Core Viewpoint - The discussion highlights the importance of maintaining a respectful competitive environment among private enterprises, emphasizing that competition should focus on strategy, business models, value creation, and consumer trust rather than personal conflicts [1] Group 1 - Liu Qiangdong, the founder and chairman of JD.com, expressed his belief that private enterprises should engage in straightforward discussions and competition based on business merits [1] - Liu attempted to arrange a meeting with Meituan's CEO Wang Xing, but it did not materialize due to Wang's involvement in a competitive situation with Didi [1] - Liu respects both Wang Xing and Meituan's senior vice president Wang Puzhong, advocating for a professional approach to competition without personal animosities [1]

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额89.71亿港元，脑动极光-B、佰泽医疗成交额紧随其 后，分别成交73.93亿港元、63.55亿港元。以净买卖金额统计，净买入的个股共有6只，阿里巴巴-W净买入额为30.31亿港元，净买入金额居首， 该股收盘股价下跌0.71%，美团-W净买入额为7.16亿港元，佰泽医疗净买入额为3.28亿港元。净卖出金额最多的是盈富基金，净卖出46.39亿港 元，该股收盘股价下跌0.07%，小米集团-W、中芯国际遭净卖出5.69亿港元、4.13亿港元。 今日上榜个股中，阿里巴巴-W、美团-W、佰泽医疗等9只股同时上榜港股通（深）、港股通（沪）成交活跃股， 阿里巴巴-W合计成交额89.71亿 港元，成交净买入30.31亿港元，美团-W合计成交额50.76亿港元，成交净买入7.16亿港元。盈富基金合计成交额46.60亿港元，成交净卖出46.39亿 港元，小米集团-W合计成交额39.87亿港元，成交净卖出5.69亿港元。 从连续性进行统计， 有1只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W，连续净买入天数分别为18天。以其间净买 ...

9月16日恒生指数下跌0.03%，报收26438.51点，全天南向资金通过港股通渠道合计净卖出31.89亿港 元。 证券时报·数据宝统计，9月16日港股通全天合计成交金额为1657.66亿港元，成交净卖出31.89亿港元。 具体来看，沪市港股通成交金额1082.65亿港元，成交净卖出29.76亿港元；深市港股通成交金额575.01 亿港元，成交净卖出2.13亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为57.96亿港元，成交金额居 首；其次是脑动极光-B、佰泽医疗，成交金额分别为55.71亿港元、48.83亿港元。以净买卖金额统计， 阿里巴巴-W净买入额为18.98亿港元，净买入金额居首，该股收盘股价下跌0.71%。净卖出金额最多的 是盈富基金，净卖出31.70亿港元，收盘股价下跌0.07%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额31.74亿港元；其次是小米集 团-W、药捷安康-B，成交金额分别为18.85亿港元、18.82亿港元。以净买卖金额统计，有5只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入11.33亿港元，该股收盘下跌0.71%。净 ...

Core Viewpoint - The founder and chairman of JD.com, Liu Qiangdong, emphasizes the importance of maintaining a respectful and professional relationship with competitors, advocating for competition based on strategy, business models, and value creation rather than personal animosities [1] Group 1: Company Interactions - Liu Qiangdong attempted to arrange a meeting with Meituan CEO Wang Xing, but the meeting did not occur due to Wang's commitments with Didi's CEO Cheng Wei [1] - Liu expressed respect for both Wang Xing and Meituan's senior vice president Wang Puzhong, highlighting the need for open communication among private enterprises [1] Group 2: Competitive Landscape - Liu believes that competition should remain professional and not devolve into personal conflicts, stressing that businesses should focus on their strategies and reputations to win over consumers [1]

