Core Viewpoint - Hesai Technology has announced a strategic partnership with Meituan's drone division, marking a significant advancement in the integration of lidar technology with low-altitude logistics, which is expected to drive the commercialization of the low-altitude economy [1] Group 1: Company Developments - Hesai Technology's stock rose over 3% during trading, with a current price of 179.7 HKD and a trading volume of 21.01 million HKD [1] - The second-generation solid-state lidar FTX has been officially designated for mass production by Meituan's drone division [1] Group 2: Industry Impact - The collaboration signifies a major breakthrough for both companies in promoting the industrialization of the low-altitude economy [1] - Meituan's newly launched fourth-generation long-range drone, M-Drone4L, features the FTX lidar as part of its standard equipment, enhancing its perception and positioning capabilities [1] - The drone is equipped with a comprehensive sensing system that includes 10 sensors, enabling all-weather precise positioning and navigation, thereby improving safety for nighttime deliveries [1]

禾赛-W(02525)盘中涨超3%，截至发稿，涨2.92%，报179.7港元，成交额2100.11万港元。 消息面上，据禾赛科技官微消息，2025年12月19日，公司宣布与美团无人机达成战略合作，禾赛科技第 二代纯固态感知定位激光雷达FTX正式获得美团无人机量产定点。这一合作不仅实现了激光雷达技术与 低空物流场景的深度融合，更标志着两家行业领军企业联手推动低空经济产业化落地的重要突破。 据介绍，美团无人机重磅发布的第四代无人机长程版M-Drone4L，作为行业首次突破，标配了用于感知 定位的激光雷达，其全向感知系统搭载包括1颗纯固态感知定位激光雷达FTX在内的10路传感器，结合 视觉、GNSS进行多模态融合，可实现全天时的精准定位与导航，让夜间配送更安全。 ...

Core Viewpoint - Meituan has officially announced that Jay Chou, a prominent figure in the Chinese music industry, will serve as the brand ambassador for its food delivery service, marking his first foray into the food delivery endorsement space. This follows Meituan's previous signing of actress Liu Yifei in 2023, further enhancing its brand influence [1][4]. Group 1 - This initiative helps Meituan strengthen brand differentiation and enhance its user mindshare in the instant delivery sector, especially as the food delivery industry has entered a phase of stock competition with slowing user growth and prominent service homogenization issues [3][6]. - By leveraging Jay Chou's broad national recognition and emotional connection, Meituan aims to activate user emotional resonance, transforming the technical service of "1-to-1 urgent delivery" into a tangible and personalized consumer experience, thereby establishing brand associations of "faster and more exclusive" in consumers' minds [3][6]. - Jay Chou's endorsement is expected to help Meituan expand its high-value user base and enhance user stickiness, as his core fan demographic spans from the 1980s to the 2000s, characterized by strong purchasing power and brand loyalty [3][6]. Group 2 - The high-cost signing of a top-tier celebrity serves as a positive signal to the market, indicating Meituan's robust platform strength and ongoing commitment to innovation [4][7]. - In a context where capital market attention is waning and profitability pressures in local life services are increasing, this move not only solidifies Meituan's market leadership but also conveys its determination to enhance user experience to competitors, merchants, and delivery personnel [4][7]. - Jay Chou's entry into food delivery endorsements injects scarcity and topicality into the brand, potentially igniting social media buzz and reducing customer acquisition costs in the short term [4][7].

Group 1 - The top short-selling stocks include China Resources Beer (80291) with a short-selling ratio of 100.00%, Lenovo Group (80992) at 91.04%, and BYD Company (81211) at 90.24% [1][2] - The highest short-selling amounts are led by Alibaba (09988) at 1.293 billion, Tencent Holdings (00700) at 1.057 billion, and Xiaomi Group (01810) at 0.925 billion [1][2] - The stocks with the highest deviation values are China Resources Beer (80291) at 31.62%, Lenovo Group (80992) at 17.55%, and BYD Company (81211) at 32.51% [1][2] Group 2 - The top short-selling ratio rankings show that China Resources Beer has the highest ratio at 100.00%, followed by Lenovo Group at 91.04% and BYD Company at 90.24% [2] - The top short-selling amounts indicate that Alibaba leads with 1.293 billion, followed by Tencent at 1.057 billion and Xiaomi at 0.925 billion [2] - The highest deviation values are recorded for China Resources Beer at 31.62%, Xiaomi at 35.05%, and BYD at 32.51% [2]

