2026丙午马年新春将至，一场以"马"为媒的消费热潮正在席卷全国。从甘肃省博物馆铜奔马衍生的毛绒玩偶，到山东美术馆"潦草却自由"的软陶小马"马 彪彪"；从潮玩品牌的限定系列到非遗手作的创新表达，马年文创产品不仅创下亮眼销售数据，更勾勒出新春消费的全新图景。 （全2365字，阅读需要8分钟） 记者｜朱开云 摄影｜朱开云 国家自然博物馆则推出了"地铁小马"毛绒挂件，将馆藏展品普氏野马和日兰德马拟人化，设计出有趣的小马形象；景泰蓝艺术博物馆推出了马年系列文创 产品。其灵感源自馆藏展品"秦始皇陵铜车马"。上世纪70年代中国工艺美术大师钱美华先生带领团队聚焦于承载千年历史的秦始皇陵一号铜马车，将其从 黄土之下唤醒，用景泰蓝工艺赋予其精美的图案及线条色彩，如今设计师将其形象创作为萌趣的形象，创作成文创产品；2月6日，凭借山东美术馆出圈的 软陶小马文创"马彪彪"正式亮相青岛市博物馆，限量联名款同步上线，吸引众多文创爱好者关注。北京大运河博物馆以"马"为媒推出近百款马年主题文创 产品，横跨冰箱贴、毛绒玩具、手办、非遗首饰、家居好物等数十个品类，受到参观市民的欢迎。 2月3日，天猫启动"镇馆之宝"计划，2026年将上线文创专属 ...

Core Insights - The article emphasizes the transformation in consumer behavior from merely purchasing products to seeking comprehensive "home living solutions" that cater to emotional and experiential needs [1][3][60] Group 1: Consumer Trends - The demand for "ceremony" is shifting inward, focusing on self-care rather than social display, with 40.2% of individuals preferring to spend personal time at home and 77.8% willing to pay a premium for home products that provide emotional value [4][10] - The concept of "meta-scenes" is introduced, breaking down the abstract notion of home rituals into four actionable categories: "reset," "link," "light up," and "renew," which brands can leverage to connect with consumers [6][12] - The trend of "AI personalization" indicates that consumers are willing to invest in smart appliances that understand and meet their needs, moving away from cold, technical specifications to more human-like interactions [14][17] Group 2: Marketing Trends - The integration of online and offline channels is crucial, as consumers prefer immersive experiences in physical stores while valuing the convenience of online shopping [34][35] - Emotional resonance is becoming a key marketing strategy, with brands creating "emotional events" that connect with consumers' feelings rather than relying on traditional advertising methods [40][42] - Products must be contextualized within familiar life scenarios, allowing their functional value to naturally integrate into consumers' daily lives [48][49] Group 3: Future Predictions - The future of smart home technology will focus on "emotional alignment," where devices not only respond to commands but also anticipate user emotions and needs [55][56] - Brands will need to cater to specific consumer segments, offering tailored products that meet the unique demands of different demographics [57] - A shift towards providing "holistic value" will be essential, where brands offer comprehensive solutions that encompass functionality, emotional connection, and service throughout the product lifecycle [58][59]

