" 残酷的外卖账本，越努力越亏钱。 " 作者丨 覃倩雯 编辑丨刘伟 在外卖和即时零售这场声势浩大的战争中，看得见和看不见的细节，都藏在了数字背后。 京东的财报已经拆盲盒，市场在盯着阿里美团的Q3季报，这份财报将会回答很多问题：7-9月份的战损情 况、订单规模、UE以及外卖导流电商的逻辑究竟是不是皇帝的新衣。 不久前，阿里在香港与投资机构做的Q3业绩Preview上流出来的几个关键信息显示： 1、CMR同比增速和上个季度类似（10% YoY），GMV月度趋势和统计局线上实物社零趋势类似，闪购 贡献2-3%增量； 2、闪购亏损350-400亿元，9月份单量相对稳定，和7、8月份比单量有季节性波动； 3、纯电商EBITA同比正增长，同比增速好于6月季度； 4、9月闪购UE减亏on track，12月季度的某月度UE预计会较7、8月份峰值减亏一半。 多位分析人士认为，这段Preview 的信息量很大，阿里GMV增速低于行业增速，也低于拼多多和抖音电商 的双位数增速，电商协同效应暂时还不明显。（欢迎对电商平台感兴趣的业者添加微信 qqw_501 交 流。） 但考虑拼多多已经发布Q3财报，其广告收入增速已经跌至8%，如果 ...

11月21日，美团在北京举办"同舟计划"五周年故事分享会，宣布未来五年将投入100亿元构建更全面的 骑手保障体系。在北京、深圳、重庆等地，美团推出了"骑手公寓"，为骑手提供性价比高、安全性强的 保障性住房。针对骑手的家庭保障需求，美团将大病关怀金保障从骑手及其子女延伸至配偶、父母，并 扩大袋鼠宝贝公益计划对骑手子女的保障范围。 自2020年启动，"同舟计划"已成为外卖配送行业内时间最早、投入最大的灵活就业福利保障专项，美团 已投入20亿元，围绕骑手工作保障、体验提升、职业发展、生活关怀等方面进行了一系列探索。在"同 舟计划"框架内，美团近年先后推动了"取消超时扣款"等十次算法公开和改进，推广职业伤害保障和养 老保险补贴，召开近千场骑手恳谈会收集数百条骑手反馈，与社会各界共建近4万个"骑手友好社区"， 向大病关怀金、袋鼠宝贝等项目投入2.6亿元，帮扶全行业超过8000名骑手及其子女。 在"同舟计划"五周年活动上，美团宣布未来五年将投入100亿元，进一步深耕骑手福利，围绕"工作体 验""职业发展""生活关怀"等方面继续投入，在美团骑手社保覆盖全国的基础上，构建更全面的"基础保 障+进阶保障+生活福利"骑手福利保障 ...

过去十多年的移动互联网时代，是众多互联网巨头乘浪而起、蓬勃发展，并逐步成为我们日常生活和系 统运转中重要部分的过程，对社会而言，可以说这些企业已经日渐 "毛细血管"化了。 而2025年，火热的具身智能机器人赛道背后，同样不缺乏这些企业的身影： 沉寂了一段时间的京东投资部门，仅在今年5-7月，就连续出手投资了6家机器人相关公司。 而美团则是延续了过去一年多时间里对机器人赛道的投资节奏，在不同的轮次进入，洒下了超过5亿元 的金额。 再看和美团在今夏大打外卖大战的阿里，他们也没有闲着，对于机器人产业上游的公司出手频频。 加上字节、腾讯等企业，到了2025年的秋季，一眼看去，头部序列的具身智能机器人公司，其身后基本 上站了不止一家互联网公司的身影。 这些手握资金和资源的互联网公司为什么青睐这个赛道？而他们的下注，又会反过来给这个赛道里的玩 家们带来什么机遇和变数？ 互联网企业为什么不想缺席这波投资热潮 过去十年，不断扩张的互联网巨头们，在业务形态和边界逐渐接近和交锋的过程里，面对有潜力的业务 和赛道，要么自己下场亲自做，要么依靠投资来做布局。 前者以软件、线上虚拟性质，以及在线下已经有了基础的业务为主。比如年初大热的 ...

| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01024 | 快手-W | C | 6.56% | 66.79% | 2948.57 Z | | 099999 | 网易-S | | 6.26% | 61.57% | 6882.87 Z | | 09988 | 阿里巴巴-W | | 5.42% | 93.41% | 2.97万亿 | | 02359 | 药明康德 | | 4.14% | 93.30% | 3153.83 乙 | | 09888 | 百度集团-SW | | 4.10% | 35.07% | 3071.94 Z | | 03692 | 翰森制药 | | 4.03% | 134.85% | 2405.11亿 | | 00881 | 中升控股 | | 3.58% | -12.81% | 274.1 亿 | | 00688 | 中国海外发展 | | 3.37% | 19.16% | 1545.42 Z | | 00960 | 龙湖集团 | | 3.54% | 6.20% | 721.77亿 | | ...

