责任编辑：何俊熹 新浪科技讯 8月26日晚间消息，新浪科技获悉，大众点评正式上线了"品质外卖"频道。点开后可以看到 口号为"真品质，真堂食，真评价"的外卖店铺信息页，并且相关外卖店支持美团配送。 据了解，今年4月，美团点评事业部划进核心本地商业，负责美团平台业务的李树斌，兼任点评事业部 负责人，向美团高级副总裁、核心本地商业CEO王莆中汇报。（罗宁） ...

Group 1 - On August 26, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with a trading volume of 5.01 billion, SMIC (00981) with 3.86 billion, and Alibaba-W (09988) with 3.29 billion [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, the top three companies were Alibaba-W (09988) with a trading volume of 2.19 billion, SMIC (00981) with 1.95 billion, and Tencent Holdings (00700) with 1.81 billion [1] Group 2 - The top active companies in the Southbound Stock Connect (Hong Kong) included Yingfu Fund (02800) with a net buy of 4.997 billion, Alibaba-W (09988) with a net buy of 448 million, and Tencent Holdings (00700) with a net buy of 911 million [2] - In the Southbound Stock Connect (Shenzhen), Alibaba-W (09988) had a net buy of 897 million, while SMIC (00981) and Tencent Holdings (00700) had net sells of 275 million and 240 million respectively [2]

Core Viewpoint - Meituan has addressed user concerns regarding refund issues, stating that it has resolved delays in refund information updates and established a dedicated customer service team to investigate and trace refund orders [1][5]. Group 1: Refund Issues - The main refund issues identified by Meituan include incomplete refund information, leading to uncertainty about whether the money has been refunded and where it has gone [2]. - Users have reported that refunds sometimes show as "failed" without clear reasons, and Meituan clarified that there is no practice of "not refunding without inquiry" or "deleting orders" [3]. Group 2: Reasons for Refund Failures - Meituan outlined three primary reasons for refunds showing as "failed" or not successfully processed: 1. Refunds may have been processed, but the order page does not automatically update to show "refund successful" due to delays in information display [4]. 2. Refunds may have been credited, but the displayed amount is "0" due to system errors, which users can verify through their original payment channels [4]. 3. Refunds may show as successful, but the original payment channel does not reflect this, often due to issues with the user's payment method, leading to funds being returned to the user's Meituan wallet instead [4]. Group 3: User Feedback and Company Response - Meituan acknowledged that a small number of orders may show "refund failed" due to issues with the original payment channels, and it has provided a fallback solution to refund amounts to users' wallet balances [5]. - Users have raised concerns about refunds not being received, particularly for historical orders from 2014 to 2016, despite Meituan's assertion that the issue stems from technical updates rather than actual refund failures [5].

Summary of Key Points Core Viewpoint - Southbound capital saw a significant decrease in trading volume, with a total of approximately 148.74 billion HKD, down nearly 60 billion from the previous day, accounting for 46.79% of the total turnover of the Hang Seng Index, falling below 50% [2]. Group 1: Southbound Capital Flow - Southbound capital recorded a net inflow of approximately 16.57 billion HKD today, with the Shanghai-Hong Kong Stock Connect contributing about 9.61 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing about 6.97 billion HKD [2][4]. - Major ETFs saw substantial buying, with the Yingfu Fund (02800.HK) receiving 6.55 billion HKD and the Hang Seng China Enterprises (02828.HK) receiving 1.78 billion HKD [2]. Group 2: Individual Stock Performance - Alibaba-W (09988.HK) experienced a net buy of 1.35 billion HKD, despite a decline of 2.57% in its stock price, with short-term capital inflow slowing down [2][5]. - Tencent Holdings (0700.HK) saw a net buy of 670 million HKD, with a stock price drop of 0.81% and accelerated short-term capital inflow [2][5]. - Meituan-W (03690.HK) had a net buy of 409 million HKD, with a decline of 1.88% in its stock price and increased short-term capital inflow [2][5]. - Semiconductor Manufacturing International Corporation (00981.HK) faced a net outflow of 983 million HKD, with a stock price drop of 2.77% and continuous capital outflow [3][5]. - Oriental Selection (01797.HK) saw a net outflow of 303 million HKD, with a significant drop of 11.20% in its stock price and predominant capital outflow [3][5].

