从流量巨头到出行龙头，各大平台纷纷跨界切入团购、外卖之外的生活服务赛道，背后是万亿级本地生活市场的巨大吸引力，也是流量红利见顶后对存量 价值的争夺。相较于高度内卷的即时配送赛道，家政、招聘、装修、养车等低频高客单价的生活服务，正成为巨头们眼中的新蓝海。 巨头们争相涌入，正在彻底改变普通人的日常生活服务，也让本地生活服务市场的竞争格局愈发复杂和激烈。 01 快手、滴滴双双入局 本地生活服务赛道的竞争版图正在被重新改写。 继美团、抖音等玩家站稳脚跟后，快手与滴滴两大巨头也加快了进场节奏，分别基于自身优势领域出发，向家政、招聘等生活服务细分场景渗透。 Tech星球了解到，快手正筹备推出名为"快手圈圈"的独立App，这款产品明确聚焦生活服务信息平台，核心覆盖招聘、家政等民生刚需领域。 Tech星球独家获悉，快手将推出"快手圈圈"App，据消息人士透露，该产品是一个生活服务信息平台，包含但不限于招聘、家政等服务，可以看作是快手 版的58同城。无独有偶，滴滴也已在其滴滴出行App上线家政/搬家等独立入口，进一步深入生活服务领域。 不难看出，本地生活服务赛道的战火，早已跳出团购与外卖的传统疆域，蔓延至更广阔的民生服务场景。 ...

Core Insights - The launch of Gaode's "Street Ranking" has rapidly transformed the local life service market in China, achieving over 660 million users in just 100 days since its launch on September 10 [1][2] - The ranking system is based on real in-store behaviors, providing a trustworthy consumer guide amidst a saturated marketing environment [1][2] - Gaode's CEO highlighted the importance of rebuilding trust and creating a comprehensive offline service credit system through the Street Ranking [2] User Growth and Engagement - The Street Ranking has seen a significant increase in user engagement, with Gaode's app reaching 996 million monthly active users by October 2025, up from 950 million in September 2025, indicating a growth of nearly 46 million users in one month [3] - The Daily Active Users (DAU) for the Street Ranking reached 70 million by October 2025, reflecting a shift in user behavior towards more authentic consumption [6] Market Impact and Business Model - Over 860,000 merchants have joined the Street Ranking within 100 days, with their order volume increasing by over 330% and revenue by over 270% [4] - The ranking system has shifted the industry value assessment from focusing on information volume to prioritizing behavioral authenticity and decision conversion rates [6][8] - Gaode's approach has allowed businesses that focus on product quality and service to thrive, contrasting with those that rely heavily on marketing tactics [4][8] Technological Innovation - Gaode has introduced the "Flying Street View" feature, utilizing its self-developed world model to enhance user interaction with real-world services [3] - The ranking system provides real-time updates on store popularity, allowing users to make informed decisions based on current trends rather than static ratings [7] Industry Transformation - The rapid user growth of 660 million in 100 days signals a significant market shift, positioning Gaode as a leading entry point for local life services [8] - The Street Ranking encourages a healthier and more efficient local service ecosystem, emphasizing the importance of genuine consumer behavior over traditional marketing strategies [8]

Core Viewpoint - Alibaba's Taobao Flash Sale is significantly increasing its investment, potentially reaching a total of 100 billion yuan, with the primary goal of market share growth to become the absolute leader in the market [1][2]. Group 1: Market Competition - The competition in the food delivery market is intensifying, with both Alibaba and Meituan aiming to capture a significant share of the market, particularly in the high-ticket order segment [2]. - As of December, the order share among Meituan, Taobao Flash Sale, and JD is approximately 5:4:1, with Meituan slightly increasing its share to 55% compared to Taobao Flash Sale's 45% [2][3]. Group 2: Financial Performance - Taobao Flash Sale is projected to incur losses exceeding 20 billion yuan in Q4, with estimates ranging from 22 billion to 25 billion yuan, while Meituan's losses are expected to be between 13 billion and 14 billion yuan [3]. - The total investment in Taobao Flash Sale for the year is expected to surpass 70 billion yuan, with projections indicating that continued market share maintenance could lead to additional losses of 5 billion to 10 billion yuan per quarter [3][4]. Group 3: Strategic Adjustments - Alibaba has adjusted its Customer Management Revenue (CMR) growth forecast for Q4 from an initial 10% to a revised estimate of 6%-7%, with some reports suggesting growth may be below 5% due to high base effects and macroeconomic slowdowns [4]. - The company is focusing on eliminating unprofitable long-term projects and exploring differentiated supply chains for its grocery and retail segments [4].

