Group 1: Industry News - The A-share market has reached a historic milestone, surpassing a market capitalization of 100 trillion yuan, with an increase of 14.5 trillion yuan this year. Agricultural Bank leads with a market cap of 2.2 trillion yuan, followed by Industrial and Commercial Bank and Kweichow Moutai. The electronics sector has seen a significant increase of over 2.5 trillion yuan, leading all sectors [4] - The National Radio and Television Administration has implemented measures to enhance the quality of television content, including improving the management of drama series and promoting high-definition programming. This initiative aims to increase the supply of quality content and optimize the review process for television programs [5] - The company Tongzhou Electronics has issued a clarification regarding rumors of entering the supply chain of Nvidia, stating that such information is false [6] Group 2: Company News - The CEO of Li Auto, Li Xiang, acknowledged a mistake in crash testing that upset some users and hosted a dinner for truck drivers, emphasizing safety as a priority [11][12] - Xiaomi has filed a trademark infringement lawsuit against Mi Xi You Pin Company, with a court hearing scheduled for September 3 [13] - The chairman of Wantong Development has been detained by the Beijing Public Security Bureau, with the investigation unrelated to the company's daily operations [18] - Country Garden has announced a restructuring plan, with 49% of the current loan principal supported by a coordination committee, and over 77% of the second category debt holders have joined the restructuring support agreement [19] - Chen Rui has resigned as the legal representative of two Bilibili affiliated companies, with Huang Shengsheng taking over [20]

一根网线连接田埂与市场，一场直播架起乡村与城市的桥梁。在阳江市江城区城西街道第一埒村，昔日 的传统村落正借着电商直播的东风，让小小的斗鱼游向全国，蹚出了一条"特色产业+电商直播"的乡村 振兴新路子。 直播间实现"鱼跃龙门" 走进第一埒村电商创意园的直播间，年轻主播正举着手机展示水族箱里灵动的斗鱼："大家看这尾奥火 斗鱼，尾鳍展开像燃烧的火苗，现在下单当天发货，包活到家！"屏幕上订单不断跳动，这样的场景每 天都在这里上演。 生态与经济"双赢棋局" 第一埒村的斗鱼不仅是"致富鱼"，更成了"生态卫士"。今年基孔肯雅热等蚊媒传染病防控期间，村里响 应生物防治号召，先后在全街道范围投放5万尾斗鱼捕食蚊子幼虫，还驰援佛山市顺德区万尾斗鱼构筑 生态防线。"养斗鱼就像乡村发展，既要好环境，也要持续供氧。"市人大代表、第一埒村党总支部书 记、村委会主任朱远超的比喻道出其中深意——村里通过电商收益反哺生态整治，修复河道2.3公里， 结合抗日战争遗址培育城郊休闲产业，建成的红色绿美小公园、福地园休闲园等，既美化环境，又成为 网红打卡地，实现"卖鱼"与"卖景"双增收。 全链条赋能"斗鱼密码" 产业兴旺离不开体系支撑。第一埒村摸索"红 ...

Core Insights - The Hong Kong Trade Development Council is hosting the second "Hong Kong Goodies Festival" from August 1 to 31, promoting nearly 260 brands and over 500 unique products across seven categories, including health supplements, food and beverages, personal care, and products for the elderly [1] Group 1 - The festival features a collaboration with major e-commerce and social media platforms to enhance product visibility [1] - On August 14, Li Jiaqi's livestream showcased nearly ten high-quality Hong Kong brands as part of the festival [1] - This marks the second in-depth collaboration between Li Jiaqi's livestream and the "Hong Kong Goodies Festival" [1] Group 2 - The partner and vice president of Me ONE, Wei Yinghui, emphasized the goal of introducing high-quality Hong Kong brands to mainland consumers through the livestream platform [1] - The company plans to continue exploring more Hong Kong products to enhance both online and offline consumer experiences [1]

