8月8日港股市场，北水成交净买入62.71亿港元，其中港股通(沪)成交净买入32.8亿港元，港股通(深)成 交净买入29.92亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、盈富基金(02800)、小米集团-W(01810)。北水净卖出最 多的个股是中芯国际(00981)、华虹半导体(01347)、和黄医药(00013)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 | 34.40 乙 | 32.28 乙 | 66.68 亿 | | HK 00981 | | | +2.13 乙 | | 阿里巴巴-W | 14.6917 | 10.72亿 | 25.41 乙 | | HK 09988 | | | +3.98 亿 | | 小米集团-W | 14.16亿 | 8.69亿 | 22.86亿 | | HK 01810 | | | +5.47 乙 | | 腾讯控股 | 11.70 乙 | 7.461Z | 19.16亿 | | HK 00700 | | | +4.24 乙 | | 汇通达网络 | 9.17 ...

Investment Rating - The industry is rated as "Market Perform" [31] Core Insights - The consumer service industry index experienced a decline of 2.17% from July 25 to August 7, 2025, underperforming the CSI 300 index by approximately 1.35 percentage points, primarily due to adverse weather conditions affecting travel data and declining performance in some companies' semi-annual reports [7][8] - In the first half of 2025, the total number of domestic trips reached 3.285 billion, a year-on-year increase of 20.6%, with total spending of 3.15 trillion yuan, up 15.2% [22] - Recent heavy rainfall has led to the temporary closure of several tourist attractions, impacting the tourism and hotel sectors [23] - Positive policy signals have emerged, including subsidies for childbirth and reductions in childcare fees, indicating potential future support for consumption and fertility [31] Summary by Sections Market Review - The consumer service index has shown a decline, with significant underperformance compared to the CSI 300 index [7] - The tourism and hotel sectors have been particularly affected by recent heavy rainfall, while the education sector has seen an uptick due to supportive policies [8] Industry News - The South Korean government will implement a temporary visa exemption for Chinese group tourists starting September 29, 2025, which has led to a surge in travel searches [20] - The introduction of a new membership system by Taobao integrates various services, enhancing travel-related benefits for users [21] Company Announcements - Action Education proposed a mid-year dividend distribution of 10 yuan per 10 shares [24] - Huangshan Tourism plans to invest in a new subsidiary and participate in a land bidding process [25] - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, but maintained a strong market position in Hainan [29] Weekly Outlook - The report suggests focusing on companies that may benefit from the current market conditions, including China Duty Free Group, Jinjiang Hotels, and others in the cyclical sectors [31][32]

Core Viewpoint - The launch of the new "Big Member" system by Taobao is a strategic move to integrate various Alibaba resources and enhance user engagement across multiple lifestyle scenarios, positioning Taobao as a comprehensive "big consumption platform" [2][12][16]. Summary by Sections Overview of the Big Member System - The new Taobao Big Member system is free and accessible to all users, categorizing them into six levels based on their "Taoqi Value," which is calculated from spending across Taobao, Ele.me, and Fliggy [4][6][11]. - The system aims to create a more inclusive membership experience, moving beyond just serving a subset of paying users [7][12]. Changes and Features - The Taoqi Value system has been updated to enhance transparency and user engagement, with many users noticing an increase in their Taoqi Value compared to the previous version [8][11]. - The Big Member system emphasizes comprehensive coverage of various lifestyle needs, reflecting a shift in user expectations for integrated benefits across different platforms [12][27]. Strategic Implications - The integration of services from Taobao, Ele.me, and Fliggy under the Big Member system is a critical step towards establishing a unified consumption ecosystem, enhancing user loyalty and engagement [16][17]. - The strategic alignment of different business units within Alibaba aims to optimize resource allocation and improve user experience across the board [15][16]. Impact on Merchants - The Big Member system is expected to significantly impact merchant operations by increasing user engagement and providing more opportunities for targeted marketing [25][26]. - Merchants can leverage the new membership structure to enhance cross-industry collaboration and drive deeper consumer engagement through tailored promotions [27][29]. Future Directions - The Big Member system opens up new avenues for merchants to implement refined customer segmentation and targeted offers, moving away from broad discount strategies [29][30]. - The focus on everyday benefits rather than just promotional events indicates a shift towards a more sustainable and user-centric approach in membership design [30][34].

