每经评论员 王郁彪 近日，广东、浙江等地多家快递公司对电商客户启动调价，其中广东作为重点调价区域，单件快递调价 幅度在0.3元至0.7元之间，同时还设定了1.4元/单的底线价。这一变化直接影响到了下游商家——社交 媒体上有商家反馈，此前谈定的每单1.3元快递费上涨0.4元，经营成本明显增加。 商家增加的成本最终会由谁承担？从市场传导逻辑来看，大概率会间接转移至消费者。在此背景下，笔 者认为，快递涨价不应是最终目的，服务提质才是关键。这里的"质"包含两层内涵：一是消费者能直接 感知的快递服务质量，二是支撑行业运转的基层网点生存环境与一线从业人员待遇。 由此可见，推动重点区域快递价格理性回归、减少非理性低价件量，只是解决行业问题的"表面功夫"； 真正的"里子"，在于让上涨的快递价格与提升的服务质量相匹配，实现"价质相符、表里如一"，这才是 对消费者、商家与行业都负责的做法。 近期出台的税收新政，更从实际层面为快递企业减负、支持服务升级提供了空间。日前，财政部、国家 税务总局发布新规，明确快递服务统一按6%的税率征收增值税。此前，尽管快递服务增值税基准税率 为6%，但因政策存在"模糊地带"，跨区域运输环节有时会按9 ...

作者：Hasove 经过"宅经济"的短暂火热后，小家电行业就像"坐过山车"一样，快速冲高又迅速回落。 小家电"价格战"血拼，销量却越来越差。打开电商平台搜小家电，随便点进一个打蛋器或者空气炸锅的页面，你会发现价格跟两年前比真的差不少。以前一 个像模像样的空气炸锅怎么也得300多元，现在100多元就能拿下，碰上搞活动时90多元就能包邮。 小家电价格降了这么多，销量却没见往上涨。奥维云网最新的半年数据显示，2025 年上半年小家电整体零售量13652万台，同比下降1.2%。另外据奥维云网 此前数据，2023年厨房小家电市场整体零售额约为549.3亿元，同比下降9.6%；零售量约为2.65亿台，同比下降1.8%。2024年"618"促销期，厨房小家电全品 类线上渠道(传统电商+抖音)零售额为32.8亿元，同比下降10.3%。 同质化让利润"薄得像纸" 你做一个带预约功能的电煮锅，我就加个蒸格；你搞个渐变配色，我就上个卡通图案，完全没有核心技术加持。 另外，有小家电代工厂内部人士透露，现在很多品牌根本不搞研发，拿着现成的模具改改外观就敢推新品，成本压得极低，然后靠低价抢市场。这样一来， 整个行业都陷入了恶性循环，你降 ...

事实上，为避免"价格战"给企业发展带来恶性影响，国家邮政局近期采取多项举措，严厉打击"低于成 本价"竞争的行为。快递行业企业纷纷响应，陆续上调单票价格，保障企业利润，将资源和精力投入到 技术研发、服务升级、流程优化、品牌建设上。 根据申通快递在今年7月25日发布的投资者关系活动记录，公司管理层表示："未来在业务上，申通快递 将彻底摒弃'以价换量'模式，推动上市公司从规模扩张向品质升级的转型。" 中通快递创始人、董事长兼首席执行官赖梅松在8月20日举行的电话会议上表示："快递行业要持续稳定 健康发展，就一定要从'价格战'走向'价值战'，用服务品质赢得市场。我们相信，整个行业会理性地看 待价格问题，'价格战'只会伤害整个行业，我们对行业的稳定充满信心。" 中国物流学会特约研究员、中国交通运输协会快运物流分会副秘书长解筱文对《证券日报》记者表示， 目前看，快递行业营收增长但毛利率承压、单票收入下跌，随着"反内卷"政策持续发力，预计一年至两 年内，头部企业将加快转向服务与效率竞争，这将带动行业毛利率回升，从而有望形成良性发展格局。 近日，多家快递上市公司披露7月份快递业务主要经营数据，整体来看，呈现"量增价跌"局面。 ...

