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The word 元宵节 is formed from 元 meaning "first", 宵 meaning "night", and 节 meaning "festival"; 元宵 combined denotes "first night", specifically the initial full moon night of the lunar year, and with 节 added, it specifies the festival occurring on that date, the Lantern Festival.

Word Definition - 元宵节

yuán xiāo jié Lantern Festival, the final event of the Spring Festival 春節|春节, on 15th of first month of the lunar calendar