随着业绩静默期到来，腾讯控股等港股上市公司暂停了回购动作。 不过，从今年港股回购情况来看，截至7月21日，年内共有209家公司回购自家股票，涉及金额合计超 1000亿港元。与去年同期相比，实施股份回购公司数量有所增加，但回购金额明显减少。 去年4月份，港交所修订发布《上市规则》，引入新的库存股份机制（简称"库存股新规"）。库存股新规 于去年6月11日正式生效。所谓的库存股是指上市公司回购并以库存方式持有的非流通股票，按之前规 则，上市公司回购的股票需要注销。然而新规之下，港股公司回购股票不需要注销，可供以后再出售。 中金公司认为，港交所2024年6月推行库存股改革，允许上市公司将回购的股份作为库存股持有而非强制 注销，提升企业积极性和回购效率。中金公司预计，下半年港股市场回购金额或与上半年基本持平，在 1000亿港元左右。 回购通常向市场传达股价被低估的积极信号，回购的公司增加，更是让投资者进一步认识到港股市场的投 资价值，有助于促进股价稳定并提振市场信心。当前港股市场仍积极回购，在一定程度上说明，港股上市 公司估值仍具备吸引力。 市场分析人士指出，今年港股市场在持续走高背景下，上市公司仍发力展开回购，反映出 ...

京东，又来新动作。 继昨日官宣领投了三家具身智能头部企业后，京东收购香港佳宝食品超级市场的交易细节又被港媒披露 了。 据消息显示，该收购协议已于4个月前完成签署，交易总额达40亿港元，涵盖佳宝零售网络、物业资产 及分批支付条款。不过目前佳宝仍由创始人林晓毅团队代管，人事及运营暂未调整。 虽然对此消息，京东方面做出了回应，称实际交易金额远没有40亿元这么大，具体官方信息或还要等到 8月份进行公布。 但此言，亦预示着靴子落地。 另外，值得注意的是，该消息还透露：此次收购设置了3年过渡期，京东将在此期间暂不介入日常管 理。过渡期结束后，双方将确认最终交接方案。 为配合交易，佳宝母公司多泰投资及海锋食品已向合作商户发出通知，宣布启动业务重组。其核心业务 将转移至新成立的"佳宝超级市场（香港）有限公司"，该实体由交易方与林晓毅共同全资持有。 上述交易完成后，按计划京东及佳宝将会在8月1日成立新公司，并以新公司维持日常营运。 加码香港，京东又下一注 而香港佳宝食品超级市场（以下简称：佳宝），也是大有来头。 公开资料显示，佳宝1991年由林晓毅创立，前身为 "佳宝冻肉超级市场"，寓意 "街市的一块宝"，主打 平民化路线，以 ...

Core Viewpoint - JD.com is reportedly planning to acquire Hong Kong's Jia Bao Supermarket for a transaction value of HKD 4 billion, with the deal expected to enhance JD's presence in the Hong Kong retail market [1][2]. Group 1: Acquisition Details - The acquisition deal was signed approximately four months ago, and it includes the purchase of Jia Bao's retail network and properties, with payments to be made in installments [1]. - A transitional period is included in the agreement, during which Jia Bao's founder, Lin Xiaoyi, will continue to manage the company for three years before JD.com takes over [1]. - Jia Bao, established in 1991, operates 90 stores in Hong Kong and employs over 1,000 staff, focusing on frozen goods, grains, and vegetables with a commitment to affordability [1]. Group 2: JD.com's Retail Strategy - A JD.com representative indicated that the actual transaction amount may be lower than reported, and the company aims to leverage its supply chain advantages to enhance the quality of retail offerings in Hong Kong [2]. - JD.com has been active in the retail market, having announced plans to reduce its stake in Yonghui Supermarket, intending to sell up to 266 million shares between April 2 and July 1 [2]. - JD's self-operated supermarket brand, JD Seven Fresh, is rapidly expanding, with plans to have 71 stores nationwide by March 2025 and to establish new warehouse networks in cities like Tianjin to strengthen its instant retail layout [2].

