智通财经APP获悉，9月17日港股市场，北水成交净买入94.4亿港元，其中港股通(沪)成交净买入21.56亿港元，港股通(深) 成交净买入72.85亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、美团-W(03690)、长飞光纤光缆(06869)。北水净卖出最多的个股是小米集 团-W(01810)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 54.81亿 | 33.25亿 | 88.06亿 | | | | | +21.56亿 | | 中芯国际 | 30.16亿 | 28.73亿 | 58.89亿 | | HK 00981 | | | +1.42 乙 | | 美团-W | 31.85 乙 | 20.06亿 | 51.92亿 | | HK 03690 | | | +11.79 亿 | | 小米集团-W | 11.01亿 | 21.58 乙 | | | 腾讯控股 | 14.06亿 | 17.30亿 | 31.36亿 | | HK 00700 | | | ...

（来源：上观新闻） 真伪难辨的AI谣言，何解？针对黑色产业链上的前端发布主体、中端技术手段和末端后果危害，逐一 研判、全链条打击。 清华大学相关研究指出，各类AI谣言中，经济与企业类谣言、公共安全类谣言占比最多、增速最快， 其中，餐饮外卖、快递配送等民生行业成为谣言重灾区。 今年7月，中央网信办启动"清朗·整治'自媒体'发布不实信息"专项行动，重点整治"利用人工智能生成合 成技术，仿冒他人，或编造社会民生等领域虚假信息，欺骗公众"等问题。9月15日，《人工智能安全治 理框架》2.0版正式发布。中央网信办要求强化规范引导，不断完善人工智能安全监管制度和标准规范 体系。 以谣生利，流量变现。不法者利用AI造谣，牟取互联网内容平台奖励。以某大型内容生产平台为例， 收益计算公式可简化为"有效播放量×互动系数×千次播放单价"。平台对点击量高、互动性强的原创性 内容给予更多收益分成。如果整体权重较高，一篇阅读或播放100万次的稿件，收益超千元。此外，不 正当商业竞争进一步催生AI谣言黑色产业链，加剧谣言扩散。 AI技术让网络谣言更为逼真，所谓"官方回应"极具迷惑性。而且，AI通过过滤、推荐机制，将虚假信息 聚合成"证据链 ...

最近一段时间，数以百万的餐饮商家卷入以"补贴"为名的漩涡。在这个当口，许多中小餐饮商家要 同时面对两道选择题：外卖生意，做还是不做？做的话，卷还是不卷？ "标价20多元的面，毛利剩一块" "引入新的竞争总归是好事。平台现在是在争夺消费者，未来或许也会变成争夺商家。那时，商家 或许能喘口气。"他对未来有着更多期待。 "看似是平台出几百亿在补贴消费者，但商家却出了大头。"说话间，李新宇打开了某平台的商家后 台，向记者展示起外卖订单的"B面"。他在河南商丘经营着一家韩餐店，堂食与外卖各占日常流水的一 半。 软件页面显示，一份定价为21.8元的拉面，外加2元包装费和5元配送费，订单价为28.8元。消费者 用完11元的"补贴"后，实际支付17.8元，可商家到手仅有11.33元。 "这份面成本大概10元，我们堂食定价17元，毛利7元，可到了线上，毛利只剩1块多了。"他计算 着。 仔细一盘，记者发现，消费者从平台领取的11元补贴中，商家需要承担7元，平台仅承担4元的"神 券"。再细分，商家补贴的7元，被拆成3份：新客立减1元、减配送费3元和3元"神券"。 除此之外，商家还需向平台支付服务费，即商品定价加外包装费（21.8元 ...

Group 1: Retail Developments - Zhongbai Group is accelerating its expansion into the hard discount sector with the opening of 51 new stores on September 26, covering Wuhan and Huangshi, emphasizing quality and low prices with private labels [1] - Huawei and Meiyijia have signed a strategic cooperation agreement to enhance the digital and intelligent transformation of the retail industry through smart convenience store development [3] - Yonghui Supermarket has opened its 13th "Fat Donglai" support store in Henan, focusing on improving product structure and shopping experience to cater to local consumer needs [6] Group 2: Product Innovations - Hema has launched a new "Sunshine Dried Fruit" series, which has seen a 110% increase in sales due to its innovative recipe that reduces sugar content [8] - Yonghui Supermarket has introduced a new bakery product, "Camellia Flower Spring Water Toast," made with high-quality imported ingredients and a low-sugar, low-oil formula [10] Group 3: Market Trends - The 18th Asia International Fruit and Vegetable Expo has opened in Hong Kong, with Baiguoyuan showcasing its supply chain and brand advantages to global partners [13] - The price of the mini version of Labubu blind boxes has decreased by 10%-30% within a week of online sales, indicating a shift in consumer demand and market pricing [20]

