Core Insights - UBS reports that from early 2025 to now, the China Internet ETF (KWEB) has risen by 37%, with a 5% increase in the current quarter, but earnings expectations have been downgraded by 19%, primarily due to e-commerce investments in instant retail [1] Group 1: Market Sentiment and Valuation - Favorable market sentiment has driven valuation multiples higher, with major internet companies' valuation multiples expanding by approximately 58% to around 17 times the 2025E adjusted P/E ratio, while the U.S. "Tech Seven" has a valuation of about 31 times [2] - Small and mid-cap vertical companies continue to outperform as investors avoid competition pressures among e-commerce giants, with emotional consumption scenarios like online gaming and music showing strong performance [2] - Low-allocated stocks have seen significant rebounds when performance meets expectations [2] Group 2: Structural Highlights in the Macro Environment - The online entertainment sector has exceeded expectations due to adequate content supply and capturing consumer spending, particularly in online gaming and music [3] - China's retail sales have grown by 3.7% year-on-year, with online sales of physical goods performing even better at a 6.3% increase, driven by extended shopping festivals and optimized platform algorithms [3] - Advertising technology and AI-related companies have positive outlooks, while traditional media platforms are underperforming [3] Group 3: Trends in the Internet Industry - Chinese internet giants are increasing capital expenditures and investing in AI, with a focus on GPU efficiency and flexibility in adjusting investment targets based on demand [4] - Domestic AI chip performance is improving due to ongoing self-research investments and local GPU manufacturers' development, with advancements in system-level technologies like "super node" technology [4] - Major cloud companies are maintaining full-year capital expenditure guidance, emphasizing chip utilization and deployment efficiency amid supply chain uncertainties [5] Group 4: Instant Retail Investments - Platforms are increasing investments in instant retail to drive low-frequency e-commerce business through high-frequency delivery transactions, with signs of short-term competition stabilizing [6] - Market share appears to be stabilizing, and the industry is expected to bottom out post "Double Eleven" shopping festival, with competition returning to normal by the end of Q4 [7] - Long-term challenges remain, including intensified competition and the need to accelerate online penetration of delivery services among merchants and consumers [7]

Core Viewpoint - Alibaba Group's CEO expressed confidence that an AI bubble is unlikely to emerge within the next three years, highlighting strong demand for both new and older GPU models in the industry [1] Financial Performance - For the second quarter of fiscal year 2026, Alibaba reported a revenue increase of 5% year-on-year to 247.795 billion yuan, exceeding market expectations, with a 15% growth when excluding divested businesses [1] - The adjusted EBITA decreased by 78% to 9.073 billion yuan, while net profit attributable to ordinary shareholders fell by 52% to 20.99 billion yuan [1] - Non-GAAP net profit was 10.352 billion yuan, down 72% year-on-year [1] - Alibaba's stock fell by 2.31% in the US market and 1.14% in Hong Kong following the earnings report [1] Capital Expenditure and AI Investment - Alibaba announced a conservative capital expenditure plan of 380 billion yuan for AI infrastructure over three years, with potential for increased investment if demand continues to outpace supply [2] - The CFO noted that the current growth in server deployment is lagging behind customer orders, indicating a need for further investment [2] - The cloud intelligence segment generated 39.824 billion yuan in revenue, a 34% increase driven by public cloud business growth, including AI-related product adoption [2] AI Application Development - Alibaba launched the Qianwen App, which has surpassed 10 million downloads in its first week, aiming to integrate AI into both B2B and B2C sectors [3] - The app is expected to leverage Alibaba's ecosystem to create a future AI lifestyle entry point [3] Supply Chain and Resource Allocation - In response to ongoing supply chain fluctuations, Alibaba is prioritizing resource allocation for core model training and AI services, balancing internal needs with external customer demands [4] - The CEO emphasized that AI demand growth is certain over the next three years, with a global shortage of AI server resources expected to persist [4] E-commerce and Retail Strategy - Alibaba's China e-commerce group reported a revenue of 132.578 billion yuan for the second quarter, a 16% year-on-year increase, despite a 76% drop in adjusted EBITA due to investments in instant retail and technology [5] - Instant retail revenue reached 22.906 billion yuan, reflecting a 60% increase [6] - The company is optimizing its user experience in instant retail, with significant improvements in operational efficiency noted since October [6] - As of October 31, approximately 3,500 Tmall brands integrated their offline stores into instant retail, contributing to a substantial increase in daily orders during the Double 11 shopping festival [6] Marketing and Cash Flow - Sales and marketing expenses doubled to 66.496 billion yuan, accounting for 26.8% of total revenue, up from 13.7% the previous year, primarily due to investments in user experience [7] - Net cash flow from operating activities decreased by 68% to 10.099 billion yuan, while free cash flow turned negative at 21.840 billion yuan, down from a positive 13.735 billion yuan the previous year [7] - As of September 30, 2025, Alibaba's cash and other liquid investments totaled 573.889 billion yuan [7]