纺织服装 行业周报（20250713-20250719） 同步大市-A(维持) 九兴控股 2025Q2 营收同增 2.9%，Ciele 品牌与滔搏达成合作 2025 年 7 月 22 日 行业研究/行业周报 纺织服装行业近一年市场表现 相关报告： 【山证纺织服装】6 月国内社零同比增 长 4.8%，主要可选消费品类增速放缓- 【 山 证 纺 服 】 6 月 社 零 数 据 点 评 2025.7.16 【山证纺织服装】纺织制造台企公布 6 月营收数据，2024 年超市 Top100 企业 销售额微增-【山证纺服】行业周报 2025.7.15 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：九兴控股 2025Q2 季度经营情况 2025Q2，公司未经审核营收为 4.44 亿美元，同比增长 2.9%；2025H1，公司未经审核营 收为 7.75 亿美元，同比增长 0.7%。 来源：最闻，山西证券研究所 其中，2025Q2，鞋履制造业务营收为 4.33 亿美元，同比 ...

Core Viewpoint - The article discusses the intense competition in the food delivery market in China, particularly focusing on the aggressive subsidy strategies employed by major players like Meituan, Alibaba, and JD.com, and the implications of these strategies on market dynamics and consumer behavior [2][3][6]. Group 1: Market Dynamics - The food delivery market in China is experiencing a significant increase in order volume, with a record of 200 million orders on July 5, driven by substantial subsidies from major companies [2][3]. - Meituan, Alibaba, and JD.com are collectively burning through approximately 20 billion RMB monthly in subsidies, indicating a fierce battle for market share as user growth stagnates [2][3]. - The competition has led to a situation where consumers benefit from heavy discounts, but the long-term sustainability of such a model is questionable [2][3]. Group 2: Company Strategies - Alibaba's delayed entry into the food delivery battle is attributed to internal restructuring and the need to align its resources effectively before launching a competitive response [3][4][5]. - The timeline of Alibaba's strategic moves includes significant organizational changes and the announcement of a 50 billion RMB subsidy plan, indicating a coordinated effort to regain market presence [5][6]. - Meituan's response to the competition has been characterized by a focus on maintaining operational efficiency and leveraging its existing infrastructure to counter the aggressive tactics of its rivals [10][11]. Group 3: Competitive Landscape - The article highlights the differences in strategic approaches between Meituan and its competitors, noting that Meituan is more cautious and strategic in its responses compared to the aggressive tactics of JD.com and Alibaba [10][11]. - The competitive landscape is further complicated by the entry of new players and the potential for existing platforms like Pinduoduo and Douyin to join the fray, indicating a rapidly evolving market [15][16]. - The profitability of the food delivery business remains a concern, as companies struggle to balance subsidies with sustainable business models, leading to volatility in stock prices across the sector [11][12].

文 | 《 BUG 》栏目 张奥 山姆"水逆"，连上热搜。 有用户在社交平台反映，山姆会员商店的 MM 芥末籽肉松面包，以前的外包装上标注了配 料表；在配方焕新后，该款产品不仅在线下售卖时"隐藏"了配料表，仅标注：配料成分见 散装食品标签或线上产品信息，而且新加入的原味沙拉酱中还使用了备受争议的"转基因大 豆油"成分。 另有消费者在山姆会员商店广州天河门店发现低糖好丽友未下架，但收银员却表示无法结 账。对此，山姆会员官方客服向《 BUG 》栏目表示，"我们是逐步下架的。" 此前，部分大众品牌通过"改头换面"进驻了山姆，引发了众多会员的不满，他们认为山姆 已经中低端化。 专家：消费者该有知情权， 未明显标注或违法 早在 7 月初，就有网友在社交媒体平台发文感慨："没想到山姆这款（ MM 芥末籽肉松面 包）使用的是转基因大豆油。" 而就在该帖发出约半个月后，就有用户发现，该产品在线下售卖的包装已经焕新，配料表都 被隐去了，仅标注"配料成分见散装食品标签或线上产品信息"。《 BUG 》栏目在山姆会员 商店 App 查询发现，该款仍然保留"转基因大豆油"配方。 评论区中，有消费者质疑，山姆故意在线下隐藏"转基因大豆油 ...

