据了解，顺丰同城除了为各大平台和商家提供即配服务，亦直接嵌入到物流各环节，以"最后一公里"服 务助力快递网络提升时效。同时，顺丰同城还为快递企业和物流服务商提供揽收、派件、转运等多环节 支撑，解决传统物流在高峰期自有运力紧张与单量增长不匹配的问题，通过仓配"接驳送"等方式实现半 日达、小时达等物流提速。 在运力筹备上，顺丰同城依托大数据预测、AI调度技术等在全国各地制定差异化、精细化运力方案， 并针对核心商圈、大型社区等订单密集区域，提前储备骑手，实现动态调整。同时，加大无人配送技术 应用，数据显示，顺丰同城已在全国38城投放无人车配送，无人车运营规模增至200台，全国月度活跃 路线突破万条，构建起"天地人"立体运力体系，有效提升极端订单峰值下的履约韧性与服务灵活性。 本报讯 （记者李春莲）今年"618"大促第一阶段已接近尾声，即时零售热度持续攀升。在此次大促中， 杭州顺丰同城实业股份有限公司（以下简称"顺丰同城"）以中立定位、全场景覆盖及与顺丰生态协同等 优势，成为品牌与平台构建即时零售生态的关键基础设施，并通过"无人车+骑士"等多元运力组合，优 化末端履约效率，为即时零售提供全链路支撑。 顺丰同城独立第三 ...

Group 1 - The competitive logic of the 618 shopping festival is undergoing a structural transformation, with traditional e-commerce facing challenges from "lowest prices" and "billion subsidies," leading to a rational return of consumers and a trend towards fragmented traffic [1] - The shift towards instant retail not only shortens order cycles and reduces return rates but also points to a growing market in instant consumption scenarios, extending from dining to supermarkets, electronics, and beauty products, with a projected market size exceeding 2 trillion yuan by 2025, where non-food categories will account for over 60% [1] - The emergence of a new competitive dimension in retail ecology emphasizes the advantages of third-party delivery services that can deeply integrate with brands and platforms, as exemplified by SF Express's collaboration with over 7,500 new KA stores in 2024, providing one-stop delivery solutions [1] Group 2 - SF Express serves as a flexible delivery partner for platforms like Douyin and WeChat, while also supplementing capacity for major platforms like Meituan and Ele.me during peak periods, supporting diverse scenarios such as live streaming and private domain e-commerce [2] - During the 618 shopping festival, SF Express not only provides instant delivery services but also integrates into various logistics stages, addressing the mismatch between traditional logistics capacity and order growth during peak times, achieving faster delivery through methods like "warehouse-to-delivery" [2] - The company utilizes big data forecasting and AI scheduling technology to create differentiated and refined capacity plans across the country, ensuring dynamic adjustments in high-demand areas such as core business districts and large communities [2]

Core Insights - The article discusses the paradox faced by Easy Joy convenience stores, which, despite being the second-largest chain in China with 28,633 stores, struggles with consumer perception and operational efficiency [1][3][4] - Easy Joy's reliance on gas station locations limits its customer base primarily to drivers, leading to challenges in product diversity and competition in urban areas [4][11] - The company is attempting to innovate and expand its business model by introducing fresh produce, opening stores in non-gas station locations, and leveraging digital retail strategies [5][7][8] Group 1: Company Overview - Easy Joy operates 28,633 stores, ranking second in the China Chain Operation Association's TOP 100 list, behind Meiyijia [1] - The company is heavily dependent on Sinopec's extensive gas station network, which creates a unique market position but also limits its customer demographic [4] Group 2: Operational Challenges - Many Easy Joy stores report average daily sales of only 3,960 yuan, significantly lower than competitors like Lawson and 7-Eleven, which report 8,000 yuan and 20,000 yuan respectively [3][4] - The company's growth rate for store openings has slowed, with a mere 0.1% increase in 2023, compared to Meiyijia's 12.8% [4] Group 3: Strategic Innovations - Easy Joy is introducing fresh produce to its offerings, starting with local specialties in Guangdong, aiming to diversify its product range beyond fast-moving consumer goods [5][7] - The company is opening "no-oil" stores in various locations, such as industrial parks and hospitals, to attract a broader customer base beyond just drivers [7] - Easy Joy is implementing an instant retail model with a new store in Haikou, utilizing a "front store, back warehouse" approach for quick delivery [7][8] Group 4: Competitive Advantages - The company benefits from Sinopec's resources, allowing for efficient membership activation and digital payment integration, which enhances customer loyalty [8][10] - Easy Joy has developed its own brands, creating price barriers and increasing sales in key categories like alcohol [10] - The company is leveraging government policies to enhance its supply chain capabilities, such as the "Foreign Trade Quality Products" initiative [10] Group 5: Future Outlook - Despite its strategic moves, Easy Joy faces ongoing challenges from the rise of electric vehicles, which may reduce foot traffic at gas stations [11] - The company must work to change consumer perceptions that associate gas station convenience stores with poor experiences [11][12]

