Market Overview - The Hang Seng Index opened lower but managed to close up by 0.14% [1] - The geopolitical situation remains stable, with Iran set to negotiate nuclear issues with the U.S. on February 6 [1] - Gold and silver prices fell significantly, with silver dropping over 14% and gold falling more than 2% to below $4,900 per ounce [1] International Relations - Russian President Putin plans to visit China in the first half of 2026 following a video call with Chinese leaders [2] - U.S. and Chinese leaders had a positive discussion regarding regional issues and economic cooperation, with a planned visit by Trump to China in April [2] - China has requested state-owned enterprises to pause new investment projects in Panama [2] Technology Sector - Despite declines in U.S. tech stocks, some Chinese tech companies like Naxin Micro (02676) reported strong earnings and plan to raise product prices by 10%-25% [3] - Baidu (09888) announced a stock buyback plan of up to $5 billion and plans to introduce a dividend policy by 2026, leading to a nearly 3% increase in its stock price [3] - Xiaomi (01810) repurchased shares worth HKD 146 million, also seeing a nearly 3% rise [3] - Tencent (00700) is expected to maintain double-digit growth in its gaming business by 2026, with advertising revenue projected to grow around 20% [3] Consumer Sector - Kweichow Moutai (600519.SH) has shown strong performance, boosting consumer valuations [4] - Oriental Selection (01797) surged over 10% due to its unique brand and membership model [4] - Pop Mart (09992) reported significant demand for its new products, with resale prices on secondary markets showing substantial premiums [4] Restaurant Sector - Yum China (09987) reported total revenue of $11.797 billion for 2025, a 4% increase year-on-year, with net profit rising by 2% [5] - Haidilao (06862) is seeing positive impacts from the return of its founder, with plans for expansion and new brand growth [5] - Brainstorm Aurora-B (06681) announced a strategic partnership to promote digital health products in Southeast Asia, with a significant stock price increase of over 15% [6] Energy Sector - The U.S. is experiencing a surge in natural gas power generation capacity, with over 29 GW under construction, but many projects may face delays due to a lack of available gas turbines [7] - Companies like Eagle Precision (01286) and Dongfang Electric (01072) are positioned to benefit from this trend, with expectations of increased demand for gas turbine components [7] Aviation Sector - Cirrus Aircraft (02507) launched the new G3 Vision Jet, enhancing its product line and expected to improve profit margins [8] - The new jet model is designed for private and corporate users, featuring significant upgrades in safety and comfort [8] - Cirrus is projected to deliver approximately 800 aircraft in 2025, with new orders expected to reach around 600 units [9]

来源：白鹿视频 2月5日，美团公告，公司拟以7.17亿美元收购中国大陆领先的生鲜电商企业叮咚的全部已发行股份。根据协议，转让方可从目标集团提取不超过2.8亿美元 的资金，但需确保目标集团净现金不低于1.5亿美元。此次收购将使目标公司成为美团的间接全资附属公司，其财务业绩将并入美团的财务报表。 对此，叮咚买菜创始人梁昌霖发布全员信。 以下为叮咚买菜创始人梁昌霖致叮咚买菜全体同事的一封信： 各位叮咚的同学们： 今天，我们正式与美团签署了出售协议。我知道这个消息可能让大家感到意外，心中会有疑问和不安。所以我想和大家说说心里话。 一、来时的路 2017年，叮咚买菜创业的时候，上海已经有十几家生鲜电商公司，我们是入局最晚的那一个。当时没有人看好我们，但我们找到了自己的路——活鱼活虾 送到家、29分钟极速送达。我们靠一单一单地把菜送好，靠一个品一个品地把商品做好，从激烈厮杀中活了下来。 2020年疫情来袭，我们迎难而上，成为保供主力军。我永远忘不了那个画面：在最艰难的日子里，一位叮咚小哥送完单车经过一个小区，居民们站在阳台 上对着我们小哥喊"叮咚买菜加油！"。那个视频我看了很多遍，每一次都热泪盈眶。那不仅是对叮咚的加油， ...

