Core Insights - Meituan has launched its first AI Agent product, "XiaoMei" App, which is currently in public testing and utilizes the self-developed LongCat-Flash-Chat model for local life services such as food delivery and restaurant recommendations [1][5] - The app aims to provide convenience for users who may have difficulty operating smartphones, allowing for natural language interactions to place orders [5] - The app's performance shows room for improvement, particularly in maintaining coherent interactions with users [5] Group 1: Product Features and User Experience - "XiaoMei" App can offer personalized recommendations after accessing user data, and it supports voice interactions for restaurant suggestions [5] - Users can directly access merchant information through the app, enhancing the overall user experience [5] - Current limitations include the app's inability to refine recommendations based on specific user feedback, indicating a need for further development [5] Group 2: Industry Context and Competitive Landscape - The launch of "XiaoMei" is part of Meituan's broader strategy to enhance user engagement and operational efficiency amid increasing competition from giants like Alibaba and Tencent [6][7] - Industry experts suggest that while AI can improve user experience, long-term success will depend on product pricing, variety, and service quality [6] - Meituan's recent AI initiatives, including the release of LongCat-Flash-Chat and the revival of quality delivery services, are aimed at optimizing user decision-making and operational processes [6][7] Group 3: Financial and Strategic Investments - Meituan plans to invest 21.1 billion yuan in technology research and development in 2024, focusing on AI and other advanced technologies [7] - The company's CEO has indicated a significant increase in the core model's usage and plans for further investment in AI infrastructure by 2025 [7] - Despite a revenue increase of 11.7% year-on-year in Q2, Meituan reported a substantial decline in adjusted net profit, highlighting the financial pressures the company faces [8]

Core Insights - Meituan launched its first AI Agent product, "Xiao Mei" App, for public testing on September 12, positioning it as a "small and beautiful AI life assistant" [2] - The app is powered by Meituan's self-developed model LongCat-Flash-Chat, enabling users to interact through natural language for local life services such as food delivery, restaurant recommendations, and navigation for reservations [2] - "Xiao Mei" App is available on major app stores, and users can participate in the public test by obtaining exclusive invitation codes from the official account [2]

Group 1 - The "anti-involution bull" is seen as a crucial opportunity for the market to switch between the two halves of the bull market, with the first half driven by financial re-inflation and the second half by real asset re-inflation, leading to a return of blue-chip stocks driven by both valuation and performance [2][11][12] - The recent policy shift from the central government marks a significant turning point for "anti-involution," which is expected to drive inflation recovery and facilitate the transition between the two halves of the bull market [2][11][14] - The improvement in local government finances has provided the central government with the confidence to implement policies effectively, as evidenced by the recovery in land auction activities and the narrowing decline in land transfer revenues [2][11][14] Group 2 - The recent two months have seen a strengthening of policy determination from the top down, alongside an increase in corporate willingness to cooperate from the bottom up, alleviating previous market concerns regarding the execution of "anti-involution" policies [3][28][29] - The central government's intervention has shifted from industry association-led self-regulation to more direct involvement, with significant policy announcements aimed at curbing irrational competition in key sectors such as photovoltaics and new energy vehicles [3][29][32] - Corporations, particularly in the photovoltaic sector, have begun to respond positively to "anti-involution" initiatives, with major companies committing to production cuts and inventory control to align with industry-wide efforts [3][33][34] Group 3 - Industries that are expected to benefit from "anti-involution" include glass fiber, coal, energy metals, cement, commercial vehicles, and wind power equipment, identified through various criteria such as state-owned enterprise ratios and industry concentration [3][38] - The report emphasizes the importance of monitoring price elasticity and tax implications in identifying potential beneficiaries of the "anti-involution" strategy, with a focus on cyclical resource products [3][38]

