Core Viewpoint - Alibaba and Meituan have initiated a new competitive front, with Alibaba's Gaode Map launching the "Gaode Street Ranking," a behavior-based ranking system aimed at supporting offline dining and service consumption, emphasizing that the ranking will "never be commercialized" [4][6]. Summary by Sections Gaode "Street Ranking" Implementation - Gaode's approach leverages large-scale verifiable "behavior data," with 170 million daily users contributing to a sample pool through searches, collections, navigation, and visit trajectories [11]. - Key factors include store visit numbers, repurchase rates, purpose-driven visits, and local versus national appeal, which differ from traditional UGC reviews that rely on subjective ratings [11]. - The ranking system incorporates a credit evaluation weighted by Sesame Credit and employs AI risk control to filter noise, with various rankings updated daily based on dynamic data [11]. Commercial Intentions Behind the Ranking - The ranking aims to rebuild trust by establishing a new standard based on trajectories and credit, transforming "good stores" into reusable credit assets [12]. - Gaode seeks to expand its offline entry points, with daily searches exceeding 120 million and restaurant coverage over 7 million, transitioning from a "tool" to a "decision-making" platform [12]. - The initiative includes a "Good Store Support Plan" with over 1 billion yuan in subsidies and incentives to drive foot traffic to stores, indicating a direct intervention in offline consumption [12]. Competitive Landscape with Meituan - The Gaode Street Ranking fits into Alibaba's broader strategy to compete with Meituan, with Taobao Flash Sale corresponding to Meituan's delivery services, and Fliggy targeting Meituan's travel segment [17][18]. - Taobao Flash Sale combines e-commerce with instant fulfillment, leveraging Alibaba's supply chain to address Meituan's SKU breadth and product strength [18]. - Fliggy aims to integrate e-commerce advantages into travel services, potentially enhancing Alibaba's competitiveness in the travel sector against Meituan [19]. Strengths and Weaknesses of the Ranking System - The ranking's strength lies in its reliance on actual consumer behavior, providing a more accurate reflection of popularity compared to traditional review systems [20]. - However, the data may not always lead to correct consumption decisions, as trending restaurants may not necessarily offer quality food [20]. - Meituan's advantages remain in delivery density and community engagement, but if Gaode's standards gain traction, Alibaba could increasingly challenge Meituan's market position [20].

张春艳 校对胡妍璐 美团"明厨亮灶"食品安全社会共治项目具有三方面明显特色。一是对平台主体责任进行了新拓展。之前 的"互联网+明厨亮灶"推广工作，侧重于由政府部门搭建平台、提供服务，属于"要我做"；美团"明厨亮 灶"食品安全社会共治项目由网络餐饮平台发起，主动将明厨亮灶纳入平台管理、嵌入点餐环节，有效 提升了食品安全社会共治的时效性、有效性和系统性，属于"我要做"，对于拓展平台主体责任、防范食 品安全风险，具有重要的推动作用。二是为商户诚信合规有序竞争提供了新赛道。美团"明厨亮灶"食品 安全社会共治项目，为广大餐饮商户提供了主动接受社会监督的新渠道，更是开辟了诚信竞争、合规竞 争、有序竞争的新赛道；餐饮商户可以通过该项目，主动公开食品加工制作过程，主动晒出诚信合规经 营底色，主动接受社会各界监督，更好地以安全、品质、服务赢得竞争、赢得市场、赢得口碑。三是让 消费者高效监督得到了新体验。美团"明厨亮灶"食品安全社会共治项目，把消费者点餐和消费者监督融 合在同一平台、同一场景、同一环节，进一步贴合了消费者的使用习惯，进一步优化了食品安全社会监 督的应用场景，进一步丰富了食品安全社会监督的实现渠道。 现场美团平台还 ...

Group 1 - UBS reports that Alibaba's Gaode Map has launched the "Gaode Street Ranking" feature, utilizing AI to rank local businesses based on user behavior metrics such as navigation visits and repurchase rates [1] - The ranking system integrates user data from Alipay to enhance accuracy and is initially covering over 300 cities, providing recommendations for 1.6 million local merchants [1] - Gaode is investing 1 billion RMB in platform subsidies to encourage user participation, which is expected to generate an additional 10 million user visits daily for local merchants [1] Group 2 - The upgrade of Gaode reflects Alibaba's ambition in local life services, contrasting with Meituan's focus on local search [2] - Gaode currently has 170 million daily active users, processing over 120 million searches and 13 million local merchant navigations daily, while Dazhong Dianping has 33 million daily active users [2] - The expansion of Ele.me's merchant base is expected to accelerate, leveraging Gaode's location-based services to better target small and medium-sized merchants, particularly in lower-tier cities [2] Group 3 - The upgrade indicates a dynamic competitive landscape in local life services, with a shift from food delivery to in-store services [3] - The focus for the fourth quarter is expected to shift towards non-food instant retail and in-store services, especially during the Golden Week [3] - UBS remains optimistic about Alibaba's long-term value release potential, while maintaining confidence in Meituan's competitive position [3]