11月24日，A股市场早盘高开回落，三大指数集体翻绿，截至午盘，沪指跌0.34%，深成指跌0.59%，创业板 指跌0.77%。沪深两市半日成交额1.03万亿，较上个交易日缩量3817亿。全市场超3200只个股上涨。 内地股票 | 行情 资金净流入 | | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3821.68 12463.79 | | 1375.73 | | -13.21 -0.34% -74.28 -0.59% -1.66 -0.12% | | | | 科创50 | 创业板指 | 万得全A | | 1280.64 | 2897.68 | 6017.14 | | -5.19 -0.40% -22.40 -0.77% -13.42 -0.22% | | | | 沪深300 | 中证500 | 中证A500 | | 4427.55 | 6804.37 | 5300.70 | | -26.06 -0.59% -13.04 -0.19% -25.29 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7071.44 | 5 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance, particularly among major internet companies, with significant gains observed in stocks like NetEase, Alibaba, and Kuaishou, driven by positive sentiment in the technology sector [1] Group 1: Market Performance - As of 10:50 AM, stocks such as NetEase-S, Alibaba-W, and Kuaishou-W have risen over 5%, while Tencent Holdings and Meituan-W have increased by more than 2% [1] - The Hang Seng Technology Index has risen by 2.2%, and the CSI Hong Kong Stock Connect Internet Index has increased by 2.4% [1] - The Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan last week, indicating strong investor interest [1] Group 2: Industry Outlook - Huatai Securities highlights that Hong Kong-listed companies in the AI narrative are primarily focused on domestic computing power, models, and applications, with future prospects linked to China's technological development [1] - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is expected to be a medium to long-term focus [1] - Despite recent pullbacks in the Hong Kong technology sector, there remains potential for revaluation once liquidity conditions improve [1] Group 3: Valuation Metrics - The rolling price-to-earnings ratios for both the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index are below 22 times, positioned at the 15% and 8% percentiles since the indices were launched [1] - Investors looking to capitalize on the Hong Kong technology sector can consider products like the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) for convenient exposure [1]

每经AI快讯，11月24日，港股科网股走强，网易(09999.HK)、快手(01024.HK)涨超5%，阿里巴巴 (09988.HK)涨4.5%，百度(09888.HK)、美团(03690.HK)涨3%，京东(09618.HK)涨2.3%，腾讯控股 (00700.HK)涨近2%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Media, Internet, and Education sectors are highlighted for 2026 strategies, with significant emphasis on AI-driven advancements and market dynamics [1][2]. Core Insights and Arguments Advertising Sector - **AI Impact**: AI has significantly improved advertising efficiency, with Tencent's advertising revenue growing by 20% year-over-year in Q2 and continuing to rise in Q3. Kuaishou has made notable progress in user profiling and targeted advertising, while Bilibili achieved over 20% growth through AI enhancements [6][4]. - **Competition**: Third-party programmatic advertising platforms like Huishuangzang Technology and Yidian Tianxia are gaining competitiveness, driving transformation in the advertising industry [1][5]. Gaming Industry - **Regulatory Environment**: The normalization of game license issuance ensures a steady supply of content, supported by a resilient consumer environment. Major companies like Century Huatong and Giant Network are expected to benefit from a concentrated release of new products [7][9]. - **Market Dynamics**: The gaming sector is projected to maintain a high level of activity, driven by product innovation and commercial efficiency. Key players include Tencent, Century Huatong, and Giant Network [14][9]. Instant Retail Market - **Market Growth**: The instant retail market is expected to reach 1.175 trillion yuan by 2026, with a year-on-year growth rate of 28%. Major players like Alibaba, Meituan, and JD.com are heavily investing in this space, although profitability is under pressure due to intense competition [11][8]. - **Consumer Trends**: The county-level market is emerging as a new growth point, supported by the increasing number of rural internet users and their consumption habits [11][10]. Autonomous Driving Sector - **Competitive Landscape**: The autonomous driving sector is entering a price competition phase, with companies like Xpeng and Li Auto differentiating themselves through chip technology and self-driving capabilities. This trend is expected to enhance user experience and drive further development in the electric vehicle industry [12][10]. Short Drama and AI Animation - **Market Expansion**: The short drama market is rapidly growing, with approximately 700 million users in China. The market share of Hongguo exceeds 50%, while companies like China Online and Kunlun Wanwei are performing well in overseas markets, particularly targeting the U.S. [18][1]. - **AI Animation Growth**: The supply of AI animation (dynamic comics) has surged, with a compound monthly growth rate of about 83% in the first half of the year, resulting in over 3,000 works produced and a revenue scale that has increased twelvefold [19][3]. Education Sector - **AI Integration**: AI is increasingly penetrating the education sector, with companies like Dou Shen Education expected to achieve full AI integration by 2026, with AI revenue accounting for 90% of total income. Fenbi Education's AI interview courses are projected to enhance profit margins significantly [20][21]. - **Valuation Appeal**: Dou Shen Education's valuation metrics, such as a PS ratio of around 7 and a PE ratio in the 30s, are considered attractive compared to other sectors, which often see PE ratios of 60-70 [21][20]. Additional Important Insights - **Consumer Resilience**: The macroeconomic environment is supporting consumer resilience, with trends like the "lipstick effect" maintaining consumption levels [9][8]. - **Content Supply Recovery**: The film and television sectors are experiencing a recovery in content supply, with stable growth in box office revenues and favorable policies aiding the industry [17][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the current trends and future outlooks across various sectors.

