Core Viewpoint - The Beijing Capital Airport and Daxing Airport are collaborating for the first time to host a Spring Festival cultural market, enhancing the consumer experience and promoting Beijing as an international consumption center [1][4]. Group 1: Spring Festival Cultural Market - The cultural market, named "Fuyou Jinghua Shopping Spring," runs from February 10 to 16, featuring 14 well-known Beijing brands such as Yili and Beibingyang, offering a variety of products including food, cultural creations, and clothing [4]. - The market aims to provide travelers with a one-stop experience that combines Beijing's festive atmosphere with high-quality service, creating immersive cultural and consumption scenarios [4]. Group 2: Duty-Free Business Upgrade - Starting February 11, the duty-free store operations at Terminal 2 of the Capital Airport will transition to China Duty Free Group and Wangfujing Group, marking Wangfujing's first entry into the Beijing-Tianjin-Hebei international aviation hub [4][6]. - The new operators plan to introduce more international perfumes, cosmetics, wines, and local specialty products, enhancing the shopping experience through digital systems [4][6]. Group 3: Increased Inbound Consumption - In January 2026, the Capital Airport Customs processed 7,966 tax refund applications for departing travelers, totaling approximately 125 million yuan, reflecting year-on-year increases of 469.81% and 43.68% respectively [4]. - The customs has optimized processes and improved signage within the terminal to enhance the "China Purchase" experience for international travelers [4]. Group 4: Spring Festival Travel Forecast - The Capital Airport Customs anticipates an increase in passenger flow during the Spring Festival, with average daily monitored inbound and outbound travelers rising from 40,000 to 55,600 in recent days [5]. Group 5: Streamlined Entry Process - To facilitate the cultural market, the Capital Airport Customs established a green channel for merchants unfamiliar with strict approval processes, significantly reducing processing times [6]. - The customs conducted thorough inspections and verifications of over 1.29 million square meters of operational space and inventory to ensure a smooth transition of duty-free operations [6]. Group 6: Enhanced Regulatory Measures - The Capital Airport Customs is implementing a combination of on-site supervision and remote video monitoring to ensure continuous oversight of new store operations, achieving full visibility and traceability of goods [8]. - A specialized service mechanism for health permits has been initiated to assist businesses in optimizing their application processes [8]. Group 7: Commitment to Service Innovation - The Capital Airport Customs aims to continuously enhance service quality and regulatory measures to support the establishment of diverse consumer formats and contribute to the development of a vibrant international aviation hub [9].

活动现场，市商务局介绍了"购在中国，乐购新春"深圳市有奖发票促消费活动规则及平台操作指引。详 情可见深圳商务局官网。 南都讯 2月10日，"购在中国，乐购新春"深圳市有奖发票促消费活动启动仪式在南山京东MALL举办。 深圳市商务局、市财政局、深圳市税务局、南山区商务局、市零售商业行业协会、深圳银联、银联商务 及各企业代表、媒体代表等各界人士共同见证有奖发票促消费活动正式上线。 在活动的最后，多名消费者现场消费并开具发票，参与发票上传、抽奖全流程体验。其中，在京东五星 南山门店消费的陈女士，成功上传发票并抽中奖金50元。让实惠"看得见"、消费"有保障"。罗湖区"新 春消费'开'好运，发票抽奖'赢'福气"发票抽奖活动、宝安区"2026'乐购新春'深圳春节特别活动暨前海宝 中商圈联盟成立仪式"活动同步开展，共同宣发有奖发票有关情况。深圳全市还将在春节前后投入近8亿 元用于促消费，包括加力支持以旧换新投入6亿元以上，实施有奖发票投入7000万元，另外南山、福 田、龙华、光明等各区也将投入合计超8000万元。 采写：南都N视频记者 黄璐 图片由深圳商务局提供 随后，深圳京东MALL也发布了"新春年货节"和"局改焕新家" ...

