01 先搞懂 ： 九月港股消费的分化与修复逻辑 九月港股整体震荡，但消费板块呈现明显分化。恒生消费指数上涨约 4% ，其中 非必需消费涨 近 14% ，必需消费微跌约 1% 。结构性复苏的信号明显：消费者开始重新为 " 想要的 " 而非 " 必须的 " 买单。头部品牌凭借产品与渠道优势快速拉开差距，中小企业仍在去库存的泥潭中挣 扎。这一轮复苏更像是一场 " 结构性洗牌 " ，资本市场正在重新定价 " 消费欲望 " 的含金量。 国庆 + 中秋 " 双节 " 叠加旅游与线下回补，将短期推高餐饮、出行、酒店等需求。 但这轮消费 热更偏向 " 情绪复苏 " ，而非 " 收入修复 "—— 节日里愿意花钱，不代表长期信心恢复。政策 层面，四中全会预计将强化 " 稳增长、促消费、提信心 " 的信号，并继续强调数字经济与智能零 售，但其影响更多体现在中长期。短期行情仍由情绪主导，十月机会偏向节假日主题与情绪交易 。 02 再看头部电商：阿里、京东、美团谁在 AI 重构中领跑？ 京东： AI 购物自救，能否逆转颓势？ 与阿里的 " 算力驱动 " 不同，京东的 AI 布局更具防守性。九月的 JDD 大会上，公司宣布 三年 持续投 ...

Group 1: Global Technology Trends - The global AI market is projected to reach approximately $279.2 billion in 2024 and is expected to surge to $1.81 trillion by 2030, with a compound annual growth rate (CAGR) of 35.9% [1] - The global blockchain technology market is experiencing an impressive CAGR of 87.7%, with a market value anticipated to exceed $1.43 trillion by 2030 [1] - The combination of computing power benefits, data factors being incorporated, and clearer regulatory frameworks for Web3 is positioning "algorithms + consensus" as the next frontier in capital markets [1] Group 2: Hong Kong Main Board Developments - As of June 19, 2025, there are 2,319 companies listed on the main board, maintaining a leading position globally [2] - In the first five months of 2025, 29 new listings raised HKD 77.7 billion, indicating a significant increase in both quality and quantity [2] - The expected number of IPOs for the entire year of 2025 is approximately 40, raising around HKD 108.7 billion, showing a clear recovery in funding [2] - The current IPO application pipeline exceeds 160 companies, doubling compared to the end of 2024, focusing on technology and green themes [2] - The Hang Seng Index has seen an approximate 19% increase this year, indicating a valuation recovery window [2] - The launch of the "TECH Channel" by the Hong Kong Stock Exchange in May aims to expedite the listing process for specialized technology and biotech companies, particularly in AI and blockchain [2] Group 3: Mergers and Acquisitions Pathways - Reverse mergers are being utilized where existing main board shell companies issue new shares to inject AI or blockchain assets, complying with major acquisition rules [3] - Spin-off listings involve parent companies stabilizing cash cows in A-shares or US stocks before packaging high-growth AI/blockchain businesses for listing in Hong Kong [4] - SPAC mergers are being leveraged under the framework opened by the Hong Kong Stock Exchange in 2022, allowing for a "merge first, then transfer to the main board" strategy, with a time cost of approximately 12-18 months [5] Group 4: Investment Insights and Future Outlook - The macro perspective indicates a dual high-beta opportunity driven by the certain growth of AI and blockchain alongside Hong Kong's international capital pool [10] - Policy developments such as FINI and the TECH channel are expected to reduce listing cycles by about 30%, with more refined regulatory standards for reverse mergers [11] - Companies are encouraged to adopt rapid integration of SaaS, digital asset custody, and on-chain trust certification modules, following the model of AiGao Group [12] - Startups are advised to utilize merger/acquisition strategies to connect with the main board platform, enhancing internal control and ESG compliance for better outcomes [12] - Investors should focus on the triad of "technological content, merger flexibility, and policy alignment" to capture the dual drivers of shell value and thematic momentum [12] - The convergence of computing power, algorithms, and assets is propelling the capital fast track, with Hong Kong emerging as a value amplifier for global tech firms [12]