[Table_Title] 资产配置日报：有变化 证券研究报告|宏观点评报告 [Table_Date] 2025 年 08 月 27 日 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数 | 收盘 | 涨跌 | 幅度（%） | 五日走势 | | 上证指数 | 3800.35 | -68.03 | -1.76% | | | 沪深 300 指数 | 4386.13 | -66.46 | -1.49% | | | 中证可转债指数 | 476.94 | -13.82 | -2.82% | | | 7-10 年国开债指数 | 264.67 | -0.02 | -0.01% | | | 3-5 年隐含 AA+信用指数 | 189.70 | 0.05 | 0.02% | | 复盘与思考: 8 月 27 日，股市高位震荡，投资者内部观点或出现分化，大户、散户、主力日内先后止盈离场，机构资金成 主力买盘，各大股指在午后遭遇调整，上证指数尾盘跌幅扩大至 1.76%，勉强守住 3800。尽管股市表现不佳，但 债券现券表现也相对一般，T 与 TL 主力合约分别上涨 0.0 ...

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slight decline in revenue but improved net loss, indicating a focus on enhancing customer experience and expanding logistics capabilities [1] Financial Performance - Revenue for the six months ending June 30, 2025, was HKD 1.888 billion, a year-on-year decrease of 0.5% [1] - Net loss narrowed to HKD 23.205 million, a year-on-year improvement of 15.6% [1] - Basic loss per share was HKD 0.03 [1] Business Operations - HKTVmall remains the core business, providing stable income for the group [1] - The company offers an "eight-hour express delivery service," aiming to enhance customer shopping experience [1] - Currently collaborates with over 6,400 merchants and suppliers to provide a wide range of product price options [1] Strategic Initiatives - The company plans to host various workshops to improve digital operations and sales capabilities for retailers [1] - There is an ongoing effort to further shorten delivery times through logistics arrangements [1] - The company is actively developing third-party logistics services and ThePlace independent online store solutions to support e-commerce growth for retailers [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slight decline in revenue but a reduction in net loss, indicating a focus on improving operational efficiency and customer experience through its core business, HKTVmall [1] Financial Performance - Revenue for the six months ending June 30, 2025, was HKD 1.888 billion, a decrease of 0.5% year-on-year [1] - Net loss narrowed to HKD 23.205 million, representing a 15.6% improvement compared to the previous year [1] - Basic loss per share was HKD 0.03 [1] Business Operations - HKTVmall remains the core business, providing stable revenue for the group [1] - The company is enhancing customer shopping experience through an "eight-hour express delivery service," promising delivery by the same evening for orders placed before 1 PM [1] - Currently collaborating with over 6,400 merchants and suppliers to offer a wide range of product price options [1] Strategic Initiatives - The company aims to align with new retail trends in Hong Kong by hosting various workshops to enhance digital operations and sales capabilities for retailers [1] - Continued development of third-party logistics services and ThePlace independent online store solutions to support retailers in e-commerce growth [1]

Core Viewpoint - JD Global Purchase is set to launch a group live streaming trial during the Qixi Festival, featuring well-known boy and girl groups in a competitive format, offering various consumer incentives such as red envelopes and discounted products [1][3]. Group Streaming Industry Insights - Group streaming has emerged as a new format in the live streaming industry, characterized by multi-member interaction and engaging content, with the market expected to reach 15 billion yuan by the end of 2025 [3]. - JD has previously explored group streaming through its youth procurement team, which has successfully engaged consumers and contributed to JD's content ecosystem [3]. JD Global Purchase Strategy - JD Global Purchase aims to enhance its content-driven live streaming approach, integrating entertainment with e-commerce, as evidenced by its dual group PK live streaming model [3][4]. - The recent activities of JD Global Purchase, including the "100 Billion Thousand Products New Growth Plan," indicate a strategic focus on expanding overseas sourcing and optimizing the cross-border supply chain [4]. - The upcoming group streaming trial during the Qixi Festival is anticipated to be a significant highlight in this year's consumer market [4].

建银国际发表研究报告指，拼多多次季盈利胜预期，主要是由于销售和市场开支出按季下降，以及利息 和投资收入增长超过一倍。该行认为，市场对拼多多旗下的电商购物平台Temu的潜在增长估值尚未充 分反映，将集团2025至27年的盈利预测上调16%、9%和12%，目标价由135美元上调至148美元，续 予"跑赢大市"评级。 ...

国际站费用主要由会员费用和广告费用组成。 一、阿里巴巴国际站会员区别 阿里国际站按商家需求与经营规模，划分出三个层级的会员店铺服务，不同会员在权益、服务支持及适用场景上差异显著。 | 经营链路 | 权益列表 | 出口通会员 | | --- | --- | --- | | | 实地认证 | 8 | | | 第三方深度认证(含验厂报告) | × | | | 验厂视频 360度全景看厂 | × × | | 实力彰显 | 品类视频 | × | | 提信任 | 证书/行业竞争力全链路外显 | × | | | 主搜链路专属筛选项 | × | | | 专属优商卡片 (支持自定义) | × | | | 差异化旺铺(Company Profile、店招) | × | | | 优商场景 | × | | --- | --- | --- | | বৰ | 优品场景 | × | | | 买家分层识别权益 | 可识别L1+ | | 专属场景 | | 买家身份 | | 赢商机 | L2+买家会员价 | V | | | 大促优先报名权(实际以大促发布为准) | × | | | | 部分商家可享银砖 | | | RFQ优质商机 | 机提前6小 ...

