Core Viewpoint - Major companies in the food delivery and e-commerce sectors, including Meituan, Taobao, and Ele.me, have united to resist disorderly competition and promote fair industry practices, aiming for a sustainable and healthy development of the restaurant service industry [1][2]. Group 1: Company Commitments - Meituan has committed to adhering to various laws and regulations, including the Anti-Monopoly Law and the Electronic Commerce Law, to avoid selling goods and services at prices significantly below cost, which distorts market signals [1]. - Meituan will ensure transparency in subsidy activities by publicly disclosing subsidy information to merchants and consumers, avoiding exaggerated claims about total subsidies [1]. - Meituan will not force or indirectly compel merchants to participate in subsidy activities, thereby safeguarding merchants' pricing autonomy [1]. - The company emphasizes a non-discriminatory approach to merchants and consumers, ensuring fairness in promotional subsidy activities and protecting the interests of small and medium-sized businesses [1]. - Taobao and Ele.me have pledged to respect merchants' rights and establish a mechanism for strict oversight and governance regarding subsidy distribution [2]. Group 2: Industry Collaboration - Taobao and Ele.me aim to actively eliminate unfair competition and stimulate consumer potential in emerging markets while respecting market operation rules and ensuring merchants' profitability [2]. - The companies plan to enhance service quality continuously and collaborate with various stakeholders to maintain a healthy operating order in the offline market [2]. - A feedback system has been established to address core issues such as merchant participation, product quality, and rider rights, with ongoing discussions taking place across different regions [2]. Group 3: Market Reaction - Following the announcement on August 1, Meituan's stock price rose nearly 3%, while Alibaba's stock price increased by over 3% [3]. - The market regulatory authority had previously engaged with Meituan, Ele.me, and JD.com, urging them to comply with relevant laws and promote rational competition [3].

Group 1 - The core viewpoint emphasizes the importance of maintaining a healthy industry ecosystem and resisting disorderly competition [1] - Meituan and Ele.me both highlight the negative impact of selling goods and services at prices significantly below cost, which distorts price signals and disrupts market competition [1] - The companies advocate for the continuous improvement of services to promote healthy competition and stimulate consumer activity [1]

Core Viewpoint - The article emphasizes the continuation of a stable yet progressive macroeconomic policy, focusing on maintaining policy stability while enhancing flexibility and timely adjustments to stimulate economic recovery [1][3]. Fiscal Policy - The fiscal policy aims for detailed implementation, emphasizing structural optimization, with a focus on enhancing social welfare and targeted spending for specific groups [4]. - The government plans to accelerate the issuance of long-term special bonds, with net financing reaching 7.66 trillion yuan in the first half of 2025 [4]. Monetary Policy - A moderately loose monetary policy is anticipated, with potential interest rate cuts to lower overall financing costs for society [5]. - The central bank has already implemented a 10 basis point interest rate cut and a 50 basis point reserve requirement ratio reduction, with further easing expected [5]. Industry Policy - The industry policy focuses on fostering technological innovation and promoting healthy competition, with an emphasis on emerging industries and strategic sectors [6][8]. - Key areas for support include quantum computing, artificial intelligence, and biotechnology, with a push for collaboration between research institutions and enterprises [6]. Real Estate Policy - The real estate policy highlights the importance of high-quality urban renewal and managing local government debt risks, with a focus on stabilizing the housing market [9]. - Recent data shows a decline in property sales, with June's sales area and revenue down by 5.5% and 10.8% year-on-year, respectively [9]. Domestic Demand Expansion - The strategy for expanding domestic demand involves enhancing both consumption scenarios and consumer capacity, with potential policies to optimize social security contributions and tax structures [11][12]. - Recent retail sales data indicates a 4.8% year-on-year growth, but a decline in consumer confidence remains a concern [11]. Employment and Social Welfare - The employment policy prioritizes job creation for key demographics, including recent graduates and migrant workers, while ensuring social safety nets are in place [13]. - The approach combines development with safety nets to stabilize society and rebuild consumer confidence [13]. Capital Market - The capital market is encouraged to enhance its attractiveness and inclusivity, with recent positive performance in A-shares and Hong Kong stocks [14]. - The government has introduced various supportive measures to stabilize and invigorate the capital market, including optimizing monetary policy tools [14]. High-Level Opening Up - The policy aims to maintain a stable foundation for foreign trade and investment, with measures to support foreign trade enterprises and promote integrated development of domestic and foreign trade [15]. - The focus is on enhancing the resilience of enterprises and the support capabilities of open platforms in a complex external environment [15].

