Group 1 - The core announcement is about the new IP "After School Merodi" by Pop Mart, which includes 12 regular figures and 1 hidden figure [1] - The probability of obtaining a regular figure is 1 in 12, while the hidden figure has a probability of 1 in 144 [1] - The price for a single blind box is set at 69 yuan, and a complete box is priced at 828 yuan [1] - Online sales are scheduled to start on February 26, 2026, at 22:00, with offline sales beginning on February 27, 2026 [1]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 137.775, up 2.59% from the previous close in Hong Kong [2] - Tencent Holdings closed at HKD 531.758, an increase of 1.87% from the previous close in Hong Kong [2] Group 2 - Tencent Holdings reported a latest price of HKD 522.000, down HKD 11.000 or 2.06%, with an ADR price of HKD 531.758, showing an increase of HKD 9.758 compared to the Hong Kong stock price [3] - Alibaba Group (W) had a latest price of HKD 147.100, down HKD 7.600 or 4.91%, with an ADR price of HKD 150.874, reflecting an increase of HKD 3.774 compared to the Hong Kong stock price [3] - HSBC Holdings had a latest price of HKD 134.300, up HKD 0.100 or 0.07%, with an ADR price of HKD 137.775, indicating an increase of HKD 3.475 compared to the Hong Kong stock price [3]

深圳商报·读创客户端首席记者 董思 "爱你老己"成为年轻人自我关怀的热梗，以情绪价值为核心的"悦己消费"正深度融入日常生活。马年春 节期间，深圳这类主打情绪消费的市场持续走热，记者走访市场了解到，美甲、潮玩、香氛等相关品类 消费热度明显攀升。 春节前夕，被称作过年"变美三件套"的美甲、美睫、美发服务迎来预订高峰，多家门店接连发布春节调 价通知，美甲"春节服务费"普遍上涨30元至50元，即便加价依旧"一位难求"。 香氛消费也从小众走向大众，深圳湾万象城多家香氛品牌门店人气很旺，观夏马年春节快闪店内多款香 氛礼盒销量走高，不少女性消费者到店体验选购，为自己增添一份新年仪式感。 95后消费者苏苏的新春购物清单颇具代表性。除提前预订美甲服务外，她还入手了心仪已久的黄金饰品 与博物馆联名香氛。"往年过年总忙着给亲友挑选礼物，今年也想好好宠爱自己。" 00后小周则一口气买下IP联名DIY姓名水杯、潦草小狗新年周边包袋与挂件，还在泡泡玛特选购了新春 潮玩。"都是给自己的新年小礼物，看着就开心。" 一位长期观察深圳消费领域的业内分析师指出，过去，消费往往被看作是一种满足生活需求的手段，而 如今，消费超越了满足基本需求的层次， ...

Core Insights - The article highlights the resurgence of traditional food brands and the emergence of new popular dining spots in Shanghai during the Spring Festival, showcasing a vibrant consumer atmosphere and increased foot traffic in commercial areas [2][3][4]. Group 1: Traditional Brands - Established brands like Xiao Shao Xing and De Xing Guan have successfully attracted large crowds, with long queues forming outside their locations on Shanxi South Road, which has become a new hotspot for dining [2][3]. - Xiao Shao Xing has adapted to modern consumer preferences by introducing new menu items such as baked crème brûlée and osmanthus rice milk, appealing to younger customers and international tourists [2]. - De Xing Guan experienced a surge in popularity due to a mention in a popular drama, leading to increased customer traffic and adjustments in operating hours to accommodate demand [3]. Group 2: New Consumption Scenes - New consumption brands in Shanghai are creating innovative shopping experiences, such as the themed pop-up events at BFC Financial Center, which combine traditional elements with modern trends to attract consumers [4]. - The introduction of pop-up stores, like the one by Lao Pu Huang Jin, has significantly increased foot traffic, with customers often waiting hours to enter, benefiting surrounding shops as well [5][6]. - The LV giant "Louis" continues to draw crowds, with all reservation slots for its exhibition fully booked during the Spring Festival, indicating strong interest from both local and international visitors [6]. Group 3: Consumer Behavior - The festive atmosphere and new shopping experiences have encouraged local residents to stay in Shanghai for the holiday, contributing to a vibrant local economy [4]. - Consumers are increasingly engaging with new brands and experiences, leading to a shift in shopping habits and preferences during the festive season [5][6].

