1、 Wind统计显示，截至8月30日， A股已有5424家上市公司披露2025年半年报。上半年营收总计34.99万亿元，同比增长0.02%；归母净利润总计2.99万 亿元，同比增长2.45%。 其中4178家实现盈利（占比77%），2908家归母净利润同比增长（54%），661家增幅超100%。 2、国家发改委召开新闻发布会表示，完善民营企业参与国家重大项目建设长效机制，对铁路、核电、油气管道等领域重大项目设定民间投资参股比例的 最低要求； 平稳有序实施消费品以旧换新政策，做好政策接续，加快首发经济、数字消费、"人工智能+消费"等领域政策出台和实施。 3、 阿里巴巴发布2026财年一季度财报显示，该季度实现营收2476.52亿元，同比增长2%，剔除已出售业务影响，集团整体收入同比增长10%。报告期 内，集团净利润为423.82亿元，同比增长76%，超市场预期。 由于对AI+云、消费两大战略领域的投入持续收获成效，核心业务收入增长保持强劲。阿里 云收入同比增长26%，创三年新高，AI相关产品收入已连续8个季度实现三位数同比增长。 1、国务院总理李强主持召开国务院常务会议， 研究在全国部分地区实施要素市场化配置 ...

Core Viewpoint - Alibaba's latest financial report indicates a 18% year-on-year decline in Non-GAAP net profit, but its core business shows strong resilience, particularly in cloud services and the rapid growth of Taobao Flash Sales [1][2]. Financial Performance - In Q2, Alibaba's total revenue reached 247.7 billion RMB, with a 10% year-on-year increase in customer management revenue from its Chinese e-commerce business [14][17]. - The adjusted EBITDA decreased by 14%, primarily due to strategic investments in expanding the instant retail business [15]. - Free cash flow showed a net outflow of 18.8 billion RMB, attributed to accelerated AI expansion and increased capital expenditures [16]. Business Highlights - Cloud business revenue grew by 26% year-on-year to 33.4 billion RMB, driven by AI-related services, which now contribute over 20% of external commercial revenue [2][7]. - Taobao Flash Sales, launched four months ago, has achieved over 300 million monthly active users, a 200% increase since April, with daily average orders reaching 120 million in July [1][24]. - The company plans to integrate over one million offline brand stores into its instant retail platform, potentially generating an additional 1 trillion RMB in transaction volume over the next three years [2][29]. Strategic Investments - Alibaba has committed to investing 380 billion RMB in AI capital expenditures over the next three years, with over 100 billion RMB already spent on AI infrastructure and product development [2][11]. - The company is focusing on building a comprehensive consumption platform that leverages AI and cloud technology to enhance user experience and operational efficiency [10][20]. Market Positioning - Alibaba aims to capture the growing demand for instant retail and AI services, positioning itself as a key player in the evolving e-commerce landscape [13][50]. - The integration of various business units, including Taobao and Tmall, is expected to enhance consumer experience and drive long-term growth [10][20]. Future Outlook - The company anticipates that the combination of AI and cloud services will create significant opportunities in the next decade, with a focus on enhancing its competitive edge in the market [12][13]. - Alibaba's strategic investments in both AI and consumer markets are expected to yield substantial returns, balancing short-term and long-term growth objectives [50].

本文来自微信公众号：Less or More，作者：Less or More，题图来自：AI生成 很久没写了，确实没啥好写的。 这几天问外卖的比较多，其实我也不大懂。 可能唯一搞懂的，就是外卖是怎么收费的，之前看完京东外卖的扣费方式，简直是震惊，比其他平台少 收那么多！ 外卖，大家比较关心的是ue gap。 我浅浅地聊几句，可能都是错的，勿怪。 我觉得，可以从两个维度去看： 一、宏观层面，跟份额，跟规模效应相关的，主要是收费能力(客单价，tr)，商户补贴，履约成本。 举个例子，比如广州，之前饿了么份额可能都不足15%。 份额低，那么履约成本就得高。 二、微观层面，跟公司的风控水平，运营经验，管理水平，系统能力有关。 那么，ue gap，之前所谓2块钱，多少是归因一，多少是归因二，就仁者见仁智者见智了。 关于一，或许可以观察，之前上海，杭州这样的地方，ue差距多少，可以看看广州这样的地方，ue差距 多少。 那么。 份额低，客单价就低，tr也低，饿了么收到的钱就少。 份额低，那么能拿到的商补率就低，为了维持C端价格，那么平台补贴就得多出，否则就是价格劣势。 anyway，市场是越打越大了，渗透率越来越高了。 本文 ...

