Group 1: Market Activity - Meituan-W recorded a net buy of HKD 5.55 million, with a trading volume of HKD 24.70 billion, reflecting a price increase of 3.0% [3] - Alibaba-W saw a net sell of HKD 0.39 million, with a trading volume of HKD 23.71 billion, and a price increase of 0.6% [3] - Tencent Holdings experienced a net sell of HKD 14.36 million, with a trading volume of HKD 17.96 billion, and a price increase of 1.4% [3] - Xinda Biologics had a significant price increase of 14.1%, with a net buy of HKD 2.97 million and a trading volume of HKD 22.00 billion [3] Group 2: Fund Flows - Southbound funds have continuously net bought Meituan for 13 days, totaling HKD 144.1059 million, and have net bought Xinda Biologics for 4 days, totaling HKD 22.5265 million [4] - Southbound funds have net bought Alibaba for 3 days, totaling HKD 16.494 million, while they have net sold Tencent for 4 days, totaling HKD 30.6792 million [4] Group 3: Company Developments - Xinda Biologics reported positive clinical trial results for its first-in-class PD-1/IL-2α-bias dual-specific antibody IBI363 for advanced non-small cell lung cancer at the 2025 ASCO annual meeting [6] - BYD plans to launch a low-cost micro electric vehicle in Japan next year, targeting the USD 18 billion microcar market, and reported a 15.3% year-on-year increase in May's new energy vehicle sales [7] - Xiaomi Group faced a net sell of HKD 13.75 million, with a focus on its upcoming product launch and a gradual reduction in losses from its automotive business, expecting profitability in the third to fourth quarter of this year [7]

Core Viewpoint - The Chinse Hong Kong Stock Connect Preferred 50 Index (CESP50) has shown a positive performance with a 1.18% increase, reaching 3003.27 points, and a trading volume of 77.896 billion yuan [1] Group 1: Index Performance - The CESP50 index has increased by 4.70% over the past month, decreased by 0.80% over the last three months, and has risen by 18.37% year-to-date [1] - The index is designed to reflect the overall performance of the top 50 blue-chip securities listed on the Hong Kong Stock Exchange under the "Stock Connect" program [1] Group 2: Index Composition - The top ten holdings of the CESP50 index include Alibaba-W (11.45%), HSBC Holdings (10.51%), Tencent Holdings (10.34%), Xiaomi Group-W (6.38%), Meituan-W (5.91%), China Construction Bank (5.90%), AIA Group (4.87%), China Mobile (3.70%), Hong Kong Exchanges and Clearing (3.45%), and Industrial and Commercial Bank of China (3.44%) [1] - The index is fully composed of stocks from the Hong Kong Stock Exchange [2] Group 3: Sector Allocation - The sector allocation of the CESP50 index shows that Financials account for 37.60%, Consumer Discretionary for 26.97%, Communication Services for 16.35%, Information Technology for 8.26%, Energy for 3.86%, Real Estate for 2.54%, Utilities for 1.70%, Healthcare for 1.03%, Consumer Staples for 0.91%, and Industrials for 0.78% [2]

Group 1 - Kuaishou and Meituan are playing a significant role as employment "reservoirs," promoting high-quality employment for college graduates [1] - Kuaishou plans to release over 50 internship positions in various technical fields for college students this year, including algorithm, large models, and multimedia technology [3] - Meituan will provide 9,000 internship positions this year and has established a systematic training mechanism for new graduates to facilitate their growth in the workplace [3] Group 2 - By the end of 2024, Kuaishou aims to create 174 new professions, offering more employment and entrepreneurial options for young people [3] - Kuaishou has launched the "Kuaipin" service since 2022, innovating a digital recruitment model that connects employers and job seekers through live streaming [3] - Meituan has over 15,000 campus recruitment positions this year, including more than 6,000 for fresh graduates and 5,000 for regular interns [3][6] Group 3 - Meituan's campus recruitment strategy includes assigning mentors to new hires and providing rotation opportunities to enhance their skills and interests [3][6] - A graduate from Tsinghua University shared that the mentorship provided by experienced engineers helped him navigate his career path effectively [6]

证券时报·数据宝统计显示，6月5日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交307.84 亿港元，占当日港股通成交金额的28.51%，净卖出金额21.25亿港元。 上榜的成交活跃股中，美团-W成交额为45.46亿港元，成交金额居首；其次是阿里巴巴-W、小米集团- W，成交金额分别为40.19亿港元、38.09亿港元。 以上榜次数统计，6月5日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、美团-W等，近一个月 均上榜22次，最受港股通资金关注。 老铺黄金为近一个月首次上榜，当日港股通成交额为8.72亿港元，成交净买入2.37亿港元，该股当日收 盘下跌9.05%。（数据宝） 6月5日港股通成交活跃股榜单 6月5日上榜港股通成交活跃榜个股中，老铺黄金为近一个月首次上榜。 | 证券代 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 32.10 | -1 ...