Core Viewpoint - Wushang Group has confirmed that it has not received any inquiries or investigation notifications from the China Securities Regulatory Commission regarding its operations and market performance, indicating stable business operations and compliance with financial regulations [2] Group 1 - The company maintains that its financial indicators meet the requirements of listing rules and have not triggered any delisting risk warnings [2] - The largest shareholder of the company is committed to being responsible to shareholders and the market, adhering to laws and regulations, and advancing corporate governance and business development steadily [2] - Wushang Group is focused on enhancing governance levels and operational quality while striving to create long-term value for shareholders [2]

此次试点活动获得中央财政资金支持，三地结合实际制定亿元级实施方案。消费者只需通过属地确定渠 道上传或录入符合条件的电子发票即可实时参与抽奖，三地福利互补、联动发力，共同打造区域消费福 利矩阵。 作为全国有奖发票试点的重要组成部分，此次京津冀联动活动在中央财政资金支持下，整合三地资源形 成消费促进合力，既通过"发票抽奖"形式鼓励消费者主动索票、规范市场秩序，也以真金白银的补贴激 发居民消费意愿，助力春节及全年消费市场持续回暖。 三地将通过商务局官方网站及合作渠道及时发布活动最新动态与细则调整信息，保障消费者的知情权与 参与权。此次试点活动也将为京津冀消费市场一体化发展积累经验，后续三地还将持续联动推出更多促 消费举措。 新京报讯(记者陈琳)为活跃春节消费市场、持续激发区域消费潜力，京津冀三地于2月11日起，同步启 动有奖发票试点活动，联动推出亿元级消费补贴，个人消费者在指定行业消费并开具电子发票，即有机 会赢取最高800元电子红包。 本次活动将持续至2026年7月底，覆盖零售、餐饮、住宿、文化娱乐、旅游体育等八大民生领域。消费 者在京津冀任一城市消费满100元，取得实名制数电普通发票，即可通过属地指定平台参与实 ...

Core Viewpoint - Changchun City plans to launch a "Spring Consumption Season" coupon distribution activity in the first quarter of 2026 to stimulate consumption and promote economic growth [1][5]. Group 1: Scope of Participation - The program is open to various types of businesses, including: - Physical retail, supermarkets, home appliances, and digital product dealers with an annual retail sales of no less than 5 million yuan, required to offer discounts [1][5]. - E-commerce platforms selling home appliances, digital products, clothing, and general merchandise with an annual retail sales of no less than 50 million yuan, with priority given to those matching funds and achieving a retail leverage ratio of over 15 times [6]. - Catering and accommodation businesses with an annual turnover of no less than 2 million yuan, also required to provide discounts [7]. - Fuel retail businesses with an annual retail sales of no less than 100 million yuan, with priority for those matching funds [8]. Group 2: Participation Conditions - Businesses must meet specific criteria to participate, including: - Legal registration and normal operational status without major violations or credit issues [9]. - A complete cash register system that supports coupon redemption and activity data statistics [9]. - Commitment to comply with government activity requirements and provide additional discounts [9]. - Stable financial status over the past two years, capable of supporting promotional discounts [9]. Group 3: Application Process - Interested businesses must submit the required materials by February 8, 2026, at 20:00 [2][10]. - Required materials include: - Business license [12]. - Company profile [12]. - Submission can be made via email or through official channels [3][10]. Group 4: Important Notes - Late submissions or incomplete materials will be considered as automatic forfeiture [10]. - Selected businesses must sign a cooperation agreement and accept supervision during the activity [10]. - The Changchun Municipal Bureau of Commerce holds the right to interpret the activity [10].

Core Viewpoint - The company, Liya Retail (00831), anticipates a more than 40% year-on-year growth in shareholder profit for the fiscal year ending December 31, 2025, following a reported shareholder profit of HKD 23.9 million for the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - The expected profit growth is primarily attributed to non-recurring restructuring costs in the Guangzhou bakery retail business in 2024 [1] - The company is implementing comprehensive cost optimization measures across its bakery and eyewear businesses [1] Group 2: Market Challenges - Despite the improvement in performance, the Hong Kong retail market continues to face challenges due to structural changes in consumer behavior [1] - Increased frequency of local residents traveling abroad is putting pressure on local consumption [1] - The company maintains a cautious outlook on the market prospects [1]

