拼DD最近干了件挺"反常"的事——不搞大促、不卷流量，反而一头扎进工厂车间，跟生产线打起了交 道。 周叔觉得，这可不是换个口号那么简单，而是整个玩法变了：从"抢眼球"转向"拼底子"。 今天咱们就唠唠，为啥连国际机构都开始重新看好中国经济，而拼DD又为啥敢说要"再造一个自己"。 中国制造，成了香饽饽 最近，IMF把对2025年中国经济增长的预期悄悄往上提了一点。 他们说，尽管外面风大雨大，但中国经济稳得住。高盛、摩根士丹利这些大投行也跟着调高了预测。 表面看是数字变化，背后其实是大家对"中国制造"重新掂量了分量。 以前大家觉得中国工厂就是便宜、能干、产量大。现在不一样了——快、灵活、能扛事儿，才是真本 事。 现在谁还光靠砸钱抢用户？ 比如在广东佛山，做一件童装，从买布到成衣打包，几十公里内全搞定。 这种配套能力，全球没几个地方有。 Temu能在海外三年做到这么大，靠的不是低价甩卖，而是反应快、调得准、供货稳。 订单一变，工厂马上跟上，库存压得少，周转跑得快，这才是硬功夫。 说白了，在全球供应链动不动就"断链"的今天，谁能又快又稳地把东西造出来，谁就掌握了主动权。 中国制造不再是"备选项"，而是很多企业的"首选项 ...

Group 1: Macro Retail and Service Consumption - Retail data shows that essential goods maintain resilience while optional goods exhibit differentiated performance, with social retail growth slightly slowing down due to high base effects from government subsidies [10][16] - Service retail continues to show strong growth, with a year-on-year increase of 5.4% from January to November 2025, outpacing overall social retail growth [10][18] - Travel demand is steadily releasing, with domestic tourism numbers reaching 4.85 trillion yuan, a year-on-year increase of 11.5% [18][20] Group 2: E-commerce Sector - E-commerce maintains a steady growth rate, with online retail sales of physical goods increasing by 5.7% year-on-year, surpassing the overall social retail growth [13][25] - The penetration rate of e-commerce continues to rise, reaching 25.9% of total social retail sales by November 2025, an increase of 3.6 percentage points since the beginning of the year [13][25] - The competitive landscape in e-commerce is easing, with platforms like Taobao and JD.com focusing on maintaining stable growth rather than aggressive price competition [28][36] Group 3: Retail Focus on Downstream Markets - The focus is on the resilience of consumption in lower-tier markets, with recommendations for bulk snack retailers and the "锅圈" brand, which excels in the home dining sector [5][31] - The bulk snack market is characterized by low prices and high turnover, effectively meeting consumer demand for snacks [5][31] - "锅圈" is positioned as a leader in the home dining market, leveraging its multi-channel advantages and strong supply chain [5][31] Group 4: Service Sector Recovery - The hotel industry is stabilizing with a recovery in demand, and recommendations include Huazhu Group and Atour Hotel [5][31] - The OTA sector is experiencing stronger leisure demand compared to business travel, with international business continuing to grow rapidly [5][31] - Policies aimed at boosting service consumption are expected to further stimulate demand in the travel and hospitality sectors [23][24] Group 5: Investment Recommendations - Recommended companies include Alibaba, Meituan, Pinduoduo, JD.com, and Didi Chuxing for their strong fundamentals and low valuations [2][3] - The report highlights the potential for growth in the e-commerce and service sectors, driven by favorable policies and market dynamics [5][23]