Core Viewpoint - The ongoing food delivery battle is seen as a significant opportunity for Alibaba while posing a crisis for Meituan, as the competition has shifted from surface-level metrics to deeper factors such as resource scale, internal collaboration, and strategic determination [1] Financial Performance - Alibaba reported a revenue increase of 2% year-on-year to 247.65 billion yuan, with adjusted EBITA down 14% to 38.84 billion yuan [1] - Free cash flow shifted from a net inflow of 17.37 billion yuan last year to a net outflow of 18.81 billion yuan this quarter, attributed to increased cloud infrastructure spending and investments in Taobao Flash Sale [5] - Meituan's revenue was 91.8 billion yuan, up 11.7% year-on-year, but adjusted EBITA fell 81.5% to 2.8 billion yuan, with cash reserves at 171.1 billion yuan [6] - JD.com reported revenue of 356.7 billion yuan, a 22.4% increase, with adjusted EBITA down 77.8% to 3 billion yuan and cash reserves of 223.4 billion yuan [7] Market Share Dynamics - Meituan's market share in the food delivery and instant retail sectors has been challenged, with Taobao Flash Sale and JD.com capturing over 40% of daily order volume [7] - The shift in market share occurred primarily between July and August, indicating that Alibaba's impact on the market will be more evident in future financial reports [8] Strategic Insights - Alibaba's investment in food delivery and instant retail is viewed as a reallocation of marketing resources to enhance internal ecosystem engagement, potentially leading to higher consumer frequency and new user acquisition [9] - The financial report indicated a 25% year-on-year increase in monthly active users on Taobao, driven by Taobao Flash Sale [11] - Alibaba's sales and marketing expenses rose to 53.1 billion yuan, a 62.8% increase year-on-year, suggesting significant investment in food delivery initiatives [14] Dual Strategy in AI and Cloud - Alibaba is simultaneously investing in AI and cloud services, with cloud revenue reaching 33.39 billion yuan, a 26% increase, and AI-related products maintaining triple-digit growth for eight consecutive quarters [22] - The company plans to continue its investment strategy of 380 billion yuan over three years in AI, indicating a commitment to maintaining competitiveness in both food delivery and technology sectors [25] Internal Dynamics and Morale - The internal morale at Alibaba has reportedly improved following the surpassing of Meituan in daily order volume, marking a significant psychological victory for the team [28]

淘宝天猫公布的数据显示，今年7月，共有395个非餐饮品牌商家在淘宝闪购上的月成交额突破百万，其中66个品牌更是突破了千万大关。淘宝闪购正逐步成 为品牌商家拓展业务、提升销量的新蓝海。电商平台与闪购业务的紧密结合，不仅为电商平台打开了新的商品与服务渠道，还共同降低了运营成本，释放了 增量价值，形成了良性循环。 阿里巴巴财报还透露，公司在持续优化用户体验和提升运营效率的同时，正积极整合各业务的供应链、用户及会员权益，以促进即时零售与阿里巴巴生态内 其他部分的深度协同。本季度，88VIP会员数量实现了双位数的同比增长，规模已达到5300万。8月6日，淘宝全新上线的大会员体系更是将饿了么、飞猪、 高德等会员权益打通，全面覆盖了消费者的生活场景，88VIP会员权益也迎来了全面升级，并与淘宝大会员权益叠加，为消费者带来了更加丰富的权益体 验。 阿里巴巴集团近日揭晓了其2025财年6月季度的财务报告，数据亮点频现，特别是在淘宝闪购业务的迅猛推动下，电商板块的表现尤为抢眼。得益于闪购模 式的快速崛起，该季度阿里巴巴中国电商集团客户管理收入攀升至892.52亿元人民币，实现了10%的同比增长，这一成绩超出了市场分析师的预期。 ...