当时，整个国家仿佛经历了一场惊心动魄的过山车，房地产市场一度达到巅峰，房价几乎呈现疯狂上涨的趋势，然而在短短的时间里，它又急速下滑，带来 了深刻的经济痛苦和社会结构的剧烈变动。而在这场动荡的经济风暴中，有一群人的命运格外引人注目——那些在泡沫经济时期错失购房良机的人们。 当年，因为种种原因未能购房的那些人，究竟命运如何呢？他们是幸运地避开了一场即将到来的灾难，还是错失了一个改变命运的财富机会？他们又在日本 社会经历深刻变革的过程中，扮演了怎样的角色？这些疑问至今仍然困扰着许多人。 回到20世纪80年代，全球经济正处于一个关键的转折点。作为世界最大经济体的美国，面临着严峻的经济挑战。美国财政赤字不断扩大，外贸逆差持续增 加，严重威胁到其经济的稳定性和增长潜力。 在这种困境下，美国政府被迫寻找新的经济调整策略，以重振国内市场和增加出口。通过实施美元贬值政策，政府希望通过降低美元的价值，使美国的出口 产品更具竞争力，同时降低进口产品的吸引力，从而改善贸易逆差。 在日本经济的历史中，有一个时期至今仍为人们津津乐道，充满了深深的遗憾和反思——那就是上世纪90年代初期的房地产泡沫破裂。 与此同时，日本的经济环境与美国截然 ...

Core Insights - Meituan, China's largest food delivery and instant retail platform, is facing competition from Alibaba, which plans to invest 50 billion yuan in subsidies to challenge Meituan directly [1] - Meituan announced that its daily orders for food delivery and flash purchase services have surpassed 150 million, indicating strong performance [1] - The company is set to open its first physical store, "Happy Monkey Supermarket," in Hangzhou, which is positioned as a hard discount store similar to Alibaba's Hema [1][2] Group 1: Business Expansion - Meituan plans to open 1,000 Happy Monkey Supermarket locations despite not having opened a single store yet, indicating a serious commitment to physical retail [2] - The company is actively recruiting for various positions in cities like Beijing, Hangzhou, Guangzhou, and Shenzhen, further supporting its expansion plans [2] - The Happy Monkey Supermarket is expected to open in mid to late September, aligning with the upcoming National Day sales peak [1] Group 2: Retail Strategy - The Happy Monkey Supermarket will focus on fresh produce and household goods, utilizing a self-operated model and hard discount pricing strategy [4] - Meituan's previous retail ventures, such as the "Zhangyu Fresh Supermarket," have faced challenges, leading to a rebranding and shift in strategy [3][4] - The company aims to enhance its supply chain and procurement capabilities to improve its competitive edge in the retail sector [4][5] Group 3: Market Positioning - Meituan's retail strategy includes a focus on low-margin, high-turnover sales, with an emphasis on private label products [6][7] - The company is leveraging its experience in managing offline fulfillment to establish a strong presence in the instant retail market [5][8] - Meituan's future plans include the establishment of 1,200 "Raccoon Canteens," which will serve as centralized locations for food delivery, enhancing operational efficiency [9]

