Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2][8] - Xiaomi Group-W reported over 30,000 vehicle deliveries in July, attributed to increased production capacity, with expectations of 400,000 to 500,000 vehicle sales by 2025 [6] Group 2 - In the technology sector, Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) saw net inflows of 8.36 billion, 7.66 billion, and 2.02 billion HKD respectively, while Alibaba-W faced a net outflow of 2.02 billion HKD [7] - InnoCare Pharma (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V DC power architecture, which is designed for AI data centers [7] - The overall sentiment in the Hong Kong market remains positive, with expectations of a structural uptrend driven by improving fundamentals and policy outlook [6][7]

Core Viewpoint - Major platforms such as Meituan, Taobao, Ele.me, and JD have collectively announced their commitment to resist malicious competition and promote fair industry practices, following regulatory discussions with the State Administration for Market Regulation [1][2] Group 1: Industry Competition and Regulation - The recent regulatory talks have temporarily paused the "takeout war," but competition in the instant retail sector continues, with platforms focusing on cultivating consumer habits and expanding into the trillion-yuan non-food instant retail market [1][2] - The platforms' statements emphasize the need to standardize subsidy practices, oppose internal competition, and enhance service quality, aligning with previous regulatory requirements [1][2] Group 2: Market Potential and Consumer Behavior - The instant retail market in China is projected to exceed 2 trillion yuan by 2030, with the competition initially centered around food delivery but aiming to expand into various non-food categories [2][3] - The new generation of consumers, particularly the "Z generation," demands immediate satisfaction, which is driving the growth of instant retail as they prefer quick delivery over traditional logistics [3] Group 3: Strategic Differentiation Among Major Players - Alibaba, Meituan, and JD are adopting differentiated strategies based on their strengths, with Alibaba leveraging its vast product resources and user base, JD focusing on supply chain advantages, and Meituan extending its food delivery expertise to all categories of instant retail [3][4] - Brands are increasingly building their own membership systems and private channels to reduce reliance on platforms, while collaborating with third-party delivery services to create a self-sustaining service ecosystem [4][5] Group 4: Role of Third-Party Delivery Services - Third-party delivery services are expected to gain traction as brands seek to integrate cross-platform traffic and manage rising delivery costs from major platforms, highlighting the value of these services in the evolving market landscape [5]

Core Viewpoint - Major food delivery platforms including Meituan, Ele.me, and JD have committed to regulating promotions and limiting subsidy behaviors to foster a healthier industry ecosystem and curb irrational competition [1][2]. Group 1: Regulation of Subsidies - Meituan has pledged to comply with various laws such as the Anti-Monopoly Law and the Price Law, ensuring that subsidies do not significantly undercut costs and distort market prices [2]. - Ele.me will plan subsidies based on consumer and merchant needs, establishing a mechanism for strict oversight and compensation for merchants [2]. - JD will standardize subsidy practices, rejecting unfair competition and ensuring transparency in marketing activities [2]. Group 2: Service Quality Improvement - Meituan aims to enhance consumer experience by collaborating with merchants and associations to maintain offline operational order [3]. - Ele.me plans to diversify consumer scenarios and improve delivery network efficiency to reward consumer loyalty [3]. - JD focuses on quality by offering differentiated products and leveraging technology and supply chain innovations to create long-term value [3]. Group 3: Building a Win-Win Ecosystem - Meituan will not force merchants to participate in subsidy activities, ensuring fair treatment and protecting the interests of small merchants [4]. - Ele.me emphasizes a feedback system to address core issues related to merchant participation, product quality, and rider rights [4]. - The platforms collectively aim to shift the focus from price competition to quality and service, promoting a sustainable business environment [4].

