继上半年的外卖大战被叫停后，本以为能稳定几个月，外卖行业又开战了。只不过这一次大战，我国的 广大外卖用户依然得告别0元购的奶茶，因为开战地点在遥远的巴西。在海外市场还要搞内卷，不是说 好的中国人不打中国人吗？ 虽然说keeta是5月份官宣进军巴西的，但它毕竟是从零开始，而重启业务的99food则很快就使出了三板 斧来阻击同胞。 第一板斧就是，竞价购买谷歌搜索词，用户只要搜索keeta就会自动跳转到99food的页面。 第二板斧就是，找到当地的连锁餐饮企业，每一家砸个几百万的人民币，要求签订排他协议，排的也不 是市场排名第一的ifood，而是针对某团的keeta。这些企业拿到钱以后就不能再跟keeta合作，据说已经 砸了10个亿了。 这到底是怎么一回事，干嘛要做出这种负和博弈，损人不利己的事呢？ 这次故事的主角，一个是某滴旗下的99food，另一个是某团旗下的keeta，这两家外卖企业不约而同的瞄 准了同一个海外市场——巴西。 对于大多数国人而言，巴西是一个充满神秘气息的南美国家。热情奔放、足球渗入血液，但社会情况复 杂，世界杯期间动用军事级别力量才能维持比赛的正常进行。可巴西，这几年却成了出海的兵家必争之 地 ...

Core Viewpoint - The phenomenon of "involution" is spreading in the financial sector, leading to excessive competition among banks, which has prompted regulatory actions to restore a healthy market order [3][10]. Group 1: Definition and Characteristics of Involution - Involution refers to a situation where individual entities continuously invest resources without achieving systemic efficiency improvements, resulting in diminishing returns and overall inefficiency [5]. - In the banking sector, involution manifests as irrational market behaviors, including price wars, homogenized business models, and ineffective assessment systems [7]. Group 2: Causes of Banking Involution - The mismatch between supply and demand, along with the deepening of interest rate marketization, contributes to banking involution. There is a structural contrast between accumulating deposits and shrinking credit demand [8]. - The Loan Market Quotation Rate (LPR) mechanism has led to a market-driven pricing system, but the simultaneous decline in credit demand and LPR has pressured banks' net interest margins, pushing them into irrational price competition [8]. Group 3: Consequences of Involution - Involution is eroding the operational safety margins of banks, compressing interest margin revenues, and potentially weakening the ability to accumulate capital internally. The average net interest margin of commercial banks fell to 1.43% in Q1 2025, down 75 basis points from historical highs [9]. - The intensification of scale-driven competition has led to a relaxation of risk management standards, increasing the likelihood of asset quality deterioration and higher non-performing loan rates [9]. Group 4: Responses to Involution - Following the central government's call to regulate irrational price competition, various banking associations have implemented measures to curb involution, such as establishing governance frameworks and self-regulatory agreements [11]. - Banks are encouraged to adopt differentiated operational strategies and enhance service value to regain competitive advantages, focusing on product innovation and customized solutions [13]. Group 5: Future Directions - Strengthening the legal and regulatory framework is essential to address irrational competition, with a focus on enhancing enforcement and establishing rapid response mechanisms for competitive misconduct [13]. - Optimizing internal assessment mechanisms and fostering innovation talent are crucial for banks to transition from scale-based evaluations to multidimensional performance metrics, thereby enhancing service quality and customer satisfaction [14].

Core Insights - China Mobile reported operating revenue of 543.8 billion yuan for the first half of 2025, with communication service revenue reaching 467 billion yuan, a year-on-year increase of 0.7% [2] - The chairman of China Mobile, Yang Jie, highlighted that the traditional communication demand is nearing saturation and the demographic dividend is gradually diminishing, leading to a complex situation in the communication industry [2] - The implementation of the number portability policy, originally intended to enhance market competition and service quality, has deviated from its initial purpose and has evolved into a means of malicious competition [2] Industry Overview - The Ministry of Industry and Information Technology reported that the growth rate of the communication industry in the first half of this year was only 1%, significantly lower than GDP growth, contrasting sharply with previous years' rapid growth [3] - Malicious competition is consuming the development momentum of the industry, resulting in a state of stagnation in growth for the communication sector [3] - The original intention of the number portability policy was to promote healthy development in the communication industry and improve overall service quality; however, operators are urged to return to the policy's original goals and focus on enhancing their core competitiveness [3]