Core Viewpoint - The consumer sector is showing signs of recovery, with various sub-sectors experiencing growth and opportunities as domestic consumption trends improve [1][10]. Group 1: Consumer Sector Overview - Since early 2025, there has been a gradual recovery in consumer sentiment, with domestic demand contributing 68.8% to GDP growth in the first half of the year, and final consumption expenditure contributing 52% [1]. - The implementation of policies such as the "Special Action Plan to Boost Consumption" has injected vitality into the consumer market, leading to significant increases in tourism and dining revenues during holidays [1]. - The upcoming mid-year reporting season is expected to be a critical point for validating the recovery in the consumer sector [1]. Group 2: Food and Beverage Sector - The food and beverage industry is experiencing structural differentiation, with the liquor sector under pressure while leading brands maintain steady growth due to strong brand influence [2]. - The beer sector benefits from consumption upgrades and product innovation, while the snack sector is growing due to health-conscious and personalized consumption trends [2]. Group 3: Textile and Apparel Sector - The textile and apparel industry is seeing a recovery in demand, particularly in the sportswear segment, driven by increased awareness of fitness among consumers [3]. - Major sports brands are investing in R&D to launch high-tech, high-performance products to meet consumer demands for quality and functionality [3]. Group 4: Retail Sector - The traditional retail sector is facing challenges from online shopping, leading to a decline in consumption; however, cross-border e-commerce leaders are showing strong growth [4]. - The high growth in import and export trade in Yiwu and the opening of global trade centers are providing new opportunities for cross-border e-commerce companies [4]. Group 5: Social Services Sector - The social services sector is witnessing a surge in cross-border tourism demand, supported by inbound travel policies and the travel needs of younger and older demographics [5]. - Online travel agencies are launching personalized and diverse travel products to cater to varying consumer needs [5]. Group 6: Light Manufacturing Sector - The light manufacturing industry is facing short-term export pressures, but segments like home furnishings, packaging, and pet food are performing well [6]. - The recovery in the real estate market is boosting demand in the home furnishings sector, while the packaging industry benefits from the growth of e-commerce and express delivery [6]. Group 7: Home Appliances Sector - The home appliances industry is experiencing a significant recovery in domestic demand, driven by government subsidies for replacing old appliances [7]. - While the export market faces uncertainties due to tariff policies, long-term growth potential remains strong as global economies recover and Chinese brands enhance their competitiveness [7]. Group 8: Hong Kong Stock Market - The Hong Kong consumer sector is characterized by scarce assets and high growth in earnings, indicating strong performance among leading companies [8]. Group 9: Trend in Niche Markets - The trendy toy industry is seeing strong performance from leading companies, with significant growth in revenue, net profit, and profit margins [9]. - The high-end and trendy gold jewelry sectors are achieving growth through unique designs and brand advantages, catering to young consumers' demand for personalized, high-quality products [9]. - The new-style tea beverage sector is showing significant differentiation, with leading brands achieving double-digit growth and strong store expansion [9]. Group 10: Policy Outlook - The government is expected to continue implementing policies to boost domestic consumption, with fiscal subsidies playing a crucial role in driving growth [10]. - Sectors such as home appliances and consumer electronics are likely to benefit from policies promoting the replacement of old products, while offline service consumption is set to see new development opportunities [10].

中产的冰箱比抢不到长假机票的中产们先一步实现了国际化。 继山姆、Costaco、奥乐齐之后，英国最大的冷冻食品超市Iceland上个月在北京门头沟正式开业。 逛够了美式大卖场，北漂打工人好不容易盼来第一家"老英格兰味儿"超市。Iceland门头沟店开业当天就排起了长队，入场还要限流。 要说留学生钟爱Iceland也没错，毕竟这个超市也在不少人"穷得揭不开锅"的时候救过他们一命。 直到你围着6800平方米摆满冷冻柜的超市逛完一圈，才发现英国超市不过起到一个皮套作用——70%是国产超市同款、三成"自有商品"价格比英国当地买 到的还贵。 所谓"欧洲原产"也不能说它纯诈骗，但产自欧洲的冷冻炸鸡和预制薯条，你看半天也没看明白优势在哪。 你对着琳琅满目的"进口冷冻食品"，有三分失望七分费解——"在英国是流浪汉也逛得起的穷鬼商超，咋到了国内也要安上中产title收割我的钱包？" 一、Iceland，用中产的价格卖穷鬼的食物 6月28日，Iceland中国首店宣布线下试运营开业。 首店开在北京，没有奥乐齐也没有开市客的帝都打工人先是扬眉吐气了一把，看到具体选址在门头沟——一个旅游景点只有各种"峡"、"山"的六环西部山 区，探 ...