到店业务方面，展现了阿里对本地生活服务野心。阿里继加大对外卖与即时零售的投资后，该行认为高 德的升级是其进军到店业务的第一步，与美团-W(03690)大众点评以本地搜索为主的模式形成对比。据 Quest Mobile数据，高德目前拥有1.7亿日活跃用户，每日处理超过1.2亿次搜索及1,300万次本地商户导 航，而大众点评日活为3,300万(约高德五分之一)，不过美团在本地服务的用户心智、累积评价及商户关 系上仍有优势。该行会继续关注高德在本地生活服务的进展，包括即将试点推出的到店团购功能(部分 城市已开始测试)。 外卖方面，瑞银指阿里旗下饿了么的商户拓展有望加速。渠道调查显示，美团外卖覆盖餐厅约560万 间，饿了么则为340万间，两者差距明显(Quest Mobile数据)。基于高德的LBS(定位服务)与用户行为数 据，或有助饿了么更有效拓展中小型商户，特别是在三、四线城市，有望缩小与美团的商户供给差距。 就高德长远变现潜力。虽然初期仍以非变现为主，但若高德措施成功落实，预计用户流量增长将在未来 带来广告、品牌标注等变现机会。现时高德仍归入阿里"其他"板块，截至6月季度仍录得亏损14亿元人 民币。 智通财经A ...

Market Overview - The Hong Kong stock market indices collectively declined, ending a four-day rally, with the Hang Seng Index dropping 0.43% to close just above 26,000 points [1] - The Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index fell by 0.43%, 0.73%, and 0.24% respectively [2] Sector Performance - Large technology stocks generally fell, with Meituan dropping over 5%, and other major players like Bilibili and Baidu also experiencing declines [5] - Semiconductor stocks showed strong gains, with notable increases in Shanghai Fudan and SMIC, driven by robust demand in the AI sector [6][7] - The copper and aluminum sectors performed actively, supported by expectations of a Federal Reserve interest rate cut [3][9] Notable Stocks - Meituan's stock price fell to 96.55, down 5.06%, with a market capitalization of 590.03 billion [6] - Semiconductor stocks like Shanghai Fudan and Huahong Semiconductor saw increases of over 5% and 4% respectively, reflecting strong market interest [7] - Apple-related stocks surged, with Hongteng Precision rising over 12% following the launch of new iPhone models [8] Biopharmaceutical Sector - The biopharmaceutical sector faced significant declines, with companies like Gilead Sciences and Hansoh Pharmaceutical dropping nearly 20% and 9% respectively, amid reports of potential U.S. restrictions on Chinese pharmaceuticals [10][11] Investment Trends - Southbound funds recorded a net inflow of 18.99 billion HKD, indicating continued interest in Hong Kong stocks [12] - Analysts suggest that the Hong Kong market's low valuations and improving asset quality may attract more foreign investment, particularly in the internet sector [14]

Summary of Key Points Core Viewpoint - As of September 11, a total of 127 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - Kaizhi International (02122) with a high rate of 98.05% and a closing price of 0.305 [1] - Green Heart Group (00094) with a high rate of 35.80% and a closing price of 0.080 [1] - Vision Holdings (00862) with a high rate of 33.33% and a closing price of 0.056 [1] Group 2: Additional Notable Stocks - Other notable stocks that reached their 52-week highs include: - KFM Kind (03816) with a high rate of 24.14% and a closing price of 0.530 [1] - Deutsche Commercial Property Services (02270) with a high rate of 20.00% and a closing price of 2.960 [1] - Xiangke Electric (02381) with a high rate of 19.17% and a closing price of 0.140 [1] Group 3: 52-Week Low Performers - The 52-week low performers include: - Oriental Payment Group Holdings with a closing price of 0.062 and a low rate of -7.69% [4] - Meizhong Jiahe with a closing price of 3.050 and a low rate of -6.25% [4] - TL Natural with a closing price of 0.244 and a low rate of -5.62% [4]

