南向资金今日净买入3.87亿元。港股通（沪）方面，美团-W、阿里巴巴-W分别获净买入9.23亿港元、 8.55亿港元；盈富基金净卖出额居首，金额为9.81亿港元；港股通（深）方面，阿里巴巴-W、美团-W 分别获净买入5.56亿港元、2.08亿港元；恒生中国企业净卖出额居首，金额为5.45亿港元。 ...

采写：南都记者 杨柳 今年3月26日，成立于2月5日的它石智航完成天使轮1.2亿美元融资，一举创下中国具身智能行业天使轮 最大融资额纪录，引起市场热议。该轮融资由蓝驰创投、启明创投共同领投，线性资本、恒旭资本、洪 泰基金、联想创投、襄禾资本、高瓴创投跟投。 不少业内人士提到，在具身智能前景不够明晰的情况下，投资机构尤为看重创始人的身份背景。 公开信息显示，它石智航的创业团队出身智驾领域，属于资本青睐的类型。它石智航创始人兼 CEO陈 亦伦曾任华为自动驾驶CTO；作为联合创始人和首席科学家的丁文超，曾从0到1主导华为智驾端到端决 策网络；首席架构师陈同庆，此前担任华为ADS（高级驾驶系统）智能导航部部长；董事长李震宇曾任 百度智能驾驶事业群总裁，是中国无人驾驶领军人物。 它石智航目前并未公开成型的产品。丁文超曾介绍，公司从一开始就做机器人算法和本体的全栈布局， 目的是构建可信赖的AI机器人解决方案。其中的技术核心是"AI世界引擎"（AI World Engine），丁文超 将其称为具身版的GPT模型。他介绍，"AI世界引擎"主要预测两个关键因素：第一是看到某个场景后采 取什么样的行动；第二是建立一个模型，模拟行 ...

金融界7月8日消息，上证指数高开高走，中证金砖国家（香港）60DR指数 (金砖DR（HK），H30135) 报1651.37点。 数据统计显示，中证金砖国家（香港）60DR指数近一个月下跌0.72%，近三个月上涨14.45%，年至今 上涨12.89%。 据了解，中证金砖国家60DR指数选取具有一定规模和流动性的上交所、深交所与北交所市场证券，以 及在纽交所、伦交所、NASDAQ等发达市场上市的巴西、俄罗斯、印度和南非等国公司证券作为指数 样本。中证金砖国家（香港）60DR指数选取具有一定规模和流动性的在香港交易所上市的中国内地公 司证券，以及在纽交所、伦交所、NASDAQ等发达市场上市的巴西、俄罗斯、印度和南非等国公司证 券作为指数样本，以反映相关市场证券的整体走势。该指数以2005年12月30日为基日，以1000.0点为基 点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过10%。样本调整设置缓冲区，排名在前48名的新样本优先进入 指数，排名在72名之前的老样本优先保留。定期调整时，根据样本空间内未入选证券的日均总市值由高 ...

"为了不辜负红包优惠，喝了两杯奶茶""都不做饭了，昨天点了三餐外卖"……全国多地迎来高温之际， 外卖行业的"补贴大战"亦不断升温。 相比阿里"有预谋式"地展开"补贴大战"，美团在7月5日下场迎战，显得有点"突然"。6月23日，美团公 开表示，将全面拓展即时零售。也是在当日，有消费者发现美团优选部分区域已停止接单。业界普遍认 为，美团突然对优选业务进行局部调整，就是为了有更充足的资金、资源投入到即时零售的争夺中。 尽管本轮的"补贴大战"，京东外卖相比美团、阿里显得低调，但是在即时零售"赛道"，其野心不容小 觑。6月17日，京东集团创始人刘强东表示，京东外卖将很快出来一个跟美团完全不同的商业模式。 重点投入饮品类培养用户即时满足习惯 此次美团与阿里的外卖"大战"，茶饮咖啡类依然是红包"补贴"的重点。在社交平台上，有网友晒出餐饮 店商家现场图，显示大量订单在等待制作；有网友甚至晒出装满冰箱的奶茶照片……记者从饿了么获 悉，广州咖啡订单周环比增长50%，较上线初增长超过10倍。美团5日深夜披露数据显示，截至7月5日 22时54分，美团即时零售当日订单量突破1.2亿单，其中餐饮订单占比显著，已超过1亿单。 受到连日来大 ...

