动辄千万量级的订单、百亿级真金白银的投入，一度将这个行业推向低价争夺战的怪圈。直到7月18日，市场监管总局约谈饿了么、美团、京东三家平台 企业。8月1日，三家平台同一天发布声明，表示将规范补贴行为、反对恶性竞争、共同维护行业生态。 持续三个多月的外卖大战，终于有了些缓和的迹象。 然而，在平台尚未彻底"刹车"之前，被裹挟其中的商家，早已疲惫不堪。 从南京到广州，从寿司店到糖水铺，再到街角的柠檬茶门店，从个体商家到品牌连锁，这场看似热闹的"外卖狂欢"背后，是一笔越来越难算的账：一边是 订单暴涨、忙不过来，另一边是在补贴分摊之下的利润下滑。有人被迫涨价，有人关闭线上渠道，有人放弃堂食大店重新租小档口All in外卖…… 本文试图回到这场战争中的"个体"，从商家的讲述出发，通过真实账单、应对方法和犹豫挣扎，记录这场大战带来的冲击。 两难的商家，困在补贴里 "加入外卖大战，会死得慢一点。不加入，死得快。"不少餐饮商家在聊起外卖大战时，都这样感慨。 江苏的茶饮商家王渝，几个月前就察觉出异常。他在南京加盟了一家品牌茶饮，为了提高收入，顺带着自营了一家烘焙店。年后堂食基本每天都有五六十 单，但到了四月底，线上订单开始激增，堂 ...

Core Viewpoint - The trend of A-share companies listing in Hong Kong is gaining momentum, driven by supportive policies and the need for global expansion, with over 80 companies at various stages of the listing process [1][4]. Group 1: Policy Support - In April 2022, the China Securities Regulatory Commission announced five measures to support leading domestic companies in listing in Hong Kong [1]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange released a timeline to optimize the approval process for new listings in October 2022, facilitating A-share companies' access to the Hong Kong market [1]. Group 2: Globalization and Market Expansion - The demand for global expansion is a core driver for companies seeking to list in Hong Kong, as seen with companies like CATL, which raised funds for overseas factory expansions [3]. - CATL's overseas revenue reached 61.208 billion yuan in the first half of the year, accounting for 34.22% of total revenue, indicating successful global market penetration [3]. - Anhui Huaheng Biotechnology Co., Ltd. aims to enhance its global strategy and brand influence through its planned Hong Kong listing, with overseas revenue projected to reach 1.032 billion yuan in 2024, a 30.34% increase year-on-year [3][4]. Group 3: Market Dynamics and Strategic Advantages - The "A+H" model allows companies to leverage dual market resilience, enhancing financing flexibility, investor diversity, and risk mitigation [4]. - Hong Kong serves as a critical link between the mainland and global markets, providing institutional innovation and funding support for Chinese companies' international ventures [4].

Group 1: Market Overview - The Hang Seng Index faced downward pressure due to the implementation of tariff measures by the Trump administration, resulting in a decline of over 200 points, closing at 24,507, down 265 points or 1.1% [2][3] - The index has experienced a continuous decline for four days, with a weekly drop of 880 points or 3.5%, while the technology index fell by 4.9% [2][3] Group 2: Economic Indicators - The S&P Global reported that China's manufacturing PMI fell to 49.5 in July, down from 50.4 in the previous month, indicating a contraction in manufacturing activity [5] - The decline in new business volumes has led manufacturers to reduce production for the second time in three months, with a notable decrease in new export orders [5] Group 3: Company News - JD.com has committed to eliminating unfair competition practices in the food delivery sector, emphasizing a transparent subsidy mechanism and resisting "zero-dollar purchase" promotions [9] - Xiaopeng Motors reported a record delivery of approximately 36,700 smart electric vehicles in July, marking a year-on-year increase of 2.29 times, with total deliveries exceeding 800,000 vehicles [10] - Xiaomi's automotive division achieved over 30,000 vehicle deliveries in July, reflecting a growth of approximately 20% compared to June [11]

