Market Overview - On July 30, the Hong Kong stock market saw a net inflow of 11.714 billion HKD from Northbound trading, with 6.427 billion HKD from Shanghai Stock Connect and 5.287 billion HKD from Shenzhen Stock Connect [2] Top Net Buy and Sell Stocks - The stocks with the highest net inflows included Li Auto-W (02015), CSPC Pharmaceutical Group (01093), and Meituan-W (03690) [2] - The stocks with the highest net outflows were SMIC (00981), Innovent Biologics (01801), and Guotai Junan International (01788) [2] Stock Performance - Li Auto-W (02015) experienced a significant drop of nearly 13%, but Northbound funds purchased 2.093 billion HKD worth of shares [7] - CSPC Pharmaceutical Group (01093) and Kangfang Bio (09926) saw net inflows of 872 million HKD and 30.84 million HKD, respectively, while Innovent Biologics (01801) faced a net outflow of 121 million HKD [7] - Tencent Holdings had a net inflow of 4.36 billion HKD, while Alibaba-W (09988) saw a net inflow of 1.76 billion HKD [3] Industry Insights - The introduction of Li Auto's first pure electric SUV, the i8, priced from 321,800 RMB, is expected to shift consumer preference towards new electric models [7] - HSBC's report indicates that the domestic pharmaceutical sector has outperformed the market this year, with expectations for strong momentum to continue [7] - Notably, Novo Nordisk has downgraded its 2025 earnings guidance, anticipating a significant decline in sales and profit growth [7] Additional Developments - Giant Legend (06683) received a net inflow of 175 million HKD after announcing a strategic partnership with Yuzhu Technology for the development of consumer-grade robotic products [8] - SMIC (00981) faced a net outflow of 205 million HKD due to reduced orders from major IC design firms, impacting production capacity and profitability [9]

Core Viewpoint - The ongoing subsidy war has severely impacted physical stores, and the emergence of a "new battlefield" may pose even greater challenges to the industry [1][2]. Group 1: Impact on Physical Stores - The subsidy war has led to a significant increase in sales volume for some businesses, but profits are declining [1]. - A chain fast-food brand founder expressed a desire to limit the proportion of takeaway orders, indicating a preference to avoid being forced into the subsidy competition [1]. - Many merchants feel compelled to participate in the subsidy war due to their high dependency on delivery platforms, leading to intensified competition and reduced profits [1]. Group 2: New Battlefield and Industry Dynamics - The "new battlefield" refers to the shift from simple delivery services to a more integrated model involving production and delivery, which some platforms are adopting [1]. - The emergence of "new battlefield" dynamics may lead to a restructuring of the entire restaurant industry chain, with potential positive or negative outcomes [2]. - The capital-driven restructuring could either promote industry advancement and consumer benefits or result in chaos and disorder within the market [2]. Group 3: Regulatory Environment - Recent meetings of the Central Financial Committee and the Political Bureau emphasized the need to regulate low-price and disorderly competition in the market [3]. - Although the subsidy war has not been explicitly labeled as low-price disorderly competition, it exhibits characteristics of such competition, leading to regulatory scrutiny [3]. - The National Market Supervision Administration has engaged with relevant companies, indicating that continued non-compliance will not be overlooked [3].

大幅净买入：理想汽车-W(02015.HK)20.93亿港元、石药集团(01093.HK)8.73亿港元、美团- W(03690.HK)4.47亿港元、阿里巴巴-W(09988.HK)3.57亿港元、腾讯控股(00700.HK)1.83亿港元、巨星 传奇(06683.HK)1.76亿港元。 大幅净卖出：中芯国际(00981.HK)20528.94万港元、信达生物(01801.HK)12149.89万港元、国泰君安国 际(01788.HK)7355.61万港元。 成交详情 7月30日消息，南向资金今日成交1706.84亿港元，净流入约117.14亿港元。其中沪港股通净流入约64.27 亿港元，深港股通净流入约52.87亿港元 交易所数据显示，7月30日南向资金动向： 理想汽车W今日跌12.84%，沪港股通净买入18.06亿港元，深港股通净买入2.87亿港元。 石药集团今日涨2.33%，沪港股通净买入5.30亿港元，深港股通净买入3.43亿港元。 美团W今日跌0.93%，沪港股通净买入2.75亿港元，深港股通净买入1.72亿港元。 腾讯控股今日跌1.08%，沪港股通净买入4.36亿港元，深港股通净卖出25286. ...

