阿里、美团"补贴对决"，最大赢家出现。 A股市场今天（7月7日）上午低位震荡，主要指数表现相对低迷，房地产板块领涨。个股方面依旧活跃，多股连续涨停。 港股市场上午表现相对低迷，恒生指数小幅下跌。港股市场新茶饮赛道个股集体走强，其中茶百道盘中涨幅一度达15%。消息面上，7月5日晚，阿里与美 团展开史上最大规模补贴对决，而在两大平台的大额补贴下，茶饮股成了最大赢家。 轻工制造、综合、纺织服饰等板块涨幅也居于市场前列。煤炭、通信、医药生物等板块跌幅居前。 概念板块方面，稳定币、跨境支付等概念表现强势，石基信息、浔兴股份、中亦科技、京北方、金时科技、吉宏股份、青岛金王、生意宝等多股涨停。港 股市场多只稳定币概念股亦大涨，截至发稿，云锋金融涨超10%，新火科技控股涨超9%，国泰君安国际、移卡涨超7%。 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特区政府财经事务及库务局局长许正宇7日表示，目 标今年内可发出稳定币牌照。 多股连续涨停提示相关风险 A股市场今天上午个股表现比较活跃，上涨个股数量多于下跌个股数量，多只个股连续涨停。 A股市场低位震荡房地产板块领涨 A股市场今天（ ...

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 7 月 7 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 120.80 | 港元 | 165.00 | +36.6% | | | 美团 (3690 HK) | | | | | | | 外卖日单峰值突破 1 亿，运营能力仍有优势，维持买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 276,745 | 337,592 | 386,213 | 437,899 | 474,235 | | 同比增长 (%) | 25.8 | 22.0 | 14.4 | 13.4 | 8.3 | | 净利润 (百万人民币) | 23,253 | 43,772 | 43,485 | 58,982 | 66,969 | | 每股盈利 (人民币) | 3.71 | 7.00 | 7.01 | 9.51 ...

Core Viewpoint - The Hong Kong internet sector is experiencing a competitive landscape, highlighted by a significant promotional battle between Alibaba's Ele.me and Meituan, indicating aggressive market share acquisition strategies [3][4]. Group 1: Market Performance - As of July 7, 2025, the CSI Hong Kong Internet Index (931637) decreased by 0.46%, with mixed performance among constituent stocks [3]. - Notable gainers included Zhong An Online (06060) up 5.52%, Ping An Good Doctor (01833) up 3.23%, and Dongfang Zhenxuan (01797) up 3.11% [3]. - Conversely, Kingdee International (00268) led the declines at 4.29%, followed by Kingsoft (03888) down 4.06% and Yimaitong (02192) down 2.92% [3]. - The Hong Kong Internet ETF (159568) saw a slight increase of 0.06%, closing at 1.67 yuan, with a 1.21% rise over the past two weeks [3]. Group 2: Liquidity and Trading Activity - The Hong Kong Internet ETF recorded a turnover of 20.01% during the trading session, with a transaction volume of 63.6452 million yuan, indicating active market participation [3]. - Over the past year, the ETF has averaged daily trading volume of 174 million yuan [3]. Group 3: Industry Trends and Investment Outlook - According to CICC, the internet sector has entered a new investment cycle since 2025, with AI, overseas expansion, and instant retail emerging as key focus areas [4]. - The Hong Kong Internet ETF has shown a net value increase of 47.93% over the past year, ranking 218 out of 2897 index funds, placing it in the top 7.53% [4]. - The ETF's highest monthly return since inception was 30.31%, with a historical one-year holding profitability rate of 100% [4]. Group 4: Valuation and Tracking Accuracy - The latest price-to-earnings ratio (PE-TTM) for the CSI Hong Kong Internet Index is 21.75, indicating a valuation below 89.06% of the past year, suggesting historical low valuation levels [5]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.052% over the past three months [5]. - The top ten weighted stocks in the index account for 72.11% of the total, including major players like Xiaomi Group-W (01810), Tencent Holdings (00700), and Alibaba-W (09988) [5].

