Core Viewpoint - The competition in the food delivery market has intensified with the launch of significant subsidy programs by major players like JD.com and Alibaba, leading to a surge in daily order volumes and a shift in market dynamics [1][2][15]. Group 1: Market Dynamics - The total daily order volume in the food delivery and instant retail market has rapidly increased to approximately 200 million orders, driven by aggressive subsidy strategies from JD.com and Alibaba [2][15]. - In June, Meituan's market share dropped to around 60%, with daily orders exceeding 90 million, while Taobao Shanguo and JD.com reported significant order volumes during the same period [1][2][10]. - As of July 5, Meituan's instant retail orders surpassed 1.2 billion, with over 1 billion being food orders, indicating a strong recovery and competitive response to rival promotions [10][11]. Group 2: Promotional Strategies - Taobao Shanguo launched a substantial subsidy plan of 500 billion yuan, resulting in a significant increase in order volumes across various categories, including food and beverages [3][4][11]. - Meituan responded to the competitive pressure by offering various high-value discount coupons and promotional activities, aiming to retain its customer base during the peak consumption season [5][11]. - The promotional activities led to a notable increase in order volumes for several brands, with some reporting up to a 230% increase in orders due to the influx of new customers attracted by the subsidies [11][12]. Group 3: Operational Challenges - The sudden spike in order volumes has created operational challenges for many merchants, with reports of overwhelmed staff and difficulties in fulfilling the increased demand [12][13]. - Some merchants expressed concerns about the sustainability of such high order volumes and the impact on brand quality, indicating a potential long-term challenge for businesses focused on maintaining brand integrity [14]. Group 4: Strategic Responses - JD.com is exploring new business models in the food delivery sector, focusing on supply chain efficiencies and cross-selling opportunities, while also expanding its logistics capabilities [15][16]. - Meituan is shifting its resources towards enhancing its instant retail and grocery delivery services, aiming to create a comprehensive delivery network that caters to urban consumers [18][19]. - The competition among the three giants—Meituan, JD.com, and Alibaba—highlights the ongoing battle for market share in the rapidly evolving instant retail landscape, with each company seeking to leverage its strengths in supply chain and customer engagement [19].

金十图示：2025年07月08日（周二）全球主要科技与互联网公司市值变化 | 因另 | 847 | 0.14% | 133.03 | | --- | --- | --- | --- | | Airbnb | 842 | 0.37% | 137 | | Robinhood | 824 | + -1% | 93.46 | | 飞塔信息 | 816 | 1 0.94% | 106.65 | | CoreWeave | 792 | -3.33% | 159.7 | | Constellation Software | 776 | -0.12% | 3659.59 | | 山川 易昆尼克斯 | 769 | 1.26% | 777.12 | | Foxconn (Hon UHDOXD Hai Precision Industry) | 759 | -1.24% | 5.47 | | >04 Snowflake | 753 | 1.94% | 225.79 | | Paypal | 744 | 0.54% | 76.18 | | Media Tek | 693 | -1.17% | 43.52 | | 欧特克 | 677 ...

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 8, 2025, highlighting significant players in the industry and their respective valuations [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,885.95 million [3]. - Tencent Holdings follows with a valuation of about $5,867.71 million [3]. - Alibaba ranks third with a market cap of $2,535.66 million [3]. - Xiaomi Group is positioned fourth with a market capitalization of $1,935.90 million [3]. Group 2: Additional Notable Companies - JD.com is ranked eighth with a market cap of $461.57 million [4]. - SMIC (Semiconductor Manufacturing International Corporation) is close behind at $456.82 million, ranking ninth [4]. - Kuaishou is in the tenth position with a valuation of $356.39 million [4]. - Tencent Music and Baidu are also notable, with market caps of $310.40 million and $308.67 million, respectively [4]. Group 3: Emerging Players - Li Auto and Beike are valued at $286.24 million and $216.73 million, respectively, indicating their growing presence in the market [4]. - Xpeng Motors and iFlytek have market caps of $170.73 million and $149.98 million, showcasing their potential in the automotive and AI sectors [4]. - Other companies like Zhongtong Express and Baoson Software are also making strides with valuations of $143.32 million and $94.87 million [4]. Group 4: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among various companies [1]. - The data is calculated based on the daily market values, indicating the dynamic nature of the industry [6].