Core Viewpoint - The competition between Meituan's "Raccoon Kitchen" and JD's "Seven Fresh Kitchen" centers around food safety and business models, highlighting a fundamental conflict in their approaches to the food delivery market [1][9][17]. Group 1: Business Model Differences - Meituan positions itself as a "infrastructure provider," emphasizing that it will not engage in self-operation or compete with merchants, instead focusing on supporting them through shared kitchens and traffic incentives [9][12]. - JD's "cooperative model" involves significant investment from JD in areas like site selection and decoration, allowing merchants to focus on recipe development while sharing profits, which JD claims alleviates the burden on merchants [9][12]. Group 2: Food Safety Governance - Meituan's strategy includes "transparent supervision" through initiatives like "Bright Kitchen" and daily safety records, aiming to enhance merchant standards and consumer trust [10][12]. - JD emphasizes a "full supply chain control" approach, implementing stringent standards from production to delivery, which it argues is more effective than Meituan's visibility-focused methods [10][12]. Group 3: Industry Responsibility - Meituan cites data showing a 60% increase in order volume for merchants in Raccoon Kitchen, arguing that its model effectively raises industry standards and supports merchants [12]. - JD criticizes Meituan for fostering a monopolistic environment that allows "ghost kitchens" to thrive, asserting that its model aims to reclaim market share for quality restaurants [12][13]. Group 4: User Value Proposition - Meituan promotes convenience by allowing users to order from multiple brands with a single delivery fee, enhancing user retention through a one-stop experience [13]. - JD focuses on cost-effectiveness, aiming to keep average order prices between 10-20 yuan, and claims a 220% higher repurchase rate than the industry average, indicating strong consumer approval of its quality [13].

Core Insights - The article discusses the emergence of new business models in the food delivery industry, specifically highlighting Meituan's "Raccoon Canteen" and JD's "Seven Fresh Kitchen" as innovative approaches to restaurant operations [1][4]. Group 1: Business Model Innovations - Meituan's Raccoon Canteen operates in a non-traditional location, such as an ordinary office building, focusing solely on takeout, which allows for significant cost reductions in rent and labor [1][4]. - JD's Seven Fresh Kitchen utilizes a self-operated model with robots preparing food based on standardized recipes, minimizing the need for chefs and focusing on popular takeout dishes [3][4]. Group 2: Cost Reduction and Safety Measures - Both establishments aim to reduce costs while ensuring food safety and affordability for consumers, implementing transparent kitchen practices and live streaming to enhance accountability [4][9]. - Raccoon Canteen employs a dedicated team to monitor food safety, including checks for pesticide residues and oil quality, adding an extra layer of safety beyond standard practices [4][9]. Group 3: Market Impact and Challenges - The new models may pressure small, unbranded restaurants that lack distinctive features or effective cost control, potentially leading to market consolidation [4][9]. - The competition between platforms will hinge on their ability to effectively address the challenges of taste, affordability, and safety, with the ultimate goal of ensuring that all consumers have access to safe and enjoyable meals [4][9].

Core Viewpoint - Meituan aims to maintain a market share of 70% at all costs, but recent developments indicate a significant challenge to this goal as competitors like Alibaba and JD.com are rapidly increasing their market presence [2][11]. Market Dynamics - Alibaba's Taobao Flash Purchase and Ele.me have reported daily orders exceeding 90 million for two consecutive weekends, indicating a strong upward trend in order volume [2][8]. - The order punctuality rate for Taobao Flash Purchase remained stable at 96%, demonstrating its capability to handle a surge in demand despite adverse weather conditions [6][7]. - Meituan's effective market share may now be below 50%, as it faces stiff competition from Alibaba and JD.com, which together account for a significant portion of the market [8][11]. Competitive Landscape - The market is shifting towards a multi-platform competition model, moving away from a single dominant player, which is a more sustainable and healthy industry structure [11][12]. - Alibaba's strategy focuses on long-term sustainable growth rather than short-term gains, emphasizing effective and sustainable orders over artificial inflation of order numbers [9][15]. - Both Alibaba and Meituan have their strengths and weaknesses, with Alibaba's Taobao Flash Purchase showing rapid growth but lacking in certain operational efficiencies compared to Meituan [12][13]. Future Trends - The takeaway delivery market is undergoing significant transformation, presenting a large growth opportunity for all players involved, with the potential for a doubling of overall order volume [14][15]. - The competition is not merely a zero-sum game; rather, it is about enhancing service quality for consumers and merchants, which ultimately drives market growth [15].

具体来看，7月30日，京东方面发文称，旗下品质餐饮合营制作平台"七鲜小厨"启动"菜品合伙人"招募 后，首周报名量突破6.6万份，印证市场对餐饮供应链创新的高度期待。七鲜小厨是京东以供应链创新 推动餐饮外卖行业健康发展的重要实践，抑或是餐饮外卖市场15年来最大的供应链模式创新，有望从根 源解决消费者关心的"食品安全"问题，让"幽灵外卖"被市场淘汰。 近期，外卖平台竞争愈发白热化已成共识。近日，京东探索餐饮供应链新业态，推出合营制作平台"七 鲜小厨"，引发关注。昨日，美团发文称"绝不自营，绝不下场与商家竞争"；随后京东今日发文称"七鲜 小厨绝不让商家亏损、绝不让餐厅为平台白白打工、绝不为'幽灵外卖'粉饰遮羞"，疑似回应美团发 文，可见双方"火药味"渐浓。 在业内人士看来，京东七鲜小厨并不会与餐饮商家形成竞争关系。 中国食品产业分析师朱丹蓬对证券时报记者表示，京东七鲜小厨以供应链为核心发力点，与商家构建起 强强联合的合作模式。对于商家而言，这种模式反而有助于降低成本，同时推动供应链体系向更优质、 更稳定的方向发展。该模式对整个外卖行业形成创新突破，倒逼行业升级，提升食品安全水平。不过， 这一模式能否实现持续落地，仍 ...