Core Viewpoint - Oriental Selection (01797) has shown a strong performance, with its stock price increasing over 230% since early July, and a current rise of 12.69% to HKD 39.42, with a trading volume of HKD 1.114 billion [1] Financial Performance - Oriental Selection is set to release its full-year results for the fiscal year ending May 31, 2025, on August 22 [1] - For the fourth quarter of fiscal year 2025, the company reported revenues of USD 150 million, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to the previous quarter [1] - The Non-GAAP operating profit was approximately RMB 79 million, with an operating profit margin of about 7%, showing a quarter-on-quarter improvement [1] Strategic Insights - The company has improved its profitability despite challenges such as the departure of key personnel and the separation from Huizhong [1] - Analysts suggest focusing on the company's transition from a host-driven model to a product-driven model [1] - Guosen Securities highlights the "Sam's Club paradigm" that emphasizes the importance of high-cost performance products and mature membership systems in a diversified and transparent consumer market [1] - Recent operational improvements and successful expansion into new product categories indicate a positive trend for Oriental Selection [1]

"俺们辽宁庄河的小草莓又甜又水灵，一根苗就结两三个果，味道老好了。"短视频平台上，王铎臻 将排列有序的草莓大棚、绿莹莹的草莓秧以及红彤彤的草莓，鲜活呈现在网友们的眼前。 数据体现着电商直播等新型消费的强劲动力。今年上半年，全省电子商务规模实现跨越式增长，全 省网络零售额1416.2亿元，同比增长13.1%，高于全国4.6个百分点。其中，实物商品网络零售额1098.3 亿元，同比增长11.5%，高于全国5.5个百分点，占全省社零额比重为21.4%。全省限额以上单位网上零 售额增长39%，推动消费市场持续升温。 新业态蓬勃发展离不开政策的保驾护航。作为全国较早发力电商直播的省份，我省在全国率先出台 《关于推动电商直播提质网红经济促进网络消费的指导意见》《推动全省网红经济发展工作方案（2024 —2026）》等一系列政策文件，明确了电商直播产业的发展目标、主要任务和保障措施，积极培育经营 主体，指导电商直播赋能传统产业，构建优质发展生态，为电商直播发展提供政策保障。"我省力争在 探索中形成可复制推广的'辽宁经验'，为全国电商发展提供鲜活样本。"省商务厅相关负责人说。 一批电商直播基地成为发展电商直播产业的重要抓手。 ...

Core Viewpoint - Oriental Selection (01797.HK) has seen a significant stock price increase, closing at HKD 27.5, up 16.82%, with a year-to-date increase of 171.5%, indicating a shift in focus from a主播-driven model to a product-driven strategy [5][6]. Financial Performance - For the fourth quarter of fiscal year 2025, revenue is estimated at approximately USD 1.5 billion, reflecting a nearly 30% year-on-year decline, but the decline is narrowing compared to the previous quarter [5]. - The non-GAAP operating profit is projected to be around RMB 0.79 billion, with an operating profit margin of approximately 7%, showing a quarter-on-quarter improvement of about 3% [5]. Business Strategy and Product Development - The company is increasing its investment in self-operated products, particularly in the domestic shrimp supply chain, with a partnership established with Charoen Pokphand Group [6][7]. - The monthly demand for shrimp from Oriental Selection is 150 tons, while the initial production capacity of the partner was only 50-60 tons, leading to a supply gap that required an investment of RMB 4 million to upgrade production capabilities [7]. Market Expansion and Sales Performance - As of July 2025, Oriental Selection has sold over 220,000 units of domestic white shrimp, indicating a supply-demand imbalance [8]. - Other self-operated products have also seen significant sales, with over 260 million units of grilled sausages and eggs sold, and sales of sanitary napkins exceeding RMB 15 million [8]. Future Outlook - The company is expected to recover its profit margins, with a normal profit margin estimated at around 5%, and projected GMV for fiscal year 2026 could reach RMB 9 billion [8]. - There remains substantial growth potential in the paid membership business and self-operated products, comparable to Sam's Club's 9 million member data [8].

Core Insights - The e-commerce transaction volume of agricultural products in China increased by 17.2% in the first half of the year, highlighting the rapid development of rural e-commerce driven by internet penetration [1] - E-commerce is becoming a crucial tool for farmers to increase income and promote rural employment, with live streaming sales significantly enhancing market access [2][3] E-commerce Growth - E-commerce development has greatly expanded the sales radius for agricultural products, stimulating economic growth through increased consumer spending [2] - The enthusiasm of farmers for selling products has been ignited by e-commerce live streaming, transforming their market reach from local to national [2] Logistics and Infrastructure - The logistics system in rural areas is still underdeveloped, particularly in remote regions, posing challenges for the initial delivery of goods [3] - Innovative logistics solutions, such as flexible transportation strategies for small packages, have been implemented to improve delivery efficiency [3] Cost Efficiency - The rise of e-commerce has led to reduced logistics costs for farmers, with significant savings on delivery expenses reported [6] - The establishment of rural logistics service stations has improved the integration of postal and express delivery services, enhancing overall efficiency [6] Policy Support - The Chinese government has introduced policies to support the development of rural e-commerce, including the establishment of logistics service stations and the promotion of e-commerce platforms [9] - Future plans include cultivating rural e-commerce leaders and developing digital circulation enterprises to further enhance the agricultural supply chain [9]

