Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a period of low volatility and correction, yet companies are actively engaging in share buybacks, signaling confidence in future industry developments [1]. Group 1: Market Performance - As of December 16, the Hang Seng Technology Index has declined by 2.3% [1]. - Nearly 260 Hong Kong-listed companies have implemented buybacks this year, totaling approximately 170 billion HKD [1]. Group 2: Company Actions - Major technology firms such as Tencent Holdings, Xiaomi Group, and Kuaishou are among the top companies in terms of buyback amounts, indicating strong corporate confidence in the sector's future [1]. Group 3: Investment Insights - Minsheng Securities maintains a positive outlook on the revaluation of AI in China, suggesting investors focus on platform-based internet companies with computational resources and application capabilities [1]. - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes, focusing on sectors like semiconductors and robotics, with key companies including Meituan, Tencent Holdings, Alibaba, and SMIC [1]. - The current rolling price-to-earnings ratio of the index is 23 times, which is at the 31.7% percentile since its inception in 2020, indicating potential long-term investment value [1]. Group 4: ETF Performance - The Hang Seng Technology ETF (E Fund, 513010) has seen a net inflow of nearly 3.5 billion CNY over the past month, with a total product size of approximately 26 billion CNY, reflecting good liquidity for investors looking to access core Hong Kong technology companies [2].

RatingsDirect® 信用答疑： 林祝祥，CFA 香港 + 852 2533 3544 sandy.lim @spglobal.com 中国即时配送之战的终局 2025 年 10 月 9 日 中国即时配送领域的激烈竞争还远未结束。标普全球评级认为，随着市场份额的变动，各平台将面临 更大的利润率压力。 自 2020 年以来，即时市场的年均复合增长率为 20%以上，如今约占中国零售业的 6%。该板块的目 标客户群体为希望一小时内收到配送商品的消费者，主要是食物和"即时零售"。 中国三大平台运营商面临着较高的风险，它们一直保持大规模支出，用于抢占或捍卫食物配送和即时 零售的市场份额。 我们认为，阿里巴巴集团控股有限公司（阿里巴巴）努力提升其作为最大一站式购物平台的市场地 位，以扩大消费者群体和交易量。美团旨在捍卫食物外卖业务，目前专注于即时需求商品配送。我们 认为京东集团（京东）希望突显其服务优势，以吸引广大消费者和商家。 投资者希望能够掌握该快速变化领域的信息。自发布上一份报告（参见《零售业短评：中国即时配送 行业——变革还是内卷？》，2025 年 9 月 1 日）后，我们希望在此能够抛砖引玉。 主分析师 ...

Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

本文源自：金融界AI电报 港股线上零售概念股走低，汽车之家(02518.HK)跌超3%，阿里巴巴(09988.HK)跌2.36%，京东 (09618.HK)跌1.32%，美团(03690.HK)跌0.56%。 ...

根据2025年12月15日披露数据，中国电信（00728）、绿色动力环保（01330）、大眾公用（01635）位 居港股通持股比例前3位，分别为72.41%、70.03%、69.99%。此外，小米集团－Ｗ（01810）、招商银 行（03968）、美团-W（03690）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+21.69亿 元、+19.12亿元、+10.96亿元;盈富基金（02800）、中芯国际（00981）、中国海洋石油（00883）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-15.25亿元、-9.34亿元、-7.82亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.50亿股 | 72.41% | | 绿色动力环保(01330) | 2.83亿股 | 70.03% | | 大眾公用(01635) | 3.74亿股 | 69.99% | | 凯盛新能(01108) | 1.70亿股 | 68.03% | | 天津 ...

智通财经APP获悉，12月11日,小米集团-W（01810）、美团-W（03690）、贝壳-W（02423）南向资金 净流入金额位列市场前三，分别净流入10.08 亿、9.71 亿、6.19 亿 前10大资金净流出榜 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | -4.21 亿 | -4.66% | 150.600（-1.70%） | | 中芯国际(00981) | -4.04 亿 | -12.11% | 67.150（-2.26%） | | 中国海洋石油(00883) | -3.90 亿 | -32.67% | 20.900（-0.57%） | | 中兴通讯(00763) | -3.57 亿 | -11.76% | 27.500（-13.08%） | | 工商银行(01398) | -2.11 亿 | -18.06% | 6.110（+0.49%） | | 华虹半导体(01347) | -2.00 亿 | -11.44% | 72.400（-4.80%） | | 阿里健康(00241) | -1.85 ...

