大话西游之月光宝盒

再分化！煤炭、银行大幅跑赢 该买红利资产了？_我的网站

一 |     

    A screenshot circulating on Chinese social media compares the Formula One (F1) logo (left) with the logo used for the Teens in Times concert tour
Formula 1 (F1) has referred information about the logo used for a concert tour by Chinese boy group Teens in Times (TNT) to the appropriate team for review and investigation, after motorsport fans said that the design closely resembles F1's trademark, multiple Chinese media outlets reported.
According to Beijing Youth Entertainment, F1 said in a formal response that "the information provided had been referred to the appropriate team and was currently under review and investigation."
Time Fengjun, a Beijing-based talent agency that manages popular idol groups including TNT, has meanwhile blurred the logo in its official concert videos, according to a report by Beijing Youth Entertainment.
Time Fengjun designed the promotional logo for TNT's racing-themed concert in May. Some motorsport fans said that the logo's red, three-part slanted design with a concave curve in the middle closely resembles the outline of F1's current trademark, which was introduced in 2017, with the original "F1" lettering replaced by "TNT."
The concert's stage screens, official footage and merchandise also feature elements resembling F1's visual style, which were used in ticket sales, performances and other commercial promotions, according to reports. No authorization from F1 has been reported.
Motorsport fans had reportedly raised concerns with Times Fengjun through official communication channels as early as July, but the company did not initially take action, Beijing Youth Entertainment reported.
Li Yunkai, an intellectual property lawyer at Beijing-based Beijing Tianyuan Law Firm, cautioned that F1's response does not mean that trademark infringement has been established already.
From a Trademark Law perspective, it would be premature to conclude that TNT has infringed F1's trademark based solely on the two images circulating online. More accurately, if the logo was indeed used without authorization from F1 and was used as a source-identifying mark in connection with the concert and its commercial promotion, there could be a relatively high risk of trademark infringement, he said.
F1's rights holder has registered relevant figurative trademarks in China, including No. 76729750 in Class 41, covering entertainment and performance-related services, according to Li. The case would be assessed based on factors including the similarity of the marks and services and the likelihood of consumer confusion, in line with China's trademark infringement standards.
The two logos are not identical but share similarities in their overall shape, slant, lines and visual style. The concert's broader racing-themed imagery could also be relevant in assessing whether consumers might believe there was an affiliation, sponsorship or authorization by F1, said the lawyer.
If the concert also used F1-associated elements such as "RACETRACK," racing and track imagery, or checkered flags, those elements could be relevant to assessing the likelihood of consumer confusion and the intent behind the use. Courts would consider the broader context in which the logo was used, rather than comparing the two logos as isolated graphic designs, including whether consumers might believe the concert had an authorization, partnership or sponsorship relationship with F1.
"A final determination would depend on the specific F1 trademark at issue, the scope of services covered by the registration, how the logo was actually used and the evidence presented by both sides," Li told the Global Times.
    Photo: Screenshot from website
。    　　A股在8月24日分化明显，贵金属、煤炭、保险、银行等板块涨幅靠前，湖南白银、上海能源、大有能源、美锦能源等个股涨停。也让红利策略的“再平衡价值”再次成为市场讨论的焦点。

二 | 　　2026年下半年以来，随着科技板块的持续回调，市场风险偏好回落，部分资金从热门成长资产流向防御性的高股息资产。

三 | 以中证红利指数为例，该指数7月以来上涨12.56%，而同期沪深300指数下跌8.36%，创业板指下跌20.97%，科创50指数下跌27.43%。　　具体看行业板块，这样的分化也十分明显。东方财富Choice数据显示，7月以来，煤炭是涨幅最大的行业，上涨了22.29%。大有能源、平煤股份、兰花科创是煤炭板块涨幅前三个股，7月以来分别上涨38%、37.06%和36.7%。石油石化、银行、农林牧渔等板块，7月以来也涨幅靠前。　　相反，7月以来电子、建筑材料（受电子布概念大跌拖累）、通信成为跌幅最大的三个行业，分别下跌了30.4%、26.33%和26.15%。　　中信证券研报表示，2026年上半年中证红利指数一度回撤超15%，下半年大概率会出现估值修复上行行情。当下股息率与十年期国债利率差值达3.5%左右，红利资产已进入“击球区”。　　中金公司则表示，低利率+债市波动率下降背景下，险资、银行理财等中长线资金配置权益动力增强，红利资产“替债”属性凸显。红利风格分母端支持因素已反映较充分，分子端稳定性（分红力度、分红预期）将成为未来选股重点逻辑。　　需要指出的是，虽然红利资产近期表现优异，但在不少机构看来，2026年A股风格或更趋于均衡，而不是“非此即彼”的选择。有投资人士表示，即使当下红利风格确定性较大，但仍偏向结构性及阶段性机会。至于红利能不能走远，也得看相关行业基本面的边际变化。（文章来源：东方财富研究中心）。

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