Group 1 - Three platform companies, Ele.me, Meituan, and JD.com, were summoned to ensure compliance with laws and regulations, promote rational competition, and create a win-win ecosystem for consumers, merchants, delivery riders, and platform companies [1] - Following the "anti-involution" initiative, these companies are expected to invest more in technology research and development, leading to higher quality growth [1] - As of July 21, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index rose by 0.29%, with Meituan-W increasing by 3.46% and other related stocks also showing gains [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of these sectors [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 52.54% of the total, including Tencent Holdings, Alibaba-W, and Meituan-W [2]

Core Viewpoint - The emerging "consumption value-added" model is transforming traditional consumer behavior, turning spending into potential long-term returns for consumers and stable profits for businesses [1][4]. Group 1: Characteristics of Consumption Value-Added Model - Value co-creation: Consumers evolve from mere purchasers to active value creators, deeply engaging in the commercial process [6]. - Continuous returns: Consumption is no longer a one-time transaction but a behavior that generates long-term benefits [6]. - Bidirectional empowerment: Businesses enhance operational efficiency through stable customer bases, while consumers gain value-added returns from their spending [6]. Group 2: Implementation Paths - Innovation in points system: Traditional points are upgraded to valuable digital assets, enhancing liquidity and perceived value [6]. - Membership rights iteration: Membership services are endowed with investment attributes, allowing spending amounts to be converted into profit-sharing bases [6]. - Consumption-investment linkage: A portion of spending can be transformed into investment capital, enabling participation in business profit distribution [6]. - Data value sharing: Analyzing and applying consumer data creates additional benefits for consumers, such as personalized discounts and data dividends [6].