Ge Long Hui·2025-05-29 12:01Group 1: Southbound Capital Flow - On May 29, southbound funds net bought Hong Kong stocks worth 4.382 billion HKD [1] - Notable net purchases included Meituan at 1.044 billion HKD, ZhongAn Online at 756 million HKD, and CSPC Pharmaceutical at 365 million HKD [1] - Continuous selling pressure was observed on Alibaba, with net sales totaling 5.021 billion HKD over 8 consecutive days [1] Group 2: Meituan Performance - Meituan's flash sale for liquor on May 29 reported over 18 times year-on-year growth in overall sales within the first 24 hours [3] - The first 12 hours of white liquor sales exceeded 300 million HKD, marking a year-on-year increase of over 70 times [3] - Sales of beer reached nearly 10 million bottles on the first day, with trendy alcoholic beverages seeing over triple-digit year-on-year growth [3] Group 3: ZhongAn Online Developments - Hong Kong's Legislative Council passed the Stablecoin Bill, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [3] - ZhongAn Online holds a 43.43% stake in ZhongAn Bank, which is positioned to benefit from the stablecoin issuance services [3] - Guotai Junan Securities maintains a "Buy" rating for ZhongAn Online due to its deep involvement in virtual asset business [3] Group 4: Pop Mart Outlook - Jianyin International initiated coverage on Pop Mart with an "Outperform" rating and a target price of 256 HKD, implying a future P/E ratio of about 50 times [4] - The company is expected to achieve a compound annual growth rate of 38% in revenue and 44% in profit from 2025 to 2027 [4][5] - Pop Mart has opened over 35 stores and 20 unmanned stores this year, aiming to reach 100 overseas stores by year-end [5]