北京商报讯(记者郭缤璐)9月12日，北京商报记者了解到，在"第十六届中国食品安全论坛"上，美团副 总裁陈荣凯介绍道，2025年，美团推出了"明厨亮灶"专项计划，设立明厨亮灶流量专区，将阳光厨房推 向全国。截至目前，已接入"明厨亮灶"商家接近30万，稳定在播商家超过15万。 陈荣凯表示，在用户侧，美团基于平台海量数据（603138），将商家食品安全表现通过"食安分"的形式 刻画，从消费者视角建立商家食品安全风险监测系统。未来"食安分"也将以一定权重融入到商家评价体 系之中。在商家侧，平台不断完善商户全生命周期管控体系，今年以来累计对超50万在网经营商家进行 了线下检查，重点核验门店地址真实性、现场环境卫生情况。 "我们针对'夫妻店''社区小店'等商户提供包括硬件设备费用、安装费用在内的全额补贴，有效降低商家 成本。"陈荣凯在论坛中介绍，5000万明厨亮灶补贴已经开启发放。在收到补贴的商家中，平均每天直 播时长高达11.4小时。为更好地帮助具备堂食能力的商家还原真实经营场景，美团还全量上线"堂食 店"标签。该标签上线两个月来，已有超140万商家完成了认证。 ...

摆脱单纯的工具属性，利用国民级出行应用的绝对流量优势， 成为连接线下消费的入口和枢纽，高德早就在本地生活服务领 域积蓄了野心。 作者： 钱玉娟 封图：本报资料室 今年6月，在外卖大战正酣时，原本在北京望京高德地图总部工作的产品经理李刚，和20多位同事一起被秘密调往杭州西溪阿里全球总部园区。他们进 驻到此前一直未启用的C4楼，开始了全封闭办公。 在长达三个月的时间里，只有阿里巴巴集团和高德地图的管理层知道这个团队，并为他们配备了独立安保、额外门禁和专人送餐。 这种程度的保密项目，在阿里巴巴集团内部也极为罕见。 9月10日，在阿里巴巴成立26周年当天，这个保密项目揭晓，由高德地图CEO郭宁直接领导的团队，完全从0到1的开发，推出了基于用户行为产生的榜 单"高德扫街榜"。该产品已于9日晚在高德地图App内上线，并被放在首页的突出位置。 "高德扫街榜不是一个流量榜，也不是一个广告榜，更不是一个网红榜，它永不商业化。"郭宁称，在用户多维度的真实行为数据基础上，高德还首次引 入了支付宝芝麻信用体系，结合用户信用等级为可信评价加权，进一步过滤虚假评价，确保榜单真实可信。 在本地生活的到店服务场景中，美团旗下大众点评的"必吃 ...

Core Viewpoint - Meituan has launched its first AI Agent product, "Xiao Mei" App, which aims to enhance local life services through AI technology [1] Group 1: Product Overview - "Xiao Mei" is positioned as a "small and beautiful AI life assistant," emphasizing simplicity and a better quality of life [1] - The app utilizes Meituan's self-developed model, LongCat-Flash-Chat, to provide features such as native food delivery ordering, restaurant recommendations, and reservation navigation [1] - "Xiao Mei" App is now available on major app stores for public testing [1]

Core Insights - Meituan has officially launched the public beta of its first AI Agent product, "Xiao Mei" App, which aims to serve as a "small and beautiful AI life assistant" [1] - The app utilizes Meituan's self-developed model LongCat-Flash-Chat, enabling seamless local life service experiences such as food ordering, restaurant recommendations, and navigation [1] - "Xiao Mei" is designed to simplify daily tasks for users, including ordering coffee and planning meals, while also catering to the needs of elderly and children [1] Product Features - "Xiao Mei" App is available on major app stores, and users can join the public beta through exclusive invitations from the official account [1] - The app focuses on vertical service scenarios in local life, allowing users to interact using natural language [1] - Future updates will aim to enhance personalization and proactive services, covering a wide range of life scenarios including dining, accommodation, travel, entertainment, shopping, and healthcare [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.05%, Green Power Environmental (01330) at 69.19%, and China Shenhua (01088) at 67.94% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and BYD Company (01211) saw the largest increases in holding amounts over the last five trading days, with increases of +126.42 billion, +37.06 billion, and +23.82 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -19.72 billion, China Telecom (00728) at -13.62 billion, and Kuaishou-W (01024) at -10.29 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 100.01 billion shares, 72.05% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.19% holding ratio [1] - China Shenhua (01088): 22.95 billion shares, 67.94% holding ratio [1] - Other notable companies include Kaisa New Energy (01108) at 67.53% and COSCO Shipping Energy (01138) at 65.47% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +126.42 billion, +88.22 million shares [1] - Horizon Robotics-W (09660): +37.06 billion, +361.88 million shares [1] - BYD Company (01211): +23.82 billion, +22.64 million shares [1] - Other companies with significant increases include Meituan-W (03690) and Ping An Insurance (02318) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -19.72 billion, -73.80 million shares [3] - China Telecom (00728): -13.62 billion, -233.30 million shares [3] - Kuaishou-W (01024): -10.29 billion, -14.02 million shares [3] - Other companies with notable decreases include Pop Mart (09992) and Meitu (01357) [3]

