Core Viewpoint - Alibaba's Gaode Map launched the "Gaode Street Ranking," the world's first user behavior-based ranking system, to support offline dining and service consumption, alongside a subsidy program worth over 1 billion yuan to encourage in-store visits [2][3]. Group 1: Gaode Street Ranking and Credit System - The Gaode Street Ranking aims to create a new offline service credit system by integrating user behavior data and the Alipay Sesame Credit system to enhance trustworthy evaluations [2][3]. - The initiative addresses challenges faced by dining businesses, such as low thresholds for negative reviews and high costs for positive feedback, by filtering out false evaluations through AI risk control [2][3]. Group 2: Support for Local Businesses - The "Smoke Fire Good Store Support Plan" includes a 200 million yuan subsidy for transportation costs, such as public transport and taxi vouchers, and a 950 million yuan consumer coupon initiative to encourage visits to local businesses [4]. - Gaode Map covers over 7 million restaurant locations nationwide, with 120 million daily searches related to life services, indicating a strong user engagement in local consumption [4]. Group 3: Strategic Implications - The move reflects Alibaba's strategic shift from focusing on vertical markets to building a foundational infrastructure for local life services, leveraging Gaode's extensive user base and interaction capabilities [4]. - By establishing a credible consumption reference system, Gaode aims to enhance consumer confidence and support the development of the service industry, positioning itself as a central hub for offline traffic distribution [3][4].

9月10日，在阿里巴巴成立26周年之际，阿里旗下高德地图宣布，推出全球首个基于用户行为产生的榜 单"高德扫街榜"。 高德地图CEO郭宁宣布，"高德扫街榜"永不商业化。"真实是榜单的核心生命力，'扫街榜'的核心目标是 真实反映用户的选择。我们相信，提升消费信任一定有助于提振消费信心，让商家专心经营、顾客安心 消费，让线下服务业更健康，更可持续发展。"他说。 纳入真实到店行为 让"刷榜"成为不可能 作为阿里集团又一国民级应用，高德继上个月宣布全面AI化后，又有重大发布。 据了解，目前，"高德扫街榜"已覆盖全国超300个城市的160万个线下服务商家，包括超87万家餐厅、23 万家酒店以及近5万个景区等。 行"是指包括导航、搜索、到店，以及多次前往、专程前往等真实行为，体现多维度的"用脚投票"；"言 而有信"则是利用AI能力提升识别和过滤虚假信息，再通过引入芝麻信用体系，让"高德扫街榜"的评价 信用体系能够结合用户的信用等级，进一步提升评价可信度。 这让刷榜刷好评成为一项不可能完成的任务。好评的效用要受到真实到店行为的影响，而刷评分需要大 量完成从导航到店、到好评，再到反复到店等一系列动作，已经没有现实可行性。 宣布 ...

【导读】阿里旗下高德推出"扫街榜"，纳入真实到店行为 中国基金报记者 曹雯璟 9月10日，在阿里巴巴成立26周年之际，阿里旗下高德地图宣布，推出全球首个基于用户行 为产生的榜单"高德扫街榜"。 高德地图CEO郭宁宣布，"高德扫街榜"永不商业化。"真实是榜单的核心生命力，'扫街榜'的 核心目标是真实反映用户的选择。我们相信，提升消费信任一定有助于提振消费信心，让商 家专心经营、顾客安心消费，让线下服务业更健康，更可持续发展。"他说。 纳入真实到店行为 让"刷榜"成为不可能 作为阿里集团又一国民级应用，高德继上个月宣布全面AI化后，又有重大发布。 据了解，目前，"高德扫街榜"已覆盖全国超300个城市的160万个线下服务商家，包括超87 万家餐厅、23万家酒店以及近5万个景区等。 业内人士透露，传统美食榜单产品依赖消费者评价，而评价门槛较低，且难以区分真实度， 让刷分刷榜成了一桩心照不宣的生意。尤其是高分店铺往往可以获得更多流量曝光，更是催 生了刷点评的灰色产业，让不少商家深陷"不刷就没流量、刷了就不能停"的"内卷"泥潭之 中。 "但只有用户去了，甚至反复到店，才是对商家最真实的好评，是真正的'用脚投票'。"李刚介 ...

Core Insights - Douyin Life Services has launched the "Fireworks Small Shop Support Plan" aimed at merchants with an average consumption of under 100 yuan, providing resources such as traffic incentives, influencer store visits, store materials, and product subsidies [1] Group 1 - The support plan is designed specifically for small merchants, differentiating itself from competitors like Meituan, Alibaba, and JD, which are heavily focused on takeaway and flash purchase services [1] - Douyin Life Services has previously implemented various differentiated policies, including resource subsidies, commission reductions, and free training [1] - The company has clarified that it does not plan to establish its own takeaway service, focusing instead on group buying and in-store redemption [1]

Core Viewpoint - Baidu Group announced plans to issue offshore priority unsecured notes denominated in RMB to non-U.S. persons under Regulation S of the Securities Act of 1933, subject to market conditions and other factors [1] Group 1: Issuance Details - The principal amount, interest rate, maturity date, and other terms of the notes will be determined at the time of pricing [1] - The net proceeds from the issuance will be used for general corporate purposes, including repaying certain existing debts and paying interest [1]

