2月24日，最高检知识产权检察厅副厅长刘太宗做客最高检厅长访谈时披露，2025年1至11月，全国检察 机关共办理各类著作权案件1434件，起诉侵犯著作权犯罪915件1795人。 随着信息网络技术发展，特别是人工智能、大数据模型快速演进，不断开辟出知识产权保护新的前沿领 域。刘太宗强调，人工智能生成物的可版权性与专利性、数据要素属性与权利配置、算法模型的知识产 权保护规则等新命题，对现有知识产权法律规则带来挑战。检察机关加强前沿问题研究，依法稳妥办理 新技术案件。例如，最高检指导办理的一起利用人工智能技术侵犯著作权新类型案件中，准确认定权利 人作品具有独创性、侵权作品与权利人作品之间实质性相同，依法以侵犯著作权罪提起公诉，3名被告 人被判处刑罚。 刘太宗表示，今年，最高检将持续围绕重点领域，聚焦前沿问题，紧跟技术发展，加强版权保护，促进 文化繁荣。 智通财经记者 刘璐 刘太宗介绍，近年来，许多文创产品火爆文化市场，然而，侵权盗版问题也困扰着产业发展。检察机关 聚焦重点领域重点作品，加强对知名IP、历史文物、老字号品牌、非物质文化遗产的知识产权保护，加 大文化创意产品保护力度。2025年1至11月，检察机关共起诉 ...

Company and Industry Summary Company: Pop Mart Key Points - **High Store Traffic During Spring Festival** This year's Spring Festival saw higher customer traffic and longer queues compared to previous years. Notable regional pop-up events included: - Beijing APM featuring SP and My Little Pony pop-ups - Shanghai Central Plaza with the Little Wild Beautiful Pharmacy pop-up - Shanghai BFC and Qingdao MixC hosting POPBakery pop-ups This indicates a strong consumer interest and engagement during the holiday season [1] - **New Product Launches and Restocks** The company launched several new products, including the 10th anniversary editions of Marry Full Throttle, Starry People, and Labubu, alongside sufficient restocks of classic items. This has enhanced the in-store experience, allowing for immediate purchases [1] - **New Store Opening in Bangkok** A new store has opened in Bangkok, Thailand, expanding the company's footprint in international markets [1] - **Collaboration with McDonald's** The collaboration between McDonald's and DIMOO has generated significant interest, with a promotional offer of "beverage + 89 yuan for a collectible figure." The resale value of the figures on secondary markets has surged by 50-80%, indicating strong demand [1] Additional Insights - **Impact of Cross-Brand Collaborations** Historical data shows that collaborations with other brands have significantly boosted user acquisition and sales for Pop Mart. Examples include: - Luckin Coffee & Labubu in April 2024 - Heytea & Starry People in December 2025 - Honor & MOLLY in January 2026 These partnerships have proven effective in attracting new customers and increasing sales [2] - **Development of MOLLY Sub-Series and New IPs** The MOLLY brand continues to expand with the introduction of a fourth sub-series, AngryMolly, alongside the existing SPACEMOLLY, ROYALMOLLY, and BabyMolly. Additionally, a new IP named Merodi (Willstudio) has been announced, with expectations for other distinct styles like KeyA to follow. This demonstrates the brand's ability to extend its intellectual property effectively [2]

