Group 1: Tourism and Travel - The tourism sector shows resilience with long-distance travel and family-oriented trips as key trends, with 596 million domestic trips taken during the 2026 Spring Festival, generating a total expenditure of 803.48 billion yuan, reflecting a year-on-year increase of 5.7% in daily travel volume and 5.5% in daily spending [2] - Long-distance travel orders accounted for 59.6% of bookings, with an average travel duration of 6.4 days, an increase of 0.5 days year-on-year [2] - Domestic travel orders on the Fliggy platform increased by 80% year-on-year, with average booking amounts rising by approximately 10% [2] Group 2: Offline Consumption - Key retail and catering enterprises saw a daily sales increase of 5.7% compared to the same period in 2025, with a 1.6 percentage point acceleration from the previous year's growth rate [3] - Foot traffic and sales in 78 key pedestrian streets increased by 6.7% and 7.5% year-on-year, respectively, showing an acceleration compared to the 2025 National Day holiday [3] Group 3: Online Consumption - The performance of beauty and skincare brands during the Spring Festival was mixed, with total sales on Douyin ranging from 250 million to 378 million yuan, reflecting a year-on-year growth of about 12%, but a daily sales figure that remained nearly flat [4] - Notable brand performances included a 114.3% increase for Maogeping, driven by category expansion, and a 58.6% increase for Proya, attributed to strong brand performance [4] Group 4: Jewelry Sector - The jewelry sector experienced a decline in sales, with total sales dropping to a range of 260 million to 309 million yuan, a year-on-year decrease of 8.5%, primarily due to high sales bases from the previous year and fluctuating gold prices [5] - Brands like Chow Tai Fook and Luk Fook achieved good growth rates of 100% and 66.7%, respectively, while mass-market brands saw significant declines [5] Group 5: Investment Recommendations - The company maintains a positive outlook on service-oriented and emotional consumption, particularly in travel and beauty sectors, recommending attention to companies like Trip.com and Tongcheng [6] - In the beauty sector, companies with superior category matrix layouts, such as Ying Tong Holdings, are highlighted for potential investment [6]

2026 年 2 月 26 日 招银国际环球市场 | 策略报告 | 行业观察 春节消费观察 Market Strategy - 景气度符合预期，品类分化持续 马年春节期间，在为期九天的超长假期及节前九部委联合政策推动下，消费市 场得到一定提振。我们认为，整体趋势符合预期，结构上延续了物质消费与服 务消费分化、以"悦己"为代表的情绪型消费更具韧性等特征。从我们跟踪的 重点板块来看：1）旅游：整体旅游消费增长具备韧性且符合市场预期，"长途 游"和"家庭化"是关键词；2）线下消费：全国重点零售和餐饮企业日均销售 额及重点步行街（商圈）营业额增速环比及同比均有所提振；3）线上消费：由 于品牌在春节期间的营销投放力度显著弱于 618、双 11 等大型电商促销节点， 整体销售表现相对平淡。 线上消费：品牌营销投放力度显著弱于 618 和双 11，故销售表现平淡。 1）美妆护肤：根据蝉妈妈数据，2026 年春节假期期间，重点品牌在抖音 平台的合计销售额区间从去年的 2.12 亿-3.48 亿元上升至今年的 2.50 亿- 3.78 亿元，同比增速约为 12.0%（图 2）；若以区间中位数计算日均销售 额，同比-0.4%，基 ...

Core Insights - The trend of purchasing New Year goods has shifted from being a necessity to a means of personal expression, particularly among young consumers who prioritize aesthetics and personal preferences [1][4]. Group 1: Consumer Behavior Trends - Young consumers are increasingly making autonomous decisions about New Year purchases based on their interests and lifestyles, with a notable rise in orders for trendy items like DIY crafts and modern couplets [1]. - The search volume for intangible cultural heritage (ICH) items has surged, with a 212% increase in "ICH" searches and a 790% increase in "ICH handmade" searches, indicating a strong interest among the younger generation [1]. - Health considerations have become a primary factor in gift-giving during the Spring Festival, with 58% of consumers prioritizing health over appearance [2]. Group 2: Product Innovations - The market is witnessing a shift towards personalized New Year goods, with significant growth in categories like pet apparel and DIY materials, reflecting the smaller average household size [3]. - Traditional gift boxes are undergoing a lightweight transformation, with smaller, aesthetically pleasing items becoming the preferred choice, such as single-serving pre-made dishes and small-packaged nuts [3]. - The food industry is innovating with low-sugar and low-GI products, as well as health-oriented gift boxes, aligning with the trend of consumers seeking a balance between enjoyment and health [2]. Group 3: Purchasing Channels - The integration of online and offline shopping experiences is becoming more prevalent, with traditional items like couplets and flowers increasingly being purchased online [3]. - Instant retail is emerging as a significant channel for New Year purchases, facilitating cross-province gifting and making the shopping experience more efficient [3]. - Data from Meituan indicates a substantial increase in sales across various categories during holiday periods, suggesting a trend that may continue into the upcoming Spring Festival [3].

