Market Overview - On July 28, the Hang Seng Index rose by 0.68%, closing at 25,562.13 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 9.253 billion [1] Trading Activity - The total trading volume for the Stock Connect on July 28 was HKD 133.454 billion, with a net buy of HKD 9.253 billion [1] - The Shanghai Stock Connect recorded a trading volume of HKD 85.075 billion and a net buy of HKD 6.338 billion, while the Shenzhen Stock Connect had a trading volume of HKD 48.378 billion and a net buy of HKD 2.915 billion [1] Active Stocks - In the Shanghai Stock Connect, the top traded stock was Alibaba-W with a transaction amount of HKD 3.322 billion, followed by China Life and Tencent Holdings with transaction amounts of HKD 2.878 billion and HKD 2.590 billion, respectively [1] - China Life had the highest net buy amount of HKD 1.007 billion, with its stock price increasing by 1.76%. Conversely, China Ping An had the highest net sell amount of HKD 214 million, with its stock price rising by 3.49% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, the top traded stock was SMIC with a transaction amount of HKD 1.615 billion, followed by Alibaba-W and Xiaomi Group with transaction amounts of HKD 1.438 billion and HKD 1.416 billion, respectively [2] - China Ping An recorded the highest net buy amount of HKD 462 million, with its stock price increasing by 3.49%. Meituan had the highest net sell amount of HKD 281 million, with its stock price declining by 0.54% [2] Summary of Active Stocks - A summary table of the top active stocks includes: - Alibaba-W: Transaction amount HKD 3.322 billion, net buy HKD 797 million, daily change +2.20% [2] - China Life: Transaction amount HKD 2.878 billion, net buy HKD 1.007 billion, daily change +1.76% [2] - Tencent Holdings: Transaction amount HKD 2.590 billion, net buy HKD 749 million, daily change +0.91% [2] - SMIC: Transaction amount HKD 1.615 billion, net buy HKD 453 million, daily change +0.66% [2] - China Ping An: Transaction amount HKD 1.534 billion, net sell HKD 214 million, daily change +3.49% [2]

刚宣布"不参与线上外卖补贴"的京东，突然打出一张"线下外卖"的新牌。 上周，京东首个合营品质餐饮制作平台"七鲜小厨" 在京开业，随后又宣布投入10亿元，面向全国餐饮品牌与个体厨师，招募1000道招牌菜合伙人。 刚刚过去的周末，《凤凰WEEKLY财经》走访北京首家七鲜小厨（长保大厦店）发现，午餐高峰时段，店内已出现爆单情况，现场顾客频频催单，快递 小哥一人同时要处理多单配送。 北京七鲜小厨 （长保大厦店）现场 图/《凤凰WEEKLY财经》摄 由于招募计划刚刚启动，目前店内尚未有合作商家，但已有不少商家有成为合伙人的意愿。 外卖平台下场"开店"并不是京东首创，早在2024年12月，美团便在望京开出了第一家"浣熊食堂"。美团负责人告诉《凤凰WEEKLY财经》，目前"浣熊食 堂"在北京等地已有十家门店投入实际运营。 一时间，外卖行业的竞争，似乎从线上迅速延伸至线下。 平台方进入餐厅小店市场，这种"既做裁判员又做运动员"的行为，众多连锁餐厅似乎并不排斥。这种平台与商家的协同背后，究竟蕴含着怎样的逻辑，使 得商家愿意投入资源配合这场线下角逐？ 外卖平台下场"开店"，凭什么"圈粉"餐饮企业大品牌？ 干净卫生的中央厨房，水灵 ...

| | 观点行业发展指数 | | --- | --- | | | 7月商业地产零售业态运营商表现 | | 序号 | ग्रह गर् | | 1 | 华润万象生活 | | 2 | 恒隆地产 | | | 九龙仓 | | 4 | 太古地产 | | 5 | 龙湖集团 | | | 凯德投资 | | 7 | 印力集团 | | 8 | 新鸿基地产 | | 9 | 新世界中国 | | S 10 | 中粮大悦城 | | 11 | 新城商业 | | 12 | 目联股份 | | 13 | 招商商管 | | 14 | 领展 | | 1 ટ | 首创钜大 | 观点指数 商业政策精准聚焦入境消费，资产交易持续火热 期内，多城市密集出台或落地离境退税政策，不断完善的政策有望吸引境外游客消费，推动免税 经济发展。资产交易方面，部分企业出于战略聚焦或资金回笼等考虑，选择出售非核心资产。 企业轻资产拓宽商业版图，跨界玩家加速扩张门店华润、保利等企业通过轻资产合作签约拓展版图，并针对不同区域市场的特点，进行精准定位和业态创 新，京东等跨界玩家则加速门店扩张。 商场以扩建及改造提升空间价值，社商发力加强生活便利上海恒隆广场、天河领展广场等项目通过 ...