all = A Q Alibab 1月7日，阿里巴巴旗下高德举办了高德扫街榜2026产品升级发布会。会上，高德宣布依托自研世界模型，推出"飞行街景"功能，实现从街景俯瞰店内实景， 并计划向100万户商家免费开放。同时，还新增了时效动态榜、个性化个人榜单等实用功能。 高德CEO郭宁表示，高德扫街榜通过与物理世界的持续交互，不断自我进化，旨在更好地呈现用户的真实选择，运用前沿科技，服务真实生活。 当前，高德扫街榜用户规模已突破6.6亿。数据显示，自上线三个月以来，高德App月均新增4600万月活用户，月活用户数增至9.96亿。同时，扫街榜上线 100天便吸引了86万户新商家入驻，商家订单量环比增长超330%，营业额环比增长超270%。 此外，高德扫街榜还基于空间智能推出了应季、应时、应地的生活服务动态榜单，并生成了1550个品类榜单，涵盖爬山、徒步、户外垂钓、露营等兴趣爱 好。同时，上线了"好友动态"功能，并全面开放"个性化创建榜单"功能，允许每位用户创建并分享专属榜单。 高德扫街榜的此次升级，不仅为用户提供了更加便捷、真实的消费体验，也为商家创造了更多展示和成长的机会，开启了本地生活服务的新篇章。 高德相关负责 ...

Core Insights - Gaode has upgraded its "Street Ranking" product by introducing "Flying Street View," dynamic lifestyle service rankings, and a friend dynamic feature, aiming to build a "space + content + social" local life service ecosystem [1][3][6] Group 1: Product Upgrades - The upgrades include the launch of the world's first "Flying Street View," which provides realistic navigation and store exploration, enhancing user experience before visiting restaurants or attractions [3][5] - A new dynamic lifestyle service ranking has been introduced, leveraging data from Gaode's 1 billion users and 290 million daily behavior sequences to create seasonal and regional rankings [3][5] - The scope of the rankings has expanded to include various lifestyle interests, generating 1,550 category rankings alongside 6,553 seasonal rankings [5][6] Group 2: Market Positioning and Strategy - Gaode is transitioning from a navigation tool to a comprehensive local life platform, responding to changing user needs and the increasing demand for intelligent local life assistance [7] - The introduction of friend relationships aims to enhance user interaction and trust in consumption decisions, leveraging social attributes to increase user engagement and platform stickiness [6][7] - The competitive landscape of local life services is evolving, focusing on traffic, content, ecosystem, and experience, with Gaode aiming to establish a strong user entry advantage and credible data and recommendation mechanisms [6][7] Group 3: User Growth and Engagement - The user base of the Street Ranking has surpassed 660 million, with Gaode's app gaining 46 million new monthly active users, bringing the total to 996 million [7]

