Group 1 - Zhang Kun's funds under management reached 55.047 billion yuan as of the end of Q2 2025, including four funds: E Fund Blue Chip Selection, E Fund Quality Selection, E Fund Quality Enterprises Three-Year Holding, and E Fund Asia Selection [1] - In Q2 2025, significant portfolio changes included new positions in JD Health, increased holdings in SF Holding, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Yum China, while reducing positions in Tencent Holdings, Yanghe Brewery, and Meituan [1] - The top ten holdings at the end of Q2 included Tencent Holdings, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, China National Offshore Oil Corporation, JD Health, SF Holding, and Yum China [1] Group 2 - In Q2 2025, the A-share market saw the CSI 300 Index rise by 1.25%, the Shanghai Composite Index by 3.26%, and the ChiNext Index by 2.34%, while the Hong Kong market experienced a 4.12% increase in the Hang Seng Index [2] - The real estate sector faced challenges, with new residential sales area and sales value declining by 2.9% and 3.8% year-on-year, respectively, and real estate development investment down by 10.7% [2] - CPI showed negative growth for four consecutive months from February to May, indicating downward pressure on prices, while the stock market exhibited significant sector divergence [2] Group 3 - The company does not share the pessimistic outlook on domestic demand and economy, highlighting that per capita GDP still has room for growth compared to developed countries [3] - The company believes that the pessimistic expectations will eventually be broken, with a key indicator being the long-term bond yields aligning with economic growth prospects [3] - The company will continuously assess the competitiveness of its portfolio companies during economic downturns and their potential to strengthen their market position during recoveries [3]

Core Viewpoint - E Fund's report indicates a stable stock position in its largest fund, E Fund Blue Chip Selection, with adjustments in consumer and technology sectors, highlighting the attractiveness of undervalued stocks with substantial shareholder returns for long-term investors [1] Group 1: Fund Performance - E Fund Blue Chip Selection maintained a stable stock position in Q2, with adjustments made to the structure of consumer and technology sectors [1] - The fund continues to hold high-quality companies with excellent business models, clear industry patterns, and strong competitiveness [1] Group 2: Top Holdings - As of the end of Q2, the top ten holdings of E Fund Blue Chip Selection include Tencent Holdings, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, Alibaba-W, JD Health, Yum China, CNOOC, and SF Holding [1] - Compared to the end of Q1, JD Health and SF Holding entered the top ten holdings, while Yanghe Brewery and Meituan-W exited [1]

7月16日，第三届中国国际供应链促进博览会(链博会)在北京隆重开幕，全球100余个国家、地区及国际 组织齐聚一堂，共话产业链协同发展。期间，百胜中国正式发布 "百胜和羹发展计划"，并联合供应链 核心合作伙伴举办 "和羹之友分享会"，深度探讨供应链协同共生路径。雪川农业集团董事长王登社受 邀出席发布会及分享会，代表国产马铃薯产业力量参与这一行业盛事。 和羹之美 ：共筑互信生态 "百胜和羹发展计划" 将 "共筑互信生态" 列为核心维度，旨在突破传统采供关系的壁垒，打造以信任为 基石的产业协同网络。这一战略方向与雪川 18 年来坚守的发展理念高度契合。在百胜中国严苛的高品 质标准牵引下，雪川持续精进国产马铃薯的品质管控体系，依托百胜中国覆盖广泛的市场渠道与自身深 耕多年的种植加工优势，双方共同搭建起高效稳定的产销闭环，实现了需求端与供给端的精准对接。 在活动现场，王登社详细介绍了雪川的发展实践：通过构建覆盖种植、加工、仓储、物流全链条的质量 管控体系，雪川已连续多年稳居 "亚洲品牌 500 强"和"中国品牌 500 强" 榜单，品牌价值实现跨越式增 长。 在产业协同层面，双方以西北马铃薯主产区为核心阵地，创新采用 ...