Core Insights - On July 28, 2025, Alibaba-W (09988), China Life (02628), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 3.322 billion, 2.878 billion, and 2.590 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) led the trading volume, with amounts of 1.615 billion, 1.438 billion, and 1.416 billion respectively [1] Southbound Trading - Hong Kong Stock Connect - Top active companies by trading amount: - Alibaba-W (09988): 3.322 billion, net inflow of 79.7145 million [2] - China Life (02628): 2.878 billion, net inflow of 1.007 billion [2] - Tencent Holdings (00700): 2.590 billion, net inflow of 74.9 million [2] - Other notable companies include: - Guotai Junan International (01788): 2.588 billion, net outflow of 37.9091 million [2] - SMIC (00981): 2.337 billion, net inflow of 1.1 billion [2] Southbound Trading - Shenzhen-Hong Kong Stock Connect - Top active companies by trading amount: - SMIC (00981): 1.615 billion, net inflow of 45.3191 million [2] - Alibaba-W (09988): 1.438 billion, net inflow of 358 million [2] - Xiaomi Group-W (01810): 1.416 billion, net outflow of 187 million [2] - Other notable companies include: - Tencent Holdings (00700): 1.249 billion, net outflow of 152 million [2] - Meituan-W (03690): 1.186 billion, net outflow of 281 million [2]

Core Viewpoint - The article discusses the competitive landscape of offline retail in China, focusing on Meituan's new discount supermarket project "Happy Monkey" as it aims to penetrate the lower-tier market, contrasting its strategy with Alibaba's Hema NB and highlighting the challenges and opportunities in the sector [1][2][3]. Group 1: Meituan's Strategy and Market Position - Meituan is launching "Happy Monkey" in Hangzhou, with plans for a flagship store in Beijing, targeting the lower-tier market from the outset [1][2]. - The leadership team for "Happy Monkey" is primarily composed of members from the previously downsized Meituan Youxuan, indicating a strategic shift within the company [1]. - Meituan's CEO Wang Xing has identified "food and grocery retail" as a top priority for the company's future, marking a significant strategic pivot towards offline retail [3][4]. Group 2: Competitive Landscape - Hema NB has rapidly expanded to over 300 stores since its launch, positioning itself as a key player in the offline retail space, which Meituan is now entering with "Happy Monkey" [2]. - The competition in the lower-tier market is intensifying, with "Happy Monkey" facing rivals like Hema NB and Aoleqi, highlighting the need for differentiation in product offerings and pricing strategies [11][12]. Group 3: Operational Challenges and Opportunities - Meituan's previous attempt at offline retail with "Little Elephant Fresh" failed due to high operational costs and a lack of expertise in supply chain management, which the company aims to address with its new approach [5][7]. - The "Happy Monkey" model focuses on hard discounting and high private label ratios, catering to price-sensitive consumers in lower-tier cities, which is a shift from previous high-end strategies [8][9]. - The integration of "Happy Monkey" with Meituan's existing flash purchase service could enhance product quality and supply chain efficiency, addressing past challenges faced by the flash purchase platform [10]. Group 4: Future Expansion Plans - Meituan has set an ambitious target of opening 1,000 "Happy Monkey" stores, indicating a strong commitment to scaling its offline retail presence [11]. - The company is leveraging its extensive logistics network and rider workforce to optimize resource allocation and improve operational efficiency in its new stores [13][14]. - "Happy Monkey" is part of a broader strategy that includes the development of "Little Elephant Supermarket," which targets higher-end markets, showcasing a dual approach to market segmentation [14].

证 券 研 究 报 告 传媒行业周观察（20250721-20250725） 关注暑期档优质内容供给；WAIC 展会再掀 AI 热潮，持续看好 AI 推荐（维持） 应用产业机会 【投资建议】 行业研究 传媒 2025 年 07 月 28 日 华创证券研究所 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：郭子萱 邮箱：guozixuan@hcyjs.com 执业编号：S0360524090002 行业基本数据 【市场观点】 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 140 | 0.02 | | 总市值(亿元) | 17,276.85 | 1.59 | | 流通市值(亿元) | 15,705.55 | 1.83 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.9% | 17.7% | 65.4% | | 相对表现 | 1.7% | 10.0% | 44.0% | -7% 17% 40% ...

