2025年伊始，沉寂许久的外卖行业，被一场始于京东的千亿烧钱大战彻底改写。 2月，京东以"品质外卖"为旗帜高调入局，打破了美团与阿里（饿了么）长期七三开的对峙格局。随后 美团奋起防守，阿里则通过将饿了么升级为淘宝闪购全面参战。这场横跨全年的战役，最终以近千亿资 金消耗、行业格局重新洗牌的结果暂歇硝烟。 但对外卖行业来说，未来的胜负不在于短期流量争夺，而在于长期生态重构。无论是美团的技术创新、 饿了么的生态协同，还是京东的品质深耕，本质上都是对"平台+商家+骑手+消费者"四方关系的重新梳 理，更是从"零和博弈"向"生态共赢"的转型。 01 打法分化 三家的差异化破局与防守之道 从2月京东鸣枪宣战，到年末淘宝闪购完成品牌整合，三家平台基于自身资源禀赋，走出了三条截然不 同的竞争路径。这场大战的核心，早已超越单纯的外卖订单争夺，而是延伸至生态的全面博弈。 京东：后来者的"闪电突袭" 如今站在年末回望，三家平台迥异的打法路径清晰浮现，而"各自收获了什么"、"付出了怎样的代 价"、"2026年是继续混战还是鸣金收兵"也成为外界最关注的话题。 作为本轮大战的发起者，京东一上来就采取了"高举高打"的模式，避开与美团在规模上 ...

专题：2025企业家之夜启动仪式 "为中国经济点赞——企业家之夜"启动仪式于12月17日在北京举行。清华大学互联网产业研究院院长、 清华大学经济管理学院教授朱岩出席并演讲。 朱岩表示，现在做企业与30、40年前已大不相同，现在企业家精神正发生技术型改变，不仅是经济规模 型变化。他总结为四点：一是守正创新，继续沿着梦想前进；二是数据驱动，不再是流量驱动或单纯追 求经济价值驱动；三是范式引领，企业追求做世界上无人做过之事，创造范式；四是人机共生，智能并 非一定要做具身智能机器人，而是人与机器发挥各自长处，是大量组织企业形态。 他从以下几个维度进行了分析： 从核心驱动力看，传统企业家精神更多强调市场机会捕捉、资源整合能力。数智时代企业家精神要专注 于技术领先型突破。 从组织形态讲，传统是层级化、集权化管理，现在越来越强调扁平化、客户化、智能化协同。 从竞争逻辑看，原来单纯流量式竞争易形成零和博弈，往往强调以规模取胜、联合发展。数智时代企业 家精神一定是范式引领，而非卷规模。可惜现在大量传统产业仍在卷规模、卷价格，大家日子都不好 过。所以，数智时代需重新倡导范式引领、生态共赢型企业家精神。 从风险应对看，传统企业家多 ...

专题：2025企业家之夜启动仪式 "为中国经济点赞——企业家之夜"启动仪式于12月17日在北京举行。清华大学互联网产业研究院院长、 清华大学经济管理学院教授朱岩出席并演讲。 朱岩表示，现在做企业与30、40年前已大不相同，现在企业家精神正发生技术型改变，不仅是经济规模 型变化。他总结为四点：一是守正创新，继续沿着梦想前进；二是数据驱动，不再是流量驱动或单纯追 求经济价值驱动；三是范式引领，企业追求做世界上无人做过之事，创造范式；四是人机共生，智能并 非一定要做具身智能机器人，而是人与机器发挥各自长处，是大量组织企业形态。 他从以下几个维度进行了分析： 从核心驱动力看，传统企业家精神更多强调市场机会捕捉、资源整合能力。数智时代企业家精神要专注 于技术领先型突破。 从组织形态讲，传统是层级化、集权化管理，现在越来越强调扁平化、客户化、智能化协同。 从竞争逻辑看，原来单纯流量式竞争易形成零和博弈，往往强调以规模取胜、联合发展。数智时代企业 家精神一定是范式引领，而非卷规模。可惜现在大量传统产业仍在卷规模、卷价格，大家日子都不好 过。所以，数智时代需重新倡导范式引领、生态共赢型企业家精神。 新浪声明：所有会议实录均为 ...

