本文来自：小马宋，题图来自：AI生成 网上盛赞的国内几个公司，我私下问同行，其实也有腐败，只是确实没那么严重。 皇上不能一个人全把事情办了，但又不放心大臣办事，想监督大臣，于是有了东厂，但谁监督东厂呢？ 这就是千古难题。 你说三权分立可以解决。其实也就那么回事。美国有人不也领了几百年社保嘛。 今天你看最清廉的政府排名靠前为啥都是小国家？因为还是管理更容易啊。 就像五十岁之后，血压，血糖不免会高。你说有多大问题，可能确实有问题，但也不至于立刻挂了。甚 至很多人还能带病活到一百岁。 人性，大组织的复杂性，导致了有些事天然会发生。只是有人控制得好。血压140，还能带病运行。有 人控制得差一些，血压180了，那就要治疗了。 前一阵子。我跟一个老板聊天。他们就10亿左右的规模。也看到公司很多问题，他说我们采购动辄几千 万的交易额，你说这里面会不会有腐败？供应商拿1个点来贿赂员工，也挺正常吧。一亿的一个点就是 100万。 就算我们这种小微企业，有同事采买第三方服务，供应商还送了一瓶茅台，就几万块的生意而已啊。 离职时还痛陈公司利弊的人，本性还是耿直的，也是对公司有感情。其实公司利弊，但凡脑子正常，有 点观察的人，都能看到 ...

Core Viewpoint - Alibaba Group and Ant Group announced an agreement to invest approximately HKD 7.2 billion in acquiring a multi-story commercial office building in Causeway Bay, Hong Kong, to serve as their headquarters [1] Group 1: Investment Details - The investment amount for the acquisition is around HKD 7.2 billion [1] - The property is located in a prominent area, indicating a strategic move for both companies [1] Group 2: Strategic Importance - Alibaba Group's chairman, Daniel Zhang, emphasized that Hong Kong offers a wealth of professional talent, a robust capital market, an innovative cultural atmosphere, and global connectivity [1] - The acquisition reflects Alibaba Group's confidence in Hong Kong's economy and business environment, positioning it as a base for international expansion [1] Group 3: Ant Group's Commitment - Ant Group's chairman, Eric Jing, stated that the company will continue to increase its investment in Hong Kong to attract top global talent and strengthen its local team [1] - These initiatives are aimed at supporting Ant Group's global strategy and contributing to Hong Kong's development as an international innovation and technology hub [1]

Core Insights - The article discusses the ongoing fierce competition in the food delivery market, highlighting significant financial losses for major players like Alibaba and Meituan due to aggressive subsidy strategies [2][3][6]. Group 1: Financial Performance and Projections - Alibaba's food delivery business is projected to incur losses between 35 billion to 40 billion yuan in Q3 2025, aligning with predictions from Morgan Stanley [2]. - In Q2 of this year, Alibaba's losses from food delivery investments were estimated at 14 billion to 15 billion yuan, while JD.com and Meituan also faced substantial losses exceeding 10 billion yuan [2]. - The average daily subsidy expenditure for Taobao Flash Purchase in July and August was approximately 350 million yuan [2]. Group 2: Market Dynamics and Competition - There has been a noticeable reduction in subsidy intensity since early September, although high-value coupons are still being issued [3]. - Meituan's stock price declined following its Q2 earnings report, while Alibaba's stock saw an increase before experiencing a drop after Q3 guidance disclosure [3]. - The competition has led to a significant increase in low-value orders, with over 75% of new orders costing less than 15 yuan [3]. Group 3: Strategic Insights and Innovations - Meituan emphasizes its advantages in fulfillment capabilities and merchant service systems, claiming a 13% faster delivery speed compared to competitors [4]. - Meituan has introduced a premium delivery service that reduces delivery times significantly, with black diamond members enjoying free access [4]. - The integration of AI applications to enhance operational efficiency is a key focus for Meituan, with significant investments in AI technology [7]. Group 4: Future Outlook and Strategic Positioning - Alibaba's strategic focus on integrating its various platforms, such as Taobao Flash Purchase and its membership programs, aims to leverage high-value consumer segments [6]. - The competitive landscape is characterized by a lack of clear strategic direction from some players, while others, like Alibaba, are consolidating resources effectively [6]. - Meituan's commitment to maintaining a strong market position is evident through its ongoing investments in technology and service enhancements [6][7].