Core Insights - Fudi, a local membership-based retail brand in China, has entered into an exclusive strategic partnership with JD Instant Delivery, integrating all of its stores into the JD Instant Delivery platform [1] - The collaboration focuses on enhancing instant retail services and member systems, aiming to create a "Chinese model" for local membership supermarkets [1] Group 1: Instant Retail Services - JD Instant Delivery will leverage its digital capabilities to integrate Fudi's supply chain resources, enabling over 4,000 member products to be delivered in as fast as 30 minutes [3] - A dynamic inventory coordination mechanism will be implemented to ensure accurate fulfillment of online orders by synchronizing store inventory in real-time [3] - JD Instant Delivery will provide customized delivery services for Fudi, tailoring aspects such as capacity allocation, delivery personnel attire, and service standards to enhance the customer experience [3] Group 2: Membership System Integration - The partnership will facilitate the integration of Fudi's membership with JD PLUS membership, allowing for mutual point exchange, exclusive discounts, and joint marketing efforts [3] - This marks the first deep cross-industry integration of JD PLUS membership with a membership retail brand, potentially serving as a replicable model for other retailers [3] Group 3: Warehouse and Supply Chain Innovation - Both companies will explore collaborative innovations in the supply chain, promoting the two-way flow and sharing of quality product resources to expand the coverage of high-quality goods [4] - JD Instant Delivery has accumulated experience in establishing front warehouses for membership supermarkets, which will assist Fudi in rapidly building its front warehouse network and accelerating national market expansion [3] Group 4: Promotional Offers - As Fudi launches on JD Instant Delivery, several promotional offers will be introduced, including a limited-time exclusive deal of 9.9 yuan for selected products starting November 26 [6] - New Fudi members on the JD Instant Delivery platform will receive a special coupon package worth 188 yuan, enhancing the experience of high-quality products with rapid delivery [6]

Group 1 - Vanke has completely sold its shares in Beike [2] - Amazon encourages engineers to use its own AI coding tool Kiro instead of third-party options [2] - Huawei officially launched the Mate 80 series with starting prices of 4699 yuan for Mate 80 and 5999 yuan for Mate 80 Pro [3] Group 2 - Zhihu reported a net loss of 46.7 million yuan in Q3 2025, compared to a net loss of 9 million yuan in the same period last year [4] - The Ministry of Commerce's research institute forecasts an average annual growth rate of 12.6% for the instant retail industry during the 14th Five-Year Plan period [5] - China's instant retail market reached 781 billion yuan in 2024, growing by 20.15% year-on-year, outpacing national online retail growth by 12.95% [5] Group 3 - Pony.ai reported Q3 2025 revenue of 25.4 million USD, a 72% increase from 14.8 million USD in Q3 2024, driven by strong growth in autonomous driving services [6] - Analyst Ming-Chi Kuo refuted claims of financial irregularities at Nvidia, stating that the increase in Days Sales Outstanding (DSO) and inventory is part of normal business expansion [7] - The first China (Zhejiang) Cross-Border E-Commerce Import and Export Trade Fair opened in Yiwu, featuring over 1,000 domestic and international e-commerce platforms [8] Group 4 - The National Retail Federation (NRF) predicts a record high of 186.9 million American consumers will shop during the Thanksgiving shopping season [9] - New regulations for power banks are expected to increase costs by 20%-30%, with existing 3C products still allowed on flights [10] - Huawei announced the launch of AI deep research capabilities in HarmonyOS 6, enhancing search and analytical functions [11] Group 5 - Singapore's national AI program has shifted from Meta's model to Alibaba's Qwen, marking a significant expansion of Chinese open-source AI models globally [12]