前段时间，在某境外旅游局工作的老朋友A小姐给我发了条微信。 她语气有点无奈："熙少，你有没有关注过闲鱼上的海外门票代订？很多其实是境外信用卡盗刷，我们这边的海外供应商已经被搞疯了......" 我说，当然关注过了，年初带孩子在纽约玩，当时顺手闲鱼搜了下几个当地知名景点，不少票价只有官网、携程的一半，那些卖家头像还挂着"出境自由 行"、"票务小助手"字样，看起来特别懂行。 和朋友聊完，我又打开闲鱼，找了个纽约MOMA博物馆的门票卖家随便聊了几句，果然还是熟悉的灰产味道。 然后，卖家又安慰我，"不能进包退、包售后，我们后台能看到是否进入。" 我没拆穿她，但心里已经亮起了警报灯。 此前，社交媒体上，闲鱼上买了此类假门票的翻车现场比比皆是。 今年6月，一位打算乘坐皇家加勒比邮轮的年轻人"王哪跑啊宝贝"分享说，自己通过闲鱼买到的船票居然是通过境外信用卡盗刷下单的。 一 虽然她在第一时间就警觉，联系邮轮公司并主动取消了票，但系统还是在临近出发前直接把他拉入了黑名单，禁止登船。 见我有意购票，这位卖家特别提醒："票是到景点再出票的，要在10分钟内使用。" 我忍不住多问她一句，"是那种信用卡票对吗？" 她立刻回复，这个你去哪 ...

Group 1 - The State Council has issued opinions on the implementation of "Artificial Intelligence +" actions, focusing on six key areas [2][3] - By 2027, the goal is to achieve over 70% penetration of new generation intelligent terminals and intelligent applications [2] - The plan emphasizes the integration of AI with various fields such as biomanufacturing, quantum technology, and 6G [2] Group 2 - The initiative aims to promote the intelligent transformation of traditional industries and develop new strategic emerging industries [2][3] - There is a strong push for the development of AI-native technologies, products, and service systems [2][3] - The plan includes the acceleration of intelligent applications like smart assistants and the development of new intelligent terminals such as smart cars and smart home devices [2][3] Group 3 - AI will be integrated into all aspects of education and training, with a focus on skill development [2][3] - The initiative supports the application of AI in various sectors, including healthcare and cultural content creation [2][3] - There is a commitment to enhancing the safety and security of AI applications, addressing issues like algorithmic bias and data privacy [2][3][4] Group 4 - The plan includes the establishment of national AI application pilot bases and common platforms for industry applications [6][7] - Financial and fiscal support for the AI sector will be increased to foster long-term and strategic capital [8][9] - The initiative encourages the development of AI service providers and the creation of a service chain for AI applications [7][8]

Core Viewpoint - The aging population has accelerated the development of the silver economy, with pension finance becoming a crucial link between financial services and high-quality development in the elderly care sector [1] Group 1: Policy Support and Financial Initiatives - Since 2025, national policies have continuously supported the development of the elderly care industry, providing substantial financial backing and clarifying the role of financial institutions in this sector [1] - Postal Savings Bank of China’s Shenzhen branch has actively responded to policy initiatives by collaborating with local departments to identify and fund projects, marking the issuance of its first pension industry loan on August 19 [1] Group 2: Case Study of E-commerce Company - A specific e-commerce company in Longhua District, Shenzhen, specializes in the cross-border sales of elderly assistive devices, leveraging supply chain resources in the Greater Bay Area and international platforms like Amazon and eBay [1] - The company faced procurement funding pressures due to increased market demand driven by global aging [1] Group 3: Financial Support and Impact - After assessing the company's needs, the Shenzhen branch of Postal Savings Bank formed a specialized service team to create a comprehensive risk assessment system, issuing a loan of 2 million yuan within five working days [2] - The funds are designated for purchasing new folding wheelchairs and assistive devices, which will help ensure a steady supply of elderly care products and reduce procurement costs, fostering a positive cycle in the industry [2] - The company plans to use the cost savings to develop lightweight assistive devices for the Japanese market, aiming to expand the reach of "Made in China" elderly care products [2]

Core Insights - The Ministry of Commerce reported positive trends in foreign trade and investment, with a 14.1% year-on-year increase in newly established foreign-invested enterprises from January to July, and a total import and export value of 25.7 trillion yuan, reflecting a 3.5% growth year-on-year [1][4][7]. Group 1: Foreign Investment Trends - The upcoming 25th China International Investment and Trade Fair (CIFTIS) will take place from September 8 to 11 in Xiamen, focusing on "Investing in China" and featuring over 12,000 square meters of exhibition space [2]. - Nearly 100 multinational companies and international investment institutions have confirmed their participation in the CIFTIS, indicating China's strong potential for attracting foreign investment despite global economic challenges [3][4]. - The actual use of foreign capital in high-tech industries reached 137.36 billion yuan, with significant growth in e-commerce services (146.8%), aerospace manufacturing (42.2%), and pharmaceutical manufacturing (37.4%) [4]. Group 2: Policy and Regulatory Environment - The Ministry of Commerce has implemented 20 measures to stabilize foreign investment, including the removal of restrictions on foreign investment in the manufacturing sector and the expansion of pilot programs in nine cities [5][6]. - The government aims to create a market-oriented, law-based, and international business environment, ensuring fair treatment for foreign enterprises in areas such as government procurement and bidding [6]. - Continuous efforts are being made to address the challenges faced by foreign enterprises, with over 1,500 issues resolved through roundtable meetings organized by the Ministry of Commerce [5][6]. Group 3: Trade Performance - Shanghai's import and export total reached 397.24 billion yuan in July, marking a 9.5% year-on-year increase, with exports hitting a record high for the month [7]. - The trade volume between China and the Arab League reached 1.72 trillion yuan in the first seven months of the year, a historical high, with exports continuing to grow for 21 consecutive months [8]. - The overall trade environment remains stable, with policies and diverse cooperation contributing to a steady growth trajectory in foreign trade [9][10].