在财报发布后的业绩会上，近期引发关注的快递行业"反内卷"和价格竞争，成为投资者关注的焦点。中通创始 人、董事长兼首席执行官赖梅松回应称，上半年行业价格竞争非常激烈，对公司的业务量产生影响，而监管层"反 内卷"相关政策对价格回升起到一定作用，有助于遏制非理性竞争、维护基层网点稳定，维持从业人员权益。部分 地区涨价对公司整体利润起到正向作用，对网点、业务员派费和网点的收入增加是利好。长期来看，行业发展趋 势一定是从价格战走向价值战。 北京时间8月20日早间，中通快递（纽交所代码：ZTO及香港联交所代号：2057）公布其截至2025年6月30日止第 二季度的未经审计财务业绩。财报显示，二季度包裹量为98.47亿件，同比增长16.5%，市场份额环比提升0.6%； 实现收入118.32亿元（人民币，下同），同比增长10.3%；净利润19.65亿元，同比减少24.8%。基于当前的经济、 竞争及政策环境，中通下调了全年包裹预期指引。 与此形成对比的是，中通二季度的散件业务量同比增幅超50%。"自去年起，中通聚焦差异化产品构建、服务效能 提升、时效保障、网络覆盖能力，二季度散件业务量占比峰值突破8%，产品结构的优化缓解了增量 ...

Core Insights - The report analyzes user behavior changes, market dynamics, and industry trends in the context of subsidy competition among Meituan, Alibaba, and JD.com in the food delivery and instant retail sectors [1][2]. Policy Insights - JD.com entered the food delivery market in early 2025, triggering a fierce subsidy war with initiatives like zero-cost purchases and discount coupons, significantly boosting short-term consumer spending. However, as regulatory policies emerged, the subsidy boom began to wane [2][6]. Market Insights - Subsidies became the primary tool for platforms to acquire and engage users, leading to increased order frequency, category exploration, and platform-switching intentions. As subsidies diminish, competition is expected to shift from price wars to value-based competition [3][5]. User Insights - Active users exhibit high price sensitivity and low platform loyalty, frequently switching platforms and stacking discounts. With reduced subsidies, users are raising their expectations regarding price, service, and product quality. There is a strong demand for rapid delivery, healthy meals, and innovative product categories, with users willing to pay for these services [4][5][20]. Future Trends - The industry is transitioning from a "subsidy-driven" model to a "value-driven" approach, necessitating platforms to build sustainable competitive advantages through service innovation, product quality, and refined operations. User demographics and consumption habits are evolving, pushing the industry into a new phase of high-quality development [5][6]. User Demographics - The majority of users are concentrated in first-tier and new first-tier cities (nearly 60%), with 40.85% from second-tier and lower cities, indicating widespread penetration of food delivery services across various city levels [7]. - 74.5% of users are office workers, with over 80% having a disposable income of over 5,000 yuan per month [9]. - Users aged 26-40 make up 64.10% of the respondents, with the 31-35 age group being the largest segment at 27.72% [10]. Consumption Behavior - Food delivery and instant retail have become integral to daily life, with nearly 70% of users placing orders three or more times a week. The primary motivations for ordering include convenience and time constraints [16][18]. - 82.47% of users express strong reliance on food delivery platforms, confirming their essential role in daily life [20]. Impact of Subsidy War - During the subsidy war, user penetration rates for platforms like Meituan (81.10%), JD.com (69.76%), and Taobao (66.46%) exceeded 60%, with users averaging 3.86 platforms [22]. - The subsidy war increased users' willingness to try new platforms, with 55.37% trying JD.com for the first time during this period [24]. Post-Subsidy War Dynamics - After the subsidy war, user retention rates began to show differentiation, with 67.61% of users planning to retain Meituan, while 47.24% and 45.66% expressed intentions to keep using JD.com and Ele.me, respectively [26]. - 52.61% of users have no plans to uninstall any platforms, indicating that food delivery services have become deeply integrated into daily life [28]. User Sensitivity to Subsidies - Over 90% of users are aware of the subsidy activities, with 63.31% actively seeking information about promotions [32]. - 93.62% of users reported increased order frequency due to subsidies, while 90.20% switched platforms because of promotional offers [36][38]. Competitive Differentiation - Users perceive different platforms as having distinct competitive advantages: Taobao leads in price perception (35.55%), while JD.com excels in delivery speed (32.70%) [46][47]. - 45.02% of users consider subsidies the primary factor in platform selection, indicating high price sensitivity alongside a focus on service quality [52]. Innovation and Service Preferences - Post-subsidy, users prioritize improvements in product quality (58.45%) and delivery speed (47.39%) [55]. - There is a notable willingness to pay for customized healthy meals (44.87%) and rapid delivery services (51.50%) [57][58]. Strategic Recommendations - Platforms should focus on user needs by enhancing product quality and delivery reliability, developing differentiated services, optimizing pricing structures, and leveraging technology for better user insights [61][64].

