Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing fluctuations influenced by the decline of Kuaishou, but there is a counter-trend investment as evidenced by the net subscription of 1 million units in the Hong Kong Technology ETF (159751) [1] Group 1: Market Performance - The Hong Kong Technology ETF (159751) saw a net subscription of 1 million units amid market adjustments [1] - As of December 23, 2025, the constituents of the CSI Hong Kong Stock Connect Technology Index (931573) showed mixed performance, with SenseTime-W (00020) leading with a 2.94% increase, while Kuaishou-W (01024) was the biggest loser [1] Group 2: Future Outlook - China Galaxy Securities suggests that with the easing expectations from the People's Bank of China and the Federal Reserve, external risks are diminishing, indicating a potential upward trend for the Hong Kong stock market [1] - The technology sector is viewed as a long-term investment focus, with valuations having corrected and expected to rebound due to multiple favorable factors [1] - The consumer sector is anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial medium to long-term upside potential [1] Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index (931573) includes 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of technology leaders in the Hong Kong Stock Connect [2] - The top ten weighted stocks in the index account for 67.26% of the total, including Alibaba-W (09988), Tencent Holdings (00700), and others [2]

Core Insights - The article discusses the recent trend of internet companies returning to offline retail, particularly in the fresh food sector, highlighting the strategic shift from "disrupting offline" to "embracing offline" [3][5][26] Group 1: Reasons for the Shift to Offline - Internet companies are forming a "consensus" on the necessity of offline presence due to the limitations of online platforms in delivering unique value [3][4] - The competition in instant retail has intensified, prompting companies to explore new offline strategies as a means of upgrading their online systems [3][4] - The challenges of ensuring freshness, safety, and premium pricing in fresh food categories cannot be effectively addressed through online channels alone, making offline stores essential [4][18] Group 2: Company-Specific Strategies - JD's 7Fresh aims to address its "scene shortfall" and strengthen supply chain authority by enhancing user experience through physical stores [6][7] - Meituan's Little Elephant supermarket focuses on "occupying entry points," using offline stores as touchpoints for high-value users and data collection [6][12] - Hema Fresh is not aggressively expanding but rather stabilizing its network by filling gaps in instant delivery and maintaining a standard model for high-end family consumers [6][17] Group 3: Redefining Offline Retail - The article posits that fresh food is a common consensus among these companies, as it is the most challenging category for e-commerce and significantly impacts daily consumer presence [18][26] - Offline stores are evolving from mere sales points to multi-functional nodes that facilitate sales, fulfillment, trust, and data interaction [22][26] - The new roles of offline stores include being a terminal for product sales, a fulfillment node for instant retail, a place for consumer trust, and a physical interface for data and branding [22][26] Group 4: Differentiation and Survival - Traditional retail cannot compete directly with internet platforms; differentiation is essential for survival [27][30] - The focus should be on categories that are difficult to e-commerce, such as fresh food, processing, and private brands, which require long-term capabilities rather than quick tactics [33][34] - The essence of differentiation lies in the ability to excel in areas where e-commerce struggles, ensuring that offline stores remain relevant and valuable [39][40]

Core Insights - The entry of Meituan into the offline fresh retail market marks a significant shift in the industry, indicating the arrival of heavyweight players and pushing the transformation of fresh supermarkets into a new phase [1][10] - Major players like Alibaba and JD.com are already focusing on the offline experience, leading to a multi-channel competition landscape [1] Company Developments - Meituan's first Xiaoxiang supermarket opened in Beijing on December 19, 2025, completing its "home delivery + in-store" multi-channel strategy after seven years in the fresh e-commerce sector [3] - The Xiaoxiang supermarket, which evolved from the "30-minute quick delivery supermarket" Meituan Maicai launched in 2019, has established nearly 1,000 front warehouses across 20 cities [3] - The opening of the first store is a key demonstration of Meituan's commitment to fresh retail, following the shutdown of certain operations to focus on Xiaoxiang supermarkets [3] Industry Trends - The "offline large experience store + N warehouses" model is being adopted to build multi-channel touchpoints and solidify market position, resembling the Sam's Club model [3] - The Xiaoxiang supermarket app serves as the core hub for multi-channel coordination, enabling seamless integration of store and warehouse resources for rapid fulfillment [3] - The retail industry is transitioning from a transaction-based society to an experience-based society, with a focus on enhancing customer experience in fresh retail [8][10] Competitive Advantages - The Xiaoxiang supermarket emphasizes three core competitive strengths: enhanced offline experience, quality differentiation from discount supermarkets, and a focus on proprietary brands [6] - The store features a diverse consumption space with fresh food counters and customized services, aiming to create a shopping experience similar to that of "Pang Dong Lai" [6] - The opening period includes high-cost performance products to achieve differentiated competition and improve gross margins [6]

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]

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 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]

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（ ...

Core Insights - The travel industry is experiencing a surge in demand for New Year's Eve activities, with significant increases in searches for various events and experiences related to "chasing the light" for the New Year [1][4][6] Group 1: Popular Activities and Trends - Searches for "New Year's fireworks shows," "New Year's concerts," and "New Year's camping" have increased by over 500% since mid-December [1] - The "Chongqing Changshou Lake New Year's fireworks show" saw a search volume increase of over 600% [6] - The "Guangzhou Pearl River night cruise" ticket searches rose by 169% [10] Group 2: Hotel and Accommodation Trends - The search volume for "New Year's hotels" increased by 189% since mid-December [9] - Popular hotel options include mountain-top hotels, with "Huangshan mountain-top accommodation" searches up by 397% [9] - The "W Hotel in Chengdu" saw a 60% increase in advance bookings for New Year's [9] Group 3: Regional Highlights - Top cities for New Year's celebrations include Guangzhou, Chengdu, Harbin, and Beijing, among others [4] - The search volume for accommodations in ancient towns and snow-covered areas in Sichuan has also surged, with "Xiling Snow Mountain hot spring hotel" searches up by 107% [12] Group 4: Promotional Activities - Meituan Travel launched a promotional campaign offering discounts of up to 50% on various travel services, covering over 200 cities [4][15] - The campaign includes special offers for hotels, scenic spots, and travel packages to enhance consumer travel experiences [15]