7月7日，淘宝闪购、饿了么联合宣布，淘宝闪购日订单数超8000万，日活跃用户超过2亿。与此同时，就在前一天，美团餐饮日订单更是突破了1亿单。短短 一个周末，电商巨头以大额补贴掀起了一场单日破2亿单量的超级外卖大战。不少商家、骑手猝不及防泼天的订单和福利。 电商巨头大打外卖流量战，首拿奶茶品类撬动年轻人。但其更深层的目的，则指向外卖流量对非餐类业务的连带效应。进入暑期出游季，酒旅、订票、即时 零售等业务更是电商兵家必争之地。 日订单! 超4 口:工用版 平台补贴上演"0元购" 持续数年的外卖大战，依然是同样的"配方"。外卖平台出手撒补贴，消费者奶茶"薅"到手软。与此同时，"外卖发优惠券有商家称1小时接300单""外卖大战 有骑手称一晚跑36单挣1000"相关话题在社交平台引发热议。 种种讨论都源于最近的一场补贴大战。7月5日晚间，淘宝、美团两大平台放出了大量且大额的外卖红包券，其中，包括"满25减24""满15减15""满22减18"等 多张无门槛外卖券，甚至部分外卖还能"0元购"。例如淘宝闪购平台推出了"满18减18"的新人专享红包，美团也联合不同奶茶饮品品牌推出了"0元喝奶茶"的 平台福利活动。 而平台的动 ...

进入7月，猝不及防地，外卖"补贴大战"骤然升级。 安静已久的美团，终于在7月5日吹响反击号角，出手发放了大量的免单券和大额优惠券。当日晚间，美团宣布其即时零售日订 单量突破1.2亿单大关。 而就在三天前，7月2日，淘宝闪购宣布将在12个月内直补消费者及商家共500亿元。此举被业界解读为阿里在即时零售领域对美 团发起的"强势防守"，避免重蹈在社区团购等新兴市场被对手甩开的覆辙。 值得注意的是，阿里巴巴在7月3日发布公告，计划发行本金总额约120亿港元、2032年到期的零票息可交换债券，交换标的为旗 下阿里健康的股份。此举无疑将增强阿里巴巴在AI、电商出海及即时零售战场的资金储备。 从高频的外卖市场切入，平台都希望借此推动那些低频、高客单价的商品销售，从而带来整体盈亏的平衡。 对于即时零售的行业大战，银河证券研究院研究所副所长、消费组组长何伟在接受21世纪经济报道记者采访时认为，即时零售 的本质是履约能力包括快递、外卖等形态，而不是真正的电商交易。它满足的是消费者希望有人帮忙跑腿购物的需求，其本质 类似于快递服务。消费者通过平台下单，快递员根据需求在本地购买商品并送达，因此这类商品覆盖的品类还是有限的。"以家 电 ...

Core Insights - The "Flash Purchase" initiative by Taobao has become a significant trend in 2025, with a commitment to subsidize consumers and merchants with 50 billion yuan within 12 months [1][4] - The rapid growth of daily orders on Taobao Flash Purchase, reaching over 80 million within two months of its launch, indicates strong consumer demand and market penetration [1][2] - The integration of Taobao, Ele.me, and Fliggy into a "big consumption platform" aims to enhance user experience by providing a comprehensive range of services and products [2][3] Group 1: Performance Metrics - Taobao Flash Purchase achieved over 40 million daily orders by the end of May and surpassed 60 million by the end of June, with a current daily order count exceeding 80 million [1][2] - The platform's non-food orders reached over 13 million, and it accounted for 60% of the market's new order growth [1] - On the first day of subsidy implementation, 589 retail brands saw their order volumes increase by over 100% compared to May 2, with significant growth in categories like ready-to-eat food and beverages [1][2] Group 2: Consumer Behavior and Market Trends - The surge in orders for products like mosquito nets and herbal medicine reflects a robust consumer spending trend, with top cities for orders including Hefei, Nanjing, and Wuxi [2] - The integration of various services under the "big consumption platform" strategy is expected to create a seamless shopping experience for consumers, addressing both immediate and long-term needs [2][3] - The promotional activities, such as offering free milk tea in major tourist cities, are designed to stimulate consumer engagement and drive sales growth [4][5] Group 3: Economic Implications - Economists predict that the subsidies from Taobao Flash Purchase could potentially unlock a consumption increase worth hundreds of billions, while also alleviating competitive pressures among merchants [3] - The initiative is seen as a strategic move to innovate consumption scenarios and lower costs for consumers, thereby fostering genuine business growth [4][5]

