Core Viewpoint - The A-share market experienced a collective decline in the three major indices during the morning session, with the Shanghai Composite Index down by 0.10%, the Shenzhen Component Index down by 0.26%, and the ChiNext Index down by 0.32% [1] Market Performance - The internet e-commerce sector led the gains with an increase of 3.72%, followed by logistics at 2.30% and electric machinery at 2.05% [2] - The total trading volume for the internet e-commerce sector was 841.38 million hands, translating to a turnover of 72.22 billion [2] - The logistics sector had a trading volume of 998.11 million hands, with a turnover of 86.86 billion [2] - The electric machinery sector recorded a trading volume of 786.77 million hands and a turnover of 188.27 billion [2] Declining Sectors - The small metals sector saw the largest decline at -2.55%, followed by the aquaculture sector at -2.00% and industrial metals at -1.91% [2] - The small metals sector had a trading volume of 921.33 million hands and a turnover of 271.22 billion [2] - The aquaculture sector recorded a trading volume of 711.89 million hands with a turnover of 80.23 billion [2] - The industrial metals sector had a trading volume of 3,546.85 million hands and a turnover of 371.40 billion [2]

Market Overview - The three major indices in the A-share market collectively rose in early trading, with mixed performance in the afternoon session. The Shanghai Composite Index closed at 3860.50 points, down 0.26%, with a trading volume of 986.17 billion yuan. The Shenzhen Component Index closed at 13005.77 points, up 0.63%, with a trading volume of 1291.21 billion yuan. The ChiNext Index closed at 3066.18 points, up 1.51%, with a trading volume of 616.54 billion yuan [1]. Sector Performance - The gaming, aquaculture, and film and television sectors saw the highest gains, while small metals, precious metals, and cultural media sectors experienced the largest declines [2]. Sector Rankings - The gaming sector led with a gain of 3.65%, totaling a trading volume of 1649.50 million hands and a transaction value of 27.49 billion yuan, with a net inflow of 2.75 billion yuan [3]. - The aquaculture sector increased by 1.48%, with a trading volume of 1349.98 million hands and a transaction value of 1.47 billion yuan, showing a net inflow of 1.18 billion yuan [3]. - The film and television sector also rose by 1.48%, with a trading volume of 1555.04 million hands and a transaction value of 1.60 billion yuan, along with a net inflow of 0.32 billion yuan [3]. - In contrast, the small metals sector fell by 2.10%, with a trading volume of 1171.95 million hands and a transaction value of 35.17 billion yuan, experiencing a net outflow of 4.57 billion yuan [3]. - The cultural media sector declined by 1.46%, with a trading volume of 2730.78 million hands and a transaction value of 25.87 billion yuan, facing a net outflow of 2.39 billion yuan [3].

Investment Rating - The report maintains a positive outlook on the internet e-commerce industry, recommending investments in Alibaba, JD.com, Meituan, and Pinduoduo [4]. Core Insights - The online retail penetration rate continues to rise, with the total retail sales in the first seven months of 2025 reaching 28.4 trillion yuan, a year-on-year increase of 4.8%. The online retail sales amounted to 8.7 trillion yuan, growing by 9.2% year-on-year, with a penetration rate increase of 1.2 percentage points to 30.6% [4][7]. - Major e-commerce platforms have accelerated their growth in GMV (Gross Merchandise Volume), with JD.com leading the industry due to favorable national subsidy policies during the 618 shopping festival. Alibaba and Pinduoduo also showed healthy growth, while Meituan faced pressure due to intensified competition [4][13]. - The integration of AI into e-commerce platforms is driving significant changes, with the AI cloud market expected to grow by 149% to 51.8 billion yuan in 2025. Leading companies like Alibaba Cloud are experiencing substantial revenue growth from AI-related products [4][18]. Summary by Sections 1. Strong Growth in Online Consumption and Increased Focus on Instant Retail - Instant retail and e-commerce are showing initial synergy effects, with platforms experiencing healthy growth in their core businesses. The rapid expansion of instant retail is changing fulfillment models, with significant growth in express delivery volumes [4][7]. - The 618 shopping festival saw a notable increase in sales, with instant retail sales growing by 19% year-on-year to 29.6 billion yuan, indicating the effectiveness of collaborative efforts among major platforms [4][39]. 2. Impact of National Subsidies and Investment in Instant Retail - The report highlights the deepening impact of national subsidies and investments in instant retail, leading to a divergence in revenue growth among major platforms. JD.com outperformed expectations, while Meituan's performance was below expectations due to competitive pressures [4][47]. - Revenue growth rates for major platforms in Q2 2025 were as follows: JD.com at 22.4%, Meituan at 11.7%, Pinduoduo at 7.2%, and Alibaba at 1.8% [4][47]. 3. Investment Analysis - The report suggests that the 618 shopping festival, combined with national subsidies and investments in instant retail, has driven overall industry traffic upward, although profit margins are under pressure. The platforms' profitability is becoming increasingly differentiated, with JD.com and Pinduoduo showing strong performance [4][47]. - The ongoing investments in AI and new business layouts are expected to provide structural improvements for long-term growth, reinforcing a positive outlook for the platforms' future development [4][47].