Core Viewpoint - Meituan's Q3 2025 financial report reflects the intense competition in the food delivery industry, with significant sales expenses impacting profitability, yet the company demonstrates resilience and maintains market leadership despite challenges [1][2][10]. Financial Performance - Meituan reported Q3 revenue of 95.5 billion yuan, a year-on-year increase of 2%, with an adjusted net loss of 16 billion yuan, primarily due to a core local business loss of 14.1 billion yuan [1][3]. - The overall sales expenses in the food delivery sector increased by 61.4 billion yuan, nearly equivalent to the net profit of Q3 2024 [1]. Market Position - Meituan retains its leading position in the market, with an estimated GTV ratio of 6:4 compared to major competitors, and dominates high-value segments with over two-thirds market share in orders above 15 yuan and 70% in orders above 30 yuan [2][3]. Operational Metrics - Key operational metrics show strong performance: peak daily orders exceeded 150 million in July, daily active users (DAU) grew over 20% year-on-year, and the number of transaction users surpassed 800 million [3]. - Despite a strong order volume, revenue growth was only 2% year-on-year, attributed to accounting treatment differences where a portion of subsidies offset revenue [3]. Competitive Landscape - The third quarter was characterized by high competition and significant investment in flash purchase services, with expectations of reduced subsidy intensity in subsequent quarters, indicating a potential improvement in Meituan's performance [4][5]. Strategic Developments - Meituan continues to execute its strategic plans, including the launch of the "Brand Flagship Flash Warehouse" project, which aims to enhance supply chain efficiency and expand its reach across various product categories [6][7]. - The company reported that its international delivery brand Keeta achieved profitability in Hong Kong within 29 months of launch, ahead of schedule [7]. Ecosystem and Social Responsibility - Meituan emphasizes an "ecosystem win-win" approach, providing comprehensive support for riders, including insurance and housing initiatives, while also investing in merchant support programs [8][9]. - The company is committed to enhancing consumer trust through initiatives like the "Bright Kitchen" program, which encourages transparency in food preparation [9]. Long-term Growth Potential - Meituan's focus on technological investment, including AI and drone delivery, underpins its long-term growth strategy, with significant R&D spending of 6.9 billion yuan in Q3, a 31% increase year-on-year [9][10]. - The financial report indicates that Meituan has successfully navigated extreme market conditions, positioning itself for future growth as competition stabilizes and new revenue streams materialize [10].

每经评论员 徐肖逍 今年4月以来，外卖行业掀起了一场空前激烈的"补贴大战"。多家大型互联网平台企业利用资金优势， 通过"百亿补贴""大额优惠券"等促销手段争夺市场份额，行业竞争日益白热化。 日前，复旦大学相关课题组发布的研究成果揭示了一个令人警醒的现象：流量盛宴背后，商户普遍陷 入"增量不增收"的发展困境。 课题组在研究了4万余家餐饮商户数据后发现，7月以来竞争加剧期间，商户每日"外卖加堂食"总订单量 平均增长7%，但商户每日实收金额平均下降约4%。在"外卖利润率保持不变"的基准情形下估算，竞争 升温期商户外卖加堂食总利润平均下降约1.7%，进入竞争加剧期后，平均降幅扩大至8.9%。 在某种程度上，这场外卖大战是互联网平台经济"流量为王"逻辑的极致演绎。激烈的市场竞争为消费者 带来了肉眼可见的好处，但负面效应也逐渐显现。 首当其冲的是餐饮商户。在平台算法与流量分配机制的裹挟下，商户陷入"不参与即出局"的困境。为维 持店铺曝光率，他们被迫持续让利，最终陷入"订单增长而利润萎缩"的怪圈。这不仅直接挤压了商户的 利润空间，更削弱了其在产品创新与服务优化上的投入能力。 其次，贴身肉搏的平台本身也损失惨重。一是利润严重 ...

Group 1 - The A-share market is experiencing increased volatility, with semiconductor, power grid equipment, and robotics becoming market focal points driven by the AI industry wave and domestic logic [1] - The consensus among first-tier private equity firms indicates a shift in the technology stock market from broad increases to structural differentiation, emphasizing the need to identify genuine opportunities rather than simply distinguishing between "new" and "old" themes [1][2] - Investment strategies are evolving from whether to continue investing to how to invest, focusing on discerning true value and maintaining a balanced approach [3][4] Group 2 - The investment landscape for technology stocks is not a simple binary of "new" versus "old," as both categories can benefit from the high prosperity of global AI development [2] - Key areas of focus include "old opportunities" like semiconductors and AI servers, which are foundational for AI, and "new opportunities" such as robotics and power grids that arise from AI-driven demand [2] - Private equity firms are advised to avoid blindly chasing high valuations and instead prioritize companies with solid earnings and numerous orders, employing a strategy of gradual buying to mitigate risks [4] Group 3 - There is a strong belief in the long-term trends of core technology industries like AI and semiconductors, with a focus on application deployment and potential industry catalysts [5] - The AI computing infrastructure is expected to maintain high prosperity until 2026, driven by significant capital expenditures from overseas cloud vendors and accelerated domestic investments [5] - Emerging technologies and applications, such as AI glasses and storage chips, are being closely monitored for their potential to become future market leaders [6]

