Well, it's hard to say exactly what the cartoon man is holding without more context. It might be a magic wand, a bag of goodies, or even a pet. Different cartoons have different scenarios.
It could be anything from a toy to a magic wand. Depends on the context of the cartoon!
Perhaps they are in a competition or a challenge and holding each other is part of the game. Or it could symbolize a bond or connection between them that the cartoon wants to convey to the audience.
It could be for a variety of reasons, like showing friendship or assistance.
Maybe he's just won a prize or got a reward for something he did.
Maybe he's the baby's father and is showing his love and care.
Maybe he just doesn't have anything specific to communicate at the moment.
The cartoon man might be holding balloons because he's in a parade or a party. The balloons could be part of the decoration or a way to attract attention.
Maybe the dragon is protecting the man or they have some special connection.
The cartoon man might be holding the fish because he wants to show it off to his friends or he's taking it to a fish market to sell it. Who knows for sure?
Maybe he's hungry and wants to eat it himself.