北京商报讯（记者 何倩）1月7日，北京商报记者从微盟获悉，微盟集团已与阿里巴巴集团旗下本地生 活服务平台淘宝闪购达成战略合作，双方将围绕即时零售、数字营销、技术创新等领域展开多维业务合 作与探索。 不仅如此，微盟和淘宝闪购还将共建一站式全链路营销体系，融合淘宝闪购公域流量和微盟私域能力， 打通全域会员生态体系，实现双方营销产品互联。同时，双方将在企业级客户拓展、AI、数据运营等 场景探索共建。 据了解，上述双方将通过系统打通与业务协同，助力微盟商户高效接入淘宝闪购平台，实现本地零 售"到家、到店"一体化运营。实现微盟商户资源快速接入淘宝闪购本地生活服务，形成本地生活行业的 规模化增长。 ...

Core Insights - The demand for holiday travel and home leisure consumption has surged, leading to increased reliance on instant delivery services during the New Year holiday period [1][2] - SF Express's same-city delivery service reported a 55% year-on-year increase in average daily orders during the New Year holiday, with significant growth in beverage and fast food orders [1] - The company has introduced new content for holiday services, collaborating with Dunhuang Academy to design themed IP for the New Year [1] Delivery Performance - During the New Year holiday, the average daily beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Various categories, including supermarkets, beauty products, and electronics, experienced high double-digit growth in order volume compared to the previous year [1] - On December 31, the order volume for SF Express's C-end business doubled compared to regular days, with significant increases in the delivery of flowers and important business documents [2] Service Enhancements - SF Express has implemented specialized solutions for the safe delivery of fragile items like flowers and cakes, including custom protective packaging and standardized delivery protocols [2] - The company has also catered to various customer needs during the holiday, such as emergency purchases, equipment rentals, and luggage delivery, enhancing the travel experience [1]

Core Viewpoint - The Chinese liquor market is showing signs of recovery in 2026, particularly in the high-end and mid-range segments, driven by gifting and banquet demands during the New Year holiday season [1][4][8] Group 1: Market Trends - High-end liquor products, such as Wuliangye and Moutai, are prominently featured in supermarkets and liquor stores, indicating a shift in consumer preferences [4][6] - The price range of 300-500 RMB for mid-range products has become a sales powerhouse during the New Year, reflecting a dual demand from gifting and banquet markets [1][6] - Online channels are also witnessing strong sales of high-end liquor, with significant sales figures reported during live-streaming events [7] Group 2: Consumer Behavior - The liquor market is experiencing a transformation in consumer behavior, with a shift from excessive packaging to more rational consumption patterns [8] - The banquet market remains crucial for liquor sales, with a significant portion of consumption still tied to traditional gifting and business events [9] - The dual recovery in the market reflects both consumer rationality and the maturation of the market, with high-end products stabilizing and mid-range products gaining traction [8][10] Group 3: Future Opportunities - The liquor industry is expected to face a new normal characterized by rational consumption, channel flattening, and intensified competition [10] - Companies need to focus on niche markets and immediate retail channels to capture growth opportunities [10] - The instant retail market is projected to grow significantly, with estimates suggesting a market size of 720 billion RMB by 2025, indicating a competitive landscape for liquor companies [11]

请仔细阅读在本报告尾部的重要法律声明 证券研究报告 2026年1月8日 可选消费投资策略 可选消费&海外团队 证券分析师：刘文正 SAC NO: S1120524120007 目录 01 可选消费宏观观点 03 可选消费各行业观点 02 近期政策解读 1 01 可选消费宏观观点 2 对比美日等发达国家，中国服务消费仍有广阔的 增长空间 我国GDP中消费占比仍低，横向对比仍有广阔增长空间。横向对比，根据世界银行，2024年我国居民消费占GDP比例为39.93%，与美/日/韩等发达国 家相比仍处相对低位。纵向参考，美国居民消费占GDP比例在过往60年间缓步上行，2024年居民消费占GDP比例67.93%/较1960年6.78pcts;日本在 1970s经济转向内需导向，居民消费GDP占比从1970年的45.67%提升至2022年55.50%水平。与储蓄金额占GDP比例情况结合来看，2000年以来我国储蓄 金额占GDP比重远高于美/日/韩等发达国家，系居民消费习惯偏于保守的直观体现。 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1960 1963 1966 1969 1972 19 ...