Core Viewpoint - Alibaba and Ant Group have jointly invested $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial office building in Hong Kong, signaling their commitment to expanding international business and confidence in Hong Kong's role as a global financial center [1][3]. Group 1: Investment and Expansion - The investment aims to establish headquarters for both companies in Hong Kong, leveraging the city's advantages in talent, capital markets, and cultural innovation [1]. - Alibaba has been active in Hong Kong since its inception, with significant milestones including the launch of Taobao in 2005 and Alibaba Cloud in 2014, as well as a secondary listing on the Hong Kong Stock Exchange in 2019 [1]. - Ant Group has also been deeply involved in Hong Kong, launching AlipayHK in 2017, which currently serves over 4.5 million active users [3]. Group 2: Strategic Importance of Hong Kong - Both companies view Hong Kong as a critical hub for their global strategies, with Alibaba's chairman expressing confidence in the local economy and business environment [1]. - Ant Group's chairman highlighted the importance of Hong Kong's entrepreneurial atmosphere and its role as a bridge between China and global markets, indicating plans for further investment and talent acquisition [3]. - The establishment of a local headquarters is seen as a way to support the development of Hong Kong as an international innovation and technology center [3].

Core Insights - The Hong Kong stock market saw a net inflow of 63.03 billion HKD from northbound trading, with the Shanghai Stock Connect contributing 56.56 billion HKD and the Shenzhen Stock Connect contributing 6.47 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Meituan-W (03690), Tracker Fund of Hong Kong (02800), and CNOOC (00883) [1] - The most sold stocks included Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Detailed Stock Transactions - Alibaba-W (09988) had a buy amount of 36.49 billion HKD and a sell amount of 47.61 billion HKD, resulting in a net outflow of 11.12 billion HKD [2] - SMIC (00981) saw a buy amount of 28.06 billion HKD and a sell amount of 26.47 billion HKD, resulting in a net inflow of 1.59 billion HKD [2] - Meituan-W (03690) had a buy amount of 12.26 billion HKD and a sell amount of 5.78 billion HKD, resulting in a net inflow of 6.48 billion HKD [2] Group 3: Market Trends and News - Meituan announced an upgrade to its "Prosperity Plan" for restaurant merchants, allocating an additional 2.8 billion HKD to support profit retention and healthy development [6] - CNOOC received a net inflow of 5.39 billion HKD, with analysts suggesting that stable oil prices and high dividends could enhance its valuation [6] - Alibaba's significant net outflow of 21.53 billion HKD comes amid the launch of its Double 11 promotional campaign, with substantial investments in marketing [8]

Core Insights - On October 17, 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 84.11 billion, 54.54 billion, and 32.57 billion respectively [1] - The same companies also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 53.02 billion, 43.85 billion, and 25.91 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 84.11 billion with a net buy of -11.12 billion [2] - SMIC (00981) recorded a trading amount of 54.54 billion with a net buy of +1.59 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 32.57 billion with a net buy of +3.64 billion [2] - Tencent Holdings (00700) had a trading amount of 28.38 billion with a net buy of -3.20 billion [2] - Other notable companies included Hua Hong Semiconductor (01347) and Meituan-W (03690) with trading amounts of 21.60 billion and 18.04 billion respectively [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 53.02 billion with a net buy of -10.42 billion [2] - SMIC (00981) recorded a trading amount of 43.85 billion with a net buy of -17.37 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 25.91 billion with a net buy of +4972.05 million [2] - Other significant companies included Hua Hong Semiconductor (01347) and Tencent Holdings (00700) with trading amounts of 22.98 billion and 22.40 billion respectively [2]