Core Insights - The main challenge for Meituan is not the aggressive competition from Alibaba and Douyin, but rather its ability to break path dependence and find its position in the new round of "platform migration" [1][15][16] Group 1: Competitive Landscape - Alibaba's launch of the "Gaode Street Ranking" aims to establish a new credit system for offline services, posing a significant threat to Meituan's core business [1][9] - The competition in the flash purchase market has intensified, with major players like JD and Taobao aggressively advertising, impacting Meituan's market position [2][3] - Meituan's net profit has decreased by 89% year-on-year, despite record user transaction frequency and peak order volumes in instant retail [3][4] Group 2: Business Performance - Meituan's in-store business saw over 40% year-on-year growth in order volume during Q2 2025, indicating a potential area for recovery despite challenges in the flash purchase sector [3][4] - The in-store and travel business contributed significantly to Meituan's operating profit, with a reported operating profit of 141 billion yuan, which is 2.27 times that of its takeaway business [3][4] Group 3: Strategic Challenges - The introduction of the "Gaode Street Ranking" could undermine Meituan's existing business model, particularly its in-store services, which are crucial for profitability [4][10] - Meituan faces a dilemma of either defending its current business or innovating to adapt to new market dynamics, as highlighted by the concept of the "in incumbents' dilemma" [12][13][15] - The need for Meituan to evolve and potentially create a new growth narrative is emphasized, as the existing business model may not suffice in the face of emerging competition [15][17]

Group 1 - The 2025 China International Service Trade Fair opened in Beijing, with the theme "Digital Intelligence Leading, Service Trade Renewed," showcasing Meituan's innovations in technology and retail services [1] - Meituan presented its latest integrated indoor and outdoor intelligent delivery robot, "Meituan Xiaohuangfeng," along with various AI products, attracting significant attention from attendees [1][2] - The company aims to leverage its technological and digital advantages to enhance product offerings and retail service scenarios, ultimately improving consumer experiences [1] Group 2 - "Meituan Xiaohuangfeng" is designed for end-point instant delivery in semi-closed environments, demonstrating advanced capabilities in multi-modal perception and navigation, with over 10,000 deliveries completed in pilot programs [2] - Meituan has established 64 drone delivery routes across cities like Shenzhen, Beijing, and Dubai, achieving over 600,000 deliveries since the launch of its urban low-altitude logistics network [2] - The company introduced AI tools for small and medium-sized restaurants, such as the "Intelligent Store Manager," which assists with phone calls, data analysis, and site selection using AI algorithms [3] Group 3 - Meituan's AI digital employees, including roles like business manager and customer service specialist, are designed to streamline operations for retail businesses, with over 50,000 educational training stores utilizing the customer service role [3] - The demand for convenience and timeliness in shopping is driving the expansion of instant retail scenarios, with Meituan offering a variety of products for delivery within 30 minutes [3]

周三，阿里巴巴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"，被视为阿里发 力本地生活服务市场的最新举措。 据追风交易台消息，摩根士丹利分析师Gary Yu、Joanne Lau等在最新研报中指出，"高德扫街榜"的模式 和美团大众点评高度相似，此举是阿里重新发力到店业务的明确信号，将重塑本地生活服务领域的竞争 格局。 分析师认为，阿里在本地服务领域的扩张可能导致按需服务竞争延伸至店内服务，将对美团的利润率造 成进一步压力。 大摩表示，在中国电商巨头中首选阿里巴巴，鉴于竞争升级，下调对美团到店业务的长期盈利能力预 测，预计其核心本地商业分部的经营亏损可能因此扩大。 此举标志着阿里巴巴在本地生活领域的布局更加完整，从外卖、即时零售（快送电商）延伸至利润空间 更广阔的到店业务。报告称，推出"高德扫街榜"只是第一步，预计未来将有更多相关服务和产品上线。 与此同时，高德还启动了"烟火好店支持计划"，通过发放超10亿元补贴等措施，鼓励用户到店消费，希 望每天能为线下餐饮及其他服务业多带去1000万客流。 报告指出，配合同步推出的10亿元激励计划，阿里的意图在于快速激活高德平台上的消费潜力，形成新 的增长 ...

Group 1 - The new Apple Watch is available for pre-order on Meituan's flash purchase platform, with consumers in Beijing able to reserve it at a national subsidy price [1] - This marks the first time national subsidies have been applied to Apple products through an instant retail platform, offering consumers a "30-minute national subsidy new product delivery" experience [3] - The national subsidy policy has expanded to instant retail platforms this year, significantly boosting digital consumption, with mobile phone sales on Meituan's platform increasing threefold and Apple store sales more than doubling since the subsidy implementation [3] Group 2 - As the instant retail platform becomes a key channel for purchasing digital products, the launch of Apple products this year features new highlights, including the first-time application of national subsidies [3] - Meituan's flash purchase has introduced a dedicated IP for the launch of consumer electronics, "Meituan Lightning New Products," providing preferential traffic and resource exposure to help brands gain additional business growth through "instant retail product launches" [3]