一、研究报告 （点击标题查看报告） 三、深度报告节选 【宏观】 新春经济温和修复 春节出行和消费市场呈温和回升、层次鲜明特征，政策聚焦扩内需优结构，实体、物价、流动性各维度数据表现分化。 春运前19天跨区域人员流动日均2.48 亿人次、同比增5.1%，水运成增长亮点，出行市场进入常态化周期；商品消费依托政策与消费升级实现量价回升，智能产品成亮点，服务消费中旅游表现亮 眼，电影消费受供给质量影响表现平淡。近两周政策围绕扩内需稳增长、优结构强创新双线发力，兼顾短期与中长期发展。实体端内需待振外需亮眼，生产分 化，基建资金充裕但项目短缺问题的仍存，节前停工早于往年，出口仍有韧性或对经济起到托底作用，生产分化持续；物价上CPI小幅上涨、PPI整体平稳； 流动性保持合理充裕，人民币持续升值。 风险提示：贸易局势不确定性，国内需求修复不及预期 。 >>以上内容节选自国泰海通证券已经发布的研究报 告： 新春经济温和修复 ， 具体分 析内容（包括风险提示等） 请详见完 整版报告。 01、 宏观｜ 新春经济温和修复 26.02.22 02、 宏观｜ 春节期间：海外有何变化 26.02.22 03、 固收｜ 春节期间不可错过的事 ...

Market Overview - The Hong Kong stock market experienced a decline across all major indices, with the Hang Seng Index falling by 1.82% to close at 26,590.32 points, the Hang Seng China Enterprises Index down by 2.06% to 9,007.86 points, and the Hang Seng Tech Index decreasing by 2.13% to 5,270.70 points due to concerns over tariffs and geopolitical tensions [1][2]. Sector Performance - Large technology stocks saw a significant drop, with Meituan down over 4%, and other major players like Tencent, Xiaomi, Alibaba, and JD.com also closing lower [2]. - Financial stocks were weak, with China Life Insurance dropping by 6% and New China Life Insurance down by 5.79% [2]. - The film sector faced substantial pressure, with notable declines in stocks such as Maoyan Entertainment, which fell over 8%, and Huayi Brothers down over 5% [2][7]. AI and Technology Stocks - AI application stocks showed strong performance, with Zhizhu rising by over 12% and Zhaoyi Innovation increasing by nearly 12% as well [5][6]. - Other notable gainers in the AI sector included MINIMAX-WP, which rose by over 4%, and companies like Huahong Semiconductor and Lenovo also saw positive movement [5][6]. Film Industry Insights - The 2026 Spring Festival box office reported a total of 5.752 billion yuan, marking a year-on-year decline of approximately 40%, with attendance dropping by 36.2% compared to 2025 [9]. - The average ticket price saw a significant reduction of nearly 3 yuan from the previous year's 50.8 yuan, indicating a need for improved content quality in the film industry [9].

可选消费板块下跌，中国中免（601888）跌超10%。 2月24日，港股收盘走低，恒生指数跌1.82%，恒生科技指数跌2.13%。 | 香港股票 △ | | | | --- | --- | --- | | 恒生指数 | 恒生科技 | 恒生生物科技 | | 26590.32 | 5270.70 15654.19 | | | -491.59 -1.82% -114.65 -2.13% -541.42 -3.34% | | | | 港股通消费 | 港股红利 | 港股现金流 | | 1704.19 | 2318.72 | 2555.21 | | -22.73 -1.32% -2.80 -0.12% -41.84 -1.61% | | | 互联网科技股集体走低，阿里巴巴跌2.7%，金山云跌5%，快手、小米等跌逾2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 成交额 | | --- | --- | --- | --- | --- | --- | | 0268 | 全蝶国际 | 9.970 c | -0.840 | -7.77% | 7.21亿 | | 0020 | 商沥-W | 2.610 c | - ...