Core Viewpoint - Goldman Sachs has lowered the target price for Neway Group (01686) from HKD 10.9 to HKD 10 while maintaining a "Buy" rating [1] Financial Performance - For the second half of fiscal year 2025, EBITDA is projected to be HKD 1.068 billion, with earnings per share (EPS) at HKD 0.1217 [1] - EBITDA is 9% lower than Goldman Sachs' expectations, primarily due to revenue falling short by 11%, although this was partially offset by a 2 percentage point expansion in EBITDA margin [1] - Depreciation and amortization were lower than expected, with an effective tax rate of approximately 15%, compared to the anticipated 16% [1] Dividend Information - The final dividend per share is set at HKD 0.12, which is 13% lower than Goldman Sachs' expectations [1] - The annual payout ratio is approximately 46%, down from the previously expected 50%, with management reaffirming that the upper limit of the payout ratio will remain at 50% [1] Future Projections - Revenue forecasts for fiscal years 2026 and 2027 have been reduced by 11% and 13%, respectively, with EPS estimates lowered by 12% and 16% [1] - It is anticipated that the payout ratio will remain at 46% for fiscal years 2026 to 2028, compared to the previous expectation of 50% [1] - For 2028, EPS and dividend per share are projected to be HKD 0.37 and HKD 0.17, respectively [1]

Core Viewpoint - Xiaoetong has submitted an application for an IPO on the Hong Kong Stock Exchange, with CICC acting as the sole sponsor, highlighting its growth potential despite recent compliance issues and consumer complaints [2][4]. Financial Performance - Revenue projections for Xiaoetong from 2022 to 2024 are 299 million, 415 million, and 521 million RMB respectively, with gross profits of 162 million, 300 million, and 389 million RMB [3]. - The company reported losses of approximately 34 million, 37 million, and 15 million RMB for the same years [3]. - In the first half of 2025, Xiaoetong achieved revenue of 306 million RMB, a year-on-year increase of 26.4%, and a gross profit of 231 million RMB, up 25.5% [4]. Compliance and Consumer Issues - Xiaoetong faced regulatory scrutiny, receiving a fine of 50,000 RMB from the Shenzhen Market Supervision Administration for failing to conduct necessary qualification reviews, allowing illegal online transactions [4]. - The company has been involved in illegal stock recommendations and has received multiple consumer complaints, totaling 3,237 on platforms like Black Cat, primarily concerning service quality and refund issues [4]. Company Structure and Ownership - Xiaoetong primarily provides services for merchants to build knowledge stores, conduct online live teaching, and offer paid knowledge services [6]. - The founder, Bao Chunjian, holds 44.92% of the voting rights, while Tencent and Ximalaya hold 16.82% and 7.01% of the shares respectively [6].

Group 1 - The Hang Seng Index opened up 0.09%, and the Hang Seng Tech Index rose by 0.11%, with real estate stocks mostly increasing, particularly Country Garden which surged over 14% [1] - The recent underperformance of the Hong Kong stock market is viewed as a phase of consolidation following a rapid rise, rather than a trend reversal, with the foundation of the current bull market still intact [1] - Market structure shows significant differentiation, with only 35% of stocks outperforming the benchmark index since the beginning of the year, indicating a lack of market breadth [1] Group 2 - Short-term factors affecting the Hong Kong market include fluctuations in Hong Kong dollar liquidity and adjustments in profit expectations for the internet sector; however, mid-term prospects may improve with potential interest rate cuts by the Federal Reserve [2] - The current valuation of Hong Kong stocks remains relatively low compared to other major global markets, with expectations of increased foreign capital inflow and a more attractive investment environment due to improved listing regulations [2] - Structural opportunities in the Hong Kong market are emerging, particularly in sectors like new consumption and innovative pharmaceuticals, as well as traditional industries such as "AI+", overseas expansion, and smart manufacturing [2]

Core Viewpoint - The disruption of undersea cables in the Red Sea has impacted internet services in multiple countries, including India and Pakistan, with potential service interruptions for Microsoft Azure users due to increased network latency [1] Group 1: Incident Overview - Netblocks reported that internet services in countries like India and Pakistan are affected by the disruption of undersea cables in the Red Sea [1] - The incident has also caused similar issues for UAE telecom operators Etilasat and Du [1] - Multiple undersea cable system failures were confirmed near Jeddah, Saudi Arabia [1] Group 2: Impact on Microsoft - Microsoft stated that Azure users may experience increased network latency due to the disruption of several undersea cables in the Red Sea [1] - The company indicated that business traffic passing through the Middle East region could face service interruptions [1] - Microsoft has rerouted traffic through backup network paths and reported no current network service interruptions [1]

Core Viewpoint - Baidu Group-SW (09888.HK) plans to issue offshore, non-guaranteed priority notes denominated in RMB to non-U.S. persons under Regulation S of the Securities Act of 1933, subject to market conditions and other factors [1] Summary by Relevant Sections - **Issuance Details** - The principal amount, interest rate, maturity date, and other terms of the notes will be determined at the time of pricing [1] - **Use of Proceeds** - The net proceeds from the note issuance are intended for general corporate purposes, including repayment of certain existing debts and interest payments [1]