Core Viewpoint - The company has established partnerships with major platforms such as Meituan, Douyin, JD.com, and Ele.me to enhance its supply chain and digital transformation efforts in the retail sector [1] Group 1: Partnerships and Collaborations - The company has formed collaborations with leading platforms to become a member of their supply chain systems, focusing on fresh produce and daily necessities for online retail and wholesale [1] - In logistics, the company is deepening instant retail cooperation with Meituan, JD.com, Ele.me, and Douyin to empower offline supermarkets and community convenience stores [1] Group 2: Digital Transformation and Marketing - The company is leveraging platforms like Douyin to expand e-commerce live streaming and digital marketing, aiding product promotion and brand exposure [1] - Through partnerships, the company is driving the digital transformation of traditional businesses, enhancing the ecosystem of "online and offline integration, and urban-rural two-way circulation" [1] Group 3: Supply Chain Efficiency - The company aims to continuously improve supply chain efficiency and market competitiveness through its collaborative efforts with various platforms [1]

迅猛扩张，Keeta中东版图再添一城 在本土市场竞争日益白热化之际，美团正将其战略延伸至海外。最新动态显示，美团于当地时间9月15日上午11时在科威特正式推出Keeta服务。 追风交易台消息，据花旗15日发布的研究报告指出，此次扩张距离其进入卡塔尔市场（8月19日）尚不足一个月，显示出其快速渗透海湾合作委员 会（GCC）其他市场的节奏。科威特是Keeta继沙特阿拉伯和卡塔尔之后进入的第三个中东市场。 根据花旗的数据，截至9月15日，Keeta已在科威特的苹果iOS和谷歌Google Play应用商店中，登顶餐饮类App下载榜第一。在其进入近一年的沙 特市场以及新近进入的卡塔尔市场，Keeta依然维持着同类应用下载量榜首的位置。 花旗分析师在报告中指出，美团对海外市场扩张的承诺似乎并未因国内市场的激烈竞争而改变。分析师预计，凭借其成熟的运营模式和补贴策 略，Keeta有望在几个月内迅速成长为科威特市场排名前两到三位的参与者。花旗对其维持"中性/高风险"评级，给出了133.00港元的目标价，较当 前股价存在33%的上涨空间。 花旗评级"中性/高风险"，但看好未来估值 尽管海外扩张势头迅猛，但花旗对美团依然给出了" ...

Core Insights - On September 16, 2025, Alibaba-W (09988), Brainstorm Aurora-B (06681), and Baize Medical (02609) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 57.96 billion, 55.71 billion, and 48.83 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and PharmaJet-B (02617) led the trading volume, with amounts of 31.74 billion, 18.85 billion, and 18.82 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 57.96 billion with a net buying amount of +18.98 billion [2] - Brainstorm Aurora-B (06681) recorded a trading amount of 55.71 billion with a net buying amount of +98.28 million [2] - Baize Medical (02609) achieved a trading amount of 48.83 billion with a net buying amount of +2.17 billion [2] - Meituan-W (03690) had a trading amount of 32.61 billion with a net buying amount of +2.65 billion [2] - The Yingfu Fund (02800) had a trading amount of 31.85 billion with a net selling amount of -31.70 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 31.74 billion with a net buying amount of +11.33 billion [2] - Xiaomi Group-W (01810) recorded a trading amount of 18.85 billion with a net selling amount of -3.48 billion [2] - PharmaJet-B (02617) achieved a trading amount of 18.82 billion with a net selling amount of -4.50 billion [2] - Brainstorm Aurora-B (06681) had a trading amount of 18.22 billion with a net buying amount of +26.73 million [2] - Meituan-W (03690) had a trading amount of 18.15 billion with a net buying amount of +4.51 billion [2]