Core Insights - The article highlights the explosive popularity of Luoyang's Tang Sancai cultural products, particularly during the Year of the Horse, showcasing successful collaborations with brands like Mixue Ice City and Wangwang Group, which reflect a deep integration of traditional cultural IP with modern commercial logic [4][5][10] - The success of these cultural products indicates a new path for Luoyang's cultural tourism economy, leveraging cultural creativity to drive consumption upgrades and establish new growth points in cultural tourism integration [4][10] Group 1: Product and Market Dynamics - The "Mashang Xue Wang" and "Mashang Wang" products have sold out immediately upon release, with long queues at stores, indicating strong market demand [4][5] - The collaboration between high-profile brands and traditional artisans has resulted in products that resonate with younger consumers, leading to a dual breakthrough in market acceptance and brand reputation [5][6] - The cross-industry collaborations have evolved from "cultural empowerment" to a "mutual empowerment" model, enhancing the market penetration of both national consumer brands and Luoyang's unique cultural heritage [6] Group 2: Cultural and Historical Context - The article addresses misconceptions about Tang Sancai, clarifying that while some pieces were historically burial items, many were also used in daily life, thus broadening their appeal [7] - Luoyang is recognized as the birthplace and contemporary center for Tang Sancai culture, with ongoing efforts to protect and promote this heritage through new regulations and innovative product development [8] Group 3: Consumer Behavior and Trends - The rise of "emotional consumption" among young consumers is driving the popularity of Luoyang's cultural products, as they seek items that offer cultural significance and emotional resonance [9][10] - The successful integration of cultural design with consumer needs has become a key link between traditional craftsmanship and modern market demands, exemplified by products inspired by local heritage [9] Group 4: Economic Impact - The surge in sales of Tang Sancai products is contributing to a broader increase in Luoyang's cultural tourism consumption, benefiting related sectors such as dining, accommodation, and tourism [10] - The article emphasizes that the rise of emotional consumption not only boosts product sales but also enhances the overall cultural tourism experience in Luoyang, creating a closed-loop consumption model [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

作者：张瑾 转自：荔枝新闻 年轻人问诊定制香囊；在消费场所开设"烦恼粉碎计划""颂钵音乐会"等项目，将消费转化为情绪释放的 载体；一杯限定奶茶、一个盲盒、一场演唱会、一次沉浸式"悦己游"……随着"爱你老己"这句热梗席卷 社交网络，情绪消费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。中国情绪经 济市场规模持续飙升，预计2029年将突破4.5万亿元。当下，"爱你老己"这句热梗成为年轻人自我关怀 的崭新表达，而其背后所代表的悦己消费理念，也正深刻改变消费市场格局。从国家推进消费战略的视 角出发，共建"爱你老己"背后的情绪消费赛道，也有利于推动消费升级、促进经济高质量发展。做 优"悦己消费"，有力驱动消费升级。年轻人的消费行为早已突破了传统购物的局限，开始转向以情绪价 值为核心的多元消费体验。在宠物店铺里，年轻人可以与宠物猫亲密互动，享受治愈时刻；中医把脉摊 位和"烦恼粉碎计划"等项目，成为年轻人释放情绪的出口；手作潮玩领域中，"拼豆"话题播放量突破96 亿次，治愈系手工备受追捧。在马年春节临近时，悦己消费也融入了年货采购之中。这充分表明，为情 绪价值买单的热潮已逐渐融入人们的日常生活，成为驱动消费 ...

商贸零售 行 业 研 究 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 行业关键词：霸王茶姬、琳朝珠宝、阿嬷手作、壹网壹创、千问等 【霸王茶姬】霸王茶姬开设首家泰国旗舰店。 【琳朝珠宝】琳朝珠宝全国第二家门店落子南京德基广场。 【阿嬷手作】阿嬷手作跨界试水餐饮，推出高端广西风味螺蛳粉。 【壹网壹创】壹网壹创拟并购 AI 营销公司。 【千问】千问 APP 上线 AI 请奶茶活动引爆流量。 板块行情回顾 本周（2 月 2 日-2 月 6 日），商贸零售和社会服务指数分别报收 2426.99 点/9285.47 点，分别下跌 0.34%/上涨 ...

