[Table_Title] 研究报告 Research Report 大消费渠道脉搏：泡泡玛特和毛戈平 26 年同店持续强劲增长，新秀丽 26 年初回升明显 Consumer Channel Pulse: POP MART & Mao Geping Sustain Robust SSS Growth in 2026E, Samsonite Shows Marked Rebound in Early 2026 24 Feb 2026 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 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。 根据我们近期对某华南百货 ...

从北国的冰雪热潮到南方的灯会盛景，从城市商圈的人流涌动到县域大集的烟火升腾，2026年马年春节，长达9天的假期窗口，铺展出一幅热 气腾腾的新春画卷。新场景、新风尚、新流量，三个关键词成为展现中国春节消费图景的生动注脚。 ——新场景：在悦己体验中感受团圆暖意。 春节是团圆的节日，而团圆的内涵正在不断丰富。今年假期，"旅行过年""度假式过年"热度攀升。 在江西抚州黎川古城，张灯结彩的街巷间，携老带幼的举家出游队伍随处可见。古城深处的"云水间"民宿，由百年老宅改造而成，从除夕到正 月初七客房早早订满。 民宿的庭院里，画架一字排开，油彩铺陈，这家民宿春节期间推出的免费油画体验活动场场满员。来自上海的游客徐硕说："以前过年就是走 亲访友，今年带着父母和孩子出来旅行，一起完成一幅画，比单纯逛景区更有纪念意义。" 春节期间，游客在黎川古城体验油画创作。（邱世同 摄） 与此同时，更多年轻人选择为"情绪价值"买单。在长沙，年轻消费者正成为春节消费的主力军。位于天心区的悦方ID MALL凭借独特的"泛二 次元"生态定位，成为年轻消费者的热门打卡地，泡泡玛特等品牌门店在假期中迎来消费热潮。 "花钱买时间、买品质"让春节的消费清单更 ...

2026年春节，当传统年货还在比拼"老字号"和"土特产"时，AI玩具却上演了一场"抢位大战"。 成都春熙路广场的"首发春熙 AI黑科技新春派对"每天迎来数千名参观者，AI萌宠机器人展台前挤满了 年轻消费者；在汕头澄海宝奥国际玩具城里，浙江、广东的外地车牌随处可见，游客拖着满载玩具的购 物车；京东平台上，"AI玩具"搜索量同比增长125%；淘宝天猫潮玩行业数据显示，年货节期间AI玩具 成交同比暴增500倍，6款单品销量破百万。 今年春节，AI玩具从小众品类变成了年货顶流。 AI玩具的爆发首先得益于底层技术的成熟与硬件成本的下降。魔镜洞察报告显示，2025年1—10月中国 AI玩具线上销售额达5.2亿元，同比增长394.9%，销量激增960.5%。这一数据的背后是技术的突破，AI 玩具已从"被动响应指令"升级为"主动感知情绪"的阶段，通过语音识别、情感计算等技术实现深度互 动。 硬件成本的降低也让AI玩具突破了价格壁垒。成都春熙路的AI萌宠机器人定价仅百元至数百元，京东 京造首批自研AI毛绒玩具上线即售罄；汕头澄海的AI陪伴宠物狗、英歌舞机器人等产品价格亲民，成 本下降推动AI玩具从"高价尝鲜品"变为"大众消费品 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

4、美称中国一人工智能企业违反美出口管制，外交部：中方已多次表明原则立场 1、特朗普考虑征收新的国家安全关税 美国最高法院上周的一项裁决宣布总统特朗普第二任期的多项征税无效，现在特朗普政府考虑对六 个行业征收新的国家安全关税。据知情人士透露，考虑征收的新关税可能涵盖大型电池、铸铁和铁配 件、塑料管道、工业化学品以及电网和电信设备等行业。这些关税将根据《1962年贸易扩展法》(Trade Expansion Act of 1962)第232条征收，该条款赋予总统基于国家安全风险征收关税的广泛权力。新的第 232条关税将独立于特朗普自最高法院周五上午驳回其多项关税以来已宣布的其他税项。已宣布的关税 包括一项新的15%关税，可维持五个月，以及计划在该期限后征收的多项关税，后者将根据《贸易法》 (Trade Act)第301条发布。 2、美媒：特朗普军方最高顾问警告袭击伊朗风险 据Axios援引两名消息人士透露，美军参谋长联席会议主席丹・凯恩将军已向特朗普总统及高级官 员建议，对伊朗发动军事行动可能存在重大风险，尤其是可能陷入长期冲突。 特朗普政府高层正就是 如何应对伊朗对峙、以及不同方案将带来何种后果展开激烈争论。 ...

Group 1 - The net buying of Southbound funds includes significant amounts in Southern Hang Seng Technology (1.585 billion), Meituan-W (0.687 billion), Xiaomi Group-W (0.437 billion), Kuaishou-W (0.304 billion), UBTECH (0.242 billion), and SMIC (0.220 billion), while there was a net sell of Pop Mart (0.205 billion) [1] - Southbound funds have continuously net bought Meituan for five days, totaling 2.62343 billion HKD, and Xiaomi for three days, totaling 2.66892 billion HKD [4] Group 2 - Xiaomi Group-W's vehicle delivery is expected to exceed forecasts, potentially reaching 650,000 units by 2026, with a strategy to counteract declining smartphone ASP through stable IoT and internet business [5] - UBTECH's humanoid robot gained significant popularity during the Spring Festival, with institutions predicting a substantial growth phase for the industry this year [6] - SMIC's revenue for Q4 2025 is expected to exceed forecasts, maintaining high capital expenditure [7] - Pop Mart announced the launch of a new IP "After School Merodi" on February 26, featuring 12 regular and 1 hidden model, with pricing set at 69 RMB per blind box and 828 RMB per complete set [7]

恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) 恒生指数收跌1.82%，恒生科技指数跌2.13%。中国中免跌逾10%，金蝶国际跌逾7%，中国人寿跌逾 6%，泡泡玛特、商汤跌逾5%，腾讯控股跌逾3%。 (本文来自第一财经) ...

