Group 1: Core Conclusions - The report emphasizes the importance of using "order-cancellation time difference" to identify institutional trading behavior, suggesting that this method is more effective than relying solely on order amounts in the current algorithmic trading environment [2][6][10] - The report highlights the strong performance of the Buy Algorithm Trading Cancellation Ratio (BABR) factor, which has shown a RankIC of 0.058 and an ICIR close to 0.55, indicating its effectiveness in stock selection [10][11] - The report indicates that the BABR factor can capture the behavior and holdings of public funds, providing a high-frequency tracking method for institutional behavior [10][11] Group 2: Company Analysis - Chow Tai Fook (1929.HK) - Chow Tai Fook is transitioning from a traditional gold and jewelry retailer to a luxury brand centered around "Fuk Culture," with a focus on high-margin priced jewelry, which has increased its retail value share from 27.4% to 31.8% in FY26 [12][14] - The company has optimized its channel strategy by closing low-efficiency stores and opening high-quality ones, resulting in a significant increase in sales per new store, with average monthly sales reaching 1.3 to 1.4 million HKD [13][14] - Chow Tai Fook's operating profit margin reached a five-year high in the first half of FY26, with expectations for continued improvement in gross margin due to pricing strategies and product price increases [14] Group 3: Industry Insights - The report notes that the industry is undergoing a regulatory shake-up, which may benefit established brands like Chow Tai Fook, allowing them to expand their advantages amid increasing market concentration [14] - The report forecasts Chow Tai Fook's net profit for FY2026-2028 to be 83.58, 98.41, and 108.56 billion HKD, with corresponding PE ratios of 16.2, 13.7, and 12.5, respectively, leading to an upgraded rating to "Buy" [14]

2月20日，在隆福寺商圈以"马不停蹄，隆福潮集"为主题的2026隆福寺新春市集引越来越多的游客前来 游览和购物。 街区入口的"隆福马"雕塑呼应马年新春主题，成为市集标志性打卡点。 市集以"福"文化为主线，设置2个演出空间和53个摊位，汇聚了超30家老字号，并联动了57个品牌，打 造多元消费场景，全方位覆盖市民多样需求。 百盏祈福灯高悬天幕。 "跃马扬鞭、万马奔腾、马不停蹄"等马年新春祝福与"福"字纹样交相辉映，打造"步步见福"的沉浸式逛 游体验。 小朋友拿着小朋友欣赏花灯。刚买的风车玩耍。 众多市民游客在隆福寺新春集市上游玩。 身穿古装的姑娘与玩偶合影。 现场有非遗手作体验和老字号特色展销。 祈福树、福字球、绒面福字装置等景观小品点缀其间，整条街区洋溢着"喜气洋洋新中式"的浓郁年味。 传统红色标准展位、"福"灯主题新中式展位、仿古特陈展位错落穿插。 超高人气的南北美食齐聚，老味道飘香市集。 市民游客在老字号前排队购买美食。 本次市集将从2月4日持续至3月3日，每日10:00-19:00开放。 来源： 北京青年报客户端 ...

Group 1 - The event "Welcoming Spring on the Ridge, Enjoying Intangible Cultural Heritage Year" took place on February 19, 2026, in Fuzhou's Guling Tourist Resort, showcasing a blend of Fuzhou culture and Min's intangible cultural heritage [2] - Activities included interactive horse painting, an intangible cultural heritage market, and hands-on experiences in traditional crafts such as paper-cutting, lacquer fan making, and sugar painting, allowing visitors to immerse themselves in the festive atmosphere of the Year of the Horse [2][4][6] - Visitors actively participated in various craft-making experiences, demonstrating their creations, such as paper-cutting works, highlighting the engagement and cultural appreciation fostered by the event [2][4][8]

新春祈福，是独属于中国人的浪漫和仪式感。大年初一，大量游客来到红螺寺景区，击鼓撞钟祈福，参 与宋韵四雅活动，感受传统与新风相融的诗意"文化年"。 第32届红螺寺新春祈福游园会，持续至正月初七，以"福"文化为核心，精心打造五福贺岁系列活动与六 大心愿主题祈愿区。随处可见的福运装置、特色打卡点位，让每位游客都能沉浸式接福、迎福、纳福， 许下新年美好期许。 此外，景区文化长廊也化身新春雅趣聚集地，宋韵风华与非遗匠心在此完美交融。活动室内，游客可体 验焚香、点茶、挂画、插花四大宋式雅事，由专业老师现场指导，一招一式间，感受宋代文人的雅致生 活；长廊边，焦家浸烙葫芦、螺钿、鱼灯、吉祥沙燕鸟四大非遗技艺展演，非遗传承人现场献艺，让游 客近距离感受传统工艺的精湛技法。 从深圳远道而来的蔡女士身穿汉服，开心地说："今天本来是想逛古寺，没想到赶上了传统活动，让我 感觉在过年的氛围里又多了一丝文化传承。" 古刹藏雅韵 福暖过大年 园区内，人流如织却井然有序，欢声笑语间满是新春的喜悦。游客们从"寿、富、康、德、安"五福门下 走过、合影留念，祈愿五福临门；吉祥钟前，钟声敲响，大家以钟鸣辞旧岁、迎福音；芝麻杆铺就的小 径上，游人缓缓走 ...

