为搭建青年创业交流平台，2月12日，团市委开展2026年"青春小店添动能，跑出消费加速度"青春小店座谈交流会。来自餐饮、文创、零售等各领域的青 春小店主理人们围绕店铺经营、特色打造、创业心得等内容深入交流。大家结合自身实践畅所欲言，分享经营理念与发展经验，现场氛围热烈融洽，充分 展现了青年创业的活力与热情。 编辑：颜茹月 初审：赵城朔 终审：贾蓓蓓 座谈会上，邹平尹老三管理服务有限公司杨欢欢、邹平初梵婚纱婚庆馆张玮玮、山东段桥食品有限公司王东星等主理人代表依次发言，分享创业经验、经 营理念与发展思路。现场还组织大家填写调查问卷，团市委认真听取需求建议，围绕宣传推广、资源对接、联合活动等方面深入交流，明确后续服务方 向，为青年创业发展赋能助力。 团市委负责同志在座谈会上表示，小店是邹平消费的鲜活支点，团市委作为"娘家人"，将精准对接资金、宣传、政策等难题，能办即办、尽力争策。她寄 语青年店主做精特色、抱团发展，团市委将全力搭平台、促联动，擦亮青年小店品牌，共促消费升级。 此次座谈会搭建起高效交流平台，进一步拉近了团组织与青年创业者的距离。邹平团市委将持续优化服务举措，全力为青春小店赋能增效，以实际行动支 持青年 ...

经济观察网国芳集团（601086）近期关联方财务资助延期，并完成董事会换届及高管聘任，同时第三季 度业绩显著增长。 根据中财网的公告，公司于2025年12月19日完成第七届董事会换届选举，并聘任了新一届高级管理人 员，包括总经理、财务总监和董事会秘书等。新董事会任期自2025年12月起三年，可能影响公司未来战 略方向。 最近业绩情况 2025年第三季度报告显示，公司归母净利润同比增长1931.90%，营收保持平稳，反映出短期盈利能力 的改善。但需注意，业绩数据截至2025年9月，后续需关注全年财报的发布。 以上内容基于公开资料整理，不构成投资建议。 关联交易进展 根据中国证券报的报道，国芳集团于2026年1月6日发布公告，公司与关联方甘肃杉杉奥特莱斯购物广场 有限公司签订借款合同，将一笔3000万元财务资助延期至2026年12月31日，年利率定为2.85%。该事项 已通过董事会审议，是公司资金管理的重要动态。 公司高层选举 ...

Core Viewpoint - The Hainan province is launching over 200 Spring Festival promotional activities from now until March 3, aimed at boosting consumer spending across various sectors [2]. Group 1: Promotional Activities Overview - The promotional activities cover eight major categories: "Island-wide Discounts," "New Year Gifts," "Online Shopping," "Culinary Celebrations," "Duty-Free Benefits," "Invoice Lottery," "Financial Support," and "Cultural Tourism" [2][3]. - Activities include purchasing New Year goods, upgrading home appliances, duty-free shopping, dining experiences, live-stream shopping, and tourism [2]. Group 2: Specific Initiatives - In the "Island-wide Discounts" category, major shopping districts and supermarkets will host events such as markets, food tasting, and cultural performances, offering discounts, member rewards, and interactive lotteries [2]. - The "New Year Gifts" category features government subsidies and merchant discounts for purchasing home appliances and mobile phones, with brands like Gree, Midea, Huawei, and Xiaomi participating [2]. - The "Online Shopping" segment includes a live-streaming e-commerce festival, allowing consumers to shop for local products like tropical fruits and seafood [2]. Group 3: Culinary and Duty-Free Promotions - The "Culinary Celebrations" category will distribute dining vouchers for family reunion meals and feature food festivals and cultural experiences [3]. - The "Duty-Free Benefits" category includes the opening of five duty-free stores and various promotional activities such as gift boxes and consumption vouchers [3]. Group 4: Additional Incentives - The "Invoice Lottery" initiative in Haikou allows individuals to participate in a lottery with a maximum prize of 800 yuan by obtaining electronic invoices from various sectors [3]. - Financial institutions like China Construction Bank and Bank of Communications are offering consumer red envelopes and discounts at duty-free shops and restaurants [3]. - The "Cultural Tourism" category will feature events such as village performances and special exhibitions in museums [3].