Core Insights - The emergence of community group buying as a new business model was significantly influenced by the "black swan event" in 2020, leading to a shift in consumer habits towards mobile platforms for purchasing groceries [1] - In 2025, Taobao announced the cessation of next-day self-pickup services nationwide, transitioning to a model where products are delivered directly from farms to consumers [3] - By December 2025, major players in the community group buying sector, including Meituan, had largely exited the market, leaving only Duoduo Maicai as a significant competitor, raising questions about its sustainability [5] Summary by Sections - **Market Changes**: The community group buying model gained popularity post-2020, with consumers accustomed to low prices and convenient self-pickup options [1] - **Business Model Shift**: Taobao's shift from local supplier delivery to direct farm-to-consumer shipping marks a significant change in the grocery delivery landscape [3] - **Market Exit**: The exit of Meituan from most regions by December 2025 indicates a consolidation in the community group buying market, with Duoduo Maicai remaining as the last major player [5]

Group 1 - The core event was the 2025 Meituan Beauty Merchant Conference held in Zhengzhou, attended by over 300 beauty merchants discussing industry development [1] - Meituan reported a 20.5% year-on-year growth in beauty users for 2025, with key consumer groups being refined mothers and white-collar middle class, while students and young people in small towns showed the fastest growth [1] - The main consumer trends identified were efficacy, wellness, and relaxation, with cleaning and whitening remaining dominant categories, while hair treatments, firming, and hydration saw the fastest growth [1] Group 2 - Meituan Beauty announced two major initiatives to mark its tenth anniversary, including a donation to the "Genius Mom" project to support at least 30 non-heritage female artisans [2] - The launch of the "Xiao Mei Card," a new product allowing users to enjoy discounted prices without large prepayments, addressing issues like high thresholds and refund difficulties [3] - Over 170,000 beauty stores have adopted the "Xiao Mei Card," covering ten major beauty categories, and it aims to shift merchants from a sales-heavy model to a service-oriented approach [3] Group 3 - The "Xiao Mei Card" features a mechanism of "per-use redemption, refundable at any time, and fund supervision," addressing consumer pain points and creating a healthier business environment for merchants [4] - Meituan Beauty aims to standardize services and enhance price transparency through the "Xiao Mei Card," reducing consumer pressure and building confidence for repeat purchases [4]

Core Viewpoint - The Hong Kong stock market saw a net inflow of 611 million HKD from Northbound trading on December 23, with significant buying in stocks like Alibaba and Meituan, while major sell-offs occurred in China Mobile and Tencent. Group 1: Northbound Trading Summary - Northbound trading recorded a net buy of 611 million HKD, with Shanghai Stock Connect showing a net sell of 582 million HKD and Shenzhen Stock Connect showing a net buy of 1.193 billion HKD [1] - The most bought stocks included Alibaba-W (09988), Meituan-W (03690), and Zijin Mining (02899) [1] - The most sold stocks included China Mobile (00941), Tencent (00700), and SMIC (00981) [1] Group 2: Stock-Specific Details - Alibaba-W (09988) had a net inflow of 1.359 billion HKD, driven by the launch of the AI DingTalk operating system [5] - Meituan-W (03690) received a net buy of 223 million HKD [7] - Zijin Mining (02899) saw a net buy of 111 million HKD, with Macquarie raising its target price by 75% to 40 HKD [5] - Tencent (00700) faced a net sell of 1.088 billion HKD [7] - China Mobile (00941) experienced a net sell of 1.975 billion HKD [7] - SMIC (00981) had a net sell of 141 million HKD, influenced by U.S. export regulations on AI chips [6]

Market Overview - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index dropping by 0.69% to 5488.89, while the Hang Seng Index and the China Enterprises Index fell by 0.11% and 0.29% respectively, indicating cautious market sentiment [1][2]. Sector Performance - Large tech stocks showed mixed results, with Alibaba, Meituan, and JD.com gaining, while Kuaishou fell over 3%. Tencent and Xiaomi also declined [3][4]. - Wind power stocks maintained strong performance throughout the day, while building materials, cement, and most banking stocks saw increases. In contrast, mobile gaming, military, robotics, and semiconductor stocks faced collective downturns [3][4]. Individual Stock Movements - Kuaishou's stock price fell by 3.52% to 64.35, with a total market capitalization of 277.95 billion. Tencent's stock decreased by 2.03% to 602.00, with a market cap of 5.5 trillion [5][6]. - Semiconductor stocks experienced declines, with notable drops including Brainhole Technology down over 9% and Innodisk down over 4%. Counterpoint Research reported that the global wafer foundry market revenue reached $84.8 billion in Q3, a 17% year-on-year increase, with TSMC holding a 39% market share [6][7]. Commodity Performance - Gold and precious metals initially rose but later fell back. Spot gold reached a record high of $4490.88 per ounce, marking a year-to-date increase of over 71%. JPMorgan forecasts an average gold price of $5055 per ounce by Q4 2026 and $5400 by the end of 2027 [7][8]. Shipping and Port Stocks - Shipping and port stocks saw gains, with China Shipbuilding Leasing rising nearly 3% and COSCO Shipping Holdings increasing over 2% [9]. Capital Flows - Net buying from southbound funds amounted to 611 million HKD, with a net sell of 582 million HKD through the Shanghai-Hong Kong Stock Connect and a net buy of 1.193 billion HKD through the Shenzhen-Hong Kong Stock Connect [9]. Future Outlook - Huatai Securities noted that the market remains in a left-side layout phase, with the right-side turning point still unclear. There is strong consensus on the anticipation of a spring rally, but year-end supply and demand pressures create uncertainty regarding the "Santa rally." The first quarter may present a higher probability phase for investment [11].

