（来源：上观新闻） 当人们生活富足，没有什么是非等到过年才能买到、吃到、玩到的，"年味"的来源需要一些感官刺激。 新春，去上海特色街区、滨江水岸走走逛逛，领略那些别出心裁的布置和装饰，仿佛一场"美育之旅"。 除了市政道路上各区发挥自己的创意、审美装点的新春元素，已经从普通名词变成互联网热梗的"上海 主理人"，也在努力为这座城市"扎台型"，装点自家商铺的门面。他们这么做不只是为了让自己的生意 更好、门店更有辨识度，而是真心希望为这座城市增添不一样的年味。 心 舒抒 摄 西岸梦中 愚园路：预算不论大小 2025年相较往年，愚园路的人流增幅有所趋缓。部分商户将其归结为一家十年网红店的搬离。这件事背 后的缘由各有说法，但大部分人更关心的是，谁来接盘这么有显示度的位置，以及"接盘侠"是否也 是"视觉系"。毕竟，以往逢年过节，原先在此的商户都会精心"整活"弄上漂亮的气膜装置，从未重复且 次次充满巧思。 愚园路bebaked 去年夏天，愚园路草坪旁的洋房围上了施工围挡，新商户的答案揭晓，也是一家售卖漂亮甜点、容易出 片的烘焙品牌"bebaked"。去年国庆开业后，愚园路西段的人流开始逐渐回笼。 元旦过后，这家店换上了新春装 ...

丰收缩影。 作者/杨文静 报道/投资界PEdaily 这也许是春节期间最沸腾一幕——智谱和MiniMax在港股涨疯了。 其中，智谱在节前5天涨超130%，除夕当日更是开盘就一举飙升至最高540港元，最终收盘市值超2200 亿港元，相比IPO首日已经翻了近4倍。 这背后，风投女王徐新身影浮现。 2023年，国产大模型战况正酣，徐新掌舵的今日资本低调地参与了智谱的B3轮融资，重仓2.5亿元。不 到三年，这笔投资水涨船高，按智谱最新市值计算回报约20倍，账面浮盈约50亿元。如此，再次缔造投 资生涯漂亮一战。 这一幕始于春节前夕。 2月9日，一款神秘模型爆红，智谱从当日203.2港元一路上涨至2月11日的312.4港元，市值一度突破1500 亿港元。 直到2月12日凌晨，新一代基座模型GLM-5正式发布，智谱当日股价涨幅28.68%；次日再次高开，股价 最终定格于485港元，总市值超2100亿港元。 但这还没有结束。 除夕当天，港股更是将这个"全球大模型第一股"推向前所未有的高点——当日高开522港元，最终股价 定格在508港元，总市值达2264.88亿港元。 这意味着，智谱在春节前的6个交易日一口气涨超150%，市 ...

《绝区零》"澄辉坪"街道张灯结彩 《闪耀暖暖》"煌煌照重渊"套装 《崩坏：星穹铁 道》新角色"爻光"（中） 春节前，米哈游《崩坏：星穹铁道》推出国风新角色"爻光"，其服饰设计萃取苗族银饰精髓，将经典纹 样与将军形象相融；"爻光"的战斗动作则从孔雀舞中取材，一招一式间尽显传统舞蹈的灵动神韵。玩 家"星轨旅人"直言："解锁'爻光'的那一刻，我感受到传统文化的鲜活魅力，游戏过程都成了视觉享 受。"这并非该游戏首次探索国风表达，此前仙舟"罗浮"的徽派建筑、配乐中的侗族大歌等，都让玩家 领略到传统文化与科幻美学结合的独特韵味。 上海叠纸游戏旗下《闪耀暖暖》则将目光投向千年文物，新版本上线的"煌煌照重渊"套装，以三星堆青 铜神树为灵感，设计团队不仅对文物进行深入考据，更邀请三星堆3号祭祀坑发掘负责人担任学术顾 问，从文物原型、文化象征中提炼设计元素，用3D技术将青铜神树的神秘与恢宏凝于华服之上。玩 家"暖暖小裁缝"表示："给暖暖穿上这套华服，就让我想去了解青铜神树的故事，游戏成了我走近历史 的窗口。"作为一款上线7年依旧生命力旺盛的产品，《闪耀暖暖》始终将文化瑰宝当成创作的灵感源 泉。该游戏曾与国家京剧院联动，历时8个月 ...

