Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

以下文章来源于首席品牌评论 ，作者首席品牌评论 首席品牌评论 . 热门品牌案例，专业深度评论。在这里，读懂品牌之道！ 作者： 首席品牌评论 来源： 首席品牌评论 美团王兴，再次出手，给持续近十年的生鲜电商狂欢，画上了一个句号。 叮咚买菜，曾是生鲜电商风口上最耀眼的明星。 2017年，梁昌霖在上海创立叮咚买菜。彼时，前置仓模式被捧上神坛，"最快29分钟送达"的承 诺，让无数人相信，互联网能彻底改变中国人的买菜方式。 资本蜂拥而至，四年时间叮咚完成10轮融资，募资超10亿美元，前置仓网络疯狂扩张。巅峰时， 其身影遍布几十个城市，仿佛要把菜市场搬进每一个社区的楼下。我至今仍还记得2021年的夏 天，叮咚买菜登陆纽交所的盛况。 正因如此，很多人不解，比起早已退市的每日优鲜，叮咚已经是前置仓模式里的幸存者，为什么还 要选择卖身？ ----------------------------- 2月5日，香港联交所的一则公告披露：美团将以约7.17亿美元的初始对价，完成对叮咚买菜中国业 务100%股权的收购。 交易完成后，叮咚买菜成为美团间接全资子公司，一家曾经与美团贴身肉搏的独立平台就此归于巨 头旗下。 01 叮咚的困局 ...

Core Insights - Meituan has acquired Dingdong Maicai's entire business in China for an initial price of $717 million, marking a significant shift in the fresh food e-commerce landscape and the end of its independent era [2][9] Group 1: Acquisition Details - The acquisition involves over 1,000 front warehouses and 7 million monthly purchasing users, integrating Dingdong Maicai's supply chain into Meituan's operations [2][4] - Dingdong Maicai will become a wholly-owned subsidiary of Meituan, with its financial performance incorporated into Meituan's financial statements [2] - The deal includes a dynamic pricing mechanism, allowing the final price to be adjusted based on audited financial metrics at the time of closing [6][10] Group 2: Strategic Objectives - The strategic goal of the acquisition is to enhance Meituan's infrastructure in the instant retail sector, shifting competition from user acquisition to efficiency in physical networks and supply chains [3][9] - Dingdong Maicai has established a vertically integrated supply chain with over 85% of its fresh products sourced directly, which will bolster Meituan's operational capabilities [4] Group 3: Financial Performance - Dingdong Maicai reported a pre-tax net profit of 38.882 billion yuan for 2024, with a total merchandise transaction volume growth rate of only 0.1% year-on-year, indicating a stagnation in growth [4] Group 4: Industry Impact - The acquisition is expected to reshape the competitive landscape of the instant retail industry, with a predicted market share distribution of 5:4:1 among Meituan, Alibaba, and JD [9] - The focus of competition is shifting from user subsidies and traffic acquisition to the efficiency of infrastructure, with factors like warehouse density and supply chain responsiveness becoming critical [9][10] - This acquisition signifies the end of the independent development phase for fresh food e-commerce, as major players consolidate their positions [9][10]

以下文章来源于刘润 ，作者点这里关注→ 刘润 . 降低商业的认知门槛。刘润，润米咨询创始人，战略咨询顾问，"5分钟商学院"课程主理人，《底层逻 辑》作者。每年举办"进化的力量·年度演讲"，为创业者企业家们提供年度规划的参考方向，一起更早 看到未来。 来源丨 刘润 （ID： runliu-pub ） 作者丨歌平 观点丨 刘润 2月5日，美团正式公 告以7.17亿美元初始价格，收购叮咚买菜中国业务。 很多朋友让我聊聊。其实这个事本身没有太高复杂度。即时零售大战已经打了快一年，该说的逻辑都 反反复复讨论过。可以直接复制一段晚点LatePost的新闻，说的非常清楚： 接近美团的人士告诉我们，美团管理层此前曾有过探讨，判断小象超市的两个对手叮咚买菜、朴朴超 市不具备收购价值，美团已经通过学习模仿他们积累了经验，未来战胜这两家公司只是时间问题。 去年至今，以外卖大战为起点，持续升级的即时零售大战改变了这一切。美团管理层的态度在今年一 月发生转变。期间，京东在尽调完成后未能在锁定期内签字，交易因此延期，给了美团重新评估的机 会。 消息人士称，美团不想把基础设施留给京东或其他对手，否则以后在即时零售上防守的成本会更高。 即便 ...

聚焦创投圈投融资最新情报。 2月2日，湖北社保科创股权投资基金合伙企业（有限合伙）在东湖高新区完成工商注册登记。 该基金由全国社会保障基金理事会、湖北省、武汉市、中国建设银行共同组建，首期规模200亿元。该基金定位为落实国家战略的市场化基金，是我国中 西部地区首只社保科创基金，将精准聚焦湖北光电子信息、汽车制造、生命健康、高端装备等特色产业、优势企业，服务传统产业改造升级、新兴产业培 育壮大、未来产业前瞻布局"三线并进"，打造兼顾政策目标与投资收益的长期资本、耐心资本，为湖北建设具有全国影响力的科技创新高地、加快建成中 部地区崛起的重要战略支点贡献力量。 2月3日，以"科创聚势，嘉速未来"为主题的嘉定科创产业发展合作联盟2025年度会议举行。会上，嘉定区未来产业基金启航。 作为由政府指导、市场化运作的政府投资基金，嘉定区未来产业基金总规模达8亿元，首期规模2亿元，由区级财政、区属国企及街镇集体企业共同出资。 该基金聚焦未来智能、未来能源、未来材料、未来健康、未来空间五大核心赛道，采用"子基金投资+直接投资"模式，重点支持具有颠覆性、多学科交叉 特点以及前沿平台性技术的早期孵化和项目投资。 近日，基金正式完成市 ...