Group 1 - The A-share market experienced a steady upward trend in the first week of July, with major indices generally rising and the banking sector reaching new highs [1] - The People's Bank of China issued new anti-money laundering regulations for precious metals and gemstones, requiring institutions to fulfill obligations for cash transactions over 100,000 yuan, which has limited impact on ordinary consumers [1] - Taobao launched a 500 billion yuan subsidy plan to stimulate consumer and merchant spending, resulting in significant increases in business for restaurant chains and small merchants [1] Group 2 - The consumption sector is currently at a historical low in valuation, with government reports emphasizing consumption and plans for long-term special bonds to support consumption upgrades [1] - The domestic consumption theme index rose by 1.15%, slightly outperforming the CSI All Share Index, with significant gains in agriculture, home appliances, and food and beverage sectors [1] - The consumption sector's trading volume decreased, with a year-on-year drop of 14.29%, and the domestic consumption theme index's price-to-book ratio is at 3.4 times, indicating a slight valuation increase [1]

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 pharmaceutical e-commerce market is experiencing a structural turning point in 2025, with significant growth in the O2O delivery model while traditional B2C platforms face slowing growth rates [1][5][12] Current Market Landscape - The O2O pharmaceutical delivery market saw a year-on-year growth of 35.2% in 2024, with GMV surpassing 120 billion yuan [1][2] - Major players like Meituan, JD Health, and Alibaba Health are intensifying their focus on O2O models to adapt to changing market dynamics [1][8] - Meituan's pharmaceutical business achieved a GMV exceeding 50 billion yuan in 2024, leveraging local delivery capabilities [3][4] O2O vs B2C Dynamics - The B2C model is experiencing a decline, with JD Health's revenue growth dropping from 18.5% in 2023 to 8.6% in 2024, and Alibaba Health facing growth challenges [5][6] - O2O platforms are gaining traction by offering faster delivery services, catering to urgent medication needs, and integrating with local pharmacies [6][7] - The shift from B2C to O2O represents a fundamental change in business models, with O2O focusing on immediate delivery and local service [6][7] Policy and Regulatory Environment - The National Healthcare Security Administration has initiated policies to promote online medical insurance payment services, providing a legal framework for O2O platforms [4][11] - The relaxation of online medical insurance payment policies has led to significant market growth, contributing billions to the pharmaceutical e-commerce sector [4][11] Competitive Landscape - The competition among major players is intensifying, with JD Health and Alibaba Health enhancing their O2O capabilities to compete with Meituan [8][10] - New entrants like Douyin (TikTok) are exploring O2O models after regulatory challenges in live-streaming pharmaceutical sales [10][11] - The future market landscape will likely see Meituan leading, with JD, Alibaba, Pinduoduo, and Douyin also vying for market share [11][12]

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]

Core Viewpoint - Meituan's daily order volume has reached a peak of over 120 million, driven by aggressive subsidy strategies in the competitive food delivery market, with a significant portion of this growth attributed to the company's response to Alibaba's substantial investment in its own delivery services [1][2]. Group 1: Order Volume and Growth - In July 2025, Meituan announced that its daily order volume exceeded 120 million, with over 100 million from food delivery and more than 20 million from instant retail [1]. - The peak order volume for Meituan's food delivery has increased from 40 million in 2020 to 98 million in 2024, with the average daily order volume ratio dropping from 87% in 2020 to approximately two-thirds in 2024 [1]. - For Q3 2025, the average daily order volume is estimated to be around 75 million, reflecting an 11-12% year-on-year growth [1]. Group 2: Subsidy Impact and Financial Projections - The intensified competition in the food delivery market has led to an increase in subsidy investments, particularly in mid-to-high tier cities, with an estimated doubling of subsidies for about 45% of order volume [2]. - The expected daily average order volume for food delivery in Q2 is projected to be 64.8 million, with an average profit per order of approximately 1.2-1.3 RMB [2]. - Instant delivery services are anticipated to see a 13% year-on-year growth, reaching a daily average order volume of 77 million [2]. Group 3: Profitability and Market Position - Despite the ongoing subsidy war, Meituan is expected to maintain its market leadership, with a projected revenue growth of 10% for CLC in Q3, although operating profit is expected to decline by 9% due to high base effects from Q2 [3]. - The closure of loss-making areas in Meituan's preferred selection service may release approximately 3-4 billion RMB in losses, which could be reinvested into food delivery subsidies [3]. - The company is likely to see stable operating profits despite the competitive landscape, with a target price maintained at 165 HKD, indicating a buy rating [3].