新消费行业周报（2026.1.19-2026.1.23）：泡泡玛特2.5亿港元回购；美丽田园25年业绩预告表现亮眼-20260124

Investment Rating - Investment rating: Positive (maintained) [3] Core Views - The report highlights the strong confidence of Pop Mart, which recently announced a buyback of 2.5 billion HKD, indicating robust operational confidence. The company has launched new products that have sold out quickly, showcasing its strong brand momentum and IP development capabilities [3]. - Beautiful Pastoral has provided a positive earnings forecast for 2025, expecting revenue of no less than 3 billion CNY, a growth of at least 16% compared to 2024, and a net profit of no less than 3.8 billion CNY, representing a year-on-year increase of at least 40% [3]. - The report emphasizes the potential benefits of government policies aimed at supporting the maternal and infant industry, including a 100 billion CNY subsidy for childcare, which could positively impact related sectors such as dairy products and education training [3]. Summary by Sections Industry Performance - The new consumption sector showed a weekly increase, with the beauty care index rising by 1.98%, the retail index by 2.16%, and the social services index by 3.20% during the week of January 19 to January 23, 2026 [6]. Key Industry Data - Retail sales of clothing and textiles in December increased by 0.6% year-on-year, while cosmetics sales rose by 8.8%, and gold and silver jewelry sales increased by 5.9% [11][12]. Investment Analysis Opinions - The report suggests focusing on high-quality domestic brands in beauty care, such as Mao Ge Ping and Shangmei, and on leading brands in the gold jewelry sector that appeal to younger consumers, like Laopu Gold and Chaohongji. It also recommends companies with strong IP creation and operational experience in the trendy toy sector, such as Pop Mart, and leading tea brands with extensive coverage like Mixue Group and Guming [16].