Core Insights - The Beijing consumer market experienced a significant boost during the 2026 Spring Festival holiday, with a total sales revenue of 84.5 billion yuan, marking a year-on-year increase of 12.4% [1] - The city implemented various promotional activities, including the "Happy New Year · Colorful Seasons" theme, which helped create a festive atmosphere and stimulated consumer spending [1][2] Group 1: Consumer Market Performance - The sales revenue from key sectors such as department stores, supermarkets, specialty shops, dining, and e-commerce reached 84.5 billion yuan, with a 12.4% increase year-on-year [1] - The foot traffic in 60 key commercial districts totaled 51.09 million, reflecting a 5.8% year-on-year growth, while the total consumption amount reached 15.43 billion yuan, up by 2.2% [1] Group 2: Promotional Activities and Consumer Engagement - The city launched various initiatives, including the distribution of 83 million yuan in Spring Festival consumption vouchers, to encourage residents to purchase goods and services [1] - The "Prize Invoice" pilot program in the Beijing-Tianjin-Hebei region saw participation from 4.489 million people, with nearly 4 million winning invoices, enhancing the festive shopping experience [2] Group 3: Cultural and Traditional Consumption - Traditional brands played a significant role in driving the "Guochao" consumption trend, with various old brands showcasing their products during the Spring Festival markets [4] - The integration of cultural elements into consumer offerings, such as themed dining packages and interactive community events, contributed to a vibrant festive atmosphere [4] Group 4: Commercial District Dynamics - Major commercial districts introduced unique consumption activities that catered to diverse consumer needs, resulting in a 4.2-fold increase in foot traffic in the Longfu Temple area [6] - The Wangfujing WellTown's "Celebrate Chinese New Year" theme attracted significant consumer engagement, leading to a 2.2-fold increase in foot traffic in the Universal Studios area [6] Group 5: Technological Integration in Consumption - The integration of technology into consumer experiences was highlighted by events such as the "Smart New Year Goods Market" and the use of robots for customer service, which significantly boosted foot traffic in the Zhongguancun area by 86.3% [7] - The launch of the first automatic driving shopping event in the Beijing Economic-Technological Development Area showcased innovative consumer engagement strategies, resulting in a 23.9% increase in consumption [7] Group 6: Inbound Tourism Impact - The city capitalized on the "Come to China for the New Year" trend, with inbound tourist spending on purchases increasing by 73.2% year-on-year [9] - Various cultural events and international-themed activities were organized to attract global visitors, enhancing the overall consumer experience during the holiday [9] Group 7: Cultural and Entertainment Consumption - Over 5,000 cultural activities were organized, including more than 2,000 commercial performances, enriching the cultural consumption landscape during the Spring Festival [10] - The film industry also saw a boost, with total box office revenue reaching 170 million yuan during the holiday period, reflecting an 11.5% year-on-year increase in cultural and entertainment spending [10]

▪核心结论：全年维度看好AI应用生产力（Agent）+泛娱乐（多模态）两大方向，以及延伸的IP看好价值释放，游 戏看好绩优方向。 ▪市场复盘：节前一周A股传媒受Seedance催化，板块放量上涨，影视、媒体、出版走强；节中港股大模型公司智 谱、Minimax大涨，交易GLM5发布+涨价+供不应求逻辑，今日恒科收涨+3.34%，两家大模型公司则波动较大。 AI：春节国产模型高密度迭代+霸榜海外openrouter最热榜单，字节Seedance等驱动漫剧行业非线性增长，我们 看好今年生产力、泛娱乐两大方向爆发，加速Token消耗及商业化。 建议关注H股【阿里】、【智谱】、【Minimax】、快手、美图、阜博，A股掌阅、中文、昆仑、值得买、焦点等。 开工大吉！以下是我们对板块的观点更新~ ▪核心结论：全年维度看好AI应用生产力（Agent）+泛娱乐（多模态）两大方向，以及延伸的IP看好价值释放，游 戏看好绩优方向。 ▪市场复盘：节前一周A股传媒受Seedance催化，板块放量上涨，影视、媒体、出版走强；节中港股大模型公司智 谱、Minimax大涨，交易GLM5发布+涨价+供不应求逻辑，今日恒科收涨+3.34%，两家 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 个股表现上，恒基地产、万州国际、中国石油股份领涨恒指成分股；泡泡玛特、瀚森制药、阿里健康领 跌恒指成分股。万州国际盘中还创出历史新高。 恒生科技指数表现更弱，开盘报5330.26点，下跌1.02%，盘中持续走低，截至9时38分，报5255.02点， 跌幅扩大至2.42%。 板块表现上，大多数板块下跌，其中信息科技、软件服务板块领跌；石油天然气板块逆势上涨。 今日（2月24日），港股开盘后呈现震荡走弱态势，受隔夜美股大幅回调拖累，主要股指集体低开，随 后持续下探，市场呈现结构性分化格局。截至9时38分，恒生指数与恒生科技指数均出现明显下跌，部 分板块逆势异动，个股表现分化显著。 指数方面，恒生指数开盘报26913.68点，下跌0.62%，随后震荡下行，截至9时38分，报26682.85点，跌 幅扩大至1.47%。 ...

