Market Overview - On November 6, the Hang Seng Index rose by 2.12%, closing at 26,485.90 points, with a net inflow of HKD 5.479 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on November 6 was HKD 105.777 billion, with a net buy of HKD 5.479 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 63.232 billion, with a net buy of HKD 1.351 billion; in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 42.545 billion, with a net buy of HKD 4.128 billion [1] - The most actively traded stock in the Shanghai-Hong Kong Stock Connect was Alibaba-W, with a trading volume of HKD 4.208 billion, followed by SMIC and Hua Hong Semiconductor, with trading volumes of HKD 3.997 billion and HKD 2.042 billion, respectively [1] Stock Performance - In terms of net buy amounts, Xpeng Motors-W led with a net buy of HKD 861 million, closing with a price increase of 1.94% [1] - SMIC had the highest net sell amount at HKD 475 million, but its closing price increased by 7.32% [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC was the top traded stock with a trading volume of HKD 3.491 billion and a net buy of HKD 1.094 billion, closing up by 7.32% [2] Detailed Trading Data - The top ten actively traded stocks in the southbound trading on November 6 included: - Alibaba-W: Trading volume of HKD 420.76 million, net sell of HKD 25.15 million, daily increase of 4.10% [2] - SMIC: Trading volume of HKD 399.73 million, net sell of HKD 47.51 million, daily increase of 7.32% [2] - Hua Hong Semiconductor: Trading volume of HKD 204.22 million, net buy of HKD 6.98 million, daily increase of 9.05% [2] - Tencent Holdings: Trading volume of HKD 200.39 million, net buy of HKD 62.05 million, daily increase of 2.38% [2] - Xpeng Motors-W: Trading volume of HKD 197.20 million, net buy of HKD 86.06 million, daily increase of 1.94% [2]

Group 1: Hang Seng Index - The Hang Seng Index showed a slight increase but with disappointing performance overall, with a trading volume that continued to decrease [1] - Technical signals for the Hang Seng Index are predominantly "buy," with four buy signals and fewer sell signals, indicating a slight bullish sentiment in the short term [1] - Support levels are estimated around 25326 points, close to the mentioned 25400 points, while resistance is around 26400 points [1] Group 2: Meituan-W (03690.HK) - Meituan's closing price is 101.2 HKD, having returned above 100 HKD, but the stock has been relatively stable with a significant decline from previous highs of around 186 HKD [3] - The potential support level is around 97.1 HKD, and if it falls below 97 HKD, it could drop to 92 HKD or even 88 HKD based on Bollinger Bands calculations [3] Group 3: NetEase-S (09999.HK) - NetEase closed at 217.4 HKD, having reached a high of 248 HKD, and is currently holding above the middle line of the Bollinger Bands [4] - The resistance level is calculated at 227 HKD, and if this is surpassed, it could rise to 237 HKD, indicating a potential upward movement of about 10 HKD [4] Group 4: Contemporary Amperex Technology Co. (03750.HK) - The stock price of Contemporary Amperex is currently at 547.5 HKD, fluctuating within a narrow range of 530-580 HKD [5] - Technical signals are neutral, suggesting a lack of clear direction, and investors are advised to wait for clearer trends before making decisions [5] Group 5: Yancoal Energy (01171.HK) - Yancoal Energy's closing price is 11.38 HKD, with a resistance level at 11.8 HKD, and if this is broken, it could rise to 12.2 HKD [7] - There is a possibility of the stock dropping back to around 10 HKD, with a support level at 10.08 HKD [7] Group 6: Mixue Group (02097.HK) - Mixue Group's closing price is 400.6 HKD, with a resistance level at 428 HKD, indicating potential for a rise above 420 HKD [8] - The technical signals are predominantly "buy," with 11 buy signals compared to 4 sell signals, suggesting a favorable outlook [8]