马年寻福，福马相伴，景区内处处洋溢着马年的喜庆氛围。正月初二至初七，福马方阵环园巡游，憨态 可掬的福马造型与游客欢乐互动、合影送福，一路欢声笑语不断；正月初一至十五，游客还能乘骑福马 漫步福地，沉浸式体验游园纳吉的乐趣。福地广场上，矫健的舞龙队伍翻腾起舞，红绸翻飞间尽显新春 热闹；市民游客自发加入广场舞队伍，踩着欢快的节奏同庆新春。 "带着孩子来逛景区，既能登高祈福，孩子也玩得开心，还能吃到正宗的关中小吃，这样的新年体验特 别棒。"来自渭南的游客张旭东一家边吃着甑糕，边感受着景区的浓浓年味。 该景区相关负责人表示，终南山古楼观历史文化景区将福文化、秦腔与民俗体验深度融合，通过赏秦 腔、登福地、乘福马、闹新春、品福味，让游客在游玩中感受中华传统文化的魅力，并在此度过一个非 遗与民俗交融的春节。(完) 图为终南山古楼观历史文化景区内举行的新春民俗盛会。(终南山古楼观景区供图) 中新网西安2月18日电 (记者 张一辰)"每年春节都来楼观登高，这是我们家的老传统了。马年登福地， 心里特别踏实，希望家人新的一年平安健康。"西安游客黄蕾带着家人前来祈福，脸上满是笑意。 农历正月初一至十五，位于西安市周至县的终南山古楼观历 ...

门头沟区文化和旅游局相关负责人表示，本次马年非遗巡游季不仅是一场节庆活动，更是一次非遗传承 的深度实践。活动以"福"文化为核心纽带，将永定楼的地标价值、商圈的消费活力、深山区的乡土记忆 有机串联，打破非遗传承的时空界限，让古老技艺从"小众的坚守"走向"大众的共享"；让市民游客在鼓 乐声中触摸文化根脉，在逛游途中感知福地温度，让"京西福地"不仅是一个品牌符号，更成为可体验、 可参与、可带走的情感记忆。 2月17日，"福地启新岁·非遗贺新春"北京门头沟区马年非遗巡游季在永定楼前正式拉开帷幕。图为舞龙 表演。北京市门头沟区供图 更深远的福韵，将沿着山路抵达京西深处，初三与初五，斋堂镇、清水镇的古戏台上，柏峪燕歌戏、山 梆子戏等珍稀剧种原声重现，六百年的唱腔穿越峡谷，让深山古村的新春别有文化厚度。从永定楼的鼓 乐喧天到商圈的市井烟火，再到深山里的古戏新唱——七日之间，门头沟以非遗为脉，织就一幅流动 的"京西福地图"，邀市民游客循着鼓点与幡影，共赴一场福气满满的山水之约。 中新网北京2月18日电 (记者 吕少威)"幡旗猎猎承古韵，鼓乐声声入新春。"2月17日，北京永定河畔春 潮涌动，京西福地喜气盈门。随着一声浑厚的鼓响 ...

Core Viewpoint - The 2026 Fujian Spring Festival Gala showcased the theme "Together in Spring" to highlight the cultural integration between the mainland and Taiwan, emphasizing the vitality of Chinese culture and the shared heritage of the two regions [2][6]. Group 1: Cultural Integration - The gala featured a seamless transition between cultural elements from Fujian and Taiwan, illustrating the shared culinary traditions and emotional connections between the two regions [2][3]. - Performances included traditional foods and local delicacies, symbolizing the bridge of cultural exchange, with dishes like Fujian fish balls and Taiwanese braised pork rice being highlighted [2][3]. Group 2: Emotional Resonance - The gala provided a rich emotional experience, with performances that conveyed themes of family reunion and shared struggles, resonating with the audience's sentiments during the Spring Festival [3][4]. - The narrative of the performances progressed from personal family stories to broader themes of national identity and unity, reflecting the deep emotional ties among the Chinese diaspora [3][6]. Group 3: Youth Engagement - The event featured contributions from young artists and musicians, showcasing the involvement of youth in cultural expressions and their role in fostering connections between the two sides of the Taiwan Strait [4][6]. - A special version of the song "From From Rong Rong" was created for the gala, emphasizing the youthful spirit and shared aspirations of the younger generation across the strait [6]. Group 4: Cultural Strength and Future Vision - The gala illustrated the strong cohesion and inclusiveness of Chinese culture, highlighting the potential for future collaboration and development between Fujian and Taiwan [6][7]. - The event concluded with a vision of unity and progress, symbolizing the ongoing journey of cultural and emotional connection among the Chinese people worldwide [6][7].

