北京商报讯（记者 魏蔚）1月9日，国家市场监督管理总局发布公告，国务院反垄断反不正当竞争委员 会办公室将对外卖平台服务行业市场竞争状况开展调查、评估。对此，美团官方发布公告称，美团坚决 拥护，将全力做好配合工作，"将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任， 公平参与市场竞争"。 国家市场监督管理总局官网也刊文表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量等 问题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈，本次调查评估将通过现场核 实、当面访谈、问卷调查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群体、 消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监管压力，提出处置措施。 ...

据"美团Meituan"消息，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市 场竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 ...

新京报讯据美团消息，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场 竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁行业回归 理性，坚决反对"内卷式"竞争。美团将以此次调查为契机，和行业内各平台一起，共同落实市场主体责 任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 ...

Group 1 - The State Council's Anti-Monopoly Committee has announced the initiation of an investigation and assessment of market competition in the food delivery platform service industry [1][2] - Meituan has expressed strong support for the investigation and will fully cooperate with the authorities [1][2] - Recent issues in the food delivery market include irrational competition characterized by price wars, subsidies, and traffic control [1][2] Group 2 - Meituan has repeatedly called for the industry to return to rational competition and has firmly opposed "involutionary" competition [1][2] - The company aims to use this investigation as an opportunity to work with other platforms in the industry to fulfill market responsibilities and promote fair competition [1][2] - The goal is to foster innovation and healthy development within the food delivery platform service industry [1][2]

Geopolitical Tensions - Iran's Supreme Leader, Ayatollah Ali Khamenei, has intensified rhetoric against former U.S. President Donald Trump, urging him to focus on domestic issues while accusing "rioters" of damaging public property to appease foreign powers amidst ongoing internal unrest [2][3][8] - Khamenei emphasized the need for Iranians to "preserve unity" in the face of challenges, as protests continue due to economic hardships [3] Online Delivery Market in China - China's regulatory bodies, led by the State Administration for Market Regulation (SAMR), are scrutinizing the online delivery sector, particularly food delivery platforms, to evaluate competition and ensure fair practices [4][5] - Major players in the sector, including Meituan, Ele.me, and JD.com, are facing investigations regarding their competitive practices and adherence to food safety standards [5] Global Food Prices - The World FAO Food Price Index recorded a decline for the fourth consecutive month in December, reaching an average of 124.3 points, down from 125.1 points in November, indicating a slight easing in global food commodity prices [6][8] Retail Sales in Italy - Italy's retail sales showed stable growth in November, with a year-on-year increase of 1.3%, matching the previous month's growth rate, and a month-over-month rise of 0.5%, indicating consistent consumer spending [7][8]

Core Viewpoint - 2025 is a pivotal year for Meituan, as it faces intensified competition in the food delivery market, necessitating a reevaluation of its business model and strategies to adapt to a changing landscape [1][2]. Group 1: Business Performance and Market Position - Meituan's Q3 financial report for 2024 exceeded market expectations in terms of revenue, profit, and reduced losses in new businesses, leading Morgan Stanley to highlight it as a key player in the Chinese internet sector for the upcoming year [1]. - The competitive landscape has shifted, with Meituan no longer operating independently within the local lifestyle market but rather in a larger consumer market where it faces stronger competition from major players [1][2]. - The delivery service revenue for Q3 2025 accounted for approximately 34% of core local revenue, down from around 40% in the same period of 2024, indicating a decline in the contribution of delivery services to overall revenue [7]. Group 2: Strategic Adjustments - Meituan's core challenge is to find a new "high-frequency to low-frequency" approach through various adjustments, including enhancing high-frequency traffic sources, improving operational efficiency, and increasing user retention for high-margin businesses [2][10]. - The company is focusing on revitalizing its high-frequency grocery business, which aligns with its operational logic and the trend towards integrated online and offline retail [10]. - Meituan is also targeting the lower-tier markets for food delivery, which, despite lower penetration rates, present significant growth potential for increasing traffic and expanding into more consumer sectors [11]. Group 3: Competitive Landscape and Challenges - The food delivery market's dynamics have changed, with Alibaba leveraging its larger scale and financial resources to offer lower prices, thereby increasing the competitive pressure on Meituan [5][6]. - Meituan's delivery business, which was previously profitable, is now projected to incur losses, with an estimated loss of approximately 1 RMB per order by 2025 [7]. - The competition has intensified with new entrants and existing players like Douyin and Xiaohongshu aggressively targeting the group buying and local services market, complicating Meituan's operational environment [19][20]. Group 4: Operational Enhancements - Meituan is enhancing its ground-level operational capabilities, focusing on local supply chain efficiency and service experience to differentiate itself in the competitive landscape [12][14]. - The company is also investing in personalized delivery services, such as the "1-to-1 urgent delivery" initiative, to attract higher-value consumers and improve service reliability [12]. - Meituan's supply chain capabilities are being strengthened through initiatives like promoting direct sourcing in its grocery business, which is essential for improving efficiency and product differentiation [17][18].