Group 1: Company Developments - JD Group has made a voluntary public acquisition offer to Ceconomy AG, the parent company of MediaMarkt and Saturn, at a cash price of €4.60 per share, aiming to establish a strategic investment partnership [4] - BYD reported that its overseas sales of passenger cars and pickups reached 470,086 units in the first half of 2025, contributing to a total sales figure of 2,145,954 vehicles [4] - WeRide has partnered with Uber to expand its Robotaxi service in Abu Dhabi, expecting to double its order volume and cover nearly half of the core areas of Abu Dhabi [5] Group 2: Industry Trends - China's trade with Central and Eastern European countries reached a record high of 522.88 billion yuan in the first half of 2025, marking a year-on-year increase of 6.8% [8] - The export growth to Africa was 23% in the first half of 2025, making it one of the hottest markets for China's foreign trade [8] - The solid-state battery sector is experiencing higher capital interest than industrial readiness, with commercial production expected to begin in small scale by 2027 [8] Group 3: Investment and Financing - Zhiyuan Robotics has received strategic investment from LG Electronics and Mirae Asset, marking LG's first foray into the field of embodied intelligence [10] - CATL's subsidiary, Times Intelligent, has initiated its first round of financing with a target of 2 billion yuan and a pre-investment valuation of approximately 9 billion yuan [10] - Anthropic is negotiating a new funding round that could raise between $3 billion to $5 billion, potentially increasing its valuation to $170 billion [10]

Key Points - DJI's first panoramic camera, Osmo 360, has reported fogging issues, which the company attributes to user error in humid conditions, stating that the fogging is an isolated incident [4][5] - Li Auto responded to public backlash regarding a crash test involving its i8 model, clarifying that the test was not intended to compare with other brands and that it does not compete directly with Dongfeng Liuzhou [7][8] - Gree Electric Appliances has denied allegations of financial misconduct involving its executives, stating that the claims are false and have been reported to the police [10] - Zunpai Technology was fined for stealing Huawei's chip technology, with 14 former employees sentenced and a total fine of 13.5 million yuan imposed [10][11] - Silicon-based Intelligence has addressed rumors of layoffs, asserting that it has a stable research and sales team and plans to expand its workforce significantly by 2026 [12][13] - Geely has restructured its intelligent driving teams, integrating the Zeekr team into Qianli Technology, indicating a strategic shift towards a unified technology platform [15][16] - Neta Auto has resumed full operations, with 47 potential investors expressing interest in funding its restructuring efforts, despite significant debts [17] - Faraday Future has denied allegations of copying Great Wall Motors, emphasizing its collaborative development approach [18] - Major Chinese food delivery platforms, including Meituan and JD, have collectively called for an end to cutthroat competition in the industry, promising to regulate subsidy practices [19] - IM Motors has introduced a new range-extended electric vehicle system, claiming significant improvements in efficiency and range [20][21] - Apple reported a 10% increase in total revenue, with a notable 4% growth in revenue from the Greater China region, attributed partly to government subsidies [30][31] - TikTok has merged its core product and trust safety teams to better address uncertainties in the U.S. market [33] - Intel is undergoing significant leadership changes in its wafer foundry business, with three senior executives set to retire [34][35] - Shein reported over $10 billion in revenue for Q1 2025, benefiting from a rush of consumer purchases before new tariffs take effect [36] - Tim Cook has officially become the longest-serving CEO in Apple's history, surpassing Steve Jobs [37]