Group 1: Industry Trends - The medical beauty industry is experiencing a shift in promotional boundaries, with increased visibility through media such as the variety show "Actors Please Stand By 3" and the urban drama "In the Name of Beauty" [1][10] - The industry is facing a slowdown, with the annual compound growth rate expected to decrease from over 18.3% (2015-2024) to 13.2% in the next five years [2] - Consumer behavior shows a trend of maintaining budget while seeking better service and results, with a notable increase in repurchase frequency from 90 days last year to 64.3 days this year for Meituan's medical beauty users [2][4] Group 2: Meituan's Strategies - Meituan is enhancing its medical beauty business by launching the "North Star Medical Beauty List," which evaluates institutions and doctors based on 927 assessment points, providing reliable references for consumers [3][4] - The company has opened nearly 9,500 new medical beauty institutions on its platform this year [5] - Meituan is addressing the cost challenges faced by small and medium-sized institutions by collaborating with upstream brands to lower procurement costs [6][7] Group 3: Targeting High-End Consumers - Meituan is focusing on penetrating higher-tier consumer segments, particularly those classified as platinum and above, by offering special benefits and free services [8] - The company is leveraging external channels, such as sponsoring media content and utilizing platforms like Xiaohongshu, to attract higher spending users [9][10] - The recent relaxation of promotional boundaries in the medical beauty sector provides Meituan with broader opportunities for outreach and brand promotion [10]

Core Insights - The Hong Kong stock market saw significant net inflows from northbound capital, totaling HKD 165.73 billion on August 26, with the Shanghai-Hong Kong Stock Connect contributing HKD 96.05 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 69.67 billion [1] Group 1: Stock Performance - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988) [1][5] - The most net sold stocks were SMIC (00981), Oriental Selection (01797), and Xiaomi Group-W (01810) [1][5] - The Tracker Fund of Hong Kong received a net inflow of HKD 50.04 billion, while SMIC experienced a net outflow of HKD 15.76 billion [2][3] Group 2: Sector Trends - Technology stocks, particularly Alibaba-W, Tencent (00700), and Meituan-W (03690), saw substantial net purchases of HKD 13.45 billion, HKD 6.7 billion, and HKD 4.09 billion respectively [5] - The approval of new regulations for internet platform pricing is expected to lead to more standardized pricing practices among e-commerce platforms, which may help maintain market shares [5] - The biotechnology sector is highlighted by the net purchase of HKD 1.25 billion in Innovent Biologics (01801), following the FDA's approval of a new drug trial [6] Group 3: Company-Specific Developments - Meituan (01357) was included in the MSCI China Index, which is expected to enhance its market visibility and investment appeal [5] - Xiaomi Group-W reported a 40% year-on-year increase in automotive revenue, although its smartphone business faced challenges with declining margins [7] - Oriental Selection's performance was mixed, with a 55% year-on-year drop in GMV, leading to a downgrade in its target price by Goldman Sachs [7]

Core Viewpoint - Meituan has responded to consumer concerns regarding delayed refunds, clarifying that the issues stem from incomplete information updates rather than actual refund failures [2][12]. Refund Issues Summary - The refund problems identified by Meituan include incomplete updates on refund statuses, leading to confusion about whether funds have been returned and where they have gone [3][4]. - Three main reasons for refund display issues were outlined: 1. Refunds may have been processed, but the order page did not reflect this due to delayed updates, causing user misunderstandings [4]. 2. Refunds may show as "0" due to system errors, with users advised to check their original payment channels for records [6]. 3. Refunds may appear successful, but users cannot find them in their original payment channels due to issues with those channels, leading to funds being returned to the user's Meituan wallet instead [8][10]. Technical Updates and User Feedback - Meituan acknowledged that the "refund not received" issue is primarily due to technical updates not being fully implemented, which has affected the timely display of refund statuses [12]. - Users have reported that many historical orders from 2014 to 2016 show unsuccessful refund statuses, raising questions about the company's explanations [12].