Key Points - MSCI announced the inclusion of 26 new Chinese stocks and the removal of 20 stocks from the MSCI China Index, effective after the market close on November 24, 2025 [2] - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products to support the development of a multi-tiered pension insurance system [3] - Sixteen hard technology-themed funds have been approved, including seven AI ETFs and three chip ETFs, indicating an influx of capital into the sector [4] - The first large-capacity all-solid-state battery production line in China has been completed, with plans for small-scale production tests and a target for mass production between 2027 and 2030 [5] - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies [6][7] - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from New Zealand and South Korea [8] Company News - Hillstone Networks expects to achieve large-scale sales and product delivery of its new generation security products equipped with ASIC chips by Q1 2026 [10] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total consideration of 742 million yuan [11] - Jinfeng Technology is planning to acquire at least a 51% stake in Guangdong Lanyuan Technology, which will enhance its growth and profitability [12] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [13] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15 GW [14] - Qingmu Technology's subsidiary plans to acquire control of Vitalis, enhancing its competitiveness in the health supplement sector [16] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension expected [17] Market Insights - China Merchants Securities maintains a cautious outlook, citing weak trading signals and mixed fundamental indicators [19] - CITIC Securities notes the market is in a "three-phase overlap," suggesting a wait-and-see approach until key economic meetings in December [20]

Group 1 - The week of November 24-30 will see the release of China's October industrial profits and November official manufacturing PMI data [1] - Several Chinese concept stocks will disclose their Q3 earnings, including Alibaba, Meituan, Li Auto, and NIO [1] - Huawei will hold a product launch event for the Mate80 series and a new GPU from the first domestic GPU company, Moer Thread, will be available for subscription [1] Group 2 - On November 24, domestic refined oil will enter a new round of price adjustment [1] - On November 25, Huawei's product launch will feature the Mate80 series and new Kirin chips, alongside the release of the US September PPI year-on-year [1] - On November 26, the US Department of Commerce will release the revised Q3 GDP, personal income, spending, and PCE price index for October [1] Group 3 - A total of 38 stocks will face the unlocking of restricted shares this week, with a total unlocking volume of 1.914 billion shares, valued at 21.305 billion yuan [1] - The top three companies by unlocking market value are China Southern Airlines (5.689 billion yuan), Feiling Technology (1.871 billion yuan), and Huaton Co., Ltd. (1.742 billion yuan) [2] Group 4 - The National Internet Information Office and the Ministry of Public Security have drafted regulations for personal information protection on large online platforms, seeking public opinion [3] - The regulations require platform providers to designate a personal information protection officer and establish a dedicated protection work unit [3] Group 5 - China Tourism Group is leading the establishment of a new central enterprise for cruise operations, following a meeting organized by the State-owned Assets Supervision and Administration Commission [4] - The new cruise operation platform will have the largest fleet in Asia after the professional integration [4] Group 6 - Beijing is revising the model contracts for commodity housing sales for the first time in eight years, aiming to protect buyers' rights [4] - The revised contracts will clarify the importance of pre-registration and streamline the process to prevent issues like "one house sold multiple times" [4] Group 7 - The first large-capacity all-solid-state battery production line in China has been completed and is currently in small-batch testing [5] - The new battery technology reportedly has an energy density nearly double that of existing batteries, with plans for small-batch vehicle testing by 2026 [5] Group 8 - The Ministry of Finance has announced that electronic savings bonds will be included in the personal pension product range [6] - Institutions will adjust the allocation ratio of pension-specific quotas quarterly based on the amount of unsold savings bonds [6] Group 9 - China has officially launched a commercial trial for satellite IoT services, which will enhance the satellite communication market and support emerging industries [7] Group 10 - Wentech Technology has urged Nexperia Netherlands to resolve control issues that threaten the stability of the global semiconductor supply chain [8] - The company emphasizes the need for constructive dialogue to restore its legitimate control and shareholder rights [8] Group 11 - The US and Ukraine are set to hold talks in Switzerland regarding a peace plan to end the conflict, with Ukraine aiming for a dignified resolution [9] - This week, two new stocks will be issued on the A-share market, including Moer Thread and Bai Ao Sai Tu [9]