Group 1 - The Hong Kong restaurant stocks experienced a downward trend, with Nayuki's Tea (02150.HK) falling over 4% [1] - Yum China (09987.HK) saw a decline of more than 2% [1] - Jiumaojiu (09922.HK) dropped over 1% [1]

Summary of Key Points Core Viewpoint - Multiple companies conducted share buybacks on July 18, 2025, with VITASOY INT'L leading in terms of buyback amount and quantity [1][2]. Company Buyback Details - **VITASOY INT'L (00345)**: - Buyback quantity: 1.044 million shares - Buyback amount: 9.6671 million [2] - Year-to-date buyback quantity: 14.574 million shares, representing 1.358% of total shares [2] - **中集集团 (02039)**: - Buyback quantity: 1.263 million shares - Buyback amount: 8.6893 million [2] - Year-to-date buyback quantity: 8.6108 million shares, representing 0.280% of total shares [2] - **百胜中国 (09987)**: - Buyback quantity: 16,500 shares - Buyback amount: 6.2518 million [2] - Year-to-date buyback quantity: 2.8399 million shares, representing 0.760% of total shares [2] - **中国东方航空股份 (00670)**: - Buyback quantity: 1.750 million shares - Buyback amount: 5.0398 million [2] - Year-to-date buyback quantity: 96.208 million shares, representing 1.859% of total shares [2] - **贝壳-W (02423)**: - Buyback quantity: 634,900 shares - Buyback amount: 4 million [2] - Year-to-date buyback quantity: 1.0836 million shares, representing 0.300% of total shares [2] Additional Companies Involved - **蒙牛乳业 (02319)**: - Buyback quantity: 200,000 shares - Buyback amount: 3.393 million [2] - Year-to-date buyback quantity: 4.75 million shares, representing 0.121% of total shares [2] - **信利国际 (00732)**: - Buyback quantity: 2 million shares - Buyback amount: 2.4 million [2] - Year-to-date buyback quantity: 44.522 million shares, representing 1.408% of total shares [2] - **名创优品 (09896)**: - Buyback quantity: 57,000 shares - Buyback amount: 1.9943 million [2] - Year-to-date buyback quantity: 2.7211 million shares, representing 0.219% of total shares [2] Summary of Buyback Trends - The buyback activities indicate a trend among companies to return capital to shareholders, with varying levels of commitment reflected in the percentage of total shares repurchased [1][2].

Core Viewpoint - The Hang Seng Index Company will announce the results of the Hang Seng series index adjustments on August 22, 2025, with implementation on September 8, 2025. Potential candidates for inclusion include Bank of Communications, Pop Mart, Yum China, Xpeng Motors, Huazhu Group, JD Logistics, and Innovent Biologics, based on market capitalization and industry representation [1][2][3]. Group 1: Index Adjustment Details - The semi-annual review will affect major indices such as the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, with significant changes expected due to the large scale of passive funds tracking these indices, estimated at approximately $30.35 billion for the Hang Seng Index, $6.63 billion for the Hang Seng China Enterprises Index, and $26.12 billion for the Hang Seng Tech Index [2][6]. - The adjustment will be based on a new calculation method for the average market capitalization over the past 12 months, focusing on non-suspended trading days, which may impact the inclusion and exclusion of stocks [4][5]. Group 2: Potential Candidates for Inclusion - The potential candidates for inclusion in the Hang Seng Index are estimated based on market capitalization rankings and industry representation, with the following companies identified: Bank of Communications, Pop Mart, Yum China, Xpeng Motors, Huazhu Group, JD Logistics, and Innovent Biologics [3][4]. - Historical data indicates that predictions for index inclusion may not always align with actual results, as seen with Innovent Biologics in previous adjustments, suggesting that non-quantitative factors may influence final decisions [3]. Group 3: Hong Kong Stock Connect Adjustments - An estimated 19 companies are expected to be included in the Hong Kong Stock Connect, while 17 may be removed due to market capitalization and other criteria [4][5]. - Companies listed in both A and H shares may be directly included in the Stock Connect after a price stabilization period, with recent listings such as Sanhua Intelligent Controls and others expected to join [5]. Group 4: Timeline and Trading Implications - The official announcement of the index adjustments will occur after market close on August 22, 2025, with the changes taking effect on September 8, 2025. Active funds may engage in arbitrage based on the results, while passive funds will likely adjust their holdings on September 5, leading to potential abnormal trading volumes [1][6].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年7月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 10 頁 v 1.3.0 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | 212 | 0 % | USD | 46.83 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | | 公司採納的長期激勵計劃項下的授予而發行的股票 | | | | | | | | | 變動日期 2025年7月18日 | | | | | | | | | 於下列日期 ...

