Core Viewpoint - The release and implementation of the national standard "Basic Requirements for Service Management of Takeaway Platforms" (GB/T46862—2025) marks a significant milestone in the standardization process of the takeaway industry, with major platforms like Meituan and JD Takeaway committing to comply with the new regulations [1] Group 1: Industry Response - Major platforms Meituan and JD Takeaway have publicly announced their commitment to implement the new national standard, confirming their deep involvement in its formulation and discussion [1] - Both platforms expressed agreement with the principles established in the standard, which emphasize fair competition and strict adherence to food safety [1] Group 2: Implementation and Future Outlook - Meituan and JD Takeaway plan to integrate the standard's requirements into their existing operational management and service processes, aiming to enhance the management of merchants and delivery personnel [1] - The commitment from these platforms indicates a shift towards a more regulated and rational competitive environment in the takeaway industry, promoting high-quality and sustainable development while ensuring a fair market [1]

Core Viewpoint - The newly implemented national standard "Basic Requirements for Delivery Platform Services" aims to enhance service quality, ensure fair competition, and protect the rights of consumers, delivery personnel, and merchants in the food delivery industry [1][3][5]. Group 1: Implementation of National Standard - Major players in the food delivery sector, including Meituan, JD Delivery, and Taobao Flash Purchase, have announced their voluntary commitment to implement the national standard [1][3][5]. - The standard (GB/T 46862—2025) was developed with significant input from JD Delivery and Taobao Flash Purchase, who participated in its drafting and discussion [3][5]. Group 2: Objectives of the Standard - The standard emphasizes fair and rational competition, strict adherence to food safety, improvement of service quality, and coordination of interests among all parties involved [3][5]. - The implementation of this standard is seen as a catalyst for promoting regulated management, quality service, rational competition, and ecological win-win scenarios within the food delivery industry [3][5].

上述三大平台在声明中称，其各自作为标准起草单位之一，深度参与了本标准的研制、起草与论证工作。在标准制定过 程中，平台积极建言献策，充分参与核心条款讨论，对标准确立的公平理性竞争、严守食品安全底线、提升服务质量、 协调各方权益等核心理念高度认同。 在此，三平台声明：将自愿执行《外卖平台服务管理基本要求》国家标准，把标准要求系统融入平台运营管理和服务流 程之中，持续优化平台规则，提高商户与配送员服务管理水平，提升消费者体验，保障配送员、消费者和商户各方权 益。将以本标准实施为契机，积极助力推动外卖行业规范管理、品质服务、理性竞争、生态共赢。与社会各界一道，维 护公平有序的市场环境，助力餐饮外卖行业高质量、可持续发展。 12月5日，淘宝闪购、美团、京东三大外卖平台相继通过官方渠道发布声明，宣布自愿执行市场监管总局近日实施的 《外卖平台服务管理基本要求》（GB/T 46862-2025）推荐性国家标准。此举呼应了监管层规范行业发展的导向，为外 卖市场划定合规底线。 对于外界颇为关注的配送员权益保障不足问题，新规要求平台应合理限定配送员接单时长，建立连续接单后的疲劳提示 与强制休息机制，强调平台不得通过算法、冲单奖励方 ...

Core Viewpoint - Meituan has announced its commitment to continuously optimize platform rules and improve service management levels for merchants and delivery personnel following the implementation of the national standard "Basic Requirements for Delivery Platform Service Management" (GB/T 46862—2025) [1] Group 1: Standard Participation - Meituan was one of the drafting units for the new national standard and actively contributed to its development, including discussions on core clauses [2] - The company highly agrees with the core principles established by the standard, which include fair and rational competition, strict adherence to food safety, enhancement of service quality, and coordination of interests among all parties [2] Group 2: Implementation Commitment - Meituan has pledged to voluntarily implement the national standard and integrate its requirements into platform operations and service processes [1] - The company aims to continuously optimize platform rules to enhance the management of merchants and delivery personnel, improve consumer experience, and safeguard the rights and interests of delivery personnel, consumers, and merchants [1]

