Core Viewpoint - Meituan's international delivery brand Keeta is expanding its operations by launching in Dubai, following its recent entry into the Kuwaiti market, indicating a strategic focus on the Middle East and potential new overseas markets [1] Group 1 - Keeta will officially launch in Dubai at 11 AM local time, which corresponds to approximately 3 PM Beijing time [1] - Meituan's drone delivery service, Keeta Drone, received the first commercial operating license in Dubai last December and has established four delivery routes primarily for food, medicine, and health products [1] - The company aims to deepen its presence in the Middle East while actively exploring additional overseas markets [1]

Core Insights - The retail landscape is evolving with the emergence of community stores, as exemplified by Walmart's recent opening of its fourth community store in Shenzhen, which features a compact layout and a curated selection of around 2,000 products [1][7]. Industry Trends - The community retail market is expanding, attracting major players like Alibaba, Meituan, JD.com, and Walmart, indicating a competitive environment as traditional large-format stores decline [2][6]. - The decline of traditional hypermarkets is highlighted by Carrefour's exit from the Chinese market, marking a significant shift in retail dynamics [3][4]. Market Data - The community retail market in China is projected to reach 4.8 trillion yuan in 2024, with an annual growth rate of 8.5%, and is expected to further grow to approximately 5.2 trillion yuan by 2025 [5]. Competitive Landscape - Walmart's community stores emphasize a "small, refined, and close" model, contrasting with the larger hypermarket format, focusing on high-frequency essential items [7][15]. - Other retailers, such as Zhongbai Group and Alibaba's Hema, are also rapidly expanding their community store formats, with Hema targeting nearly 300 stores by August 2025 [8][11]. Strategic Approaches - Walmart adopts a "full-channel" strategy, integrating community stores into its broader ecosystem to serve urban middle-class families [15]. - In contrast, Aldi and Meituan's "Happy Monkey" focus on hard discount strategies, emphasizing low prices from the outset to attract consumers [16][17]. Policy Support - Government initiatives, such as the "15-minute community living circle" planning guidelines, are facilitating the growth of community stores while constraining the viability of large hypermarkets [12][13].

Market Overview - The Hang Seng Index (HSI) closed at 26,253.57, up by 125.37 points or 0.48% as of September 26, 16:00 [1] - The index reached a high of 26,319.20 and a low of 26,156.64 during the trading session, with a trading volume of 63.71 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.633, an increase of 1.081% from the previous close [2] - Tencent Holdings closed at HKD 648.733, up by 0.73% compared to the last trading session [2] ADR Performance Summary - Tencent Holdings (ADR: TCEHY) increased by HKD 4.733, or 0.73% [3] - Alibaba Group (ADR: BABA) rose by HKD 0.672, or 0.40% [3] - HSBC Holdings (ADR: HSBC) saw an increase of HKD 1.933, or 1.81% [3] - Xiaomi Group (ADR: XIACY) gained HKD 0.584, or 1.07% [3] - AIA Group (ADR: AAGIY) increased by HKD 0.222, or 0.31% [3] - Meituan (ADR: MPNGY) rose by HKD 0.534, or 0.53% [3] - Ctrip Group (ADR: TCOM) increased by HKD 8.120, or 1.39% [3] - JD.com (ADR: ID) rose by HKD 1.696, or 1.28% [3]

● 本报记者 王舒嫄 各地特色文旅大餐激发出游热潮。同程数据显示，国庆中秋假期期间出行的国内机票搜索热度最高的十 个城市分别为北京、成都、上海、重庆、昆明、广州、深圳、西安、贵阳、杭州。这些目的地不仅有着 丰富的自然和人文旅游资源，也是假期热门演唱会、音乐节等大型活动的主要举办地，具有较强的休闲 和度假属性。 美团数据显示，截至9月22日，国庆中秋假期期间的文旅预订量同比增速达73%，其中"00后"年轻游客 占比达62%、高星酒店订单人次同比增速115%。"文旅+"的创新模式便利年轻人一站式出游。文物游、 考古游、博物馆游、工业旅游热度持续攀升。 美团旅行相关负责人表示，在国庆中秋假期期间，"文旅融合"成出游大趋势。"文旅＋百业"带火更多旅 游目的地，新玩法迭出。工业旅游、体育旅游等全新旅游模式兴起，吸引游客多住一晚，驱动本地旅 游、餐饮、休闲玩乐等供给全面升级。 例如，云南将于"双节"假期期间，在全省16个州（市）推出320场文旅促消费活动，如石林音乐嘉年 华、"四季村晚"秋季惠民活动等；举办文旅艺术展演289场，涵盖音乐、舞蹈、戏曲、杂技等；组织开 展群众文化活动约2900场，博物馆（纪念馆）迎国庆、贺中 ...

