大摩：美团新收购与小象超市形成协同效应

Group 1 - Meituan plans to invest approximately $717 million to acquire Dingdong Group's "Dingdong Maicai" business in China, which is listed on the NYSE [1] - Morgan Stanley believes that the acquisition will benefit Meituan and create synergies with its existing Xiaoxiang Supermarket, further expanding its presence in East China and solidifying its core market position in the instant fresh delivery sector [1] - Dingdong operates around 1,000 front warehouses in China, primarily located in East China, while Meituan's Xiaoxiang Supermarket operates approximately 1,000 front warehouses across over 20 cities nationwide, dominating in Beijing and Shenzhen and actively entering second-tier cities [1] Group 2 - The report indicates that the market size for self-operated instant delivery models (1P) is still significantly smaller than that of third-party delivery models (3P), with an estimated ratio of about 1 to 2 [1]