Market Overview - On September 12, the internet e-commerce sector declined by 0.8%, with Liren Lizhuang leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Liren Lizhuang closed at 10.39, down 2.99% with a trading volume of 279,500 shares and a transaction value of 29.567 million [2] - ST Tongpu saw a closing price of 3.45, up 4.86%, with a trading volume of 105,600 shares [1] - New Xunda closed at 14.22, up 1.50%, with a trading volume of 124,500 shares [1] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 166 million in main funds, while retail investors saw a net inflow of 126 million [2][3] - Kuaijingtong had a main fund net outflow of 29.7528 million, while retail investors had a net inflow of 24.2243 million [3] - ST Tongpu recorded a main fund net inflow of 2.1152 million, with retail investors also contributing a net inflow of 401.27 thousand [3]

Group 1 - The report highlights the recent performance of the Hong Kong stock market, indicating a moderate upward trend since the impact of "reciprocal tariffs" in 2025, although its relative performance compared to A-shares has weakened due to tightening liquidity and competitive pressures in the internet sector [6][9][10] - The report identifies three main reasons for the underperformance of Hong Kong stocks relative to A-shares: tightening of the monetary policy by the Hong Kong Monetary Authority, delayed expectations for interest rate cuts by the Federal Reserve, and intensified competition among major internet platforms [6][9][10] - The report suggests that the relative advantage of Hong Kong stocks is beginning to emerge as A-shares enter a valuation digestion phase, with potential inflows into Hong Kong stocks providing valuation support [10][12] Group 2 - The report provides insights into the import and export data for August 2025, noting a year-on-year increase in imports by 1.3% and exports by 4.4%, with a trade surplus growth of 11.8% [7][14][16] - It mentions that the import value is at the mid-range of the past five years, while the export value is at a high point, indicating a stable growth trend in foreign trade [15][16] - The report emphasizes the performance of specific sectors, highlighting that high-tech products and machinery are key drivers of export growth, while certain categories like agricultural products and labor-intensive goods have shown declines [15][16] Group 3 - The report discusses the introduction of the Rubin CPX GPU by NVIDIA, which is expected to significantly enhance demand for optical modules and liquid cooling solutions, indicating a positive outlook for the optical communication and liquid cooling sectors [19][20] - It identifies key investment opportunities in the optical module and liquid cooling markets, recommending specific companies that are likely to benefit from the increased demand driven by advancements in AI and cloud computing [19][20][21] - The report highlights Oracle's strong performance in cloud services, with a notable increase in revenue and a significant backlog of cloud contracts, reflecting robust demand for AI and cloud infrastructure [20][21]

Group 1 - The Hang Seng Index opened down 212.77 points, a decline of 0.81%, at 25,987.49 points, while the Hang Seng Tech Index fell by 57.31 points, down 0.97%, at 5,845.38 points, and the National Enterprises Index decreased by 95.54 points, a drop of 1.02%, at 9,232.62 points [1] - The Hong Kong stock consumer sector, which has been active recently, opened lower and continued to fluctuate, with the Hong Kong Consumer ETF (513230) dropping to around 1%, opening a low-position layout channel [1] - Policies to expand service consumption are set to be introduced, which are expected to further boost domestic demand [1] Group 2 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, packaging leading internet e-commerce companies and new consumption sectors, covering various fields of Hong Kong consumption [2] - The ETF includes leading new consumption companies such as Pop Mart, Lao Pu Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its technology and consumption attributes [2]