Market Overview - The Hang Seng Index (HSI) closed at 26,541.96, down by 163.98 points or 0.61% on February 19 [1] - The index opened at 26,658.57, reached a high of 26,674.58, and a low of 26,480.63, with a trading volume of 24.6391 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 135.722, up by 1.13% compared to the previous close [2] - Tencent Holdings closed at HKD 532.399, down by 0.11% compared to the previous close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 533.000, with a slight increase of 1.000 or 0.19% [3] - Alibaba Group (09988) latest price is HKD 154.700, down by 0.700 or 0.45% [3] - HSBC Holdings (00005) latest price is HKD 134.200, down by 1.500 or 1.11% [3] - AIA Group (01299) latest price is HKD 82.350, up by 2.050 or 2.55% [3] - Meituan (03690) latest price is HKD 82.050, down by 0.100 or 0.12% [3] - JD.com (09618) latest price is HKD 105.900, down by 0.500 or 0.47% [3]

提起这一地名，本地有"新郑不新"之说，春秋时期郑国迁都于此，相对旧都故称"新郑"。但这片土地又 不断创造着新事物，她见证了2700多年前那次新旧"国际秩序"交替的开端，因此中学课文中大家所熟知 的《左传》开篇故事就发生在这里。此后，这里走出了战国时期变法图强的理论先驱韩非子、唐代诗歌 革新运动旗手白居易、明末为张居正改革提前铺垫的高拱（影视剧《大明王朝1566》中的高阁老原 型）…… 开拓创新因而也一直刻在河南人民的基因里。当今在"新消费"和"新质生产力"领域勇立潮头的创业者 们，正立足河南、走向世界。 一、河南新消费三杰：胖东来、蜜雪、泡泡玛特 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：申万宏源策略冯彧 前方从中原大地发来马年祝福~ 今年春节回到河南省新郑市。来豫的投资人可能并不陌生，大多第一站会落地郑州新郑国际机场。这次 我也从这里开启"老家河南"之旅。 从舌尖上的性价比到情绪消费，三个河南人掌控了中国年轻人的吃喝玩乐。 新年腊月二十八，正是居民采买年货旺季。为应对客流压力，胖东来许昌时代广场店开启"迪士尼"模 式：外墙大屏幕上清晰地列示功能分区，商场和超市进行分隔管 ...

Core Viewpoint - The article discusses the emergence of the "emotional economy," which encompasses various consumer behaviors driven by emotions, such as self-care, companionship, and anger, highlighting the complexities and implications of these trends in modern society [4][6][30]. Group 1: Emotional Economy Overview - The emotional economy is defined as a new economic form where consumers prioritize emotional value over functional value in their purchasing decisions [9][12]. - Emotional consumption is driven by the need for psychological comfort, self-identity, and emotional resonance, rather than just the utility of products [8][9]. - The emotional economy includes three layers: emotions as commodities, the role of data and platforms in shaping emotional experiences, and the shift from functional value to emotional connection in brand relationships [9][11]. Group 2: Examples of Emotional Economy - Pop Mart serves as a clear example of the emotional economy, where its blind box model creates emotional anticipation and excitement, leading to increased consumer willingness to purchase [10][11]. - The emotional value derived from Pop Mart's products is not just about the toys themselves but the designed emotional experience associated with the purchase [10][11]. - The emotional economy is rapidly growing, with a projected market size of approximately 2.3 trillion yuan in 2024, expected to exceed 4.5 trillion yuan by 2029 [12]. Group 3: Subcategories of Emotional Economy - The "self-love economy" has gained prominence, where consumers focus on personal well-being and emotional satisfaction through various expenditures, such as wellness services and hobbies [20][21]. - The "companionship economy" is characterized by the rise of AI companionship and emotional support services, which have become significant in addressing loneliness and emotional needs [24][25]. - The "anger economy" reflects the monetization of negative emotions, particularly through social media, where content designed to provoke anger garners more engagement and visibility [26][27]. Group 4: Future Implications of Emotional Economy - The emotional economy raises concerns about the potential for emotional commodification to lead to a depoliticized approach to self-care, shifting responsibility for emotional well-being onto individuals rather than addressing systemic issues [30][32]. - The article suggests that while the emotional economy can provide short-term comfort, it may also internalize structural problems as personal issues, complicating the relationship between individual well-being and societal conditions [31][32]. - The evolution of the emotional economy may lead to a revaluation of emotional skills in the workforce, particularly as AI takes over more analytical tasks, potentially benefiting those with strong emotional intelligence [33].