Group 1 - The Federal Reserve's potential interest rate cut in September is complicated by President Trump's attempt to dismiss board member Lisa Cook, marking a historic intervention [2] - Central Huijin significantly increased its holdings in ETFs, with a total market value reaching 1.28 trillion yuan, a nearly 23% increase from the end of last year [2] - The manufacturing and non-manufacturing sectors showed signs of expansion in August, with the manufacturing PMI at 49.4% and non-manufacturing PMI at 50.3%, indicating improved market confidence [2] Group 2 - A total of 42 A-share listed brokerages reported a combined revenue of 251.87 billion yuan for the first half of 2025, a year-on-year increase of 30.8%, with net profit rising by 65.08% to 104.02 billion yuan [3] - Alibaba has increased its order for Cambricon GPUs to 150,000 units to address a computing power crisis, while also developing its own AI chips to reduce reliance on Nvidia [3] - Cambricon has become the new "stock king" in A-shares, driven by economic transformation towards technology innovation and increased capital inflow [3] Group 3 - Active equity funds have performed well in the first eight months of the year, with an average return exceeding 23%, and 21 funds achieving over 100% growth [4] - The RMB appreciated by 0.84% against the USD in August, reaching a near ten-month high, with expectations of breaking the 7 mark by year-end [4][5] - Gold prices rose significantly in August, with a cumulative increase of over 5%, driven by inflation data and market uncertainty regarding the Federal Reserve's independence [5] Group 4 - Meituan reported a revenue of 91.84 billion yuan for Q2 2025, an 11.7% year-on-year increase, although adjusted net profit fell by 89% to 1.493 billion yuan [5] - The core local commerce segment generated 65.3 billion yuan, while new business segments contributed 26.5 billion yuan, indicating resilience in diverse operations [5]

Market Overview - The US dollar index experienced fluctuations this week, initially rising before declining due to President Trump's dismissal of Fed Governor Cook, raising concerns about the Fed's independence and interest rate cuts [1] - Spot gold benefited from the uncertainty surrounding the Fed and French politics, returning above the $3400 mark, potentially marking a second consecutive week of gains [1] - International oil prices are expected to rise for the second consecutive week, influenced by ExxonMobil's potential return to Russian projects and the diminishing likelihood of a meeting between Russian and Ukrainian leaders [1] - Bitcoin saw a significant drop below $110,000, likely marking a second consecutive week of losses, while Ethereum outperformed with a 17% increase over the past 30 days [1] Investment Bank Insights - Morgan Stanley predicts the Fed will cut rates by 25 basis points in March, June, September, and December 2026, targeting a final rate range of 2.75%-3.0% [4] - Deutsche Bank highlights risks to the dollar's structure due to rising US debt and concerns over the Fed's independence [4] - UBS warns that the politicization of the Fed could lead to increased economic risks and higher risk premiums on US debt [4] - HSBC raised its year-end target for the Shanghai Composite Index to 4000 points, citing ample liquidity [4] Major Events - Trump's dismissal of Fed Governor Cook marks the first time a sitting president has removed a Fed official, with Cook planning to challenge the legality of her dismissal in court [5][6] - The Fed's upcoming meetings and potential rate cuts are under scrutiny, with officials indicating support for a 25 basis point cut in September [7][8] - The ongoing conflict in Gaza is expected to reach a decisive conclusion within two to three weeks, although the situation remains complex and uncertain [9][10] - The US government has permanently eliminated the tariff exemption for packages valued under $800, expected to generate an additional $10 billion in annual tariff revenue [16] Company-Specific Developments - Cambricon Technologies surpassed Kweichow Moutai in stock price, becoming the "king of A-shares" with a market capitalization exceeding 600 billion yuan, following a significant turnaround in its financial performance [22][23] - Nvidia's second-quarter earnings exceeded expectations, but the lack of sales in the Chinese market was a notable concern, with third-quarter revenue guidance falling short of some analysts' forecasts [24] - Meituan's stock plummeted nearly 13% after reporting an 89% drop in net profit due to intense competition in the food delivery market, leading to downgrades from several banks [25] - Musk's xAI filed a lawsuit against Apple and OpenAI, alleging collusion to monopolize the AI market, while SpaceX successfully completed its tenth test flight of the Starship [26][27]

Group 1 - The Hang Seng Index rose by 0.32% on August 29, closing at 25,077.62 points, with a total net inflow of HKD 12.046 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on August 29 was HKD 180.901 billion, with a net buy of HKD 12.046 billion [1] - In the Shanghai Stock Exchange southbound trading, the total trading volume was HKD 111.266 billion with a net buy of HKD 1.342 billion, while the Shenzhen Stock Exchange had a trading volume of HKD 69.635 billion with a net buy of HKD 10.704 billion [1] Group 2 - The most actively traded stock in the Shanghai Stock Exchange southbound trading was Guotai Junan International, with a trading volume of HKD 53.90 billion, followed by SMIC and Alibaba, with trading volumes of HKD 51.13 billion and HKD 31.39 billion respectively [1] - Tencent Holdings had the highest net buy amount of HKD 620 million, with its stock price increasing by 0.42% [1] - Xiaomi Group had the highest net sell amount of HKD 1.384 billion, with its stock price decreasing by 0.47% [1] Group 3 - In the Shenzhen Stock Exchange southbound trading, Alibaba was the most actively traded stock with a trading volume of HKD 36.02 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 27.45 billion and HKD 21.56 billion respectively [2] - Tencent Holdings had the highest net buy amount of HKD 964 million, with its stock price increasing by 0.42% [2] - The stock with the highest net sell amount was Changfei Optical Fiber, with a net sell of HKD 179 million, and its stock price decreased by 5.27% [2]

