Group 1 - The Hang Seng Index rose by 0.46%, gaining 119 points to close at 26,013 points, while the Hang Seng Tech Index increased by 0.51%. The morning trading volume in Hong Kong reached HKD 114 billion [1] - Meituan-W (03690) saw a morning increase of 5.85%, while Alibaba indicated a significant reduction in investment for Taobao Flash Sale expected in the next quarter [1] - Airline stocks performed well, with China Eastern Airlines (00670) rising over 6% due to improved oil cost benefits for airline performance [1] Group 2 - The Hang Seng Biotechnology Index increased by over 2%, with Rongchang Biologics (09995) rising over 5% and Kangfang Biologics (09926) up over 4% [2] - China Biopharmaceutical (01177) rose by 2.59% after its subsidiary achieved a significant breakthrough in HER2 dual-target ADC for breast cancer [2] - Junshi Biosciences (01877) increased by over 3% as its Toripalimab subcutaneous injection Phase III clinical trial met its primary endpoint, with plans for subsequent listing application [2] - Basilea Pharmaceutica-B (02616) rose over 6% after the European Commission approved a new indication for Sugliumab [2] - GDS Holdings Limited-SW (09698) increased by nearly 4% as domestic AI chip supply improves, with Morgan Stanley expecting a surge in orders in the second half of next year [2] Group 3 - Changfei Optical Fiber (601869) and Optical Cable (06869) rose nearly 7%, driven by interest in Google's TPU chips, with institutions optimistic about AI-driven growth in data communication [3] - Smoore International (06969) increased by over 4% after signing a long-term procurement agreement for battery cells with EVE Energy (300014) to secure supply for electronic cigarette products [3] - Alibaba-W (09988) fell over 2% as its adjusted net profit for the second fiscal quarter decreased by 72% year-on-year [3]

Group 1 - Huawei will launch the Mate 80 series and other products on November 25, featuring the HarmonyOS 6, with significant advancements expected in mobile imaging [1] - The collaboration between Meituan Flash Purchase and Huawei will allow for simultaneous pre-sale of new models, enabling consumers to receive their devices within 30 minutes from local stores [1] - The number of Huawei authorized stores on Meituan Flash Purchase has rapidly increased to nearly 6,500, reflecting the popularity of the "30-minute delivery" service [2] Group 2 - During the Double 11 shopping festival, the transaction volume of Huawei authorized stores on Meituan Flash Purchase saw a year-on-year increase of 101%, with new customer acquisition rising by 158% compared to regular days [2] - Meituan Flash Purchase has introduced the exclusive IP "Meituan Lightning New Products" to support the launch of new electronic products, providing dedicated traffic, resource exposure, and user benefits [2] - Consumers purchasing new HarmonyOS devices will have the opportunity to receive 12 months of Meituan Black Diamond membership benefits [2]

来源：金吾财讯 金吾财讯 | 美团(03690)股价走高，截至发稿，涨6.26%，报104.4港元，成交额58亿港元。 消息面上，竞争对手阿里昨日公布财报。截至9月30日止三个月，归属普通股股东的净利润为209.9亿元 (人民币，下同)，同比减少52.16%。期内，收入为2477.95亿元，同比增长4.77%。期内，电商业务收入 为1029.33亿元，相较2024年同期增长9%。其中，即时零售业务收入为229.06亿元，相较2024年同期增 长60%，主要是得益于2025年4月底推出的"淘宝闪购"所带来的订单量增长。公告中称，第三季经营活 动产生的现金流量净额为人民币100.99亿元，同比下滑68%。自由现金流的下降主要归因于对即时零售 的投入以及公司的云基础设施支出增加。 另外，里昂预测美团第三季度核心本地生活业务收入同比减少1.3%，新业务收入同比增长17.7%。 ...

10月16日上午，"酒类行业新机遇·美团酒饮闪电仓大会"在南京成功举办。作为第113届全国糖酒会的重 要组成部分，本次大会在全国糖酒会组委会与中国酒类流通协会的共同指导下，聚焦"酒类即时零售"新 趋势，致力于推动酒类行业向数字化、连锁化、场景化方向转型，助力品牌与商家抢占即时零售新赛 道。 会议围绕"酒饮闪电仓"这一创新模式展开深入探讨，涵盖战略发布、商家实战分享、系统赋能解析等多 个维度，为行业提供了从模式构建到运营落地的完整解决方案参考。 行业聚焦，共探酒类即时零售新路径 本次大会由行业权威机构联合指导，汇聚了来自产业链各环节的核心代表。中粮会展（北京）有限公司 副总经理、全国糖酒会组委会副秘书长王昊，中国酒类流通协会监事长、办公室主任刘雪清，江苏酒类 行业协会常务副秘书长龚诺，美团酒饮闪电仓负责人夏国佼等行业协会领导和嘉宾莅临现场，展现了行 业对即时零售新赛道的高度重视。大会还邀请了酒易淘、布马甜酒铺等知名酒商代表参与分享。 大会开场，全国糖酒会组委会代表在致辞中指出，当前食品行业正处于结构升级、酒类行业深度调整的 关键阶段。她强调，美团酒饮闪电仓代表着一种全新的即时零售酒水供给模式，精准契合了年轻一 ...