永不上市，60岁退休。胖东来把"反商业"活成了顶流。这或许才是中国零售业最该抄的作业。 更狠的是人事制度：最高管理层60岁前必须退出关键岗位。于东来本人也不例外。这不是年龄歧视，而 是"去神化"的自我革命。拒绝大佬恋权，强制团队换血，保持组织年轻态。多少企业死于创始人固步自 封，胖东来直接一刀斩断后路。 这波操作，主打一个"不被资本裹挟"。当同行挤破头敲钟上市，胖东来却关起门来做"商业样板间"。它 不追求规模扩张，只打磨服务细节；不讨好华尔街，只讨好顾客和员工。 有人说胖东来傻，但数据不会骗人：它靠口碑做成区域霸主，让一线大牌甘愿当学徒。于东来用一纸禁 令告诉行业：企业存在的意义，不是成为巨头，而是一所学校。 于东来又出手了！这次不是调改同行，而是给胖东来立下两条"铁规"：永不上市，管理层60岁必须退出 权力中心。 消息一出，网友直呼：这年头还有主动拒绝资本盛宴的企业？胖东来，你是真"人间清醒"。 于东来最新发文明确：胖东来永远坚定学校性质，所以"永不上市"。言下之意，这里是培养商业人才的 摇篮，不是资本逐利的战场。上市意味着对股东负责、对财报低头，而胖东来只想对顾客和员工负责 ——这格局，直接甩开99%的企 ...

Group 1 - The core sales data for 2025 from Pop Mart indicates that global sales of all IP and product categories have exceeded 400 million units, with THEMONSTERS category alone surpassing 100 million units [1] - Pop Mart's founder Wang Ning announced that by 2025, the company will have over 10,000 global employees, more than 100 million registered members, and LABUBU's annual sales will exceed 100 million units [1] - The company operates in over 100 countries and regions, with more than 700 global stores and six major supply chain bases [1] Group 2 - Huaxi Securities predicts that the high prosperity of emotional consumption will continue into 2026, with the Z generation gradually shifting from product consumption to a combination of product and emotional consumption [2] - The report highlights that service consumption is becoming a crucial driver for domestic demand, with policies emphasizing the potential of service consumption in areas like elderly care, childcare, tourism, and duty-free shopping [2] - The commercial application of AI is expected to accelerate, as evidenced by Meta's acquisition of the Chinese AI company Manus for billions, indicating a potential new wave of development in AI and consumer services [2] Group 3 - The Hong Kong Stock Connect Consumption ETF from Huaxia tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes leading companies in traditional service industries as well as high-elasticity assets like Pop Mart and others [2]

春节将至，为维护节日市场价格秩序和消费安全，营造欢乐祥和的节日消费环境，2月11日，绵阳市市场监管局党组成员、副局长曹晖会同市纪委监委驻 市人大机关纪检监察组组长江进开展春节期间重要民生商品服务稳价保质专项检查。 下一步，绵阳市市场监管局将持续加大春节期间市场巡查频次和监管力度，紧盯民生商品、餐饮住宿、交通服务等重点领域，对违法违规行为发现一起、 查处一起。同时，畅通12315投诉举报渠道，及时处置消费者诉求，全力保障春节期间市场供应充足、价格稳定、质量安全，切实守护群众节日消费安 全。 本次检查聚焦节日消费热点领域，精准开展靶向监管。检查组一行首先前往盒马鲜生超市，重点检查粮油果蔬等重要民生商品价格和供应情况，同时排查 商品过度包装问题，引导经营者绿色合规经营；在澜霆荟餐饮店，对年夜饭预订价格公示、菜品收费明细及食品安全保障措施进行细致检查，督促餐饮经 营者规范节日餐饮服务价格行为，保障消费者饮食安全；针对节日住宿消费需求，执法人员对亚朵酒店火炬北路店进行检查，重点对住宿价格线上线下明 码标价、是否存在临时加价等情况进行核查，要求经营主体严格履行价格承诺；结合春运工作要求，在绵阳南服务区，重点检查充电桩计量 ...

Market Overview - The Asia-Pacific stock markets showed mixed performance, with South Korea's KOSPI index rising by 3.1% to 5,522 points and Thailand's index increasing by 2.1% to 1,441 points, while Hong Kong's Hang Seng index fell by 0.9% to 27,032 points[17][9]. - In the U.S., major indices declined significantly, with the Dow Jones dropping 1.34% to 49,451 points, the S&P 500 down 1.57% to 6,832 points, and the Nasdaq falling 2.03% to 22,597 points[7][6]. Economic Indicators - The International Energy Agency (IEA) revised down its global oil demand growth forecast, contributing to a 2.77% drop in WTI crude oil prices, closing at $62.84 per barrel[23]. - Strong U.S. employment data led to a decrease in gold prices, which fell below $5,000 per ounce, closing at $4,923.7[23]. Currency Movements - The British pound fell for three consecutive days, trading at 1.362 against the U.S. dollar, while the Japanese yen appreciated for four days, reaching 152.74 per dollar[23]. - The U.S. dollar index increased by 0.1% to 96.93, while the dollar's value against the Chinese yuan was 6.901, up by 0.2%[22]. Fixed Income Market - U.S. Treasury yields fell to year-to-date lows, with the 30-year yield dropping to 4.73% after strong demand in a recent auction[26]. - The Asian bond market saw reduced trading activity, but some segments experienced narrowing spreads due to buying interest[26]. Sector Performance - In the A-share market, the Shanghai Composite Index rose slightly by 0.05%, while the Shenzhen Component increased by 0.86%, driven by a surge in the computing power industry[13]. - Conversely, large technology stocks in Hong Kong faced declines, with notable drops in companies like Alibaba and Tencent, while semiconductor stocks showed strength[9].