� 150 kin coffe :31 Paris A V e 10 UNDER 4 r l (97 野生 0 1 F 3 s WX 通过机器人的推荐，选择好今天的午餐，并让它为自己创建带有定制化要求的订单，最后在与机器人的 聊天框中就完成了支付，AI技术的变革将这些过去仅存于科幻电影中的片段变成了现实。 行业人士表示，随着AI技术在千行百业的应用不断深化，AI生态内的支付也会成为行业关注焦点。 今年9月，支付宝推出国内首个"AI付"服务，率先在瑞幸咖啡的AI点单助手"Lucky AI"上线，用户用说 话的方式就能完成下单并支付，至此，智能体内的下单与支付全链路被打通，无缝的AI服务体验得以 实现。"AI付"上线一天后，美团首款AI Agent产品"小美"App也迎来公测，提供的服务包括外卖下单、 餐厅预约、美食推荐等本地生活服务。现在，已经有很多人尝试过用这款App，吃上AI为自己点的外 卖。 不仅如此，AI生态下支付的交互方式也在持续更新。就在刚过去的11月，杭州一家专门从事智能眼镜 研发的科技公司Rokid正式宣布将"AI付"从手机"搬"到了自家的智能眼镜上。在他们的演示视频里，戴 着智能眼镜的用户全程 ...

Investment Rating - The report does not explicitly provide an investment rating for the AI industry Core Insights - The AI industry is witnessing significant advancements with the launch of various new models and technologies, including Alibaba's Qwen3-Omni-Flash model, which supports seamless input and output across multiple modalities [17] - The establishment of new departments and initiatives by major companies like Huawei and Alibaba indicates a strong focus on foundational AI model development and consumer applications [6][7] - The introduction of innovative products such as the AI-powered drug development platform "AI Kongming" highlights the industry's potential to address global health challenges [12][13] Summary by Sections AI Industry Dynamics - Trump announced that Nvidia's sales of H200 chips to China will see 25% of revenue paid to the U.S. government, aiming to maintain U.S. leadership in AI [5] - Huawei's 2012 Lab has established a new department focused on foundational model development [6] - Alibaba has formed a new consumer-focused business group, integrating various AI-related services [7] - Shanghai has launched intelligent application scenarios to leverage its urban advantages in various sectors [8] AI Application Insights - The production of the 5000th humanoid robot "Lingxi X2" by Zhiyuan marks a transition to large-scale commercial use [9] - Ant Group has launched a web version of its AI assistant, enhancing its multi-platform ecosystem [10] - DingTalk's new version includes AI features for automatic replies in chats, improving workplace communication [11] AI Large Model Insights - Meituan has released and open-sourced the LongCat-Image model, achieving high performance in image generation with a compact parameter size [14] - The LightSeek model, a photon chip vertical model, has been announced, capable of assisting in chip design and manufacturing optimization [15] - Zhiyuan has launched the GLM-TTS text-to-speech model, which can learn a speaker's voice with minimal samples [16] Technology Frontiers - PCBAIR has introduced an 8-layer glass core PCB manufacturing technology aimed at AI and HPC packaging needs [18] - A collaboration between Guoxing Aerospace and Shanghai Jiao Tong University aims to establish a space computing laboratory [19] - Moore Threads is set to unveil a new GPU architecture at an upcoming developer conference [21] - A fully autonomous humanoid robot tour guide solution has been released, showcasing advancements in AI-driven robotics [22]

12月15日，美团团好货业务发布内部邮件，称食杂零售管理团队经研究讨论，决定暂停团好货业务，聚焦探索零售新业态。 公开资料显示，团好货是美团自主孵化的B2C电商业务，2020年8月，团好货以小程序形态推出后，凭借"产地直发+低价拼团"模式精准踩中市场需求，依 托美团外卖积累的庞大流量池，2020年12月提升至"美团APP"一级入口，后更名为美团电商。团好货与外卖、到店业务并列，通过生鲜日用品补贴快速破 局，日单量迅速突破10万单，货品种类覆盖18大类，成为当时美团零售板块的重点布局。 校对：杨立林 END 潜望系列深度报道丨股事会专栏丨投资小红书丨e公司调查丨时报会客厅丨 ...

Core Viewpoint - Meituan's "Tuan Hao Huo" business has been suspended to focus on exploring new retail formats, reflecting a strategic shift in response to market changes [3][7]. Group 1: Business Strategy - Meituan's e-commerce strategy is evolving towards instant retail while downplaying traditional express e-commerce [7]. - The company aims to adapt to trends and actively seek changes in its business model [7]. - The suspension of "Tuan Hao Huo" will involve internal communication regarding the future plans for affected personnel [7]. Group 2: Financial Performance - Meituan's new business segments, including grocery retail, reported strong growth with revenues reaching 28 billion yuan, a year-on-year increase of 15.9% [7]. - Instant retail saw a peak of over 150 million daily orders in July, with more low-frequency users transitioning to high-frequency usage [7]. Group 3: Market Trends - Instant retail is gaining traction, with sales during this year's Double 11 shopping festival reaching 67 billion yuan, a 138.4% year-on-year increase [8]. - The growth in instant retail is driven by high-frequency purchases that stimulate lower-frequency buying, breaking through growth bottlenecks [8]. - Major brands are increasingly entering instant retail platforms, as evidenced by the participation of over ten thousand stores during the recent Double 11 event [8]. Group 4: Industry Insights - The rise of instant retail signifies a new phase in e-commerce competition, blending "far-field + near-field" strategies [9]. - Traditional e-commerce must enhance last-mile delivery capabilities, while local businesses leverage instant retail to challenge traditional e-commerce supply chain resilience [9].