Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform service industry due to concerns over irrational competition practices such as price wars and excessive subsidies, which are negatively impacting the real economy and intensifying "involution" competition [1] Group 1: Government Actions - The State Administration for Market Regulation is conducting an investigation and assessment of the market competition status in the food delivery platform service industry based on the Anti-Monopoly Law of the People's Republic of China [1] - The investigation aims to promote lawful and compliant operations among food delivery platforms, ensuring fair and orderly competition to establish a high-quality market order [1] Group 2: Company Responses - Meituan, Taobao Flash Purchase, and JD Delivery have announced their support for the investigation and expressed their commitment to cooperate fully [2][3] - Meituan has called for a return to rational competition and has opposed "involution" competition, emphasizing the need for industry players to fulfill their market responsibilities and promote innovation and healthy development in the food delivery service sector [2] - Taobao Flash Purchase highlighted the importance of fair competition as a core principle of the market economy and committed to adhering to relevant laws and regulations while providing diverse and high-quality services [2] - JD Delivery expressed strong support for measures that maintain market fairness and protect the rights of consumers, operators, and delivery personnel, while also focusing on high-quality development through supply chain innovation [3] Group 3: Industry Context - The ongoing subsidy wars in the food delivery platform sector have drawn significant attention since 2025, prompting the State Administration for Market Regulation to hold discussions with major platforms to enforce compliance with social responsibilities and promote a healthy market environment [3] - The current investigation will involve on-site verification, interviews, and surveys to gather comprehensive insights into competitive behaviors within the food delivery platforms, aiming to assess monopoly risks and regulate market order [3]

Company - Nvidia is recruiting executives from Google Cloud to strengthen its position in the market [8] - Chevron could see an annual revenue increase of up to $700 million due to its operations in Venezuela [8] - Stellantis has canceled its sales plan for plug-in hybrid vehicles in the U.S. due to weak demand [8] - Glencore and Rio Tinto are in negotiations to potentially create the world's largest mining company [8] - xAI plans to invest $20 billion in building a data center in Mississippi [8] - Hyundai will fully deploy humanoid robots starting in 2028 [8] - Paramount reiterated its all-cash offer of $30 per share for WBD [8] - General Motors will account for $7.1 billion in expenses in the fourth quarter [8] - Johnson & Johnson is lowering drug prices in the U.S. in exchange for tariff reductions, but experts say savings for insured individuals will be limited [8] Industry - The U.S. added 584,000 jobs in 2025, marking the lowest growth rate in a non-recession period since 2003 [8] - U.S. household wealth has reached a record high, benefiting from the rise in the stock market [8] - The EU is expected to sign a historic trade agreement with South America despite opposition from France [8] - The WTI crude oil price has risen for the third consecutive week [9] - The U.S. debt market shows mixed results, with a flattening yield curve and mixed non-farm payroll data [9] - The dollar is rising alongside U.S. Treasury yields as traders reduce bets on Federal Reserve rate cuts [9]

Core Viewpoint - Southbound funds have increased their holdings in Alibaba-W (09988.HK) by 800,600 shares on January 9, 2026, indicating a positive sentiment towards the company [1]. Group 1: Shareholding Changes - In the last five trading days, southbound funds have increased their holdings on three occasions, with a total net increase of 3,489,500 shares [1]. - Over the past twenty trading days, there have been ten days of net reductions in holdings, totaling 14,706,600 shares [1]. - As of January 9, 2026, southbound funds hold 2.211 billion shares of Alibaba-W, representing 11.56% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On January 9, 2026, the total shareholding was 2.211 billion shares, with a change of 800,600 shares, reflecting a 0.04% increase [2]. - On January 8, 2026, the total shareholding was 2.210 billion shares, with a change of 10,670,500 shares, reflecting a 0.49% increase [2]. - On January 7, 2026, the total shareholding was 2.200 billion shares, with a change of 174,010 shares, reflecting a 0.08% increase [2]. - On January 5, 2026, the total shareholding was 2.198 billion shares, with a change of -2,722,000 shares, reflecting a -0.12% decrease [2]. - On January 2, 2026, the total shareholding was 2.200 billion shares, with a change of -6,999,700 shares, reflecting a -0.32% decrease [2]. Group 3: Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2]. - The Chinese commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [2]. - The international commerce segment encompasses international retail and wholesale businesses like Lazada and AliExpress [2]. - The local services segment includes location-based services such as Ele.me, Amap, and Fliggy [2]. - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [2]. - The cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [2]. - The digital media and entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [2]. - The innovation and other segment includes DAMO Academy, Tmall Genie, and other businesses [2].