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES300 index fell by 0.69%, closing at 4945.28 points with a trading volume of 381.4 billion yuan [1] - The CES300 index has shown a monthly increase of 3.18%, a quarterly increase of 8.06%, and a year-to-date increase of 11.66% [1] - The CES300 index is compiled by China Securities Index Co., Ltd. and reflects the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Index Holdings - The top ten holdings of the CES300 index include Tencent Holdings (8.31%), Alibaba-W (5.38%), HSBC Holdings (4.03%), Xiaomi Group-W (2.34%), Kweichow Moutai (2.34%), China Construction Bank (2.29%), AIA Group (1.83%), CATL (1.83%), Meituan-W (1.80%), and Ping An Insurance (1.65%) [2] - The market share of the CES300 index holdings is 51.80% from the Hong Kong Stock Exchange, 29.49% from the Shanghai Stock Exchange, and 18.71% from the Shenzhen Stock Exchange [2] - The industry distribution of the CES300 index holdings shows that finance accounts for 30.07%, consumer discretionary for 15.53%, communication services for 13.56%, information technology for 9.29%, industrials for 8.80%, consumer staples for 6.18%, healthcare for 5.23%, materials for 3.58%, energy for 2.87%, utilities for 2.82%, and real estate for 2.08% [2] Fund Tracking - Public funds tracking the CES300 index include Dachen China-Hong Kong Stock Connect 300C and Dachen China-Hong Kong Stock Connect 300A [3]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES100 index fell by 0.94%, closing at 5353.14 points with a trading volume of 86.446 billion yuan [1] - The CES100 index has shown a monthly increase of 3.15%, a quarterly increase of 11.48%, and a year-to-date increase of 26.14% [1] Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.09%), HSBC Holdings (9.91%), Alibaba-W (9.73%), Xiaomi Group-W (7.38%), AIA Group (5.77%), Meituan-W (5.68%), Hong Kong Exchanges and Clearing (4.02%), Standard Chartered Group (2.52%), Prudential (1.94%), and Kuaishou-W (1.7%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] - Sector allocations within the CES100 index include Financials (27.57%), Consumer Discretionary (26.61%), Communication Services (14.04%), Information Technology (9.72%), Real Estate (5.45%), Health Care (5.39%), Utilities (3.97%), Industrials (3.49%), Consumer Staples (3.19%), and Materials (0.57%) [2] Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Core Viewpoint - Major food delivery platforms including Meituan, Taobao Flash Sale, Ele.me, and JD.com have called for a halt to disorderly competition and pledged to establish a fair and orderly industry environment to promote mutual benefits and sustainable development in the food service sector [1][7]. Group 1: Meituan's Initiatives - Meituan has proposed five measures to regulate subsidy activities, including strict compliance with various laws such as the Anti-Monopoly Law and the E-Commerce Law, and avoiding selling goods below cost to prevent market disruption [2]. - The company will publicly disclose subsidy information to merchants and consumers without exaggerating the total amount of subsidies [3]. - Meituan will not force or indirectly compel merchants to participate in subsidy activities, ensuring merchants' autonomy in pricing [4]. - The company emphasizes non-discriminatory practices to ensure fairness in promotional activities, protecting the interests of small and medium-sized merchants [4]. - Meituan aims to create a win-win ecosystem involving consumers, merchants, delivery riders, and platform enterprises, advocating for a shift from price competition to quality and service competition [4]. Group 2: Other Platforms' Commitments - Taobao Flash Sale and Ele.me have committed to rationally planning subsidies based on consumer and merchant needs, ensuring merchants' rights to information, choice, and pricing [5]. - Both platforms will actively resist malicious competition and respect market operation rules, avoiding irrational promotional activities like "0 yuan purchase" [5]. - They will enhance service quality by providing diverse consumption scenarios and improving delivery efficiency, while promoting green consumption [5]. - JD.com has also pledged to standardize subsidy behaviors and resist "0 yuan purchase" promotions, focusing on quality and service rather than subsidies [6]. - JD.com will promote mutual benefits by providing various support services to merchants and improving the welfare of delivery riders [7]. Group 3: Regulatory Context - The State Administration for Market Regulation has recently interviewed Meituan, Ele.me, and JD.com, urging them to comply with relevant laws and regulations, and to rationally participate in competition to foster a healthy and sustainable development in the food service industry [7].