Core Viewpoint - The article emphasizes that cultural tourism benefits should not merely focus on price reductions but rather on enhancing overall value and experience for both residents and tourists [1][2]. Group 1: Policy and Implementation - Xi'an has introduced a 60 yuan annual unlimited access card for the city wall, with 17 entry points now open, transforming the experience from a single-point visit to a circular exploration [1]. - The increase in entry points allows for better integration of the city wall into urban life, creating a "one-hour micro-vacation circle" that includes nearby parks and local cuisine [1]. Group 2: Broader Trends in Cultural Tourism - The article notes a nationwide trend of ticket price reductions, with various cities implementing innovative practices to enhance accessibility and integration of cultural sites into daily life [2]. - Examples include Nanjing's city wall access via public transport cards, Beijing's removal of barriers along the central axis, and Fuzhou's creation of a "pocket museum" linking historical sites [2]. Group 3: Concept of Value in Cultural Tourism - True cultural tourism benefits should focus on creating a seamless experience that integrates scenic spots into the daily routines of residents and tourists, rather than just reducing ticket prices [2]. - The article argues for a shift from viewing cities as one-time attractions to seeing them as repeatable experiences that foster shared enjoyment among locals and visitors [2].

Core Insights - The article emphasizes that the recent tourism policies in Xi'an, such as the 60 yuan unlimited access card and the opening of 17 entry points to the city wall, have received positive feedback from citizens and tourists. However, it also highlights the challenges faced by visitors, including congestion and long wait times, suggesting that merely reducing ticket prices does not equate to true benefits for the local economy and community [1][2]. Group 1 - The introduction of 17 entry points to the Xi'an city wall transforms the experience from a "single-point sightseeing" to a "circular roaming," integrating the city wall into urban life and transportation [1]. - The article argues that true tourism benefits should focus on reducing overall costs for residents and tourists, rather than just lowering ticket prices, to enhance long-term satisfaction [1][2]. - The concept of "value over price" is introduced, suggesting that effective tourism policies should prioritize the experience and accessibility of attractions rather than engaging in a price war [2]. Group 2 - Various cities, including Nanjing and Beijing, are implementing innovative practices to enhance urban tourism, such as integrating historical sites into daily commuting routes and making them more accessible to residents [2]. - The article advocates for a shift in perspective, viewing cities as repeatable experiences rather than one-time attractions, which can lead to a more sustainable tourism model that benefits both locals and visitors [2].

