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， ...

证 券 研 究 报 告 内需崛起，挖掘新消费的情绪曲线 2025夏季电商零售投资策略 证券分析师：赵令伊 A0230518100003 研究支持：李秀琳 A0230123070007 2025.6.10 投资主线 ◼ 主线1：新消费高景气，情绪价值满足的供给升级 • 工艺变迁升级下，行业转向产品设计和品牌化能力比拼，金饰迎来产品及品牌长周期beta，而传统品牌产品同质化及渠道竞争仍在调整。 建议关注具备产品差异化和高品牌认知的优质品牌：老铺黄金、潮宏基、曼卡龙、 菜百股份、莱绅通灵、周大生、老凤祥。 • 情绪消费崛起，中国人均IP消费有巨大潜力空间。聚焦IP经济，赋予产品更大商业附加值，将成为消费品牌构建差异化的重要竞争力。 建议关注：名创优品、量子之歌。 1. 宏观：内需提振，政策加力推动新消费 3 ◼ 主线2：增长势能延续，AI、即时零售开拓增量 • 平台竞争维度延展，对商家及用户生态、AI和即时零售潜力新业务、出海扩张等新增长极加大布局，持续投入蓄力，有望带动长期增长 正循环，看好平台高质量增长势能。推荐：阿里巴巴、美团、拼多多、京东 。 ◼ 主线3：贸易不确定性加剧，消费内循环重要性提升。 • 关税波 ...

Core Viewpoint - The company welcomes increased competition in the food delivery and instant retail market, expressing confidence in its long-term prospects [1][3]. Group 1: Market Dynamics - The recent influx of new players in the food delivery and instant retail sectors indicates a positive outlook for the market, as these players recognize its potential [3][4]. - The company has been a pioneer in the food delivery space since 2013 and has expanded its services to include non-food items and instant retail, reflecting its adaptability to consumer demands [3][4]. Group 2: Consumer Demand - There is an almost insatiable demand for faster delivery services, evolving from days to hours, and now to half-hour delivery windows, which consumers have come to expect [3][4]. - The company believes that meeting consumer needs is crucial for market growth, emphasizing the importance of supply-side enhancements to satisfy this demand [4]. Group 3: Industry Collaboration - The company acknowledges the necessity of collaboration with traditional retail players to enhance supply capabilities, which has been challenging in the past [4]. - The entry of more players, including traditional retailers, into the instant retail space is seen as a positive development that can drive innovation and accelerate industry growth [4].

目录 05 即时零售的竞争格局 06 即时零售面临的挑战 07 即时零售的未来趋势 08 即时零售的发展建议 01 即时零售重塑消费 场景研究报告 目录 01 即时零售概述 02 即时零售兴起的背景 03 即时零售对消费场景的重塑 04 即时零售的商业模式 即时零售概述 章节副标题 即时零售的定义 即时零售是一种基于即时配送体系的 消费模式，强调"线上下单，30分钟 送达"，让消费者能快速获得所需商 品。 即时零售的概念 传统零售依赖"需求预演"，如周末 囤货、月度采购；而即时零售激活的 是"场景消费"，满足即时产生的需 求。与传统零售的区别 传统电商解决"多"和"省"，即时 零售则通过数字化整合，首次实现 "多、快、好、省"的平衡，消费者 能享受线上选择与高效履约服务。 与电商的区别 即时零售的发展历程 即时零售雏形可追溯至十年前的外卖平台， 当人们习惯用手机点餐时，商品即时配送 的需求便悄然萌芽。 雏形阶段 2015年后，美团闪购、京东到家等平台拓 展至全品类，盒马、朴朴超市等自营模式 入局，行业进入高速发展期。 全品类拓展阶段 01 02 03 2020年疫情催化下，消费者对"无接触配 送"的需求激增， ...