Core Viewpoint - Meituan is undergoing significant restructuring in its grocery and snack business, focusing on expanding its successful offline stores while shutting down underperforming segments like Meituan E-commerce and Meituan Youxuan [1][2][7] Group 1: Business Adjustments - Meituan is closing its e-commerce operations and Meituan Youxuan, while expanding its successful Xiaoxiang supermarket chain, which has opened its first large offline store in Beijing [1] - The decision to halt the Tuanhaohuo business reflects a shift towards exploring new retail formats, as the existing B2C e-commerce model has not gained significant traction among users [2][6] - Meituan Youxuan, a major loss-making segment, is being scaled back, with reports indicating its closure in most regions, which could help reduce overall losses in Meituan's new business sector [7][9] Group 2: Performance and Strategy - The Xiaoxiang supermarket, which evolved from Meituan's previous grocery initiatives, has expanded to over 30 cities and is now positioned as a comprehensive instant retail platform [1][10] - Meituan's new business losses narrowed to 7.3 billion yuan in 2024, a 63.9% reduction year-on-year, indicating a positive trend following the adjustments made to underperforming segments [9] - The new Xiaoxiang store features a diverse product range and aims to enhance customer experience, positioning itself similarly to high-end competitors like Sam's Club and Hema [10][11]

Core Insights - Meituan's drone business has expanded significantly, launching multiple products and operating 65 routes in cities including Shenzhen, Shanghai, Beijing, Hong Kong, and Dubai, completing 740,000 commercial orders to date [1][3][4] Group 1: Company Developments - Meituan has introduced new drone products, including a low-altitude air network and an intelligent drone docking airport, enhancing its logistics capabilities [1] - The fourth-generation drone, M4L long-range version, can carry up to 4.5 kg and has a maximum range of 20 km, catering to various delivery needs [3] - Meituan's drone delivery orders have increased by 70,000 in less than three months, indicating a daily average growth of nearly 800 orders [5][6] Group 2: Industry Trends - The low-altitude economy is gaining traction, supported by government policies aimed at promoting smart logistics and drone delivery systems [7] - Major competitors like JD Logistics and SF Express are also investing heavily in drone technology, with JD planning to purchase 3 million robots and 100,000 drones over the next five years [8] - The market for low-altitude economy is projected to reach 1.5 trillion yuan by 2025, with a compound annual growth rate (CAGR) of 33.8% from 2023 to 2025 [9] Group 3: Market Dynamics - The demand for faster delivery times is increasing, with consumers expecting deliveries within 30 minutes, further driving the need for drone logistics [4] - Despite the growth in drone delivery, traditional delivery methods remain dominant in most scenarios, with drone services acting as a supplementary option [11] - The stability and cost-effectiveness of drone delivery are critical for its scalability, as high costs compared to human delivery could hinder widespread adoption [11]

Core Insights - On December 22, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.274 billion, 3.472 billion, and 2.623 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) led the trading volume, with amounts of 2.198 billion, 2.046 billion, and 1.461 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect included: - Alibaba-W (09988) with a trading amount of 4.274 billion and a net buy of -1.081 billion - SMIC (00981) with a trading amount of 3.472 billion and a net buy of 0.259 billion - Xiaomi Group-W (01810) with a trading amount of 2.623 billion and a net buy of 0.305 billion [2] - Other notable companies included Tencent Holdings (00700) with a trading amount of 2.347 billion and a net buy of 0.427 billion, and China Mobile (00941) with a trading amount of 1.078 billion and a net buy of -0.441 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top three active companies in the Shenzhen-Hong Kong Stock Connect were: - SMIC (00981) with a trading amount of 2.198 billion and a net buy of 0.472 billion - Alibaba-W (09988) with a trading amount of 2.046 billion and a net buy of 0.562 billion - Tencent Holdings (00700) with a trading amount of 1.461 billion and a net buy of 0.170 billion [2] - Other significant companies included Xiaomi Group-W (01810) with a trading amount of 1.460 billion and a net buy of 0.382 billion, and China Mobile (00941) with a trading amount of 0.805 billion and a net buy of -0.138 billion [2]

