Core Viewpoint - On July 5, Alibaba and Meituan issued large discount coupons for their food delivery platforms, leading to a surge in orders and causing temporary service disruptions due to unprecedented demand [2][3]. Group 1: Consumer Behavior - Many consumers shared their experiences of obtaining substantial discounts, such as "25 off 25" coupons, resulting in "zero-cost purchases" for food items [2]. - Users reported extreme savings, with some items priced at a fraction of their original cost, prompting a rush to take advantage of the offers [2]. - The overwhelming response led to some consumers facing issues with order accuracy and delivery delays, highlighting the challenges of managing high order volumes [2][3]. Group 2: Operational Impact - Meituan's internal data revealed that by July 5, 10 PM, the platform processed over 1.2 billion orders, with more than 1 billion being food delivery orders, marking a record high for the platform [3]. - The spike in orders triggered a server protection mechanism, causing temporary service disruptions in certain areas, which have since been resolved [3]. - Meituan assured affected users that their coupons would remain valid for the following day and that merchant ratings would not be impacted by the order surge [3]. Group 3: Delivery Personnel Experience - Some delivery riders reported significant earnings due to the increased order volume, with one rider earning over 1,000 yuan in a single evening [4]. - However, other riders noted that despite the high number of orders, long distances and order backlogs limited their actual earnings [5].

7月7日，港股市场表现低迷，恒生指数、恒生科技指数均弱势调整。 业内人士指出，上个周末，阿里与美团两大外卖平台展开史上最大规模补贴大战，使得茶饮赛道成为最大受益者。消息面上，两大平台当天同步放出"满25 减21""满16减16""满18减18""25减20"等无门槛大额券。不到一天时间，美团即时零售当日订单已经突破了1.2亿单，其中，餐饮订单已超过1亿单。 国金证券在最新发布的研报中指出，外卖补贴升级的背景下，咖啡茶饮的外卖订单预计会大幅上升。此外，夏季是茶饮旺季，预估瑞幸咖啡、蜜雪、茶百道 等品牌的同店数据持续高涨。 截至7月7日收盘，蜜雪集团上涨4.77%，茶百道涨超10%，古茗涨近6%，奈雪的茶和沪上阿姨均涨超5%。 外卖平台股价承压 然而，今年备受关注的茶饮赛道再次爆发，茶百道、奈雪的茶、古茗等多只个股一度涨超10%，蜜雪集团也大涨5%。 消息面来看，茶饮赛道走强的背后，是几大外卖平台突然打响的补贴"大战"。 茶饮赛道股全线爆发 今早，逆势走强的茶饮赛道，成为港股市场上一抹亮色。其中，茶百道高开15%；古茗高开5%后，冲高至13%，奈雪的茶也高开近10%。此外，5月份上市 的沪上阿姨也大涨近6%。而今 ...

Core Viewpoint - The China Securities Hong Kong 300 Modern Services Index has shown positive performance, with a year-to-date increase of 16.86% and a recent monthly rise of 0.97% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Modern Services Index closed at 1643.39 points [1] - The index has increased by 2.72% over the past three months [1] - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (17.49%), Alibaba-W (10.97%), HSBC Holdings (9.09%), and others [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Industry Composition - The industry composition of the index shows that finance accounts for 36.84%, communication services for 27.93%, and consumer discretionary for 21.51% [2] - Other sectors include real estate (4.95%), utilities (3.59%), industrials (2.16%), healthcare (1.74%), and information technology (1.29%) [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments, and companies that are delisted will be removed from the index [2]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.02% and the ChiNext Index down over 1% [3][4] - A total of 3,255 stocks rose, while 1,978 stocks fell, with a total trading volume of 12,270.67 billion CNY [4][5] Electric Power Sector - Electric power stocks surged against the market trend, with companies like ShaoNeng Co., China Huadian Corp, and Shimao Energy hitting the daily limit [5][6] - The increase in electricity demand was driven by high temperatures across multiple regions, leading to a record high in national electricity load on July 4 [5] Charging Pile Sector - The charging pile sector saw significant gains, with companies like Aotexun hitting the daily limit [12][13] - A notice from the National Development and Reform Commission emphasized the need for scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities by the end of 2027 [15][17] - The notice also highlighted the integration of charging facilities with local economic development and the importance of smart management and technology upgrades in the charging infrastructure [16][17] Real Estate Sector - Real estate stocks experienced a rally, with companies like Yuhua Development and Shahe Co. reaching their daily limits [8] - The Ministry of Housing and Urban-Rural Development called for accelerated construction of safe, comfortable, and green housing to stabilize market expectations and activate demand [8] Cross-Border Payment and Stablecoin Sector - Stocks related to cross-border payments and stablecoins showed volatility, with companies like Zhongyi Technology and Jingbeifang hitting the daily limit [7]

