand Housing Transactions are Weak, and the Volume and Price in First - tier Cities are Declining - The new - housing market had a significant decline in transaction volume. The transaction area of commercial housing in 30 large and medium - sized cities in the two months before the Spring Festival in 2026 was significantly lower than the same period in the past five years. In the first week before the festival, it was only 1.102 million square meters, a year - on - year decrease of 36.6%, and during the Spring Festival week, it was 83,000 square meters, a year - on - year decrease of 20.4% [61]. - The second - hand housing market was weak in both volume and price. The 7 - day moving average (7DMA) of the second - hand housing transaction area in 12 cities was only 247,200 square meters in the first week before the Spring Festival, a year - on - year decrease of 15.3%. The national second - hand housing listing price index continued to decline, with a 7.0% year - on - year decrease in the first week before the festival [61]. - The land market was also sluggish. The premium rate of land transactions in 100 large and medium - sized cities was 2.42% in the first week before the festival, significantly lower than 9.86% in the same period last year [62]. 3.5. How will the Bond Market Price the Spring Festival Holiday Data? - The real - estate market is still in a downward pressure channel, with weak sales volume and price, especially in some first - tier cities where housing prices may decline at an accelerated pace. The consumer data shows a rapid recovery in volume but pressure on prices, continuing the "trading price for volume" trend. With the price increase in the second half of last year and the carry - over effect, it is likely that the fundamentals will shift from "trading price for volume" to "trading volume for price" [77]. - In the current low - interest - rate environment in China, minor fundamental changes have limited impact on the bond market. The view of a volatile bond market is maintained. The short - end of the bond market depends on the central bank, and the carry - trade strategy may continue. The long - end, especially the 30 - year treasury bond, needs to focus on fiscal efforts and the bank's carrying capacity. In the medium - term, the inflation theme should be monitored [77].

Core Viewpoint - The article highlights the overwhelming tourist crowds at various scenic spots during the Spring Festival, leading to the implementation of crowd control measures by many tourist destinations to ensure visitor safety and enhance the overall experience [4][6][9]. Group 1: Tourist Crowds and Measures - On February 20, during the sixth day of the Spring Festival holiday, popular tourist attractions across the country were extremely crowded, prompting visitors to joke about the necessity of queuing everywhere [4]. - To manage the large influx of tourists, several scenic spots and local cultural tourism departments issued official announcements to implement crowd control measures, urging visitors to adjust their itineraries and consider visiting nearby attractions or traveling during off-peak times [6][9]. - Popular sites such as Mount Tai, Longmen Grottoes, and Jiuhua Mountain announced crowd control measures, indicating high visitor numbers and the need for limited entry [6][9]. Group 2: Specific Measures Implemented - Some attractions slowed down the entry of visitors, while others temporarily halted admissions or suspended internal transportation services, such as sightseeing buses [7]. - For instance, the Zhoushan ferry service announced that tickets for the route from Putuo Mountain to Luojia Mountain were sold out, and no further ticket purchases would be allowed [7]. - The core scenic area of Mount Lushan in Jiangxi province implemented a limit on visitor numbers starting from 9:45 AM on February 20, closing all reservation channels for the day and advising unreserved visitors to explore alternative nearby attractions [7][8]. Group 3: Visitor Management and Recommendations - The Chengdu management authority for the Qingcheng Mountain-Dujiangyan scenic area reported a daily visitor limit of 48,000, and by 8:54 AM on February 20, the number had already reached 43,000, leading to a suspension of new admissions [8]. - Various scenic areas across the country have encouraged visitors to check real-time ticket availability through official platforms and to plan their trips accordingly, especially for those who were unable to secure reservations [9]. - Many destinations indicated that crowd control measures would be dynamically adjusted based on visitor flow, and some cultural activities might be temporarily altered due to weather or crowd conditions [9].

Group 1 - The article highlights various tourist attractions in Hangzhou offering special discounts and free entry for visitors born in the Year of the Horse or with "Ma" in their names [1][8][10] - The promotional activities are set to last until March 31, 2026, with specific exclusions during the Spring Festival holiday from February 15 to February 23 [8][10][12] - Attractions such as Yao Lin Fairyland, Yan Zi Ling Fishing Platform, and Tian Mu Creek Drift are included in the free entry offer for eligible visitors [8][10][12] Group 2 - In Jian De City, several scenic spots are offering free entry from January 24, 2026, to March 31, 2026, for visitors with the zodiac sign of Horse, those with "Ma" in their names, or those living in areas with "Ma" in their address [12][13] - Notable attractions in Jian De include Da Ci Yan, Ling Qi Dong, Qi Li Yang Fan, and Xin Ye Ancient Village, all providing unique experiences [12][20][22] - Other regions in Zhejiang, such as Ningbo and Shaoxing, are also participating in the promotions, offering discounts and free entry for Horse zodiac visitors until December 31, 2026 [26][29][31] Group 3 - Nationwide, various attractions are extending similar offers, including free entry for Horse zodiac visitors at locations like Taibai Mountain and Honghe Valley until December 31, 2026 [34][35] - In Jiangxi, a "Horse Brings Good Fortune" initiative allows Horse zodiac visitors to enter attractions for free during their birthday month [38] - The article emphasizes the widespread nature of these promotions, encouraging visitors to take advantage of the offers across different regions [45][46]