Group 1 - The core viewpoint emphasizes the need to protect and embrace normal market competition while combating "involution" and eliminating policies that distort market incentives [1][4] - The ongoing battle in the food delivery sector, particularly between Taobao and Meituan, highlights a competitive landscape where platforms are engaging in aggressive subsidy strategies, benefiting consumers and enhancing the value of digital assets [2][3] - The market is witnessing a systematic upgrade in consumption transactions, with platforms leveraging their diverse profit channels and operational models to support competitive subsidies [2][3] Group 2 - Recent cases compiled by the market regulatory authority illustrate the characteristics of "involution" in competition, which involves illegal and unfair practices that harm market order [3][4] - Effective protection of normal market competition requires clear definitions and standards for intervention against "involution," ensuring that regulatory actions do not interfere with legitimate competition [3][4] - The regulatory framework must establish mechanisms for correction and compensation to enhance the cost of regulatory capture and prevent exploitative enforcement practices [4]

通过历史数据来看，在过去2个月中，淘宝闪购相关订单增长了6000万单，而全市场日新增订单的总量 是1亿单——这个过程中，淘宝闪购为增量市场贡献了大约60%。 专家认为，淘宝闪购能够快速增长，根本上是因为"大消费"作为新的商业模式，能够创造全新消费新体 验和新服务场景。另外，500亿补贴额是淘宝平台出资，不需要商家投入。这种方式也为打破行业内 卷、激发新消费提供了有效尝试。 日订单超8000万，为增量市场贡献60% 淘宝闪购上线于两个多月前。 4月30日，淘宝天猫旗下业务"小时达"正式升级为"淘宝闪购"，并在淘宝App首页Tab以"闪购"一级流量 入口展示，首日上线50个城市。 随后的5月2日，淘宝闪购提前在全国上线。在品类方面，饿了么供给面向淘宝闪购全部开放；在运力方 面，淘宝闪购由饿了么重点保障履约，在全国范围内提供30分钟送达运力支持；在福利方面，淘宝闪购 联合饿了么共同加大补贴，围绕消费者提供福利优惠，如免单红包、免单奶茶、大额满减外卖券等权 益。 近一个月后，淘宝的流量入口效果开始显现。5月26日，淘宝闪购宣布日订单数已超过4000万。 7月2日推出500亿元的补贴计划之后，淘宝闪购近日宣布，日订单数 ...

外卖市场单日订单规模达到 2 亿量级。 文 丨 邱豪 沈方伟 管艺雯 制图 丨 黄帧昕 编辑 丨 黄俊杰 管艺雯 7 月 5 日，周六，阿里内部代号 "淮海战役" 的百日闪购增长计划迎来第一个冲单日，内部预期 单量站上 7000 万单。淘宝天猫的市场团队拿出比肩双 11 的预算和阵仗，把各大应用开屏刷成 了橙色。 当天上午，美团在多个城市监测饿了么的配送情况，发现没有超出预期，一位区域经营人员因 此松了口气，觉得可能像之前防御京东一样轻松。但临近下午，他和全国其他美团一线经营人 员突然接到通知，当天要放开限制，全力补贴、极尽所能跟进淘宝闪购的补贴战，冲高单量。 于是在 7 月的第一个周末，两大外卖平台动员了数万员工、几十万个商户、几百万骑手，顶着多地近 40 度的酷暑高温，开始了一场即时零售的压力测试。 品牌商家对美团的全力冲刺毫无准备，大型连锁品牌大多当天下午才接到通知，有些商家甚至表示没 接到通知，就发现平台开始补贴自己。全国各地的奶茶店里，打单机不停地吐出订单，堆积数米长， 有的直接系统崩溃、店员只好手写订单，店内和门外挤满了排队取单的骑手，很多店铺不得不关闭外 卖业务。 美团临时阻击后，淘宝闪购员工并 ...

