以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 ↓ 点击"阅读原文" 或上天天基金APP搜索【777】 7月7日（周一），港股市场新式茶饮赛道集体走强，茶百道大涨11%，古茗、蜜雪集团、沪上阿姨均涨 约6%。今年以来，新式茶饮股多数上涨，其中古茗上涨178%，蜜雪集团上涨168%，瑞幸咖啡上涨 50%。 消息面上，7月5日（周六）晚，阿里、美团两大平台放出了大量且大额的外卖红包券，其中包括"满25 减21""满25减20""满16减16"等多张无门槛的外卖券，甚至部分外卖还能"零元购"。此前的7月2日（周 三），阿里宣布，淘宝闪购将投入500亿元补贴商家和用户。 自今年初京东外卖正式上线后，美团、阿里、京东三大外卖平台不断开展补贴大战，开启了外卖市场 的"三国争霸"。媒体报道称，三家公司在外卖市场二季度的单季投入达到250亿元，战争的烈度远超过 往的"价格战"。 高 ...

Group 1 - JD.com announced that its food delivery service has seen nearly 200 restaurant brands achieve sales exceeding 1 million within 4 months of launch [1] - Notable brands achieving over 100 million in sales on JD's platform include Luckin Coffee, Kudi, and Mixue Ice City, while over 10 brands surpassed 10 million in sales [1] - JD.com holds a 45% market share in the quality food delivery market, making it the industry leader according to third-party research [1] Group 2 - JD.com has initiated a "Double Hundred Plan," committing over 10 billion yuan to support brands in achieving sales milestones through various services [2] - On July 5, Meituan set a new record with 120 million instant retail orders, surpassing last year's peak of 90 million [2] - The overall food delivery market has seen daily orders increase from approximately 100 million at the beginning of the year to around 150 million, with a peak of 220 million on the recent Saturday [2]

Core Viewpoint - The ongoing competition in the food delivery market has intensified with significant subsidy wars initiated by platforms like Taobao Flash Sale and Meituan, leading to a rapid increase in order volumes and market dynamics [2][19]. Group 1: Market Dynamics - Taobao Flash Sale announced a subsidy plan worth 500 billion yuan to be distributed over 12 months, prompting Meituan to respond with substantial cash vouchers and promotions [2]. - The total daily order volume in the Chinese food delivery market has surged to over 200 million, doubling in less than three months [2]. - The competition has led to a significant increase in consumer engagement, but it raises questions about the sustainability of such growth and the long-term benefits for consumers [20]. Group 2: Consumer Experience - While consumers initially benefit from low prices and various promotions, many report a decline in service quality, including longer delivery times and poor food quality [8][9]. - Complaints about delivery delays have become common, with some consumers experiencing significant wait times for their orders [8][9]. - The aggressive pricing strategies may lead to a shift in consumer expectations, making it difficult for them to accept normal pricing once subsidies end [9]. Group 3: Impact on Delivery Riders - Delivery riders have seen increased earnings during the subsidy wars, with reports of daily earnings exceeding 1,700 yuan due to high order volumes [10]. - However, the increased workload and pressure to deliver multiple orders simultaneously have raised concerns about rider well-being and safety [10]. - Riders acknowledge that the current income boost may not be sustainable, as market conditions could revert to previous levels once the subsidy competition subsides [10]. Group 4: Merchant Challenges - Merchants, including both chain and small businesses, face significant pressure as they struggle to fulfill increased order volumes while maintaining profitability [11][14]. - Many merchants report that participation in subsidy programs often results in losses, as they have to subsidize part of the discounts offered to consumers [14]. - The intense competition forces merchants into a dilemma: participating in promotions to attract customers or risking reduced order volumes by opting out [14][15]. Group 5: Financial Implications for Platforms - The subsidy wars have led to substantial financial investments from major players, with estimates of 25 billion yuan spent in a single quarter by Alibaba, Meituan, and JD [17]. - Despite the short-term gains in market share, the long-term financial health of these platforms is under scrutiny, as their stock prices have declined amid concerns over profitability [18]. - Platforms are attempting to redefine their business models to ensure sustainability, with strategies like enhancing service quality and diversifying offerings [19]. Group 6: Future Considerations - The current competitive landscape raises questions about the long-term viability of such aggressive pricing strategies and their impact on consumer behavior and market stability [20][21]. - Experts suggest that platforms need to foster a healthier competitive environment that benefits all stakeholders, including consumers, riders, and merchants, to avoid a race to the bottom in pricing [21].