Core Insights - On November 6, 2025, Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) were the top three companies by trading volume in the Hong Kong Stock Connect (southbound) with trading amounts of 4.208 billion, 3.997 billion, and 2.042 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) also ranked as the top three with trading amounts of 3.491 billion, 3.124 billion, and 2.004 billion respectively [1] Shanghai-Hong Kong Stock Connect (Southbound) Active Companies - Alibaba-W (09988) had a trading amount of 4.208 billion with a net buy of -0.251 billion [1] - SMIC (00981) recorded a trading amount of 3.997 billion with a net buy of -0.475 billion [1] - Hua Hong Semiconductor (01347) achieved a trading amount of 2.042 billion with a net buy of +0.698 billion [1] - Xpeng Motors-W (09868) had a trading amount of 1.972 billion with a net buy of +0.861 billion [1] - Tencent Holdings (00700) had a trading amount of 1.822 billion with a net buy of -0.256 billion [1] Shenzhen-Hong Kong Stock Connect (Southbound) Active Companies - SMIC (00981) led with a trading amount of 3.491 billion and a net buy of +1.094 billion [1] - Alibaba-W (09988) had a trading amount of 3.124 billion with a net buy of -0.057 billion [1] - Tencent Holdings (00700) recorded a trading amount of 2.004 billion with a net buy of +0.621 billion [1] - Hua Hong Semiconductor (01347) achieved a trading amount of 1.649 billion with a net buy of +0.892 billion [1] - Xiaomi Group-W (01810) had a trading amount of 1.156 billion with a net buy of +0.244 billion [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美团 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03690 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 83690 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 9,264,431,217 | USD | | 0.00001 | USD | | 92,644.31 | | 增加 / 減少 (-) | | | | | | | | USD | | | | 本月底結存 | | ...

Core Insights - The integration of short dramas and e-commerce is evolving, with platforms like Douyin and Kuaishou no longer being the only players, as traditional e-commerce giants like Taobao, JD.com, Pinduoduo, and Meituan are also investing heavily in this space [2][8][9] - The short drama e-commerce model is expanding from traditional advertising to embedding products within storylines, allowing users to shop seamlessly while watching [2][11] - The short drama market is experiencing rapid growth, with the market size projected to reach 634.3 billion yuan by 2025, indicating a significant shift in consumer engagement and spending patterns [13][16] E-commerce Trends - The short drama format is becoming a new battleground for e-commerce platforms, driven by its high profitability and low production costs compared to long-form content [9][12] - Platforms are adopting different strategies: Taobao focuses on narrative-driven content, while Pinduoduo uses algorithm-driven recommendations to attract users [8][12] - The rise of short dramas is reshaping the competitive landscape of e-commerce, with a shift towards a hybrid model that combines content and traditional retail [15][16] User Engagement - Short dramas facilitate a transition from "search-based" to "emotion-based" shopping, enhancing user engagement and conversion rates [11][12] - The integration of products into relatable storylines fosters trust and emotional connection, leading to quicker purchasing decisions [11][12] - Platforms are exploring innovative content strategies to maintain user interest and combat content homogenization [12][14] Market Dynamics - The short drama industry is moving towards professionalization and commercialization, with increased investment in high-quality content [14][15] - The competition among platforms is intensifying, with each seeking to carve out a unique space in the short drama e-commerce ecosystem [14][15] - Regulatory measures are being called for to ensure a balanced and fair market environment as the industry grows [16]