格隆汇1月6日丨微盟集团(02013.HK)公告，集团正式宣布与阿里巴巴集团旗下本地生活服务平台淘宝闪 购展开业务合作，集团旗下上海微盟企业发展有限公司与淘宝闪购平台主体上海拉扎斯信息科技有限公 司(「拉扎斯」)于近期签订战略合作协议，将在双方共通行业开展多维业务合作与探索，包括但不限 于：(1)解决方案商家互联，即时零售生态共建；(2)公私联营、会员打通，一站式营销升级；及(3)创新 共创，在企业级客户拓展、AI、数据运营等场景探索共建。 集团将依托成熟的销售渠道、卓越的营销服务运营和坚实的客户基础，基于淘宝闪购平台技术、运营与 营销等全方位支持，打造本地零售到家到店一体化解决方案，推动集团客户进入淘宝闪购平台经营并取 得经营成果，同时引入优质新行业客户，助力订阅解决方案营收增长，集团亦会进入淘宝闪购营销业 务，以拓展商家解决方案更大空间。 ...

Core Insights - The consumption market experienced a strong start during the New Year holiday, driven by the popularity of instant retail and delivery services [1][2] - The third-party delivery platform, SF Express City, reported a 55% year-on-year increase in daily delivery volume during the holiday, with significant growth in various categories [1] Group 1: Delivery Performance - Daily delivery volume for SF Express City increased by 55% year-on-year during the New Year holiday, with beverage orders doubling and fast food orders increasing by over 90% [1] - On December 31, the day before New Year, the C-end business volume for SF Express City doubled compared to the previous day, with document and certificate orders experiencing multiple-fold growth and flower orders increasing by over 110% [1] Group 2: Category Growth - Instant retail saw substantial growth across various categories, including supermarkets, beauty products, and electronics, with all categories achieving double-digit year-on-year growth [2] - The demand for beverages and takeout remained high during the holiday, with SF Express City partnering with major brands like McDonald's, KFC, and Luckin Coffee to ensure stable delivery performance [1][2] Group 3: Consumer Trends - The New Year holiday saw a surge in ceremonial consumption and business demand, particularly for flowers and cakes, which are traditional items for celebrations [2] - High-end gift categories, including jewelry and clothing, also saw significant increases in delivery volume during this period [2]

商务部研究院近日发布的《即时零售行业发展报告（2025）》指出，2026年我国即时零售规模将突破1 万亿元。当前，即时零售"餐饮+非餐"同步发展的态势凸显。一方面，餐饮作为外卖大战的核心引流 品，单量节节攀升，再叠加消费者日益高涨的节假日消费效应，极其考验即时配送基础设施的高峰期弹 性支撑能力；另一方面，在传统电商红利见顶之后，平台开始将目光转向广阔的万亿即时零售市场，同 时消费者习惯初步养成，推动非餐需求水涨船高，对传统电商提出了远近场一体化融合和改革的要求。 顺丰同城晒出的2025年度答卷显示，即时零售正迈入流量多极化下高效与品质并重的新阶段。 这点在顺丰同城年度数据中可见一斑：春节和"五一"期间，顺丰同城商超百货单量均实现170%以上的 增长，饮品单量均实现100%以上的增长。而外卖大战爆发之后的首个大促节点，顺丰同城618期间每日 同城配送单量增幅均超50%，饮品、商超百货、快餐等品类单量翻倍，双11期间饮品、快餐单量继续保 持翻倍增长。医药、美妆、母婴等品类在全年多个节点也实现同比高双位数增长。 数据证明，外卖大战持续放大了"饮品+快餐"等餐饮需求，也为非餐销售注入了新的活力。顺丰同城深 度参与了新 ...

