宏观而言，大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与 Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡 泡玛特的文化影响力日益受到顶尖行业领导者的认可， 并相信公司已为其即将推出的新产品争取到更 有效的营销资源，这对提升其IP受欢迎程度至关重要。 而据大摩的市场反馈，一些投资者认为公司的股票回购并未改变其悲观的前景，当中的考量包括美国信 用卡数据、转售价格和社交媒体关注度等。故认为空头的头寸在公司在3月下旬发布财报之前，可能会 持续处于高位。 智通财经APP获悉，摩根士丹利发布研报称，予泡泡玛特(09992)目标价325港元，基于2026年预测26倍 市盈率; 评级"增持"; 认为随着中国及海外市场销售动能持续，加上产品线扩展良好和以IP为中心的新举 措，可能会迎来估值重估。相较于全球大型消费类公司，预测集团盈利增长将显著更高。 大摩认为，泡泡玛特的股票回购是一种有效的催化剂，旗下新IP产品Twinkle Twinkle和Skullpanda 的强 大受欢迎程度，将持续推动其IP产品运转。考虑到投资者的持仓状况，该 ...

1月12日，中科宇航力鸿一号遥一飞行器在中国酒泉卫星发射中心圆满完成亚轨道飞行试验任务，返回 式载荷舱通过伞降回收系统顺利着陆完成回收，MOLLY搭乘该飞行器实现首次太空往返"出差"。 2月5日，载荷舱顺利抵达北京泡泡玛特城市乐园，MOLLY设计师王信明与中科宇航工程师激动地打开 载荷舱，迎接MOLLY"回家"。 新华社音视频部制作 0:00 2月5日，完成首次太空往返之旅的我国原创潮玩IP——MOLLY（中文名"茉莉"），回到位于北京泡泡 玛特城市乐园的城堡中。 作者：孙蕾、张鹏程 ...

Core Viewpoint - The recent visit of UK Prime Minister Starmer to China marks a significant shift in UK-China relations, moving away from a period of diplomatic estrangement towards a more pragmatic and mutually beneficial partnership, driven by economic and strategic realities [1][3]. Group 1: Historical Context - The article reflects on a historical "China fever" that lasted over 300 years, driven by admiration for Chinese goods and technology, which significantly influenced European agriculture and maritime advancements [1]. - The decline of this "China fever" was attributed to the Industrial Revolution and colonial perspectives, leading to a long period of distortion and neglect of China's contributions [2]. Group 2: Current Dynamics - The new "China fever" is characterized by a structural adjustment in elite perceptions, with a notable shift in media narratives towards a more balanced and appreciative view of China's advancements in green technology and infrastructure [2]. - Starmer's reflections highlight the urgency for the UK to reassess its reliance on the US and recognize China's integral role in global development, particularly in clean energy and manufacturing [3]. Group 3: Strategic Implications - The UK is urged to adopt a strategic pragmatism that prioritizes cooperation in climate governance, trade, and public health, moving away from ideological conflicts to focus on tangible benefits for British businesses and workers [3]. - The article emphasizes the need for the UK to overcome imperial instincts and Cold War mentalities to effectively engage with China and leverage its strengths for domestic economic transformation [4]. Group 4: Future Prospects - The potential for the new "China fever" to drive sustainable growth in the UK faces challenges, including the need for systemic economic reforms and a departure from reliance on financial bubbles [4]. - The article concludes that the success of this renewed engagement with China will determine whether the UK can reclaim a significant role in the global narrative or remain a secondary player [5].

北京商报讯（记者 赵述评）2月5日，中科宇航力鸿一号返回式载荷舱正式抵达泡泡玛特城市乐园，MOLLY艺术家KENNY WONG（王信明）从舱内取出 SPACE MOLLY联名公仔。这也标志着MOLLY成为首个完成太空往返的潮玩IP。 @ c r p - 4 L nd i 更 k t the the / all and a program and Standing of 据了解，当前乐园部分区域正在升级，预计于今年夏天正式开放。 "今天站在这里亲手打开舱门，迎接MOLLY从太空凯旋，我仿佛回到了二十年前第一次画下她轮廓的瞬间。"KENNY WONG现场表示："我最大的骄傲不是 MOLLY飞得多远，而是无论走到哪里，她都像一颗不变的恒星，传递着温暖与勇气。愿MOLLY继续陪伴每一个人，也愿我们每个人心里那个好奇又勇敢的 自己，永远发光。" 1月12日16时，中科宇航力鸿一号遥一飞行器于酒泉卫星发射中心成功发射。箭体上印有泡泡玛特品牌标识、SPACE MOLLY联名公仔形象以及任务徽章。 舱内有身着泡泡玛特与中科宇航为此行特别设计的蓝色航天服的SPACE MOLLY。 力鸿一号总设计师、总指挥史晓宁表示："太空旅行 ...