春节临近，互联网江湖便传出一声惊雷。 2月5日，美团（3690.HK）发布公告，拟以7.17亿美元全资收购叮咚买菜。这不仅是2026年开年本地生 活领域最重磅的一笔交易，更意味着持续数年的"生鲜电商混战"和"前置仓之争"，在这一刻按下了加速 键，甚至可以说，它是生鲜电商上半场最后的收官之战。 根据公告，本次交易完成后，叮咚将成为美团间接全资附属公司，其财务业绩将并入美团集团财务报 表。本次收购，可以看作是美团在即时零售战事中从"烧钱抢市场"迈向"生态整合"的关键一步。 对于本次收购，叮咚买菜内部也发布了全员信。叮咚买菜创始人兼CEO梁昌霖在信中坦言，消息可能让 员工感到"意外"和"不安"，但他系统性地阐述了为什么选择美团。 梁昌霖表示："双方合并之后，叮咚的三大核心竞争力：极致的商品力，超预期的服务力，和通过供应 链系统打造的极致效率，不会因为合并而消失，反而会在更大的平台上发挥更大的价值。" 为什么是叮咚？ 在即时零售的竞争进入"拼刺刀"阶段后，竞争的焦点正从流量和补贴，转向对商户的赋能、商品供应链 的管理以及对整个零售生态的健康维护。此时收购叮咚，对美团而言是一次精准的"补强"。 生鲜品类是即时零售中高频 ...

Group 1 - Meituan announced the acquisition of DINGDONG FRESH HOLDING LIMITED for an initial price of $717 million (approximately 5 billion RMB), subject to adjustments [1] - The selling party can withdraw up to $280 million from the target group, provided that the net cash of the target group remains above $150 million [1] - DINGDONG FRESH HOLDING LIMITED is the parent company of Shanghai Yibai Mi Network Technology Co., which operates the fresh food delivery service DINGDONG MAICAI [2] Group 2 - The overseas business of DINGDONG MAICAI is excluded from this transaction and will be divested before the closing [4] - DINGDONG MAICAI, founded in 2017, is a leading fresh food instant retail platform in China, known for its "delivery in as fast as 29 minutes" service [4] - In Q3 2025, DINGDONG MAICAI achieved a record revenue of 6.66 billion RMB and a net profit of 80 million RMB, marking seven consecutive quarters of profitability under GAAP standards [4] Group 3 - DINGDONG MAICAI's stock (DDL.N) saw a pre-market surge of nearly 10%, later stabilizing at a 4% increase, with a current market capitalization of $694 million [4] - Meituan's stock rose by 1.79% today, with a latest market capitalization of 573.3 billion HKD [6]

Group 1 - Meituan announced the acquisition of 100% equity of Dingdong Maicai's China business for approximately $717 million [1] - The overseas business of Dingdong Maicai will be excluded from this transaction and will be divested before the closing [2] - Dingdong Maicai, founded in 2017, went public on the New York Stock Exchange in 2021, with a market capitalization of $694 million as of February 5 [3] Group 2 - In Q3 2025, Dingdong Maicai reported revenue of 6.66 billion yuan and a net profit of 80 million yuan, achieving GAAP profitability for seven consecutive quarters [4] - Dingdong Maicai had over 7 million monthly purchasing users as of September 2025 [4] - Meituan operates a fresh food instant retail platform called "Meituan Maicai," which was renamed "Xiaoxiang Supermarket" in December 2023, expanding its delivery categories [4] Group 3 - Meituan emphasized the importance of instant retail business, stating that the acquisition will leverage both companies' strengths in product, technology, and operations to enhance consumer experience [5]

凤凰网科技讯 2月5日，美团发布公告称，拟以约7.17亿美元收购中国大陆生鲜电商企业叮咚买菜全部已发行股份。交易完成后，叮咚买菜将成为美团的间 接全资附属公司，其财务业绩也将并入美团财报体系。 针对这一收购事项，叮咚买菜创始人梁昌霖当日向全体员工发布内部信。他在信中回顾了叮咚买菜自2017年创立以来的发展历程，并表示，公司在激烈的 生鲜电商竞争中逐步建立起以源头直采、生鲜自营加工与供应链效率为核心的业务体系，并在近年实现持续盈利。 梁昌霖在信中提到，叮咚买菜目前85%以上生鲜商品来自源头直采，同时布局自营工厂与农场，并在健康食品、即烹菜等细分品类中形成规模优势。他认 为，这些能力是在长期投入与精细化运营中逐步沉淀而来，也是叮咚买菜的重要竞争基础。 对于选择与美团达成交易的原因，梁昌霖表示，此次收购并不意味着叮咚买菜核心能力的削弱。相反，在更大平台体系下，叮咚买菜在商品力、履约服务 和供应链效率方面的积累，有望获得更广泛的应用空间。他同时强调，交易完成后，叮咚买菜的业务运转和团队结构将保持相对稳定。 在员工最为关注的个人发展问题上，梁昌霖称，叮咚买菜现有业务将持续推进，同时也将为员工带来更多横向发展的可能性。他 ...