作为"全球大模型第一股"，智谱（02513.HK）于1月8日登陆港交所。上市首日股价低开高走，收报 131.50港元，较发行价上涨13.16%，市值接近580亿港元，为潜伏多年的早期投资机构带来了可观回 报。其背后，浮现出包括互联网大厂、一线创投、国资等多方资本构成的战略版图。 然而，光环之下，挑战犹存。尽管根据第三方统计，智谱2024年以6.6%的市场份额居中国独立大模型 厂商首位，但其收入仍高度依赖面向政府、国企的私有化部署项目，客户集中度高且复购存在不确定 性。与此同时，公司研发开支三年间从千万元级跃升至数十亿元，净亏损同步扩大。 值得注意的是，智谱的上市或许只是开端。在智谱率先跑通上市路径后，AI大模型厂商会否迎来一波 IPO热潮，已成为业界关注的新焦点。 背后的资本版图 1月8日，智谱于港交所主板挂牌，成为全球首家以通用人工智能（AGI）基座模型为核心业务的上市公 司。当日开盘价为120港元，对应市值约528亿港元。根据本次发行价116.20港元计算，共募集资金超43 亿港元。 上市首日，智谱股价呈现"低开高走"，收盘较发行价上涨超过13%，市值近580亿港元。相比2025年5月 完成B6轮融资时的 ...

根据公开资料，张晶毕业于中国人民大学，2014年加入美团，先后任职于亲子事业部，到店综合事业 部，买菜事业部，并于2023年晋升美团副总裁。（新浪科技） 【#美团骑行事业部负责人张晶转岗无人车##美团骑行事业部负责人转岗无人车#】今日获悉，美团原骑 行事业部负责人张晶(卡姐)，转岗至无人车，担任无人车事业部负责人，本调整于元旦前已生效。 ...

新浪科技讯 1月8日下午消息，今日获悉，美团原骑行事业部负责人张晶（卡姐），转岗至无人车，担 任无人车事业部负责人，本调整于元旦前已生效。 根据公开资料，张晶毕业于中国人民大学，2014年加入美团，先后任职于亲子事业部，到店综合事业 部，买菜事业部，并于2023年晋升美团副总裁。 责任编辑：何俊熹 新浪科技讯 1月8日下午消息，今日获悉，美团原骑行事业部负责人张晶（卡姐），转岗至无人车，担 任无人车事业部负责人，本调整于元旦前已生效。 根据公开资料，张晶毕业于中国人民大学，2014年加入美团，先后任职于亲子事业部，到店综合事业 部，买菜事业部，并于2023年晋升美团副总裁。 责任编辑：何俊熹 ...

Core Insights - The first offline store of Little Elephant Supermarket is located in Beijing's Hualian Wanliu Shopping Center, filling a gap left by the closure of a major supermarket in the area [2] - Little Elephant Supermarket aims to integrate its offline and online operations into a "store-warehouse network integration" model, which is a clear trend in China's retail industry [2][11] - The store features a wide range of private label products and emphasizes customer service, similar to both Hema and Wumart's modified stores [5][12] Expansion Strategy - Little Elephant Supermarket is seen as a new hope for Meituan's grocery retail business, especially after the suspension of its "Tuan Hao Huo" service due to challenges in meeting instant retail demands [2][7] - Meituan plans to accelerate the expansion of Little Elephant Supermarket to cover all first- and second-tier cities in China [7] - The new business division, which includes Little Elephant Supermarket, reported a 15.9% year-on-year revenue increase to 28 billion yuan in Q3 2025, despite facing operational losses [7][10] Competitive Landscape - Little Elephant Supermarket faces intense competition from various players, including Pupu Supermarket, Dingdong Maicai, Hema Fresh, Sam's Club, and JD Seven Fresh [10] - The store's initial customer traffic was significantly lower than expected, with only one-third of the previous day's footfall reported [3][14] - The store's service model, which includes features like free drinking water and various food preparation services, aims to attract customers who prefer a more engaging shopping experience [5][12] Market Trends - The shift towards offline stores is driven by the exhaustion of online traffic growth and the rising costs of digital advertising [11][12] - Offline stores are seen as a stable and predictable source of customer traffic, particularly appealing to older consumers and those who prefer in-person shopping [12] - The integration of online and offline services is expected to enhance customer trust and loyalty, leveraging Meituan's existing user base [13]