Core Viewpoint - Gaode has launched the "Gaode Street Ranking 2026" with three major upgrades, including the world's first "Flying Street View," a dynamic seasonal service ranking, and new social features for friends and personal rankings [1] User Growth and Engagement - In just 100 days since its launch, the Gaode Street Ranking has achieved a user base of over 660 million, contributing to a monthly active user increase of 46 million, bringing the total to 996 million, nearing the 1 billion mark [3] - The platform has attracted 860,000 new merchants, with order volume increasing by over 330% and revenue rising by over 270% [3] Unique Positioning in Local and Travel Scenarios - Gaode's unique positioning is highlighted by its ability to cater to both local users and travelers, with a focus on simplifying decision-making in unfamiliar locations [5] - The platform addresses the need for quick and efficient decision-making for users in unfamiliar cities, providing structured rankings that help users make informed choices without extensive reading [5][6] Trust and Credibility in Local Services - Gaode aims to tackle the trust crisis in local services, as evidenced by rising complaints about false advertising and increasing marketing costs for small businesses [11] - The Gaode Street Ranking leverages behavioral data to differentiate between "tourist navigation" and "local repurchase," ensuring that only genuinely popular local establishments are highlighted [6][8] Innovative Ranking Mechanism - The ranking system is based on "foot votes," which rely on actual user behaviors rather than subjective ratings, making it less susceptible to manipulation [15] - Gaode's data-driven approach includes metrics such as the distance users are willing to travel, frequency of visits, and the diversity of the customer base [15] Social Features and Personalization - The introduction of social features allows users to see friends' check-ins and create personalized lists, enhancing the trust factor through social connections [16][21] - Gaode is also launching a "Detective Creator Program" to engage users in sharing their favorite spots, further enriching the platform's content [21] Comprehensive Service Offerings - Gaode has expanded its rankings beyond dining to include various categories such as hotels, attractions, and seasonal activities, with over 6,553 dynamic rankings available [26][27] - The platform's AI capabilities allow for real-time updates based on seasonal and weather changes, catering to a wide range of user interests [26] Commitment to Transparency - Gaode has committed to keeping the Street Ranking free from commercialization, ensuring that rankings are based on genuine user choices rather than paid promotions [28][29] Advanced Technology Integration - The introduction of "Flying Street View" aims to enhance user trust by providing a realistic view of locations, addressing concerns about the authenticity of online ratings [30][33] - This feature allows users to explore areas from an aerial perspective and even enter establishments virtually, improving the overall user experience [30][33] Vision for the Future - Gaode's long-term goal is to establish a credit system for offline services, similar to how Alipay functions for online transactions, by using real behavioral data to replace manipulated review systems [36][37]

高德正在从地图走向本地生活超级入口。1月7日，高德发布扫街榜2026并公布百日成绩单，会上，高德 披露，上线100天，高德扫街榜累计用户规模已突破6.6亿，有超86万商家主动入驻。 "用脚投票" "上线高德扫街榜以后，店里的客人很快从每天大约二十来桌变成了三十来桌。"在北京，雍和宫附近的 五道营胡同里，锅儿挑面馆在纵横交错的胡同里开了13年，位置"不好找"、停车"不方便"让这家老面馆 常接待的都是熟客，但在上线高德扫街榜后，店长刘师傅发现了变化。 高德扫街榜2025年9月10日上线，成为阿里在本地生活"到店"领域的关键落子。上线首日，高德扫街榜 用户规模便超过4000万人，到2025年10月，扫街榜日均活跃用户数已突破7000万。在移动互联网用户增 长整体趋缓、头部应用格局看似固化的今天，这一增长堪称"现象级"。 变化来自一张海报，锅儿挑面馆在"高德扫街榜·烟火小店榜"上榜，高德为这家店找到了一个相当直观 的数字标签："食客导航总里程超7576公里"。 高德扫街榜是如何完成突围的？在本地生活的复杂战事中，"用脚投票"的新故事正在发生。 这是高德扫街榜推出后，对过去本地生活点评体系的一次"颠覆"，以到店行为作为 ...

高德正在从地图走向本地生活超级入口。 1 月 7 日，高德发布扫街榜 2026 并公布百日成绩单，会 上，高德披露，上线 100 天，高德扫街榜累计用户规模已突破 6.6 亿，有超 86 万商家主动入驻。 高德扫街榜 2025 年 9 月 10 日上线，成为阿里在本地生活"到店"领域的关键落子。上线首日，高 德扫街榜用户规模便超过 4000 万人，到 2025 年 10 月，扫街榜日均活跃用户数已突破 7000 万。在移动互联网用户增长整体趋缓、头部应用格局看似固化的今天，这一增长堪称"现象级"。 高德扫街榜是如何完成突围的？在本地生活的复杂战事中， "用脚投票"的新故事正在发生。 "上线高德扫街榜以后，店里的客人很快从每天大约二十来桌变成了三十来桌。"在北京，雍和宫附 近的五道营胡同里，锅儿挑面馆在纵横交错的胡同里开了 13 年，位置"不好找"、停车"不方便"让 变化来自一张海报，锅儿挑面馆在 "高德扫街榜·烟火小店榜"上榜，高德为这家店找到了一个相当 直观的数字标签："食客导航总里程超 7576 公里"。 "用脚投票" 这家老面馆常接待的都是熟客，但在上线高德扫街榜后，店长刘师傅发现了变化。 这是高德扫街 ...