Core Insights - Meituan's Vice President, Li Jinfeng, announced the company's advancements in AI for the travel industry, indicating a significant shift towards AI integration by 2025 [1] - The company plans to launch the first B-end AI tool in China for the travel sector, along with an AI travel assistant for users in June [1] Company Developments - Meituan is positioning itself as a leader in the travel industry by introducing AI technologies [1] - The upcoming AI tools are expected to enhance user experience and operational efficiency in the travel sector [1] Industry Trends - The travel industry is anticipated to enter an AI era by 2025, suggesting a broader trend towards automation and AI-driven solutions [1] - The introduction of AI tools by Meituan may set a precedent for other companies in the travel and hospitality sectors [1]

Group 1 - Morgan Stanley increased its stake in Meituan-W from 4.60% to 5.32% as of May 30 [1] - The average share price for this transaction was 137.7158 HKD [1]

Group 1 - The Hong Kong stock market has seen a resurgence in share buybacks since April 2025, with 127 companies participating in buybacks in April, the highest since Q4 2024, totaling 13 billion HKD [1] - In May, although the number of companies engaging in buybacks decreased to 91, the total buyback amount surged to 17 billion HKD, marking the highest level since February [1] - By June, over 50 companies had already initiated buybacks within just a few trading days, with the average buyback amount per company in May reaching 187 million HKD, the highest since February [1] Group 2 - Major Hong Kong platform companies have played a crucial role in leading this buyback wave, with Tencent resuming buybacks on May 19, consistently buying back around 5 million HKD per day [1] - Meituan restarted its buyback on May 27 after an 8-month pause, spending 392 million HKD to repurchase 3.0187 million shares on the first day [1] - Kuaishou and Bilibili also resumed buybacks, with Bilibili executing its first buyback since its Hong Kong listing on May 21, amounting to 783 million HKD in a single day [1] Group 3 - Leading companies have significantly increased their buyback efforts, with AIA Group starting on May 28, frequently exceeding 300 million HKD in daily buybacks [2] - HSBC has also ramped up its buyback activities, with daily amounts often surpassing 300 million HKD [2] Group 4 - Analysts attribute the rise in buyback activity to multiple factors, including a market correction in early April that led to significant price declines for many Hong Kong stocks, with some major stocks like PetroChina and HSBC seeing cumulative declines over 10% [4] - As stock prices entered a relatively attractive valuation range, companies and the market viewed this as an ideal buyback window to support stock prices, reward shareholders, and enhance earnings per share [4] - This buyback trend, led by major companies, reflects management's confidence in their own value and has positively influenced market sentiment, contributing to the revaluation and confidence restoration in the Hong Kong stock market [4]

Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Core Insights - Yangpu District is transitioning from an industrial base to a digital economy hub, with software and information services projected to generate over 320 billion yuan in revenue by 2024, accounting for nearly one-fifth of Shanghai's total [1] - The district is focusing on technological innovation and the transformation of traditional industries, as emphasized by President Xi Jinping during his visit to Shanghai [1] - Yangpu is implementing a "three-zone linkage" development strategy to enhance its innovation ecosystem, moving from "Industrial Yangpu" to "Knowledge Yangpu" and now to "Innovative Yangpu" [1] Group 1: Talent and Innovation - "Chuangyu 228" is a talent apartment developed by Yangpu Science and Technology Group, representing the district's commitment to creating a supportive environment for talent retention and attraction [4] - In collaboration with the Shanghai Municipal Science and Technology Commission, Yangpu is developing a comprehensive innovation plan covering 60.61 square kilometers, integrating innovation, industry, and living spaces [4] - Yangpu has over 8,000 digital economy enterprises, including major players like Meituan, Douyin, and Bilibili, contributing to a vibrant innovation landscape [4] Group 2: Economic Development and Infrastructure - The Longyang Chuanggu area has transformed into a vibrant community with amenities like Michelin restaurants and creative cafes, emphasizing the importance of supportive services for entrepreneurs [5] - Meituan has launched a drone delivery service in Yangpu, marking a significant step in the development of low-altitude economy and enhancing service capabilities in urban areas [8] - Yangpu aims to create a new industrial cluster worth hundreds of billions by leveraging its unique cultural and technological assets [8] Group 3: Future Vision - Yangpu District is committed to becoming an experimental zone for innovation and a leader in future industries, aligning with Shanghai's goal of becoming a globally influential modern metropolis [10] - The district plans to build a comprehensive innovation support system to foster new productive forces and enhance its role in the global economy [10]

Core Viewpoint - JD.com is entering the food delivery market to seek new growth opportunities as its traditional e-commerce business approaches saturation, facing competition from platforms like Pinduoduo and live-streaming e-commerce [1][3][4] Group 1: Market Context - JD.com has launched a food delivery service, achieving over 5 million daily orders, although it still lags behind Meituan [1] - The e-commerce market is experiencing slow growth, with traditional players like JD.com and Alibaba facing challenges from low-cost platforms and changing consumer behaviors [1][3] - The food delivery industry has been criticized for food quality and the working conditions of delivery personnel, which presents both challenges and opportunities for new entrants [5][6] Group 2: Strategic Considerations - JD.com is leveraging its existing logistics capabilities and experience in instant retail to enhance its food delivery service [3][8] - The company aims to capture offline traffic to boost its online services, as online traffic is nearing saturation [4][7] - By offering benefits like social insurance for delivery workers, JD.com is positioning itself to attract both customers and delivery personnel, potentially putting pressure on competitors like Meituan [7][8] Group 3: Competitive Landscape - Meituan currently holds a significant advantage in the food delivery market, but JD.com’s financial strength allows it to invest in new ventures without immediate profitability concerns [7][8] - The competitive dynamics suggest that while Meituan has established itself, JD.com’s entry could disrupt the market, especially if it successfully implements a low-cost, high-frequency service model [7][8] - Future strategies from Meituan may include increased subsidies and improved public relations to counter JD.com’s initiatives [9][10]