波兰总理图斯克25日在首都华沙会晤来访的加拿大总理卡尼时表示，波兰无意在俄乌冲突结束后向 乌派遣部队，但将负责组织对乌克兰的后勤援助。 美国总统特朗普当天称，围绕美国如何参与对乌安全保障的相关细节尚未讨论，但美国将以"后 援"形式协助欧洲发挥主要作用。 乌克兰武装部队总参谋部25日发布战况称，过去一天，乌空军导弹部队和炮兵袭击了俄军5处人 员、武器和军事装备集中区，1个指挥所，1个电子战站及4套火炮系统。 乌克兰总统泽连斯基25日与到访的挪威首相斯特勒举行会晤。泽连斯基表示，乌克兰和美国团队将 于本周末举行会谈，讨论乌俄双方举行和平谈判的可能性。他还称，挪威已加入从美国购买武器的计 划，乌方希望每月能从这一计划中获得至少10亿美元的支持。 央广网北京8月26日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，俄罗斯国防部25 日通报称，过去一天，俄军继续在多个方向打击乌军目标，并控制了第聂伯罗彼得罗夫斯克州的一个居 民点。俄军战役战术航空兵、攻击型无人机、火箭兵和炮兵对乌军139个地区的无人机组装、储存和发 射场地、弹药库等地实施了打击。 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment against these companies, with specific focus on short-selling ratios and amounts for various stocks [1][2]. Group 1: Top Short-Selling Ratios - New World Development Co. Ltd. (80016) and JD Health International Inc. (86618) both have a short-selling ratio of 100.00% [1][2]. - Geely Automobile Holdings Ltd. (80175) has a short-selling ratio of 93.96% [1][2]. - Other notable companies with high short-selling ratios include CNOOC Limited (80883) at 70.62% and China Resources Beer Holdings Co. Ltd. (80291) at 67.03% [2]. Group 2: Top Short-Selling Amounts - Tencent Holdings Ltd. (00700) leads with a short-selling amount of 3.172 billion [2]. - Alibaba Group Holding Ltd. (09988) follows with a short-selling amount of 2.495 billion [2]. - Meituan (03690) has a short-selling amount of 1.939 billion [2]. Group 3: Top Short-Selling Deviation Values - Geely Automobile Holdings Ltd. (80175) has the highest deviation value at 61.47%, indicating a significant difference from its historical short-selling average [2]. - JD Health International Inc. (86618) has a deviation value of 34.11% [2]. - New World Development Co. Ltd. (80016) has a deviation value of 32.65% [2].

2019年初，美团龙珠合伙人朱拥华带着一本《成吉思汗》踏上了去郑州的高铁。他要去见蜜雪冰城创始人——这是他迂回许久才约到的一次会面，也让美 团龙珠成为今年一起"现象级IPO"背后的关键投资方之一。 今年3月3日，蜜雪冰城在港交所上市，开盘市值突破1000亿港元。截至8月22日收盘，蜜雪冰城市值近1800亿港元。 今年无疑是美团龙珠的收获大年——年初宇树科技爆火出圈，人形机器人赛道的热度和估值飙升；随后，古茗和蜜雪冰城接连在港上市，在茶饮消费赛道 掀起了一波热潮。这些话题背后，都有美团龙珠早期下注的身影。 大众往往是通过成功的明星项目看到背后的投资机构，而投资机构在水下发掘"金子"的时间，要往回拨好几个刻度。龙珠在消费和科技领域的投资成果， 都源自三年前、五年前，甚至更早期的布局。 2024年，龙珠投资了宇树科技，彼时距离后者的机器人在春晚爆红，还有半年。而蜜雪冰城在IPO前唯一一次开放融资，是2020年，龙珠是首个确认的领 投方，也是第一大机构股东。古茗则更早，在2019年便确认龙珠重注领投，后者持股约8%。 7月，宇树科技正式启动IPO，如果宇树完成上市，龙珠将收获科技赛道投资的第一个IPO，也将成为第一波 ...