Core Insights - The A-share market is experiencing increased volatility, with semiconductor, power grid equipment, and robotics sectors becoming focal points driven by the AI industry wave and domestic logic [1] - The technology stock market is shifting from a broad rally to structural differentiation, emphasizing the need for investors to discern genuine opportunities amidst high valuations and crowded trades [1][2] Group 1: Investment Strategies - A consensus among top private equity firms indicates that the investment landscape for technology stocks is not simply a binary of "new" versus "old," but rather an ecosystem where both can benefit from global AI development [2] - Investment strategies are evolving from deciding whether to invest to how to invest, focusing on identifying genuine technological advancements and solid profitability [3][5] - The recommendation is to avoid blindly chasing high valuations and instead prioritize companies with strong earnings and substantial orders, employing a phased buying approach to mitigate risks [4] Group 2: Market Trends and Predictions - The AI infrastructure is expected to maintain high growth through 2026, driven by significant capital expenditures from overseas cloud providers and accelerated domestic investments [6] - The narrative around domestic semiconductor production remains strong, with potential for key local manufacturers to secure long-term orders following technological breakthroughs [6] - Emerging technologies such as AI glasses and storage chips are highlighted as potential growth areas, with expectations of price recovery in the latter [7] Group 3: Sector Focus - The focus is on sectors with structural demand, such as the AI computing infrastructure and domestic semiconductor industries, which are supported by policy incentives and stable demand [6] - There is a keen interest in less popular technology fields, including AI edge hardware and next-generation communication technologies, which are anticipated to gain traction [7]

Core Viewpoint - The A-share technology sector is experiencing structural differentiation, with active segments like power grids and robotics, while previously leading areas like computing power are undergoing corrections. This has sparked debates in the private equity circle regarding investment strategies and optimization of portfolios [1] Group 1: Investment Strategies - Many private equity firms are adopting a long-term bullish view on the "core technology stocks" while focusing on short-term high-low switches as a key strategy [1] - Investment opportunities in the AI sector should not be judged solely on the "new vs. old" dimension, as both "old AI" (like optical modules and PCBs) and "new AI" are expected to benefit from global AI development [3] - The current market trend shows funds shifting from previously high-performing areas like computing chips to sectors like electricity and semiconductors, indicating a rotation strategy [4] Group 2: Market Dynamics - The high concentration in the AI sector has become a consensus, but many private equity firms view this as a signal to refine their investment choices rather than exit the market [5] - A simplified verification system for investing in technology stocks emphasizes the importance of real technological application, profitability, and R&D efficiency [5] - The strategy of "watching performance" and "buying in batches" is recommended to manage risks and costs effectively [5] Group 3: Future Outlook - Private equity firms maintain a strong confidence in the long-term trends of core technology industries like AI and semiconductors, with a focus on application deployment and potential industry breakthroughs [7] - The AI computing infrastructure is expected to remain in high demand until 2026, driven by capital expenditures from overseas cloud vendors and accelerated domestic investments [7] - Emerging technologies and applications, such as advancements in open-source models and increased token usage, are anticipated to create new, unpriced demands in the industry [8] Group 4: Sector Focus - There is a growing interest in niche areas like storage chips, AI glasses, and AI edge hardware, which are seen as potential growth sectors [8]

Core Viewpoint - The narrative of Chinese companies going global is evolving from "going out" to "going in," with Haier Biomedical leading this transformation through a focus on technology, localization, and ecosystem collaboration [1][2]. Group 1: Strategic Shift - Haier Biomedical's globalization is characterized by a systematic strategic elevation, moving beyond mere product competition to a multidimensional contest involving scenario innovation, local responsiveness, and ecosystem integration [2]. - The company aims to transition from being a "product supplier" to a "solution co-builder" by establishing localized centers for marketing, logistics, and after-sales service [3]. Group 2: Localization Strategy - The "one country, one policy" localization strategy is essential for true globalization, allowing Haier Biomedical to respect market differences and tailor solutions to local needs [3]. - Recent collaborations with top-tier institutions and strategic partnerships in various countries demonstrate the effectiveness of this localized approach, leading to increased recognition and repeat purchases from overseas clients [3]. Group 3: Ecosystem Collaboration - Haier Biomedical's presence in over 160 countries with more than 1,100 partners reflects its strategic vision of building a "zero-boundary ecosystem," enhancing its competitive edge from "product power" to "platform power" [4]. - The shift towards ecosystem collaboration allows global partners to become a community of shared interests, collectively taking on market responsibilities and sharing innovation outcomes [6]. Group 4: Future Directions - The company's practices indicate that Chinese enterprises' globalization has entered a "deep water zone," where success hinges on ecosystem-building capabilities, depth of local integration, and efficiency in global resource allocation [6]. - For Chinese medical companies to secure a significant position in the global landscape, they must move beyond a singular focus on manufacturing advantages to a comprehensive strategy that includes technology, scenarios, and ecosystems [6].

Core Insights - The collaboration between China Minsheng Bank and Juneyao Airlines aims to enhance the "financial + aviation" service experience for travelers, contributing to the development of Shanghai as an international shipping center [1][4] - Juneyao Airlines, established in 2006, operates 103 aircraft, serves nearly 100 domestic and international cities, and transports over 20 million passengers annually [2] - The co-branded debit card offers exclusive benefits for cardholders in Shanghai, including new customer points, monthly vouchers, access to domestic VIP lounges for 1 yuan, ticket discounts, and cabin upgrades [3][4] Company Collaboration - The partnership is based on a shared service philosophy, with Minsheng Bank providing robust financial support through innovative product offerings [2] - Juneyao Airlines' assistant president highlighted the bank's role as an innovator in finance, establishing a solid foundation for a long-term strategic partnership [3] - Both companies plan to deepen their collaboration by optimizing the co-branded card benefits and expanding their product offerings to enhance travel quality [4]