外卖大战对港股科技影响几何？港股通科技30ETF(520980)探底回升，恒生科技ETF基金(513260)持续溢价！

Group 1 - The Hong Kong stock market saw a rebound today, with the high-purity Hong Kong Stock Connect Technology 30 ETF (520980) rising by 0.2% and experiencing a turnover rate exceeding 15% [1] - Major technology stocks in Hong Kong mostly declined, with JD Group and Xpeng Motors dropping over 2%, while BYD fell over 1%. However, BYD Electronics rose over 5% and SMIC saw a slight increase [3][4] - The ongoing "takeout war" among major players like Meituan, Alibaba, and JD Group has led to significant marketing expenditures, but analysts suggest that the ultimate goal is to gain user traffic for more profitable e-commerce and travel services [4][8] Group 2 - Goldman Sachs constructed three competitive scenarios to assess the future landscape of the food delivery and instant retail market [5] - In the baseline scenario, Meituan is expected to maintain its market share lead, resulting in a market structure of 5.5:3.5:1 for Meituan, Alibaba, and JD Group, respectively, with a short-term sacrifice of profitability [6] - In the second scenario, Alibaba could gain significant market share through a continued investment of 50 billion yuan, leading to a duopoly with Meituan [7] - The third scenario posits that JD Group could improve its market position through better merchant coverage and investment in delivery personnel, potentially achieving a market structure of 5:3:2 [7] Group 3 - Goldman Sachs anticipates that viewing delivery losses as a long-term marketing investment strategy may lead to short-term pain but could enhance marketing efficiency in the medium term [8] - The Hong Kong technology sector is more diverse than just instant retail, with the Hang Seng Technology ETF (513260) encompassing various core technology sectors such as internet, smart driving, cloud computing, and AI [11] - The Hong Kong Stock Connect Technology 30 ETF (520980) includes a wide range of technology sectors, forming a comprehensive layout across the AI industry chain [13] Group 4 - Recent inflows from southbound funds into Hong Kong stocks have reached over 730 billion HKD in the first half of 2025, marking a record high for net purchases [9] - Notable net purchases include Meituan (42.1 billion HKD), SMIC (31.3 billion HKD), Kuaishou (10.1 billion HKD), and Xpeng Motors (8.7 billion HKD) [10] - The technology sector's balanced industry layout allows for diversified growth support, enabling companies to pursue multiple growth avenues [11] Group 5 - In AI developments, Kuaishou launched a multimodal large language model, achieving a score of 140 in the national math exam, while Ant Group introduced an AI health application connecting over 5,000 hospitals [15] - In smart driving, companies like Li Auto and Xpeng are reaching critical milestones, with new vehicle releases expected to boost market sentiment [16] - Ant Group and JD Group proposed allowing stablecoins linked to offshore RMB in Hong Kong to promote the global use of the currency [17]