（来源：千龙网） 年轻人问诊定制香囊；在消费场所开设"烦恼粉碎计划""颂钵音乐会"等项目，将消费转化为情绪释放的 载体；一杯限定奶茶、一个盲盒、一场演唱会、一次沉浸式"悦己游"……随着"爱你老己"这句热梗席卷 社交网络，情绪消费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。中国情绪经 济市场规模持续飙升，预计2029年将突破4.5万亿元。 做优"悦己消费"，有力驱动消费升级。年轻人的消费行为早已突破了传统购物的局限，开始转向以情绪 价值为核心的多元消费体验。在宠物店铺里，年轻人可以与宠物猫亲密互动，享受治愈时刻；中医把脉 摊位和"烦恼粉碎计划"等项目，成为年轻人释放情绪的出口；手作潮玩领域中，"拼豆"话题播放量突破 96亿次，治愈系手工备受追捧。在马年春节临近时，悦己消费也融入了年货采购之中。这充分表明，为 情绪价值买单的热潮已逐渐融入人们的日常生活，成为驱动消费升级的重要力量。 厂商与消费者"情绪共振"，共同开辟消费新空间。消费者需求的转变促使供给侧加速共建"情感共鸣"。 比如，在潮玩赛道上，泡泡玛特LABUBU系列爆火，名创优品原创IP YOYO热销，都彰显了原创潮玩 的情感号召力。无疑， ...

Group 1 - The article highlights five lucrative sectors during the Chinese New Year, indicating that while some people feel financially constrained, there are opportunities for profit in various industries [1] - Traditional cultural activities, once considered outdated, have become popular during the Spring Festival, with performances like lion dances and folk dances being heavily booked by businesses and malls [3] - The demand for handmade items and experiences is rising, with consumers preferring to create their own decorations rather than purchasing ready-made products, reflecting a trend towards experiential consumption [4] Group 2 - Young consumers, particularly those born in the 1990s and 2000s, are increasingly willing to spend on cute and trendy decorations, which are affordable and visually appealing [6] - Simple interactive games for children, such as duck fishing, are generating significant revenue for vendors during the holiday season, with some earning thousands of yuan daily [6] - Street food sales have surged during the festival, with local delicacies and visually appealing snacks being particularly popular, indicating a shift towards experiential and visually engaging food options [8] Group 3 - The Chinese New Year is not only a peak consumption period but also a time for many to explore new income opportunities, suggesting a vibrant market for innovative business ideas [10]

Core Insights - The traditional narrative of the Spring Festival is shifting from "returning home" to a focus on "emotional quality" and personalized experiences, driven by younger consumers [3][9] - Young consumers are increasingly opting for "traveling during the New Year," with significant demand for travel packages, indicating a transformation in how the holiday is celebrated [3][9] - The rise of "pre-made meal boxes" and high-end restaurant delivery services reflects a shift towards efficiency and quality in holiday dining, allowing families to enjoy meals without the traditional cooking burden [5][6] Consumer Behavior Trends - Younger consumers are prioritizing "self-indulgent consumption," purchasing items like stylish homewear, electronics, and beauty treatments as year-end gifts for themselves [8] - "Atmosphere-enhancing consumption" is gaining popularity, with products designed for creating unique, Instagram-worthy home environments [8] - The concept of "social currency consumption" is emerging, where limited edition collectibles and gaming items serve as tools for social engagement and connection [8] Market Implications - The evolving consumer preferences present both challenges and opportunities for businesses that can understand and cater to the new demand for experiential and emotional products [9] - Companies that successfully integrate traditional cultural elements with modern lifestyles and infuse emotional design into their offerings are likely to capture the attention of this key consumer demographic during the Spring Festival [9]

Group 1 - The core point of the article is the unexpected rise of the "Crying Horse" toy, which resonates with the emotional state of contemporary workers, transforming from a perceived defect to a viral sensation [1][2] - The "Crying Horse" reflects the unique emotional expression of Generation Z, using humor to cope with stress and embodying a relatable narrative for young people [2] - The rapid response of the Yiwu manufacturers, who expanded production and maintained pricing, showcases the agility of the local industry in capitalizing on viral trends [2] Group 2 - The "Crying Horse" symbolizes the emotional consumption era, with the emotional economy in China projected to exceed 23 trillion yuan in 2024, indicating a shift towards valuing emotional connections over mere products [3] - The toy serves as an emotional carrier, allowing individuals to express their feelings and connect with others, highlighting the importance of emotional resonance in consumer behavior [3] - The narrative surrounding the "Crying Horse" encourages acceptance of life's complexities, promoting a philosophy that embraces both joy and sorrow as part of the human experience [3]