Core Insights - The article discusses the introduction of a Verifiable Step Reward Mechanism (VSRM) aimed at addressing the issue of "overthinking" in models, particularly in mathematical reasoning tasks [6][12][23]. Group 1: Overthinking Problem - The phenomenon of overthinking is characterized by models providing multiple answers to simple problems, leading to incorrect conclusions due to ineffective reasoning steps [10][11]. - A case study highlighted that models often oscillate between correct and incorrect answers, resulting in erroneous final conclusions [10][12]. Group 2: VSRM Introduction - VSRM combines verifiable rewards with step-level rewards to encourage effective reasoning steps while penalizing ineffective ones, thus optimizing the reasoning process [12][20]. - The mechanism is designed to provide clear reward signals for each reasoning step, enhancing the model's ability to discern between effective and ineffective steps [20][23]. Group 3: Experimental Results - Experiments on common benchmarks demonstrated that VSRM significantly reduces output length while maintaining model performance, achieving a balance between efficiency and effectiveness [21][23]. - Ablation studies confirmed the effectiveness of the forward-looking window mechanism within VSRM, showing that it helps maintain exploration capabilities without sacrificing performance [22][23].

Core Viewpoint - The article discusses the launch of the "Gaode Street Ranking" by Gaode Map, which aims to create a more reliable local service evaluation system based on user behavior data and real reviews, directly competing with Meituan's Dazhong Dianping [3][12]. Group 1: Project Development and Launch - In June, a secret team of over 20 members was relocated to Alibaba's headquarters in Hangzhou to develop the Gaode Street Ranking, which was unveiled on September 10, coinciding with Alibaba's 26th anniversary [2][3]. - The Gaode Street Ranking is led by CEO Guo Ning and is based on user behavior data, incorporating the Sesame Credit system to filter out fake reviews, ensuring the ranking's authenticity [3][4]. Group 2: Competitive Landscape - The Gaode Street Ranking directly competes with Meituan's Dazhong Dianping, which has been a dominant player in the local service evaluation market for 22 years [9]. - On the same day as the Gaode Street Ranking's launch, Meituan announced the relaunch of its quality takeaway service, indicating a heightened competitive atmosphere [3][12]. Group 3: Evaluation Mechanism - The Gaode Street Ranking uses navigation behavior data and Sesame Credit scores to create a more dynamic and real-time evaluation system, contrasting with Dazhong Dianping's reliance on user-generated content and static monthly updates [4][5]. - The ranking updates daily based on real-time user behavior, while Dazhong Dianping updates its data monthly and annually [4][5]. Group 4: User Engagement and Market Strategy - Gaode Map aims to transition from being a mere traffic tool to becoming a starting point for consumer spending in local services, leveraging its vast user base of 1.7 billion daily active users [6][9]. - The company has initiated a "Smoke Fire Good Store Support Plan," committing over 1 billion in subsidies to encourage user visits to local businesses, particularly small and medium-sized shops [12][13]. Group 5: Future Outlook and Business Model - Gaode's strategy includes expanding its local service offerings and integrating with partners like Fliggy and Taobao to enhance user experience and drive traffic [19][20]. - The company has achieved profitability for the first time in Q3 2023, indicating a successful pivot towards local services, contrasting with the ongoing losses in its traditional navigation business [19][20].

9月11日，2025世界旅游合作与发展大会于2025年中国国际服务贸易交易会期间在首钢园举办。当前， 数字浪潮席卷全球，旅游业也随之迈入数智化变革的崭新阶段。在此次大会上，来自不同国家重点城市 的市长、国内外业界专家围绕传统旅游业如何破局数智化趋势、数智化促进入境游高质量发展等话题展 开深入交流。此外，会上还发布了《世界旅游目的地竞争潜力指数报告（2025）》和《世界旅游城市发 展报告（2024—2025）》，北京和上海均入选全球前20名竞争潜力城市。 北京入选世界旅游城市发展综合排名前5 会上，亚太旅游协会主席施明德发布了《世界旅游目的地竞争潜力指数报告（2025）》。北京商报记者 获悉，北京、上海入选全球前20名竞争潜力城市，分别排名第5位和第9位。 施明德介绍，具有竞争潜力的城市是指在旅游领域占据领先地位或正迅速崛起的旅游目的地。这类城市 不仅具备强大的游客吸引力与管理能力，还能增强经济韧性，激发创新活力，提升居民生活品质。 谈及北京的入选理由，施明德表示，北京是全球唯一一座既举办过夏季奥运会又举办过冬季奥运会的城 市，还拥有8处联合国教科文组织世界遗产。此外，科技创新正在深刻改变旅游体验。北京已经成功 ...

