Group 1 - The article highlights the issuance of a national high-temperature health risk warning, with several regions experiencing extreme heat, prompting a red alert level for health risks in areas such as Jiangsu, Shandong, Henan, Anhui, and Heilongjiang [1] - There has been a significant increase in the demand for heat-relief medications, with a 126% month-on-month growth in related orders on the Meituan Buy Medicine platform, indicating a rising consumer focus on health during extreme heat [1] - Popular heat-relief products include Huoxiang Zhengqi Oral Liquid, which ranks among the top-selling items, along with other products like cooling oil and honeysuckle extract, reflecting consumer preferences for effective cooling solutions [1] Group 2 - Meituan Buy Medicine has launched a summer high-temperature subsidy program, providing various health services including 24-hour access to medications and expert consultations, catering to the increased health needs during the summer [4] - The platform boasts over 15,000 online pharmacies, ensuring a robust supply chain for summer medications and services, which is crucial during high-temperature periods [4] - Medical professionals emphasize the importance of immediate care for heat-related illnesses, indicating a growing awareness and need for health services during extreme weather conditions [4]

Core Insights - Meituan's decision to shut down its community group buying service, Meituan Youxuan, has sparked discussions about the implications for the market and the company's strategy [2][3] - The closure is seen as a resource reallocation strategy, allowing Meituan to redirect operational capacity to its flash purchase business and improve employee efficiency [3][4] Business Strategy - Meituan is undergoing a strategic transformation by exiting unprofitable areas while retaining operations in advantageous regions, focusing on optimizing its business layout [4][11] - The company has committed to not laying off employees, instead facilitating internal transfers to ensure job security and benefits remain intact [4][11] Financial Performance - Meituan's new business segment, which includes Meituan Youxuan, Xiaoxiang Supermarket, and the B2B supply chain "Kuailv," has shown increasing revenue but persistent losses [13] - From 2021 to 2024, the revenue for new businesses is projected to grow from 425 billion to 873 billion yuan, while operating losses are expected to decrease from 359 billion to 73 billion yuan [13] Market Competition - The community group buying sector has faced significant challenges, including regulatory pressures that have led to a strategic retreat by Meituan [11][12] - Meituan is now focusing on expanding its instant retail business, which is seen as a critical component of the retail industry, amidst fierce competition from Alibaba and JD [14][17] Future Plans - Meituan plans to enhance its instant retail offerings by expanding product categories and increasing coverage in first and second-tier cities, while also exploring new retail formats [6][7] - The company is also looking to expand its overseas operations, with its Xiaoxiang Supermarket's international version, Keemart, already testing in Riyadh, Saudi Arabia [7]

文 | 潮涌社，作者 | 苏苏，编辑 | kiki 美团又在外卖业务上有新动作，7月1日美团宣布三年将建成1200家"浣熊食堂"，发力品质食堂。 浣熊食堂直击幽灵厨房痛点，以集中式外卖厨房为基础，全程供应链可追溯，且消费者可查看食品制作的全流程。 淘宝紧随其后，7月2日宣布淘宝闪购将在12个月内直接补贴消费者和商家共500亿。 补贴方式简单直接，例如发放大额红包、免单卡、官方补贴一口价商品等。淘宝文案最后直接呼吁"淘宝闪购，点外卖更优惠！" 这是两家巨头在外卖领域的最新动作，而外卖又是即时零售的兵家必争之地。这场即时零售之战已进入白热化阶段。 此前6月底，各大巨头也动作频频。6月23日阿里宣布饿了么、飞猪并入电商事业群。 同日，美团宣布收缩优选业务，要全面拓展即时零售业务，旗下小象超市要覆盖所有一二线城市。 京东继外卖行业后，又宣布要进军酒旅、白酒、家装行业。 这些业务看似毫不相关，实际上都表明了各大巨头背后同样的战略意图，那就是打造一个涵盖吃饭、购物、酒旅全方面业务的超级APP。 此前已经持续了几个月的外卖大战，只是这个战略的前奏。各家献上百亿补贴，拼杀外卖订单，实则是在用外卖打开流量入口，抢夺用户习惯。 ...

Core Viewpoint - The S&P 500 and Nasdaq indices reached all-time highs, while the Chinese concept stocks showed mixed performance, with brain regeneration technology soaring nearly 122% [2][3][4]. Market Performance - On July 3, U.S. stock indices closed higher, with the Dow Jones up 0.77% at 44,828.53 points, the S&P 500 up 0.83% at 6,279.35 points, and the Nasdaq up 1.02% at 20,601.1 points, marking new historical highs for both the S&P 500 and Nasdaq [5][6][7]. - Major technology stocks mostly rose, with the Wande American Technology Seven Giants Index increasing by 1.03%. Amazon rose by 1.59%, Microsoft by 1.58%, and Nvidia by 1.33% [10]. Chinese Concept Stocks - Chinese concept stocks exhibited mixed results, with the Nasdaq Golden Dragon China Index up 0.4% and the Wande Chinese Technology Leaders Index down 0.98%. Notable declines included Xiaomi down 3.61%, Meituan down 2.56%, and Alibaba down 1.87% [12][13]. Legislative Developments - The U.S. House of Representatives passed the "Big and Beautiful" bill, which includes significant tax cuts and spending measures. The bill passed with 218 votes in favor and 214 against, and is expected to be signed into law by President Trump [18][19][21]. Economic Indicators - U.S. Treasury yields rose across the board, with the 2-year yield increasing by 9.92 basis points to 3.880%, and the 10-year yield rising by 6.30 basis points to 4.342%. This increase is attributed to strong labor market data, which diminished expectations for a Federal Reserve rate cut [22][23]. - Following the release of strong non-farm payroll data, gold prices fell, with spot gold down 0.92% to $3,326.085 per ounce [24]. Notable Stock Movements - Brain regeneration technology stocks surged nearly 122%, with a year-to-date increase of nearly 18,000% [15][17].

