Group 1 - The overall retail market performance in South China during the 2026 Spring Festival was weak, with a decline in customer traffic and average transaction value being the main factors affecting sales [3] - Consumer travel increased in South China, contributing to the decline in foot traffic in shopping districts [3] - The toy sector remains highly prosperous, with Pop Mart (09992) expected to achieve over 25% growth for the year, driven by strong IP operation capabilities [4] Group 2 - The cosmetics sector showed slight overall growth, but there was a clear divide between foreign and domestic brands, with foreign brands like Dior and MAC recording approximately 10% growth [5] - The restaurant industry exhibited a K-shaped recovery during the Spring Festival, with large dining establishments facing pressure on average transaction values, while fast food and casual dining showed relative stability [6] - The apparel sector's sales remained flat, with growth primarily driven by pre-Festival consumption, and sports brands experiencing a slowdown in same-store sales growth [7] Group 3 - The luggage brand Samsonite (01910) benefited from travel demand, with sales rising approximately 15% year-on-year during January-February 2026 [8] - The jewelry sector saw a decline in customer traffic but benefited from rising gold prices, leading to a high single-digit increase in sales [9]