智通财经APP获悉，9月16日,阿里巴巴-W（09988）、美团-W（03690）、紫金矿业（02899）南向资金 净流入金额位列市场前三，分别净流入30.20 亿、7.15 亿、4.60 亿 盈富基金（02800）、恒生中国企业（02828）、腾讯控股（00700）南向资金净流出金额位列市场前 三，分别净流出-46.39 亿、-19.81 亿、-8.34 亿 在净流入比方面，易方达恒指ESG（03039）、现代牧业（01117）、安井食品（02648）以100.00%、 54.94%、50.92%位列市场前三。 在净流出比方面，四川成渝高速公路（00107）、中国重汽（03808）、康基医疗（09997） 以-75.28%、-67.69%、-55.43%位列市场前三。 | 中国海外宏洋集团 | 44.06% | 1443.53 万 | 2.560（-0.78%） | | --- | --- | --- | --- | | (00081) | | | | | 金界控股(03918) | 44.06% | 7927.82 万 | 6.710（+4.52%） | | 万洲国际(00288) | 43.87% | ...

今日多条要点，一起来看详情↓ ↓ ↓ 盒马人事变动：CEO严筱磊兼任盒马首席商品官 9月18日消息，据接近盒马的人士介绍，9月15日，盒马发布组织公告称为适应公司战略发展需要，持续建设商品力和供应链能力，优化提升供应链效率与 质量，奠定业务长期增长的坚实基础，决定由盒马CEO严筱磊兼任盒马CMO（首席商品官），原盒马CMO李卫平调入盒马CEO办公室，另有任用。 饿了么上线"风险订单预警"功能 9月18日消息，饿了么新上线了"风险订单预警"功能，当系统识别到疑似风险订单，会为该订单标记"风险订单"标签，并发送预警提醒，帮助商家快速识 别并妥善应对。现在，饿了么商家可以在商家版APP首页-管理-体检中心-安全保镖风险订单，核实订单是否异常。当后台提示订单为风险订单后，若经核 实订单确实存在异常情况，饿了么鼓励商家积极应对。商家可选择"确认异常"，系统将引导跳转至"限制顾客下单"页面，申请"拉黑"顾客，申请通过后该 顾客将无法在商家的店铺下单。 蜜雪冰城回应柠檬水断货：整体储备充足，将很快恢复供货 9月18日，蜜雪冰城回应多地门店柠檬水断货事件，称系进口柠檬因天气延期到港及川渝新柠檬需储存优化口感所致，整体库存充足 ...

Core Insights - On September 18, Hong Kong Broadband made its first appearance on the active trading list of Hong Kong Stock Connect in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 763.71 billion, accounting for 36.27% of the day's total trading amount, with a net buying amount of HKD 33.31 billion [2] Trading Activity Summary - The top traded stock was Alibaba-W with a trading volume of HKD 210.72 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 140.50 billion and HKD 91.65 billion, respectively [2] - Over the past month, Alibaba-W and Tencent Holdings were the most frequently listed stocks, appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [2] Hong Kong Broadband Performance - On the day of its first listing, Hong Kong Broadband had a trading volume of HKD 26.49 billion and a net buying amount of HKD 4.28 billion, with its stock price increasing by 68.55% [2]

Market Overview - On September 18, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 210.55 billion, comprising HKD 108.42 billion in buying and HKD 102.13 billion in selling, resulting in a net buying amount of HKD 6.28 billion [1] Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 76.78 billion, with buying at HKD 40.58 billion and selling at HKD 36.20 billion, leading to a net buying of HKD 4.38 billion [1] - The Shanghai Stock Connect recorded a total trading amount of HKD 133.77 billion, with buying at HKD 67.84 billion and selling at HKD 65.93 billion, resulting in a net buying of HKD 1.84 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 210.72 billion, followed by SMIC and Tencent Holdings with HKD 140.50 billion and HKD 91.65 billion respectively [1] - In terms of net buying, Meituan-W led with a net buying amount of HKD 14.12 billion, followed by Alibaba-W with HKD 12.10 billion and Pop Mart with HKD 12.07 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net selling amount of HKD 11.65 billion, while Tencent Holdings and SMIC had net selling amounts of HKD 4.18 billion and HKD 2.77 billion respectively [1] Continuous Net Buying - Two stocks, Alibaba-W and Meituan-W, have seen continuous net buying for over three days, with Alibaba-W having a total net buying of HKD 561.01 billion over 20 days and Meituan-W with HKD 49.01 billion over 4 days [2]