在近日举行的年度股东大会上，拼多多的新故事初见端倪。新任联席董事长赵佳臻宣布，未来三年，Temu重仓中国供应链，再造一个拼多多。 这是拼多多这家企业难得的高调时刻，却并非一个激进的目标。如何实现再造一个拼多多？核心在于All in中国供应链，带着中国供应链走全球。 Temu用3年走完了拼多多国内电商10年的路，成为主流电商平台之一，这也标志着中国供应链的出海势能已完成初步释放。站在这一新起点，"三年再造 一个拼多多"的核心命题，本质是从单一的商品输出，升级为带着中国供应链的核心能力链接全球，完成从"中国制造"到"中国供应链造"的价值跃迁。 国家电子商务示范城市专家李鸣涛表示，在赋能国内产业链的基础上，面向全球市场，Temu的快速扩张带动了海量的中小微制造企业低成本"走出去"， 其通过全托管、半托管模式与智能物流网络，构建起"中国供应链-全球消费者"的高效链路，本质是线上全球统一大市场的实践探索。这种模式既让中国 制造的优质商品走向世界，也通过全球市场反馈反哺国内供应链升级，形成双向赋能的良性循环。 从拼多多爆款案例看强大的中国供应链 Temu喊出"在海外再造一个拼多多"的底气，来自国内的供应链实力。全网爆款的 ...

卖货的尽头，不是增长，是秩序。 作者 | 关隐达 过去很长一段时间，如果有人把小红书和拼多多放在同一个维度对比，往往会遭遇白眼： "这根本是两个物种，没有可比性。" 理由似乎无懈可击： 一个是内容生态，靠审美、笔记、中产滤镜； 一个是价格生态，靠砍一刀、补贴、极致性价比。 但如果撕掉"内容"和"价格"这两张表层标签，你会发现这个判断根本站不住脚。 本质上，它们都是卖货的平台。 既然是卖货，商业逻辑的底层就惊人地一致： 把个体的选择，转化为可被平台控制和复用的"系统性优势"。 在此基础上，一场关于"谁能活得更久"的隐秘战争，才刚刚开始。 01 并没有无缘无故的"内容"与"低价" 商业世界里，从来没有免费的午餐。 小红书的内容，看似是"用户自发分享"，实则是用注意力、数据和影响力换来的流量资产。 拼多多的低价，看似是"平台让利补贴"，实则是用供应链改造、规则强约束和规模效应压榨出的效率红 利。 过去十年，中国电商在流量、价格、履约这三个战场杀红了眼。 但到了今天，这三件事都撞上了天花板： 流量越来越贵，价格降无可降，履约已经成了标配。 当旧的红利吃尽，一个新的变量开始抬头： 商品的"合法性、唯一性与可持续性"。 ...

格隆汇12月26日丨理想汽车、小鹏汽车涨超1%，哔哩哔哩涨0.73%，京东涨0.45%，拼多多涨0.32%， 百度涨0.29%，阿里巴巴涨0.16%，蔚来涨0.02%。 ...

Core Insights - The article discusses Pinduoduo's strategic shift towards leveraging China's supply chain to create a new business model, aiming to replicate its domestic success in international markets through its platform Temu [2][4][10]. Group 1: Pinduoduo's Evolution - Pinduoduo's growth history is characterized by strategic evolution, marked by three significant leaps that align with market trends [6]. - Initially labeled as a "value for money" platform upon its 2018 IPO, Pinduoduo surpassed Alibaba in active buyers by the end of 2020, reaching 788.4 million users [7]. - The company's success is attributed not just to lower prices but to a shorter supply chain, utilizing a C2M model that connects consumers directly with manufacturers [8]. Group 2: Temu's Global Strategy - Temu's rapid rise in the global market, achieving the top position in the U.S. shopping app category within two months, is seen as a qualitative evolution rather than a mere replication of Pinduoduo's model [8][9]. - The platform integrates the C2M model with China's efficient supply chain, aiming to create a closed-loop system that drives domestic industry upgrades based on global demand [9][21]. - Temu's dual empowerment model allows for feedback from international markets to enhance domestic production capabilities, thus creating a cycle of continuous improvement [24][26]. Group 3: Supply Chain Advantages - Pinduoduo's confidence in focusing on China's supply chain stems from its unique characteristics: comprehensiveness, speed, and flexibility [11][15]. - China's supply chain can complete the entire production process domestically within 72 hours, significantly faster than in other regions [11][12]. - The flexibility of Chinese manufacturing allows for both large-scale production and the ability to meet niche demands, enhancing the overall responsiveness to market needs [14]. Group 4: Long-term Vision and Compliance - Temu's ambition extends beyond mere sales; it aims to establish a sustainable and trustworthy business ecosystem, underpinned by compliance, cultural integration, and technology [28]. - Compliance with international regulations is crucial for long-term success, prompting Temu to proactively build a robust compliance framework [30][31]. - The integration of technology facilitates data-driven decision-making, optimizing supply chain operations and enhancing visibility [33]. Group 5: Future Implications - The shift from being merely a "world factory" to a "global value chain hub" signifies a transformation in China's manufacturing narrative, where the focus is on defining production models based on global data [38][39]. - This strategic focus on leveraging China's unique industrial advantages could lead to a new wave of Chinese enterprises successfully entering global markets [41]. - The anticipated outcome is a more resilient and efficient e-commerce landscape centered around China's supply chain capabilities [42].