Group 1 - The article highlights the importance of global supply chains in the food industry, showcasing how ingredients from various countries come together to create popular food items like hamburgers and beer [1][2] - McDonald's China has partnered with 11 suppliers to form a "McChain," emphasizing both local and global collaboration in its supply chain [2][3] - McDonald's China sources nearly 400 types of ingredients annually, with over 90% of these sourced locally [3] Group 2 - China is increasingly recognized as a "global supply chain hub," moving from being the "global kitchen" as agricultural industries upgrade and supplier capabilities improve [5] - Major global grain traders, such as Cargill, are establishing localized operations in China, with significant investments in processing facilities [5] - Chinese suppliers are not only serving local markets but are also expanding internationally, as seen with Qingdao Jiulian Group exporting meat products to Japan and Europe [5] Group 3 - The article discusses the collaborative efforts between companies to promote green development in supply chains, highlighting partnerships that focus on innovation and sustainability [7][8] - Companies like Yum China and Shanghai Miao Ke Lan Duo Foods are working together on food innovation, particularly in cheese products [7] - The article mentions the signing of a procurement cooperation agreement between Yum China and Guolian Aquatic Products to enhance local seafood applications and support farmers [8]

Core Insights - The article discusses the transformation of supply chain management in the consumer sector through digitalization and traceability systems [2][3][5]. Group 1: Supply Chain Innovations - The "one product, one code" traceability system allows companies to track sales data from raw materials to end consumers, enhancing transparency in the green supply chain [2]. - McDonald's has introduced a "one box, one code" initiative, enabling individual tracking of each box of goods, which improves regulatory efficiency and allows for performance comparisons across factories [3]. - Starbucks is collaborating with Envision Group to implement a digital supply chain management platform that will cover 100% of its direct and significant indirect suppliers, aiming to quantify and reduce carbon footprints [5]. Group 2: Digital Transformation Efforts - Yum China is launching a new supply chain model in Jinan, integrating short-shelf-life food production and smart logistics to enhance operational efficiency [6]. - The digitalization efforts across these companies are aimed at improving collaboration and efficiency within the supply chain, with a focus on sustainability and responsiveness to consumer demand [4][6]. - Companies are committed to ongoing investments in digital infrastructure, including AI and automation, to further enhance operational efficiency [6].

Core Viewpoint - The third China International Supply Chain Promotion Expo highlights the importance of quality management in the food industry, with KFC showcasing its commitment to quality through a series of events celebrating the 85th anniversary of its signature product, Original Recipe Chicken [1][4]. Group 1: Event Highlights - The expo, themed "Linking the World, Creating the Future," took place in Beijing, featuring KFC's brand day activities that illustrated the journey from quality sourcing to consumer satisfaction [1]. - KFC launched a celebration event for its Original Recipe Chicken, inviting various representatives to explore the product's 85-year history and quality management practices [1][2]. Group 2: Quality Management and Technology - KFC's quality assurance involves a comprehensive supply chain management approach, including a digital tracking system for each batch of chicken, ensuring transparency and adherence to quality standards [4]. - The company emphasizes the use of technology in traditional farming practices, such as smart environmental controls in chicken houses and precise nutritional feed formulations, to maintain high-quality standards [4][5]. Group 3: Industry Impact - Experts recognize KFC's stringent quality requirements as a benchmark for the industry, highlighting the significance of large-scale enterprises in prioritizing food safety and quality [5]. - KFC's quality system is redefining the standards for delicious fried chicken, integrating scientific farming practices with traditional cooking techniques [5].