Group 1 - JD and Wanda have established a partnership with a total investment of approximately 80.53 billion yuan, focusing on management consulting and information technology consulting [10] - KDP has announced the acquisition of JDE Peet's, with the deal expected to close in the first half of 2026 [12] - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, and a gross margin increase to 52.2% [17] - Pinduoduo's second-quarter revenue reached 103.98 billion yuan, showing a year-on-year growth of 7%, while net profit decreased by 4% [16] - Haidilao reported a revenue of 20.7 billion yuan for the first half of 2025, a decline of 3.7% year-on-year, with a net profit of 1.76 billion yuan, down 13.7% [18] Group 2 - Tencent will cease repair services for the domestic Nintendo Switch starting December 31, 2026, following the gradual shutdown of related online services [6] - Utree Technology is facing a lawsuit for patent infringement, marking its first encounter with such legal issues [3] - The Shanghai Disneyland will adjust its ticket pricing structure, adding more price levels while maintaining the current price range of 475 to 799 yuan [5] - Old Puhuang has raised prices on most products by approximately 5% to 13%, with popular items increasing by 1,000 to 3,000 yuan [7]

Group 1 - Tencent Holdings (00700), Meituan-W (03690), and Xiaomi Group-W (01810) ranked the top three in net inflow of southbound funds, with net inflows of 1.869 billion, 1.394 billion, and 1.273 billion respectively [1][2] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033), with net outflows of -1.257 billion, -0.912 billion, and -0.323 billion respectively [1][2] - In terms of net inflow ratio, Qin Port Co. (03369), Anhui Wanshan Expressway (00995), and China International Marine Containers (02039) led the market with ratios of 53.99%, 53.53%, and 52.47% respectively [1][3] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 1.869 billion and a closing price of 593.000, and Meituan-W (03690) with 1.394 billion and a closing price of 117.100 [2] - The top ten stocks by net outflow included Yingfu Fund (02800) with -1.257 billion and a closing price of 25.620, and Hang Seng China Enterprises (02828) with -0.912 billion and a closing price of 91.800 [2] - The top three stocks by net inflow ratio also included Sunshine Insurance (06963) with 51.91% and a net inflow of 0.161 billion [3]

Market Overview - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 101.904, up 0.40% from the previous close, while Tencent Holdings closed at HKD 610.534, down 0.65% [1] Stock Performance Summary - Tencent Holdings (00700) saw an increase of HKD 14.500, or 2.42%, but was down HKD 3.966, or 0.65%, compared to the Hong Kong close [2] - Alibaba Group (09988) increased by HKD 6.500, or 5.51%, but was down HKD 3.067, or 2.46%, compared to the Hong Kong close [2] - HSBC Holdings (00005) rose by HKD 0.200, or 0.20%, and was up HKD 0.404, or 0.40%, compared to the Hong Kong close [2] - Xiaomi Group (01810) increased by HKD 0.950, or 1.81%, but was down HKD 0.407, or 0.76%, compared to the Hong Kong close [2] - AIA Group (01299) rose by HKD 1.750, or 2.40%, but was down HKD 0.559, or 0.75%, compared to the Hong Kong close [2] - Meituan (03690) increased by HKD 3.900, or 3.29%, but was down HKD 1.521, or 1.24%, compared to the Hong Kong close [2] - NetEase (09999) rose by HKD 12.400, or 6.04%, but was down HKD 5.730, or 2.63%, compared to the Hong Kong close [2] - Hong Kong Exchanges and Clearing (00388) increased by HKD 14.800, or 3.30%, but was down HKD 1.716, or 0.37%, compared to the Hong Kong close [2] - Industrial and Commercial Bank of China (01398) decreased by HKD 0.020, or 0.34%, and was down HKD 0.014, or 0.24%, compared to the Hong Kong close [2] - JD.com (09618) increased by HKD 5.200, or 4.28%, but was down HKD 1.642, or 1.30%, compared to the Hong Kong close [2] - Kuaishou Technology (01024) rose by HKD 3.850, or 5.14%, and was up HKD 4.842, or 6.15%, compared to the Hong Kong close [2] - Ctrip (09961) increased by HKD 11.000, or 2.18%, but was down HKD 0.933, or 0.18%, compared to the Hong Kong close [2]