拼多多的十年转身与生态布局 当流量红利见顶，电商竞争迈入深水区，拼多多站在了十年创业的关键转折点。 "下一个三年，再造一个拼多多。" 12月19日，新任集团联席董事长的赵佳臻在拼多多集团年度股东大 会上掷地有声。 誓言背后，是其向中国供应链全面押注的战略抉择。这场从流量驱动到产业深耕的转身，不仅是从 "卖 货" 到 "造牌" 的模式革新，更是对中国制造价值的深度挖掘与生态重塑。 可以说，拼多多的野心早已超越平台增长本身。拼多多的海外业务Temu，仅用三年时间走完了拼多多 国内业务十年的发展历程。如何寻找下一个增长点，也将是拼多多的战略重点。 赵佳臻表示，下一个阶段，公司战略更加聚焦，经过反复讨论，已锚定中国供应链作为接下来业务发展 的核心。公司将继续践行高质量发展，All in中国供应链的高质量、品牌化，实现平台的再造，带动生 态体系价值跃迁。 这也是拼多多战略重心的一次实质性转移，支撑拼多多"下一个三年"将不再是流量，而是供应链，依托 本土产业优势推动纵深发展。 "过去，Temu在海外依赖中国供应链的成本红利和创新的流量策略，但这种模式正面临不可忽视的政策 与合规风险。现在，它明确提出'重仓中国供应链'，核 ...

Core Viewpoint - Pinduoduo aims to "recreate itself" in the next three years, focusing on the strength of China's supply chain to support this ambition [1][3] Group 1: Market Potential - The global e-commerce market is still in its growth phase, with a penetration rate of just over 20% in 2024, compared to over 36% in China [5][7] - The global e-commerce market size is projected to reach $6.3 trillion, with China accounting for $3.3 trillion, leaving a significant portion available for development [5][7] - Regions like Southeast Asia and Latin America are experiencing rapid e-commerce growth, with rates nearing 20% due to changing consumer habits post-pandemic [7] Group 2: Competitive Advantage - China's e-commerce success in overseas markets relies heavily on its robust supply chain, which allows for efficient production and distribution [9][11] - The shift from merely selling Chinese goods globally to actively participating in product design and branding is essential for long-term success [11][19] - Pinduoduo's strategy includes direct connections between factories and consumers, eliminating intermediaries to reduce costs [9][15] Group 3: Supply Chain Upgrade - Upgrading the supply chain is crucial for Pinduoduo to transition from a "passive order-taking" model to a "proactive market-seeking" approach [13][19] - The company has initiated programs like "100 billion support plan" to enhance the capabilities of Chinese manufacturers, focusing on R&D and brand development [15][19] - Data shows significant increases in sales and product variety, indicating the effectiveness of Pinduoduo's supply chain optimization efforts [15] Group 4: Future Outlook - Pinduoduo's goal of capturing 12% of the global e-commerce market could potentially double its scale if the market grows to $8.5 trillion by 2025 [17] - The transformation of the supply chain will not only benefit Pinduoduo but also enhance the overall image of Chinese manufacturing on the global stage [21][23] - The company's success in "recreating itself" will depend on its investment in the supply chain and its ability to adapt to global market demands [23]

