Group 1 - The overall retail market performance in South China during the 2026 Spring Festival was weak, with a decline in foot traffic and average transaction value being the main factors affecting sales [2] - Five out of the first six days of the Spring Festival saw a year-on-year decline in mall foot traffic, with only one day showing growth, indicating overall performance below internal expectations [2] - Increased travel among consumers in South China is identified as a key reason for the decline in foot traffic in shopping districts [2] Group 2 - The collectible toy sector remains highly prosperous, with Pop Mart (09992) expected to achieve over 25% growth for the year, driven by strong IP operation capabilities and a stable fan base [3] - The cosmetics sector shows mixed performance, with foreign brands like Dior and MAC experiencing approximately 10 percentage points of growth, while domestic brands, except for Mao Geping (01318), show weaker results [3] - Mao Geping is projected to achieve a 20% growth target for the year, supported by stable product quality and effective member acquisition strategies [3] Group 3 - The restaurant industry displayed a K-shaped recovery during the Spring Festival, with large dining establishments facing pressure on average transaction values, declining by about 5-15%, while fast food and small dining formats showed slight growth [4] - Entertainment consumption, represented by cinemas, performed poorly, with box office revenues declining compared to the previous year's Spring Festival, attributed to low-quality films and weak star power [4] Group 4 - The apparel sector's sales remained flat, with growth primarily driven by pre-Spring Festival consumption, characterized by increased average transaction values and higher attachment rates [5] - Samsonite (01910) experienced a year-on-year sales increase of approximately 15% during January-February 2026, benefiting from travel demand during the Spring Festival [5] - The jewelry sector saw sales rise due to increasing gold prices, with brands like Chow Tai Fook and Chow Sang Sang reporting growth driven by investment gold bar sales [5]