（原标题：美团闪购与华为鸿蒙合作升级，华为Mate 80将通过"美团闪电新品"首发） 据华为终端官方消息，11月25日下午将举行华为Mate 80系列、Mate X7及全场景新品发布会，届时采用 鸿蒙操作系统6的新款旗舰Mate 80系列将发布。多方报道显示，该系列在移动影像等方面预计将有一系 列突破，引发外界广泛期待。 除了产品层面亮点，在销售渠道上，"闪购同步首销"也将成为新亮点。据悉，与新品发布会同步，美团 闪购上全国华为官方授权店铺将和多家平台一道，同步上线部分型号新机的首发预售，并将根据官方正 式销售节奏同步首发开售。届时，全国多地消费者可闪购下单华为新机，最快30分钟从身边门店收到新 机。 据了解，去年以来，华为Mate系列、Pura系列旗舰新品持续在美团闪购同步首销。华为终端与美团闪购 的合作始于2023年9月，随着"闪购一下，手机30分钟到家"成为消费者的热门选择，目前入驻美团闪购 的华为官方授权店铺快速增加至近6500家。今年双11，大量消费者选择美团"闪购华为"。公开信息显 示，在美团闪购双11期间，华为官方授权店铺在闪购成交额年同比增长101%；手机品类带动美团闪购 新客数量对比平日增长 ...

来源：金吾财讯 金吾财讯 | 美团(03690)股价走高，截至发稿，涨6.26%，报104.4港元，成交额58亿港元。 消息面上，竞争对手阿里昨日公布财报。截至9月30日止三个月，归属普通股股东的净利润为209.9亿元 (人民币，下同)，同比减少52.16%。期内，收入为2477.95亿元，同比增长4.77%。期内，电商业务收入 为1029.33亿元，相较2024年同期增长9%。其中，即时零售业务收入为229.06亿元，相较2024年同期增 长60%，主要是得益于2025年4月底推出的"淘宝闪购"所带来的订单量增长。公告中称，第三季经营活 动产生的现金流量净额为人民币100.99亿元，同比下滑68%。自由现金流的下降主要归因于对即时零售 的投入以及公司的云基础设施支出增加。 另外，里昂预测美团第三季度核心本地生活业务收入同比减少1.3%，新业务收入同比增长17.7%。 ...

10月16日上午，"酒类行业新机遇·美团酒饮闪电仓大会"在南京成功举办。作为第113届全国糖酒会的重 要组成部分，本次大会在全国糖酒会组委会与中国酒类流通协会的共同指导下，聚焦"酒类即时零售"新 趋势，致力于推动酒类行业向数字化、连锁化、场景化方向转型，助力品牌与商家抢占即时零售新赛 道。 会议围绕"酒饮闪电仓"这一创新模式展开深入探讨，涵盖战略发布、商家实战分享、系统赋能解析等多 个维度，为行业提供了从模式构建到运营落地的完整解决方案参考。 行业聚焦，共探酒类即时零售新路径 本次大会由行业权威机构联合指导，汇聚了来自产业链各环节的核心代表。中粮会展（北京）有限公司 副总经理、全国糖酒会组委会副秘书长王昊，中国酒类流通协会监事长、办公室主任刘雪清，江苏酒类 行业协会常务副秘书长龚诺，美团酒饮闪电仓负责人夏国佼等行业协会领导和嘉宾莅临现场，展现了行 业对即时零售新赛道的高度重视。大会还邀请了酒易淘、布马甜酒铺等知名酒商代表参与分享。 大会开场，全国糖酒会组委会代表在致辞中指出，当前食品行业正处于结构升级、酒类行业深度调整的 关键阶段。她强调，美团酒饮闪电仓代表着一种全新的即时零售酒水供给模式，精准契合了年轻一 ...