Core Insights - The article highlights the vibrant marketing activities in Beijing's shopping malls during the Spring Festival, focusing on traditional cultural experiences and emotional consumption trends [3][4][16]. Group 1: Spring Festival Marketing Activities - Shopping malls in Beijing are enhancing their New Year marketing with various activities, including lion dances and intangible cultural heritage experiences, to create a festive atmosphere [3][4]. - Haidian Joy City has organized a series of themed events titled "Celebrate the New Year with Haidian Joy City," integrating cultural experiences, emotional connections, and leisure shopping [4]. - Dragon Lake Group's "Tianjie Temple Fair" is being held across nearly a hundred shopping centers nationwide, emphasizing traditional culture and immersive experiences [4][5]. Group 2: Unique Store Formats - The "zero store" and "first store" formats are gaining popularity, attracting customers with unique products and experiences [10][12]. - The first Miniso store in Beijing features a large area with various product categories, including toys and beauty items, and has become a popular destination for shoppers [10][12]. - The Daoxiangcun zero store in Dongsi offers freshly baked products and unique styles, appealing to both locals and tourists [14]. Group 3: Emotional Consumption Trends - There is a noticeable shift in consumer behavior towards emotional consumption, especially among younger demographics, who are increasingly purchasing novelty items like blind boxes for festive celebrations [16][17]. - The "PUCKY Knock Knock Series" has become a hot item, reflecting the trend of consumers seeking unique and meaningful purchases during the holiday season [17][19]. - Marketing strategies are also focusing on the zodiac theme, with creative installations attracting public interest and engagement [20].

Core Insights - The article highlights the top short-selling stocks in the market, with BYD Company Limited (81211) leading with a short-selling ratio of 100.00% [1][2]. Group 1: Short-Selling Ratios - BYD Company Limited (81211) has a short-selling ratio of 100.00% [2][3]. - JD.com (89618) follows with a short-selling ratio of 97.67% [2][3]. - Kuaishou Technology (81024) has a short-selling ratio of 80.79% [2][3]. Group 2: Short-Selling Amounts - Meituan (03690) has the highest short-selling amount at 2.11 billion [2]. - Alibaba Group (09988) follows with a short-selling amount of 1.673 billion [2]. - Xiaomi Corporation (01810) has a short-selling amount of 1.482 billion [2]. Group 3: Deviation Values - BYD Company Limited (81211) has the highest deviation value at 44.67% [3]. - Jinfang Pharmaceutical (02595) has a deviation value of 35.39% [3]. - Kuaishou Technology (81024) has a deviation value of 34.76% [3].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.72% to 26,567.12 points, the Hang Seng Tech Index down by 0.90% to 5,360.42 points, and the National Enterprises Index decreasing by 1.55% to 9,032.71 points [1] - The Hang Seng Index opened lower at 26,640.16 points, dropped by 392.38 points, and ultimately closed down by 465.42 points, with a total trading volume exceeding 257.5 billion HKD [1] - The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 20.2 billion HKD [1] Sector Performance - Overall, sectors such as chips and department stores saw gains, while new consumption, new energy vehicles, and telecommunications had mixed results. Conversely, sectors like gold, non-ferrous metals, biomedicine, port transportation, technology, oil and gas, brokerage, and banking mostly experienced declines [1] Individual Stock Movements - Notable stock movements included Xiaomi Group increasing by 0.88%, AIA Group decreasing by 4.18%, Zijin Mining falling by 7.64%, Hong Kong Exchanges and Clearing down by 2.13%, and Semiconductor Manufacturing International Corporation rising by 0.79% [1] - Ctrip Group-S dropped by 2.10%, Pop Mart fell by 1.90%, while Tian Shu Zhi Xin surged by 14.59% and Zhi Pu increased by 20.65% [1] - China Construction Bank decreased by 1.49%, China Resources Land fell by 2.52%, and Lao Pu Gold dropped by 3.97%, while Guotai Junan International rose by 4.61% and China Petroleum & Chemical Corporation fell by 4.33% [1] Top Traded Stocks - The top three traded stocks included Tencent Holdings, which fell by 0.65% with a trading volume exceeding 14.2 billion HKD; Alibaba, down by 2.02% with over 10.8 billion HKD in transactions; and Meituan, which decreased by 3.18% with a trading volume of over 8.1 billion HKD [2]