2025.07. 08 本文字数：2895，阅读时长大约5分钟 作者 | 第一财经 陈杨园 陆涵之 揭书宜 刘佳 封图 | 蜜雪冰城门口外卖小哥在等待取货，摄影 揭书宜 美团阿里外卖商战，奶茶店员和外卖骑手干"冒烟"了。 "入职以来最累的一天。"小票如雪片般堆在地上，超负荷运转的机器轰鸣不止，打包台上纸袋成山， 凌晨三点还在做奶茶……史无前例的爆单让店员们忙到"崩溃"。 "5号夜里很多顾客看到优惠下了预订单，早上我们骑手去取餐的时候，看到的预订单就已经800多单 了。"重庆骑手廖泽萌从后台看到，很多奶茶订单只要0.01元。 风暴始于巨头们真金白银的厮杀。上个周末，突如其来的补贴大战，成功点燃了消费者"奶茶自由、 咖啡自由"的热情。各种"薅羊毛"战利品塞满冰箱的晒图刷屏社交平台，平台交出破纪录的成绩单。 在这背后，门店与骑手经历了一场极限压力测试。累，是他们最深刻的周末记忆。 奈雪门店爆单（奈雪供图） 爆单了！奶茶店员找亲属帮忙 在上海挪瓦咖啡由由世纪广场店，咖啡机超负荷运转，打包台堆满待取的外卖单，店员们脚步带风。 门店负责人王睿（化名）见证了周末单日外卖订单的翻倍增长，最繁忙的周末整体订单量环比激增 30% ...

Core Insights - The recent subsidy war among major platforms like Meituan and Alibaba has led to an unprecedented surge in orders for tea and coffee products, significantly impacting both store staff and delivery riders [1][21][15] - The intense competition has resulted in record-breaking sales for many beverage stores, with some reporting order volumes doubling compared to the previous year [3][7][21] - Despite the increase in sales, the pressure on staff and delivery riders has intensified, leading to extreme working conditions and challenges in managing the overwhelming order flow [9][22][21] Group 1: Sales and Order Growth - Many beverage stores experienced a dramatic increase in orders, with some reporting a 30% week-on-week growth and a doubling of orders compared to the same period last year [3][21] - Specific stores, such as a Milk Tea shop, saw daily sales jump from approximately 13,000 yuan to 17,000 yuan, setting new revenue records [7] - The surge in orders is attributed to aggressive promotional activities, with drinks being offered at significantly reduced prices, sometimes as low as 0.01 yuan [1][7] Group 2: Operational Challenges - Stores had to rapidly increase staff numbers to handle the influx of orders, with some locations doubling their workforce from two to four employees [3][21] - The overwhelming volume of orders led to operational strain, with some stores temporarily halting services to manage the backlog [8][9] - Delivery riders faced similar challenges, with order volumes increasing by 1.5 times, leading to longer working hours and heightened stress levels [22][9] Group 3: Industry Dynamics - The competition among platforms is seen as a strategic move to capture market share in the high-frequency consumption category of tea and coffee, which is sensitive to pricing and social sharing [15][21] - The subsidy war has not only increased sales but also highlighted underlying issues in supply chain responsiveness and workforce management within the industry [22][21] - Industry experts predict that the current level of subsidies will continue until at least the end of August, but brands need to prepare for a post-subsidy marketing strategy [22][21]