Core Insights - The rise of instant retail is a response to the growing popularity of online shopping, but it is unlikely to replace traditional e-commerce due to its limited market size and supply chain constraints [1][18][41] Market Overview - In 2023, the scale of instant retail in China is approximately 500 billion yuan, significantly smaller than traditional e-commerce, which exceeds 15 trillion yuan [3][18] - Major players like Alibaba, JD.com, and Meituan are fiercely competing in this limited market, each with different strategic goals [4][6] Competitive Strategies - Meituan aims to leverage its existing delivery network to enter the retail space, viewing instant retail as a means to access the larger e-commerce market [6][9] - JD.com is focused on defending its market share by enhancing its logistics capabilities to compete with Meituan's faster delivery services [11][18] - Alibaba is integrating its food delivery service Ele.me into its Taobao platform to drive traffic and sales across its e-commerce ecosystem [14][16] Supply Chain Challenges - Instant retail faces inherent supply limitations, as it relies on local suppliers to ensure quick delivery, which restricts product variety compared to traditional e-commerce [20][24] - The lack of diverse local supply chains means that instant retail can only offer a limited range of products, particularly in less urbanized areas [22][24] Consumer Behavior - Instant retail often comes with higher prices compared to traditional e-commerce, which can deter consumers who prioritize value and selection [26][41] - The convenience of instant delivery may appeal to consumers in urgent situations, but it does not fulfill the broader needs for variety and competitive pricing [24][41] Opportunities and Risks for Physical Stores - Instant retail presents short-term opportunities for local stores to expand their reach and increase order volume [31][30] - However, long-term risks include competition from platform-owned stores and the challenge of maintaining customer loyalty in a platform-centric environment [33][35] Entrepreneurial Insights - There are opportunities for entrepreneurs in niche markets and local specialties, but caution is advised against high-risk models that rely solely on platform traffic [37][39] - The overall trend of instant retail reflects the intense competition within the Chinese retail sector, which is now in a mature phase with limited growth prospects [39][41]

▲ 用户可自主选择 " 立即配送 " 或 "1 对 1 急送 " 。图源：美团 App 国庆临近，许多人已经准备好出行计划，即时配送需求预计激增。 9月26日，美团外卖正式宣布升级"1对1急送"，用户使用美团外卖点餐时可勾选"1对1急送"服务，让午 高峰的"锅气"提前5-20分钟送达。目前，美团外卖超八成餐饮商家可调用"1对1急送"运力，已有数百万 用户体验过"锅气急达"的新服务，超过一半用户在第二次点单时，再次选择了这一服务。 记者获悉，美团外卖"1对1急送"于今年8月升级上线，核心优势在于通过专属运力支持，保障"一次只送 一单"。这意味着骑手点对点直达，不用担心多单状态下的商家卡餐或路线规划难题，也减少了商品在 配送过程中被挤压碰撞的风险。此前，消费者主要通过美团跑腿使用这类服务，让骑手专门一对一配送 文件、证件、票据等，或代购其它即刻需要的重要物品。总之，这类专人直送服务往往发生在"急、 忙、忘"场景下，配送商品也多为鲜花、数码等高价值物品。 消息人士称，继七夕美团"1对1急送"单量突破峰值，以超过130万单的服务规模超过闪送成为细分赛道 第一后，目前美团该项服务的日均订单规模已稳居1对1即时配送行业第 ...

