6月16日，饿了么宣布全面升级"优店腾跃计划"，再投入逾10亿元，加码抢滩品质外卖商家。 有业内人士认为，传统粗放式经营模式已经无法满足市场需求，类似的创新模式正在促进外卖行业进入 精细化、规范化发展的新阶段。与此同时，外卖"补贴大战"在短期内还将继续，但补贴数量和力度可能 会慢慢缩减。外卖"补贴大战"本质是围绕外卖流量到即时零售转化的竞争，核心是争夺用户的即时消费 场景，抢占本地生活服务的"最后一公里"高地。 中国企业资本联盟副理事长柏文喜认为，外卖行业的竞争焦点会逐渐从"流量+补贴"转向"供给+体验"， 品质外卖将会成为行业的新战场。除此之外，即时零售对供应链时效性与稳定性要求极高，各大平台需 进一步优化管理，确保供应稳定，并避免库存积压或缺货等问题，这对企业的供应链能力提出更高要 求。也有券商机构认为，外卖等新业务的投入预计将对电商平台短期的利润释放造成一定压力。 值得注意的是，其他外卖平台也同样在发力类似的品牌商家扶持计划，实现更高的"品质"。 近日，据"京东黑板报"公众号消息，京东外卖正式上线4个月，已有近200个餐饮品牌在京东外卖上销量 突破百万。同时，京东外卖宣布正式启动"双百计划"，投入超百亿 ...

Core Viewpoint - Zhengzhou Market Supervision Administration conducted administrative talks with three major food delivery platforms, requiring them to maintain a fair and orderly online market operation order [1] Group 1: Compliance and Responsibility - Platforms must enhance their sense of compliance and urgency in operations, ensuring strict qualification reviews and completing a comprehensive re-examination of merchant qualifications within a specified timeframe [1] - There is a focus on cleaning up illegal merchants, including those operating without licenses or using fraudulent licenses, and establishing a dynamic verification mechanism to ensure legal compliance [1] Group 2: Food Safety and Operational Standards - Platforms are required to strengthen food safety management by promoting "Internet + Bright Kitchen" online displays and achieving full coverage of "food safety seals" [1] - Strict adherence to delivery box cleaning and disinfection protocols is mandated to ensure safety during the delivery process [1] Group 3: Consumer Rights and Fair Competition - Platforms must standardize operational behaviors, prohibiting price fraud practices such as fictitious original prices and forced bundling, while ensuring clear labeling of product specifications and pricing units [1] - There is an emphasis on optimizing consumer rights protection mechanisms, including establishing a rapid online dispute resolution channel and prioritizing food safety complaints [1] - The platforms are instructed to maintain fair competition by eliminating practices such as fake reviews, malicious price cuts, and ensuring transparency in platform rules and penalties for violations [1]

Market Overview - On July 22, the Hang Seng Index rose by 0.54%, closing at 25,130.03 points, with a total net inflow of HKD 2.717 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 162.832 billion, with a net buy of HKD 2.717 billion [1] Southbound Trading Details - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 103.231 billion with a net buy of HKD 2.985 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 59.600 billion with a net sell of HKD 0.267 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Dongfang Electric with a trading volume of HKD 4.374 billion, followed by Huaxin Cement and Tencent Holdings with trading volumes of HKD 3.489 billion and HKD 2.647 billion, respectively [1] Stock Performance - China Life had the highest net buy amount of HKD 0.879 billion, with a closing price increase of 4.23% [1] - Semiconductor Manufacturing International Corporation (SMIC) recorded the highest net sell amount of HKD 0.267 billion, with a closing price increase of 2.75% [1] Shenzhen-Hong Kong Stock Connect Highlights - In the Shenzhen-Hong Kong Stock Connect, SMIC led in trading volume with HKD 1.979 billion, followed by Meituan and Alibaba with trading volumes of HKD 1.833 billion and HKD 1.739 billion, respectively [2] - SMIC also had the highest net buy amount of HKD 0.779 billion, while Tencent Holdings had the highest net sell amount of HKD 0.373 billion, with a closing price increase of 0.86% [2] Active Stocks Summary - The top active stocks in the southbound trading on July 22 included: - Dongfang Electric: Trading volume of HKD 4.374 billion, net buy of HKD 0.165 billion, price change of -2.84% [2] - Huaxin Cement: Trading volume of HKD 3.489 billion, net buy of HKD 0.313 billion, price change of -15.05% [2] - Tencent Holdings: Trading volume of HKD 2.647 billion, net buy of HKD 0.027 billion, price change of 0.86% [2] - SMIC: Trading volume of HKD 2.590 billion, net sell of HKD 0.267 billion, price change of 2.75% [2] - China Life: Trading volume of HKD 1.919 billion, net buy of HKD 0.879 billion, price change of 4.23% [2]