Core Viewpoint - Major food delivery platforms including Meituan, JD.com, Ele.me, and Taobao have collectively committed to resisting disorderly and malicious competition, particularly in response to the recent "subsidy war" [1][5][8]. Group 1: Company Statements - Ele.me and Taobao issued a joint statement emphasizing the need to plan subsidies reasonably based on consumer and merchant needs, while also ensuring merchants' rights to know, choose, and set prices [5][8]. - Meituan stated that it will strictly adhere to various laws and regulations, ensuring that subsidy activities do not involve selling goods and services at prices significantly below cost [5][8]. - JD.com declared its commitment to resisting malicious competition and will not engage in practices like "0 yuan purchases" that distort market dynamics [5][8]. Group 2: Market Reactions - Following the announcements, stock prices for Meituan, JD.com, and Alibaba saw significant increases in the Hong Kong market [1]. - The market capitalization of JD.com is reported at HKD 361 billion, with a trading volume of 8.2073 million shares on August 1 [3]. Group 3: Industry Context - The recent subsidy wars have placed many merchants in a difficult position, with reports indicating that while high subsidies initially boost order volumes, they lead to a decline in average order value once subsidies are withdrawn [5][6]. - Industry associations have called for an end to "involutionary" price wars and urged platforms to stop interfering with merchants' pricing rights, advocating for a focus on food safety and support for small businesses [7][8]. Group 4: Future Implications - The upcoming "first cup of milk tea in autumn" promotion period is anticipated to be a critical time for observing how platforms implement their marketing strategies in light of the recent commitments [9].

Core Viewpoint - Taobao and Ele.me jointly announced their commitment to resist malicious competition and promote ecological win-win cooperation, outlining four key areas of focus for future operations [1] Group 1: Key Initiatives - The companies will plan and distribute subsidies based on consumer and merchant needs [1] - They will actively eliminate unfair competition practices and avoid irrational promotional activities such as large-scale "0 yuan purchase" campaigns [1] - Continuous improvement of service quality will be prioritized, including the provision of diverse consumption scenarios and enhanced delivery network efficiency [1] - A "listening-consulting-optimizing-feedback" system has been established to address core issues such as merchant participation, product quality, and rider rights, with multiple discussion meetings being held across various locations [1]

Core Viewpoint - The article emphasizes the commitment of Taobao and Ele.me to resist malicious competition and promote ecological win-win cooperation, outlining four key areas of focus for future operations [1] Group 1: Key Initiatives - The companies will plan and distribute subsidies based on consumer and merchant needs [1] - There is a strong commitment to resist malicious competition, with a focus on eliminating unfair practices and stimulating consumption potential in emerging markets [1] - Continuous improvement of service quality is a priority, including the enhancement of diverse consumption scenarios and the efficiency of the delivery network [1] - The companies aim to foster ecological win-win cooperation by establishing a feedback system that addresses core issues such as merchant participation, product quality, and rider rights [1]

Core Viewpoint - The recent competition in the food delivery industry, characterized by aggressive subsidies such as "0 yuan purchase" and "18-18", is seen as a manifestation of severe internal competition, which the company claims to avoid participating in [1]. Group 1 - The company has focused on three main areas since March: reducing industry commissions [1] - The company is committed to providing social insurance and housing fund contributions for delivery personnel, along with formal labor contracts [1] - The company aims to promote quality food delivery services to ensure consumer trust [1]

Group 1 - The core viewpoint of the article highlights that the recent subsidy wars in the food delivery industry, characterized by "0 yuan purchase" and "18-18" promotions, are seen as severe internal competition and malicious competition, which the company, JD, has chosen not to participate in [1] - JD has focused on three main aspects since March of this year: reducing industry commissions, providing social insurance and housing fund for delivery workers, and promoting quality food delivery to ensure consumer safety [1]

Core Viewpoint - The recent subsidy war in the food delivery industry, characterized by "0 yuan purchase" and "18-18" promotions, is seen as a manifestation of severe internal competition, which the company claims to have not participated in [1] Group 1: Company Position - The company emphasizes its focus on three main areas since March: reducing industry commissions [1] - The company is committed to providing social insurance and housing fund contributions for delivery personnel, along with formal labor contracts [1] - The company aims to promote quality food delivery services to ensure consumer safety [1]

Core Viewpoint - The "2025 China Enterprises Going Global Summit" aims to provide a high-end platform for Chinese companies to address challenges in international expansion amidst global industrial chain restructuring [1]. Group 1: Forum Overview - The summit was held in Shenzhen on June 28-29, focusing on the theme "For an Open World" [1]. - The event was organized by Phoenix Network and supported by the Snow Beer ultra-premium brand, with the goal of facilitating resource connections and dialogue on rules [1]. Group 2: Key Insights from Hu Jie - Hu Jie, a professor at Shanghai Jiao Tong University, delivered a speech on "Soft Power: The Hard Truth of High-Quality Going Global," discussing the impact of the century-long changes and globalization 2.0 [3]. - He highlighted the effects of tariff wars on companies' international ventures and strategies for Chinese enterprises in response to the restructuring of international industrial chains [3]. - Hu Jie emphasized the importance of sustainable development and the need for Chinese companies to avoid industry risks, particularly from fierce competition among themselves [3]. - He noted that the biggest threat to Chinese companies is often another Chinese competitor, leading to destructive competition that undermines profitability [3]. - To address these challenges, he called for self-discipline, collaboration, and balance among entrepreneurs [3].