Group 1 - Meituan announced the acquisition of 100% equity in Dingdong Maicai's China business for an initial consideration of $717 million (approximately 5.15 billion yuan) [2] - After the transaction, Dingdong Maicai will become a wholly-owned subsidiary of Meituan, and its financial performance will be consolidated into Meituan's financial statements [2] - The overseas business of Dingdong Maicai is excluded from this transaction and will be divested before the closing [3] Group 2 - During the transition period, Dingdong Maicai will continue to operate independently under its original business model [3] - According to the share transfer agreement, the seller can withdraw up to $280 million from the target group after the transaction, ensuring that Dingdong Maicai's net cash remains above $150 million [3] - Meituan stated that the acquisition was negotiated fairly and based on independent valuation, with the applicable percentage exceeding 5% but below 25%, qualifying as a discloseable transaction exempt from Hong Kong Stock Exchange shareholder approval [3] Group 3 - Dingdong Maicai was established in 2017 and went public on the New York Stock Exchange in 2021 [3] - As of the third quarter of 2025, Dingdong Maicai reported quarterly revenue of 6.66 billion yuan and a net profit of 80 million yuan, achieving profitability under GAAP standards for seven consecutive quarters [3] - As of the announcement date, Dingdong Maicai's pre-market market capitalization was approximately $694 million [3]

新浪科技讯 2月5日晚间消息，今日，美团发布公告，将以约7.17亿美元的初始对价，完成对叮咚买菜中 国业务100%股权的收购。叮咚买菜CEO梁昌霖发布"致叮咚买菜全体同事的一封信"，信中提到，双方 合并之后，叮咚的三大核心竞争力：极致的商品力、超预期的服务力、和通过供应链系统打造的极致效 率，不会因为合并而消失，反而会在更大的平台上发挥更大的价值，并且叮咚买菜与美团的使命"帮大 家吃得更好，生活更好"高度契合。 对于此次美团收购叮咚买菜对于公司运营的影响，梁昌霖指出，叮咚买菜的业务和团队会保持稳定，大 家仍会有非常稳定的发展平台。以下是梁昌霖内部信全文： 今天，我们正式与美团签署了出售协议。我知道这个消息可能让大家感到意外，心中会有疑问和不安。 所以我想和大家说说心里话。 一、来时的路 2017年，叮咚买菜创业的时候，上海已经有十几家生鲜电商公司，我们是入局最晚的那一个。当时没有 人看好我们，但我们找到了自己的路——活鱼活虾送到家、29分钟极速送达。我们靠一单一单地把菜送 好，靠一个品一个品地把商品做好，从激烈厮杀中活了下来。 2020年疫情来袭，我们迎难而上，成为保供主力军。我永远忘不了那个画面：在最艰难的 ...

Group 1 - On February 5, 2026, Tencent Holdings (00700), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 88.30 billion, 42.63 billion, and 28.20 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) also led the Southbound Stock Connect in the Shenzhen-Hong Kong Stock Connect, with transaction amounts of 66.97 billion, 34.20 billion, and 20.14 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top three active trading companies included Tencent Holdings (00700) with a net buy of 36.59 billion, Alibaba-W (09988) with a net buy of 1.00 billion, and the Tracker Fund of Hong Kong (02800) with a net buy of 25.66 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700) had a net buy of 19.19 billion, Alibaba-W (09988) had a net buy of 14.52 billion, and the Tracker Fund of Hong Kong (02800) had a net buy of 20.10 billion [2]

Core Viewpoint - Meituan announced the acquisition of DINGDONG FRESH HOLDING LIMITED for an initial price of $717 million (approximately 5 billion RMB), with adjustments possible [1] Group 1: Acquisition Details - The acquisition involves the parent company of Shanghai Yibai Mi Network Technology Co., Ltd., which operates DINGDONG MAICAI [2] - The agreement allows the seller to withdraw up to $280 million from the target group, provided that the net cash of the target group remains above $150 million [1] Group 2: Business Operations - DINGDONG MAICAI's overseas business will not be included in this transaction and will be divested before the closing [4] - DINGDONG MAICAI, founded in 2017, is a leading fresh food instant retail platform in China, known for its "delivery in as fast as 29 minutes" service [4] - The company achieved a record quarterly revenue of 6.66 billion RMB in Q3 2025, with a net profit of 80 million RMB, marking seven consecutive quarters of profitability under GAAP standards [4] Group 3: Market Reaction - DINGDONG MAICAI's stock (DDL.N) saw a pre-market surge of nearly 10%, later stabilizing at a 4% increase, with a current market value of $694 million [4] - Meituan's stock rose by 1.79% in the Hong Kong market, with a latest market capitalization of 573.3 billion HKD [5]