从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W、 中芯国际，连续净买入天数分别为4天、4天。以其间净买入金额统计，净买入金额最多的是中芯国际， 合计净买入为11.76亿港元，其次是阿里巴巴-W合计净买入为5.78亿港元。（数据宝） 7月22日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02628 | 中国人寿 | 191863.98 | 87850.80 | 4.23 | | 00939 | 建设银行 | 202947.92 | 75542.83 | -1.19 | | 00981 | 中芯国际 | 456868.79 | 51150.55 | 2.75 | | 03690 | 美团-W | 400715.04 | 38247.29 | -1.38 | | 06655 | 华新水泥 | 482203.23 | 33955.91 | -15.05 | | 03339 | 中国龙工 | 327254.27 | 26330.16 | ...

Core Viewpoint - The competition in the embodied intelligence sector is intensifying, with major players like JD.com and Meituan making significant investments to secure their positions in the market [2][10]. Group 1: JD.com's Strategic Moves - JD.com has made substantial investments in three leading robotics companies: Qianxun Intelligent, Zhujidongli, and Zhongqing Robotics, signaling its strong commitment to the embodied intelligence sector [3][4]. - The investments are not merely financial; they are strategic acquisitions aimed at enhancing JD.com's capabilities in robotics, focusing on core competencies necessary for future robotic applications [4][5]. - JD.com aims to build a comprehensive robotics ecosystem through its "JoyInside" platform, which integrates AI capabilities into various hardware, thereby lowering development barriers for hardware manufacturers [7][8]. Group 2: Industry Dynamics - The embodied intelligence market is projected to grow significantly, with estimates suggesting a market size exceeding $1.7 trillion by 2050, driven by advancements in e-commerce, logistics, and delivery [10][11]. - Despite the optimistic outlook, challenges remain in commercializing these technologies, including high costs and the need for scalable, verifiable applications [10][11]. - The competition is characterized by a "game of giants," where large companies leverage their resources to absorb R&D costs and enhance operational efficiency, while smaller firms may seek acquisition or niche market opportunities [11][13]. Group 3: Market Performance - JD.com reported a threefold increase in self-operated sales of smart robots during the 618 shopping festival, with embodied intelligence robot sales soaring by 17 times, highlighting its dual role as both a technology user and a sales channel [12].

21世纪经济报道记者孔海丽 北京报道 外卖大战仍未熄火，京东、美团都搞起了实体集合店。 记者于11点50分在七鲜小厨下了一单自提订单，单号已经排到了300多。到12点半，出餐单号到了200出 头。由于外卖订单实在太多，有的外卖员只能和顾客商讨取消事宜。 据现场的工作人员介绍，昨天还没这么多人，可能是今天大家听说了"京东首家外卖店"的消息，订单量 突然大了起来。 一位外卖骑手给记者展示的接单页面显示，他在七鲜小厨共接了3单，但单号之间的顺序相隔较远，有 一单是270多号，有一单是330多号，而这两单之间的配送距离相距11公里，在有效配送时限内送达已经 是不可能完成的任务。 现场不少自提的消费者告诉记者，他们也是昨天才听说这家新开的店。一位中年女性消费者表示，她想 来现场看看，到底是不是现炒，尝尝味道如何。 京东开的店，或许可以理解为现炒集合店，对外招揽招牌菜，七鲜小厨现炒现做，由京东提供生鲜食 材、洗切装配，24小时后厨直播。 刘强东曾在618前夕的分享中提到，"再过一个月，京东外卖很快就会出现一个跟美团完全不同的商业模 式"。七鲜小厨被认为是这一模式的具体落地。 22日下午，21世纪经济报道记者发现，京东的首 ...

