2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速 在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌 普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商 场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上 海兴业太古汇凭借标志性项目"路易号"拉动，零售额大增49.6%。 财富效应驱动高端消费需求回升，高频指标印证修复 富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数 据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额 增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股 市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入 逐季加速复苏以及高端酒店RevPAR的增长中得到印证。 风险提示 宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。 华福证 ...

智通财经APP获悉，海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛 道高景气，泡泡玛特(09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱 包品牌新秀丽(01910)受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑 销售额。 海通国际主要观点如下： 事件 2026年2月23日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现 的观察。 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲 ...

海通国际发布研报称，2026年春节期间华南百货客流下滑，消费分化明显。潮玩赛道高景气，泡泡玛特 (09992)预计全年增长超25%，毛戈平(01318)凭借核心产品维持高双位数增长。箱包品牌新秀丽(01910) 受益出行需求，1-2月同比回升约15%。餐饮服饰表现平淡，黄金珠宝靠金价支撑销售额。 海通国际主要观点如下： 事件 根据该行近期对某华南百货渠道的调研反馈，该百货渠道2026年春节期间零售市场整体表现平淡，客流 下滑及客单价下降为主要拖累因素 根据专家对多个核心项目的监测，2026年春节假期前六天中有五天商场客流同比录得下跌，仅一天实现 同比增长，整体经营表现低于公司内部预期。尽管车流数据因部分商圈周边停车费用相对较低而普遍上 升，但部分驾车客流可能仅停留于周边项目，并未完全转化为场内实际消费，专家分析指出华南地区消 费者出游人数增多是导致商圈客流同比下降的主要原因之一。 潮玩赛道持续高景气，头部品牌凭借IP运营能力及会员粘性保持强劲增长 根据专家数据，泡泡玛特整体增长强劲，1Q25因Labubu IP爆火同比增长40%左右，同比增速仍保持稳 定，基于其强大的IP运营能力(专家预期26年仍会有一款大热 ...

Core Viewpoint - The company Mao Ge Ping (01318.HK) has received approval from the Hong Kong Stock Exchange for the full circulation of its H-shares, allowing for the listing and trading of 228,344,600 H-shares starting from January 29, 2026 [1]. Group 1 - The approval permits the conversion and listing of the maximum number of unlisted shares [1]. - The total number of H-shares involved in this approval is 228,344,600 [1].

Core Viewpoint - The collaboration between the Mao Geping brand and TEAM CHINA at the 2026 Winter Olympics highlights the integration of beauty and sports, showcasing Chinese athletes' confidence and elegance on the world stage [1][12]. Group 1: Brand Collaboration and Initiatives - Mao Geping brand serves as the official beauty service supplier for the Chinese national team, enhancing athletes' confidence and showcasing Eastern beauty during the Winter Olympics [1][3]. - The brand has established a dedicated beauty experience space at the "China House" in Milan, providing makeup services and product experiences to athletes and guests [3][5]. - A special "Chinese National Team Personal Image Equipment Package" has been created for athletes, allowing them to focus on performance while looking their best [5]. Group 2: Product Launch and Aesthetic Inspiration - The brand launched the "National Light, Shine Milan" series, which includes six makeup products designed to celebrate the beauty of winter sports and enhance athletes' appearances [6][8]. - The product design draws inspiration from Eastern traditional aesthetics and Western artistic spirit, incorporating elements like the "Ruihua pattern" and modern geometric forms to express the spirit of sports and art [8][12]. Group 3: Brand Philosophy and Future Commitment - Mao Geping brand emphasizes its commitment to promoting Eastern aesthetics globally, believing that beauty is a form of strength and cultural resonance [12][14]. - The brand aims to accompany Chinese athletes in their journey, celebrating their achievements and showcasing the beauty of Chinese culture on international platforms [14].