Core Insights - Meituan has announced an investment of 10 billion yuan to enhance its rider support system as part of the "Same Boat Plan" on its fifth anniversary [1] - The support system will now extend to include not only riders and their children but also their spouses and parents, indicating a broader family protection approach [1] - Meituan is launching "Rider Apartments" in cities like Beijing, Shenzhen, and Chongqing, where riders can pay a subsidized rent of 700 yuan for a safe and standardized single room in the second ring road of Beijing [1]

Core Insights - The instant retail industry in China is at a critical juncture, moving towards a trillion-yuan scale, with a focus on building a healthy ecosystem for high-quality development [1] - The competition in the industry is shifting from price-driven to user experience-driven, marking a new phase that emphasizes efficiency and quality [1] Group 1: Industry Development - The report indicates that the industry is evolving from "fast fulfillment" to "stable service" and "quality products" [1] - Establishing a high-standard service system centered around "assurance" is crucial for helping merchants achieve sustainable operations [1] Group 2: "Assurance Flash Purchase" Initiative - The "Assurance Flash Purchase" plan has expanded to 20 services since its launch in May, covering the entire shopping process and helping nearly one million merchants reduce unnecessary losses from consumer disputes [2] - The initiative is built on a comprehensive assurance system that includes "assured quality," "assured service," and "assured after-sales," supported by an AI governance system and diverse evaluation rules [2] Group 3: Consumer Experience Enhancements - The platform has introduced a minute-level "assured after-sales" experience, with official return services covering nearly 400,000 merchants across 53 cities [3] - The first industry-wide free return shipping service funded entirely by the platform is available to millions of premium members and across all product categories [3]

Core Insights - Meituan's "Tongzhou Plan" celebrates its fifth anniversary, with the company committing to invest 10 billion yuan to enhance the rider protection system [1] Group 1: Rider Protection Initiatives - The plan will extend major illness care benefits to include not only riders and their children but also spouses and parents [1] - The Kangaroo Baby public welfare program will expand its coverage for riders' children [1] Group 2: Housing Support - Meituan is launching "Rider Apartments" in cities like Beijing, Shenzhen, and Chongqing, where riders can pay a subsidized rent of 700 yuan per month for a single room in the second ring road of Beijing [1] Group 3: Financial Commitment and Impact - As of the end of October, Meituan has invested 260 million yuan in projects like major illness care and Kangaroo Baby, benefiting over 8,000 riders and their family members [1]

Core Viewpoint - Meituan-W (03690) experienced a significant stock price increase, rising nearly 7% in early trading and currently up 5.85% at HKD 104, with a trading volume of HKD 7.823 billion. This movement is influenced by Alibaba's CFO comments regarding a reduction in investment in Taobao Flash Sales, indicating a potential "temporary truce" in competition [1]. Group 1: Company Performance - Meituan is set to hold a board meeting on November 28 to approve its quarterly performance [1]. - Citic Securities previously reported that Meituan's food delivery business losses are expected to peak in the current quarter, with competition intensity easing and subsidies returning to rational levels [1]. - It is anticipated that Meituan's food delivery market share will recover, with losses in the food delivery unit economics (UE) expected to be halved [1]. Group 2: Industry Insights - Alibaba's CFO indicated that the company's investment in Taobao Flash Sales will reach its peak in the September quarter, with a significant reduction expected in the next quarter due to improved efficiency and unit economics [1]. - The long-term outlook for Meituan's food delivery business includes substantial profit potential from international expansion, which may enhance the company's valuation flexibility [1].

Core Viewpoint - Meituan-W (03690) experienced a significant stock price increase, rising nearly 7% in early trading, with a current price of 104 HKD and a trading volume of 7.823 billion HKD [1] Group 1: Company Developments - Alibaba Group's CFO Xu Hong announced during the Q3 earnings call that investments in Taobao Flash Sales will peak in the September quarter, indicating a potential "temporary truce" in competitive spending [1] - Meituan plans to hold a board meeting on November 28 to approve quarterly results, with expectations that Meituan's food delivery business losses will peak in the current quarter [1] Group 2: Market Analysis - Analysts from CITIC Securities predict that competition in the food delivery sector has eased since Q4, leading to a rationalization of subsidies and a recovery in Meituan's market share in food delivery [1] - Long-term prospects for Meituan's food delivery business overseas are promising, with potential for significant profit growth, which could enhance Meituan's valuation flexibility [1]

Core Viewpoint - Meituan-W (3690.HK) experienced a significant intraday increase of 7%, reaching HKD 105.2, influenced by Alibaba's positive updates on its Taobao Flash Sales business [1] Group 1: Alibaba's Business Updates - Alibaba's CEO of the China e-commerce division, Jiang Fan, reported substantial progress in unit economic efficiency (UE) optimization for Taobao Flash Sales, with average losses per order halved since July and August [1] - The proportion of non-tea drink orders has risen to over 75%, and the average order value has seen double-digit growth on a month-over-month basis [1] - Jiang indicated that the first phase of scale expansion for Taobao Flash Sales has concluded, and the business is now entering a second phase focused on efficiency optimization [1] Group 2: Financial Projections and Strategy - Alibaba's CFO, Xu Hong, noted that the third quarter marked a peak in investment for the Flash Sales business, with expectations for a significant reduction in overall investment in the next quarter due to improved efficiency and stable scale [1] - The company will dynamically adjust its investment strategy based on the competitive landscape of the market [1] - Analysts suggest that Alibaba's statements may indicate a "temporary truce" in competitive strategies [1]