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.131 billion today [1] - The largest net purchases were in Southern Hang Seng Technology (HKD 1.585 billion), Meituan-W (HKD 0.687 billion), Xiaomi Group-W (HKD 0.437 billion), Kuaishou-W (HKD 0.304 billion), UBTECH (HKD 0.242 billion), and SMIC (HKD 0.22 billion) [1] - Southbound funds have net bought Meituan for five consecutive days, totaling HKD 2.62343 billion, and Xiaomi for three consecutive days, totaling HKD 2.66892 billion [1] Group 2 - Tencent Holdings experienced a decline of 3.4% with a net buy of HKD 0.393 billion [3] - Alibaba-W also saw a drop of 2.8% with a net sell of HKD 0.065 billion [3] - Longi Green Energy had a slight increase of 1.2% with a net buy of HKD 0.247 billion [3] - Bubble Mart faced a significant decline of 5.9% with a net sell of HKD 1.01 billion [3] - Meituan-W declined by 4.2% with a net buy of HKD 0.25 billion [3]

Market Performance - The Hang Seng Index fell by 491.59 points, a decrease of 1.82%, closing at 26,590.32 points [1] - The H-shares Index dropped by 189.52 points, closing at 9,007.86 points, a decline of 2.06% [1] - The Hang Seng Tech Index decreased by 114.65 points, closing at 5,270.7 points, down by 2.13% [1] Blue Chip Stocks - Tencent Holdings decreased by 3.35%, closing at 520 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.01%, closing at 413.6 HKD [1] - China Mobile declined by 0.5%, closing at 79.05 HKD [1] - HSBC Holdings dropped by 0.44%, closing at 135.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.17%, closing at 47.52 HKD [1] - Sun Hung Kai Properties fell by 0.5%, closing at 139.3 HKD [1] - Henderson Land Development rose by 2.08%, closing at 35.32 HKD [1] Chinese Financial Stocks - Bank of China decreased by 1.47%, closing at 4.69 HKD [1] - China Construction Bank fell by 1.83%, closing at 8.06 HKD [1] - Industrial and Commercial Bank of China dropped by 1.68%, closing at 6.45 HKD [1] - Ping An Insurance declined by 4.12%, closing at 69.8 HKD [1] - China Life Insurance fell by 6.07%, closing at 32.48 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 1.1%, closing at 5.52 HKD [1] - China National Petroleum Corporation fell by 0.1%, closing at 9.56 HKD [1] - CNOOC Limited dropped by 1.01%, closing at 25.58 HKD [1]

游戏ETF(516010)跟踪中证动漫游戏指数(930901)，覆盖游戏动漫全产业链；影视ETF(516620)跟踪中证 影视主题指数(930781)，覆盖影视制作发行渠道全产业链。当前游戏基本面扎实、估值合理，春节流水 验证行业景气，建议重点关注游戏ETF。影视方面春节档票房不及预期需时间消化，短期观望，关注后 续AI应用方向的催化机会。 游戏方面，春节期间多端流水数据表现健康，行业高景气延续。头部方面，腾讯超7款游戏位列iOS畅 销Top10，《王者荣耀》马年限定皮肤微博超话冲至游戏总榜第一，《和平精英》除夕DAU超9000万， 中腰部长青产品同样表现稳健。出海端，《心动小镇》海外2月流水超2500万美金、环比增长超200%， Discord社区成员突破80万。女性玩家潜力持续验证，《超自然》春节DAU创新高、iOS畅销最高第六， 《鹅鸭杀》2月流水环比增长46%，《我的花园世界》登顶小游戏畅销榜。端游同样高景气，美团数据 显示春节假期中小城市网吧电竞交易规模增长近200%。展望后续，3月仍有《洛克王国》、EVE等潜在 爆款上线，产品催化不断。游戏板块核心公司估值性价比在成长板块中依然突出，今日下跌主要受 ...

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 31.31 billion HKD from northbound trading, with 9.6 billion HKD from Shanghai and 21.7 billion HKD from Shenzhen [1] - The most bought stocks included Southern Hang Seng Technology (03033), Meituan-W (03690), and Xiaomi Group-W (01810) [1] - The most sold stocks were CNOOC (00883), Tencent (00700), and Alibaba-W (09988) [1] Group 2: Stock Performance - Southern Hang Seng Technology (03033) received a net inflow of 15.84 billion HKD, supported by positive sentiment in the tech sector [5] - Meituan-W (03690) saw a net inflow of 6.87 billion HKD, with a report indicating a 79% year-on-year increase in travel spending during the Spring Festival [5] - Xiaomi Group-W (01810) had a net inflow of 4.37 billion HKD, with plans to focus on core technologies like chips and AI over the next five years [5] Group 3: Individual Stock Insights - Tencent Holdings (00700) had a total trading volume of 54.62 billion HKD, with a net inflow of 3.93 billion HKD [2] - Alibaba-W (09988) experienced a net outflow of 651.785 million HKD, with total trading of 40.66 billion HKD [2] - SMIC (00981) received a net inflow of 2.2 billion HKD, with expectations of sales growth exceeding industry averages by 2026 [6][7]