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform service industry in China, aiming to address issues of irrational competition, such as price wars and excessive subsidies, which have negatively impacted the real economy and intensified "involution" within the industry [2] Group 1: Government Actions - The investigation is based on the Anti-Monopoly Law of the People's Republic of China and aims to promote lawful and fair competition within the food delivery platform service sector [2] - The investigation will involve on-site verification, face-to-face interviews, and surveys to gather insights from various stakeholders, including platform operators, new employment groups, and consumers [2] Group 2: Company Responses - Major food delivery platforms, including Meituan, Taobao Shanguo, and JD Delivery, have expressed their support for the investigation and committed to cooperating fully [3] - Meituan has called for a return to rational competition and has emphasized the importance of fulfilling market responsibilities to foster innovation and healthy development in the industry [3] - Taobao Shanguo has highlighted the significance of fair competition as a core principle of market economy and aims to provide diverse and high-quality services in collaboration with partners [3] - JD Delivery has voiced strong support for measures against "involution" and is focused on promoting high-quality development through supply chain innovations [3] Group 3: Industry Challenges - The intense competition among food delivery platforms has led to significant financial losses, with Meituan reporting a net loss of 16 billion yuan in Q3 2025, compared to a profit of 12.8 billion yuan in the same period last year [4] - Alibaba's net profit for the same period fell by 52% to 20.99 billion yuan, while JD's net profit decreased by 55% to 5.3 billion yuan [4] - The high subsidies offered by platforms have created a vicious cycle for the restaurant industry, leading to profit erosion and quality compromise, as businesses face high fixed costs and low demand elasticity [5] Group 4: Expert Insights - An expert has pointed out that the burden of high subsidies is often shifted to restaurants, creating a dilemma where businesses must either participate in subsidy programs or risk losing customer traffic [5] - The expert emphasized the need to scrutinize the mechanisms behind subsidy costs, questioning whether they are borne by the platforms or passed down to merchants through pricing algorithms [5]

Core Viewpoint - Alibaba's stock has declined over 20% from its 52-week high of $192.67, despite positive momentum in its cloud business [1] Group 1: Stock Performance and Market Pressure - The decline in Alibaba's stock is attributed to margin challenges and intensified competition in China's online retail sector, leading to price reductions and increased investments to maintain market share [2] - Broader concerns regarding a potential slowdown in Chinese consumption have dampened investor sentiment, which could negatively impact Alibaba's e-commerce business [3] Group 2: Strategic Investments and Long-term Outlook - Current margin pressures do not undermine Alibaba's long-term investment case, as management's increased spending is strategic, aimed at enhancing competitive positioning and expanding into higher-value growth areas [4] - Investments in quick commerce, AI, and cloud infrastructure are expected to pay off over time through improved scale and diversified revenue streams [4] Group 3: Cloud and AI Growth - Alibaba's cloud business is a significant growth catalyst, with strong revenue growth in cloud services helping to offset retail softness and gradually restore profitability [5] - In the last reported quarter, Alibaba Cloud experienced a 34% revenue growth, with external customer revenue rising by 29%, driven by demand for public cloud services and AI-related products [6] - Adoption of Alibaba's AI products is expanding among enterprise customers, enhancing revenue growth and customer retention through value-added applications [7]

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee Office has initiated an investigation and assessment of the market competition status in the food delivery platform service industry, prompting responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [1][3][5]. Group 1: Company Responses - Meituan expressed strong support for the investigation and emphasized the need for rational competition, opposing irrational practices such as price wars and excessive subsidies [1]. - Taobao Flash Sale highlighted its commitment to fair competition as a core principle of market economy and stated its adherence to relevant laws and regulations while welcoming the investigation [3]. - JD Delivery also expressed support for the investigation, advocating for the maintenance of fair competition and the protection of consumer and operator rights [5]. Group 2: Industry Challenges - The food delivery market has been facing significant issues related to irrational competition, including price wars, excessive subsidies, and traffic control, which have been described as "involutionary" competition [1]. - Companies are calling for a return to rational competition and are committed to fulfilling their market responsibilities to foster innovation and healthy development within the industry [1][6].