Group 1 - The U.S. stock market showed mixed performance at the opening, with all major indices turning positive by 10:40 PM [1] - Major Chinese companies such as Li Auto, Xpeng Motors, and Meituan experienced significant declines, with Meituan's stock dropping nearly 10% after reporting a 89% year-on-year decline in adjusted net profit for Q2 [3][14] - The announcement of a competitive environment affecting Meituan's profitability highlights the challenges faced by companies in the food delivery sector [3] Group 2 - Gold prices experienced volatility, dropping below $3,380 per ounce [6] - Silver also saw a decline, with prices falling over 1% [8] - The Federal Reserve officials have reiterated a dovish stance on interest rate cuts, indicating potential adjustments in monetary policy [9][11] Group 3 - President Trump announced the dismissal of Federal Reserve Governor Lisa Cook, raising concerns about the independence of the Fed and its implications for monetary policy [12][14] - Market reactions included a decline in the U.S. dollar index and U.S. Treasury yields, reflecting uncertainty regarding future policy directions [14] - Analysts suggest that the upcoming Fed chair nomination could influence market expectations for interest rate changes, with a potential focus on dovish policies [14][15]

Core Viewpoint - Meituan's Q2 2025 earnings report shows a steady growth trajectory with a revenue of 91.8 billion RMB, reflecting an 11.7% year-on-year increase, and highlights the company's commitment to enhancing user experience and operational efficiency through technological innovation and ecosystem development [2][3]. Group 1: Financial Performance - In Q2, Meituan achieved a revenue of 91.8 billion RMB, marking an 11.7% year-on-year growth [2]. - Adjusted EBITDA for Q2 was 2.78 billion RMB, with a net profit of 1.49 billion RMB [2]. - The core local business segment generated 65.3 billion RMB in revenue, up 7.7% year-on-year [4]. Group 2: User Engagement and Market Position - The Meituan app surpassed 500 million monthly active users in Q2, with user transaction frequency reaching a historical high [2]. - In July, Meituan's daily order volume for instant retail peaked at over 150 million, setting a new record [4]. - Meituan maintains a leading market position in the instant delivery sector, with an average delivery time of 34 minutes for full delivery orders [4]. Group 3: Business Expansion and New Initiatives - Meituan plans to open over 10,000 satellite stores by the end of the year, having already partnered with over 800 major restaurant brands [4]. - The flash purchase business saw significant growth, with a doubling of transaction volume for high-ticket items during the "618" shopping festival [4]. - The new business segment generated 26.5 billion RMB in revenue, a 22.8% increase year-on-year, with losses narrowing to 1.9 billion RMB [5]. Group 4: Social Responsibility and Ecosystem Development - Meituan has implemented measures to enhance rider welfare, including full coverage of work injury insurance and plans to eliminate overtime penalties by the end of 2025 [8][9]. - The company has initiated cash subsidies to support over 300,000 restaurant merchants, with nearly half reporting significant increases in order volume [9]. - Meituan is investing in food safety infrastructure, with over 117,000 merchants adopting the "Internet + Bright Kitchen" model, aiming for over 200,000 by 2025 [10].

Core Insights - Meituan reported a revenue of 91.8 billion RMB for Q2 2025, marking an 11.7% year-on-year growth, reinforcing its market leadership [1] - The company achieved a peak daily order volume of over 150 million in July for instant retail, setting a new record [1] - Meituan's core local commerce segment generated 65.3 billion RMB in revenue, reflecting a 7.7% year-on-year increase [1] Business Performance - The new business segment recorded a revenue of 26.5 billion RMB, up 22.8% year-on-year, with losses narrowing to 1.9 billion RMB [3] - Meituan's international expansion saw strong growth, particularly in the Hong Kong market, and the launch of services in 20 cities in Saudi Arabia and Qatar [3] Strategic Initiatives - Meituan has partnered with over 800 leading restaurant brands to open more than 5,500 satellite stores, aiming to exceed 10,000 by year-end [2] - The company has established over 50,000 lightning warehouses nationwide to support local small businesses in their digital transformation [2] Social Responsibility and Sustainability - Meituan has implemented measures to enhance rider welfare, including full coverage of work injury insurance and a summer subsidy program totaling 1.6 billion RMB [4] - The company is promoting food safety through the "Internet + Bright Kitchen" initiative, with 117,000 merchants participating and a goal of 200,000 by 2025 [5] Technological Investment - Meituan invested 6.3 billion RMB in R&D, a 17.2% increase year-on-year, and has launched 64 drone delivery routes across multiple cities [5] - The company emphasizes a win-win approach and aims to foster sustainable growth across its business segments [5]