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 31.31 billion HKD from northbound trading, with 9.6 billion HKD from Shanghai and 21.7 billion HKD from Shenzhen [1] - The most bought stocks included Southern Hang Seng Technology (03033), Meituan-W (03690), and Xiaomi Group-W (01810) [1] - The most sold stocks were CNOOC (00883), Tencent (00700), and Alibaba-W (09988) [1] Group 2: Individual Stock Performance - Southern Hang Seng Technology (03033) received a net inflow of 15.84 billion HKD, with analysts suggesting that the tech sector remains a long-term investment focus due to reduced valuation pressure and accelerating AI applications [4] - Meituan-W (03690) saw a net inflow of 6.87 billion HKD, with a report indicating a 79% year-on-year increase in tourism spending during the Spring Festival [5] - Xiaomi Group-W (01810) had a net inflow of 4.37 billion HKD, with plans to focus on core technologies like chips and AI over the next five years [5] - SMIC (00981) received a net inflow of 2.2 billion HKD, with positive signals for 2026 sales growth expected to exceed industry averages [6] - CNOOC (00883) faced a net outflow of 998.9 million HKD amid geopolitical risks affecting the oil market [6] - Tencent (00700) and Alibaba-W (09988) experienced net outflows of 867.7 million HKD and 690.1 million HKD, respectively [6]

21世纪经济报道记者雷晨 马年春节，一场烧掉超80亿元的AI"红包大战"落下了帷幕。腾讯、阿里、字节跳动等互联网平台轮番上 阵，把这个传统意义上的"抢红包"旺季，彻底变成了一场AI落地全民生活的压力测试。 各家晒出的战报一个比一个亮眼，但数据背后的行业格局也愈发清晰：头部平台靠着资金、技术和生态 的三重壁垒，正在加速收割市场；中小玩家想要挤进通用AI这条赛道，越来越难。而更残酷的考验才 刚刚开始——春节的流量退潮之后，用户是走是留，才是检验这场狂欢的最终标准。 在业内人士看来，这场春节档的卡位战，不仅影响到AI行业的竞争牌局，也让中国互联网向AI互联网 转型的节点，提前到来了。 春节档，AI的"全民大考" 春节向来是互联网平台拉新的黄金窗口。2026年的这个窗口，被赋予了全新的意义——它不再是简单的 流量争夺，而是AI技术第一次直面全国用户的"大考"。 一位大厂高管告诉21世纪经济报道记者，今年春节档的竞争，关系到未来几年企业的前台业务布局乃至 投融资格局。可以说，整个行业在春节这一节点所奠定的竞争格局，将直接决定未来"牌桌"上的席位归 属。 正是这种紧迫感，让各大平台不惜重金入局。超80亿元的投入，让这个春 ...

据悉，天美蒙特利尔工作室成立于2021年，由曾担任刺客信条系列创意总监的阿什拉夫·伊斯梅尔领衔 组建，是天美在美国洛杉矶工作室和西雅图工作室外的第三处北美研发基地。 在蒙特利尔工作室成立之初，腾讯内部对其定位是专注于开发具备3A品质、开放世界架构及跨平台能 力的大型游戏产品，但在成立后的五年中该工作室始终未有成品项目公布。在运营过程中，其工作中心 逐渐转向承接天美IP的国际化项目延伸，包括参与《宝可梦大集结》《使命召唤手游》等产品的开发和 本地化工作。 近日，腾讯天美旗下蒙特利尔工作室被曝已于近期停止运营，多名前员工在社交媒体平台确认了这一消 息。21世纪经济报道记者就此询问了腾讯天美工作室群，截至发稿未获得回复。 值得注意的是，近年来腾讯与网易两家中国游戏巨头正持续调整海外研发布局。 以网易为例，其于2025年下旬先后关闭了美国Fantastic Pixel Castle、T-Minus Zero Entertainment、 Jackalytic Games，加拿大Bad Brain Game Studios等多个海外游戏工作室；腾讯此前在美国洛杉矶建立的 Team Kaiju工作室也已于2023年停止运 ...