醒目告知退预订规则。预订过程中，饭店企业采取多种形式将关键信息提示宾客，尽到告知义务， 确保告知的及时性和准确性。在预订界面，要采取弹窗提醒、文字加粗、单独页面展示等醒目方式，将 退预订条款置于页面显著位置，设置"阅读并同意"的勾选确认环节，确保消费者在充分知晓权益与责任 后完成预订。 规范提供退预订服务。在遇到自然灾害、公共卫生事件等不可抗力因素下，饭店企业要提供全额退 款或免费改期等服务内容，消除消费者担忧。消费者若因突发重病、家庭变故等特殊原因无法按期入 住，饭店企业应给予充分理解，允许消费者凭有效证明酌情减免费用或免费改期。 强化行业企业自律。节假日期间，饭店企业客房原则上不涨价，或执行较为合理的浮动价格。各饭 店企业和平台商要定期组织内部自查，检查退预订收费执行情况，及时纠正问题。（记者 吴梦琳） 近日，在文化和旅游厅指导下，省旅游饭店行业协会联合成都携程信息技术有限公司、美团、四川 去哪儿网国际旅行社有限公司，向全省旅游星级饭店企业和平台商发出"提升全省旅游星级饭店服务质 量、规范游客退订收费"倡议。 倡议重点包括退预订规则及服务、节假日原则不涨价等内容。其中，科学制定退预订规则方面，倡 议合理设 ...

Core Viewpoint - The report from CMB International highlights that Meituan-W (03690.HK) experienced a peak daily transaction volume exceeding 120 million in July due to an industry subsidy war, with an expected average daily transaction volume of approximately 75 million in Q3, reflecting a year-on-year growth rate of 11-12% [1] Group 1: Financial Performance - The subsidy war is anticipated to lead to a 9% decline in CLC (Core Local Commerce) profits for Q3 [1] - Despite the short-term impact of the subsidy war, Meituan is expected to maintain a significant market share and has a strong likelihood of achieving stable operating profits [1] Group 2: Investment Outlook - The company maintains a "Buy" rating for Meituan, with a target price set at 165 HKD [1]

此前7月2日，淘宝闪购宣布将在12个月内直补消费者及商家共500亿元，通过发放大额红包、免单卡、 官方补贴一口价商品等方式给消费者带来优惠、便捷的服务和体验，进一步激发消费活力。同时上线店 铺补贴、商品补贴、配送补贴、免佣减佣等措施，促进商家生意增长。 美团闪购上线于4月15日，品牌定位为"24小时陪伴消费者的新一代购物平台"，联合全国近3000个县市 区旗的零售商、品牌商与本地中小商家，服务消费者的日常购物需求。美团方面表示，7月5日是暑期消 费旺季正式开启后的第一个周末，也是外卖消费的传统促销季。公开报道显示，去年夏天美团的订单峰 值超过了9000万单。 京东方面，在此前6月18日的2025京东618媒体开放日上，京东外卖日订单量已突破2500万单，品质餐饮 门店入驻超过150万家，京东外卖全职骑手规模突破12万人。 开源证券认为，闪购业务得以快速发展的直接原因是即时零售用户心智的逐渐牢固和用户对闪购消费黏 性、依赖度的明显提升。即时零售本质是"本地供给+即时配送"对传统电商的降维打击，未来还将加速 推动零售行业的模式重构。 红星资本局7月7日消息，今日，淘宝闪购和饿了么联合宣布，淘宝闪购日订单数超800 ...

Core Viewpoint - The competition in the fresh food retail market is intensifying as major players like JD and Meituan accelerate their offline store openings, indicating a resurgence of the "new retail" concept that integrates online and offline shopping experiences [3][11][15]. Group 1: Market Dynamics - JD and Meituan are focusing on the fresh food segment as a high-frequency necessity, with JD's 7Fresh and Meituan's Little Elephant Supermarket both expanding their offline presence [4][9]. - The shift towards offline stores is supported by a change in consumer behavior, where online purchasing of fresh food has become more accepted [3][14]. - The success of Hema, which achieved profitability after nine years, has instilled confidence in other players to invest in the fresh food retail space [3][15]. Group 2: JD's Strategy - JD plans to achieve full coverage of the 7Fresh stores in the Beijing-Tianjin-Hebei region by the end of the year, with a focus on core business districts [5][6]. - The "1+N" model is being implemented, where the central store serves as both an experience hub and a supply chain node, while smaller satellite stores enhance delivery efficiency [6][7]. - JD's integration of 7Fresh with its food delivery services aims to create a seamless shopping experience for consumers [7][8]. Group 3: Meituan's Approach - Meituan's Little Elephant Supermarket is also ramping up its offline expansion, targeting all first- and second-tier cities [9][10]. - The recruitment of over 200 positions for Little Elephant Supermarket indicates a significant commitment to expanding its physical presence [10]. - Meituan's strategy includes leveraging its strong delivery capabilities to enhance the efficiency of its new store openings [20]. Group 4: Industry Trends - The shift back to offline retail is part of a broader trend where companies are reassessing the value of physical stores in light of rising online customer acquisition costs [19]. - The role of offline stores is evolving from mere sales points to multifunctional efficiency nodes that support both customer experience and logistics [21][22]. - The integration of online and offline channels is seen as essential for driving growth in the fresh food sector, with companies investing heavily in infrastructure to support this transition [23].