Group 1 - Yum China reported a strong financial performance for the year 2025, with operating profit reaching $1.3 billion, reflecting an 11% year-on-year growth [1][3] - The company opened 1,706 new stores in 2025, expanding its network to 18,101 locations across over 2,500 cities in China [1][3] - In Q4 2025, Yum China's operating profit saw a significant increase of 25% year-on-year, with same-store sales growing for the third consecutive quarter [1][3] Group 2 - The Ministry of Commerce and nine other agencies issued a notice regarding the "2026 Spring Festival Special Activity Plan," promoting various food-related events to enhance consumer engagement during the holiday [1][3] - The plan includes initiatives such as launching New Year's Eve dinner packages, organizing food festivals, and encouraging local food markets to attract more consumers [1][3] - Huachuang Securities highlighted that the upcoming Spring Festival consumption season is expected to see strong recovery, driven by government-led consumption policies and diverse promotional activities [2][4] - The Hong Kong Stock Connect Consumption ETF closely tracks the consumption theme index, which includes leading companies in traditional service sectors and high-growth assets, with a rolling P/E ratio of 17.9 and a dividend yield of 3.6% as of February 4 [2][4]

2026.02. 05 中科宇航是国内首家混合所有制火箭企业，业务涵盖系列化中大型火箭研制、生产和发射，亚轨道科学试验、太空智造平台，太空旅游等核心领域。 2025年8月，中科宇航与国泰海通证券签署协议，展开为期四个月的辅导工作。1月24日，据证监会官网显示，中科宇航上市辅导状态已变更为"辅导 工作完成"。 力鸿一号总设计师、总指挥史晓宁向第一财经记者表示，中科宇航与泡泡玛特联手打造 SPACE MOLLY，"航天+"的跨界有助于提升航天品牌的亲和力 与时代感，也借助文化消费的力量，以"首个太空乘客"的概念打开网络话题度，带动公众对太空旅游的关注和讨论，助力太空旅游逐渐从遥远的梦想转 化为真实的生活期待。 本文字数：1311，阅读时长大约2分钟 作者 | 第一财经 宋婕 封图 | 力鸿一号遥一飞行器点火起飞 图源：中科宇航 中科宇航与泡泡玛特共同设计的联名公仔SPACE MOLLY，在完成太空往返后入驻北京泡泡玛特乐园。 2月5日， 中科宇航技术股份有限公司（下称"中科宇航"）向北京泡泡玛特公园交付头戴宇航员头盔的公仔。该款公仔是中科宇航携手因太空航天技术 研究院与泡泡玛特共同联名设计。 1月12日，带有泡泡 ...

Core Insights - The article highlights the early onset of consumer festivities in Nanjing as luxury brands and local high-end gold and trendy toy brands prepare for the upcoming Lunar New Year, indicating a shift in marketing strategies towards preemptive engagement with consumers [3][4]. Group 1: Marketing Strategies - The marketing campaigns for the Lunar New Year have evolved from last-minute efforts to a well-planned strategy with fixed timelines, starting as early as January [4]. - International brands like Prada and Loewe have launched their New Year-themed activities in early January, strategically positioning themselves to capture consumer attention right after New Year's Day [4]. - The focus of these marketing efforts is to create high-quality content and experiences that define the festive atmosphere well before the peak shopping period [4]. Group 2: Emerging Consumer Trends - The structure of Lunar New Year consumption is changing, with high-end gold and trendy toys emerging as significant growth sectors alongside traditional luxury goods [6]. - Nanjing's Deji Plaza is becoming a battleground for high-end gold brands, with new entrants like Lin Chao Jewelry, which emphasizes traditional craftsmanship and limited edition pieces, indicating a shift towards collectible and artistic gold items [6]. - The trendy toy market is also thriving, with brands like Pop Mart opening large stores to enhance consumer experience and attract younger shoppers, transforming toy buying into a social and entertainment activity [8]. Group 3: Brand Differentiation - Different brands are employing distinct strategies for the same Lunar New Year theme, with luxury brands focusing on cultural symbolism and craftsmanship to reinforce their high-end positioning [10]. - Collaborations like CASETiFY and My Little Pony exemplify emotional resonance, making festive greetings accessible and personalized through everyday products [12]. - Sports and trendy brands emphasize functionality and immediate emotional connections, as seen in Descente's "Bingwu Fire Horse" series, which integrates traditional elements with practical features for outdoor activities during the holiday [13].