国泰海通晨报 2026 年 02 月 24 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：春节期间，特朗普关税被判定违法，以及美伊军事冲突风险升温对全球资产价 格带来扰动，原油与黄金均有所上涨。美国经济韧性仍存，通胀回落进展或将较为颠簸，部分联 储官员提及加息可能。未来仍需关注特朗普关税政策的不确定性扰动。 2、【策略研究】：中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回升 与地产企稳会推动经济预期上修。目前内需板块预期与交易出清，相信价值也会有春天。 3、【固定收益研究】：经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升 带来的扰动。 4、【纺织服装研究】纺织服装业：我们认为①截至 2.12 日的美棉周度出口放量、②2.19 日发布的 美国农业展望论坛明确新棉季全球供需收紧基调、③近期美国与东南亚国家关税互惠政策等多重 积极边际变化夯实美棉筑底并逐步打开中长期向上空间的趋势，持续重点推荐百隆东方、关注相 关标的天虹国际集团。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweix ...

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

智通财经APP获悉，根据2026年2月23日披露数据，昊天国际建投（01341）、中国电信（00728）、南 方恆生科技（03033）位居港股通持股比例前3位，分别为71.99%、71.35%、69.35%。此外，盈富基金 （02800）、腾讯控股（00700）、阿里巴巴－W（09988）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+37.39亿元、+37.28亿元、+22.38亿元;紫金矿业（02899）、泡泡玛特（09992）、中国 太保（02601）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-5.89亿元、-4.06亿 元、-3.54亿元。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 2、港股通最近5个交易日增持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 盈富基金(02800) | +37.39亿元 | +13694.25万股 | | 腾讯控股(00700) | +37.28亿元 | +693.03万股 | | 阿里巴巴－W ...

Group 1: Travel Industry - Sanya's airports are expected to handle a peak passenger flow of over 232,000 during the Spring Festival, with flights to major cities like Beijing and Shanghai sold out, and business class tickets nearing 10,000 yuan [2] - The Civil Aviation Administration of China has approved multiple flight increases, adding over 110 flights from Haikou to popular destinations [2] Group 2: Technology and Consumer Electronics - Apple plans to launch the iPhone Fold and iPhone 18 Pro in July, with the Fold expected to be priced around 15,000 yuan, potentially making it the most expensive iPhone ever [3] - Apple is set to hold an event on March 4, where it may unveil several new products, including the M5 Pro/Max MacBook Pro and the iPhone 17e [10] Group 3: Film Industry - China's film box office is projected to exceed 8 billion yuan in 2026, making it the highest-grossing single market globally, with the Spring Festival box office already surpassing 5.5 billion yuan [3] Group 4: Corporate Developments - Zhiyuan issued an apology regarding the GLM Coding Plan, acknowledging issues with transparency and user upgrade mechanisms, and has opened refunds for affected users [4][5] - Kimi's revenue in the past 20 days has surpassed its total revenue for the previous year, driven by a surge in global paid users and API calls, leading to a valuation of 100-120 billion yuan [9] Group 5: Financial Performance - JianTao Group expects a profit increase of over 165% for the year ending December 31, 2025, with profits projected to exceed 4.32 billion HKD due to strong demand for copper-clad laminates and related materials [14] - Wuliangye has distributed over 76.8 billion yuan in dividends over the past five years, with a planned dividend payout ratio of 70% for 2024 [7]

9天"最长春节假期"叠加460余项"乐购新春·京彩四季"主题促消费活动，让北京实体商圈活力迸发。2月 23日，北京市商务局发布春节消费盘点内容显示，全市60个重点商圈假期客流量达5109.4万人次，同比 增长5.8%；实现消费金额154.3亿元，同比增长2.2%，客流与消费规模稳步攀升。前门、王府井、隆福 寺、三里屯等核心商圈将非遗民俗、国潮美学、老字号焕新与沉浸式体验深度融合，实现客流与销售额 双增长，传统文化成功"破圈"成为拉动消费的核心引擎。 融合场景聚客兴商，传统文化成为商圈"吸粉密码"。其中，隆福寺商圈以特色新春市集为抓手，汇集非 遗好物、京味小吃、盲盒手办、书籍文创等多元业态，深度展现城市活力片区特色魅力与浓厚年节氛 围，商圈客流同比增长4.2倍，市集内泡泡玛特"星星人甜品"销售火爆，日均销售额2万余元，成为年轻 群体打卡消费的热门之选。 商业综合体持续"上新"，特色活动点亮新春消费。北京北辰荟春节期间举办"非遗年马上游"迎春民俗非 遗活动，叠加国家会议中心二期举办的"大都新春庙会"，双重活动在除夕至初六期间拉动商场整体客流 较去年春节同期提升75%，销售额提升20%。作为北京东部商圈的重要载体， ...