9月11日，中国饭店协会行业成果发布暨签约活动在服贸会举办。作为2025年服贸会的重要成果，会议 发布《住宿企业ESG管理体系要求》，获商务部认可。美团旅行作为ESG标准起草单位，积极践行ESG 治理，共同发布倡议，并获得标准证书。 中国饭店协会副会长丁志刚表示："住宿餐饮行业是扩大内需、拉动增长、促进消费的重要领域。"针对 新趋势，协会在积极培育新消费市场、提升行业含"绿"量，并以标准化引领高质量转型，促进AI+新消 费发展。 ▲中国饭店协会副会长丁志刚：提升行业含"绿"量，引领高质量转型（图源：中国饭店协会） 丁志刚表示，今天通过服贸会平台链接世界，面向全球分享"中国饭店协会首发首秀的研究成果和合作 项目"，聚焦"降碳、减污、扩绿、增长"，共同践行ESG治理体系，大力发展绿色饭店，协同推动数智 化转型，实现高质量发展。 美团酒店民宿事业部负责人何潇表示："美团旅行积极参与中饭协《住宿业企业 ESG 评价指南》《住宿 业企业 ESG 管理体系要求》标准建设，倡导更多酒店开启'低碳住'。通过科技驱动、行为引导和行业 协同，开创'平台+酒店集团'联合推进 ESG 实践新模式，构建'平台、酒店、用户'三位一体的绿 ...

Market Overview - On September 11, the Hang Seng Index fell by 0.43%, closing at 26,086.32 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 18.989 billion [1][3] - The total trading volume for the Stock Connect on September 11 was HKD 172.214 billion, with a net purchase of HKD 18.989 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 103.737 billion, with a net purchase of HKD 8.073 billion [1] - In the Shenzhen Stock Connect, the total trading volume was HKD 68.477 billion, with a net purchase of HKD 10.916 billion [1] Active Stocks - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 80.75 billion and a net purchase of HKD 29.46 billion, closing up by 0.35% [1][2] - Meituan-W had the highest net sell amount of HKD 9.36 billion, closing down by 5.06% [1][2] - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of HKD 43.575 billion and a net purchase of HKD 7.835 billion [2] - The top net purchase stock was Innovent Biologics, with a net purchase of HKD 0.847 billion, despite closing down by 2.51% [2] Summary of Key Stocks | Stock Code | Stock Name | Trading Volume (HKD million) | Net Purchase (HKD million) | Daily Change (%) | |------------|------------------|------------------------------|----------------------------|-------------------| | 09988 | Alibaba-W | 807.48 | 294.62 | 0.35 | | 03690 | Meituan-W | 618.38 | -93.59 | -5.06 | | 00981 | SMIC | 491.04 | 41.75 | 4.97 | | 01801 | Innovent Biologics| 253.79 | 84.73 | -2.51 | | 00700 | Tencent Holdings | 263.33 | -92.26 | -0.63 | [2]

