中信证券：预计外卖行业竞争格局趋于稳定、市场生态良性发展，平台价值有望长期释放

Core Viewpoint - Recent growth in JD's food delivery volume has sparked discussions, indicating a potential revitalization of the delivery market and encouraging major players to enhance ecosystem development [1] Industry Summary - The competition in the food delivery sector is expected to stimulate market vitality and drive key players to strengthen their ecosystems [1] - As delivery volume expands, competition will become multifaceted and comprehensive, involving various elements [1] - Historical analysis of the food delivery market shows that while subsidies have a significant short-term impact on volume growth, they are not the decisive factor in determining competitive outcomes [1] - Systematic variables such as delivery efficiency, merchant supply, user repurchase rates, and frequency are more critical to competition [1] - Increased competition may lead to unavoidable capital consumption, potentially causing short-term market sentiment disturbances [1] - From a long-term perspective, the industry is expected to stabilize in competitive structure, fostering healthy market development and long-term value release for platforms [1]