Core Viewpoint - Meituan-W (03690.HK) announced the grant of a total of 6,341,017 restricted shares under its post-IPO share incentive plan, aimed at incentivizing employees and service providers [1] Group 1 - The company granted 6,335,304 shares to several employee participants [1] - Additionally, 5,713 shares were granted to several service providers, contingent upon acceptance and the terms of the post-IPO share incentive plan [1]

Core Viewpoint - Meituan-W (03690) announced the grant of a total of 6.341 million restricted shares under its post-IPO share incentive plan, aimed at incentivizing employees and service providers [1] Group 1 - The company granted a total of 6.341 million shares, with 6.3353 million shares awarded to certain employee participants [1] - Additionally, 5,713 shares were granted to certain service providers, contingent upon acceptance and the terms of the post-IPO share incentive plan [1]

（於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：3690（港幣櫃台）及83690（人民幣櫃台） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 授出受限制股份單位 根據上市規則第17.06A條、第17.06B條及第17.06C條，董事會宣佈，於2026年1 月23日，本公司根據首次公開發售後股份獎勵計劃以受限制股份單位形式授出合 共6,341,017股獎勵股份，其中(i)向本集團若干僱員參與者授出6,335,304股獎勵股 份；及(ii)向本集團若干服務提供者授出5,713股獎勵股份，並視乎接納與否以及 首次公開發售後股份獎勵計劃的條款及條件而定。 授出受限制股份單位的詳情 授出的詳情如下： 授出日期： 2026年1月23日 授出的受限制股份單位數目： 6,341,017個受限制股份單位，包括： 授出受限制股份單位的購買價： 零 B類股份於授出日期的市價： 每股B類股份97.55港元 1 (i) 授予本集團僱員參與者的6,335,304個 ...

Group 1 - On January 23, 2026, Alibaba-W (09988), Pop Mart (09992), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 4.748 billion, 2.660 billion, and 2.614 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) also held the top three positions, with transaction amounts of 3.322 billion, 1.798 billion, and 1.370 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top active trading companies included Alibaba-W (09988) with a net buy amount of -0.595 billion, Pop Mart (09992) with a net buy amount of +0.480 billion, and Tencent Holdings (00700) with a net buy amount of +0.396 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy amount of -0.895 billion, Tencent Holdings (00700) had a net buy amount of -0.156 billion, while Pop Mart (09992) recorded a net buy amount of +0.268 billion [2]

Core Viewpoint - The "2026 Beijing Online New Year Goods Festival" is organized by the Beijing Municipal Bureau of Commerce from January 19 to March 4, aiming to enhance consumer participation and interaction through various online and offline activities [1] Group 1: Meituan - Meituan has built the main online venue for the "2026 National Online New Year Goods Festival," collaborating with over a million quality merchants and investing over 100 million yuan in subsidies [2] - The platform offers various promotional activities focusing on consumer needs in dining, accommodation, travel, shopping, and entertainment, including events like "Cultural Tourism Ice and Snow Carnival" and "Elephant Supermarket One-Stop New Year Goods" [2] Group 2: JD.com - JD.com is running its New Year Goods Festival from January 17 to March 1, featuring a wide range of products and various promotional forms such as official discounts and national subsidies [2] - The festival includes a paper-cutting art light show and interactive activities at JD MALL locations in Beijing, enhancing the shopping experience [2] Group 3: Douyin - Douyin has launched the "Douyin Mall New Year Goods Festival," offering consumers discounts starting from 15% and special platform consumption coupons that can be combined with existing discounts [3] - The platform collaborates with local governments to promote regional specialty products through a nationwide "Hometown New Year Goods" initiative [3] Group 4: Wangfujing Global Purchase - Wangfujing Global Purchase is conducting promotional activities from January 12 to February 8, offering limited-time vouchers worth 210 yuan and discounts on various products [7] Group 5: Taobao - Taobao's activities run from January 23 to February 1, featuring the "Taobao·Chinese Baby Cultural Market" in Beijing, inspired by traditional Chinese aesthetics [7] - Participants can engage in a treasure hunt game and register through the Taobao app to experience local cultural elements [7]