Core Insights - Yiwu's foreign trade imports and exports are projected to exceed 800 billion yuan for the first time in 2025, reaching 836.5 billion yuan, marking a historical high [1] - Imports are expected to reach 105.8 billion yuan, a year-on-year increase of 32.3%, crossing the 100 billion yuan threshold [1] Group 1: Import Growth and Categories - Yiwu's import categories have surpassed 2,500, with consumer goods accounting for over half of the import trade, primarily through cross-border e-commerce [10] - Health products, beauty and skincare items, and maternal and infant products constitute about 70% of Yiwu's cross-border e-commerce imports [5] - The volume of health product orders has increased from a few thousand per day three years ago to over 30,000 orders daily [5] Group 2: Cross-Border E-commerce Development - The cross-border e-commerce import volume has grown from over 27 million orders in 2021 to over 100 million orders in 2025, indicating a significant leap from "million-level" to "billion-level" [12] - The establishment of the Yiwu Comprehensive Bonded Zone in 2021 has been pivotal in accelerating the growth of Yiwu's import trade during the 14th Five-Year Plan period, with an average annual growth rate exceeding 50% [30] - The integration of live streaming in bonded warehouses has led to over 440 live streaming events in 2025, generating more than 6.6 million orders for cross-border e-commerce products [35] Group 3: Policy and Infrastructure Enhancements - Recent policy adjustments have increased the single transaction limit for consumers on cross-border e-commerce platforms from 2,000 yuan to 5,000 yuan, and the annual limit from 20,000 yuan to 26,000 yuan [28] - The introduction of a "no-sense checkpoint" smart supervision system has reduced truck clearance time from one minute to approximately ten seconds, enhancing the efficiency of cross-border e-commerce operations [37] - The Yiwu Comprehensive Bonded Zone is recognized as a high-level platform for foreign trade, contributing to the high-quality development of Yiwu's external trade [39]

Core Insights - Yiwu's foreign trade imports and exports are projected to exceed 800 billion yuan in 2025, reaching a record high of 836.5 billion yuan, with imports at 105.8 billion yuan, marking a 32.3% year-on-year increase [1][12][27] - The city is recognized as a "world supermarket" and a barometer for China's foreign trade exports, with a significant focus on increasing imports [1][13] Group 1: Import Growth and Categories - Yiwu's import categories have surpassed 2,500, with consumer goods accounting for over half of the total imports, primarily through cross-border e-commerce [10][12] - Health products, beauty and skincare items, and maternal and infant products constitute about 70% of Yiwu's cross-border e-commerce imports [5][12] - The volume of health product orders has increased from a few thousand per day three years ago to over 30,000 daily [5][12] Group 2: Cross-Border E-Commerce Development - The cross-border e-commerce import orders in Yiwu have grown from over 27 million in 2021 to over 100 million by 2025, indicating a significant leap in trade volume [12][27] - The establishment of the Yiwu Comprehensive Bonded Zone in 2021 has been pivotal in facilitating this growth, enhancing the efficiency of cross-border e-commerce operations [12][27] - The integration of live streaming in bonded warehouses has led to over 440 live streaming events in 2025, generating more than 6.6 million orders [32] Group 3: Policy and Infrastructure Support - The Chinese government has increased the transaction limits for cross-border e-commerce purchases, allowing consumers to buy up to 5,000 yuan per transaction and 26,000 yuan annually [27] - The introduction of "no-sense checkpoints" has reduced truck clearance times from one minute to approximately ten seconds, streamlining the logistics process for cross-border e-commerce [34] - Yiwu's unique position as a high-capacity platform for foreign trade is underscored by its ability to handle a significant volume of heavy trucks, despite its small land area [36]

Core Insights - In 2025, Yiwu's foreign trade import and export volume exceeded 800 billion yuan for the first time, reaching 836.5 billion yuan, marking a historical high [1] - Imports amounted to 105.8 billion yuan, representing a year-on-year growth of 32.3%, crossing the 100 billion yuan threshold [1] - The growth trend in Yiwu's imports has been consistently strong in recent years [1] Import Categories - The Yiwu Comprehensive Bonded Zone features over 70,000 types of goods from 74 countries and regions [1] - Major import categories include health products, beauty and skincare products, and maternal and infant products, which account for approximately 70% of Yiwu's cross-border e-commerce imports [1]

Core Insights - The second "Hui Pin Cang City Outlet" in Gongshu District is set to open in January 2026, located in the Hailan eSports Commercial Center with a store area of 12,000 square meters, marking the fourth store in Hangzhou [1] - The Hailan eSports Commercial Center aims to create a new neighborhood commercial hub integrating office spaces, community living, and social connections, with a total construction area of 150,000 square meters [1] Group 1 - The new outlet will feature six major categories including sports and outdoor, men's and women's clothing, children's apparel, luxury shoes and bags, beauty and skincare, and home living, housing over 300 international brands such as Nike, Adidas, and Coach [2] - The location is strategically chosen for its excellent geographical position, convenient transportation, and a thriving community ecosystem, which are seen as significant advantages for the business [2] Group 2 - The Hailan eSports Commercial Center is the first innovative business community in the province centered around the eSports industry, creating a complete industrial ecosystem from professional venues to commercial support [2] - The center offers diverse space options ranging from 1,000 to several thousand square meters, catering to various business needs and making it an ideal place for investment and integration into the eSports ecosystem [2]

