Di Yi Cai Jing·2025-07-08 07:45Group 1 - The core viewpoint emphasizes the need for investors to assess the depth of the "moat" of target companies, particularly in the context of the ongoing competition among major players in the Hong Kong food delivery market [1] - The three major Hong Kong internet giants, Alibaba, Meituan, and JD Group, have seen their stock prices decline due to intensified competition in the food delivery and e-commerce sectors, with their respective weights in the Hang Seng Tech Index being 7.63%, 7.33%, and 6.89% [1] - The "food delivery war" began in April when JD entered the market, leading to increased subsidies from Meituan and Alibaba, which may pressure their revenues and stock prices [2] Group 2 - The competition in the food delivery sector is likened to a price war, but with the potential for companies to leverage artificial intelligence to enhance efficiency and deepen their moats [2] - The resilience of the industry will be tested as Meituan expands its offerings, impacting the core e-commerce businesses of JD and Alibaba [3] - Future stock price recovery for these companies may depend on the improvement of the industry environment and the development of artificial intelligence to enhance operational processes [3]