Core Viewpoint - The article discusses the shift in the ranking of China's top internet companies from the traditional BAT (Baidu, Alibaba, Tencent) to the current ATM (Alibaba, Tencent, Xiaomi), highlighting the decline of Baidu and the rise of Xiaomi due to its successful automotive sales [2][4][5]. Group 1: Market Capitalization Rankings - The current top 10 internet companies in China by market capitalization are led by Tencent at 588.5 billion, followed by Alibaba at 270.5 billion, and Xiaomi at 198.7 billion [4]. - Baidu has fallen out of the top 10, now valued less than Tencent Music, indicating a significant decline in its market position [5]. Group 2: Campus Recruitment Salaries - Tencent's campus recruitment offers range from 24k to 33k monthly, with total annual packages between 36 million to 55.5 million [7][8]. - Alibaba's offers are competitive, with total packages ranging from 41.8 million to 54.4 million [9][10]. - Xiaomi's offers are lower, with total packages between 16.5 million to 39 million [11][12]. - Pinduoduo offers the highest salaries, with total packages reaching up to 66.6 million [13][14]. - Meituan's offers range from 29.45 million to 62 million, indicating a strong recruitment strategy [15]. - NetEase offers packages between 33 million to 60.8 million, reflecting its profitability in the gaming sector [16][17]. - JD's offers are competitive, with total packages exceeding 50 million for some positions [18][19]. - Ctrip's offers range from 33 million to 42 million, comparable to leading internet companies [20][21]. - Kuaishou's average annual salary for campus recruits is over 40 million, showing a significant increase from the previous year [22]. - Tencent Music's recruitment packages are also competitive, reflecting its rising market value [23]. Group 3: Historical Context - A comparison of internet company rankings from 2015 shows Tencent, Alibaba, and Baidu as the top three, while projections for 2025 suggest Tencent, Alibaba, and Xiaomi will lead the market [24][25].

Group 1 - The core viewpoint of the articles highlights the ongoing investment opportunities in the Hong Kong technology sector, particularly through the Hang Seng Technology ETF and the Hong Kong Stock Connect Technology 30 ETF, which are seen as undervalued with potential for recovery and growth [4][5][19] - The Hang Seng Technology ETF (513260) has a PE-TTM of approximately 20 times, which is 9% lower than the historical average since July 27, 2020, indicating a high potential for valuation recovery [5] - The Hong Kong Stock Connect Technology 30 ETF (520980) has a PE-TTM of about 21 times, positioned at the 17th percentile over the past decade, suggesting a lower valuation level and higher safety margin [5] Group 2 - Recent data shows that the top ten technology-related stocks in the Hong Kong market have a PE-TTM of 27.34 times and a PS-TTM of 6.24 times, indicating a theoretical upside of 54.7% and 100.55% compared to their U.S. counterparts [6] - Southbound capital has significantly supported liquidity in the Hong Kong market, with over 730 billion HKD flowing into the technology sector in the first half of 2025, marking a record high for net purchases [10] - The Hang Seng Technology ETF and the Hong Kong Stock Connect Technology 30 ETF have seen significant net purchases from southbound funds, with net buying amounts reaching 52 billion HKD for SMIC, 12 billion HKD for Meituan, and 10 billion HKD for XPeng Motors [15] Group 3 - Recent policies have increasingly supported the development of technology companies in Hong Kong, focusing on key areas such as chips and software, with the 2025 work report emphasizing "new productive forces" as a priority for economic development [16] - Analysts predict that the EPS of the Hang Seng Technology Index will rise annually from 320 HKD in 2025 to 459 HKD in 2027, indicating a potential "valuation recovery" and "earnings growth" scenario [16] - The Hang Seng Technology ETF (513260) is noted for having the lowest management fee in the market at 0.15%, making it an attractive option for investors looking to enter the Hong Kong technology sector [19]

Core Viewpoint - The Hong Kong stock market opened lower on July 7, but stablecoin concept stocks rose, with the Hong Kong Stock Connect Technology ETF (513860) showing a year-to-date increase of over 27% [1] Group 1: Market Performance - As of 10:20 AM, the Hong Kong Stock Connect Technology ETF (513860) was flat after a pullback, with notable individual stock performances including Health Road up over 17% and Kuaishou-W up over 3% [1] - The Hong Kong Stock Connect Technology Index increased by 30.85% as of July 4, 2025, while the Hang Seng Index rose by 19.22% and the Hang Seng Technology Index by 16.74% [1] Group 2: Fund Flows - According to Wind data, the Hong Kong Stock Connect Technology ETF (513860) saw a net inflow of 240 million yuan over the past five days, 520 million yuan over the past three months, and 657 million yuan year-to-date [1] Group 3: IPO Activity - In the first half of 2025, there were 42 IPOs in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making Hong Kong the global leader in IPO fundraising [1] Group 4: Valuation Metrics - The Hang Seng Index had a TTM price-to-earnings (P/E) ratio of 10.68 as of July 1, 2025, with a historical percentile of 63.98% and a dividend yield of 3.93% [1] - The Hang Seng Technology Index had a TTM P/E ratio of 20.10, with a historical percentile of 8.95%, indicating a relatively low valuation level [1]