图为活动现场。(津湾广场供图) 主办方表示，此次活动诠释了津湾广场"无界"理念的生动落地：时空无界，让传统年俗焕发新生；内容 无界，让书法与非遗在"福"文化纽带下相融；社群无界，凝聚起跨越身份的情感共同体。(完) 图为法国游客米歇尔·沙东带着女儿参与创作"福"字活动。(津湾广场供图) 中新网天津2月17日电 (记者 周亚强)17日，大年初一，天津津湾广场墨香四溢，一场以"无界津湾 马上 有福"为主题的新春文化活动在此拉开帷幕。活动将中国传统"福文化"与非遗剪纸艺术结合，通过书法 名家挥毫、非遗匠人献艺、中外游客共书"百福墙"等环节，将城市封面转化为充满年味的艺术空间，探 索文、旅、商、体、展融合发展的新实践。 活动打破了传统舞台界限，唐云来、林德谦等十余位书法名家齐聚海河之畔，伏案挥毫，各式字体 的"福"字跃然纸上。其中，林德谦现场书写的3.5米巨幅"福"字气势恢宏，引得游人纷纷驻足赞叹。同 时，剪纸非遗匠人指尖灵动，剪刀在红纸间游走，片刻间，一张张精巧的"福"字剪纸便作为新春礼物， 传递到市民游客手中。 浓厚的文化氛围感染了现场观众，许多市民游客主动挽袖提笔，写下对新年的期许。活动还吸引了不少 外国友人参与 ...

作为今年游园会的重头戏，近期热播的历史剧《太平年》同名IP特展亮相红螺寺文化书院。展览不仅展 出了上百幅精美剧照和剧组真实使用的原版服装道具，还设置了"百家姓"打卡互动环节。配合影视IP， 景区在文化长廊推出了"宋时四雅"沉浸式体验，游客可以亲手尝试点茶、焚香、插花、挂画，感受宋朝 人的雅致生活。 游园会不仅有好玩的，也有好看的。景区内，员工们亲手制作的各式宫灯挂满园区，红金相间，成为游 客拍照打卡的一景。自然景观方面，千余亩古松林苍劲挺拔，山门前百米长的三角梅花墙正值盛花期， 形成"松竹吐翠梅含笑"的冬日美景，让游客在祈福之余也能感受到融融春意。此外，文化长廊里的非遗 展演和特色小吃街，也为游园会增添了浓浓的烟火气。 大年初一，第32届红螺寺新春祈福游园会开幕。今年游园会将从正月初一持续至正月初七，除了传统的 击鼓祈福等活动，景区还联动热播剧《太平年》推出服装道具展，并引入宋式妆造体验，让游客在千年 古刹中感受别样年味。 有着上千年历史的红螺寺，一直是京城百姓新春祈福的热门去处。今年游园会以"福"文化为核心，现场 设置了击鼓迎新、吉祥宝鼎赐福、撞吉祥钟等多项传统祈福活动。景区专门开辟了六大心愿主题专区， 围 ...

Group 1 - The Spring Festival market in Beijing is increasingly popular, featuring traditional cultural elements and modern technology like AI interactions [2] - The market includes a variety of local products, such as snacks and handicrafts, aimed at enhancing the festive experience for the public [2] - The village of Zhujia Gou has transitioned from disaster recovery to revitalization, focusing on tourism and e-commerce to improve local livelihoods [3] Group 2 - The Wuqian Meat and Vegetable Market in Lanzhou is bustling with activity, reflecting the high demand for fresh produce during the New Year celebrations [3][4] - The market has implemented safety measures and price checks to ensure quality and affordability for consumers [4] - During the Spring Festival travel period, the national railway network is expected to transport approximately 540 million passengers, with Zhengzhou East Station anticipating 6.43 million travelers [6]