Core Viewpoint - Major food delivery platforms, including Meituan, JD.com, and Taobao, have announced their voluntary commitment to implement the newly released national standard for food delivery platform service management, aiming to enhance service quality and protect the rights of consumers, merchants, and delivery personnel [1][4]. Group 1: Implementation of National Standards - JD.com, as one of the drafters of the national standard GB/T 46862—2025, has actively participated in its development and supports its core principles, which include fair competition, food safety, service quality improvement, and coordination of stakeholder rights [4]. - The company will integrate the standard requirements into its operational management and service processes, continuously optimizing platform rules to enhance the management of merchants and delivery personnel [4]. Group 2: Industry Impact - The implementation of this standard is seen as a catalyst for promoting regulatory management, quality service, rational competition, and ecological win-win scenarios within the food delivery industry [4]. - The commitment from these platforms is expected to contribute to a fair and orderly market environment, supporting the high-quality and sustainable development of the food delivery sector [4].

Core Viewpoint - The competition among Alibaba, Meituan, and JD.com in the discount supermarket sector is intensifying, with Hema's "Super Box" launching a franchise model to accelerate expansion, indicating a shift from online food delivery battles to offline discount wars [1][4][10]. Group 1: Market Dynamics - Hema's "Super Box" has opened franchise opportunities, with initial fees around 2.65 million yuan, including various costs for branding, deposits, renovations, and equipment [1]. - The discount supermarket model focuses on "extreme cost compression and constant low prices," with a significant emphasis on price sensitivity among consumers [3][6]. - The competition is not just about pricing but also involves product quality and freshness, with a notable focus on private label products to differentiate offerings [5][6]. Group 2: Expansion Strategies - Hema's "Super Box" has rapidly expanded to over 350 stores in the Yangtze River Delta region, while Meituan's "Happy Monkey" and JD's discount supermarkets are also entering the market with their own expansion plans [3][4]. - Meituan is adopting a gradual expansion strategy without opening franchise opportunities, while Hema's franchise model aims for quick scale [4][10]. - The competition is characterized by a race for speed and scale, with all three companies leveraging their existing ecosystems to capture market share [8][9]. Group 3: Pricing and Product Strategy - Hema's "Super Box" emphasizes private label products, with nearly 60% of its offerings being self-branded, which helps in maintaining lower prices [6][7]. - The pricing strategy involves a cost-backward approach, where the actual costs of production and logistics are analyzed to set competitive prices [7]. - The average gross margin for discount supermarkets is around 15%, highlighting the importance of a simplified supply chain and lower margins for operational success [7]. Group 4: Challenges and Risks - The rapid expansion through franchising presents challenges in supply chain management and maintaining product quality and service standards across different locations [10]. - Hema must implement strict franchisee selection and training processes to ensure consistent operational standards and mitigate brand reputation risks [10].

Core Viewpoint - The market regulatory authority has approved the release of a recommended national standard for food delivery platform service management, focusing on platform fees, promotional activities, competition order regulation, and delivery personnel rights protection [1] Group 1 - The new national standard titled "Basic Requirements for Food Delivery Platform Service Management" has been officially approved [1] - The standard emphasizes the regulation of platform fees and promotional behaviors to enhance competition order [1] - The standard also aims to strengthen the protection of delivery personnel's rights [1] Group 2 - Meituan, as one of the drafting units, has announced its commitment to implement the national standard [1] - Meituan has been deeply involved in the research, drafting, and validation of this standard [1]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.75%, Green Power Environmental (01330) at 69.12%, and Haotian International Construction Investment (01341) at 68.59% [1][2] - Alibaba-W (09988), Meituan-W (03690), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +3.691 billion, +1.948 billion, and +1.239 billion respectively [1][2] - The companies with the largest decreases in holding amounts over the last five trading days include Zijin Mining (02899) with a decrease of -1.162 billion, SMIC (00981) with -0.924 billion, and China Mobile (00941) with -0.458 billion [1][3] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show that China Telecom has 10.096 billion shares, Green Power Environmental has 0.280 billion shares, and Haotian International Construction Investment has 7.440 billion shares [2] - The top 10 companies with the largest increases in holdings over the last five trading days include ZTE Corporation (00763) with +0.860 billion, China Merchants Bank (03968) with +0.809 billion, and UBTECH (09880) with +0.557 billion [2] - The top 10 companies with the largest decreases in holdings over the last five trading days include China Construction Bank (00939) with -0.452 billion, Southern Hengtong Technology (03033) with -0.445 billion, and Lenovo Group (00992) with -0.403 billion [3]