Core Insights - Meituan's "Raccoon Canteen" project aims to break through the competitive landscape of the takeaway industry and lead the transformation of the local life service sector [1] - The project represents a strategic layout by Meituan to strengthen its ecological barriers in the local life service field and explore new profit models [1] Market Context - In 2024, China's takeaway market growth rate is projected to drop to 8.7%, with a user base reaching 678 million and a penetration rate nearing 50% [3] - Meituan is shifting from an online traffic platform to offline physical scenarios, launching the "Raccoon Canteen" project to enter the offline restaurant collective market [3] Project Details - The first batch of 10 "Raccoon Canteen" stores opened in Beijing on July 1, with plans to establish 1,200 stores nationwide within three years [3] - Unlike traditional takeaway platforms, the "Raccoon Canteen" model involves Meituan directly participating in offline operations, creating a closed-loop ecosystem from venue management to user experience [3] Competitive Advantages - The model significantly lowers operational barriers for small and medium-sized restaurants, reducing initial investment costs by approximately 40% [3][7] - The highly digitalized and transparent operation allows real-time streaming of food preparation on the Meituan app, addressing consumer concerns about food safety [5] - The project enhances user experience and trust, creating a differentiated competitive advantage [7] Revenue Potential - The "Raccoon Canteen" expands Meituan's revenue model beyond traditional commission income to include rental income, equipment leasing, and supply chain services [7] - Analysts predict that the gross profit margin per store could increase by 15-20 percentage points compared to traditional takeaway operations [7] Synergy with Other Business Lines - Meituan's instant retail business has seen significant growth, with sports shoes and clothing sales up 210% year-on-year and average transaction value increasing by 35% [9] - The "Raccoon Canteen" serves as a crucial offline scene that can synergize with the instant retail business, creating an integrated consumption ecosystem [9] Challenges - The initial investment for each store is estimated at 2-3 million yuan, with a payback period of 18-24 months based on average daily sales [10] - The complexity of offline operations, including venue management and merchant training, poses higher demands on Meituan's ground team and supply chain management capabilities [10] Industry Impact - The "Raccoon Canteen" model may trigger a transformation in the local life service industry, pushing small and medium-sized restaurants towards digitalization and standardized operations [10] - The success or failure of Meituan's experiment will not only impact the company but also significantly influence the future direction of the entire local life service industry [10]

Market Overview - The A-share market experienced low volatility with major indices showing mixed results, where the Shanghai Composite Index fell by 0.21% and the Shenzhen Component Index decreased by 0.70% [2][3] - The total market turnover was 783.06 billion yuan, indicating a significant decrease compared to the previous day, with 2,925 stocks rising and 2,243 stocks falling [4] Sector Performance - The energy sector saw a collective rise, particularly in hydropower and thermal power stocks, with notable gains from companies like Huayin Power and Shaoneng Shares [12][13] - The stablecoin, cross-border payment, and digital currency sectors showed strong performance, with several stocks reaching their daily limit up [9][10] - Conversely, the CPO, CRO, and innovative pharmaceutical sectors experienced a pullback, while 6G and communication sectors faced declines [4][5] Hong Kong Market - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 0.45% and the Hang Seng Tech Index falling by 0.15% [6][7] - Major players in the food delivery sector, such as Meituan and Alibaba, saw significant drops, with Meituan falling over 2% amid intensified competition in the food delivery market [16][17] Stablecoin and Cross-Border Payment Trends - The stablecoin market is rapidly expanding, with a projected transaction volume of $26.7 trillion in cross-border payments by 2024, and the market for Real World Assets (RWA) expected to reach $16 trillion by 2030 [11] - The upcoming implementation of the stablecoin regulations in Hong Kong is anticipated to boost the market, with at least nine institutions expressing interest in obtaining licenses [10][11] Energy Sector Insights - The National Energy Administration reported a record peak electricity load of 1.465 billion kilowatts, indicating a significant increase in demand due to high temperatures [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified electricity market [15] Food Delivery Competition - The ongoing "food delivery war" has led to aggressive marketing strategies, including substantial coupon distributions by major players, resulting in a surge in orders for Meituan [21] - Despite the short-term losses, analysts view these marketing expenditures as a long-term investment strategy that may enhance marketing efficiency in the future [21]