Market Overview - On February 12, the stock market experienced fluctuations, with the index rising throughout the day. The computing power leasing concept surged, AI application stocks showed volatility, and liquid cooling server stocks strengthened. The semiconductor sector gained momentum in the afternoon, while the chemical sector retreated. The film and cinema sector continued to adjust, and the retail sector saw widespread declines, particularly in the liquor sector. Overall, more than 3,200 stocks declined, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index up by 1.32% [3]. Automotive Industry - On February 12, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," aimed at further regulating pricing behaviors in the automotive sector to promote healthy and orderly market development [4]. Service Industry in Jiangsu - On February 12, preliminary calculations from the Jiangsu Provincial Bureau of Statistics indicated that by 2025, the added value of the service industry in the province is expected to reach 76,943.7 billion yuan, representing a year-on-year growth of 5.8%. This sector is projected to account for 54% of the regional GDP, an increase of 0.9 percentage points from the previous year [5]. Travel and Transportation - During the Spring Festival holiday, the Jiangsu Entry-Exit Border Inspection Station projected that the province would see approximately 106,000 inbound and outbound travelers, with over 730 transport vehicles (aircraft and ships) involved, indicating a lively two-way flow of travelers [5]. Education Sector - On February 12, the Ministry of Education issued opinions on deepening reforms in key elements of vocational education, proposing to explore the establishment of a rapid response channel for the addition of new majors, focusing on emerging and future industries, particularly in low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas with urgent public needs [6]. Renewable Energy - Data from the National Energy Administration indicated that by 2025, the total installed capacity of new wind and solar power generation in the country is expected to exceed 430 million kilowatts, with wind power accounting for 120 million kilowatts and solar power for 318 million kilowatts, reflecting a year-on-year growth of 22.0%, setting a new historical high [6]. Corporate Developments - Meta recently announced plans to break ground on a new 1 billion watt data center in Lebanon, Indiana, which will create over 4,000 construction jobs and 300 operational positions [6]. - Television Broadcasts Limited, a company listed on the Hong Kong Stock Exchange, forecasted a profit of 50 million Hong Kong dollars for 2025, marking its first profit since 2018, following a loss of 491 million Hong Kong dollars in 2024 [6].

机场航运（核心股）、饮料、旅游酒店（核心股）、白酒（核心股）、零售、多元金融等涨幅靠前。 市场焦点股雅博股份（4板）高开2.29%，AI应用端的掌阅科技（4板）高开5.94%、德才股份（4板）低开2.76%，算力 （核心股）租赁板块大位科技（4板）竞价涨停、豫能控股（2板）竞价涨停，光纤概念（核心股）股特发信息（7天4板）低开 2.56%、金时科技（2板）高开5.31%，有色金属（核心股）板块翔鹭钨业（5天3板）低开2.39%、章源钨业（2板）高开 3.52%，电子布概念股宏和科技（2板）高开0.08%、中材科技（2板）平开。 沪指开盘跌0.44%，报4115.92点，深成指跌0.66%，报14188.35点，创业板指跌0.56%，报3309.43点，科创50指数跌 0.72%，报1470.26点。沪深两市合计成交额199.77亿元，全市场近3000只个股下跌。 盘面上，能源金属、贵金属（核心股）、油气、小金属、工业金属、影视（核心股）院线、通信设备等行业跌幅居前。 ...

数据说明：截至2025.12.31，崔志鹏具有8.4年证券从业经历，其中6.5年证券研究经历，1.9年证券投资 经历。崔志鹏历任基金：华商消费行业股票2024.1.3至今，华商甄选回报混合2024.1.3至今。文中观点来 自基金定期报告，仅为基金经理投资理念，基金的投资策略、费率信息详见基金招募说明书等法律文 件。 风险提示：本基金管理人承诺以诚实信用、恪尽职守、谨慎勤勉的态度管理和运用基金资产，但不保证 基金一定盈利，也不保证最低收益。投资者购买基金时，请认真阅读基金合同、招募说明书等基金法律 文件。敬请投资者选择符合风险承受能力、投资目标的产品。以上观点不代表投资建议，市场有风险， 基金投资需谨慎。 (责任编辑：叶景) 华商基金崔志鹏是清华大学金融硕士，2017年毕业后加入华商基金先后担任行业研究员、基金经理助 理，同时担任公司行业研究消费组组长，2024年1月起担任基金经理至今，是华商基金专业投研体系培 养的优秀人才。 多年来，华商基金崔志鹏一直专注深耕大消费领域，研究员阶段深度覆盖轻工、建材、食品饮料、纺织 服装、零售、社服等消费行业，基金经理助理阶段在"A+H"泛消费行业积累较广，研究范围下沉度较 ...