Core Viewpoint - The competition among super apps may further erode the market share of niche apps, leading to a concentration of user entry points towards super apps [2][23]. Group 1: Market Dynamics - The fierce competition in the food delivery sector has led to a significant increase in app usage, with the combined daily order volume of the three major platforms exceeding 250 million at its peak [2]. - On July 23, the three major platforms initiated rectifications under regulatory requirements, ceasing promotional activities like "zero-yuan purchase" and enhancing price control and rider rights protection [2][3]. - The competitive landscape has evolved from clear vertical categories to a mixed battle, with major players expanding their services into various sectors, blurring competitive boundaries [4][6]. Group 2: Super App Development - The ambition of the three giants is to create a super app that can meet users' needs across various aspects of life, including food, travel, and entertainment [6][7]. - The concept of super apps is not new, having evolved from addressing essential pain points to becoming comprehensive platforms that integrate multiple services [10][12]. - The transition from first-generation super apps, which were primarily tools, to second-generation apps that enhance user engagement through content, reflects a significant shift in user interaction [12][18]. Group 3: Competitive Strategies - The three major players, referred to as "red sweet potato giants," leverage their heavy asset infrastructure, including supply chain systems and logistics networks, to enhance their competitive edge [17][18]. - The competition among these giants is not just about user acquisition but also about optimizing commercial efficiency and integrating various services within a single app [21][22]. - The consolidation of services within a single app reduces customer acquisition costs and enhances user value, as seen with the integration of various services by platforms like Meituan and Alibaba [21][22]. Group 4: Future Trends - The evolution of super apps is driven by technological advancements, policy changes, and the upgrading of user demands, indicating a continuous cycle of innovation [26][31]. - Future super apps may shift from being visible applications to invisible systems that seamlessly integrate into users' lives, driven by AI and IoT technologies [33][34]. - The next generation of super apps will likely cater to diverse consumer needs across different demographics, reflecting a shift towards more integrated and immediate service delivery [32][34].

Core Insights - The short drama sector is experiencing intense competition, with new entrants including major e-commerce platforms like JD.com, Pinduoduo, and Taobao, indicating a strategic shift towards content-driven user engagement [1][4][11] Group 1: JD.com's Strategy - JD.com has recently begun recruiting for multiple short drama-related positions, with salaries reaching up to 1.4 million yuan, highlighting its strategic commitment to this sector [1][5][7] - The launch of a "short drama" channel within the JD app, currently in a testing phase, signifies JD's intent to integrate short dramas into its ecosystem [5][7] - JD.com aims to consolidate its previous short drama efforts into a comprehensive content operation and commercial conversion system, focusing on content innovation [7][18] Group 2: Competitor Analysis - Taobao has a long-standing investment in short dramas, launching initiatives like the "100 Billion Taobao Drama Plan," which allocates 5 million yuan per drama and over 1 billion yuan in traffic support [7][11] - Pinduoduo's "Duo Duo Has Good Dramas Plan" incentivizes creators with lifetime revenue sharing and enhanced CPM rates, targeting the lower-tier market with free content [9][10] - Meituan integrates short dramas with local services, embedding purchase options within the content to create a seamless consumer experience [10][12] Group 3: Market Dynamics - The e-commerce giants are responding to stagnating user growth and rising customer acquisition costs, with the online shopping user base in China reaching 974 million, growing only 6.5% year-on-year [11][14] - Short dramas, characterized by their brief, engaging formats, are seen as a means to enhance user retention and reduce acquisition costs by increasing time spent on platforms [14][17] - The competition is shifting from price wars to content differentiation, with short dramas filling gaps in the content ecosystems of these platforms [14][18] Group 4: Future Outlook - The entry of e-commerce platforms into the short drama space is expected to reshape the market, but established players like Hongguo may maintain their lead due to their content expertise [18][19] - The market may evolve into a dual structure where specialized short drama platforms dominate content creation while e-commerce platforms focus on enhancing transaction conversions [19][21]