7月29日，《财富》杂志发布2025年世界500强排行榜，130家中国企业进入榜单，按照上榜企业总部所 在城市统计，粤港澳大湾区共有23家企业上榜，相较2024年增加一家企业，其中排名最高的是中国平 安，位列第47名。 从城市分布来看，入围企业主要集中在深圳、广州、香港三地，其中最多的深圳共有9家，广州有6家， 香港有5家。除广深港三地外，佛山有2家企业、东莞有1家企业进入榜单。 《财富》世界500强榜单不仅揭示了全球大型企业的最新发展趋势，更通过国家和地区的对比，展现了 不同经济体的竞争力差异。 聚焦中国上榜企业，一个明显的趋势浮现：互联网和汽车领域的大公司整体呈现依然强势。 榜单显示，京东、阿里巴巴、腾讯、拼多多和美团五家企业排名均实现提升，其中拼多多以176位的跃 升幅度成为榜单黑马（第266位），美团排名上升57位至第327位，京东集团位居第44位，仍是排名最高 的中国大陆民营企业。华为依然是科技领域中国公司的龙头。 如果说互联网企业展现了数字经济的活力，那么汽车行业则呈现出电动化浪潮下的激烈竞逐。全球35家 整车及零部件企业上榜，中国8家整车企业强势入围，比亚迪以第91位首次跻身全球百强，成为榜单中 ...

Group 1 - The core viewpoint of the news is that QDII funds have increased their allocation to Hong Kong stocks, particularly in the technology sector, leading to improved performance of related funds [1][2] - As of the end of Q2 2025, the Penghua Hong Kong-US Internet Stock Fund increased its Hong Kong stock allocation from 42.65% to 54.93%, while reducing its US stock allocation from 38.47% to 28.54% [1][2] - The fund has shown strong performance with net value growth rates of 5.35% over the past 6 months, 13.10% over the past year, and 46.84% over the past 3 years [1] Group 2 - The fund's overall position has slightly increased, with a focus on large-cap stable growth stocks, while reducing exposure to certain US hardware stocks and internet stocks due to potential tariff impacts [2] - The top 10 holdings of the fund account for 57.91% of its net value, with significant positions in companies like Pop Mart, Tencent, Alibaba, and China Telecom [2] - The fund managers remain optimistic about the investment opportunities in the Hong Kong technology and dividend sectors for the second half of the year [3] Group 3 - The fund managers are focusing on the impact of Trump's tariff policies on the US economy and inflation, with macroeconomic data being crucial for understanding the economic fundamentals [3] - Despite signs of economic slowdown in the US, the combination of ample Federal Reserve policy space and a relatively loose fiscal policy suggests a lower risk of recession, supporting the stability of US tech stocks [3] - The fund's current holdings are primarily focused on domestic consumption and dividend stocks, which are expected to have strong cash flow and growth certainty, enhancing their risk resilience [3]

Core Viewpoint - JD's self-operated medical beauty clinics are making significant progress in channel expansion, particularly through collaboration with Meituan, marking a strategic move in the medical beauty sector [1][4]. Group 1: JD's Medical Beauty Clinic Launch - JD's self-operated medical beauty clinic, named "JD Self-operated Dermatology (Yizhuang Store)," has launched on the Meituan app [2][3]. - This collaboration with Meituan represents the first partnership between JD and Meituan in the medical beauty field [4]. - The Yizhuang Store has received subsidies from Meituan, resulting in some product packages being priced lower on Meituan than on JD's own app [5][14]. Group 2: Pricing and Competition - The pricing strategy shows that even a major player like JD relies on Meituan's local market dominance for customer acquisition [6]. - For example, the "Skin Rejuvenation Package" is priced at 948 yuan on Meituan compared to 998 yuan on JD [15]. - Despite JD's brand advantage, the Yizhuang Store's sales on Meituan are currently limited, with only 5 units sold for the "Bubble Needle" package [16]. Group 3: Future Plans and Expansion - JD plans to open a second self-operated clinic in Beijing's Guomao area by September 30 [20]. - There is anticipation regarding whether more JD medical beauty clinics will be integrated into Meituan in the future [21]. Group 4: Multi-Channel Strategy - JD is also integrating various medical beauty institutions into its app, continuing its dual strategy of being both a platform and a self-operated entity [23][24]. - This approach contrasts with Meituan's focus on being a traffic entry point for offline institutions [25]. Group 5: Industry Context - JD is not the first internet platform to enter the medical beauty sector; New Oxygen has already established 30 self-operated clinics across nine cities since May 2023 [26]. - New Oxygen's clinics also participate in Meituan's subsidy programs, indicating a trend where major players leverage Meituan for customer acquisition [30][31].