智通财经APP获悉，广发证券发布研报称，商流决定物流，上游商流的变化决定了对应物流方向的变 化。2025年，电商平台玩家与本地生活服务企业在外卖/即时零售领域的竞争强度已提升到一个新水 平，京东(09618，JD.US)、阿里(09988，BABA.US)、美团(03690)在即时零售领域的加码竞争，推动即 时配送需求扩容。向后展望，即时配送供应链的时空分布或会变得更加均衡，时效保证更好、并且能够 配合上游需求的即时配送企业更有望受益于产业的变化，综合而言，绑定商流的京东物流(02618)与第 三方头部顺丰同城(09699)值得关注。 供给：一方为主三方补充，骑手网络为核心 即时配送网络具备无中转、点对点、日内订单峰谷明显（午晚餐高峰）的特征，时效与服务是即时配送 需求更关注的方面。在餐饮外卖/即时零售价值链中，骑手网络是关键一环，骑手配送环节大概能够占 据完整价值链的一半以上（以收入角度，根据美团年报，2021年配送收入占美团餐饮外卖业务总收入的 56%；根据DoorDash 招股说明书，配送环节占扣除食物成本后收入的61%），其中较大部分的收入需 要支付给骑手（以2024年闪送数据为例，骑手成本占收入比约 ...

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

2025年11月25日，「2025即时零售供给高峰论坛暨首期即时零售仓店商品对接会」在杭州举办，新经销CEO 任文青发表主题演讲《从即时零售看供需匹 配：过剩时代品牌如何增长？》。 它其实从属于一个更本质的课题，或者叫元课题——过剩时代，品牌要如何增长？ 我今天的分享，将从即时零售这个子课题切入，阐释我对这个元课题的理解，最后再回到子课题。20分钟，我希望能把这个问题讲清楚。 上半年，即时零售最吸引人眼球的是什么？各平台纷纷砸数百亿去补贴消费者。 下半年，这些流量端竞争的信息少了，取而代之的是什么？供给端的信息。 10月31日发布"淘宝便利店"品牌，通过品牌授权和输出运营标准整合优质商家。首批开放34个名额，未来一年投入20亿专项资金，目标覆盖全国200多个 城市。 几乎在同时，美团宣布加速拓展"品牌官旗闪电仓"，联合上万个品牌方直接入驻，开设官方旗舰店。专注线上经营，覆盖百货快消、应急类等长尾商品。 当然，美团在供给端的投入早就开始了。截至2025年9月，美团闪电仓数量已突破5万家，计划到2027年拓展至10万家。 核心观点： 本文是演讲内容的核心概述。 即时零售从流量战，进入供给战 今天品牌关注即时零售， ...

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market, particularly for JD Health, Tencent, and Lenovo, which have the highest short-selling ratios. Group 1: Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [1][2] - Tencent Holdings-R (80700) follows closely with a short-selling ratio of 98.01% [1][2] - Lenovo Group-R (80992) has a short-selling ratio of 88.02% [1][2] Group 2: Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 2.651 billion [2] - Meituan-W (03690) has a short-selling amount of 1.308 billion [2] - Pop Mart (09992) follows with a short-selling amount of 979 million [2] Group 3: Short-Selling Deviation Values - Meilan Airport (00357) has the highest deviation value at 42.95% [1][2] - GF Securities (01776) has a deviation value of 38.39% [1][2] - The unnamed company has a deviation value of 36.78% [1][2]

Group 1 - Meituan's brand Keeta will officially launch operations in São Paulo, Brazil on December 1, with plans to expand to other cities and invest 1 billion reais (approximately 189 million USD) in local technology and service systems [1] - The project is part of Meituan's broader investment plan of 5.6 billion reais in Brazil over five years, with Keeta having already conducted pilot operations in Santos and São Vicente [1] - São Paulo, as Brazil's largest city and a major economic center in South America, has a population exceeding 20 million and ranks high in terms of food delivery consumption [1] Group 2 - The Brazilian food delivery market is experiencing significant growth, with increasing demand for digitalization and efficiency improvements, which Meituan's technological capabilities and operational experience are expected to enhance [1] - The entry of Keeta is seen as a positive development for local competition, providing more channels for small and medium-sized restaurants, as noted by the president of the Brazilian Bar and Restaurant Association [2] - During the pilot phase, restaurants partnered with Keeta reported a noticeable increase in orders, leading to optimized operational processes [2]

