以下文章来源于新消费日报 ，作者徐赐豪 新消费日报 . 《科创板日报》旗下媒体产品，聚焦科技消费时代的新产品、新模式、新投资。 电商行业的商超赛道再起波澜。 《科创板日报》记者获悉， 拼多多正于其App内低调内测一项名为"百亿超市"的全新业务，依托成熟的百亿补贴体系，以限时限量发券、 低价补贴为核心玩法，目前仅对部分随机筛选用户开放体验。 低价策略仍是拼多多的核心竞争力。"百亿超市"延续了"百亿补贴+优惠券"的组合玩法，这种模式有望精准吸引对价格敏感的下沉市场用 户，同时撬动一二线城市追求高性价比的消费群体，与传统商超及其他电商平台形成差异化竞争。 从已曝光的内测页面信息来看，"百亿超市"的核心吸引力集中在优惠力度与商品丰富度两大维度。 平台推出周周领券活动，每周一00:00准 时开抢8折、8.5折等大额优惠券，覆盖水果蔬菜、坚果零食、乳饮冲调、母婴用品等多个生活核心场景。 资深零售专家张伟荣向《科创板日报》记者分析称，此次内测的"百亿超市"并非简单的商品品类扩充，而是承载了平台全场景消费覆盖的战 略意图，试图将在3C、美妆品类验证成功的补贴模式复制到商超领域。 在他看来，商超品类作为高频刚需的流量入口，水果 ...

Group 1 - The core idea of the news is the collaboration between Xiaohongshu and Meituan, allowing users to purchase medicine directly through Xiaohongshu's advertising notes, enhancing the efficiency of online medicine sales [1] - Xiaohongshu has launched the "Hongmei Plan" with Meituan, marking the first instant retail platform to join after similar agreements with Taobao and JD.com [1] - The "Hongmei Plan" has seen initial success with brands like "Kuaike," "Xiaokuihua," and "Fenbide," leading to a 42% increase in search volume on Xiaohongshu and a 33% reduction in order costs compared to industry averages [1] Group 2 - During the 2025 Double Eleven shopping festival, the number of brands participating in the "Zhongcao Direct" program doubled compared to the 618 shopping festival, with over 1,000 products achieving sales of over one million yuan on platforms like Taobao and JD.com [2] - The "Zhongcao Direct" feature, launched in September 2025, significantly improves the efficiency of brand advertising, with a 76% increase in store entry efficiency when combined with traditional advertising methods [1]

Core Insights - Xiaohongshu has partnered with Meituan to launch the "Hongmei Plan," allowing Meituan merchants to advertise on Xiaohongshu with direct links for instant retail [1][2] - This initiative marks the first collaboration with an instant retail platform following partnerships with major e-commerce platforms like Taobao and JD.com [1][2] Group 1: Partnership Details - The first phase of the "Hongmei Plan" focuses on the Meituan Buy Medicine sector, enabling a seamless transition from Xiaohongshu advertisements to Meituan for purchasing [1][2] - Brands such as Kuaike, Xiaokuihua, and Fenbide are among the first to test this direct marketing approach in the pharmaceutical sector [1][2] Group 2: Performance Metrics - The "direct grass planting" feature has led to an average increase of 42% in search volume on Xiaohongshu for participating brands, with a significant reduction of over 33% in order costs compared to industry averages [1][2] - The efficiency of customer entry into stores has improved by 76% when combining traditional advertising with the "direct grass planting" feature [1][2] Group 3: Market Reach - Meituan currently supports instant retail services across nearly 3,000 urban and rural areas in China, with over 250,000 pharmacies on its platform, including more than 15,000 24-hour pharmacies [1][2] - During the 2025 Double 11 shopping festival, the number of brands utilizing the "direct grass planting" feature doubled compared to the 618 shopping festival, with over 1,000 products achieving sales exceeding one million yuan [1][2]

Core Insights - Pinduoduo is reportedly preparing to enter the instant retail market, with plans to establish urban warehouses in major cities, potentially launching in Q1 or by Q3 at the latest [1] - The competitive landscape for instant retail has shifted, creating a more favorable environment for Pinduoduo to enter this space [6][7] Group 1: Changes in Business Environment - The closure of Meituan's preferred services has allowed Pinduoduo to dominate the community group buying market, providing it with the resources to explore new business opportunities [13][17] - The increase in the supply of delivery riders due to competition among major players has made it easier for Pinduoduo to procure delivery services [24][25][32] Group 2: Strategic Focus - Pinduoduo's approach to instant retail will focus on non-food delivery, particularly fresh produce and competitively priced private label products, rather than entering the food delivery market [9][12][19] - The company aims to leverage its existing agricultural supply chain capabilities to enhance its instant retail offerings, particularly in fresh produce, which is a high-frequency necessity [44][53] Group 3: Market Position and Financials - Pinduoduo's market capitalization has decreased to half that of Alibaba, but its cash reserves have increased, providing it with financial flexibility to invest in new ventures [48][50] - The competitive landscape in e-commerce is intensifying, with other platforms like Douyin and Temu gaining traction, making Pinduoduo's entry into instant retail a strategic move to maintain user engagement [51][52]