Core Viewpoint - The company, Liya Retail (00831.HK), anticipates a significant increase in shareholder profit for the fiscal year ending December 31, 2025, projecting a growth of over 40% year-on-year, following a reported profit of 23.9 million HKD for the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - The expected increase in profit is attributed to non-recurring restructuring costs in the Guangzhou bakery retail business for 2024 [1] - The company is implementing comprehensive cost optimization measures across its bakery and eyewear businesses [1] Group 2: Market Challenges - Despite the anticipated improvement in performance, the Hong Kong retail market continues to face challenges [1] - Structural changes in consumer behavior and frequent travel by local residents are putting pressure on local consumption [1] - The company maintains a cautious outlook on the market prospects [1]

Core Viewpoint - Xu Jiahui (002561.SZ) announced that its wholly-owned subsidiary, Shanghai New Six Hundred Commercial Management Co., Ltd., plans to sign a lease agreement with its controlling shareholder, Shanghai Xu Jiahui Mall (Group) Co., Ltd., through its wholly-owned subsidiary, Shanghai Xu Jiahui Mall Group Commercial Development Co., Ltd. [1] Group 1 - The lease will involve a property located at 932 Hengshan Road, which is owned by the commercial development company [1] - The business will operate under the name "New Six Hundred YOUNG" [1] - This transaction is classified as a related party transaction [1]

Core Viewpoint - The launch of the prize invoice pilot program in the Beijing-Tianjin-Hebei region aims to stimulate consumer demand and enhance regional consumption vitality through a lottery system tied to invoices [1][2] Group 1: Program Details - The prize invoice pilot program will start on February 11 and run until the end of July 2026, covering eight major livelihood sectors including retail, catering, accommodation, cultural arts, entertainment, tourism, sports, and resident services [1] - Consumers can participate in the lottery by obtaining a digital electronic invoice of 100 yuan or more issued by local businesses, with a maximum prize of 800 yuan in electronic red envelopes [1] Group 2: Financial Support and Implementation - The pilot program is supported by central government funding, with local governments in the three regions developing billion-level implementation plans to benefit consumers and businesses [2] - The initiative aims to create a regional collaborative effect, allowing consumers to enjoy a seamless participation experience through local channels for uploading or entering eligible electronic invoices [2] Group 3: Objectives and Future Plans - The program encourages consumers to actively request invoices, helping to standardize market operations and foster a trustworthy consumption environment while stimulating demand through inclusive subsidies [2] - The three regions will share updates and adjustments regarding the program through official business department websites and cooperative channels, ensuring consumer awareness and participation [2] - The pilot program is expected to accumulate experience for integrated development in the Beijing-Tianjin-Hebei consumption market, with plans for further collaborative consumer promotion measures in the future [2]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report highlights the strong performance of Pop Mart, with over 1 billion LABUBU sales and 4 billion total product sales in 2025, indicating robust growth potential in the emotional consumption sector [1] - The Spring Festival travel volume is expected to reach 10.68 billion trips in 2026, a significant increase of 11.7% compared to 9.56 billion trips in 2025, reflecting strong consumer demand for travel [2] - The report suggests focusing on high-growth sectors supported by policy and technology, including service consumption, new consumption trends, retail innovation, and AI applications [2][56] Summary by Sections Industry & Company Dynamics - Pop Mart's annual meeting showcased its achievements, including a global employee count exceeding 10,000 and a registered membership surpassing 100 million [1] - Anta Group's acquisition of Puma is a strategic move to enhance its global presence and compete with major brands like Nike and Adidas [15][16] - The opening of JD Seven Fresh stores in Beijing and Shanghai aims to capture the New Year market with a focus on fresh produce and high-quality consumer experiences [17] Macro & Industry Data - In November, retail sales grew by 1.3% year-on-year, with a notable increase in online retail sales, which accounted for 25.9% of total retail sales [31][41] - The gold consumption in Q3 2025 saw a decline of 18.56%, with jewelry sales dropping significantly, while demand for gold bars remained strong [48][49] Investment Recommendations - The report recommends focusing on sectors with high growth potential, including service consumption, new consumption trends, and retail innovation, with specific beneficiary companies listed [2][56]