第一财经·2025-07-08 08:37Core Viewpoint - The ongoing competition in the food delivery sector is impacting the stock prices of major Hong Kong internet companies, leading to fluctuations in the Hang Seng Tech Index, which is heavily weighted by these companies [1][2]. Group 1: Market Competition - The "food delivery war" intensified in April when JD.com entered the market, prompting Meituan and Taobao to increase their subsidy efforts [2]. - Major players like Meituan, JD.com, and Alibaba are engaged in a mixed battle of "instant retail + e-commerce + services," leading to increased subsidies for delivery riders, consumers, and merchants, which may pressure their revenues [2][3]. - Meituan, despite its strong position in the food delivery market, has faced prolonged losses before becoming profitable post-IPO, indicating potential for renewed losses amid heightened competition [2][3]. Group 2: Financial Performance and Investment Considerations - The depth of a company's "moat" will be crucial for investors when evaluating tech stocks in Hong Kong, as companies with a deeper moat are likely to reflect better financial metrics like return on equity [2]. - The current business model lacks a sufficiently deep moat, leading to intensified competition across different scenarios [3]. - Future stock price recovery for these companies may depend on improvements in the e-commerce sector, particularly through subsidy policies for durable consumer goods, although this is expected to have more short-term effects [3].