一方面，今年618促销进一步拉长，天猫于5月13日晚8点便开启预售。促销规则上，多家平台均取消了 跨店满减活动，保留官方折扣和平台补贴，减少凑单退货情况，也减轻了消费者计算优惠的难题。另一 方面，美团闪购等即时零售平台深度参与618，联合线下商家，助力拓宽了地理边界和销售人群覆盖， 从而带动销售增长。此外，AI深度参与助力商家运营，提升消费者交互购物体验。包括数字人直播、 自动生成图片/视频及预测选品等功能提升商家运营效率。同时AI技术进一步增强了消费者的交互体 验，商品推荐更精准智能。 智通财经APP获悉，国信证券发布研报称，维持板块"优于大市"评级。近期内需消费板块在多因素共振 下，整体走势相对偏强。其中具备新质产品力属性且借力新渠道实现快速增长的新消费标的迭创新高， 在当前全年内外部形势仍不明朗阶段下，有确定性业绩成长的内需消费赛道将继续吸引资金涌入：1)美 容护理;2)黄金珠宝;3)IP潮玩;4)跨境出海。 风险提示：消费景气度不及预期;竞争环境恶化;产品生命周期变化。 平台方面，京东5月30日晚8点开启第一波618，开门红1小时，成交额、订单量、下单用户数同比增长均 超200%，超2万个品牌成交额同 ...

Group 1 - US and China are engaged in trade talks in London, with US Commerce Secretary stating that discussions are progressing smoothly [2] - The talks aim to rebuild confidence in fulfilling commitments made in Geneva, including a temporary reduction of punitive tariffs within 90 days [2] - The US is considering lifting recent restrictions on various sectors, contingent on China easing rare earth export controls [2] Group 2 - The Chinese government has issued guidelines to enhance social security fairness and improve public services, focusing on equitable access and diverse social services [3] - The guidelines emphasize expanding social security coverage as a key measure to improve people's livelihoods [3] Group 3 - A meeting hosted by the National Development and Reform Commission (NDRC) focused on gathering opinions from private enterprises regarding the 14th Five-Year Plan, particularly in technology innovation [5] - Private enterprises highlighted the importance of integrating technology innovation with market expansion and social improvement in the planning process [5] Group 4 - The central government has released a significant policy package to support Shenzhen's reform and opening-up efforts, aiming for high-quality economic development [6] - The policy encourages the integration of vocational training with advanced manufacturing and supports foreign investment in vocational training institutions [6] Group 5 - Several automotive companies announced a unified payment term of 60 days for suppliers, aligning with the revised regulations to support small and medium enterprises [7] - This initiative aims to enhance the efficiency of capital flow within the supply chain and promote the healthy development of the industry [7] Group 6 - Xiaomi's CEO responded to rumors about a fatal accident during a high-level driving training program, emphasizing the importance of training under challenging conditions [9] - Meituan's CEO expressed opposition to unhealthy competition in the food delivery sector, advocating for a collaborative and innovative market environment [9] Group 7 - The stock market showed mixed performance, with A-shares experiencing a decline while US stocks reached new highs [13][15] - The market is expected to see volatility, with a recommendation for a "reverse layout" strategy focusing on dividend assets and technology sectors [14]

Core Insights - The "Su Chao" phenomenon is significantly boosting local consumption in Jiangsu, extending beyond just the sports economy [1][3]. Consumption Trends - The local consumption index during the "Su Chao" period shows a remarkable increase in various categories: - In the "sports health consumption" category, sales of smartwatches surged nearly 9 times compared to the same period last year, while sales of sports T-shirts and running shoes more than doubled, and children's sports shoes also saw close to a 2-fold increase [3]. - For "viewing atmosphere consumption," there was a notable increase in sales of beverages and entertainment products, with local liquor sales, particularly Yanghe, increasing nearly 18 times, and craft beer sales doubling [3]. - In the "viewing equipment" category, air conditioner sales grew over 5 times, and sales of cool mats increased by more than 1 time [3]. Retail Platform Impact - The instant retail platform, Meituan Shanguo, acts as a "magnifier" for the consumption boost driven by "Su Chao," connecting consumers with physical stores [5]. - Sales at offline stores of sports brands like Decathlon and Taobo have rapidly increased due to the "Su Chao" effect [5]. - A local liquor store manager reported a significant increase in orders for beer and ice cups, with many orders specifically mentioning "for watching Su Chao" [5]. Economic Development - The "Su Chao" effect is seen as a collaborative effort among various stakeholders to promote economic growth in Jiangsu through sports [5]. - There are expectations for sustained consumption effects as local platforms and regional cooperation continue to support the initiative [5].