"为省 5 块钱配送费，我在楼下等了 20 分钟外卖；转头就花 1688元订了国庆黑珍珠餐厅团购。" 闺蜜的朋友圈让我懵了。 翻评论区更热闹：宝妈吐槽买菜为 1 毛钱砍价，却给娃订 398 元亲子餐；年轻人晒 9.9 元奶茶订单，下面跟着 888 元温泉酒店含餐套餐截图。 大家到底是缺钱还是不缺钱？ 直到扒出美团最新消费数据我才懂，不是年轻人分裂，是 "省钱" 早不是只买便宜货，而是用团购把 "品质消费" 拽到了可承受范围里。 尤其国庆前，这种矛盾消费更明显，美团上 "平价团购" 和 "高端套餐" 搜索量同比分别涨 210% 和 180%，背后藏着当代人最真实的消费逻辑。 "抠" 和 "奢" 不矛盾，团购让消费有了 "弹性" 以前总觉得消费分圈层，学生党蹲 10 元快餐，白领选百元连锁，有钱人冲千元大餐。 现在这界限早被打破了。 美团 9 月数据显示，订 16.8 元路边摊小吃的用户里，30% 同时囤了千元以上餐饮券；买黑珍珠餐厅团购的人，45% 会顺手带 9.9 元奶茶。 邻居张姐的操作更典型，平时带娃吃萨莉亚人均 50 元，国庆却订 2388 元亲子度假酒店。 "不是突然大方，单独订酒店 3000 多，团 ...

Core Viewpoint - The retail industry is witnessing a fierce competition in the "hard discount" segment, with major players like Zhongbai Group, JD.com, Meituan, Hema, and Wumart rapidly entering the market [1][2][4]. Group 1: Market Dynamics - Major companies are focusing on "hard discount" stores, which operate on a model that emphasizes cost reduction and efficiency to offer lower prices compared to "soft discount" stores [2][4]. - The global discount retail channel is projected to grow at a rate of 8.2% in 2024, with an increase in sales of discount products amounting to $61.1 billion [4]. - The Chinese hard discount market is expected to exceed 200 billion yuan in 2024, indicating significant growth potential [4]. Group 2: Company Strategies - Zhongbai Group plans to open 51 hard discount stores in Hubei, with a focus on a limited SKU range of 800 to 1500 items and substantial price reductions [3]. - JD.com opened its first discount supermarket in Hebei, attracting nearly 60,000 customers on the first day, and has plans for further expansion [2]. - Meituan's "Happy Monkey" discount supermarket aims to establish 1,000 stores by 2025, with a focus on refining its business model [2]. - Hema has rebranded its discount format to "Super Box NB" and has opened 17 new stores in 10 cities in Jiangsu and Zhejiang [2]. Group 3: Competitive Landscape - The hard discount model is validated by successful international examples, with discount retailers like Schwarz, Aldi, and Costco dominating the top ranks in the global retail landscape [4]. - The penetration rate of hard discount retail in China is currently only 8%, compared to 42% in Germany and 31% in Japan, highlighting a significant opportunity for growth [4]. Group 4: Challenges and Considerations - The hard discount model relies on extreme low pricing, which compresses profit margins, with gross margins typically between 10% and 15%, compared to 20% to 25% for traditional retailers [6][7]. - Companies face challenges in optimizing supply chains and reducing operational costs, particularly in the fresh produce category, which requires high efficiency and stability [7]. - The influx of competitors increases the risk of homogenization, making it crucial for companies to establish differentiated competitive advantages to avoid price wars [7]. Group 5: Regional Insights - The Shenzhen market remains relatively quiet in terms of hard discount store openings, with major players like Hema and JD.com yet to establish a presence [8]. - Walmart has begun testing community stores in Shenzhen, which are characterized as typical hard discount supermarkets, indicating potential for future growth in the region [9].

