Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][48]. Core Insights - The social services sector saw a 3.18% increase in the last two trading weeks, ranking 9th among 31 sectors in the Shenwan classification, outperforming the CSI 300 index by 1.26 percentage points [2][13]. - The competitive "involution" in the food delivery market has negatively impacted retail sales in June, but the summer travel market is expected to remain robust, indicating potential for growth in related industries [2][5]. - The report highlights the significant impact of visa-free policies on inbound tourism, with a notable increase in inbound travel expected during the summer season [5][41]. Market Review & Industry Dynamics - The social services sector's performance was strong, with sub-sectors like professional services (+7.53%) and tourism retail (+2.85%) leading the gains, while hotel and catering services saw a slight decline of -0.17% [17][20]. - The report notes that from July 1 to August 31, the national railway is expected to send 953 million passengers, a year-on-year increase of 5.8% [5][30]. - The inbound tourism market has shown a strong recovery, with 33.3 million inbound travelers in the first half of 2025, a 15.8% increase year-on-year [5][30]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [5][41]. - It also recommends monitoring hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [5][41]. - Companies involved in the recovery of the duty-free market, such as China Duty Free Group and Wangfujing, are also highlighted as potential investment opportunities [5][41].

Core Insights - The recent subsidy war in the food delivery market has intensified, with Meituan and Taobao Flash Sale engaging in aggressive promotions to stimulate order growth [1][3][5] Group 1: Subsidy Details - On July 12, Meituan's daily subsidy reached between 300 million to 400 million yuan, while Taobao Flash Sale's exceeded 1.2 billion yuan [1] - Since July 5, Meituan has been issuing "0 yuan delivery" coupons and various discount vouchers, distributing approximately 20 million free delivery coupons daily [3] - Taobao Flash Sale focuses on large discount coupons, such as "18.8 yuan off 18.8 yuan," allowing users to access food delivery at minimal costs [3] Group 2: Competitive Landscape - The food delivery competition was initially sparked by JD.com, which launched a 10 billion yuan subsidy in April, achieving a daily order volume of 10 million within days [5] - Following the subsidy war between Taobao Flash Sale and Meituan, JD.com has not significantly escalated its involvement, citing concerns over irrational competition [5] - The market share dynamics are shifting, with Meituan previously holding about 70% and Ele.me 30%, but Taobao Flash Sale is gradually closing the gap [5]

Core Viewpoint - A new round of intense competition in the food delivery sector has emerged, with major platforms like Meituan and Taobao Flash Sale issuing substantial discount coupons to attract consumers [11][12]. Group 1: Promotions and Discounts - On July 12, Meituan and Taobao Flash Sale launched significant promotional campaigns, with users reporting receiving 0 yuan drinks [1][4]. - Meituan's app displayed notifications for 0 yuan delivery offers, while Taobao Flash Sale offered various large discount coupons, with promotions starting as low as 1.9 yuan for popular brands [4][7]. - On July 11, Meituan teased a new wave of discounts, while Taobao Flash Sale announced a "188 yuan coupon package" valid over the weekend [8][9]. Group 2: Historical Order Volume - On July 5, Meituan reported a record-breaking day with over 1.2 billion orders, including more than 1 billion food orders [11]. - Taobao Flash Sale and Ele.me also reported significant activity, with Taobao Flash Sale achieving over 80 million daily orders and more than 2 billion active users [11]. Group 3: Competitive Strategies - Taobao Flash Sale initiated a massive subsidy plan worth 500 billion yuan aimed at providing direct discounts to consumers and merchants over the next 12 months [12]. - Reports indicated that July 5 was a critical day for Alibaba's food delivery service, aiming to surpass Meituan's order volume with a target of 90 to 100 million orders [13]. - In response to Alibaba's aggressive strategy, Meituan also rolled out numerous discount coupons to maintain its market position [14].

Group 1 - The new tea beverage market is entering a traditional consumption peak with significant benefits from the recent "subsidy war" among delivery platforms [1][2] - Tea Baidao launched a new lychee series, achieving over 50,000 cups sold within an hour and surpassing 100,000 cups by noon on the launch day, marking it as a summer hit [1] - Tea Baidao has improved its supply chain, with approximately 92% of stores achieving next-day delivery and 95% receiving multiple deliveries weekly [2] Group 2 - Bawang Chaji is expanding its presence in campus markets, with a new store at Tsinghua University achieving over 2,200 cups sold on its opening day, ranking first among its nationwide stores [2][3] - The classic products of Bawang Chaji account for nearly 60% of sales in campus stores, indicating strong demand among students [3] - The tea beverage industry is experiencing a price war, but recent reports suggest a stabilization in the market, benefiting brands through delivery platform subsidies [3]

Core Viewpoint - The article discusses the competitive landscape of the beverage industry, particularly focusing on the impact of delivery subsidies on companies like Mixue Ice City, which is positioned to benefit significantly from these market dynamics [4][5]. Group 1: Market Dynamics - The current delivery subsidy war initiated by JD.com has created a unique opportunity for Mixue Ice City to capitalize on the situation, as it can consume the most subsidies due to its extensive network of stores [4][5]. - The pricing strategy of Mixue Ice City, offering two cups for 3.9 yuan, is highlighted as a key factor in its ability to dominate the market, as it can leverage subsidies to maintain low prices [5][6]. Group 2: Competitive Advantage - Mixue Ice City operates primarily through franchise stores, allowing it to scale rapidly and efficiently consume subsidies compared to competitors who may not have the same operational scale [5][6]. - The article suggests that no other beverage brand can match Mixue Ice City's ability to absorb subsidies, as competitors with higher profit margins cannot sustain the same pricing strategy without risking their business [5][6]. Group 3: Global Implications - The competitive pressure created by the domestic delivery subsidy war is affecting the global beverage market, particularly in Southeast Asia, where other tea brands are struggling to compete with Mixue Ice City [6]. - The article posits that the scale and cost control of Mixue Ice City, combined with the aggressive subsidy strategy, positions it as a formidable player not just locally but also in international markets [6].