Investment Rating - The report maintains a positive outlook on the e-commerce and retail sectors, particularly focusing on the immediate retail segment and the strategic adjustments made by major platforms [4]. Core Insights - Major platforms are intensifying their strategic adjustments, shifting competition towards efficiency and collaboration [5]. - Alibaba is integrating Ele.me and Fliggy into its China e-commerce business group, marking a transition from a platform economy to a comprehensive consumer ecosystem [8]. - Meituan is scaling back its Meituan Preferred service and focusing on instant retail, reflecting a significant shift in its operational strategy [16]. - JD.com is entering the hotel and travel market with a "zero commission" strategy, leveraging its supply chain advantages to reshape the industry value chain [20]. Summary by Sections Industry Overview - The social service index rose by 4.61% from June 23 to June 27, 2025, outperforming the CSI 300 by 2.66 percentage points, ranking 8th among Shenwan's primary industries [27]. - The retail index increased by 4.56% during the same period, also surpassing the CSI 300 by 2.60 percentage points, ranking 9th [27]. Company Strategies - **Alibaba**: The integration of Ele.me and Fliggy aims to create a seamless consumer ecosystem, enhancing user retention and data integration across services [9]. - **Meituan**: The company is halting its Meituan Preferred service in 18 provinces, focusing on instant retail and optimizing its supply chain capabilities [14][16]. - **JD.com**: The company is attracting hotels with a zero-commission model, aiming to reduce operational costs and enhance efficiency in the hotel sector [20][22]. Market Performance - The top three gainers in the retail sector for the week were Cuiwei Co. (+31.80%), Times Wan Heng (+30.99%), and Yintai Co. (+17.48%) [31]. - The top three losers were Chaohongji (-2.14%), Laisentongling (-3.13%), and Gaoxin Retail (-9.06%) [31]. Valuation of Key Companies - Alibaba's market capitalization is approximately 271.9 billion yuan, with a projected PE ratio of 12 for 2025 [48]. - JD.com has a market cap of around 53 billion yuan, with a PE ratio of 8 for 2025 [48]. - Meituan's market cap stands at about 790.6 billion yuan, with a PE ratio of 15 for 2025 [48].