Core Viewpoint - The State Administration for Market Regulation (SAMR) announced an investigation into the competitive landscape of the food delivery platform service industry, highlighting issues such as excessive subsidies, price wars, and traffic control that have negatively impacted the real economy and intensified "involution" competition [1]. Group 1: Investigation Announcement - The SAMR will conduct a thorough investigation and assessment of the market competition in the food delivery sector, utilizing methods such as on-site verification, face-to-face interviews, and surveys to gather opinions from various stakeholders including platform operators, new employment groups, and consumers [1]. - Meituan expressed strong support for the investigation and committed to cooperating fully, viewing this as an opportunity to work with other platforms to fulfill market responsibilities and engage in fair competition [1]. Group 2: Industry Context - The investigation follows a period of intensified competition in the food delivery market, particularly after JD.com and Alibaba announced their entry into the sector in early 2025, leading to what has been termed the "food delivery war" [1]. - The SAMR had previously held discussions with three major food delivery platforms in May and July 2025, urging them to compete fairly and operate legally to foster a healthy market environment [1]. Group 3: Meituan's Stance - Meituan has publicly opposed "involution" during its earnings calls and shareholder meetings for three consecutive quarters, making six official statements against it throughout 2025 [2]. - The SAMR has a precedent of assessing market competition in key industries before implementing policies for healthy and orderly development, as seen in its 2024 annual report on antitrust enforcement which included evaluations of the new energy, cloud services, and semiconductor industries [2].

北京商报讯（记者 张天元）1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委 员会办公室将对外卖平台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚 决拥护，将全力做好配合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责 任，公平参与市场竞争"。 国家市场监督管理总局官网同时刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量 等问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场 核实、当面访谈、问卷调查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群 体、消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监管压力，提出处置措施。 对此，美团方面表示，多次呼吁行业回归理性，坚决反对"内卷式"竞争。 ...

北京商报讯（记者 魏蔚）1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委员 会办公室将对外卖平台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚决 拥护，将全力做好配合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任， 公平参与市场竞争"。 国家市场监督管理总局官网也刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量等 问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场核 实、当面访谈、问卷调查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群体、 消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监管压力，提出处置措施。 ...

据"美团Meituan"消息，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市 场竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 ...

新京报讯据美团消息，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场 竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁行业回归 理性，坚决反对"内卷式"竞争。美团将以此次调查为契机，和行业内各平台一起，共同落实市场主体责 任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 ...

Group 1 - The Hong Kong stock market saw a net inflow of 68.15 billion HKD from northbound trading, with 16.6 billion HKD from Shanghai and 51.55 billion HKD from Shenzhen [1] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and Kuaishou-W (01024), while the most sold stocks were Alibaba-W (09988), China Mobile (00941), and Goldwind Technology (02208) [1][2] Group 2 - Alibaba-W (09988) had a net outflow of 26.21 billion HKD, with a total trading volume of 65.69 billion HKD, indicating significant selling pressure [2][7] - Tencent (00700) received a net inflow of 14.11 billion HKD, supported by a report from Morgan Stanley highlighting its AI strategy and high potential for monetization [4][5] - Xiaomi Group-W (01810) attracted a net inflow of 8.69 billion HKD, with plans for 200 billion HKD in R&D investment over the next five years [5] - Kuaishou-W (01024) saw a net inflow of 7.76 billion HKD, driven by strong performance in AI-generated content [5] - Semiconductor company SMIC (00981) had a net inflow of 6.92 billion HKD, following a strategic acquisition that is expected to positively impact earnings [6] - Goldwind Technology (02208) faced a net outflow of 1.94 billion HKD, despite potential positive catalysts from its stake in Blue Arrow Aerospace [7]

Group 1 - The State Council's Anti-Monopoly Committee has announced the initiation of an investigation and assessment of market competition in the food delivery platform service industry [1][2] - Meituan has expressed strong support for the investigation and will fully cooperate with the authorities [1][2] - Recent issues in the food delivery market include irrational competition characterized by price wars, subsidies, and traffic control [1][2] Group 2 - Meituan has repeatedly called for the industry to return to rational competition and has firmly opposed "involutionary" competition [1][2] - The company aims to use this investigation as an opportunity to work with other platforms in the industry to fulfill market responsibilities and promote fair competition [1][2] - The goal is to foster innovation and healthy development within the food delivery platform service industry [1][2]