文 | 唐辰同学 把美团打得最疼的还是淘宝闪购。 7日上午，淘宝闪购联合饿了么发布了一组数据：日订单数超8000万；非餐饮订单超1300万；淘宝闪购日活跃用户超过2亿。 "真是太快了！" 这组数据是什么概念？做两个对比，一是和"淘宝闪购x饿了么"自身比：淘宝闪购于5月2日正式上线，5月底日订单超4000万，6月底日订单超6000万。上 线两个月，淘宝闪购即突破日订单8000万。 "淘宝"公众号还更新了一张趋势图，可以从中看到其增势的迅猛。官方自我评价都带着震惊："真是太快了！" 图源："淘宝"公众号 值得玩味的是，7月5日被传是淘宝闪购的"冲单日"，加上此前淘宝闪购500亿消费者及商家补贴，美团终于坐不住了，将Q1财报后的低调动作摆在了明 处，也在当天发放海量优惠券，尤其是针对奶茶、咖啡等新茶饮的小额高频订单，冲高订单量。 比如7月5日当晚，我就抢到了美团的免单券，包括5张外卖配送免单券和5张到店自取免单券，均为果茶、咖啡等大众饮品，包括茶百道、蜜雪冰城、沪上 阿姨、益禾堂等品牌。而且，大部分免单券在当晚23：59到期。 美团这波冲单是有作用的，直接创下1.2亿单即时零售新纪录，美团App还史无前例的短暂宕机 ...

Core Insights - The Chinese food delivery market is characterized by low entry barriers and intense competition, making it difficult to establish a monopoly [2][11][12] - On July 5, Alibaba initiated a significant promotional campaign, leading to a surge in daily orders, surpassing 80 million for its platforms [2][7] - Meituan responded with its own promotions, achieving over 120 million daily orders, indicating a highly competitive landscape [3][5] Market Dynamics - The food delivery sector is a battleground for major internet companies, with Alibaba and Meituan leading the charge [4][9] - The market's competitive intensity is higher than in other internet sectors, with a low concentration of market share among top players [3][9] - New entrants like JD.com have quickly gained traction, demonstrating the market's accessibility and the potential for rapid growth [9][11] Consumer Behavior - Consumer preferences are shifting, with users often ordering from multiple platforms to take advantage of promotions [14][19] - The lack of customer loyalty to any single platform further emphasizes the competitive nature of the market [14][19] Industry Characteristics - The food delivery market is fragmented, with millions of small restaurants and a large number of delivery personnel, making it challenging for any single platform to dominate [13][14] - The industry is marked by a high level of competition and innovation, driven by the need to meet diverse consumer demands [12][14] Financial Implications - Alibaba has committed to a substantial subsidy program, indicating its aggressive strategy to capture market share [7][8] - The overall market has seen a significant increase in daily order volumes, benefiting both consumers and merchants [18][19]

2025.07. 08 本文字数：1309，阅读时长大约2分钟 作者 | 一财评论员 硝烟四起的外卖大战，在反内卷的大背景下格外引人关注。 7月5日夜间，淘宝闪购、美团掀起了外卖大战，大量外卖红包如雨后春笋般撒落，部分外卖甚至可 以"零元购"。 这场事关"即时零售+电商+丰盈流量入口"的决战，各参与主体都在大战中获得了福利的精进，消费者 获得了消费者剩余，平台企业提升了数字资产价值和供应链整合能力，商家有了更多外卖平台可供选 择，骑手则获得了更多业务和选择机会。 方兴未艾的外卖补贴大战，各大平台争夺的是即时配送、新零售业务等的流量入口，尽管补贴本质是 一场变相价格战，但这背后较量的是各大平台的供应链管理能力和数字资产的贴现能力等，可看作是 国内市场在消费交易环节的一场系统性的竞相升级。支撑各大平台发出竞争性补贴的是，平台复杂多 元的盈利渠道和能力，以及多元化的商业场景，即补贴在商业上可看作是平台运营模式的内部转移定 价。 当前国内正综合整治"内卷式"竞争，而外卖大战正用鲜活具象事件，为人们提供如何辨识正常商业竞 争与"内卷式"恶性竞争的区别，从而有助于避免误判误伤。 当然，要有效保护正常市场竞争，需要在包容竞 ...

