证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 02 年 月 日 朝闻国盛 美联储迎来沃什，4 大关键点 今日概览 ◼ 重磅研报 【宏观】美联储迎来沃什，4 大关键点——20260201 【宏观】物价回升如何影响税收收入？—2025 年财政回顾与 2026 年展 望——20260131 【宏观】1 月 PMI 超季节性回落的背后——20260131 【策略】月度高胜率窗口的经验与应对——20260201 【海外】优选地产、大宗和科技——2026 年 2 月海外金股推荐—— 20260131 【金融工程】短期调整不足为惧——20260201 【金融工程】择时雷达六面图：本周拥挤度指标明显弱化——20260131 【固定收益】联储换帅、市场波动与债市逻辑——20260201 【固定收益】赎纯债、降久期、增信用——债基 2025Q4 季报分析—— 20260201 【固定收益】资金平稳跨月，存单偿还地方债放量——流动性和机构行 为跟踪——20260131 【固定收益】固收+继续扩张，增配科技化工——25Q4 基金转债持仓分 析——20260131 【电新】低轨星座竞赛与太空算力革命，引爆太空光 ...

增持（维持） [Table_Tag] [本Table_Summary] 周行业观点（注：文中"本周"指 1 月 26 日至 2 月 1 日） 证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 2026 年消费-商贸零售&社会服务业的八大 预测 2026 年 02 月 01 日 证券分析师 吴劲草 相关研究 《陕西旅游主板 IPO 过会，招股书详 细拆解》 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% ...

潮起珠江千帆竞，满载岭南好风物。 在全球新一轮科技革命和产业变革下，依托几十年不断积累的工业家底和对市场、技术敏锐的捕获力，广货实现了从"制造"到"创造"、 从"跟随潮流"到"引领潮流"的迭代。新能源汽车、工业机器人、无人机、文化产品等一批新"广货"，顺着AI算力高速公路、电商平台，走向千 家万户。 当前，全球产业链加速重构。推动"广货"行天下，是服务国家战略、顺应时代之变、驱动广东高质量发展的主动出击。"广货"能行、先 行、畅行背后，蕴藏着中国经济发展韧性、潜力与活力的关键密码。 能行之基：产业厚积薄发 铸就"广货"硬实力 走进"中国灯饰之都"广东省中山市古镇镇，沿街商铺琳琅满目。一家灯饰企业的负责人向记者展示："从设计图纸到成品出厂，所有配件 在5公里范围内都能配齐。"在深圳华强北，创客们很快就能"攒"出一台智能硬件原型机。 这种"一小时产业圈"的效率传奇，是广东数十年锻造的产业生态系统的极致体现。目前，广东拥有全部31个制造业大类，新一代电子信 息、轻工纺织、材料、石化、农业与食品、家电、软件与信息服务、汽车、新能源等9个万亿级产业集群蔚然成势，华为、格力等"参天大 树"和无数"专精特新"中小企业各美其 ...

Group 1 - The company Miniso (09896) announced a share buyback plan, intending to repurchase 51,000 shares at a cost of $237,000 [1]

Group 1 - The company Miniso (09896.HK) announced a share buyback on January 30, spending $240,000 to repurchase 51,000 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2026年2月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包 ...

Core Insights - MINISO aims to become a global leading IP operation platform, focusing on building an IP ecosystem and incubating proprietary IPs to create world-class Chinese IPs [2][5] - The company plans to transform from a retail business to a leading global IP operation platform, emphasizing the importance of culture and IP in future competition [2][5] - MINISO expects to exceed 10,000 global stores within three years, serving as a main channel for the globalization of Chinese IPs and aiming to take 100 Chinese IPs overseas [2][5] Strategic Initiatives - The "MINISO LAND" concept is central to the new vision, with a focus on large and well-managed stores to drive this strategy [2][5] - Currently, there are over 25 MINISO LAND stores globally, with plans for these city IP parks to spread worldwide and lead global interest consumption trends [2][5] - The newly opened MINISO LAND store in Guangzhou spans over 1,100 square meters and features over 90% of its products as IP-related, showcasing popular global IPs and MINISO's proprietary IPs [2][5]

Group 1: Market Trends and Insights - Melodies are becoming a key element in defining consumer emotions and lifestyles, reflecting a growing trend towards "slow living" and nostalgia[3] - 60% of Millennials and Gen Z users are accustomed to listening to songs in non-native languages, indicating a shift towards global music consumption[35] - The emotional resonance of melodies can enhance dopamine levels by up to 9%, similar to the pleasure derived from food or surprise[31] Group 2: Marketing Opportunities - Brands can leverage melodies to create emotional connections and enhance consumer engagement, transforming music from background noise to a central marketing theme[8] - The report identifies seven types of popular melodies that resonate with different consumer segments, providing brands with actionable insights for targeted marketing strategies[166] - Short videos with catchy melodies can increase engagement and interaction rates, with music significantly impacting viewer retention in the first three seconds[42] Group 3: Consumer Behavior - Consumers aged 18-40 are increasingly seeking emotional comfort through music, prioritizing relaxation and personal well-being in their daily lives[226] - The rise of AI in music creation is lowering barriers for content production, allowing for rapid and diverse music generation that aligns with consumer preferences[146] - The integration of melodies into brand narratives can facilitate deeper connections with consumers, enhancing brand loyalty and recognition[57]

新华网北京1月31日电岁末年初，一句"爱你老己，明天见"席卷社交网络，成为年轻人自我关怀的新表 达。热梗走红的背后，正是悦己消费理念的具象化。 一杯限定奶茶、一个盲盒、一场演唱会、一次沉浸式"悦己游"，悦己消费折射出消费从"物质满 足"到"情感体验"的深刻转变。这一新兴消费方式深度融入日常生活，成为驱动消费升级的重要力量。 悦己消费的多元打开方式 2026年1月 20日，在北京五棵松万达广场暖宠家店铺里，消费者正与宠物猫互动。新华网 韩攀摄 记者调查发现，年轻人的悦己消费早已跳出传统购物范畴，转向以情绪价值为核心的多元体验。在北京 五棵松万达广场的暖宠家店铺，几位年轻顾客正与毛茸茸的小生命亲昵互动，轻快的笑声不断。 这股为情绪价值买单的热潮，早已不是小众潮流。艾媒咨询报告显示，2024年中国情绪经济市场规模达 2.3万亿元，预计2029年将突破4.5万亿元。 相较于传统消费，悦己消费场景更广、形式更活，覆盖潮玩、宠物、情绪健康、文化娱乐、解压产品及 香氛等多个领域。潮玩赛道从"小众收藏"走向"大众消费"，"谷子经济"快速增长，宠物消费也超越基础 饲养，通过跨界业态满足情感陪伴需求。 值得买科技集团消费产业研究 ...

Core Viewpoint - MINISO is focusing on the rapid growth of its proprietary IP "YOYO" and is developing a humanoid robot that will be available for purchase, integrating AI with its IP as part of its future strategy [1] Group 1 - The 2026 Global Partner Conference was held in Guangzhou on January 30, where MINISO's founder Ye Guofu delivered a speech [1] - The company is currently developing a humanoid robot under the "YOYO" brand, which is expected to be sold for several tens of thousands [1] - MINISO aims to integrate AI with its IP as a key part of its future strategy [1]