Core Viewpoint - Recent user complaints regarding Meituan's failure to automatically refund group purchase vouchers have raised suspicions of "false refunds" on the platform, leading to widespread user inquiries about their orders [1]. Group 1 - The topic "RefundCheck" topped Weibo's trending list on August 26 [2]. - Users reported delays in refunds, with some applications dating back to May 6, 2019, only being processed successfully on August 25, 2025, indicating prolonged processing times [3]. - Some users have not received refunds at all, highlighting ongoing issues with the refund process [5]. Group 2 - In response to the refund concerns, Meituan's customer service announced the establishment of a special team to address user feedback and track orders [8]. - Meituan identified two main issues regarding the "user refund not received" problem: one related to delays in displaying refund progress information, and the other concerning payment channel anomalies for a small number of users [8]. - The company has optimized information display for orders after 2017, allowing users to check the status of their refunds, while older orders require customer service inquiries [8].

Core Viewpoint - Meituan has acknowledged a surge in customer service inquiries regarding refund statuses, leading to the establishment of a dedicated customer service team to address user concerns and clarify refund processes [1][12]. Refund Information Issues - The refund-related issues can be categorized into two main types: incomplete refund information updates and refund failures [2]. - For incomplete updates, users may not see timely notifications of refunds, leading to confusion about whether funds have been returned [3][5]. - The company has improved its system to allow users to check the status of refunds for orders placed after 2017, while older orders require customer service assistance for inquiries [2][3]. Specific Refund Scenarios - Three scenarios were identified regarding refund notifications: 1. Refunds may be processed but still show as "under review" due to system delays in updating order statuses [3]. 2. Refund amounts may display as "0" due to system errors, although funds have been returned to the original payment method [5][6]. 3. Users may not find refunds in their original payment channels due to account issues, leading to funds being credited to their Meituan wallet instead [7]. Refund Failure Cases - A small number of orders have been reported as "refund failed," primarily due to issues with the user's payment method [9]. - In such cases, Meituan offers a fallback solution by crediting the funds to the user's wallet, but complications arise if the wallet is restricted or the account is closed [9][10]. User Communication and Transparency - Meituan emphasizes that all refund transactions are traceable, and users can verify the status of their refunds [12]. - The company has been proactive in communicating with users through SMS and other channels to ensure they are informed about their refund statuses [9].

Core Viewpoint - Chongqing's market supervision system is actively addressing consumer concerns regarding food safety in the takeaway sector through the "You Order, We Inspect" initiative, ensuring the safety of takeaway food [1] Group 1: Initiative Implementation - The initiative involves consumer participation in selecting food for inspection, with enforcement officers conducting random checks and results being available online [1] - The Banan District Market Supervision Bureau focuses on food safety during high-temperature periods, advocating for a three-pronged regulatory system that includes professional team building, digital oversight, and community involvement [4] Group 2: Consumer Engagement - The Bishi District Market Supervision Bureau has established multiple channels for consumer engagement, including WeChat platforms and physical suggestion boxes at delivery stations, collecting 1,755 questionnaires to inform inspection targets [2] - The Jiulongpo District Market Supervision Bureau has received over 500 valid survey responses from consumers and delivery personnel to enhance awareness and participation in the initiative [3] Group 3: Inspection and Compliance - The Bishi District conducted 330 inspections of popular takeaway items, identifying one batch of non-compliant products, while a total of 3,559 batches were inspected across various food categories, revealing 37 non-compliant products [3] - The Banan District has conducted 115 inspections of consumer-concerned food categories, resulting in 65 cases of non-compliance being filed, demonstrating the effectiveness of food safety inspections in mitigating risks [4]