智通财经APP获悉，8月7日港股市场，北水成交净买入6.61亿港元，其中港股通(沪)成交净卖出33.63亿 港元，港股通(深)成交净买入40.24亿港元。 北水净买入最多的个股是小米集团-W(01810)、中芯国际(00981)、阿里巴巴-W(09988)。北水净卖出最 多的个股是盈富基金(02800)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 39.90亿 | 22.22 乙 | 62.12亿 | | HK 01810 | | | +17.67 乙 | | 盘富县金 | 673.16万 | 47.27 乙 | 47.33 乙 | | HK 02800 | | | -47.20 Z | | 阿里巴巴-W | 15.14 Z | 11.89亿 | 27.03亿 | | HK 09988 | | | +3.25 乙 | | 中芯国际 | 12.18 乙 | 12.44亿 | 24.63亿 | | HK 00981 | | | -2594.82万 | | 腾讯控股 | 12.89 亿 | 10.07 ...

8月6日，南下资金净买入港股94.85亿港元。 晶泰控股：8月5日晚间，晶泰控股披露一笔重磅订单：与美国新药公司DoveTree完成总订单规模约60亿美元的管线合作签约。这笔交易刷新了AI制药出海 订单规模纪录。 其中：净买入腾讯控股15.18亿、阿里巴巴-W 8.76亿、中芯国际6.11亿、晶泰控股5.32亿、康方生物1.37亿、理想汽车-W 1.19亿；净卖出小米集团-W 2.29 亿、泡泡玛特2.23亿、美团-W 1.47亿。 据统计，南下资金已连续10日净买入腾讯，共计59.4402亿港元；连续3日净买入阿里巴巴，共计21.1572亿港元；连续3日净买入中芯国际，共计9.5105亿港 元。 | | 了反應 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 腾讯控股 | 1.7% | 7.18 | 45.54亿 | 面乘控股 | | 品泰控股 | 12.4% | 4.75 | 45.18亿 | 阿里巴巴-W | | 阿里巴巴-W | 0.6% | 6.78 | 31.64亿 | 美团-W | | 中芯国 ...

淘宝8月6日上线全新的大会员体系，打通饿了么、飞猪等阿里系资源，全面覆盖吃喝玩乐、衣 食住行等生活场景。 业内人士称，这是阿里巴巴从电商走向大消费平台的关键一步。融合电商、本地生活、旅游、出行等多个板 块，阿里巴巴将逐步构建起一个覆盖吃喝玩乐、衣食住行等全场景的消费生态。 淘宝方面表示，未来还会持续从用户角度出发，优化会员权益设计，创造更丰富优质的生活消费体验。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 据介绍，淘宝大会员体系覆盖所有用户，共分为6个等级：青铜、白银、黄金、铂金、钻石和黑钻。铂金及以 上会员可以88元开通88VIP。淘宝大会员不同等级对应不同的专属优惠和服务，用户均可免费获取，涵盖购物 折扣、外卖权益、旅行礼遇、打车优惠等。 分析人士认为，淘宝大会员体系有望提高淘宝主站用户活跃度。通过统一会员体系，淘宝能够提高用户在不同 场景下的消费频次，提升用户黏性，从而带来更长的用户生命周期和更高的客户终身价值，为商家创造生 ...

淘宝大会员来了！ 8月6日，淘宝上线了全新的大会员体系，打通饿了么、飞猪等阿里系资源，全面覆盖吃喝玩乐、衣 食住行等生活场景。 随着会员等级升高，权益也不断升级。铂金会员在黄金会员权益基础上，可享受淘宝百亿补贴88折 券，飞猪不限次延迟退房；而等级最高的黑钻会员，每月可享超14项权益，直通飞猪F5会员，拥有31 家酒店集团金卡权益，还有专属客户经理，极速直达。 值得注意的是，未来用户在淘宝、饿了么和飞猪的所有消费，无论是买东西、点外卖还是订机酒， 都可以得到对应的淘气值。用得越多，省得越多。 此外，88VIP会员权益也全面升级，与淘宝大会员叠加之后，权益"加码不加价"。在原来的基础 上，88VIP在饿了么、飞猪、高德等方面的权益更加丰富。 淘宝方面表示，未来还会持续从用户角度出发，优化会员权益设计，创造更丰富优质的生活消费体 验。 这是阿里从电商走向大消费平台的关键一步。融合电商、本地生活、旅游、出行等多个板块，阿里 逐步构建起一个覆盖吃喝玩乐、衣食住行等全场景的消费生态。 今年6月，阿里宣布饿了么、飞猪合并入中国电商事业群，从用户角度出发优化整合业务模式，构 建更加完整的大消费服务体系。此次淘宝大会员体系的 ...