Alibaba has reportedly created a new AI chip to compete against Nvidia amid some of those US restrictions that we we're currently seeing. >> Unclear as to what the parameters of this chip they've developed, how efficient it is. What is clear is that the Chinese don't want to get hooked on our tech stack, as Howard Lucknik put it a few weeks ago of Chinese policy makers who are seemingly telling these uh Chinese tech companies not to buy the Nvidia chips.They want all of this to be run on homegrown stacks. T ...

在近期于辽宁沈阳举办的一项重要活动中，全国工商联揭晓了"2025中国民营企业500强"榜单。此次排名中，京东集团、阿里巴巴（中国）有 限公司以及恒力集团有限公司荣登前三甲，展现了它们在民营经济中的卓越地位和实力。 据了解，为了编制这份榜单，全国工商联进行了第27次大规模的民营企业调研。共有6379家2024年营业收入超过10亿元的企业参与了此次调 研，经过严格筛选，最终评选出了营业收入排名前500位的民营企业，构成了"2025中国民营企业500强"名单。 今年民营企业500强的入围门槛显著提升，达到了270.23亿元的新高度。这些企业的营业收入总额更是惊人，合计达到了43.05万亿元。在盈利 能力方面，这些企业的净利润总和为1.80万亿元，显示了其强大的盈利能力和市场竞争力。 7 0 1 2 11 LANDY 新华社国内部、新华社辽宁分社 联合出品 在创新驱动发展的背景下，这些民营企业在研发方面的投入也颇为可观。据统计，研发费用总额达到了1.13万亿元，研发人员总数更是高达 115.17万人。平均研发经费投入强度为2.77%，这一数据充分体现了这些企业对科技创新的重视和投入。 这些民营企业在纳税方面也做出了巨 ...

今年二季度，京东、美团、淘宝闪购三大平台掀起的外卖补贴大战震惊了整个市场。虽然在监管部门约 谈后，三大平台齐齐发声将抵制不理性竞争，但这场补贴大战的"恶果"才刚刚显现。 随着京东、美团、阿里巴巴陆续发布二季度财报，这场外卖补贴大战的"战况"才第一次展现在市场面前 ——外卖平台的利润显著下滑，虽然市场早有预料，但其下滑幅度还是颇为"惨烈"。 京东二季度营销开支增加151亿元。财报显示，京东营销开支由2024年第二季度的119亿元增加127.6% 至2025年第二季度的270亿元。营销开支占比收入方面，2025年第二季度为7.6%，2024年第二季度为 4.1%。该项增加主要是由于用于新业务推广活动的支出增加。 美团的销售及营销开支增加77亿元。财报显示，销售及营销开支由2024年第二季度的148亿元增加 51.8%至2025年同期的225亿元，占收入比例由18.0%同比增加6.5个百分点至24.5%，增加主要是由于业 务发展以及为应对外卖及实时零售业务的激烈竞争而不断调整的业务策略，导致推广、广告及用户激励 的开支增加。 阿里巴巴的销售和市场费用占比提升8个百分点，财报显示，主要是对淘宝闪购以及阿里巴巴中国电商 ...

We really went into the east side of the equation with Peter Ahlstrom. But I really want to understand what about the e-commerce flavor that we all know and love from Alibaba in many ways. How is that performed for the Chinese domestic audience.Well, I think there is definitely some bright spots in that report. I mean, we were expecting reasonably good news after the last 6/18, the second biggest shopping festival being up roughly about 15%. But when we look at the overall revenue of the company, I mean, we ...

阿里巴巴美股涨近7%，此前有报道称该公司已研发出更先进的芯片，以填补英伟达因在华销售遇阻留下的空缺。 ...