招商证券：即时零售万亿高成长赛道 平台模式三国杀开拓长期增量

Core Insights - The instant retail industry is experiencing rapid growth, with a projected market size exceeding 1.7 trillion by 2030 and an estimated CAGR of approximately 20% over the next five years [1][2] - Instant retail is characterized by local supply and an immediate delivery system, creating differentiated value that complements rather than replaces traditional e-commerce [2] - The platform model in instant retail shows superior profitability and larger scale potential compared to the self-operated model, with major players like Meituan, JD, and Alibaba competing effectively [2][3] Industry Overview - Instant retail is a high-efficiency online retail format focused on local supply and immediate delivery, driven by increasing consumer demand for convenience and the online transformation of offline retail stores [2] - The industry is not expected to significantly replace traditional e-commerce but rather create additional market value [2] Competitive Landscape - Among the platform models, Meituan's flash purchase service is noted for its strong competitive advantages, including superior consumer awareness and delivery capabilities, positioning it for long-term growth [1][3] - JD's instant retail is viewed as an incremental growth opportunity rather than a replacement for its core e-commerce business, with fast-moving consumer goods being a key growth driver [3] - Alibaba's approach to instant retail is more about leveraging group synergies, with a focus on enhancing traffic to its main e-commerce business rather than prioritizing instant retail as a standalone growth area [3]