Core Insights - Meituan has upgraded its app to version 12.51.202, introducing the "Ask Xiao Tuan" AI search feature to enhance user experience in finding local services and products [2][6] - The upgrade aims to meet the increasing demand for local life information services, leveraging AI to improve decision-making in daily consumption [6][15] Group 1: AI Search Functionality - The "Ask Xiao Tuan" feature acts as an AI decision-making assistant, focusing on intelligent information recommendations and group coupon comparisons [7][15] - Users can input complex queries, and the AI quickly provides tailored recommendations, balancing ambiance and cost-effectiveness [7][9] Group 2: User Demand and Consumption Trends - A report from Meituan Research Institute indicates that 92% of consumers check online reviews and discounts before making local consumption decisions, with 80% adjusting their choices based on online information [6][15] - The shift towards online decision-making for offline consumption highlights the need for accurate and timely local information [6][16] Group 3: Information Infrastructure - Meituan's AI capabilities are supported by a robust local information infrastructure, which includes accurate merchant data and real-time updates on business status [19][20] - The platform utilizes a combination of AI and human efforts to ensure the accuracy and timeliness of the information provided to users [19][22] Group 4: User and Merchant Engagement - User-generated content and real reviews contribute to the platform's credibility, enhancing the quality of information available for AI processing [26][29] - Merchants are incentivized to maintain accurate information due to the potential for increased customer traffic from the platform [27][28] Group 5: Overall Impact on User Experience - The integration of AI into Meituan's services aims to streamline the entire process from search to decision-making, enhancing the overall user experience in local life services [15][30] - Meituan's focus on providing accurate and timely information continues to shape its identity in the local life service sector, reinforcing its commitment to improving consumer experiences [31]

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

Core Insights - The demand for elderly care services in China is rapidly increasing, with a 78% year-on-year growth in user intent for care services and over 200% growth in transaction volume [1] - The search volume for "elderly bathing" has increased by 120%, with related order volume growing by over 85% [1] - By the end of 2025, the number of elderly care institutions in China is expected to reach 41,700, with 722,000 employees, reflecting a 12.2% year-on-year increase [1] Group 1: Market Trends - The aging population is driving a diverse and urgent demand for elderly care services, prompting internet platforms like Meituan to accelerate the digitalization of these services [1] - The combination of policy guidance and market demand is creating a favorable environment for the digital development of elderly care services [1] Group 2: Company Initiatives - Meituan is actively promoting the online transformation of elderly care institutions by providing support such as traffic assistance, cost discounts, and platform subsidies [1] - The platform utilizes big data analytics to optimize the online presentation and decision-making processes for elderly care services, enhancing service matching efficiency and improving consumer experience [1] Group 3: Strategic Partnerships - Meituan has signed a strategic cooperation agreement with the Beijing Civil Affairs Bureau to explore new online channels for elderly care services and create new consumption scenarios [2] - The company is working to introduce registered elderly care institutions to its platforms, addressing issues of information asymmetry and service quality in the elderly care industry [2] Group 4: Service Ecosystem Development - Meituan aims to build a comprehensive service ecosystem covering both "professional care" and "active aging," focusing on essential needs like bathing, nursing, and rehabilitation, while also offering cultural and recreational activities [2] - The company is promoting a new model of elderly care services through collaboration with communities and institutions, integrating online and offline services [2]

Short Selling Ratios - China Resources Beer (80291) and JD Group (89618) have the highest short selling ratios at 100.00% each, followed by Lenovo Group (80992) at 95.62% [1] - The top ten short selling ratios include Li Ning (82331) at 93.21% and Anta Sports (82020) at 88.46% [1] Short Selling Amounts - Alibaba (09988) leads in short selling amount with 1.173 billion, followed by Baidu (09888) at 1.111 billion and Pop Mart (09992) at 1.049 billion [1] - Other notable companies in the top ten include Meituan (03690) at 814 million and China Life (02628) at 806 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 37.56%, followed by China Ping An (82318) at 33.98% and China Huaneng (03788) at 33.27% [1] - Other companies with significant deviation values include SenseTime (80020) at 32.05% and Li Ning (82331) at 31.52% [1]