Core Viewpoint - The 2026 Winter Olympics in Milan and Cortina d'Ampezzo is a significant event showcasing athleticism and cultural diversity, with the Chinese brand Maogeping serving as the official beauty service provider for Team China, emphasizing the theme "National Light, Shine in Milan" [1] Group 1: Brand Involvement - Maogeping brand has partnered with Team China to enhance the athletes' confidence and showcase Eastern beauty on the world stage [1][3] - The brand has established a dedicated beauty experience space at the "China House" in Milan, providing makeup services to athletes and guests [3] Group 2: Product Offerings - Maogeping has created a special "National Team Personal Image Equipment Package" for athletes, allowing them to focus on performance while looking their best [5] - The brand launched the "National Light·Shine in Milan" series of makeup products, including six items designed to celebrate the spirit of winter sports and enhance the athletes' appearance [5] Group 3: Aesthetic Inspiration - The product line draws inspiration from Eastern traditional aesthetics and Western artistic spirit, featuring the "Ruihua Pattern" and modern geometric designs to convey a sense of speed and beauty [7] - The brand aims to blend sports spirit with artistic aesthetics, reflecting the strength, elegance, and belief of contemporary athletes [7] Group 4: Brand Philosophy - Maogeping's collaboration with sports events is part of its long-term commitment to promoting Eastern aesthetics globally, believing that beauty is a form of strength and cultural resonance [11] - The brand continues to support Chinese athletes on international stages, celebrating their achievements and showcasing the beauty of Eastern culture [13]

Core Viewpoint - Mao Geping (01318.HK) has seen a nearly 3% increase in stock price, currently up 2.21% at HKD 92.6, with a trading volume of HKD 59.5485 million [2] Company Summary - The stock price of Mao Geping has risen to HKD 92.6, reflecting a positive market response [2] - The trading volume reached HKD 59.5485 million, indicating active investor interest [2]

Group 1 - The core viewpoint of the article highlights that 毛戈平's stock has seen an increase of nearly 3%, currently trading at 92.6 HKD with a transaction volume of 59.54 million HKD [1] - On February 5, 毛戈平 announced that it received approval from the Hong Kong Stock Exchange to list and trade 228 million H-shares, which are the maximum number of unlisted shares to be converted and listed [1] - Goldman Sachs' research indicates that despite challenges in the overall cosmetics industry, 毛戈平 is expected to outperform the market, with projected compound annual growth rates (CAGR) for sales and net profit reaching 23% and 22% respectively from 2025 to 2027 [1] Group 2 - Shenwan Hongyuan forecasts that 毛戈平's gross merchandise volume (GMV) on Douyin is expected to grow by around 50% in 2025, with both skincare and makeup segments contributing to this growth [1] - The profit growth rate for the company is anticipated to be 35% in 2025, indicating strong performance in the upcoming years [1]

Group 1 - The core viewpoint of the article highlights that Mao Geping (01318) has seen a stock price increase of nearly 3%, currently trading at 92.6 HKD with a transaction volume of 59.55 million HKD [1] - On February 5, the company announced that it received approval from the Hong Kong Stock Exchange to list and trade 228 million H-shares, which are the maximum number of unlisted shares convertible and to be listed [1] - Goldman Sachs' research indicates that despite challenges in the overall cosmetics industry, Mao Geping is expected to outperform the market, with projected compound annual growth rates (CAGR) for sales and net profit reaching 23% and 22% respectively from 2025 to 2027 [1] Group 2 - Shenwan Hongyuan forecasts that the company's GMV on Douyin is expected to grow by around 50% in 2025, with both skincare and makeup segments contributing to this growth [1] - The profit growth rate is anticipated to be 35% in 2025, indicating strong performance in the company's financial outlook [1]

Core Viewpoint - The company Mao Geping (01318) has received approval from the Hong Kong Stock Exchange to list and trade 228 million H-shares, which represents the maximum number of unlisted shares that will be converted and listed by January 29, 2026 [1] Group 1 - The approval allows for the trading of 228 million H-shares [1]