Group 1 - The core viewpoint emphasizes the need for regulating low-price disorderly competition to correct market failures and establish a fair competitive environment for various business entities in a unified national market [1][2] - Major food delivery platforms, including Meituan, Ele.me, and JD.com, have collectively called for the standardization of industry competition, pledging to adhere to relevant laws and eliminate unfair competition practices [1][2] - The recent surge in promotional activities like "0 yuan purchase" and "1 cent grab" reflects the intense competition among platforms for user traffic and market share in the local life service sector [1][2] Group 2 - Disorderly competition is detrimental not only to the healthy development of the industry but also to the platforms themselves, potentially distorting market consumption structures and impacting normal business operations [2] - Rational competition is essential for creating greater value, as irrational competition leads to a lose-lose situation, while rational competition can enhance overall productivity and benefit both consumers and businesses [2] - The newly revised Anti-Unfair Competition Law will take effect on October 15, explicitly prohibiting platform operators from forcing or indirectly forcing merchants to sell products below cost, thereby disrupting market order [3]

Core Viewpoint - The recent commitments from major food delivery platforms to regulate promotional activities and resist unfair competition signal a shift towards rational competition in the industry after a period of intense subsidy wars [1][2]. Group 1: Industry Dynamics - The food delivery industry has become an essential part of daily life, providing convenience for consumers and new sales channels for businesses [1]. - Recent aggressive subsidy practices, such as "0 yuan purchase," have harmed not only merchants' interests but also consumer experience, rider rights, and the long-term development of the industry [1]. - While large-scale subsidies can temporarily stimulate consumption and increase online orders, the negative consequences of extreme subsidies are becoming evident [1]. Group 2: Regulatory Actions - In response to the situation, regulatory authorities took action by meeting with major platforms like Ele.me, Meituan, and JD.com, urging them to comply with laws and regulations and to rationally participate in competition [2]. - The collective commitment from these platforms to resist malicious competition is seen as a positive signal for industry development [2]. - Each platform has expressed intentions to eliminate unfair competition and avoid irrational promotional activities, emphasizing the need for a transparent subsidy mechanism [2]. Group 3: Future Outlook - The healthy development of the food delivery industry is crucial for driving consumption and promoting employment [3]. - With the platforms collectively resisting malicious competition, the industry is expected to enter a new phase of development [3]. - Establishing a fair competition and mutually beneficial industry ecosystem is essential for stimulating market vitality and fostering continuous innovation, ultimately creating more value for consumers, merchants, and riders [3].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, BYD, Li Auto, and Xpeng Motors as core recommendations [5]. Core Insights - The upcoming World Robot Conference is expected to catalyze interest in the robotics sector, with significant developments from Tesla and JD.com in the field of intelligent robotics [2][10]. - The report emphasizes the potential for improvement in the passenger vehicle market due to government policies aimed at reducing competition and enhancing quality [3][11]. - The report suggests that the automotive industry is entering a phase of reduced competition, which could lead to a more favorable market environment for key players [11]. Summary by Sections 1. Weekly Insights - The World Robot Conference is set to take place, with expectations of increased activity in the robotics sector, particularly with Tesla's Optimus V3 production goals [2][10]. - The report recommends focusing on high-quality domestic car manufacturers that are accelerating their global presence and technological advancements [12]. 2. Market Performance - The automotive sector underperformed the market, with a decline of 1.88% in the A-share automotive sector during the week of July 28 to August 1, 2025 [26]. 3. Sales Data - In the fourth week of July 2025, passenger car sales reached 448,000 units, representing a year-on-year increase of 4.5% and a month-on-month increase of 13.1% [3][35]. 4. Investment Recommendations - For passenger vehicles, the report recommends companies that are advancing in smart technology and global expansion, including Geely, BYD, Li Auto, and Xpeng Motors [4][12]. - In the parts sector, the report highlights companies involved in intelligent driving and new energy vehicle supply chains, such as Berteli and Top Group [4][13]. - The report also identifies opportunities in the motorcycle sector, particularly for leading companies in the mid-to-large displacement category, such as Chunfeng Power [18][19]. 5. Policy Impact - The report discusses the impact of government policies aimed at stimulating demand through vehicle replacement subsidies, which are expected to support the automotive market [35][36].