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various stocks, indicating significant bearish sentiment in the market, particularly for New World Development, Li Ning, and BYD, which have the highest short-selling ratios [1][2]. Short-Selling Ratios - New World Development and Li Ning both have a short-selling ratio of 100.00%, indicating complete bearish positions [2]. - BYD has a short-selling ratio of 91.94%, suggesting strong negative sentiment towards the stock [2]. Short-Selling Amounts - Alibaba leads in short-selling amount with 7.482 billion, followed by China Pacific Insurance at 1.943 billion and Meituan at 1.420 billion [2]. - Tencent Holdings and CSPC Pharmaceutical also feature in the top five for short-selling amounts, with 1.006 billion and 0.887 billion respectively [2]. Deviation Values - China Ping An has the highest deviation value at 45.98%, indicating a significant difference between its current short-selling ratio and its average over the past 30 days [2]. - China Pacific Insurance and Lai Kai Pharmaceutical follow with deviation values of 44.30% and 39.82% respectively, suggesting notable shifts in market sentiment [2].

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 4.234 billion, Ping An of China (02318) with 844 million, and Southern Hang Seng Technology (03033) with 480 million [1] - The top three companies with net outflows of southbound funds are Xiaomi Group-W (01810) with -1.733 billion, Meituan-W (03690) with -852 million, and Kangfang Biologics (09926) with -462 million [1] - In terms of net inflow ratio, Tehai International (09658) leads with 62.75%, followed by Yancoal Australia (03668) with 51.59%, and Yimeng Biologics-B (09606) with 51.01% [1] - The companies with the highest net outflow ratios are GX China (03040) at -100.00%, Kangji Medical (09997) at -60.98%, and China International Marine Containers (02039) at -48.45% [1] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 4.234 billion, representing a 16.56% increase in closing price to 141.900 [2] - Ping An of China (02318) saw a net inflow of 844 million, with a 24.06% increase in closing price to 57.200 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 480 million, with a 6.20% increase in closing price to 5.715 [2] Top 10 Net Outflows - Xiaomi Group-W (01810) experienced a net outflow of -1.733 billion, with a -17.96% decrease in closing price to 56.200 [2] - Meituan-W (03690) had a net outflow of -852 million, with a -5.77% decrease in closing price to 99.650 [2] - Kangfang Biologics (09926) faced a net outflow of -462 million, with a -15.64% decrease in closing price to 140.100 [2] Net Inflow Ratios - Tehai International (09658) had a net inflow ratio of 62.75% with a net inflow of 7.0962 million, closing at 14.980 [3] - Yancoal Australia (03668) recorded a net inflow ratio of 51.59% with a net inflow of 28.6046 million, closing at 27.620 [3] - Yimeng Biologics-B (09606) had a net inflow ratio of 51.01% with a net inflow of 194 million, closing at 406.400 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00% with a net outflow of -11.4 thousand, closing at 38.140 [3] - Kangji Medical (09997) recorded a net outflow ratio of -60.98% with a net outflow of -20.9363 million, closing at 8.850 [3] - China International Marine Containers (02039) had a net outflow ratio of -48.45% with a net outflow of -16.1516 million, closing at 8.020 [3]