Group 1 - Major fire incident occurred in Hong Kong's Tai Po district, leading to significant casualties and damages, prompting various internet companies to provide assistance [1] - Alibaba Group initiated a donation of 20 million HKD, while Ant Group and AlipayHK contributed 10 million HKD to support fire rescue and subsequent relief efforts [1] - Didi announced a donation of 10 million HKD for emergency rescue and humanitarian aid, and will continue to provide support based on the progress of disaster relief [1] Group 2 - Tencent Charity Foundation launched an initial donation of 10 million HKD for urgent relief, transitional housing, and emotional support for affected residents [2] - Pinduoduo also initiated a donation of 10 million HKD for emergency relief and community recovery efforts [2] - Meituan's Keeta platform donated 5 million HKD and provided free mobile charging stations to support rescue efforts and community recovery [2]

Group 1: JD Discount Supermarket - JD Discount Supermarket in Shuyang opened on November 26, attracting nearly 50,000 visitors on its first day. The store features a two-level design with an area of approximately 5,000 square meters and over 200 free parking spaces [7] - The fresh produce section became a consumer hotspot, with durians priced at 18.9 yuan per pound and fresh eggs at 9.9 yuan per tray, leading to significant sales, including over 4 tons of durians sold in one day [7] - The store's opening signifies JD's complete coverage of Suqian, leveraging supply chain advantages to offer "everyday low prices" [7] Group 2: Happy Monkey Supermarket - Meituan's hard discount supermarket brand "Happy Monkey" opened its third store in northern China on November 28, accelerating its national expansion to six stores [10] - The new store emphasizes "good products at low prices," offering tested vegetables and fruits, fresh pork, and self-branded products [10] - Happy Monkey's rapid market capture is attributed to supply chain optimization and high-cost performance strategies, focusing on community core business districts [10] Group 3: Sam's Club Controversy - Sam's Club faced criticism for introducing two products from Xueji Fried Goods, with some consumers questioning the frequency of common product introductions in a membership-based store [11] - A staff member clarified that the products were priced lower than at Xueji's stores and were conveniently packaged for transport [11] Group 4: Alibaba's Cross-Border AI Tool - Alibaba's 1688 platform launched a cross-border e-commerce AI tool named "Ao Xia," which provides one-stop supply chain services for small and medium-sized businesses [11] - The tool enhances product selection efficiency to the top 20% of human buyers and boasts an 80% inquiry task resolution rate [11] Group 5: Tehai International Q3 Performance - Tehai International reported a 7.8% year-on-year revenue increase to $214 million in Q3 2025, with same-store sales up 2.3% to $182 million [12] - However, operating profit fell by 15.4% to $12.6 million, with a profit margin of 5.9%, primarily due to increased foreign exchange losses [12] Group 6: Hema Fresh Store Expansion - Hema Fresh signed a contract to open its first store in Shunde, Foshan, expanding its presence in Guangdong [14] Group 7: Wahaha Leadership Change - Zong Fuli has stepped down as chairman of Wahaha, with Xu Simin taking over the role, while Zong retains a 29.40% stake in the company [16] Group 8: JD Express Service Upgrade - JD Express upgraded its one-stop ski equipment delivery service in response to the early start of the ice and snow season, offering customized packaging and free storage for seven days [16] Group 9: Taobao Double 12 Festival - The 2025 Taobao Double 12 Festival's promotional rules were released, with the event scheduled from December 8 to December 12, featuring official discounts [17] Group 10: Cainiao's Black Friday Performance - Cainiao's overseas warehouses experienced a three-digit percentage increase in daily shipping volume during Black Friday, with order processing capacity nearly tripling [18] Group 11: Fuling Mustard's Market Strategy - Fuling Mustard plans to expand its product matrix and channels while continuing to develop overseas markets to drive overall sales [20] Group 12: Encountering Small Noodles IPO - Guangzhou Encountering Small Noodles began its IPO process, planning to list on the Hong Kong Stock Exchange on December 5, with a share price range of 5.64 to 7.04 HKD [21] Group 13: China Resources' Emergency Relief - China Resources initiated an emergency relief plan to support the Dapu community in Hong Kong, providing over 5,000 essential supplies to residents affected by recent disasters [22]