Market Overview - On September 11, the Hang Seng Index fell by 0.43% with a total southbound trading volume of HKD 172.21 billion, including buy transactions of HKD 95.60 billion and sell transactions of HKD 76.61 billion, resulting in a net buy of HKD 18.99 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 68.48 billion, with buy transactions of HKD 39.70 billion and sell transactions of HKD 28.78 billion, leading to a net buy of HKD 10.92 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 103.74 billion, with buy transactions of HKD 55.91 billion and sell transactions of HKD 47.83 billion, resulting in a net buy of HKD 8.07 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading volume of HKD 124.32 billion and a net buy of HKD 37.30 billion, closing with a price increase of 0.35% [1][2] - Other notable stocks included Meituan-W and SMIC, with trading volumes of HKD 84.52 billion and HKD 80.43 billion, respectively [1] - Tencent Holdings had the highest net sell amount of HKD 11.51 billion, closing down by 0.63% [1][2] Continuous Net Buying and Selling - Alibaba-W and SMIC were the only two stocks with continuous net buying for more than three days, with Alibaba-W having a total net buy of HKD 371.43 billion over 15 days and SMIC with HKD 15.76 billion over 3 days [2] - Stocks with continuous net selling included Kangfang Biotech, Tencent Holdings, and Meituan-W, with total net sell amounts of HKD 17.48 billion, HKD 14.61 billion, and HKD 10.28 billion, respectively [2]

Core Insights - Meituan's AI products are entering a concentrated release phase in 2025, showcasing a variety of AI technologies at the China International Fair for Trade in Services [1][2] - The highlight of Meituan's exhibition is the "Meituan Xiaohuangfeng," an integrated indoor and outdoor intelligent delivery robot, designed for efficient and precise delivery in various environments [1][2] - Meituan emphasizes its commitment to AI development, focusing on enhancing employee efficiency and creating AI-native products for better service delivery [2] Group 1 - Meituan's participation in the trade fair marks its sixth year, featuring innovations such as drones, unmanned vehicles, and various AI applications [1] - The "Meituan Xiaohuangfeng" has successfully completed over 10,000 deliveries in pilot programs at locations like Shenzhen Bao'an Airport, making it the first robot to deliver food directly to boarding gates in controlled airport areas [2] - The company has introduced the "Longmao" model, which ranks among the industry's top, achieving faster computation and efficient applications through innovative architecture and training [2] Group 2 - Meituan's AI strategy includes three main components: improving employee efficiency with AI, developing AI-native products for B2B and B2C services, and building a robust internal language model to support AI applications [2] - A series of AI tools are set to be released, including the AI Coding Agent tool NoCode and the AI business decision assistant "Kangaroo Consultant" [2][3] - The C-end AI intelligent service is currently in the "closed building testing" phase and is expected to launch shortly [3]

Core Insights - Alibaba is leveraging its high-frequency traffic and platform advantages through the launch of the "Gaode Street Ranking" to penetrate the local lifestyle market, aiming to reshape the credit system based on user behavior data [1][4][9] - The competition in the local lifestyle sector is intensifying, with Meituan quickly responding by revamping its quality takeaway services and enhancing its user trust through AI and real reviews [7][8] Group 1: Alibaba's Strategy - The "Gaode Street Ranking" aims to create a non-manipulable ranking system that integrates user behavior and credit scores, addressing the long-standing issues faced by restaurant businesses regarding review credibility [2][4] - The ranking system will consider factors such as navigation visits, repurchase rates, and user demographics, with plans to introduce more niche rankings in the future [2][3] - Alibaba's previous attempts in the local lifestyle market have not significantly challenged Meituan's dominance, but the integration of Gaode's capabilities may provide a new opportunity for growth [4][9] Group 2: Competitive Landscape - Meituan has responded to the launch of the Gaode Street Ranking by reintroducing its quality takeaway service, emphasizing AI-driven real reviews and offering substantial consumer coupons [7][8] - The competition is not limited to Alibaba and Meituan; Douyin has also entered the local lifestyle market, achieving significant transaction volumes and posing a challenge to both companies [8][9] - Analysts suggest that both companies need to differentiate their services to avoid a homogenized user experience, as they both aim to optimize their respective ecosystems [9]