Core Viewpoint - The China Metal Materials Circulation Association has issued a proposal to resist "involution-style" vicious competition and promote a scientific and orderly development of the steel circulation industry [1] Group 1: Industry Competition - The proposal emphasizes the need to abandon "involution-style" competition and strictly adhere to the Anti-Unfair Competition Law of the People's Republic of China [1] - It calls for a firm resistance against unfair practices such as selling below cost, defaming reputation, and stealing trade secrets [1] - The association advocates for healthy competition based on product quality, service value, and technological innovation [1] Group 2: Industry Collaboration - The proposal encourages strengthening industry information exchange and risk warning to avoid blind expansion or irrational order grabbing [1] - It promotes exploring mutually beneficial cooperation models in logistics, warehousing, and processing to reduce overall social costs [1] - The association firmly opposes behaviors such as mutual defamation, malicious price cutting, and non-compliant order grabbing, aiming to avoid falling into the "zero-sum game" trap [1]

Core Viewpoint - Meituan aims to maintain a market share of 70% at all costs, but recent developments indicate a significant challenge to this goal as competitors like Alibaba and JD.com are rapidly increasing their market presence [2][11]. Market Dynamics - Alibaba's Taobao Flash Purchase and Ele.me have reported daily orders exceeding 90 million for two consecutive weekends, indicating a strong upward trend in order volume [2][8]. - The order punctuality rate for Taobao Flash Purchase remained stable at 96%, demonstrating its capability to handle a surge in demand despite adverse weather conditions [6][7]. - Meituan's effective market share may now be below 50%, as it faces stiff competition from Alibaba and JD.com, which together account for a significant portion of the market [8][11]. Competitive Landscape - The market is shifting towards a multi-platform competition model, moving away from a single dominant player, which is a more sustainable and healthy industry structure [11][12]. - Alibaba's strategy focuses on long-term sustainable growth rather than short-term gains, emphasizing effective and sustainable orders over artificial inflation of order numbers [9][15]. - Both Alibaba and Meituan have their strengths and weaknesses, with Alibaba's Taobao Flash Purchase showing rapid growth but lacking in certain operational efficiencies compared to Meituan [12][13]. Future Trends - The takeaway delivery market is undergoing significant transformation, presenting a large growth opportunity for all players involved, with the potential for a doubling of overall order volume [14][15]. - The competition is not merely a zero-sum game; rather, it is about enhancing service quality for consumers and merchants, which ultimately drives market growth [15].

Core Viewpoint - The recent discussions by the Market Regulation Administration with three platform companies emphasize the need for strict adherence to responsibilities and the promotion of rational competition, signaling a move towards healthy competition and addressing the chaos in the "takeout price war" [1] Group 1: Platform Economy Development - Promoting the standardized development of the platform economy is crucial, with the number of internet users in China reaching 1.123 billion and an internet penetration rate of 79.7% as of June [2] - The online food delivery market in China has grown to approximately 1.2 trillion yuan, with 545 million users spending nearly 3.3 billion yuan daily on takeout [2] Group 2: Benefits of Healthy Competition - Healthy competition among multiple platforms enhances market vitality, allowing for a richer supply of products that meet diverse consumer needs, which in turn drives online retail growth [3] - For instance, a restaurant reported a 15% increase in daily revenue and significant profit growth through a specific platform during a three-month period [3] Group 3: Sustainable Industry Development - The ultimate goal of healthy competition is not to eliminate rivals but to evolve the industry towards higher standards, encouraging platforms to take on more social responsibilities [3] - A restaurant employing mentally challenged youth saw over a 100% increase in delivery orders due to the influence of e-commerce vouchers, highlighting the social impact of increased online orders [3] - A collaborative effort among major platforms to uphold market integrity can lead to a healthier ecosystem in the food delivery industry, benefiting consumers, delivery personnel, merchants, and platforms alike [3]

Group 1 - The takeaway from the news is the significant growth in the food delivery market, driven by increased consumer demand and the expansion of services beyond just food to a wide range of products and services [1][2] - In July, night orders on platforms like Taobao Flash Purchase saw a more than 100% increase compared to June, with over 640,000 stores experiencing similar growth [1] - The shift from food delivery to a "everything to home" model is evident, with non-food categories such as grains and oils, household cleaning, and leisure snacks seeing order growth rates exceeding 300% [1] Group 2 - The efficiency revolution in the delivery sector is attributed to digital technology applications, including smart scheduling, dynamic inventory management, and drone delivery, which lower costs and improve service [2] - Regulatory bodies have urged platforms like Ele.me, Meituan, and JD to engage in rational competition while expanding market size and enhancing market maturity, avoiding practices that distort market order [2] - The increase in consumer activity has led to a surge in employment opportunities within the restaurant sector, with significant recruitment growth observed since the launch of Taobao Flash Purchase [3] Group 3 - The competitive landscape is evolving, with businesses encouraged to avoid homogenized competition and leverage advancements in AI logistics to enhance service levels and market vitality [3] - The expansion of the market creates a more vibrant environment for businesses, allowing them to diversify service offerings and generate more job opportunities [3] - The ongoing evolution of competition in the business world is seen as a vital process for innovation and market development, emphasizing the importance of healthy competition [3]

