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]

Group 1 - The "Year of the Horse" themed products are gaining popularity in the Qingdao market as the Spring Festival approaches, with various items incorporating horse elements becoming central to consumer design [1][2] - The sales of gold jewelry featuring horse motifs, such as pendants and bracelets, are experiencing a surge, with innovative designs attracting consumer attention despite high gold prices [2] - The integration of traditional cultural elements into modern consumer products is driving the growth of the zodiac economy, with horse-themed items enhancing the festive atmosphere [3] Group 2 - The demand for unique and culturally resonant products, such as the "Horse Power" plush blind boxes and horse-themed LEGO decorations, reflects a shift towards emotional resonance in consumer purchasing behavior [1][2] - Local specialties, including seafood gift boxes and traditional baked goods, are also seeing increased sales, indicating a broader trend of culturally themed products resonating with consumers [2] - Cultural events, such as themed markets and book fairs, are attracting younger consumers and promoting traditional culture, contributing to a vibrant new year celebration [3]