7月8日，港股茶饮股再度拉升，截至发稿，茶百道涨超15%，奈雪的茶涨超8%，古茗涨超5%，沪上阿 姨涨超2%。 7月5日至7月6日，阿里、美团外卖大战白热化。两个平台分别发放外卖大额券，其中包括"满25减 21""满25减20""满16减16"等多张无门槛的外卖券。 东吴证券指出，本次外卖大战，各主要平台优惠券针对的价格带主要是20元左右，这常常是茶饮和低价 快餐所处的价格带；而对于50元左右高单价则优惠力度不明显。外卖茶饮龙头有望从中受益。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 李 斌：蔚来的钱都亏在明处，资产负债表非常干净 永辉超市：禁止任何员工私自推荐供应商 7月5日，"美团崩了"登上热搜。7月5日夜间，美团发布了战报，表示截至当日22时54分，美团即时零售 当日订单已经突破了1.2亿单。其中，餐饮订单已超过1亿单。 在此背景下，多家茶饮店迎来爆单。奈雪的茶方面数据显示，7月5日至7月6日周末两天外卖订单破峰 值，两天突破100万单，环比增长50%，单店最高环比增长230%。 ...

在此背景下，多家茶饮店迎来爆单。奈雪的茶方面数据显示，7月5日至7月6日周末两天外卖订单破 峰值，两天突破100万单，环比增长50%，单店最高环比增长230%。 7月5日至7月6日，阿里、美团外卖大战白热化。两个平台分别发放外卖大额券，其中包括"满25减 21""满25减20""满16减16"等多张无门槛的外卖券。 7月5日，"美团崩了"登上热搜。7月5日夜间，美团发布了战报，表示截至当日22时54分，美团即时 零售当日订单已经突破了1.2亿单。其中，餐饮订单已超过1亿单。 7月8日，港股茶饮股再度拉升，截至发稿，茶百道涨超15%，奈雪的茶涨超8%，古茗涨超5%，沪 上阿姨涨超2%。 东吴证券指出，本次外卖大战，各主要平台优惠券针对的价格带主要是20元左右，这常常是茶饮和 低价快餐所处的价格带；而对于50元左右高单价则优惠力度不明显。外卖茶饮龙头有望从中受益。 ...

2025.07. 08 本文字数：2895，阅读时长大约5分钟 作者 | 第一财经 陈杨园 陆涵之 揭书宜 刘佳 封图 | 蜜雪冰城门口外卖小哥在等待取货，摄影 揭书宜 美团阿里外卖商战，奶茶店员和外卖骑手干"冒烟"了。 "入职以来最累的一天。"小票如雪片般堆在地上，超负荷运转的机器轰鸣不止，打包台上纸袋成山， 凌晨三点还在做奶茶……史无前例的爆单让店员们忙到"崩溃"。 "5号夜里很多顾客看到优惠下了预订单，早上我们骑手去取餐的时候，看到的预订单就已经800多单 了。"重庆骑手廖泽萌从后台看到，很多奶茶订单只要0.01元。 风暴始于巨头们真金白银的厮杀。上个周末，突如其来的补贴大战，成功点燃了消费者"奶茶自由、 咖啡自由"的热情。各种"薅羊毛"战利品塞满冰箱的晒图刷屏社交平台，平台交出破纪录的成绩单。 在这背后，门店与骑手经历了一场极限压力测试。累，是他们最深刻的周末记忆。 奈雪门店爆单（奈雪供图） 爆单了！奶茶店员找亲属帮忙 在上海挪瓦咖啡由由世纪广场店，咖啡机超负荷运转，打包台堆满待取的外卖单，店员们脚步带风。 门店负责人王睿（化名）见证了周末单日外卖订单的翻倍增长，最繁忙的周末整体订单量环比激增 30% ...