Core Viewpoint - The article discusses the rise of "involutionary competition" in various industries, emphasizing the need for regulatory measures to address the inefficiencies and negative impacts of price wars, particularly in the platform economy [5][6][23]. Group 1: Definition and Characteristics of Involutionary Competition - "Involutionary competition" is characterized by low-price strategies leading to a race to the bottom, resulting in decreased profit margins and stagnation in industry development [8][9]. - This form of competition is marked by low-quality homogenization, price wars, and short-term behavior, ultimately harming the overall value of the industry [8][9]. Group 2: Price Wars and Their Implications - Price wars, while appearing beneficial in the short term, can create a "bubble market" through capital subsidies, leading to unsustainable competition [10][12]. - The phenomenon of sacrificing profits for market survival is driven by market pressures, strategic goals, and the allure of short-term gains [9][10]. Group 3: Regulatory Framework and Legal Measures - New regulations, including amendments to the Anti-Unfair Competition Law and the Price Law, aim to provide tools for comprehensive governance of involutionary competition [11][14]. - The revised laws will prohibit platforms from forcing merchants to sell below cost, thereby preventing market disruption and protecting fair competition [12][14]. Group 4: Transition from Price Competition to Value Competition - The article advocates for a shift from price wars to value-based competition, emphasizing the need for a collaborative approach involving government policy, industry self-regulation, and corporate innovation [20][21]. - This transition is seen as essential for breaking the cycle of low-price, low-quality competition and fostering a healthier market environment [21][23].

Core Viewpoint - The takeaway from the articles is that the food delivery industry in China has transitioned from a "price war" to a "value war," with major platforms like Meituan, Ele.me, Taobao Shanguo, and JD.com collectively announcing a commitment to resist unhealthy competition and focus on service and quality instead [1][4]. Group 1: Industry Transition - The prolonged subsidy war has led to significant negative impacts on merchants, riders, and consumers, with extreme promotional activities like "0 yuan purchase" and "1 cent purchase" severely squeezing profit margins [2][4]. - Regulatory intervention played a crucial role in this transition, as the State Administration for Market Regulation held discussions with major platforms to enforce compliance with antitrust laws and fair competition practices [1][2]. Group 2: New Strategies and Initiatives - The platforms have outlined specific measures to shift towards a "value war," including commitments to not sell below cost, ensuring merchants' pricing autonomy, and focusing on service and quality rather than just price [4][6]. - Adjustments in subsidy models have been made, with some cities moving from extreme discounts to more sustainable offers, enhancing merchants' revenue share to over 60% [4][6]. Group 3: Positive Market Response - Following the announcement of the new strategies, stock prices for Meituan, Alibaba, and JD.com saw significant increases, indicating positive market sentiment towards the industry's transformation [1]. - The second quarter of 2025 showed an increase in user repurchase rates, further validating the effectiveness of the industry's shift towards sustainable practices [9]. Group 4: Future Outlook - Platforms are implementing long-term plans to foster high-quality development, such as Taobao Shanguo's goal to cultivate 100,000 digital demonstration merchants within three years and Ele.me's green packaging subsidy fund [9]. - The focus on improving delivery efficiency and service quality is becoming a new competitive edge, with various platforms investing in technology and rider rights protection [9].

Core Viewpoint - The recent resurgence of the food delivery price war is reshaping the underlying logic of China's consumer market, transitioning from planned consumption to instant consumption, creating a trillion-level blue ocean market [2][4]. Group 1: Industry Dynamics - Multiple food delivery platforms are offering large, no-threshold red envelopes or coupons, with some products even available for "0 yuan purchase," intensifying the competition [2]. - The food delivery industry, previously thought to be stagnant, is experiencing a dramatic shift from "unable to compete" to "fighting fiercely," leading to system crashes and overwhelming order volumes for merchants [2][3]. - The competitive strategies seen in the food delivery sector echo those from the shared economy era, where price wars led to market consolidation among a few major players [3]. Group 2: Economic Implications - The current price war raises questions about the sustainability of profits, as the apparent benefits for merchants, delivery riders, and consumers may not be long-lasting [4]. - The influx of "0 yuan free orders" has caused operational challenges for small businesses, leading to increased order volumes but reduced profit margins, forcing some to temporarily close [4][5]. - The shift from "price wars" to "value wars" is seen as essential for the industry's transformation, emphasizing the need for a more sustainable and equitable business model [6][7]. Group 3: Future Outlook - The outcome of the ongoing competition among internet giants in the food delivery space remains uncertain, with potential for either market monopolization or significant exits from the industry [7]. - A successful transition to a more balanced ecosystem requires recognizing the value of all stakeholders, including delivery riders and merchants, rather than relying solely on aggressive subsidies [6][7].