Core Viewpoint - The takeaway from the article is that the recent intense competition in the food delivery industry, characterized by significant financial investments from major players, has not resulted in a clear winner, and the market is now entering a phase of regulatory oversight and strategic realignment [1][25]. Group 1: Industry Dynamics - The food delivery market has seen over 300 billion yuan invested by major players like JD, Meituan, and Alibaba in a subsidy war, yet no clear winner has emerged from this competition [2][5]. - The competition has led to a shift in market share, with Meituan's market share dropping from over 70% to 65%, while Alibaba's Ele.me has increased its share from approximately 11%-13% to 28% [5][19]. - The intense competition has also resulted in a significant increase in order volumes, with daily orders in the instant retail market rising from 100 million at the beginning of the year to nearly 300 million by August [8][19]. Group 2: Financial Impacts - Despite the increase in order volumes, the financial toll has been severe, with Meituan's net profit plummeting by 89%, JD's by 50.8%, and Alibaba's by 18% [5][21]. - The article highlights that the subsidy strategy has created a dependency on discounts, leading to a situation where many small and medium-sized businesses are struggling to maintain profitability [24][25]. Group 3: Strategic Responses - In response to the competitive landscape, JD has focused on maintaining its logistics advantages and has introduced its own food delivery service, while Meituan is adjusting its commission structure to support merchants [10][22]. - Alibaba is leveraging its existing platforms to integrate food delivery services, aiming to enhance user engagement and drive cross-marketing opportunities [13][22]. - The regulatory environment is shifting, with new guidelines being proposed to ensure fair competition and protect the interests of riders and merchants [1][24]. Group 4: Future Outlook - The article suggests that the future of the food delivery market will depend on how well companies can adapt to a post-subsidy environment, focusing on efficiency and ecosystem development rather than aggressive discounting [25][26]. - The potential for growth in the instant retail market is significant, with projections indicating a compound annual growth rate of 10% from 2024 to 2029, reaching a market size of 3.8 trillion yuan [19].

Core Viewpoint - The introduction of the "Basic Requirements for the Management of Delivery Platform Services" draft standard marks a new phase in the governance of food delivery platforms, aiming to address issues such as platform fees, promotional behaviors, and the overall service quality of these platforms [1][6][7]. Group 1: Regulatory Context - The draft standard was developed by the State Administration for Market Regulation and is open for public consultation, focusing on key issues like platform fees and promotional activities [1][3]. - The standard aims to alleviate the burdens on merchants and promote fair competition among platforms, responding to the intense competition characterized by significant subsidies and promotional offers [1][6]. Group 2: Industry Challenges - The current competitive landscape has led to "involution" in the restaurant market, with platforms engaging in aggressive subsidy wars, which has raised concerns about transparency and fairness [1][8]. - Issues such as "ghost deliveries," insufficient protection for delivery personnel, and opaque fee structures are highlighted as critical problems that the standard seeks to address [1][6][7]. Group 3: Strategic Implications - The draft standard is seen as a non-mandatory guideline that, if adopted by platforms in their agreements with merchants and delivery personnel, could create legal obligations for compliance [6][12]. - It emphasizes the need for platforms to enhance transparency in fees, ensure compliance in promotional activities, and establish a mechanism for balancing the interests of platforms, merchants, consumers, and delivery personnel [6][8][12]. Group 4: Expected Outcomes - The implementation of the standard is expected to lead to improved service quality, better protection for consumer rights, and a shift from a focus on traffic to an emphasis on service quality and user experience [11][12]. - The standard aims to create a sustainable ecosystem that promotes high-quality growth in the food delivery industry, moving away from low-price competition that undermines long-term interests [8][11]. Group 5: Implementation Challenges - The practical application of the standard may face challenges such as technical execution difficulties, complex interest coordination among stakeholders, and the need for multi-departmental regulatory collaboration [17][19]. - Solutions proposed include the use of technology to streamline processes, establishing effective communication mechanisms among stakeholders, and phased implementation starting with larger platforms [21][22].

记者了解到，美团外卖"1对1急送"于今年8月升级上线，可保障"一次只送一单"。此前，消费者主要通 过美团跑腿使用这类服务，此次则是"1对1急送"能力服务于餐饮外卖，美团也成为全国首个推出"1对1 急送"的外卖平台。 （文章来源：每日经济新闻） 每经北京9月26日电（记者赵雯琪）美团外卖今日正式宣布升级"1对1急送"，用户使用美团外卖点餐时 可勾选"1对1急送"服务，平均支付2至5元，即可让午高峰的"锅气"提前5至20分钟送达。目前，美团外 卖超八成餐饮商家可调用"1对1急送"运力。 ...

封面图片来源：每经原创 每经北京9月26日电（记者赵雯琪）美团外卖今日正式宣布升级"1对1急送"，用户使用美团外卖点餐时 可勾选"1对1急送"服务，平均支付2至5元，即可让午高峰的"锅气"提前5至20分钟送达。目前，美团外 卖超八成餐饮商家可调用"1对1急送"运力。 记者了解到，美团外卖"1对1急送"于今年8月升级上线，可保障"一次只送一单"。此前，消费者主要通 过美团跑腿使用这类服务，此次则是"1对1急送"能力服务于餐饮外卖，美团也成为全国首个推出"1对1 急送"的外卖平台。 ...