Core Insights - The article discusses the significant impact of e-commerce platforms, particularly Pinduoduo, in enhancing market penetration in China's western regions, which have historically faced challenges such as high logistics costs and underdeveloped infrastructure [1][11]. Group 1: E-commerce Expansion in Western China - Pinduoduo's initiatives, including logistics network reconstruction and policy subsidies, aim to break geographical and cognitive barriers in the western consumer market [1][11]. - The introduction of a transit collection model and reduced logistics fees for remote areas has enabled consumers in the west to access high-quality products conveniently [3][11]. Group 2: Case Study of Zhang Xiang's Business - Zhang Xiang, an entrepreneur, successfully pivoted her business to focus on a new product, the warming plate, after recognizing market potential during a factory visit [2][3]. - After joining Pinduoduo, her sales skyrocketed, with the first three days of sales surpassing the total of the previous three years [3][4]. - The logistics cost reduction allowed her to expand her market reach significantly, with western provinces now accounting for nearly 10% of total sales and showing a doubling growth trend annually [3][4]. Group 3: Product Innovation and Brand Development - Pinduoduo has facilitated product upgrades and brand development for businesses, exemplified by Zhang Xiang's transition from basic warming plates to multifunctional products [5][12]. - The company has invested in product innovation based on consumer feedback, leading to significant sales growth and market presence [5][12]. Group 4: Quality and Consumer Preferences - The article highlights the importance of quality and innovation in meeting the preferences of western consumers, as seen in the case of the 1.8-liter wall-breaking machine developed by Shangweier [6][10]. - The shift in consumer habits in western regions, driven by improved logistics and product availability, is leading to a demand for higher-quality, multifunctional appliances [9][13]. Group 5: Policy Support and Market Dynamics - Pinduoduo's policies, such as logistics cost subsidies and promotional activities, have created a conducive environment for businesses to explore the western market [11][12]. - The platform's focus on quality and innovation has enabled businesses to align their products with the evolving preferences of western consumers, facilitating a more dynamic market landscape [12][13].

今年是拼多多成立的第十个年头。 十年前，这家公司以"拼团"切入电商市场，用极端效率和价格优势，撬开了一个高度成熟、竞争激烈的 行业。十年后，当它的业务触角已经延伸至全球多个国家和地区，拼多多管理层选择放慢脚步，重新审 视公司的增长路径。 12 月 19 日，在年度股东大会上，拼多多宣布升级公司治理架构，正式实行联席董事长制度。经董事会 批准，赵佳臻出任集团联席董事长，与陈磊共同担任联席董事长兼联席 CEO。同时，集团还完成了多 项关键任命：王密出任工程高级副总裁，李炯出任集团财务总监。 从表面看，这是一轮组织和治理层面的调整。但放在拼多多"第二个十年"的起点，这一变化更像是在为 下一阶段增长预留空间。在这场股东大会上，拼多多管理层给出了一个颇具分量的判断：Temu 用三年 时间，走完了拼多多国内电商十年的发展路径。 随着 Temu 在北美、欧洲等市场快速扩张，其规模已逐渐逼近拼多多国内主站，拼多多也由此站上了一 个新的发展起点。这也意味着，拼多多正在从"国内电商平台 + 海外探索"的阶段，转向以全球市场为坐 标、以中国供应链为核心的增长结构。 陈磊在会上提到，Temu 的成长速度远超早期国内电商的发展曲线。但 ...