据悉，为进一步深化文商旅体展融合，北京推出的系列跨年活动将上线惠民互动小程序。市民群众在大 钟寺和居庸关长城"钟鼓齐鸣"祈福迎新同时，可通过互动小程序敲钟鸣鼓，呼应现场仪式；线上敲钟鸣 鼓后即可获得一张惠民电子卡，凭卡可在指定线上平台及线下商圈、博物馆等场所享受消费优惠。同 时，小程序活动页面将联动美团等平台，开设跨年主题页，通过获取优惠券、福利包及权益升级资格， 串联观演、观影、门票、购物、餐饮等多领域，覆盖不同群体，提升促消费覆盖面与参与度。 体验滑雪成为元旦假期热搜词。美团旅行数据显示，截至12月21日，河北元旦文旅预订票量增速达 79%，高星酒店预订增速73%。元旦前夕，万龙滑雪场搜索量同比上涨95%，"万龙滑雪场夜场""万龙滑 雪场住滑套餐"搜索量上涨均超300%。 此外，为了早起追寻2026年第一缕晨光，美团旅行数据显示，12月中旬以来，"跨年酒店"搜索量同比上 涨189%。别墅房型、带影音设备、带圆桌（寓意团圆）的民宿搜索量上涨。黄山、老君山、庐山、泰 山、峨眉山等"山顶酒店"搜索量增幅明显。其中，"黄山山顶住宿"搜索量同比上涨397%。 新京报讯（记者秦胜南）元旦将至，看跨年烟花，坐船"驶向" ...

Core Viewpoint - The article discusses the growth story of Dianping, highlighting its historical context, current challenges, and the competitive landscape in the local services market in China, particularly in relation to food delivery and user engagement [4][5][10]. Group 1: Historical Context and Growth - Dianping was founded in 2003, a year earlier than its American counterpart Yelp, and initially attracted food enthusiasts who shared their dining experiences [4]. - The intense competition in the group-buying market led to the merger of Meituan and Dianping in 2015, establishing a habit among consumers to use Dianping for restaurant searches and reservations [4]. - As of the latest financial report, Meituan has accumulated over 250 billion user reviews, with 3.5 billion added in the past year, averaging about 9.6 million new reviews daily [4]. Group 2: Competitive Landscape - Major internet companies like Alibaba, Meituan, and JD.com have invested over 100 billion RMB in the food delivery sector, with Meituan holding about 50% market share despite facing its first loss in three years [5]. - The profitability of Meituan's in-store services is significantly higher than its delivery services, with in-store business contributing around 20% of revenue but a much larger share of profits [5][10]. - The article notes that the competition has shifted the market dynamics, with platforms needing to adapt to maintain user engagement and profitability [5][6]. Group 3: User Engagement and Trust Issues - The credibility of Dianping's review system has been undermined by commercialization and operational factors, leading to consumer skepticism about the authenticity of ratings [8][10]. - Users often rely on peer reviews for decision-making in experience-based consumption, making the integrity of user-generated content crucial for platforms [6][10]. - The challenge of maintaining objective user reviews is compounded by the prevalence of incentivized reviews, which can distort the perceived quality of services [12]. Group 4: Operational Challenges - Building and maintaining accurate local business information is a significant challenge for platforms, as it requires ongoing investment in technology and user feedback systems [11]. - Ensuring the objectivity of user reviews is critical, as businesses often engage in practices that can manipulate ratings, necessitating robust mechanisms to filter genuine feedback [12].