Financing Overview - A total of 20 financing events occurred in Shanghai from December 15 to December 21, with 7 disclosing amounts totaling approximately 1.171 billion yuan [3] - This period saw a decrease of 2 financing events compared to the previous week, which had 22 events [3] Company Dynamics - Moudian Intelligent won the highest award at the National Disruptive Technology Innovation Competition on December 12 [2] - Maikang Smart secured the first prize at the "Huawei Cloud Cup" 2025 AI Application Innovation Competition on December 17 [2] - Jieti Medical was selected for the "2025 China Sci-Tech Innovation Good Company" list by Zhito Finance on December 18 [2] - Jeno Bio's "Gong'anli®" successfully obtained registration in Thailand on December 20 [2] Industry Focus - The Shanghai Open Processor Industry Innovation Center was officially launched in the RISC-V Ecological Block on December 15 [2] - Muxi Co., a Zhangjiang enterprise, was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17 [2] - A team from Shanghai Jiao Tong University's Integrated Circuit Institute developed the all-optical computing chip LightGen on December 21 [2] Financing by Region - Nine districts in Shanghai experienced financing events, with Pudong New District having the highest number at 9 events, followed by Xuhui District with 3 events [5] Financing by Round - The majority of financing rounds were Series A, with 8 occurrences, followed by 6 angel rounds [5] Financing by Industry - The artificial intelligence sector led with 6 financing events, followed by the healthcare sector with 4 events [7] Notable Financing Events - Jeno Bio completed over 200 million yuan in Series B financing on December 16, led by Huagai Capital [10] - Anlingke Bio secured nearly 50 million USD in A+ round financing on December 16, with investments from multiple firms [12] - Fangqing Technology completed over 500 million yuan in angel+++ and Pre-A round financing on December 16 [14] - Yuanma Zhiyuan completed angel+ round financing on December 15, exclusively invested by Yifeng Capital [16] Industry Highlights - Five financing events related to the artificial intelligence industry occurred, with three involving AIGC [18] - Three financing events in the integrated circuit industry included two in EDA and one in logic chips [18] - The successful listing of Muxi Co. set a benchmark for the commercialization of domestic high-end chips [18] - The development of the LightGen chip provides a new method to address the computational power gap in generative AI deployment [18] - The Shanghai Open Processor Industry Innovation Center aims to strengthen policy guidance and ecological cultivation for the integrated circuit industry [18]

Group 1: Market Overview - Meituan's stock closed at HKD 102.7, with a daily increase of 1.28% and a trading volume of HKD 5.226 billion, indicating a neutral overall technical signal with a strength of 9 [1] - The Relative Strength Index (RSI) is at 58, indicating a neutral zone, while other indicators like MACD and Bollinger Bands suggest a "buy" signal, reflecting a market in a wait-and-see state [1] - The stock price is fluctuating near short-term moving averages, with the 10-day, 30-day, and 60-day moving averages at HKD 100.66, HKD 100.08, and HKD 100.63 respectively, showing a lack of clear directional guidance [1] Group 2: Performance of Local Lifestyle Service Stocks - Alibaba's stock closed at HKD 145.3, slightly up by 0.83%, but still under pressure from medium to long-term moving averages [2] - Tongcheng Elong's stock fell by 0.54% to HKD 22.3, with technical indicators showing a "strong sell" signal and a lack of short-term catalysts [2] - Kuaishou's stock rose by 1.45% to HKD 66.3, with a neutral technical assessment, while Meituan's stock showed a slight increase to HKD 102.9, with resistance levels at HKD 106.7 and HKD 110.8 [2] Group 3: Structured Products Performance - Two Meituan bull certificates launched on December 17, 2025, showed significant performance, with J.P. Morgan's bull certificate rising by 9% and UBS's by 10% within two days, outperforming the underlying stock's 1.38% increase [4] - The high Delta sensitivity of these bull certificates demonstrates their leverage effect in response to minor fluctuations in the underlying stock [4] Group 4: Recommended Structured Products - The selected call options include Guotai Junan's call option with a leverage of 10 times and a strike price of HKD 106.98, noted for its cost efficiency [7] - HSBC's put option has a leverage of 9.7 times with a strike price of HKD 91.06, suitable for investors expecting a short-term decline in Meituan's stock [7] - J.P. Morgan's bull certificate has a leverage of 6.9 times with a redemption price of HKD 91, appealing to investors anticipating a rebound [7]