Core Viewpoint - The Chinese Chain Operation Association has issued a proposal to regulate the instant retail market, urging platform companies to stop using covert methods to force merchants into price subsidies, and for merchants to avoid short-sighted behaviors like price competition and subsidy-driven traffic acquisition [1][2] Group 1: Market Dynamics - The "subsidy war" has become a norm in the instant retail industry, leading to a distorted competitive landscape where platforms leverage their monopolistic positions to coerce merchants into subsidies [1][2] - Merchants, while appearing to participate voluntarily, are actually trapped in a situation where "no subsidy means no traffic," undermining market fairness [1][2] - The imbalance in profit distribution, where platforms impose excessive subsidy burdens on merchants, poses a serious threat to the healthy development of the market [1] Group 2: Impact on Merchants and Consumers - Merchants engaging in the "subsidy frenzy" may experience short-term traffic boosts, but this ultimately compromises their investment in core capabilities like R&D, quality control, and service [2] - Consumers may seem to benefit from the "subsidy war," but they face hidden costs such as poor service quality and delayed deliveries as merchants cut corners to survive [2] - The reliance on subsidies dulls consumers' perception of the true value of products and services, leading to a market where quality is compromised [2] Group 3: Recommendations for Industry Health - To break the "low-price" deadlock and restore a healthy ecosystem, there needs to be a consensus on compliance and self-regulation among platforms, eliminating unfair practices like "traffic coercion" and respecting merchants' autonomy and profit margins [2][3] - Quality and service should be the foundation of instant retail, with a shift in focus towards enhancing product freshness, precise response to special needs, and strengthening trust in after-sales service [3] - The industry must move away from unsustainable subsidies towards a model based on compliance, quality, and innovation, which will enable sustainable development and market vitality [3]

Core Viewpoint - The ongoing "subsidy war" among food delivery platforms has led to significant backlash from industry associations and small businesses, highlighting the detrimental effects on small merchants and calling for a return to fair competition practices [4][30][32] Group 1: Industry Response - Multiple industry associations, including the China Cuisine Association and the China Chain Store and Franchise Association, have urged platforms to stop extreme subsidy practices that disrupt market order and harm small businesses [4][5][7] - The associations demand that platforms establish fair competition mechanisms, including defining subsidy boundaries and optimizing cost-sharing between platforms and merchants [5][7] - Local associations, such as the restaurant industry chamber in Zunyi, have echoed these calls, pointing out that extreme subsidies lead to unsustainable business practices and market chaos [9][10] Group 2: Impact on Small Businesses - Small businesses are disproportionately affected by the subsidy war, facing significant profit declines and operational challenges [11][14] - Reports indicate that participation in subsidy programs can lead to profit drops of 20%-30%, with many small merchants unable to sustain operations under current conditions [11][13] - The financial burden of subsidies often falls heavily on small businesses, which lack the negotiating power to secure better terms compared to larger chains [16][19] Group 3: Strategies for Survival - Small merchants are encouraged to adopt tiered pricing strategies to avoid the pitfalls of extreme subsidies, ensuring that they maintain a reasonable profit margin [24] - Building private customer bases through loyalty programs and community engagement can help reduce reliance on delivery platform traffic [25] - Merchants should leverage regulatory changes and industry advocacy to push for fairer practices and support from platforms [26] Group 4: Future Outlook - The subsidy war has raised critical questions about the sustainability of current business practices in the food delivery industry, with calls for a shift towards a more balanced ecosystem that benefits all stakeholders [30][32] - As the market evolves, the focus may shift from aggressive pricing to value-based competition, emphasizing quality and customer loyalty [31][32]

Core Viewpoint - The recent initiative by a local restaurant association highlights the negative impact of extreme subsidies and unfair competition in the food delivery market, particularly from platforms like Meituan and Taobao Shanguo, which have led to a chaotic market order and severe imbalance in the industry [1][2][3] Group 1: Impact on Restaurants - Many restaurants are forced to bear the costs of platform subsidies, leading to situations where they receive negative amounts after fees are deducted from orders [1] - The vicious cycle of "no flow without participation, but losses if participating" is causing significant distress for many dining establishments, particularly those reliant on dine-in customers [2][3] - Experts suggest that excessive subsidies do not lead to overall prosperity in the restaurant industry, but rather disrupt normal market order and negatively affect both delivery and dine-in services [3] Group 2: Market Dynamics and Competition - The platforms' aggressive competition is driven by a "winner-takes-all" effect, reminiscent of past internet industry battles, but the current situation in the restaurant sector may not yield the same benefits [2][3] - Regulatory intervention is deemed necessary to restore order and rational development in the industry, as the current state of extreme low pricing is harmful [3][4] Group 3: Customer Implications - Customers may initially benefit from low prices, but this could lead to a decline in quality and safety of food options as restaurants exit the market due to unsustainable practices [4] - The long-term consequences of chaotic competition could result in market shrinkage and a collapse of trust in the industry, ultimately harming consumers [4] Group 4: Call for Healthy Competition - A healthy and high-quality development of the industry requires a focus on mutual benefits rather than short-term gains, advocating for more positive competition and collaboration with the real economy [5]