Core Insights - The 2025 Double Eleven event marks the 17th anniversary of the shopping festival, with significant sales growth across platforms like Tmall, Douyin, and JD.com, indicating a continued competitive landscape in e-commerce [1][2] - This year's event emphasizes innovation and new experiences, with platforms exploring new boundaries, such as JD.com venturing into automotive sales and Tmall expanding globally with substantial marketing investments [1][2] - The integration of AI models into e-commerce operations is becoming standard, enhancing supply chain efficiency and consumer experience, thus transforming the operational landscape of the industry [11][13] Group 1: Sales Performance - In the first hour of Tmall's sales, 80 brands quickly surpassed 100 million in transactions, and 30,516 brands saw their sales double [1] - Douyin's e-commerce live streaming saw a 900% year-on-year increase in the number of merchants achieving over 100 million in sales [1] - JD.com reported over 117% growth in the number of users placing orders and over 125% growth in order volume compared to the previous year [1] Group 2: Strategic Innovations - JD.com is launching a customized car in collaboration with CATL and GAC Group, showcasing a significant expansion of its product offerings beyond traditional categories [1] - Tmall is investing 1 billion yuan in marketing to promote its global expansion, targeting consumers in over 20 countries and regions [1] - The widespread application of AI models in e-commerce is expected to reshape consumer habits and enhance operational efficiency [11][12] Group 3: Instant Retail Developments - Major players like Alibaba, JD.com, and Meituan are fully participating in instant retail for the first time during Double Eleven, marking a significant shift in their operational strategies [3][10] - Meituan's new "Brand Officer Flagship Lightning Warehouse" model aims to enhance its instant retail capabilities, covering multiple cities and product categories [3][5] - Taobao's instant retail has become a key source of traffic growth, with significant increases in daily active users since its launch [6][7] Group 4: AI Integration - JD.com plans to deploy a large-scale "Super Brain + Wolf Pack" intelligent device cluster to improve frontline efficiency by nearly 20% during Double Eleven [11] - AI models are enhancing merchant operational efficiency and consumer experience, with significant improvements in product recommendation conversion rates [12][14] - The integration of AI into e-commerce platforms is seen as a critical tool for optimizing various operational aspects, from supply chain management to consumer engagement [13][14] Group 5: E-commerce Normalization - The excitement surrounding Double Eleven is diminishing as e-commerce competition shifts towards a focus on optimizing existing resources and enhancing user experience [15][16] - The trend of "every day is Double Eleven" reflects a normalization of promotional events, with platforms increasingly focusing on sustainable growth rather than one-off sales spikes [20] - The overall retail share of e-commerce remains stable, with online retail sales reaching 13.08 trillion yuan in 2024, reflecting a 6.5% year-on-year growth [19]

Core Insights - The 2025 Double Eleven marks the 17th year of the event, with significant sales growth across platforms, including Tmall, Douyin, and JD.com, indicating a competitive landscape that continues to evolve [1][2][11] - This year's event emphasizes innovation and new experiences, with platforms exploring new boundaries, such as JD.com venturing into automotive sales and Tmall expanding globally with substantial marketing investments [1][2][4] - The integration of AI models into e-commerce operations is becoming a standard, enhancing supply chain efficiency and consumer experience, thus transforming the operational landscape of e-commerce platforms [8][9][10] Group 1: Sales Performance - In the first hour of Tmall's sales, 80 brands surpassed 100 million in transactions, and 30,516 brands saw their sales double [1] - Douyin's e-commerce store broadcast sales exceeded 100 million, with a year-on-year growth of 900% in the number of merchants [1] - JD.com reported over 117% growth in the number of users placing orders and over 125% growth in order volume compared to the previous year [1] Group 2: Strategic Innovations - JD.com is launching a customized car in collaboration with CATL and GAC Group, showcasing a significant expansion of its product offerings [1] - Tmall is investing 1 billion yuan in marketing to promote Double Eleven globally, targeting consumers in over 20 countries and regions [1] - The use of AI models is being widely adopted across platforms, with JD.com enhancing logistics efficiency by nearly 20% through smart devices [8][9] Group 3: Instant Retail Developments - This year's Double Eleven features a comprehensive participation of major players in instant retail, including Alibaba, JD.com, and Meituan, marking a significant test of their operational capabilities [4][7] - Meituan's new "Brand Officer Flagship Lightning Warehouse" model is being implemented in multiple cities, enhancing its instant retail offerings [4][5] - Taobao's instant retail strategy is positioned as a key growth driver for this year's event, with significant increases in daily active users since the launch of its flash purchase feature [5][6] Group 4: E-commerce Evolution - The narrative of e-commerce is shifting from mere sales events to a focus on sustainable growth and ecosystem optimization, reflecting a broader trend of "stock competition" in the industry [11][12][14] - Platforms are increasingly prioritizing internal capabilities and ecosystem development over aggressive market competition, indicating a maturation of the e-commerce landscape [10][14] - The concept of "every day is Double Eleven" is emerging, as consumers adapt to a more normalized shopping experience, diminishing the once intense excitement surrounding the event [12][13]