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has initiated an investigation and assessment of the market competition status in the food delivery platform service industry, prompting responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [1][3][5]. Group 1: Company Responses - Meituan expressed strong support for the investigation, emphasizing the need for rational competition and opposing "involution" in the industry. The company aims to collaborate with other platforms to promote innovation and healthy development in the food delivery sector [1]. - Taobao Flash Sale highlighted the importance of fair competition as a core principle of market economy, committing to compliance with relevant laws and regulations. The company plans to work with merchants and partners to enhance service quality and maintain a fair market environment [3]. - JD Delivery welcomed the investigation, supporting measures to combat involution and protect the rights of consumers, operators, and delivery personnel. The company intends to innovate its supply chain model to promote high-quality food delivery services [5].

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive practices of the food delivery platform industry, citing issues such as excessive subsidies, price wars, and traffic control that harm the real economy and exacerbate "involution" competition [1] Group 1: Investigation and Regulatory Actions - The investigation aims to assess the competition status in the food delivery platform sector, evaluate monopoly risks, and regulate market order, utilizing methods such as on-site verification, interviews, and surveys [1] - The investigation reflects the government's commitment to ensuring fair competition and compliance within the industry, urging platforms to cooperate and adhere to antitrust responsibilities [1] Group 2: Industry Responses - Meituan expressed strong support for the investigation and emphasized the need for rational competition, committing to collaborate with other platforms to fulfill market responsibilities and promote healthy industry development [2] - Taobao Shanguo welcomed the investigation, pledging to maintain fair competition and work with merchants and partners to enhance service quality [4] - JD.com also supported the decision, advocating against harmful competition and focusing on quality development through supply chain innovation [7] Group 3: Financial Impact and Historical Context - In the third quarter of 2025, Meituan reported an adjusted net loss of 16 billion yuan, indicating that the price war has not created value for the industry and is unsustainable [9] - Alibaba's operating profit fell by 85% year-on-year to 5.365 billion yuan, with its adjusted EBITA for the e-commerce segment down 76% [10] - JD.com's net profit decreased by 54.7% year-on-year to 5.3 billion yuan, with new business losses significantly increasing [10]

Core Viewpoint - The article discusses the recent announcement by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee to conduct an investigation and assessment of the competitive conditions in the food delivery platform service industry, highlighting issues of irrational competition such as price wars and excessive subsidies [2][8]. Group 1: Responses from Major Players - Meituan expressed strong support for the investigation, emphasizing the need for the industry to return to rational competition and to oppose "involution" competition [3]. - Taobao Shanguo stated that fair competition is essential for the sustainable innovation and healthy development of the food delivery service industry, and it adheres to relevant laws and regulations [5]. - Taobao Shanguo welcomed the investigation and committed to cooperating actively, aiming to maintain a fair and orderly market environment [6]. Group 2: Investigation Details - The investigation aims to address issues such as excessive subsidies, price competition, and traffic control that have been reported to harm the real economy and exacerbate "involution" competition [8]. - The assessment will involve on-site verification, face-to-face interviews, and surveys to gather comprehensive insights from various stakeholders, including platform operators, new employment groups, and consumers [8]. - The market regulatory authority also released ten governance rules to combat "involution" competition, which includes basic requirements for food delivery platform services, focusing on merchant management, pricing behavior, and consumer rights protection [8].

近日，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场竞争状况开展调查、评估。 对此，证券时报记者获悉，在1月9日，三大外卖平台齐齐发声，称支持相关调查和评估。 在这一消息发出后，三大外卖平台也是齐齐发声。 美团表示，坚决拥护，将全力做好配合工作。近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等 非理性竞争问题突出。美团多次呼吁行业回归理性，坚决反对"内卷式"竞争。美团将以此次调查为契 机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争，促进外卖平台服务行业创新和 健康发展。 淘宝闪购也表示，公司欢迎并将积极配合此次行业市场竞争状况调查、评估工作，严格落实合规主体责 任，持续与商户、生态合作伙伴等各方携手，提供更多元化、更高质量的服务，共同维护好公平有序的 市场环境，合力推动外卖服务行业进一步繁荣发展。 淘宝闪购还指出，公司深知公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持续创新与健 康发展的基石。我们始终坚持公平、公正、公开的原则，在商户管理、价格行为、配送员权益保障、消 费者权益保护等方面，严格遵守《反垄断法》、《反不正当竞争法》等相关法律法规，遵循《外卖平台 服务管理 ...