"不点两单，总觉得亏了。"这句话，成了今年许多外卖用户的口头禅。 近期外卖市场风云突变，各大平台的百亿补贴大战打得火热，消费者享受着低价的外卖，但牌桌上的三位玩家——美团、阿里巴巴和京东，却似乎没有一位 是真正的赢家。 与去年同期相比，美团的利润减少了115亿元，京东减少了147亿元，而阿里巴巴也减少了103亿元。 乍一看，阿里似乎亏得最少，但三家巨头利润都下滑的背后，透露出一个残酷的现实：这场外卖大战，正在让每一个参与者"受伤"。 既然都在亏钱，又为何要继续疯狂地往里砸钱？ 要理解巨头们为何亏损，得先知道外卖平台这门生意究竟怎么做。 以行业领头羊美团为例，其2021年的年报就清晰地画出了赚钱的路子：向商家收取的佣金、广告营销费，以及向用户和商家收取的配送服务费。 佣金和广告费很好理解，是平台的利润中心。但问题出在了配送服务费上。这笔费用看似是收入，实际上却一直是亏损的。 根据公开数据计算，在2021年到2023年期间，美团平均每单外卖的配送收入，始终是低于每单外卖的配送成本的。 这些"更贵的东西"是什么？ 在美团在2025年第一季度的报告中，给出了明确的答案。报告里写道：多个消费品类实现显著增长，包括饮料零 ...

北水关注个股 阿里巴巴：网传阿里巴巴与微信正在商讨合作条款，其中包括淘宝在微信内部开设小程序，实现直接完 成交易闭环。作为合作条件，淘宝将开通微信支付免密功能。 美团：花旗发表报告指出，美团旗下国际餐饮外送品牌Keeta于昨日正式进军科威特市场。这显示即使 面对内地市场日趋激烈的竞争，美团对海外市场扩张仍相当积极、并未松懈。Keeta目前已在沙地阿拉 伯、卡塔尔及科威特三地推出服务，且短短数月内，沙特已拓展至20多个城市，并成为当地领先外送平 台之一。 佰泽医疗：沪深交易所此前公告，佰泽医疗被调入港股通标的名单，自9月8日起生效。公开资料显示， 佰泽医疗是一家主要从事投资及提供医疗相关服务的肿瘤医疗集团。通过收购股权及管理权，佰泽医疗 在北京、天津、安徽等多地运营6家自有的民营营利性医院以及管理2家非营利性医院，主要提供肿瘤筛 查、诊断、治疗及康复等在内的核心服务。其中，北京京西肿瘤医院属于佰泽医疗的旗舰医院。 9月16日，南下资金净卖出港股31.89亿港元。 其中：净买入阿里巴巴-W 30.31亿港元、美团-W 7.15亿港元、佰泽医疗3.27亿港元、同源康医药-B 2.96 亿港元、脑动极光-B 1.25 ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 31.89 billion HKD on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of 29.76 billion HKD through the Shanghai-Hong Kong Stock Connect and 2.13 billion HKD through the Shenzhen-Hong Kong Stock Connect [1] - The stocks with the highest net buying from northbound capital included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of 18.98 billion HKD, with a total transaction volume of 57.96 billion HKD [2] - Meituan-W (03690) had a net inflow of 2.65 billion HKD, with a total transaction volume of 32.61 billion HKD [2] - Baize Medical (02609) recorded a net inflow of 2.17 billion HKD, with a total transaction volume of 48.83 billion HKD [2] Group 3: Market Reactions and News - Alibaba's recent initiatives, including the launch of "Gaode Street Ranking" and advancements in AI, have contributed to its strong performance [4] - Meituan's international expansion with its food delivery brand Keeta in Kuwait has shown promising results, indicating strong user growth in the Middle East [5] - The announcement from China's National Medical Products Administration regarding the optimization of clinical trial approvals has boosted confidence in innovative pharmaceutical companies [5] Group 4: Notable Sell-offs - The Tracker Fund of Hong Kong (02800) experienced a significant net outflow of 31.70 billion HKD, attributed to concerns over the overall market fundamentals [7] - SMIC (00981) faced a net outflow of 561.94 million HKD, reflecting investor caution [8] - Xiaomi Group-W (01810) saw a net outflow of 5.69 billion HKD, indicating a shift in investor sentiment [8]