近代澳门娼妓业发展繁荣，其中以福隆新街为最具盛名的风月之地。福隆新街由填海而成，其建造历史可以追溯至19世纪60年代，它是澳门城市规划的早期实践之一，填海工程和商业建设相结合的模式，使娼妓业在这条街道上得以迅速发展。文章通过对福隆新街的历史沿革、娼妓业的业务架构和运营、娼妓个体与群体的生活、政府对行业的管控等方面进行分析，揭示福隆新街的娼妓业作为一项特殊行业，在近代澳门社会中扮演了重要角色。娼妓业的合法化、行业的兴衰，以及娼妓的生活状况是社会文化、经济和政治因素交织下的产物，其发展与时代背景、政策调整和社会需求密切相关。

In modern Macao, the prostitution industry has flourished, with Happiness Street being the most famous place for prostitution. Happiness Street was built by land reclamation, and its construction history can be traced back to the 1860s. It is one of the early practices of urban planning in Macao. The combination of land reclamation and commercial construction has enabled the prostitution industry to rapidly develop on this street. This article has analyzed the historical evolution of Happiness Street, the business architecture and operation of the prostitution industry, the lives of individual prostitute and the group of prostitutes, and the government's control over the industry. The result reveals that the prostitution industry in Happiness Street, as a special industry, has played an important role in modern Macao society. The legalization of the prostitution industry, the rise and fall of the industry, and the living conditions of prostitutes are products of the interweaving of social cultural, economic, and political factors. The development of prostitution industry is closely related to the background of the times, policy adjustments, and social needs.