Core Viewpoint - Pinduoduo is planning to enter the instant retail market, with a focus on urban front warehouses in major cities, potentially launching in Q1 or by Q3 at the latest [2] Group 1: Business Environment Changes - The decision-making environment for Pinduoduo regarding instant retail has changed significantly over the past six months [6] - The closure of Meituan's preferred services has allowed Pinduoduo to dominate the community group buying market, providing it with the resources to explore new business opportunities [11] - The increase in the supply of delivery riders due to competition among major players has created a favorable condition for Pinduoduo to procure delivery services [15] Group 2: Strategic Focus - Pinduoduo's instant retail strategy will focus on non-food flash delivery, particularly fresh produce and competitively priced private label products [4][6] - The company aims to leverage its existing agricultural supply chain capabilities to enhance its instant retail offerings, especially in fresh produce, which is both a high-frequency necessity and a challenging category [19][21] Group 3: Market Position and Financials - Pinduoduo's market share in community group buying has increased significantly, enhancing its bargaining power with suppliers [12] - The company's market capitalization has decreased to half of Alibaba's, but its cash reserves are now higher, providing it with financial flexibility for future investments [23]

Group 1 - Alibaba is intensifying its efforts in the instant retail sector, aiming to become the market leader by 2026 with a focus on high-frequency transactions and a complete overhaul of its business logic [2][3][34] - Taobao Flash Purchase has achieved significant milestones, including a daily order volume stabilizing at 10 million for non-food items, indicating strong growth and commitment to the business [5][36] - The integration of various platforms under Alibaba's ecosystem, such as Hema and Ele.me (now Taobao Flash Purchase), is enhancing operational efficiency and market presence [6][37] Group 2 - In Q1 of the 2026 fiscal year, Taobao Flash Purchase reached a peak daily order volume of 120 million, with a monthly active buyer count increasing by 200% since its launch [8][39] - Alibaba's Q2 fiscal report for 2026 showed revenues of approximately 247.8 billion, a 5% year-on-year increase, with a 15% increase when excluding divested businesses [10][41] - The company is investing heavily in instant retail, with a reported 60% year-on-year revenue growth in this segment, despite a significant drop in overall operating profit [13][45] Group 3 - The strategic restructuring of Alibaba's organizational framework aims to transition from an e-commerce platform to a comprehensive consumer platform, enhancing its competitive edge in instant retail [15][46] - The launch of a 50 billion subsidy plan for Taobao Flash Purchase demonstrates Alibaba's commitment to capturing market share in the instant retail space [24][55] - The potential market size for instant retail in China is projected to exceed 1 trillion by 2026, with expectations to double by 2030, highlighting the growth opportunities for Taobao Flash Purchase [30][60] Group 4 - Taobao Flash Purchase has attracted approximately 100 million new users, primarily from urban high-income demographics, which could lead to increased sales across various product categories [30][61] - The competitive landscape in instant retail is intensifying, with major players like Meituan and JD.com already established, necessitating Taobao Flash Purchase to leverage its ecosystem for differentiation [31][62] - The focus on optimizing delivery efficiency and cultivating consumer habits in instant purchasing remains critical for Taobao Flash Purchase's success in the competitive market [31][62]

▲ 戳蓝 色字关注我们！ 战略上要藐视敌人，战术上要重视敌人。 最近刷到一条新闻，说 阿里2026年要坚定投入，把某宝闪购做到第一 。 你们知道这意味着什么吗？这可是阿里这几年少见的"硬刚"表态。 而与此同时，阿里又在拼命押注AI，千问APP对标ChatGPT，吴泳铭说"AI是未来十年的最大机遇"。 这就让很多人困惑了：阿里到底想干嘛？是加码外卖死磕美团，还是全力押注AI弯道超车？这不是左右互搏吗? 抓主要矛盾，阿里的战场从不是"打败对手" 《矛盾论》里有句话特别经典：" 在复杂的事物发展过程中，有许多矛盾存在，其中必有一种是主要的矛盾 "。 抓住主要矛盾，其他问题就迎刃而解。 那阿里当下的主要矛盾是什么呢？ 不是美团，不是字节，而是用户心智。 大家注意啊,现在市场上的数据很有意思:美团占大概40%多的份额,闪购也有三四成左右，京东不到10%。 看起来是三家混战,但本质上这是个"用户时间和消费心智的争夺战"。 我之前看过很长一段时间的消费互联网赛道，发现有个残酷的真相：互联网下半场，用户时间是最稀缺的资源。 但仔细想想，你就会发现——这局棋，阿里其实下得很明白。 刚好最近在读毛选，今天我就用教员的战争哲学，给 ...