Group 1 - The Hong Kong stock market opened lower on July 7, with the Hang Seng Index down 0.36% at 23,828.85 points, the Hang Seng Tech Index down 0.46%, and the National Enterprises Index down 0.38% [1] - Technology stocks experienced a broad decline, while tea beverage stocks saw an increase. Stablecoin-related stocks rose, and the biotechnology sector was active [1] - Meituan's stock fell over 3% amid a surge in orders, with over 1.2 billion instant retail orders placed on July 5, including more than 1 billion food orders [1] Group 2 - The valuation of the Hong Kong technology sector is currently at a relatively low level after nearly a quarter of adjustment, with the latest valuation (PETTM) of the Hang Seng Tech Index ETF at 19.76 times, which is below 92% of the time since the index was launched on July 27, 2020 [2] - There is potential for significant upward movement in the technology sector, driven by high growth and elasticity characteristics, once favorable events act as catalysts [2] - Improved sentiment and ample liquidity are crucial foundations for the next phase of growth in the Hong Kong technology sector, awaiting thematic catalysts related to technology narratives [2]

Market Overview - A-shares opened lower on July 7, with the three major indices experiencing slight declines; the ChiNext index fell by 1% [1] - The Hang Seng Index also opened lower, with the Hang Seng Tech Index down by 1.04% [2][3] - The bond market saw an increase in government bond futures, with the 30-year main contract rising by 0.10% [3][4] A-share Performance - As of the report, the Shanghai Composite Index decreased by 0.17%, the Shenzhen Component Index fell by 0.57%, and the ChiNext Index dropped by 1.00% [1] - Over 2900 stocks in the Shanghai, Shenzhen, and Beijing markets experienced declines [5] Hong Kong Stock Performance - The Hang Seng Index was down by 0.78%, while the Hang Seng Tech Index fell by 1.04% [2] - Major tech stocks such as JD.com, Meituan, and Alibaba saw declines of 1.61%, 3.48%, and 2.47% respectively [9][10] Sector Highlights - The stablecoin concept gained traction, with stocks like Jingbeifang rising over 7% [12][13] - The medical device sector showed strong performance, with Baolait rising over 15% and several other stocks gaining more than 5% [8] - Power stocks continued their strong performance, with Huayin Electric and Shaoneng Shares both achieving significant gains [14][15] Commodity Market - Domestic commodity futures experienced a decline, with synthetic rubber dropping over 2% [18] - Cotton futures saw a slight increase of 0.44% [18]

瑞财经 吴文婷原本以为是平平无奇的周末，外卖大战突然开打。 7月5日，美团外卖发布公告称，当日下午6点前后，因用户下单量突破历史峰值，触发了服务器限流保 护，美团App小范围地区用户出现了短时服务异常，现已全面恢复，大家可以正常下单。期间部分受影 响用户的优惠券，可延续至次日继续使用。 据其指出，针对部分受系统影响短暂出现接单异常的商家，美团外卖将进行回溯，确保商家评分及后续 排名等不受影响。同时，各类膨胀神券，所有用户"随时可领，随时可用"。 当晚，各大社交媒体传出消息，阿里、美团两大平台放出了大量且大额的外卖红包券，其中包括"满25 减21""满25减20""满16减16"等多张无门槛的外卖券。 紧接着，很多网友开始晒单超低价的外卖，甚至还有网友表示这次活动力度很大，已经预订到下周二的 外卖了。 据美团方面消息，截至22时54分，美团即时零售当日订单已经突破了1.2亿单，其中，餐饮订单已超过1 亿单。 在业内人士看来，此次外卖大战，或源于阿里宣布下场加入外卖补贴引发。 7月2日，淘宝闪购宣布，启动规模高达500亿元的补贴计划，将在未来12个月直补消费者及商家，通过 发放大额红包、免单卡、官方补贴一口价商品 ...

港股"外卖"概念盘初走低，美团(03690.HK)跌3.39%，京东(09618.HK)跌1.53%，阿里巴巴(09988.HK)跌 2.47%。茶百道(02555.HK)、古茗(01364.HK)涨超7%，奈雪的茶(02150.HK)涨超5%。 ...