Core Insights - Alibaba and Ant Group announced a joint investment of $925 million (approximately HKD 7.2 billion) to acquire a 13-story commercial office building in Causeway Bay, Hong Kong, marking the largest office transaction in Hong Kong since 2021 [1] Group 1: Strategic Investment - The acquisition reflects both companies' recognition of Hong Kong as an international business hub and global financial center, as well as their optimism about Hong Kong's role in promoting innovation and technology development [1] - Alibaba's Chairman, Joe Tsai, emphasized the company's long-standing commitment to the Hong Kong market since its establishment in 1999, highlighting the region's professional talent pool, robust capital markets, and innovative culture [1] - Ant Group's Chairman, Eric Jing, stated that the company is actively participating in the construction of Hong Kong as an innovation hub and is deeply integrating into the Greater Bay Area's development [1] Group 2: Future Outlook - Both companies expressed confidence in continuing to invest in Hong Kong, aiming to attract top global talent and strengthen local teams [1] - The strategic moves are intended to support Ant Group's global strategy and contribute to Hong Kong's development as an international innovation and technology center [1]

阿里巴巴集团主席蔡崇信表示："自1999年成立以来，阿里巴巴一直深耕香港市场。作为一家全球科技 企业，香港为我们提供大量专业人才、稳健的资本市场、创新的文化氛围，以及与全球紧密相连的优 势。此次收购香港地标物业，充份体现我们对香港经济和营商环境的信心，并将以香港为理想的大本 营，持续拓展国际业务。" 蚂蚁集团董事长井贤栋表示："蚂蚁集团正积极参与香港创新枢纽的建设，深度融入大湾区发展。香港 浓厚的创业氛围，以及其连接中国与全球市场的桥梁作用，让我们对加码香港充满信心。展望未来，我 们将持续加大在香港的投入，吸引全球顶尖人才，壮大本地团队。我们希望这些举措，不仅有力支撑蚂 蚁集团的全球化战略落地，更能为香港建设国际创新科技中心贡献一份力量。" 智通财经APP获悉，10月17日，阿里巴巴-W(09988)与蚂蚁科技集团宣布，共同投资9.25亿美元(约72亿 港元)，购置铜锣湾港岛一号中心共13层商业写字楼，作为两家公司的香港总部。此项收购将是自2021 年以来香港最大宗写字楼成交。 此项战略投资由阿里巴巴与蚂蚁联合进行，彰显两家企业认可香港作为国际商业枢纽及全球金融中心的 地位，同时亦看好香港在推动创新科技发展的 ...

Core Insights - Alibaba Group and Ant Group announced a joint investment of $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial office building in Causeway Bay, Hong Kong, to establish their headquarters [1] - The companies aim to leverage the establishment of their Hong Kong headquarters to expand their international business and signal confidence in Hong Kong's role as a global business hub and financial center [1] - Alibaba has been operating in Hong Kong since its founding in 1999, with significant milestones including the launch of Taobao and Alibaba Cloud in 2005 and 2014, respectively, and a secondary listing on the Hong Kong Stock Exchange in 2019 [1] Company Strategy - The investment reflects a strategic move to enhance Alibaba and Ant Group's presence in Hong Kong, aligning with their broader international growth objectives [1] - Alibaba Cloud's "Hong Kong Technology Future" initiative, launched at the end of last year, indicates a commitment to increasing cloud infrastructure investment in Hong Kong and supporting local enterprises with AI technology and talent development [1] Market Position - The joint investment underscores the companies' positive outlook on Hong Kong's evolving role in the global technology innovation landscape [1] - The establishment of dual primary listings in New York and Hong Kong positions Alibaba as a unique player in the Chinese tech sector, enhancing its market visibility and access to capital [1]

Core Viewpoint - Alibaba Group and Ant Group announced a joint investment of $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial office building in Causeway Bay, Hong Kong, establishing their headquarters in the region [1] Group 1: Investment Details - The investment aims to set up the headquarters of both companies in Hong Kong, signaling a commitment to expand international business [1] - The acquisition reflects confidence in Hong Kong's status as an international business hub and global financial center [1] Group 2: Historical Context - Alibaba has had a presence in Hong Kong since its founding in 1999, with Taobao and Alibaba Cloud entering the market in 2005 and 2014, respectively [1]