Holiday Arrangements - Major companies have announced their holiday schedules for the upcoming Spring Festival, with most adhering to the national statutory holiday of 9 days [3][4] - Tencent will have a holiday from February 14 to February 23, totaling 10 days, while 58.com has the longest holiday of 17 days from February 7 to February 23 [4] - Other companies like Alibaba, ByteDance, Baidu, Meituan, Didi, Pinduoduo, Kuaishou, JD, and Xiaomi will follow the statutory holiday from February 15 to February 23, each with 9 days off [4] Employee Sentiment - There is a general satisfaction among employees regarding the holiday duration, with many expressing hope that future holidays will not be less than 9 days [3]

Group 1: Film Industry Developments - Six new films, including "Fast Life 3" and "Silent Awakening," will be released on the first day of the Lunar New Year, indicating a strong push for film consumption during the holiday season [1] - The National Film Administration and the Ministry of Commerce have launched an initiative to promote cross-industry collaboration between film and market consumption, aiming to stimulate the film economy and activate consumer potential in lower-tier markets [1] - Cinemas are enhancing the consumer experience by transforming into "new cultural spaces," with notable upgrades in decor and facilities to attract audiences during the festive season [1] Group 2: Cultural and Entertainment Trends - Popular games are also launching updates for the Spring Festival, with miHoYo's "Honkai: Star Rail" introducing a new character inspired by traditional culture, showcasing the integration of cultural elements into gaming [1] - Stand-up comedy remains popular during the Spring Festival, with performances scheduled in major cities and overseas, reflecting the ongoing demand for live entertainment [2] Group 3: Consumer Trends in New Year Goods - The definition of New Year goods is evolving, with younger consumers driving demand for innovative and culturally relevant products, as seen in the creative merchandise inspired by the classic animation "Journey to the West" [3] - Bubble Mart's new zodiac-themed products have become popular among young consumers for gifting and collecting, indicating a trend towards unique and culturally infused merchandise [3][4] - Brands are encouraged to merge traditional culture with modern aesthetics through collectible toys, aiming to engage younger audiences in the appreciation of traditional festivals [4]

Core Insights - The company, Yidian Tianxia, is a leader in marketing for Chinese brands going global, leveraging AI technology to enhance its service offerings and performance [2] - The strategic focus is on "overseas services and advertising technology," providing intelligent marketing and international digital services to major clients like Huawei, Alibaba, and ByteDance, achieving over 1.4 billion commercial effect conversions across 230+ countries [2] Career Transition and Management Accumulation - Wu Ying transitioned from Huawei to Yidian Tianxia in 2015, aligning her vision of leveraging technology for industrial value with the company's mission of aiding Chinese brands in global marketing [3] - Her decade-long experience at Huawei provided her with a global perspective and a customer-centric value system, which became foundational for her management approach at Yidian Tianxia [4] Organizational Innovation and Management Strategy - The company faced challenges in transitioning from business-driven to management-driven growth, leading to a significant restructuring of its organizational framework to enhance customer-centricity [5] - Key actions included aligning business and operational goals, establishing a customer segmentation system, and strengthening middle-platform capabilities to support sustainable customer service [5] Technological Strategy and Ecosystem Development - Yidian Tianxia has adopted a "dual-driven" strategy powered by AI, focusing on enhancing efficiency and optimizing outcomes through a fully integrated AI-driven marketing loop [6] - The company has been proactive in integrating generative AI technologies into marketing processes since the GPT-3 era, upgrading its technical capabilities and product architecture [6] Service Models and Client Engagement - The company offers personalized service models tailored to different client stages, utilizing automated systems for small clients and a hybrid AI-human approach for larger clients [8] - Yidian Tianxia has strategically positioned itself in innovative areas like Generative Engine Optimization (GEO) to help brands capture traffic in the new search landscape [8] Global Expansion and Future Outlook - The company has developed differentiated strategies for mature and emerging markets, focusing on brand building and operational efficiency in mature markets while emphasizing rapid user coverage in emerging markets [10] - Future growth in the overseas marketing sector is expected to be driven by the proliferation of global mobile internet, the advantages of Chinese supply chains, and innovations brought by AI technology [12] Vision and Strategic Focus - Yidian Tianxia aims to become a global leader in AI marketing technology, focusing on programmatic advertising, enhancing its AI product matrix, and establishing a robust compliance and risk management framework [13] - The company is committed to supporting the globalization of Chinese brands by leveraging AI technology for precise brand positioning and audience engagement [14]

Group 1 - The core viewpoint of the report indicates that the Chinese gaming market is showing steady growth, with actual sales revenue reaching 32.468 billion yuan in January 2026, reflecting a month-on-month increase of 2.99% and a year-on-year increase of 4.47% [1][2] - The client game market generated actual sales revenue of 8.236 billion yuan, with a month-on-month growth of 7.77% and a year-on-year growth of 23.46%, driven primarily by the launch of new products [5][10] - The mobile game market achieved actual sales revenue of 22.621 billion yuan, with a month-on-month increase of 1.8% but a year-on-year decrease of 1.52%, indicating a mixed performance influenced by new releases and high competition [10][9] Group 2 - The overseas market for self-developed games saw actual sales revenue of 2.077 billion USD, with a month-on-month decrease of 2.5% but a year-on-year increase of 24.05%, highlighting the dual engine of mature products and new games driving growth [27][30] - The top-performing mobile games in January 2026 included "Peacekeeper Elite" and "Dungeon & Fighter: Origin," which saw significant revenue increases due to new content and updates [14][16] - The new game "Arknights: Endfield" achieved over 500 million yuan in its first month, showcasing the effectiveness of innovative gameplay and strong IP influence in attracting players [24][26]