Core Viewpoint - The tourism industry in Sichuan is experiencing a peak in visitor numbers during the Spring Festival, with many attractions reaching their maximum ticket sales capacity [1] Group 1: Ticket Sales and Capacity - As of February 18, the Jiuzhaigou Scenic Area has reached its maximum ticket booking capacity for February 19-20, with visitors unable to secure tickets encouraged to consider other dates or nearby attractions [1] - The Chengdu Research Base of Giant Panda Breeding reported that tickets for February 19 are nearly sold out [1] - The Dujiangyan Panda Valley has sold out tickets for February 19-21 [1] - The Zigong Lantern Festival has also sold out its first show tickets for February 19-20, closing all ticket purchasing channels and extending the lighting time to 23:30 for visitor experience [1] - The Jianmen Pass Scenic Area has reached its reservation limit for the birdwalk and monkey trail, closing the reservation channel [1] - The daytime tickets for the Leshan Giant Buddha have sold out [1] - The Sanxingdui Museum has completely sold out its tickets for the Spring Festival holiday [1]

Group 1 - Major tourist attractions in Henan, such as Longmen Grottoes, Baima Temple, and Wanshu Mountain Martial Arts City, have announced full ticket reservations or limited flow, ceasing ticket sales [1][3][6] - Wanshu Mountain Martial Arts City has implemented crowd control measures due to high visitor numbers, halting both online and offline ticket sales for the day, while allowing previously purchased tickets for entry [1] - Baima Temple has fully booked tickets for all time slots from February 17 to February 22, urging visitors to enter according to their reservation times [3] Group 2 - Longmen Grottoes is utilizing a combination of online ticket reservations and emergency offline ticket sales during the Spring Festival, with online reservations fully booked for February 19, but some offline tickets still available [6] - Luoyang Museum has fully booked tickets for the first three days of the Lunar New Year, advising visitors to adhere to their reservation times [7] - Danjiang Grand View Garden has fully booked its free ticket activity for local residents on February 17, with additional tickets available for other dates [9] Group 3 - Zhengzhou Suohe Wild Park has reached its maximum capacity on February 17, initiating crowd control measures to ensure visitor safety and experience [11]

Group 1 - The core point of the article is that during the Spring Festival holiday, Hefei's state-owned A-level scenic spots will waive the first entrance ticket fee for tourists holding specific tickets, encouraging private A-level scenic spots to participate as well [1] Group 2 - Hefei Wild Animal Park, a 4A scenic spot, will offer free first entrance tickets from February 15 to February 23, 2026, for tourists arriving in Hefei with train or flight tickets [1] - The eligible train or flight tickets must be to stations within Hefei's administrative area, and the travel dates must be from February 2, 2026, to February 23, 2026 [1] - Tourists need to present their tickets (either electronic or paper) and their ID for verification, while other secondary consumption items will still require payment [1]

Group 1 - Sanya is implementing special rectification measures across ten key areas to regulate the tourism market and enhance service quality during the Spring Festival [2] - The ten areas include seafood and fruit markets, wedding photography, car rentals, hotels and homestays, jet skiing, shopping, travel agencies, ride-hailing, diving, and scenic area order and service quality [2] - Specific issues targeted include price fraud, false advertising, forced consumption, unlicensed operations, and safety hazards in various sectors [2][3] Group 2 - In the seafood and fruit markets, the focus will be on price fraud and ensuring compliance with pricing and measurement standards [2] - The wedding photography industry will be monitored for false advertising and forced consumption, with an emphasis on standardizing service and contract terms [2] - The car rental sector will face strict checks on unlicensed operations and vehicle safety, with a push for regulated contracts and vehicle management [2] Group 3 - The hotel and homestay industry will address price fraud and hygiene standards, promoting inter-departmental collaboration for comprehensive oversight [2] - Jet ski operations will be regulated to ensure licensed drivers and safety measures are in place, along with designated operational waters [2][3] - The tourism dining sector will focus on food safety and hygiene, enforcing documentation and sample retention protocols [2] Group 4 - Ride-hailing and bus services will be scrutinized for issues like refusal of service and unlicensed operations, aiming to establish a comprehensive regulatory framework [2] - Diving projects will enforce strict market entry and safety management, including the establishment of a comprehensive law enforcement inspection station in Sanya [3] - Scenic area management will address traffic issues and service capacity, enhancing training and emergency mechanisms for service staff [3]

Group 1 - Several scenic spots are offering free admission to visitors born in the Year of the Horse or with "Ma" in their name as the Lunar New Year approaches [1][2] - Visitors who are born in the years 1966, 1978, 1990, 2002, or 2014 can enter Beijing Yexiantai for free with valid identification [1] - Xinjiang Sayram Lake allows visitors born on their birthday in the Year of the Horse to exchange their ID for a free ticket at the visitor center [1] Group 2 - Hubei Suizhou Dahong Mountain Scenic Area provides free admission to visitors who are either born in the Year of the Horse or have "Ma" in their name, verified by their ID [2] - The promotions are limited to entrance tickets and do not cover additional expenses within the scenic areas [1][2] - The announcements encourage spontaneous travel plans for eligible visitors [3]

Group 1 - The article announces that various scenic spots are offering free admission to visitors born in the Year of the Horse or with the surname "Ma" as the Lunar New Year approaches [1][3][9] - The promotions are valid until December 31, 2026, at specific locations, allowing eligible visitors to enter without paying the entrance fee [3][20][24] - Visitors must present valid identification to verify their eligibility for the free admission [7][28][36] Group 2 - Specific scenic spots such as Yexian Tower, Sailimu Lake, and Guifeng Scenic Area have outlined their promotional periods and conditions for free entry [3][9][13] - The promotions include various time frames, with some locations offering benefits during specific months or around the Lunar New Year [11][18][20] - Additional conditions may apply, such as the requirement to purchase insurance or transportation tickets within the parks [16][24][39]