Core Insights - The intense competition among Meituan, JD.com, and Alibaba in the food delivery sector has led to a combined loss of nearly 100 billion yuan in profits over the past six months, marking one of the most costly battles in Chinese internet history [1][4][7] - The third quarter saw unprecedented levels of platform subsidies, resulting in significant financial losses for all three companies, with Meituan reporting its largest quarterly loss since its IPO [1][4][12] Financial Performance - Meituan experienced a quarterly loss of approximately 448 million yuan, while Alibaba's e-commerce business saw a staggering 85% year-on-year decline in operating profit [1][4] - JD.com reported a 108% year-on-year drop in overall operating profit, indicating severe financial strain across the board [1][4] - Marketing expenditures surged dramatically, with Alibaba and JD.com increasing their spending by 106% and 110% respectively, while Meituan's marketing costs rose by 91% [4][12] Market Dynamics - The oligopolistic structure of the food delivery market is beginning to shift, with Meituan's market share expected to drop to around 65% in 2024, a decline of nearly 20% from previous levels [4][7] - The competition is not just about food delivery; it serves as a strategic entry point for e-commerce growth, with JD.com and Alibaba leveraging food delivery to drive traffic to their core retail businesses [7][12] User Engagement and Growth - Despite the financial losses, user engagement metrics have shown positive trends, with JD.com's food delivery GMV experiencing triple-digit growth and a nearly 50% conversion rate for new users [7][12] - Meituan's daily active users increased by over 20% year-on-year, indicating a strong user base despite the competitive pressures [7][12] Strategic Shifts - The companies are recognizing the unsustainable nature of the price war, with a collective call to resist "disorderly competition" in the food delivery sector [22][24] - JD.com is reportedly adjusting its strategy by launching an independent app for food delivery and focusing on improving unit economic costs [22][24] - Alibaba plans to significantly reduce its investment in flash sales in the upcoming quarter, indicating a shift towards more sustainable practices [22][24]

Key Points - The top three stocks with net inflows from southbound funds are Meituan-W (03690) with 592 million, Yingfu Fund (02800) with 450 million, and Xiaomi Group-W (01810) with 383 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -383 million, Zijin Mining (02899) with -284 million, and Hua Hong Semiconductor (01347) with -138 million [1][2] - In terms of net inflow ratio, the top three are Wisdom Hong Kong 100 (02825) at 100.00%, Southern East-West Select (03441) at 87.01%, and Qingdao Bank (03866) at 67.97% [1][3] - The top three stocks with the highest net outflow ratios are Anhui Wanshan Expressway (00995) at -76.47%, Winner Fashion (03709) at -74.17%, and Beijing Capital International Airport (00694) at -59.27% [1][4] Net Inflow Rankings - Meituan-W (03690) had a net inflow of 592 million, representing a 7.56% increase in its closing price to 96.500 [2] - Yingfu Fund (02800) saw a net inflow of 450 million, with a closing price of 26.240, reflecting a slight increase of 0.15% [2] - Xiaomi Group-W (01810) experienced a net inflow of 383 million, closing at 40.700, up by 0.99% [2] Net Outflow Rankings - Tencent Holdings (00700) had a net outflow of -383 million, with a closing price of 617.000, down by 0.40% [2] - Zijin Mining (02899) recorded a net outflow of -284 million, closing at 32.720, up by 1.24% [2] - Hua Hong Semiconductor (01347) faced a net outflow of -138 million, with a closing price of 72.800, down by 2.80% [2] Net Inflow Ratio Rankings - Wisdom Hong Kong 100 (02825) achieved a net inflow ratio of 100.00%, with a net inflow of 6.136 million and a closing price of 30.500, up by 0.93% [3] - Southern East-West Select (03441) had a net inflow ratio of 87.01%, with a net inflow of 9.8862 million and a closing price of 10.450, up by 0.19% [3][4] - Qingdao Bank (03866) recorded a net inflow ratio of 67.97%, with a net inflow of 9.4613 million and a closing price of 4.010, down by 1.23% [4]