回应外卖竞争 外卖市场的竞争，也是美团股东会上绕不开的话题。 在5月份的美团一季度财报电话会上，美团创始人兼CEO王兴直言"将采取一切必要措施来赢得这场竞 争"，提出要加大投入应对竞争。 6月9日，王兴再度谈外卖市场的竞争问题，王兴强调三个基本观点：一是非常欢迎更多参与者入场；二 是再次重申，美团坚决反对内卷；三是对长期发展有信心。 王兴表示，外卖和即时零售在中国已经发展很多年，最近有新的平台玩家进入市场或加大投入，是因为 他们看好这个市场，也代表即时零售市场仍有广阔空间，美团欢迎更多参与者进入，一起投入、一起创 新，让行业更快发展。 王兴强调，行业有很多玩家、有更多竞争都是正常的，但不健康的无效"内卷式"竞争，无论对平台还是 商家来说，长期都不可持续，对行业有负面影响，美团坚决反对内卷。 王兴提到，最近大家宣布单量上涨很快，但其中很大比例是低价补贴导致的很低客单价的单。王兴还谈 到内卷带来的问题，包括消费者的体验可能会下降。当单量不稳定，极速扩张的时候，会带来系统宕 机、配送准时率下滑、退款率上升等，这些事情都对消费者体验不利；对商家的平稳经营也是非常不 利，这些都是大额促销带来负面内卷的作用。 闪购和传统 ...

2025年的互联网江湖，最让人跌破眼镜的商战，不是阿里和拼多多的价格厮杀，也不是抖音和快手的流量争夺，而是京东和美团这对看似"井水不犯河水"的 巨头，突然在即时零售的战场上开始厮杀。 谁能想到，当年在电商和本地生活领域各占山头的两位大佬，如今竟为了"30分钟送达"的生意争得头破血流？ 这场商战的戏剧性，甚至让围观群众忍不住调侃："原来最怕京东的，不是淘宝拼多多，而是美团啊！" 故事要从2025年2月11日说起，那天，京东突然宣布上线"京东外卖"，承诺商家全年免佣金，还高调宣布为全职骑手缴纳五险一金。 你可能不知道的是，京东和美团的恩怨，远比外卖业务更复杂。 消息一出，美团港股股价应声下跌7%。 表面上看，这是一场京东主动发起的"突袭战"，但实际上，这场战争的伏笔早在几年前就已埋下。 当消费者发现凌晨两点能在美团上买到手机时，京东的危机感彻底爆发了。 京东想靠外卖赚钱吗？答案可能是否定的，业内分析认为，京东这波操作更像是一场"声东击西"的阴谋。 外卖业务本身利润率低（美团外卖净利率仅2.8%），且市场已被美团和饿了么瓜分殆尽。 2018年，美团推出打车业务，直捣滴滴腹地。 京东的"0佣金"和"百亿补贴"看似激进 ...

Core Viewpoint - The article discusses the evolution of e-commerce promotions for alcoholic beverages, particularly during the 618 shopping festival, highlighting the shift towards instant retail platforms offering significant discounts through subsidies [1][5][20]. Group 1: E-commerce Competition - Major e-commerce platforms like Meituan, Taobao, and JD.com are competing fiercely in the instant retail space, offering substantial discounts on alcoholic beverages during the 618 promotion [1][5]. - Instant retail has emerged as a new battleground for low-priced alcoholic beverages, with platforms providing subsidies that allow them to offer prices significantly lower than traditional retail [5][10]. Group 2: Pricing Strategies - Discounts on premium liquors have become more common, with some high-end products being sold at prices significantly below market rates due to platform subsidies [1][10]. - For example, a premium liquor was priced at 1999 yuan after subsidies, while another high-end product was available for as low as 859 yuan [1][10]. Group 3: Sales Performance - Meituan reported a staggering 18-fold increase in sales for alcoholic beverages during the 618 event, with white liquor sales increasing over 70 times compared to previous years [20]. - Other platforms like Tmall also reported significant growth in sales for various domestic liquors, with some brands experiencing over 400% growth [20]. Group 4: Industry Response - Traditional liquor companies have shown a degree of acceptance towards the lower prices offered by instant retail platforms, indicating a shift in strategy to maintain sales volume during a downturn [19][21]. - Many well-known liquor brands have partnered with e-commerce platforms for instant retail services, allowing for faster delivery and maintaining product authenticity [19][21]. Group 5: Future Outlook - While instant retail is gaining traction, industry experts believe it will serve as a supplement rather than a replacement for traditional sales channels, as the primary market for liquor remains focused on bulk purchases [22][23]. - The long-term impact of e-commerce promotions on liquor pricing and sales dynamics is still uncertain, with concerns about potential harm to brand value and traditional retail channels [23].

行业研究丨深度报告丨啤酒 [Table_Title] "每食每刻"系列之（十三）：即时零售，啤酒 消费的"硬折扣" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 依托于互联网发展，具有"快"、"近"、"多"特征的即时零售业务近年来得到高速发展，酒小 二、歪马送酒等酒水垂直类即时零售平台渐渐走入消费者生活，2025 年酒小二/歪马送酒门店 预计已突破 2000/1400 家。本文主要探讨酒水即时零售平台运营模式、单店模型及其为啤酒行 业带来的变化。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title "每食每刻"系列之（十三）：即时零售，啤酒 2] 消费的"硬折扣" [Table_Summary2] 中国酒水消费线上化率不断提升 中国饮酒文化源远流长， ...