2025 年 09 月 10 日 策略研究团队 港股补涨契机中的资产掘金机会 ——投资策略专题 weijixing@kysec.cn 韦冀星（分析师） 耿驰政（联系人） gengchizheng@kysec.cn 证书编号：S0790125050007 港股补涨的背景与逻辑 自 2025 年"对等关税"冲击至今，港股呈现"健康的"温和震荡上行行情，但 相较 A 股的相对收益明显趋弱，核心或在于以下三方面原因：（1）8 月金管局持 续收紧资金面，3 个月 HIBOR 由 2025 年 08 月初的 1.62%升至月末的 3.30%，上 行约 168bp，1 个月 HIBOR 则由 0.99%升至 3.30%，上行约 230bp，直接压制部 分杠杆资金的融资成本；（2）海外 7 月降息预期落空，美联储宽松预期推迟至 9 月，6 月非农就业整体仍显韧性，失业率下行强化了"经济尚未显著转弱"的判 断，导致降息交易回撤，美债利率上行，全球流动性改善节奏推迟；（3）以"美 团、阿里和京东"为代表的互联网电商平台内卷式竞争加剧压制盈利预期，而 A 股凭借 AI 等产业链与核心宽基的赚钱效应快速扩散，形成流动性驱动的行情， ...

Group 1: Macro Economic Insights - The year-on-year growth rate of PPI rebounded to -2.9% in August, up from -3.6% in the previous month, indicating a slight improvement in industrial price pressures [4][8] - CPI in August decreased by 0.4% year-on-year, which is lower than the expected -0.2%, suggesting ongoing deflationary pressures in consumer prices [4][5] - The core CPI has remained above seasonal levels for five consecutive months, indicating a potential stabilization in consumer demand [7][9] Group 2: Real Estate Industry Overview - The A-share real estate sector reported a revenue of 712.8 billion yuan in the first half of 2025, a year-on-year decline of 11.6%, although the decline rate has narrowed compared to the previous year [28] - Key real estate companies have shown improved land acquisition efforts, with a total land purchase amount of 399.9 billion yuan, representing 72% of their total for 2024 [29] - The overall policy environment remains supportive, with measures aimed at stabilizing the market and promoting housing demand, leading to a gradual recovery in transactions in some first- and second-tier cities [30][31] Group 3: Financial Sector Developments - The new regulations on fund sales are expected to lower subscription fees and standardize service fees, which may alter investor preferences towards more liquid financial products [22][23] - The demand for high liquidity financial products is anticipated to increase, particularly for those with minimal holding periods, as investors seek better returns amid changing fee structures [24] - The shift towards ETF trading and long-term holding of bonds is likely as investors adapt to the new redemption fee structures [25] Group 4: Company-Specific Updates - The company "Saiwei Times" announced a stock incentive plan aimed at enhancing its long-term incentive mechanisms, with a target net profit growth of 70%/155%/215% from 2025 to 2027 [33][34] - The company is leveraging digital transformation to enhance its product development, brand management, and supply chain efficiency, which is expected to strengthen its competitive advantage [35]

商贸零售/互联网电商 赛维时代（301381.SZ） 公司发布股权激励计划，关注后续经营趋势改善 2025 年 09 月 10 日 投资评级：买入（维持） | 日期 | 2025/9/9 | | --- | --- | | 当前股价(元) | 24.58 | | 一年最高最低(元) | 32.80/16.49 | | 总市值(亿元) | 99.17 | | 流通市值(亿元) | 48.01 | | 总股本(亿股) | 4.03 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 198.41 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-09 2025-01 2025-05 赛维时代 沪深300 相关研究报告 《库存因素短期拖累利润，服饰品类 增长维持靓丽—公司信息更新报告》 -2025.4.29 | 黄泽鹏（分析师） | 吕明（分析师） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | lvming@kysec.cn | yaomuyu@kysec.cn | | 证书编号 ...

Group 1 - The internet e-commerce sector rose by 2.15% on September 5, with 壹网壹创 leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the internet e-commerce sector showed significant price increases, with 壹网壹创 rising by 7.90% to a closing price of 30.33 [1] Group 2 - The internet e-commerce sector experienced a net outflow of 49.52 million yuan from institutional investors, while retail investors saw a net inflow of 51.45 million yuan [2] - The trading volume for key stocks included 国联股份 with a closing price of 28.70, up 5.05%, and a trading volume of 237,100 shares [2] - The stock 跨境通 had a closing price of 5.50, with a trading volume of 1,495,500 shares and a net inflow of 8.03 billion yuan [2][3] Group 3 - 主力资金流向 indicated that 国联股份 had a net inflow of 60.73 million yuan, while 壹网壹创 had a net outflow of 23.86 million yuan [3] - 散户资金流入 for 三态股份 was 1.01 million yuan, while the net outflow for ST易购 was 3.11 million yuan [3] - The overall market sentiment showed mixed results, with some stocks experiencing significant retail interest despite institutional outflows [3]