过去前置仓生鲜的商业模式一度被认为无法打破"不可能三角"，难以平衡用户规模、客单价及履约成本。 为保证即时送达且覆盖更大的消费群体，需要铺设大量前置仓及储备生鲜产品，这意味着履约及商品损耗成本高，要求足够高的客单价或订单量来覆盖，但 高价又与用户规模互斥。 这个魔咒首先淘汰了首创前置仓模式的每日优鲜，宣告了烧钱补贴的发展战略无法持续。 每日优鲜倒闭后，叮咚买菜CEO梁昌霖表示，市面上对前置仓的分析有很多，但是大家忘了判断一个模式的优劣，最重要的关键点是看它能否真的满足用户 需求，是不是顺应消费者行为的变化趋势。 2025年8月，一份华泰研究报告指出，叮咚的用户画像（居家做饭群体）与美团及淘宝存在一定差异（QuestMobile数据显示，2025年7月叮咚买菜与美团/淘 宝的用户重合率为 41.3%/64.6%），有望通过稳固自身差异化的产品、服务和优势地域空间布局，形成较为坚实的用户基本盘和市场增量空间。 转折点在9月份，淘宝闪购的进攻加剧了即时零售战场白热化，进一步改变了生鲜行业的战略价值，也改变了独立玩家的生存空间。 叮咚买菜通过收缩规模、聚焦精细化运营成为率先盈利的前置仓生鲜。2021年8月，叮咚开始从 ...

在运力方面，目前叮咚买菜全国超过70%的一线全职员工已确认留守，公司将通过科学排班、错峰休假 及多项激励政策，确保春节期间配送运力稳定。与此同时，为了应对春节假期可能出现的极端天气和消 费高峰，叮咚买菜在预估单量的基础上，上浮储备了20%的灵活运力以进行补充。 宋继理表示，当前平台上的水果、乳品酒饮、肉禽蛋等品类的销售均超预期。预计在未来一周内，年 菜、水产海鲜、水饺、肉禽蛋以及对联等春节装饰性品类将迎来更大的爆发。 据了解，备货方面，节前一周，叮咚买菜已将新鲜蔬菜、肉类等民生商品备货量提升至日常2倍，并针 对除夕至初一的消费高峰，重点加大水产、快手菜、糕点等品类库存。公司预计，鲜活水产、高品质海 鲜将在除夕当天迎来销售爆发。 北京商报讯（记者 何倩）2月7日，北京商报记者从叮咚买菜获悉，春节前一周，年货消费已进入爆发 期。叮咚买菜华北商品开发总监宋继理表示，在年夜饭场景，叮咚买菜今年重点打造"家味年味"系列年 菜，在北京地区共上线70多款商品，涵盖硬菜、前菜、炸货等品类。截至目前，叮咚买菜北京年货节销 售额同比增长48%。 ...

他选择的是一条艰难的路。叮咚买菜成立至今的9年里，生鲜电商行业见证了无数玩家的崛起和陨 落："天之骄子"每日优鲜的溃败，背靠大树的盒马的战略摇摆……叮咚买菜自身也经历了无数场战役， 在激烈的市场厮杀中，战战兢兢活到现在。 但现在，这位擅长长跑的创业老兵，决定不"跑"了。 2月5日，美团发布公告，将以约7.17亿美元的初始对价，完成对叮咚买菜中国业务100%股权的收购。 收购完成后，叮咚买菜将成为美团全资子公司，叮咚业绩将并入美团财务报表。 关于此次交易，叮咚买菜方面回应《中国企业家》称，一切信息以公告为准，目前公司业务及团队均正 常、稳定运行中。梁昌霖在随后发布的内部信中说，"放下相向的较量，转为并肩的同航。" 独立生鲜电商时代结束了，互联网巨头鏖战的下半场到来了。 文|《中国企业家》记者 张文静编辑|米娜 图片来源|中企图库 创业前，梁昌霖当过12年兵。在部队，他最值得骄傲的事情是长跑，他耐力不错。拉练的时候，跑起来 沉重的枪身不断撞击脖子，很多人都受不了。梁昌霖每次拉练都会帮队友扛枪，最多的一次，他扛了7 杆枪。 2002年，梁昌霖从部队转业，拎着行李离开安徽老家，到上海创业。他靠开发的剪辑合成软件挣到了 ...

Core Insights - Dingdong Maicai hosted an offline New Year goods market in Beijing, focusing on the "Home Flavor New Year" series with over 70 products launched in the region [1] - The market featured various regional specialties, including Anhui stinky mandarin fish, Henan Gushi goose chunks, Hong Kong-style basin dishes, and Huaiyang-style braised lion's head [1] - The sales revenue for New Year goods in Beijing has increased by 48% year-on-year [1]