Core Viewpoint - Meituan has launched a "Medical Aesthetic Safe Use Guide" to address user concerns and enhance safety in the medical aesthetics sector, providing users with tools to choose reliable products and services [1][4]. Group 1: Product Features - The guide includes features such as genuine product verification, worry-free guarantees, and lists of trustworthy institutions and doctors, ensuring safety in medical aesthetics [1][4]. - Meituan's "Trustworthy Beauty" genuine product verification project has deployed over 3,000 verification machines across 1,500 medical aesthetic institutions in 75 cities, achieving 3 million verification scans in one year [4][5]. Group 2: Consumer Protection Initiatives - Meituan has introduced a new service model centered around doctors, offering transparent pricing and guaranteed results for anti-aging and body shaping experiences [4][5]. - The platform has established a compliance database for medical aesthetic services, allowing users to view medical qualifications, ratings, and user reviews of institutions and doctors [5]. Group 3: Industry Collaboration - Meituan collaborates with clinical doctors and real users to create educational content that helps consumers understand treatment effects and marketing tactics in the medical aesthetics industry [5][6]. - The company emphasizes the importance of professional medical institutions and qualified doctors for the high-quality development of the medical aesthetics industry [6].

Core Viewpoint - The ongoing price war in the food delivery industry in China is expected to last longer than previous rounds, with significant implications for profitability among major players like Alibaba, Meituan, and JD.com [3][4][5]. Industry Overview - The competition among Chinese internet giants in the food delivery sector has intensified, with Alibaba, JD.com, and Meituan heavily investing to capture market share [4][5]. - In June alone, the total investment from these three companies reached 250 billion RMB, indicating a shift in the industry landscape [5]. Financial Implications - Goldman Sachs warns of profit pressure in the short term, predicting that Alibaba's food delivery business will incur losses of 41 billion RMB over the next 12 months, while JD.com is expected to lose 26 billion RMB [6]. - Meituan's EBIT profit is projected to decline by 25 billion RMB, reflecting the financial strain from the ongoing competition [6]. Market Scenarios - Goldman Sachs outlines three potential scenarios for the future of the food delivery market: 1. **Base Case**: Meituan maintains its market leadership with a market share ratio of 5.5:3.5:1 against Alibaba and JD.com [8]. 2. **Duopoly**: Alibaba gains significant market share through a 500 billion RMB investment, leading to a 4.5:4.5:1 market share distribution [8]. 3. **Fragmented Market**: JD.com improves its position to achieve a 5:3:2 market share ratio [8]. Strategic Intent - The primary goal of the current price war is not immediate profitability in food delivery but rather to secure user traffic for cross-selling more profitable e-commerce and travel services [9][10]. - Meituan has successfully demonstrated this model, achieving a 30%-40% EBIT profit margin through cross-selling [9]. User Engagement and Growth - The competition has led to significant increases in daily active users (DAU) for Alibaba and JD.com, with both platforms seeing an increase of 50 million DAU [10]. - JD.com's user base has grown from 1-1.3 million to 1.7 million in the food delivery segment, with 40% of new users converting to e-commerce customers [10]. Long-term Outlook - Goldman Sachs anticipates that the current losses will be viewed as a long-term marketing investment, with potential profitability or breakeven by 2027 [11]. - Pinduoduo, which has not directly engaged in the food delivery competition, is expected to benefit from the market dynamics as Meituan exits certain provinces [11].

Group 1 - Southbound funds recorded a net sell of 30.47 billion HKD today [1] - Alibaba-W, Tencent Holdings, and Kangfang Biotech experienced net sells of 32.26 billion HKD, 8.85 billion HKD, and 7.4 billion HKD respectively [1] - Meituan-W saw a contrary trend with a net buy of 9.87 billion HKD [1]

港股收盘，恒生指数收跌0.63%，恒生科技指数收跌0.67%；京东(09618.HK)、阿里巴巴(09988.HK)、美 团(03690.HK)均收跌超2%；生物技术、药品股逆势收红。 ...

恒生指数跌幅扩大至1%，恒生科技指数现跌0.88%；线上零售股走低，阿里巴巴(09988.HK)跌3.38%， 美团(03690.HK)、京东(09618.HK)均跌超2%。 ...

恒生科技指数盘中一度跌1%，阿里巴巴跌近3%，美团、小米等跌超2%。 ...