（来源：BambooWorks） 爱奇艺计划开设三座沉浸式体验主题乐园，在扬州的首座园区将引入其串流平台内容 Key takeaways: ▶ 在收入连续七个季度下滑、首席财务官离职后，爱奇艺计划开拓一系列小型主题乐园，试图进一步变现旗下IP资产 ▶ 泡泡玛特、名创优品及Netflix亦正测试高科技沉浸式主题乐园，希望更有效发挥内容优势，带动销售增长 影音平台爱奇艺（IQ.US），正规划在扬州、北京及开封三地开设主题乐园，其中首座乐园在扬州开幕，时间点恰好落在美国竞 争对手奈飞（NFLX.US）于达拉斯及费城推出首批两座沉浸式体验场馆"Netflix House"之后短短数月，这种巧合或许只是偶然。 据报道，位于扬州市的爱奇艺乐园开幕首日门票即告售罄。标志着爱奇艺历时近十年的线下沉浸式互动内容开发正式落地，目 前相关团队已在全国30个城市营运近60个线下沉浸式剧场。 新主题乐园将沉浸体验从传统观赏型剧场再往前推进一步，但场地规模仍相对有限。扬州园区为租用的1万平方米室内建筑，仅 相当于传统户外主题乐园约四百分之一的面积，其建设成本亦远低于上海迪士尼与北京环球影城，后两者投资金额均超过300亿 元。 爱奇艺研发 ...

Core Insights - On February 24, 2026, Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.462 billion, 4.066 billion, and 1.797 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 5.689 billion, 4.025 billion, and 1.901 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.462 billion, net buying of +0.393 billion [2] - Alibaba-W (09988): Trading amount of 4.066 billion, net selling of -0.065 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.797 billion, net buying of +0.247 billion [2] - SMIC (00981): Trading amount of 1.696 billion, net selling of -0.121 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.570 billion, net buying of +0.059 billion [2] - Pop Mart (09992): Trading amount of 1.476 billion, net selling of -0.101 billion [2] - CNOOC (00883): Trading amount of 1.379 billion, net selling of -0.049 billion [2] - Meituan-W (03690): Trading amount of 1.232 billion, net buying of +0.025 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.217 billion, net buying of +0.026 billion [2] - UBTECH (09880): Trading amount of 1.028 billion, net buying of +0.024 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.689 billion, net selling of -0.480 billion [2] - Alibaba-W (09988): Trading amount of 4.025 billion, net selling of -0.000384 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.901 billion, net selling of -0.161 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.544 billion, net buying of +0.378 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.465 billion, net buying of +1.327 billion [2] - SMIC (00981): Trading amount of 1.394 billion, net buying of +0.342 billion [2] - Meituan-W (03690): Trading amount of 1.039 billion, net buying of +0.066 billion [2] - CNOOC (00883): Trading amount of 0.874 billion, net selling of -0.05057 billion [2] - Kuaishou-W (01024): Trading amount of 0.763 billion, net buying of +0.0304 billion [2] - Pop Mart (09992): Trading amount of 0.762 billion, net selling of -0.0104 billion [2]

Investment Rating - Industry rating: Recommended [4] Core Insights - The tourism market experienced a strong start during the Spring Festival, with significant increases in visitor numbers and spending across various regions [1][2][3][6][11][12] - The report highlights a shift towards experiential tourism, with traditional cultural activities gaining popularity among travelers [11][12] - The overall consumer spending during the Spring Festival showed robust growth, indicating a positive trend for the service sector [2][7][12] Summary by Sections Industry & Company Dynamics - The tourism sector saw record visitor numbers during the Spring Festival, with Beijing receiving 19.84 million visitors and Shanghai 21.67 million, marking year-on-year increases of 8.36% and 20.90% respectively [1][2] - Notable attractions such as Zhangjiajie and various cultural events contributed to the growth in visitor numbers and revenue [6][11] - The report indicates a growing trend in domestic tourism, with cities like Chongqing and Jiangsu also reporting significant increases in tourist numbers and spending [2][3][11] Macro & Industry Data - The overall retail sales growth in December was reported at 0.9%, with service retail showing faster growth compared to goods [14][15] - The online retail sector continues to expand, with a 5.2% year-on-year increase in physical goods sold online, accounting for 26.1% of total retail sales [15][22] - The gold consumption market showed a 9.77% increase in Q4 2025, indicating a shift in consumer preferences towards investment-grade gold products [32][34] Investment Recommendations - The report suggests focusing on high-growth sectors supported by policy and technological advancements, including duty-free shopping, senior tourism, and childcare consumption [7][38] - New consumption trends are expected to maintain their growth trajectory, with leading companies in sectors like trendy toys, tea drinks, and health products positioned for potential gains [7][38] - Innovations in retail formats and international expansion are highlighted as avenues for new growth, with specific companies identified as beneficiaries [7][38]