Core Viewpoint - MiHoYo terminated its cooperation with Shanghai Huiye Law Firm due to a conflict of interest involving a lawyer who assisted a competing company, Envision Energy, in a lawsuit against MiHoYo [1][7][15]. Group 1: Incident Background - The conflict originated in June 2025 when Envision Energy filed a lawsuit against MiHoYo, claiming that a fictional antagonist in MiHoYo's game "Honkai: Star Rail" resembled their brand, causing reputational damage [4][6]. - MiHoYo counter-sued Envision Energy in December 2025 for commercial defamation [6]. - By February 2026, Envision Energy withdrew its lawsuit, which was approved by the court [7]. Group 2: Legal and Ethical Implications - The lawyer from Huiye Law Firm, who was MiHoYo's long-term legal advisor, was found to have collected evidence for Envision Energy despite knowing the conflict of interest, violating legal regulations [7][14]. - The Shanghai Judicial Bureau warned the lawyer for privately accepting a commission, which is prohibited under the Lawyer Law [7][14]. - Huiye Law Firm acknowledged the incident highlighted deficiencies in their dynamic conflict of interest monitoring system and pledged to improve compliance standards [15]. Group 3: Industry Context - The incident reflects the challenges within large law firms where lawyers operate with significant autonomy, often leading to potential conflicts of interest [11][13]. - The legal services market in China is characterized by a commission-based distribution model, which can complicate conflict management [11][13]. - MiHoYo's proactive stance in protecting its intellectual property rights indicates a broader trend in the gaming industry to safeguard intangible assets [15].

Core Viewpoint - MiniMax has experienced a remarkable stock price surge since its debut on the Hong Kong stock market on January 9, reaching a market capitalization of over HKD 200 billion following the release of its new model M2.5, which has drawn significant attention and investment returns for its backers, particularly miHoYo, which has seen a substantial profit from its early investment [1][3][6]. Group 1: MiniMax's Performance and Market Response - MiniMax's stock price increased by over 13% on February 13, 2023, following the announcement of its new model M2.5, which is said to match the performance of Claude Opus 4.6 [1][2]. - The market responded quickly, with MiniMax's market capitalization exceeding HKD 200 billion [3]. - The company has achieved a unique position in the Chinese large model landscape, having gone from establishment to IPO in just four years [2]. Group 2: Investment and Returns - miHoYo, a gaming company, was one of the angel investors in MiniMax, investing at a post-money valuation of USD 200 million, and has since seen its investment return exceed 100 times [4][6]. - miHoYo's stake in MiniMax increased to 7.34% during subsequent funding rounds, and it currently holds approximately 5.24% of the company post-IPO, translating to a book value of nearly RMB 10 billion [5][6]. - Other notable investors in MiniMax include Hillhouse Capital, IDG Capital, Sequoia China, Alibaba, Tencent, and several others, indicating a broad and significant backing for the company [6]. Group 3: miHoYo's Financial Performance - miHoYo has disclosed that it has paid a total of RMB 15 billion in taxes from 2021 to 2025, reflecting its substantial revenue growth [11]. - In 2021, miHoYo reported a revenue of RMB 27.34 billion and a net profit of RMB 16.145 billion, with tax contributions increasing from RMB 1.8 billion in 2021 to a projected RMB 15 billion by 2025 [11][12]. - The company has made significant investments in various sectors, including technology and gaming, and has been actively involved in the IPO process of other companies [12][14].

Core Viewpoint - MiniMax has achieved a market capitalization exceeding 200 billion HKD since its listing on the Hong Kong stock exchange, driven by the launch of its new model M2.5, which has garnered significant market attention and investor returns [2][3]. Group 1: MiniMax's Market Performance - MiniMax's stock price surged over 13% on February 13, 2023, following the announcement of its M2.5 model, which is comparable to Claude Opus 4.6 in performance [3]. - The company reached a market valuation of over 200 billion HKD shortly after its IPO, marking a significant milestone in the tech industry [2][3]. Group 2: Investment Landscape - MiHoYo, a gaming company, was a key angel investor in MiniMax, investing at a post-money valuation of 200 million USD, and has seen its investment return exceed 100 times [4][5]. - Other notable investors in MiniMax include Hillhouse Capital, IDG Capital, Sequoia China, Alibaba, Tencent, and several others, indicating a strong backing from prominent venture capital firms [5]. Group 3: MiHoYo's Financial Contributions - MiHoYo has disclosed that it will contribute a total tax of 150 billion CNY over five years from 2021 to 2025, showcasing its significant financial impact [10][11]. - The company's tax contributions have increased from 1.8 billion CNY in 2021 to a projected 150 billion CNY by 2025, reflecting its rapid revenue growth [10]. Group 4: MiHoYo's Investment Strategy - MiHoYo has diversified its investment portfolio, backing various innovative projects, including brain-computer interfaces and private space ventures, indicating a forward-thinking investment approach [12][13]. - The company has positioned itself as a significant player in the venture capital space, actively engaging with young, tech-driven entrepreneurs [13].