北京商报讯（记者 吴其芸）8月6日，淘宝上线了全新的大会员体系，打通饿了么、飞猪等阿里系资 源，全面覆盖吃喝玩乐、衣食住行等生活场景。淘宝大会员注册成为飞猪会员后，根据匹配的会员等级 即可获得对应的旅行权益。 据淘宝大会员规则页面信息，淘宝大会员可获得购物、旅行、外卖等场景的多种跨界权益，其中旅行权 益最高可享30余种。 该会员体系最高级别为"黑钻"。升级到这一级别的会员可获得由飞猪提供的不限次免费升房、不限次延 迟退房、酒店专享价等旅行权益，同时还能直通飞猪F5级会员，体验到飞猪会员最具辨识度的大牌会 员互通权益。 具体来说，一位淘宝黑钻会员在与飞猪F5打通后，可以直接获得31个旅行和生活方式头部品牌的金卡 及以上权益，包括万豪旅享家金卡、希尔顿荣誉客会金会籍体验、雅高心悦界白金卡体验、松赞莲会员 体验、MSC航海家俱乐部金卡会籍等。除此之外，还包括机场贵宾厅、专车接送机、机场快速安检、 跟团游专享价、门票无忧退、免费早餐等飞猪F5权益。 此外，飞猪还新增了多项会员权益，飞猪App会员中心页面显示，已新增了订酒店赠送打车服务、机场 要客通服务、机票随心退、免费景区、酒店住5晚送100元、机票飞5次送100元 ...

阿里巴巴-W(09988)午前拉升近3%，消息面上，涨2.07%，报118.4港元，成交额46.63亿港元。 天风证券（601162）指出，预计2026财年一季度阿里收入稳健增长，利润端或受闪购补贴影响。本季度 海外科技大厂资本支出超预期AI需求依旧强劲，预计公司本季度云业务维持高增速。东亚证券则表 示，预计阿里2026财年一季度经调整EBITA将按年增长13%，预料云业务将继续成为增长亮点，阿里云 收入预料按年增长23%，相信投资者将关注集团会否持续加大资本支出以支持云业务的算力需求增长。 消息面上，8月6日，淘宝正式推出全新的大会员体系，打通饿了么飞猪盒马等阿里系资源，包含购物、 外卖、旅行、出行等权益，吃喝玩乐、衣食住行全面覆盖。88VIP用户权益将全面升级。这是饿了么、 飞猪并入中国电商事业群，阿里从电商走向大消费平台战略之后的标志性业务动作。 ...

天风证券指出，预计2026财年一季度阿里收入稳健增长，利润端或受闪购补贴影响。本季度海外科技大 厂资本支出超预期AI需求依旧强劲，预计公司本季度云业务维持高增速。东亚证券则表示，预计阿里 2026财年一季度经调整EBITA将按年增长13%，预料云业务将继续成为增长亮点，阿里云收入预料按年 增长23%，相信投资者将关注集团会否持续加大资本支出以支持云业务的算力需求增长。 智通财经APP获悉，阿里巴巴-W(09988)午前拉升近3%，消息面上，涨2.07%，报118.4港元，成交额 46.63亿港元。 消息面上，8月6日，淘宝正式推出全新的大会员体系，打通饿了么飞猪盒马等阿里系资源，包含购物、 外卖、旅行、出行等权益，吃喝玩乐、衣食住行全面覆盖。88VIP用户权益将全面升级。这是饿了么、 飞猪并入中国电商事业群，阿里从电商走向大消费平台战略之后的标志性业务动作。 ...