Core Viewpoint - On August 1, InnoCare Pharma made its debut on the Hong Kong Stock Connect active trading list, marking its first appearance in the past month, with significant trading volume and a notable price increase [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 38.767 billion HKD, accounting for 29.03% of the total trading amount on that day, with a net buying amount of 9.016 billion HKD [1] - Tencent Holdings led the trading volume with 5.412 billion HKD, followed closely by InnoCare Pharma and Alibaba-W, with trading amounts of 4.391 billion HKD and 4.390 billion HKD respectively [1] Stock Performance Summary - InnoCare Pharma recorded a trading volume of 4.391 billion HKD on August 1, with a net buying amount of 0.364 billion HKD, and its stock price surged by 30.91% on that day [1] - The stocks with the highest frequency of appearance on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1]

近期，外卖平台的补贴大战持续引发市场关注。继 7 月 18 日被市场监管总局约谈后，三大平台于今日 集体表态，承诺开展良性竞争。 8月1日上午，美团、饿了么、京东等先后在官方渠道发布声明，承诺将"规范促销"，同时提出多项限制 补贴行为的举措，包括规范促销行为、合理规划发放补贴、不做非理性促销活动、不以显著低于成本的 价格销售商品和服务等。 消息公布后，美团与阿里巴巴股价盘中均涨超 3%，京东集团股价盘中涨近 2%。不过，截至港股当日 收盘，三家公司股价均有所回落。 从行业趋势来看，曹磊认为，未来即时零售市场向三个方向发展：一是技术驱动替代资本消耗，平台将 加大AI算法、智能调度等技术投入，提升履约效率；二是供应链能力成为核心竞争力，平台将通过数 据共享、资源协同等方式，优化供应链管理；三是监管框架下的行业进化，平台将在保障消费者权益、 提升商家利润、完善骑手福利等方面寻求平衡。 具体来看，8月1日，美团官微发布《繁荣行业生态 抵制无序竞争》的声明称，外卖平台补贴近日引发 社会高度关注，美团对此高度重视，将坚决规范促销行为，杜绝不正当竞争行为，推动建立公平有序行 业秩序，促进各方互利共赢。美团承诺从自身做起，并 ...

Market Overview - On August 1, the Hang Seng Index fell by 1.07%, with southbound trading totaling HKD 1,335.36 billion, comprising HKD 728.72 billion in buying and HKD 606.64 billion in selling, resulting in a net buying amount of HKD 122.07 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total trading amount of HKD 507.42 billion, with net buying of HKD 66.32 billion, while the Stock Connect (Shanghai) had a total trading amount of HKD 827.94 billion and net buying of HKD 55.75 billion [1] - The most actively traded stock by southbound funds was Tencent Holdings, with a total trading amount of HKD 54.12 billion, followed by InnoCare Pharma and Alibaba Group, with trading amounts of HKD 43.91 billion and HKD 43.90 billion, respectively [1] Net Buying and Selling Analysis - The top net buying stocks included the Tracker Fund of Hong Kong with a net buying amount of HKD 37.44 billion, followed by Hang Seng China Enterprises with HKD 17.20 billion and Xiaomi Group with HKD 10.99 billion [1] - The stock with the highest net selling was Innovent Biologics, with a net selling amount of HKD 4.02 billion, while Alibaba Group and SMIC experienced net selling of HKD 2.02 billion and HKD 1.77 billion, respectively [1] Continuous Net Buying Stocks - Among the stocks that have seen continuous net buying for more than three days, Tencent Holdings, Xiaomi Group, and Meituan had the longest streaks, with 7 days, 6 days, and 3 days of net buying, respectively [2] - The highest net buying amounts during this period were for Xiaomi Group at HKD 41.36 billion, followed by Tencent Holdings at HKD 35.42 billion and Meituan at HKD 26.12 billion [2] Active Stocks on August 1 - The following stocks were highlighted for their trading activity on August 1: - Tracker Fund of Hong Kong: Total trading amount HKD 376.30 million, net buying HKD 374.44 million, price change -1.11% - Hang Seng China Enterprises: Total trading amount HKD 221.46 million, net buying HKD 171.97 million, price change -0.95% - Xiaomi Group: Total trading amount HKD 399.61 million, net buying HKD 109.92 million, price change +0.47% - Tencent Holdings: Total trading amount HKD 541.21 million, net buying HKD 83.62 million, price change -2.73% [2]