港股100研究中心顾问余丰慧向第一财经记者表示，阿里巴巴在即时零售与人工智能领域的推进，对其 他互联网企业产生显著外溢效应。即时零售方面，阿里加大闪购等资源投入，行业竞争强度随之提升， 美团、京东需同步加快布局，通过优化服务及运营效率维持份额。人工智能方面，阿里持续迭代大模型 及应用，促使腾讯、百度等公司加速技术落地，行业整体研发节奏加快，具备技术储备、增长路径清晰 的企业获得更多关注。 1月8日下午，阿里巴巴（09988.HK）面向投资者的交流信息显示，淘宝闪购在最新季度取得关键进 展。阿里集团对于淘宝闪购2026年的投入战略明朗化：闪购首要目标是份额增长，会坚定加大投入以达 到市场绝对第一。 1月8日下午阿里巴巴一度加速下跌，全天跌2.26%，盘中一度创出141港元阶段新低，相比10月高点累 计下跌约25%；隔夜美股大幅反弹超过5%，引发投资者憧憬；1月9日香港交易时段，阿里巴巴高开后 回落，半天上涨2.81%，中午报收146.6港元，成交近115亿港元，京东集团（09618.HK）上涨近3%，美 团（03690.HK）下跌2.38%。 业内人士认为，阿里巴巴这一举动加剧了竞争，而本身有更多人工智能方面的 ...

Geopolitical Tensions - Iran's Supreme Leader, Ayatollah Ali Khamenei, has intensified rhetoric against former U.S. President Donald Trump, urging him to focus on domestic issues while accusing "rioters" of damaging public property to appease foreign powers amidst ongoing internal unrest [2][3][8] - Khamenei emphasized the need for Iranians to "preserve unity" in the face of challenges, as protests continue due to economic hardships [3] Online Delivery Market in China - China's regulatory bodies, led by the State Administration for Market Regulation (SAMR), are scrutinizing the online delivery sector, particularly food delivery platforms, to evaluate competition and ensure fair practices [4][5] - Major players in the sector, including Meituan, Ele.me, and JD.com, are facing investigations regarding their competitive practices and adherence to food safety standards [5] Global Food Prices - The World FAO Food Price Index recorded a decline for the fourth consecutive month in December, reaching an average of 124.3 points, down from 125.1 points in November, indicating a slight easing in global food commodity prices [6][8] Retail Sales in Italy - Italy's retail sales showed stable growth in November, with a year-on-year increase of 1.3%, matching the previous month's growth rate, and a month-over-month rise of 0.5%, indicating consistent consumer spending [7][8]

Group 1: Hang Seng Index and Market Overview - The Hang Seng Index (HSI) closed at 26,149 points, continuing its downward trend, although it showed slight recovery towards the end of the trading day [1] - Investors are divided, with some anticipating a small rebound while others are holding bearish certificates, expecting the index to drop back to 25,900 points [1] - Technical analysis indicates a predominance of "sell" signals, with 8 sell signals compared to 6 buy signals, suggesting caution in the current market [2] Group 2: Meituan (03690.HK) - Meituan's stock price closed at 101 HKD, with concerns about potential declines to 96 HKD if it breaks the support level of 97.1 HKD [8] - The stock is currently showing a neutral signal with no clear upward or downward trend, as buy and sell signals are roughly equal [8][11] Group 3: Bilibili (09626.HK) - Bilibili's stock price closed at 216.6 HKD, showing resilience by rising slightly despite the overall market decline [13] - Technical signals indicate a majority of sell signals (9) compared to buy signals (4), with a support level around 202 HKD [13] Group 4: Sunny Optical Technology (02382.HK) - Sunny Optical's stock closed at 63.85 HKD, nearing the lower boundary of the Bollinger Bands, with increasing volume during the decline [16] - The technical summary shows a majority of buy signals (10) against 3 sell signals, suggesting potential for a rebound [20] Group 5: SMIC (00981.HK) - SMIC's stock price closed at 74.95 HKD, with a neutral technical signal indicating no clear direction [22] - Support is around 70 HKD, while resistance is at approximately 79.5 HKD, suggesting a wait-and-see approach for investors [22] Group 6: BYD (01211.HK) - BYD's stock continued to decline, closing lower but with reduced trading volume compared to the previous day, indicating a potential stabilization [31] - The short-term trading range is estimated between 91.5 HKD and 97.8 HKD, providing a reference for investors [31]