港股茶饮股延续涨势 茶百道涨超12% 智通财经7月8日电，截至发稿，茶百道(02555.HK)涨12.20%、古茗(01364.HK)涨4.53%、沪上阿姨 (02589.HK)涨2.41%。消息方面，近日平台外卖大战进入白热化，机构指出，在外卖爆发利好与旺季催 化下，出餐稳定、客单低、消费频次高的茶饮行业在此轮竞争中充分受益。 ...

Core Insights - The Chinese food delivery market is characterized by low entry barriers and intense competition, making it difficult to establish a monopoly [2][11][12] - On July 5, Alibaba initiated a significant promotional campaign, leading to a surge in daily orders, surpassing 80 million for its platforms [2][7] - Meituan responded with its own promotions, achieving over 120 million daily orders, indicating a highly competitive landscape [3][5] Market Dynamics - The food delivery sector is a battleground for major internet companies, with Alibaba and Meituan leading the charge [4][9] - The market's competitive intensity is higher than in other internet sectors, with a low concentration of market share among top players [3][9] - New entrants like JD.com have quickly gained traction, demonstrating the market's accessibility and the potential for rapid growth [9][11] Consumer Behavior - Consumer preferences are shifting, with users often ordering from multiple platforms to take advantage of promotions [14][19] - The lack of customer loyalty to any single platform further emphasizes the competitive nature of the market [14][19] Industry Characteristics - The food delivery market is fragmented, with millions of small restaurants and a large number of delivery personnel, making it challenging for any single platform to dominate [13][14] - The industry is marked by a high level of competition and innovation, driven by the need to meet diverse consumer demands [12][14] Financial Implications - Alibaba has committed to a substantial subsidy program, indicating its aggressive strategy to capture market share [7][8] - The overall market has seen a significant increase in daily order volumes, benefiting both consumers and merchants [18][19]

交银国际研究 每日晨报 2025 年 7 月 8 日 我们认为，即使补贴战持续至年底，美团仍有机会看到运营利润持平可 能性，商户、骑手端运营和调度仍是维持市占核心，美团外卖仍有领先 优势，并有较大概率维持市占，短期利润下调不影响长期观点，股价下 行空间有限，维持目标价 165 港元，维持买入。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 23,888 | 0.01 | 15.82 | | 国指 | 8,609 | -0.01 | 18.09 | | 上 A | 3,640 | 0.03 | 3.62 | | 上 B | 260 | 0.15 | -2.82 | | 深 A | 2,170 | -0.06 | 5.99 | | 深 B | 1,233 | -0.25 | 1.64 | | 道指 | 44,406 | -0.94 | 4.38 | | 标普 500 | 6,230 | -0.79 | 5.92 | | 纳指 | 20,413 | -0.92 | 5.71 | | 英国富时100 | 8,8 ...

机构：交银国际 外卖补贴6 月加码，预计CLC 运营利润同比降16%。我们判断，虽外卖市场竞争加剧，但2 季度美团外 卖补贴投入应仍以中高线城市部分竞争品类为主，我们按约45%的单量补贴翻倍估算，餐饮外卖单量增 速或较此前预期的中高个位数提升至10%，日均单量6480 万单，单均盈利或约1.2-1.3元。考虑到闪购维 持略超30%的单量增速，预计即时配送日均单量达到7700 万单，同比增13%。预计CLC 收入同比增 10%，运营利润降16%。新业务仍维持此前预期，预计收入增22%，亏损约26 亿元。 研究员：谷馨瑜/孙梦琪/赵丽/蔡涵 3 季度初即开启的补贴战，或带动日单同比增速达双位数，但考虑到茶饮单量及补贴冲减影响， AOV 或将同比下降，收入增速进一步放缓，但到店仍维持领先地位，预计3 季度CLC 收入增速或维持10%， 利润同比下降9%，主要考虑2 季度业绩旺季下的高基数影响，以及3 季度暑期骑手补贴等成本亦或是后 续补贴节奏的重要影响因素。同时，美团优选关闭减亏区域可能释放约30-40 亿元亏损，补充后续外卖 补贴投入。因此，我们认为，即使补贴战持续至年底，美团仍有机会看到运营利润持平可能性。我们 ...