Core Insights - Alibaba is committed to increasing investment in Taobao Flash Sales to achieve market leadership, emphasizing growth in market share rather than maintaining current levels [1] - The company has seen significant improvements in the order structure and a faster reduction in losses compared to competitors, indicating a strong performance in the non-food instant retail sector [1][4] Group 1: Financial Performance and Market Strategy - Taobao Flash Sales has achieved a stable daily non-food order volume of over 10 million, which is a significant milestone [4] - The growth trajectory suggests that by 2026, Taobao Flash Sales could surpass the total daily order volume of Ele.me, which is projected to be around 25-30 million [4] - Alibaba's management has indicated a focus on high-value user engagement and the development of retail categories, which aligns with the goal of increasing the average transaction value [6] Group 2: User Experience and Market Position - Users have reported increased engagement with the Taobao app due to the convenience of Taobao Flash Sales, which has become a key driver of user habits [3] - The integration of various Alibaba services, such as Tmall and Hema, enhances the supply chain and delivery capabilities, contributing to a seamless shopping experience [3][4] - The expansion of product categories beyond daily necessities, including electronics and apparel, indicates a broader market strategy that leverages Alibaba's existing strengths [5][6] Group 3: Competitive Landscape - The competitive landscape is viewed as a short-term concern, while the long-term market potential remains optimistic, with Alibaba's continued investment in instant retail signaling confidence in market growth [7] - The rapid progress of Taobao Flash Sales suggests that if competitors increase their investments, it could lead to a consensus on the market's potential, benefiting all participants [7]

内容概要：上海凭借深厚的商业底蕴与持续创新，早在2014年便已跻身"中国大陆最佳商业城市"前三， 并在零售领域展现强劲实力。2024年，上海市实现社会消费品零售总额17940.19亿元，其中，食品类、 衣着类、用品类、燃料类零售额分别为3721.33亿元、4341.81亿元、9354.46亿元和522.60亿元。据初步 统计，2024年上海限额以上零售企业主要业态零售额为10927.49亿元，虽略有下降，但整体仍保持在较 高水平。从销售结构来看，销售额主要集中在品牌专卖店、网络零售和专业店等业态。其中，品牌专卖 店凭借优质的商品和服务，持续吸引消费者。在多个重要节假日期间，上海商品销售市场展现出强劲复 苏势头，消费活力显著提升，线上线下消费均实现同比增长，其中，商旅文体展融合模式成为主要驱动 力。 上市企业：上海九百(600838)、益民集团(600824)、新世界(600628)、豫园股份(600655.SH) 相关企业：上海百联集团股份有限公司、上海九百股份有限公司、天猫、京东、家乐福、麦德龙 关键词：上海零售行业政策、上海零售行业发展历程、上海零售行业销售总额、上海节假日零售规模、 上海零售行业业态结构 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11] Core Insights - The 2026 National Civil Aviation Work Conference outlines a strategic plan for the aviation sector, emphasizing a shift from recovery to high-quality development, with a focus on reducing internal competition and improving pricing regulations [6][40] - The report highlights significant growth in the aviation sector, with a projected increase in passenger transport volume to 810 million in 2026, representing a 5% year-on-year growth [40] - The logistics sector is expected to benefit from Alibaba's increased investment in instant retail, particularly for SF Express and Same City, which are positioned to capture a growing share of the market [7][49] Summary by Sections Civil Aviation - The conference reviewed the achievements of the 14th Five-Year Plan, noting that China has become the world's largest aviation population with over 500 million people [20] - For 2026, the focus will be on high-level openness and clearer allocation of international air rights, alongside measures to curb excessive competition [25][40] - The report suggests investment opportunities in major airlines such as Hainan Airlines, Spring Airlines, China Xinhua Airlines, and Juneyao Airlines due to expected improvements in revenue [6][40] Logistics - Alibaba's strategy for Taobao Flash Purchase aims for market share growth, with a focus on high-value users and retail categories, which is expected to drive significant order volume increases for SF Express [7][49] - SF Express Same City has seen a 55% year-on-year increase in daily order volume during the New Year period, indicating strong demand in the instant retail sector [53] - The report anticipates that SF Express will improve its profitability in Q4 2025 as it shifts focus to high-value services and reduces discounts on capacity [55] Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase, while international passenger volume has increased by 5% [58] - The average load factor for domestic flights has improved by 2.1 percentage points, and for international flights, it has increased by 3.3 percentage points [66] - The report notes a decline in oil prices, which is expected to positively impact operational costs for airlines [66] Maritime Transport - The report indicates a stabilization in oil shipping rates, with VLCC-TCE rates rising by 50.3% to $60,000 per day [9] - The container shipping index has seen a slight decline, but rates for routes to Europe and the US continue to rise due to seasonal demand [9]