7月18日，饿了么、美团、京东三家平台企业被约谈，要求相关平台企业严格遵守相关法律法规规定， 严格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手和平台企 业等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。美股中概股应声大涨。展望后市，随 着"反内卷"的推进，相关企业有望进一步将资金投入到更有长远发展前景的科技研发中，带来更高质量 的发展。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港 市场中选取50只主营业务涉及线上购物、数字娱乐、在线教育以及远程医疗等领域上市公司证券作为指 数样本，以反映内地与香港市场线上消费主题上市公司证券的整体表现。 数据显示，截至2025年6月30日，中证沪港深线上消费主题指数(931481)前十大权重股分别为腾讯控股 (00700)、阿里巴巴-W(09988)、美团-W(03690)、快手-W(01024)、京东健康(06618)、科大讯飞 (002230)、哔哩哔哩-W(09626)、金山软件(03888)、恺英网络(002517)、巨人网络(002558)，前十大权重 股合计占比52.54% ...

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].