Core Viewpoint - A significant subsidy war has erupted among instant retail platforms, leading to a surge in order volume, with daily orders increasing from approximately 100 million in May to 200 million currently, driven by substantial financial incentives from platforms like Taobao Flash Sale and Meituan [1][6][7]. Group 1: Market Dynamics - The recent subsidy war involves a broader range of categories and merchants, including independent coffee shops, fast food, bakeries, and community fresh food stores, unlike previous subsidy battles that focused mainly on chain brands [4]. - Taobao Flash Sale announced a direct consumer and merchant subsidy of 50 billion yuan over 12 months, significantly boosting its daily order volume and user engagement [6][7]. - As of July 5, Meituan reported over 1.2 billion daily orders, with more than 1 billion being food delivery orders, indicating a strong competitive response to Taobao's initiatives [7]. Group 2: Competitive Landscape - JD's entry into the market with a 10 billion yuan subsidy has also intensified competition, with JD's daily order volume surpassing 25 million and capturing over 31% of the national food delivery market [6]. - The instant retail market in China is rapidly growing, with a projected scale of 6.5 trillion yuan in 2023, reflecting a year-on-year growth of 28.89%, and expected to exceed 20 trillion yuan by 2030 [7][8]. Group 3: Operational Challenges - Merchants have expressed challenges in handling the sudden influx of orders due to the unexpected nature of the subsidy campaigns, leading to operational strains [4][5]. - Delivery personnel have reported increased workloads and delays in order fulfillment, highlighting the logistical challenges posed by the surge in demand [5].

⑥【小摩谨慎看待稳定币前景：2028年市场规模仅为5000亿美元】摩根大通近日预测，到2028年，稳定 币市场的规模将仅增长至5000亿美元。该行表示，对稳定币市场规模将增长至1万亿美元的预测过于乐 观，原因是目前几乎没有迹象表明美元挂钩的加密货币代币已被主流采用。 ② 【特斯拉跌超7%，马斯克宣布组建"美国党"引担忧】近日，马斯克宣布要组建第三方政党"美国 党"，引起投资者不安。WedBush资深科技分析师Dan Ives表示，马斯克是特斯拉"最大的资产"，他决定 深入政治可能会给公司股价带来压力。截至发稿，特斯拉下跌7.32%。 ① 【三大期指齐跌】截至发稿，道指期货跌0.20%、标普500指数期货跌0.48%、纳指期货跌0.63%。 ③ 【外卖大战开启，阿里巴巴跌超1%】近日，阿里巴巴和美团上演外卖大战，两大平台放出大量大额 外卖红包券。高盛分析认为，此轮外卖价格战的根本目标并非外卖业务本身的盈利，而是通过高频次外 卖服务获取用户流量，交叉销售至盈利能力更强的电商和旅行业务。高盛预计，将外卖亏损视为营销支 出的长期投资策略，将在2025年至2026年上半年给各平台带来近期阵痛。截至发稿，阿里巴巴下跌 1 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

【环球网科技报道 记者 李文瑶】7月2日，淘宝闪购宣布启动规模高达500亿元的直补计划，未来12个月 将同时面向商家与消费者投入真金白银——通过店铺补贴、免佣减佣等保障商家利润，借助大额红包、 一口价商品等让利激发用户消费活力。 此次，淘宝闪购的500亿投入迅速转化为服务消费市场的强劲推力：中小商户显著受益，消费场景全面 激活，城市经济活力迸发。 根据平台数据， 补贴上线首日，中小餐饮商家订单环比猛增140%，餐饮连锁品牌增长达170%，咖啡饮 品、甜品小吃等品类订单增幅超150%。下午茶、夜宵等多元场景订单分别增长170%和190%，呼和浩特 夜宵订单暴涨300%，沈阳、成都等城市夜间咖啡需求翻倍。全国超40个城市订单峰值刷新纪录，广 州、重庆等地增长超200%，杭州、武汉等新一线城市增幅突破100%。平台流量有效反哺线下，区域消 费生态持续升温。 补贴叠加即时配送等服务，更催生消费新热点。从季节节点来看，防暑需求激增。藿香正气水在青岛、 武汉等城市搜索量飙升200%～400%，风扇搜索量增长超200%，凉皮、凉粉在北京、郑州等地搜索量暴 增超200%。 最新数据显示，淘宝闪购日订单数超8000万，其中非餐 ...