Summary of Meituan's Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Event**: Asia Leaders Conference 2025 - **Date**: September 5, 2025 - **Focus**: Food delivery competitive landscape, Instashopping growth, AI strategies, and financial outlook Key Points Industry and Competitive Landscape - **Food Delivery Competition**: Increased competition since June-July has significantly impacted unit economics due to elevated subsidy levels and higher delivery costs [5][7] - **Market Share**: Meituan aims to maintain its GTV market share leadership in the meal category, focusing on core users and extensive merchant coverage [5][7] - **Order Volume Growth**: Forecasted order volume growth of 13% for 3Q25 and 11% for FY25E, driven by industry-wide subsidies [5][7] Financial Performance and Projections - **EBIT Loss**: Expected food delivery EBIT loss of -Rmb22 billion for 2025E due to user subsidies [5][7] - **Instashopping Growth**: Anticipated order volume growth of 31% for 2025E, with an EBIT loss of -Rmb1.7 billion due to investments [6][7] - **Revenue Growth**: Projected IHT revenue growth of 13% year-over-year for 3Q25, with a 15% growth estimate for 2025E [8][7] Strategic Initiatives - **Instashopping and Xiaoxiang Supermarket**: Long-term GTV targets reiterated for both models by 2030E [5][7] - **AI and New Initiatives**: Focus on AI applications and expansion of Keeta, with expected losses from new initiatives of -Rmb2.3 billion for 3Q25E [8][7] Risks and Challenges - **Downside Risks**: Potential risks include intensified competition, labor cost inflation, food safety concerns, and larger-than-expected investments in Keeta [8][7] - **In-store Competition**: Stable competitive landscape, but impacted by macro factors and food delivery competition affecting margins [8][7] Market Outlook - **Long-term Confidence**: Despite near-term profit pressures, confidence remains in Meituan's local services leadership and recovery in profitability by 2026-27E [7][8] - **Price Target**: Buy-rated with a 12-month price target of HK$144, representing an upside of 39.8% from the current price of HK$103 [11][7] Financial Metrics - **Market Capitalization**: HK$642.5 billion / $82.4 billion [11][7] - **Revenue Projections**: Expected revenue of Rmb 337.6 billion for 2024, growing to Rmb 438.9 billion by 2027 [11][7] - **EBITDA and EPS**: Projected EBITDA of Rmb 49.1 billion for 2024, with EPS expected to be Rmb 7.03 in 2024 [11][7] Conclusion Meituan is navigating a challenging competitive landscape in food delivery while focusing on growth in Instashopping and leveraging AI strategies. The company remains optimistic about its long-term market position and profitability recovery, despite facing significant near-term challenges and risks.

Core Insights - The launch of Gaode's "Street Scanning List" represents a significant shift in the local service credit system, aiming to support offline dining and service consumption [1][26] - Meituan's reintroduction of Dazhong Dianping's quality takeaway service indicates a defensive strategy against Gaode's new offering, highlighting the competitive landscape in local services [1][2] Company Strategies - Gaode's "Street Scanning List" utilizes user behavior data to create a credible ranking system, contrasting with Dazhong Dianping's perceived decline in trustworthiness [18][19] - Meituan's reliance on Dazhong Dianping for revenue generation remains strong, despite the latter's reduced visibility and user engagement [5][7] - The competitive dynamics are shifting, with Gaode's focus on authenticity and user-generated data posing a direct challenge to Meituan's established market position [24][26] Market Positioning - Dazhong Dianping, once a leading UGC platform, has seen its influence wane post-acquisition by Meituan, which has gradually diminished its independent identity [3][12] - Meituan's market share in the takeaway segment is projected to be 65% in 2024, down from 74% in 2020, indicating a slight contraction but still maintaining a dominant position [8] - Gaode's strategy includes free merchant entry and AI-driven authenticity checks, aiming to create a more equitable platform for businesses compared to Meituan's fee structure [24][25] Consumer Trust and Engagement - The erosion of consumer trust in Dazhong Dianping is evident, with users increasingly skeptical of the platform's ratings and reviews, leading to a search for alternative dining recommendations [12][16] - Gaode's approach to integrating user navigation and behavior data into its ranking system aims to restore credibility in local service evaluations [19][25] - The shift towards a more transparent and user-driven evaluation system could redefine consumer engagement in the local services market [26]