(含) 南城香 83 新疆 ST 和分分 Foreifica Frankland Collins 排球器 BAN31AWG HD #ZW 故心吃肉饼 平样麻辣烫 t 12:20 [ (發) 版 宏狀元 －现終第一 更開 調 家 点 皮 版 绝味鸭脖 夸父炸串 店 to the 王建"十字 李先生 金十数据7月22日讯，美团官微发布消息，即日起，拼好饭正式启动"万家品牌"计划，将为全国1万家知名餐饮品牌提供流量倾 斜、联合定制服务和品牌扶持等，共同服务好消费者。目前，入驻拼好饭的餐饮品牌已经超过5000个。截至2025年7月，全国已 有超百万商家上线运营，拼好饭日订单量峰值超过3500万单。 等你提名 更多品牌, 美团：拼好饭启动"万家品牌"计划 ...

Core Viewpoint - The article discusses the ongoing competition among food delivery platforms, highlighting that large subsidies and promotional offers have not diminished despite regulatory scrutiny. The competition has shifted from a short-term battle to a more cyclical and normalized state, particularly affecting the tea beverage industry [1][2][3]. Group 1: Market Dynamics - The market has seen a transition from intense competition to a more regularized form, with tea beverages becoming a key tool for platforms to increase order volume [4][5]. - The expectation of a "win-win-win" scenario for platforms, merchants, and consumers has not been realized, leading to questions about the role of tea brands in this competitive landscape [6][7]. - The current phase of the competition is characterized by direct confrontations among platforms, with a focus on increasing order volumes and reducing the effectiveness of competitors' promotions [13][14]. Group 2: Merchant Perspective - Merchants face a lack of transparency regarding the costs associated with promotional orders, as platform subsidies are often tied to merchant discounts [9][10]. - The burden of promotional costs is shared between merchants and platforms, with merchants typically bearing a significant portion of the costs [11][12]. - The influx of low-priced orders has led to a decline in normal sales, with many merchants reporting that a large percentage of their orders are now promotional [22][23]. Group 3: Financial Implications - The tea beverage industry has seen significant order growth due to platform subsidies, with leading brands benefiting the most due to their strong supply chain capabilities [27][28][29]. - However, the financial burden on brands is increasing, as they often have to share a larger portion of the promotional costs over time [38][39]. - The average price of tea beverages has decreased from 15-20 yuan to 10-15 yuan, leading to a decline in industry profit margins from 21.4% in 2023 to 14.7% in 2024 [46]. Group 4: Competitive Landscape - The competitive environment is becoming increasingly challenging, with a high rate of store openings and closures indicating a struggle for profitability among tea brands [49]. - The reliance on platforms for order volume is raising operational costs and may lead to a decline in efficiency for offline operations [50][51]. - The article suggests that the ongoing price competition may lead to a market correction in the future, but brands that prioritize sales may continue to offer additional subsidies [57][58].

Group 1 - On July 22, 2025, the top three companies by trading volume in the Hong Kong Stock Connect (southbound) were Dongfang Electric (01072) with a trading volume of 4.374 billion, Huaxin Cement (06655) with 3.489 billion, and Tencent Holdings (00700) with 2.647 billion [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), the top three companies by trading volume were SMIC (00981) with 1.979 billion, Meituan-W (03690) with 1.833 billion, and Alibaba-W (09988) with 1.739 billion [1] Group 2 - The top active companies in the Hong Kong Stock Connect (southbound) included Dongfang Electric (01072) with a net buy of 0.165 billion, Huaxin Cement (06655) with 0.313 billion, and Tencent Holdings (00700) with 0.271 billion [2] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981) had a net buy of 0.779 billion, while Meituan-W (03690) had a net sell of 0.050 billion [2]

| 6.08亿 | 4.51亿 | 10.59亿 +1.57亿 | | --- | --- | --- | | 小米集团-W 5.07亿 | 5.00亿 | 10.07亿 +670.13万 | | 中国龙工 4.09亿 | 4.10亿 | 8.18亿 -86.81万 | | 康方生物 HK 09926 HK 01810 HK 03339 | | | 智通财经APP获悉，7月22日港股市场，北水成交净买入27.17亿港元，其中港股通(沪)成交净买入29.85 亿港元，港股通(深)成交净卖出2.67亿港元。 北水净买入最多的个股是中国人寿(02628)、建设银行(00939)、中芯国际(00981)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 22.70亿 | 21.05 乙 | 43.74 Z | | HK 01072 | | | +1.65 亿 | | 华新水泥 | 19.01亿 | 15.88 亿 | 34.89 乙 | | ...