Core Viewpoint - The market has experienced a significant style switch since November, with brokerages suggesting a focus on technology, consumption, and core asset industries as the year-end approaches in a bullish market environment [1] Market Valuation - As of October 31, the Hang Seng Technology PE-TTM stands at 22.9 times, which is in the 29th percentile historically [1] - Hong Kong's broad market valuation is notably low, with data indicating it has been below the 95%, 88%, 79%, 73%, and 72% percentiles since 2005 compared to global peers [1] Capital Inflows - Since 2025, southbound capital inflows have exceeded 1.1 trillion yuan, primarily driven by institutional forces such as public funds and insurance capital [1] - It is anticipated that net inflows from southbound capital will exceed 1.5 trillion yuan next year [1] - In Q3 2025, both long and short-term foreign capital consistently flowed into Hong Kong's technology sector, indicating a growing consensus among foreign investors [1] Institutional Behavior - Data from Zhonghang Securities shows that in Q3, actively managed equity funds increased their positions most in the technology sector while reducing exposure to blue-chip sectors like banking [1] - Brokerages believe that the technology growth trend has not yet ended and still presents investment value [1] Key Companies in Technology Sector - Xiaomi is recognized as a major player in mobile and smart hardware, with plans to enter the smart electric vehicle market in 2024 [2][3] - Lenovo, as a leading PC and server manufacturer, is expected to benefit from AI-driven demand and growth in emerging markets like the Middle East [4] - BYD, a leader in electric vehicles, aims for a global sales target of 5.5 million units by 2025, focusing on smart transformation and high-end market penetration [5] - SMIC, as China's largest and the world's third-largest foundry, is positioned to benefit from the restructuring of global supply chains [6] - Alibaba, a leading cloud service provider, is set to gain from the surge in AI applications and cloud service demand [6] - Tencent is expected to leverage AI in social advertising and gaming, enhancing its product offerings and market position [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告及本文所述上市文件乃按香港聯合交易所有限公司證券上市規則規定僅供參考，並不屬 於出售或收購任何證券的要約或購買任何證券的要約招攬。本公告及本文所述任何內容（包括 上市文件）並非任何合約或承諾的依據。為免生疑，刊發本公告及本文所述的上市文件不應被 視為就香港法例第32章公司（清盤及雜項條文）條例而言根據發行人或其代表刊發的招股章程提 出的證券發售要約，亦不屬於香港法例第571章證券及期貨條例所指其中載有向公眾人士發出 邀請以訂立或建議訂立有關購買、出售、認購或包銷證券的協議的廣告、邀請或文件。 本公告並非在美國或任何其他司法權區提呈出售或招攬提呈收購、購買或認購任何證券，未根 據任何該等司法權區的證券法登記或獲批准而於上述司法權區進行的相關要約、招攬或出售均 屬違法。 本公告及其內容並非任何合約或承諾的根據。本公告及其任何副本不得帶入美國或其他司法權 區，亦不得在美國或其他司法權區分發，未根據任何該等 ...

（於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：3690（港幣櫃台）及83690（人民幣櫃台） 600,000,000美元於二零三一年到期的4.500%優先票據 （債務股份代號：6006） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告及本文所述上市文件乃按香港聯合交易所有限公司證券上市規則規定僅供參考，並不屬 於出售或收購任何證券的要約或購買任何證券的要約招攬。本公告及本文所述任何內容（包括 上市文件）並非任何合約或承諾的依據。為免生疑，刊發本公告及本文所述的上市文件不應被 視為就香港法例第32章公司（清盤及雜項條文）條例而言根據發行人或其代表刊發的招股章程提 出的證券發售要約，亦不屬於香港法例第571章證券及期貨條例所指其中載有向公眾人士發出 邀請以訂立或建議訂立有關購買、出售、認購或包銷證券的協議的廣告、邀請或文件。 本公告並非在美國或任何其他司法權區提呈出售或招攬提呈收購、購買或認購任何證券，未根 據任何該等司法權區的證券法 ...