（文章来源：每日经济新闻） 商务部等9单位关于印发《2026"乐购新春"春节特别活动方案》的通知，结合开展中华美食荟、老字号 嘉年华活动，组织餐饮名店、老字号餐饮企业、地方特色小吃等，推出年夜饭套餐、新春团圆宴，推出 美食增值服务，如现场表演、免费小吃、幸运抽奖等。鼓励各地发布美食地图，结合本地实际在步行 街、公园、社区等设置年味美食市集，举办美食大赛、厨艺比拼、晒晒我家的团圆饭等活动，结合各类 美食活动推广节日热销商品，吸引更多群众一起"寻味中国年"。 华创证券认为，春节消费旺季大幕拉开，各地促消费政策密集出台，为全年消费市场的"开门红"注入强 劲动力。通过梳理全国各地的春节促消费活动，观察到本轮活动呈现出"政府主导、多方联动、全域覆 盖"的鲜明特征，其核心在于通过"政策+活动"的双轮驱动，深度融合商、文、旅、体、展等多元业态， 旨在激发消费潜力、优化消费供给、营造浓厚节日氛围。在强有力的政策支持和丰富多彩的活动供给 下，2026年春节消费市场有望迎来强劲复苏，消费数据或将超市场预期，为全年消费市场的持续回暖奠 定坚实基础。 港股通消费ETF华夏（513230）紧密跟踪中证港股通消费主题指数，覆盖酒旅、餐饮 ...

华创证券认为，春节消费旺季大幕拉开，各地促消费政策密集出台，为全年消费市场的"开门红"注入强 劲动力。通过梳理全国各地的春节促消费活动，观察到本轮活动呈现出"政府主导、多方联动、全域覆 盖"的鲜明特征，其核心在于通过"政策+活动"的双轮驱动，深度融合商、文、旅、体、展等多元业态， 旨在激发消费潜力、优化消费供给、营造浓厚节日氛围。在强有力的政策支持和丰富多彩的活动供给 下，2026年春节消费市场有望迎来强劲复苏，消费数据或将超市场预期，为全年消费市场的持续回暖奠 定坚实基础。 港股通消费ETF华夏（513230）紧密跟踪中证港股通消费主题指数，覆盖酒旅、餐饮等传统服务业龙 头，更包含潮玩、金饰等高成长资产，以及运动服饰、白电等高股息标的，截至2月4日，指数滚动市盈 率为17.9倍，位于2020年发布以来2.3%分位处，股息率达3.6%；指数成分股近乎囊括港股消费的各个领 域，包括泡泡玛特、百胜中国、安踏体育、农夫山泉等消费龙头。 2月4日百胜中国公布2025年全年业绩，受强劲财报影响，今日涨幅超过9%，创出2023年10月以来新 高。全年来看，百胜中国经营利润达到13亿美元，同比实现11%的强劲增长，2025 ...

Core Viewpoint - The Hong Kong stock market's consumer stocks have seen significant gains, driven by strong performances from companies like Yum China and Miniso, which have positively influenced various consumer ETFs [1][5]. Group 1: Stock Performance - Yum China experienced a rise of over 9%, reaching a new high since October 2023, following the announcement of its strong financial results for 2025 [5]. - Miniso's stock increased by over 5% after announcing a share buyback program [6]. - Multiple consumer ETFs, including those managed by Huatai-PB, E Fund, and others, have also shown positive growth, with increases ranging from 1.31% to 2.16% on the day [2]. Group 2: Financial Highlights - Yum China's operating profit for the year reached $1.3 billion, reflecting a robust year-on-year growth of 11%, with plans to open 1,706 new stores, expanding its network to over 18,101 locations across more than 2,500 cities in China [5]. - The fourth quarter of 2025 saw a significant 25% year-on-year increase in operating profit for Yum China, with same-store sales rising for the third consecutive quarter [5]. Group 3: Market Trends and Consumer Sentiment - The upcoming Chinese New Year is expected to boost consumer spending, supported by various government-led promotional activities aimed at stimulating consumption [7]. - The integration of diverse sectors such as commerce, culture, tourism, and exhibitions is anticipated to enhance consumer engagement and spending during the festive season [7].