高德在本地生活服务领域的进一步渗透。 上线百日，高德地图旗下的生活服务榜单产品"扫街榜"再迭代。1月7日，高德宣布"扫街榜"完成升级， 依托自研世界模型技术，推出"飞行街景"功能，并将榜单覆盖范围从美食扩展至更多场景。 此次升级均指向高德在本地生活服务领域的进一步渗透，作为阿里巴巴旗下本地生活板块重要抓手，高 德正试图利用其地图底层数据和流量优势，在本地生活市场中寻找差异化路径。 同时，高德尝试降低商户端飞行街景落地门槛。高德介绍称，商家仅需使用手机拍摄并上传视频和照 片，系统即可免费生成专属的飞行街景。高德方面宣布，将投入算力资源，免费为100万家中小商户 （即"烟火小店"）接入该功能，吸引更多长尾中小商家入驻，从而丰富高德的内容生态，促进线上流量 向线下交易的转化。目前，故宫博物院的飞行街景已上线，显示该技术在文旅场景应用潜力。 针对中小微商户，高德发布对应扶持计划，宣布由平台承担算力成本，为100万家小微商户免费接入前 述"飞行街景"功能。此外，高德计划与全国100个城市合作，在降低商户入驻门槛的同时，提供数据分 析、出行补贴等资源。目前，上海、四川、济南等地已先行启动相关合作。 地图类App正加速从" ...

Core Viewpoint - Guosen Securities maintains an "outperform" rating for the chain restaurant sector, highlighting the investment value of strong operational restaurant leaders and innovative tea beverage companies that can ensure stable returns for franchisees despite growth pressures [1] Group 1: Restaurant Consumption Trends - Demand is weakly recovering while supply is clearing, leading to growth strategies from leading companies, with national restaurant revenue increasing by 3.3% year-on-year from January to November 2025, slower than the 4.1% growth in retail [2] - Structural growth in online channels is evident, with significant benefits for milk tea, coffee, and fast food during the 2025 instant retail competition, although brands are becoming more rational about their approach to delivery [2] - Brand building strategies are shifting from creating single-hit products to enhancing supply chain efficiency, with a focus on developing membership systems for private traffic conversion [2] Group 2: Market Performance Review - Leading coffee and tea brands such as Gu Ming, Mixue Group, and Luckin Coffee have seen stock price increases of 185.8%, 45.4%, and 39.2% respectively, driven by increased consumer frequency and high enthusiasm from franchisees [3] - Restaurant leaders show varied stock performance, with strong same-store data and rapid expansion like Guoquan leading to a 98% increase, while others like Guangzhou Restaurant and Green Tea Group saw more moderate increases of 11.8%, 9.2%, and 8.8% [3] Group 3: Sub-industry Analysis and Outlook - The ready-to-drink tea segment is benefiting from the current delivery subsidy war, with seven listed tea leaders seeing revenue and adjusted net profit growth of 32.5% and 58.0% respectively in H1 2025, accelerating from 22.5% and 15.0% in 2024 [4] - In contrast, listed restaurant leaders experienced a revenue increase of only 1.5% in H1 2025, slower than the industry growth of 4.3%, due to factors like price competition and policy disruptions, although net profit grew by 7.5% [4] Group 4: Investment Framework Update - Same-store revenue growth serves as a valuation anchor, reflecting existing store profitability and influencing future expansion [5] - Store expansion rates act as a valuation amplifier, with potential for dual growth in valuation and performance during upward trends [5] - New product development is essential for generating new momentum, requiring supportive incentive systems [5] - Historical premium valuations for leading brands are linked to growth certainty and competitive dynamics [5] - Investment recommendations include Haidilao, Yum China, Guoquan, Gu Ming, Mixue Group, and others, with a positive outlook on Meituan-W in the local service sector [5]