结束了为期两天的试运营后，7月22日，京东旗下名为"七鲜小厨"的外卖自营门店正式营业。 京东集团创始人、董事局主席刘强东在6月中旬曾透露，"一个月之后，京东外卖很快就会出现一个跟美团完全不同的商业模式"。此后，各种猜测接连不 断。 "我们的初衷是希望通过供应链的创新，帮助消费者吃到有品质又便宜的食物，帮助餐厅获得更多的销量、利润""我们希望通过对供应链模式的改造创 新，彻底改善食品安全的问题。"七鲜小厨业务负责人刘斌口中所述的创新业态模式和商业愿景，听上去相当完美。 更直白的说法是，这一模式是让难以实现全国范围连锁经营的商家提供菜品配方，七鲜小厨负责开店、食材供应和统一制作，有时也会跟商家一起研发菜 品，再把这些招牌菜卖到全国去。 如今牌面亮明，这是京东外卖的新招式，也更像激烈商业竞争中的一则"现代童话"：企业的求胜心与社会担当"共振"。"既要又要"可能吗？对外卖的最大 受众而言，对卫生的刚性需求与可妥协的弹性空间有多大呢？ 当下，有人相信京东的决心和供应链，有人认为新模式有待市场验证，也有人继续讲述美团与饿了么的故事。面对这位新入局者，两位"老手"又将如何破 局。 困局：平台豪赌难解外卖死结 中国外卖行业在 ...

具身智能是指智能体通过物理实体与环境实时交互，实现感知、认知、决策和行动一体化。京东近日领 投了三家具身智能企业，包括千寻智能的Pre-A+轮、众擎机器人的A1轮和逐际动力的战略轮。京东的 布局只是互联网大厂在具身智能领域激烈竞争的一个缩影。美团、蚂蚁、阿里、腾讯、百度等大厂也纷 纷通过对外股权投资、自研以及业务合作等方式积极布局。湘财证券认为，京东一日三投机器人企业的 行为，不仅为具身智能行业注入了新的活力，也引发了市场对具身智能产业化落地的更多期待。这一举 措可能会加速行业内的竞争，促使其他企业加快技术研发和市场布局。 必读要闻一：未来产业的重要组成部分，互联网大厂"抢投"该领域 近日，宁波具身智能产业基地在象山正式建成投用，迈向实质化运作阶段，规划年产1000台具身智能机 器人。 必读要闻二：智能体能力跃迁，AI Agent商业化拐点临近 第七届世界人工智能大会（WAIC）于7月26日-28日在上海世博中心、世博展览馆、徐汇西岸等多地同 步启幕。 智能体是人工智能（AI）领域中的一个重要概念，是指能够自主感知环境、做出决策并执行行动的智 能实体，它可以是一个程序、一个系统或是一个机器人。中国工程院院士邬 ...

行 业 及 产 业 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 商贸零售 2025 年 07 月 27 日 市场监管发声促平台降温，外卖行 行 业 研 究 / 行 业 点 评 相关研究 《从红蓝黄三大平台竞速看即时零售重构 万亿消费生态——即时零售行业研究专 题》 2025/07/20 《京东（JD）点评：核心零售延续增势， 坚定投入外卖协同主业》 2025/07/12 《阿里巴巴（BABA）点评：投入闪购加码 即时零售，AI 驱动云智能加速》 2025/07/10 李秀琳 (8621)23297818× lixl2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 风险提示：平台业务调整不及预期，行业竞争加剧，宏观经济波动。 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 业转向理性竞争 看好 ——商贸零售行业周报（7.21-7.25） ⚫ 一周主要回顾与展望：在 2025 年 7 月 21 日至 2025 年 7 月 25 日期间，社会服务指数 上涨 2.30%，相较于沪深 ...

最近，多地气温创新高，避暑补水备药正当时，一方面，相关常用药"供需两旺"；另一方面，药师就此提醒：夏季防暑药物以及肠胃用药等，选择有"学 问"。 美团买药相关负责人表示："每年夏季我们都会推出高温健康关怀行动。在最近的大暑、三伏等节点，美团持续在高温城市推出高温补贴活动。线下方 面，平台还将联合药企、连锁药店等伙伴，在重点高温城市为骑手等户外工作者免费发放消暑防暑药品，为户外工作者提供清凉保障。" 药师提醒：中药饮片仅适用于轻症调理 线下：防暑药品、肠胃用药销量增加 就线下渠道而言，大参林片区主任郑玲玲表示，近1个月以来，防暑药品、肠胃用药销量增加，部分商品环比上升近5成，例如藿香正气水（液）等，此 外，不少市民还会到药店购买中成药或药材用于防暑。 大参林数据显示，近期降温防暑药品、防蚊防晒产品的购买需求增加，部分中药饮片出现一定程度热销。为此，药店备货充足，相关药物供应齐全，并未 出现断货现象。 此外，"广州制造"、份额占据市场半壁江山的白云山板蓝根颗粒近期再次迎来销售小高峰，部分药店将其放在货架"C位"上。 据悉，白云山板蓝根"清热解毒、凉血利咽"功效被街坊所熟知，市场培育稳健，近年来逐渐成为预防感冒的主 ...