Core Insights - The instant retail industry in China is at a critical juncture, moving towards a trillion-yuan scale, with a focus on building a healthy ecosystem for high-quality development [1] - The competition in the industry is shifting from price-driven to user experience-driven, marking a new phase that emphasizes efficiency and quality [1] Group 1: Industry Development - The report indicates that the industry is evolving from "fast fulfillment" to "stable service" and "quality products" [1] - Establishing a high-standard service system centered around "assurance" is crucial for helping merchants achieve sustainable operations [1] Group 2: "Assurance Flash Purchase" Initiative - The "Assurance Flash Purchase" plan has expanded to 20 services since its launch in May, covering the entire shopping process and helping nearly one million merchants reduce unnecessary losses from consumer disputes [2] - The initiative is built on a comprehensive assurance system that includes "assured quality," "assured service," and "assured after-sales," supported by an AI governance system and diverse evaluation rules [2] Group 3: Consumer Experience Enhancements - The platform has introduced a minute-level "assured after-sales" experience, with official return services covering nearly 400,000 merchants across 53 cities [3] - The first industry-wide free return shipping service funded entirely by the platform is available to millions of premium members and across all product categories [3]

快速扩规模后，站稳新增长阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阿里巴巴控股集团于11月25日晚间公布2026财年第二季度业绩。从财报来看， 淘宝闪购在经历快速的规模化增长后，已进入在保持市场规模前提下、持续实现效率优化的新阶段。 财报数据显示，截至2025年9月30日止三个月，即时零售业务收入年同比增长60%；9月以来，得 益于履约物流效率的提升、高客户留存率及客单价的上升，即时零售业务单位经济效益已实现显著改 善。与此同时，阿里生态多个业务加速接入即时零售。截至10月31日，约3500个天猫品牌将其线下 门店接入即时零售。 阿里巴巴中国电商事业群CEO蒋凡在电话会上表示，过去两个月平台的高笔单价订单占比提升，非 茶饮的订单已经上涨到75%以上，闪购最新笔单价环比8月份上涨超过两位数。 "下一阶段，我们会持续精耕细作用户体验，聚焦高价值用户的经营，聚焦零售品类发展"，蒋凡表 示，淘宝闪购在第一阶段完成了规模的快速扩张，第二阶段的经济效益优化符合预期，这为外卖业务 长期可持续发展奠定了基础，也增加了在即时零售长期投入的信心。 近期， ...

阿里迎来了一个多项指标超出预期的财季。 集团整体营收达2478亿元，剔除高鑫零售和银泰后，同比增长15%，超出市场预期。云业务增长强劲，同比增速高达34%，大幅超出市场预期。 中国电商集团收入同比增长也达到16%。 财报发布后，阿里美股盘前涨超3%。受多项AI相关市场消息刺激，财报发布的前2天，阿里股价一直呈上涨趋势。 市场持续对阿里AI进展的高度关注之下，财报会上，阿里CEO吴泳铭还首次强调了新的AI战略：阿里正在AI to B和AI to C两大方向齐发力——在 AI to B领域，做世界领先的全栈AI服务商，服务千行百业不断增长的AI需求；在AI to C领域，基于性能领先的AI模型和阿里生态优势，打造面向 C端用户的AI超级原生应用，推动AI从千行百业到人人可用。 他进一步解释称："这将激发核心业务产生更大的协同效应，成为驱动阿里持续增长、迈向新高度的动能引擎。" 财报会上，吴泳铭还透露，目前看来，AI服务器上架速度跟不上客户订单的增长，不排除进一步增投的可能。 今年以来，阿里在AI+云基建、即时零售、千问AI to C三场激烈的战争中，持续坚定的投入，并集中资源打仗，这也使得其保持了凶猛的增长势 头 ...