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the trading volume reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1] - Analysts noted that the recent U.S. employment and CPI data, along with Japan's interest rate hike, have reduced external uncertainties for A-shares, shifting market focus to internal factors [1] Sector Performance - The "anti-involution" theme continues to perform well, with the Chemical ETF (516020) and the Precious Metals ETF (159876) seeing price increases of 1.75% and 1.64% respectively [1] - The Chemical ETF attracted 228 million yuan in a single day, indicating strong investor confidence in the chemical sector's future performance [1] Hong Kong Market Insights - The Hong Kong market is expected to rebound as the U.S. CPI data boosts market confidence and expectations for a Fed rate cut in January increase [1] - The Hong Kong Internet ETF (513770) has seen a net inflow of 1.33 billion yuan over the past ten days, while the Hong Kong Innovation Drug ETF (520880) has experienced nine consecutive days of net subscriptions, reaching a record high of 4.178 billion shares [1] Chemical Industry Outlook - China’s chemical industry is anticipated to see a bottoming out and gradual recovery, with improvements in supply-demand dynamics expected by 2025 [6] - The current valuation of the chemical sector is at a historical low, with the Chemical ETF (516020) trading at a price-to-book ratio of 2.4, indicating strong long-term investment potential [6][8] AI and Technology Sector Developments - The Hong Kong AI sector is experiencing a rebound, with major companies like Tencent and Meituan making significant advancements in AI technology [11] - The AI application market is expected to thrive, with the launch of new models and applications driving demand, particularly in the light of increasing AI-related hardware needs [15][16] Investment Strategies - Analysts recommend focusing on the "technology + cyclical" dual-driven strategy, highlighting opportunities in sectors such as defense, AI applications, and renewable energy [3] - The Chemical ETF (516020) is suggested as an efficient vehicle for gaining exposure to the chemical sector, given its diversified holdings in leading companies [8][9]

Core Insights - Hesai Technology (NASDAQ: HSAI; HKEX: 2525) announced a strategic partnership with Meituan Drone to integrate its second-generation solid-state LiDAR technology into Meituan's drone logistics, marking a significant advancement in the low-altitude economy [1] Group 1: Company Developments - Meituan Drone is pioneering a new model for low-altitude logistics, creating a three-dimensional delivery network that overcomes traditional ground delivery limitations [3] - The newly launched M-Drone 4L features a solid-state LiDAR system, enabling all-weather precise navigation and positioning, crucial for nighttime logistics operations [5] - Hesai's FTX LiDAR has over twice the resolution of its predecessor and is 66% lighter, reducing integration difficulty and manufacturing costs for drones [13] Group 2: Industry Trends - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating strong growth potential [7] - The integration of LiDAR technology enhances the safety and operational capabilities of drones in complex urban environments, addressing challenges such as obstacles and adverse weather conditions [11] - The low-altitude logistics sector has seen significant advancements, with Meituan Drone operating 65 routes and completing over 740,000 orders across multiple cities, showcasing the potential of low-altitude logistics in instant retail [8]

Core Viewpoint - Hesai Technology has announced a strategic partnership with Meituan Drone, marking a significant step in the integration of lidar technology with low-altitude logistics scenarios [1] Group 1: Company Developments - Hesai Technology's second-generation solid-state lidar, FTX, has officially been selected for mass production by Meituan Drone [1] - This collaboration signifies a breakthrough in promoting the industrialization of the low-altitude economy through the combined efforts of both companies [1]

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

在文生图（Text-to-Image）和视频生成领域，以FLUX.1、Emu3为代表的扩散模型与自回归模型已经能 生成极其逼真的画面 。 但当你要求模型处理复杂的空间关系、多物体交互或精准的数量控制时，它们往往会"露怯"：不是把猫 画到了窗户外面，就是把三个苹果画成了四个。 为了解决这个问题，学术界此前主要有两条路： 一条是"谋定而后动"（Think-before-Generation），即在画第一笔之前，先写好详细的布局计划。但这 就像让画家在动笔前必须把每一笔都想得清清楚楚，一旦开画就无法更改，缺乏灵活性。 另一条是"亡羊补牢"（Think-after-Generation），即先把图画完，再通过多轮对话来挑错、修改。这虽 然有效，但往往意味着巨大的推理开销和漫长的等待时间。 那么，有没有一种方法，能让模型像人类画家一样，在作画的过程中停下来看一眼，既能审视刚才画得 对不对，又能为下一笔做好规划？ 近日，来自香港中文大学、美团等机构的研究团队提出了一种全新的范式——Thinking-while- Generating（TwiG）。这是首个在单一生成轨迹中、以局部区域为粒度，将文本推理与视觉生成深度 交织（ ...