Core Insights - The core viewpoint of the articles highlights the rapid growth of e-commerce in China's agricultural sector, with a 17.2% increase in transaction volume in the first half of the year, driven by the rise of digital tools like live streaming for selling agricultural products [1][5][20] E-commerce Growth - E-commerce has significantly expanded the sales radius for farmers, enhancing their income and providing consumers with fresher products at lower prices [3][5] - The integration of live streaming into agricultural sales has energized farmers and transformed their sales strategies, making rural e-commerce a key driver for rural revitalization [5][16] Logistics and Delivery - The logistics system in rural areas is still developing, with challenges in coverage, particularly in remote regions, which affects the efficiency of agricultural product distribution [8][10] - Innovations in logistics, such as flexible transportation strategies for small packages, have improved delivery times and reduced costs for farmers [10][12] Policy and Support - Various policies have been implemented to support rural logistics, including the establishment of comprehensive service stations for parcel delivery, which have been set up in over 337,800 villages [12][14] - The government aims to cultivate a significant number of rural e-commerce leaders and establish numerous digital circulation enterprises in the coming years to further enhance the agricultural supply chain [20] Market Dynamics - The demand for logistics in rural and central-western regions is increasing, presenting new growth opportunities for the e-commerce sector [18] - The recent implementation plan by the Ministry of Agriculture and Rural Affairs outlines measures to optimize the supply of quality agricultural products and leverage e-commerce platforms to enhance consumption [20]

Group 1 - The core viewpoint is that the emergence of gold e-commerce live retail in Pinggui District has significantly boosted the local retail industry, contributing to a 73.3 percentage point increase in the district's retail growth and a 16 percentage point increase in Hezhou City's retail growth [1][3]. - In the first half of the year, 24 gold and jewelry industrial enterprises in Pinggui District achieved an output value of 3.24 billion yuan, a year-on-year increase of 145.8%, accounting for 20.7% of the district's total industrial output value [3]. - The district has implemented a series of measures to optimize the business environment, including reducing processing steps and time by 80% and 94% respectively, and streamlining application materials by 75%, significantly improving business efficiency [3][4]. Group 2 - The district has introduced the "Gold and Jewelry Loan" service model in collaboration with financial institutions, helping e-commerce and other enterprises secure credit amounts exceeding 10 million yuan, effectively alleviating financing difficulties [3]. - The integration of modern service industries with manufacturing, particularly in gold and jewelry, is being actively promoted, with a focus on supporting leading supply chain enterprises and cultivating new e-commerce retail formats [4].

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 80% this month, with a current price of 21.85 HKD and a trading volume of 1.147 billion HKD [1] Group 1: Financial Performance - According to Daiwa, the Gross Merchandise Volume (GMV) for Oriental Selection in the first half of the 2025 fiscal year is projected to be 4.8 billion RMB, with the "With Hui Together" channel led by Dong Yuhui contributing a quarter of this total [1] - Following Dong Yuhui's departure, the GMV has rebounded due to the expansion of sales channels, indicating a recovery in performance [1] - The gross margin for self-branded products in the first half of 2025 has improved to a healthy level of 21%, up from 10% in the second half of 2024, attributed to reduced discounts [1] Group 2: Operational Strategy - The company has been reducing its workforce since December of last year and expanding its product range to include high-margin categories such as health supplements and pet products, which is expected to further improve profit margins in the second half of 2025 [1] - Zheshang Securities believes that after two years of challenges, the company's operations are stabilizing, and the GMV is expected to turn positive by June 2025 as the high base effect diminishes [1] - Oriental Selection continues to focus on major products, with GMV stabilizing and profit margins recovering, indicating significant growth potential for self-operated products [1]