Core Viewpoint - The cdf Haikou International Duty-Free City is set to welcome the first New Year after the island's closure policy, with a series of special activities and upgraded services aimed at enhancing consumer engagement and experience during this significant period [1] Group 1: New Year Activities - The New Year theme activities at cdf Haikou International Duty-Free City will run until January 4, aiming to stimulate year-end consumer enthusiasm [3] - The event features dual celebration scenarios: an indoor "Skyline Secret Forest" stage with significant discounts and live broadcasts of the Hunan TV New Year concert, alongside interactive entertainment [3] - The outdoor B1 sunken plaza will host a New Year party with live music, food markets, and cash red envelopes, creating an immersive celebration experience [5] Group 2: Local Consumer Engagement - The new duty-free policy has lifted shopping restrictions for local residents, making them a new consumer force at cdf Haikou International Duty-Free City [6] - The "Pioneer Islander Plan" allows local residents to obtain a card for exclusive benefits, including discounted purchases and special events, enhancing local consumer participation [6][8] - The focus on optimizing product offerings to meet local demand, particularly in beauty, skincare, and daily necessities, reflects a strategic shift to cater to frequent local shoppers [6] Group 3: Service Enhancements - To support the new policy, cdf Haikou International Duty-Free City has upgraded its service system, including training staff to provide policy explanations and assistance [9] - The introduction of translation devices at service desks aims to facilitate international travelers' shopping experiences [9] - The overall service efficiency has improved through the establishment of a "quick Q&A" manual, ensuring that customers can easily understand the new policies [11]

Group 1 - Hainan Island has initiated a closure policy since December 18, leading to significant increases in duty-free sales in Sanya, with sales exceeding 100 million yuan for five consecutive days [2] - The A-share market has responded positively, with major indices rising and 23 stocks hitting the daily limit due to better-than-expected consumption data following the closure [2] - Online travel platforms report a surge in flight bookings to Hainan for the upcoming New Year holiday, with over 720,000 tickets sold, marking a year-on-year increase of approximately 10% [2] Group 2 - Gold and jewelry have emerged as significant savings opportunities, with duty-free gold prices in Hainan being substantially lower than mainland prices, allowing consumers to save over 10,000 yuan on purchases [3] - High-end digital products, such as the iPhone 17 Pro, are also available at considerable discounts, with prices significantly lower than those on e-commerce platforms [3] - Beauty and skincare products, as well as imported wines and spirits, are being offered at 30% to 40% lower prices compared to mainland retail, making them attractive purchases [4] Group 3 - The closure marks the beginning of a new phase for Hainan Free Trade Port, with the Chinese government emphasizing its commitment to opening up the economy and reducing barriers for foreign investment [4] - In the first eleven months of the year, China established over 60,000 new foreign-invested enterprises, reflecting a 16.9% year-on-year increase, and the total value of goods trade and imports/exports reached over 41 trillion yuan [4] - The Chinese government is focused on expanding its openness and enhancing cooperation in various fields as a key task for the upcoming year [4]

临近岁末 上海消费市场提前升温 各大商场商街的促消费活动轮番登场 处处洋溢着热闹的消费氛围 昨天，第一八佰伴岁末嘉年华拉开序幕，黄金饰品、美妆护肤、运动潮品等热门"尖货"成为焦点，不少消费者提前到店锁定心 仪好物，咨询、预订的身影穿梭在各个专柜。 这边热度攀升，那边精彩启幕——淮海天地时尚季已正式启动，这场持续至明年2月的时尚盛宴，将为淮海商圈带来源源不断的 特色活动，吸引更多市民游客打卡体验，为岁末消费市场注入强劲活力。 新品首发+经典大促 一券买遍全商场 "到目前为止，提前预订的金额相比去年同期上涨了10%左右。"昨天中午，在第一八佰伴的六楼，李宁专卖店的店长杨柯穿着 短袖，忙得热火朝天。她告诉新民晚报记者，今年市民的购物热情更高，早在月初就有不少人来现场打样。为此，门店也多多 备货，全场参与大促，不仅有2025年新款，还在申请2026年一季度的春装新品参与活动，预计下周一就能到货。 而在二楼的黄金饰品区域，各个品牌门店里都有消费者，挑款式、算价格，热度更高几分。"全场计价黄金饰品每克优惠40元， 大部分一口价金饰品打88折，在这些品牌活动的基础上，我们还能收券。"周生生店长李晓东说，如果用足优惠，金饰品 ...