元旦假期，以即时零售为核心的消费模式持续火热，即时配送价值全面凸显。国内规模最大的第三方即 配平台顺丰同城数据显示，元旦假期期间其同城配送日均单量同比去年增长55%，其中饮品单量同比翻 倍、快餐单量同比增超90%；商超百货、美妆、数码等品类单量均实现同比高双位数增长，餐饮及非餐 全场景单量高增，为节日消费与商业运转提供高效支撑。此外，今年跨年日兼具跨年节点与年末工作日 双重属性，消费与商务需求集中释放。12月31日跨年日当天，顺丰同城C端业务单量环比平日翻倍，不 少用户借助其"安心送""独享专送"等增值服务完成节日礼赠仪式感或重要商务文件同城配送，文件及证 照品类单量环比数倍增长，鲜花单量环比增超110%。在保障业务精细化履约的同时，顺丰同城通过文 化跨界合作丰富服务内涵。此次携手敦煌美术研究所六匹神马IP形象设计，承载着对用户顺遂平安、鸿 运相伴的美好祝福，为新年配送增添更多美好寓意与文化温度。 ...

Group 1 - The core viewpoint of the articles indicates that China's national economy showed stable growth in April, with improvements in production, demand, and high-quality development [1][2] Group 2 - In April, the industrial added value of large-scale industries increased by 6.7% year-on-year, with over 80% of industries and nearly 60% of products experiencing a rebound in growth [1] - The service production index grew by 3.5% year-on-year, indicating overall stability in the service sector [1] - The total import and export volume in April increased by 8% year-on-year, with the first four months of 2023 achieving a record high for the same period [1] - Retail sales of consumer goods in April rose by 2.3% year-on-year, reflecting an expanding market demand [1] - Fixed asset investment grew by 4.2% year-on-year from January to April, with manufacturing investment increasing by 9.7% [1] - The manufacturing purchasing managers' index expanded for two consecutive months, with the production and business activity expectation index at 55.2% and the service business activity index at 50.3% [1] Group 3 - The added value of equipment manufacturing and high-tech manufacturing industries increased by 9.9% and 11.3% year-on-year in April, respectively [2] - New retail models such as instant retail and live streaming sales contributed to an 11.1% year-on-year growth in online retail sales of physical goods from January to April [2] - Investment in the livelihood sector increased significantly, with education and sports investments growing by 7.7% and 12.7% year-on-year, respectively, outpacing overall investment growth [2]

Core Insights - The report highlights a positive outlook for the Chinese equity market in 2025, characterized by a recovery phase after initial volatility, driven by themes such as technology, new consumption, and AI [12] - The report emphasizes the importance of diversified investment strategies for 2026 to mitigate risks associated with concentrated positions and to enhance portfolio resilience [2][12] - The e-commerce sector is experiencing stable growth, with online retail sales reaching 14.5 trillion yuan, a year-on-year increase of 9.1%, indicating a solid market foundation despite high base effects from previous policies [12] Group 1: Investment Strategies - The report suggests a multi-track investment approach for 2026, focusing on both defensive and offensive strategies to navigate market fluctuations [2][12] - It notes that the issuance of new equity funds has increased significantly, with 334 new funds launched in 2025, totaling 161.9 billion yuan, reflecting renewed investor interest [12] - The report recommends specific companies in the e-commerce sector, including Alibaba, Meituan, Pinduoduo, and JD.com, as potential investment opportunities [2][12] Group 2: E-commerce Sector Analysis - The report indicates that the competition in the instant retail sector has peaked, with platforms shifting towards differentiated strategies to improve user experience [12][13] - It highlights the impact of the "Double Eleven" shopping festival, where major platforms saw significant sales growth, with Alibaba and JD.com reporting increases of 9.3% and 8.3% respectively [12] - The report also discusses the ongoing advancements in AI technology within the e-commerce space, with major players launching numerous updates to enhance user engagement and operational efficiency [12][13] Group 3: Company-Specific Insights - Kuaishou's revenue forecasts for 2025-2027 have been adjusted to 142.2 billion yuan, 155.2 billion yuan, and 169.3 billion yuan, reflecting macroeconomic pressures and changes in the live-streaming ecosystem [14] - The report maintains a "buy" rating for Kuaishou, citing its innovative AI models that are expected to drive user growth and engagement [14] - Fuda Co., Ltd. is noted for its strategic partnerships in the robotics sector, which are anticipated to enhance its market position and drive future growth [17]