Core Viewpoint - Ukraine and the United States are set to hold discussions regarding the potential for peace negotiations between Ukraine and Russia, with meetings scheduled for the upcoming weekend [1] Group 1: Ukraine's Diplomatic Efforts - Ukrainian President Zelensky stated that the Ukrainian team is in close contact with the United States and other parties to establish a basic framework for security guarantees for Ukraine [1] - Zelensky expressed gratitude towards Norway for its support and mentioned that Norway has joined a plan to purchase weapons from the United States, with Ukraine hoping to receive at least $1 billion in support from this plan each month [1] Group 2: Military Support from Norway - Norwegian Prime Minister Støre announced that Norway and Germany have provided Ukraine with two sets of Patriot air defense systems along with accompanying missiles to help Ukraine counter drone and missile attacks [1] - Støre plans to propose to the Norwegian Parliament an aid package of $8.5 billion for Ukraine in the coming year [1]

他还表示，挪威已加入从美国购买武器的计划，乌方希望每月能从这一计划中获得至少10亿美元的支 持。 斯特勒在记者会上说，挪威与德国向乌克兰提供了两套"爱国者"防空系统以及配套导弹，帮助乌克兰应 对无人机和导弹袭击。他还将向挪威议会提议明年向乌援助85亿美元。 （文章来源：央视新闻） 当地时间8月25日，乌克兰总统泽连斯基与到访的挪威首相斯特勒举行会晤。在会晤后的联合新闻发布 会上，泽连斯基表示将会见正在乌访问的美国乌克兰事务特使凯洛格，乌方本周末还将与美方团队举行 会谈，讨论乌俄双方举行和平谈判的可能性。 泽连斯基表示，乌方团队正在与美国等方面进行密切接触。在各方就对乌安全保障达成基本框架后，乌 方将通过美方了解俄方是否准备举行会晤。 ...

告别大水漫灌，外卖补贴转入持久战。 文 丨 邱豪 管艺雯 制图 丨 黄帧昕 编辑 丨 王姗姗 黄俊杰 据我们了解，淘宝闪购近期明确了外卖将进入持久战。 8 月 8 日立秋后，淘宝闪购订单量首次超过美团。更显著的影响可能是，巨额补贴让淘宝吸引 到了很多用户注意力，7 月以来淘宝在日均活跃用户数（DAU）上拉开了和拼多多的差距。 补贴不会、也不可能以当前的力度持续。按阿里内部说法，大力补贴叫 "上山"，而现在该准备 "下山" 了。 7 月淘宝闪购花在商家端、消费者端、骑手端的补贴共计超过 100 亿元。阿里决策层正在讨论 补贴退坡的节奏，将重点运营高价值用户、调整补贴品类、补贴金额。 据我们了解，9 月 10 日阿里巴巴的公司周年庆将是一个重要节点，会确定更多业务节奏和战 略，继续从 "大消费平台" 这一顶层战略出发，在基础能力上追赶和狙击美团。 1 I I 4 京 3 东 2 +33% +45% +46% +27% 1 2025 2024 2025 2024 2025 2024 2024 2025 注释: DAU 为当月日均活跃用户数 资料来源:QuestMobile 晚点 LatePost 制图 外卖大战以来 ...

Market Performance - The Hong Kong stock market showed strong performance on August 25, with the Hang Seng Index and Hang Seng Tech Index rising by 1.94% and 3.14% respectively, led by major tech companies [1] - Notable gainers included Kuaishou-W and Alibaba-W, both increasing over 5%, while Meituan-W rose by more than 3% and Tencent Holdings increased by over 2% [1] ETF and Fund Performance - The Hong Kong Internet ETF (513770) opened strongly and closed up 3.39%, reaching a historical high with a trading volume of 671 million yuan, indicating increased market activity [2] - The ETF has seen a net inflow of 448 million yuan over the past five days, bringing its total fund size to 8.289 billion yuan, also a record high [5] Influencing Factors - The market rally is attributed to several key factors, including expectations of a potential interest rate cut by the Federal Reserve, as indicated by Chairman Powell's comments on employment risks and inflation [4] - New regulations aimed at curbing "malicious competition" among internet platforms are expected to promote healthier market conditions [4] - Alibaba's restructuring of its business model to focus on four main segments is also seen as a positive catalyst for market sentiment [4] Sector Outlook - Analysts suggest that the internet sector is showing signs of valuation recovery, with leading companies experiencing significant market cap increases driven by profit recovery [4] - The positive earnings outlook for Hong Kong stocks, particularly in the "new economy" sector, is expected to improve ahead of A-shares [5] Index Performance - The China Securities Hong Kong Internet Index has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% year-to-date [7] - The top four holdings in the Hong Kong Internet ETF include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund [8]