Group 1 - Google AI's Isomorphic Labs is set to begin its first human trials for AI-designed cancer drugs, leveraging the advancements from the AlphaFold model [1] - Alibaba Cloud has officially open-sourced its web intelligence agent WebSailor, which has shown superior performance compared to other models in both open-source and closed-source categories [1] - Tencent's Hunyuan3D-PolyGen is the first art-grade 3D generation model aimed at improving modeling efficiency for artists by addressing challenges in 3D asset generation [2] Group 2 - Zhiyuan has launched the Lingxi X2-N humanoid robot, featuring a dual-mode design that allows it to switch between wheeled and bipedal movement, enhancing its ability to navigate complex terrains [3] - The "New Generation Black Panther 2.0" has set a new world record for robotic dogs, achieving a speed of 10.3 meters per second, surpassing the previous record held by Boston Dynamics [4] Group 3 - ByteDance has denied reports of selling TikTok's U.S. operations to a consortium led by Oracle, emphasizing that the information is false [5] - Apple has appealed against a €500 million fine imposed by the EU for violating the Digital Markets Act, arguing that the penalty exceeds legal boundaries [6] Group 4 - A report by AlixPartners predicts that only 15 out of 129 electric vehicle brands in China will achieve financial sustainability by 2030 due to intense competition leading to market consolidation [7] - Changxin Storage has initiated its listing guidance, with major financial institutions involved, focusing on the development and production of DRAM products [8] Group 5 - The U.S. has announced new tariffs on 14 countries, with rates ranging from 25% to 40%, set to take effect on August 1 [8]

Group 1 - The U.S. President Trump announced tariffs on imports from 14 countries, with rates ranging from 25% to 40% depending on the country, effective from August 1 [2] - The tariffs include 25% on Japan and South Korea, 30% on Bosnia and South Africa, and up to 40% on Laos and Myanmar [2] - Trump warned of reciprocal tariffs if Japan and South Korea respond with their own increases [2] Group 2 - China's National Development and Reform Commission allocated an additional 10 billion yuan for employment support projects, aiming to create jobs for 310,000 individuals [3] - The investment will fund 1,975 projects, with 45.9% of the budget allocated for labor remuneration [3] Group 3 - The State Council's Food Safety Committee proposed a reward mechanism to encourage food industry employees to report safety risks, aiming for implementation by the end of 2026 [4] - The mechanism will initially target key sectors and larger businesses before expanding to other food production and import/export entities [4] Group 4 - The Ministry of Ecology and Environment emphasized the need for high standards in marine ecological protection and comprehensive governance of key sea areas [7] - The ministry aims to enhance the efficiency of environmental resource allocation and strengthen carbon market construction [7] Group 5 - China's Ministry of Industry and Information Technology announced the formal release of the international standard for autonomous vehicle testing, ISO 34505:2025, which fills a gap in testing scenario generation [8] - The standard was developed with collaboration from Chinese and German experts and aims to establish evaluation methods for autonomous driving systems [8] Group 6 - The average price of pork in China's wholesale markets increased by 0.4% compared to the previous week, with the current price at 20.66 yuan per kilogram [11] - The overall agricultural product wholesale price index rose by 0.34 points, indicating a general increase in food prices [11] Group 7 - China's foreign exchange reserves reached $33,174 billion at the end of June, marking a $32.2 billion increase from May, representing a 0.98% rise [12] - The gold reserves also increased, reaching 7.39 million ounces, continuing an eight-month growth trend [12] Group 8 - The Shanghai government introduced measures to promote the high-quality development of the software and information services industry, including a pilot policy for foreign-funded game companies [14] - This initiative is expected to enhance the growth potential for foreign enterprises in the gaming sector [14] Group 9 - Chery Automobile established a domestic business division, which includes four sub-divisions, but clarified that this restructuring does not involve changes in brand positioning [25] - The adjustment aims to focus on strategic alignment and resource integration [25] Group 10 - The new quantitative trading regulations, effective from July 7, focus on enhancing supervision of high-frequency trading and outline specific management requirements [27] - The regulations aim to address abnormal trading behaviors and improve market stability [27]