Core Points - The Hang Seng Index rose by 0.07% to close at 25,945.93 points on November 27, with a net inflow of HKD 1.328 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 86.624 billion, with a net buy of HKD 1.328 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 55.325 billion with a net buy of HKD 0.635 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 31.299 billion with a net buy of HKD 0.693 billion [1] Trading Activity - Alibaba-W was the most actively traded stock in the Shanghai-Hong Kong Stock Connect with a trading volume of HKD 73.15 billion and a net buy of HKD 6.02 billion, despite a closing price drop of 2.71% [1][2] - Xiaomi Group-W followed with a trading volume of HKD 35.41 billion and a net sell of HKD 5.37 billion, closing up by 2.49% [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 36.70 billion and a net buy of HKD 3.17 billion, while Xiaomi Group-W had a net sell of HKD 1.52 billion [2] Summary of Active Stocks - The top ten actively traded stocks included Alibaba-W, Xiaomi Group-W, and Tencent Holdings, with respective trading volumes of HKD 73.15 billion, HKD 35.41 billion, and HKD 28.17 billion [1][2] - The net buy and sell amounts for these stocks indicated a strong interest in Alibaba-W, while Xiaomi Group-W faced significant selling pressure [1][2]

Core Points - A significant fire incident occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting nationwide concern [1] - Several companies, including Didi, Xiaomi, Haier, Midea, and Meituan, have pledged donations to support disaster relief efforts [1] Company Contributions - Haier Smart Home initiated an emergency response mechanism, donating 10 million HKD for medical aid, living arrangements, and post-disaster reconstruction [1] - Midea Group announced a donation of 10 million HKD for emergency rescue, support for affected individuals, and post-disaster rebuilding efforts [1] - Xiaomi's founder and CEO Lei Jun declared that the Xiaomi Foundation would donate 10 million HKD for urgent fire rescue efforts [1] - Didi made an initial donation of 10 million HKD for emergency rescue and humanitarian assistance, with plans for ongoing support based on the progress of relief efforts [1] - Meituan's delivery platform Keeta has launched a donation of 5 million HKD to assist with transitional housing, supply of living materials, and community recovery [1] - Lenovo Group contributed 10 million HKD for emergency rescue, supply of living materials, medical aid, and subsequent recovery efforts [1]

Group 1: Market Overview - On November 27, the Hong Kong stock market saw a net inflow of 1.328 billion HKD from northbound trading, with 635 million HKD from the Shanghai Stock Connect and 693 million HKD from the Shenzhen Stock Connect [2] - The most net bought stocks included Alibaba-W (09988), Pop Mart (09992), and Meituan-W (03690), while the most net sold stocks were Zijin Mining (601899) (02899), Tencent (00700), and SMIC (00981) [2] Group 2: Stock Performance - Alibaba-W had a net inflow of 6.02 billion HKD, with a buy amount of 39.59 billion HKD and a sell amount of 33.57 billion HKD [3] - Pop Mart received a net inflow of 4.34 billion HKD, supported by positive sales data in the U.S. and expectations for strong performance during the holiday season [6] - Meituan-W had a net inflow of 3.25 billion HKD, with insights from Alibaba's CFO indicating a potential reduction in investment in flash purchase business due to improved efficiency [6] Group 3: Sector Insights - Longi Green Energy (601869) and Long Fiber (06869) saw a net inflow of 42.81 million HKD, driven by advancements in AI-driven growth and the development of next-generation optical fiber technology [7] - Semiconductor stocks, including Huahong Semiconductor (01347) and SMIC (00981), faced net sell-offs, with net outflows of 138.5 million HKD and 2.32 billion HKD respectively [7] - The IPO of domestic GPU leader Moore Threads has attracted attention, marking a significant event in the semiconductor sector [7]