Core Insights - On September 18, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 13.163 billion, 9.044 billion, and 5.634 billion respectively [1][2] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 7.909 billion, 5.005 billion, and 3.531 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 13.163 billion, net buying of 0.315 billion [2] - SMIC (00981): Trading amount of 9.044 billion, net selling of 0.395 billion [2] - Tencent Holdings (00700): Trading amount of 5.634 billion, net selling of 0.940 billion [2] - Meituan-W (03690): Trading amount of 4.440 billion, net buying of 0.568 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.518 billion, net buying of 0.280 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 7.909 billion, net buying of 0.895 billion [2] - SMIC (00981): Trading amount of 5.005 billion, net buying of 0.117 billion [2] - Tencent Holdings (00700): Trading amount of 3.531 billion, net buying of 0.522 billion [2] - Meituan-W (03690): Trading amount of 2.495 billion, net buying of 0.844 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.236 billion, net buying of 0.381 billion [2]

Core Viewpoint - Southbound funds saw significant inflow today, with a total transaction amount of approximately 210.55 billion HKD, marking an increase of nearly 32 billion HKD compared to the previous day, representing about 50.94% of the total turnover of the Hang Seng Index [2] Southbound Fund Flow - The net inflow of southbound funds today was approximately 6.288 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing about 1.907 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing about 4.382 billion HKD [2][4] - Major net inflows included Meituan-W (14.12 billion HKD), Alibaba-W (12.1 billion HKD), Pop Mart (12.07 billion HKD), and Xiaomi Group-W (6.61 billion HKD) [2] - Significant net outflows were observed in Hua Hong Semiconductor (11.65 billion HKD), Tencent Holdings (4.18 billion HKD), and SMIC (2.77 billion HKD) [2] Stock Performance - Meituan-W increased by 0.29%, but short-term funds have been predominantly flowing out, with a reduction of 1.237 million shares over the past five days [3] - Alibaba-W decreased by 1.98%, with short-term funds continuing to flow in, accumulating 12 million shares over the past five days [3] - Pop Mart rose by 4.62%, yet short-term funds continued to show a trend of outflow, with a reduction of 397,000 shares over the past five days [3] - Xiaomi Group-W fell by 1.73%, with a continued outflow trend, reducing 2.099 million shares over the past five days [3] - Hua Hong Semiconductor increased by 8.62%, with an unclear short-term fund trend, having accumulated 1.069 million shares over the past five days [3] - Tencent Holdings decreased by 2.95%, with an unclear short-term fund trend, reducing 820,000 shares over the past five days [3] - SMIC rose by 2.66%, with short-term funds predominantly flowing in, accumulating 2.057 million shares over the past five days [3]

Group 1 - Southbound funds net bought Hong Kong stocks worth 6.288 billion HKD today, with notable purchases including Meituan-W (1.412 billion HKD), Alibaba-W (1.21 billion HKD), and Pop Mart (1.207 billion HKD) [1] - Southbound funds have continuously net bought Alibaba for 20 days, totaling 56.10089 billion HKD, and have net bought Meituan for 4 consecutive days, totaling 4.90023 billion HKD [1] Group 2 - In the Shanghai Stock Connect, Alibaba-W saw a net buy of 3.15 billion HKD with a trading volume of 13.163 billion HKD, while Tencent Holdings experienced a net sell of 9.40 billion HKD with a trading volume of 5.634 billion HKD [3] - Meituan-W had a net buy of 5.68 billion HKD with a trading volume of 4.440 billion HKD, while Xiaomi Group-W had a net buy of 2.80 billion HKD with a trading volume of 3.518 billion HKD [3]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, with a total net purchase of HKD 62.88 billion on September 18, 2023, indicating strong investor interest in certain stocks [1] Group 1: Northbound Trading Activity - Northbound trading through Stock Connect (Shanghai) recorded a net purchase of HKD 19.07 billion, while the Shenzhen Connect saw a net purchase of HKD 43.82 billion [1] - The most purchased stocks included Meituan-W (03690) with a net inflow of HKD 14.12 billion, Alibaba-W (09988) with HKD 12.1 billion, and Pop Mart (09992) with HKD 12.07 billion [3][4] Group 2: Company-Specific Developments - Meituan-W (03690) launched its international food delivery brand Keeta in Kuwait, achieving top downloads in the food and beverage category on both iOS and Google Play, indicating strong user growth in the Middle East [3] - Alibaba-W (09988) received a boost from Goldman Sachs' report highlighting significant advancements in AI infrastructure and models in China, including the launch of Alibaba's Qwen3-Next [3] - Pop Mart (09992) is viewed positively by Huayuan Securities, which noted that recent stock price adjustments are normal market fluctuations, and the company is expected to continue high-quality growth due to its strong IP capabilities and expanding overseas business [4] Group 3: Selling Activity - Semiconductor stocks faced net sell-offs, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of HKD 2.77 billion and HKD 11.64 billion, respectively, as companies like Alibaba and Baidu shift towards self-designed chips for AI model training [6] - Tencent (00700) also faced a net sell-off of HKD 4.18 billion, reflecting a broader trend of investor caution in the tech sector [7]