Core Insights - This year's "Double Eleven" event saw significant growth in sales data, with a notable explosion in instant retail [1][3] - The comprehensive e-commerce platform sales reached 1.619 trillion yuan, a year-on-year increase of 12.3%, while instant retail sales reached 67 billion yuan, marking a substantial year-on-year growth of 138.4% [3] Group 1: Instant Retail Dynamics - The competition among platforms has shifted from food delivery to deep engagement in instant retail, with major players like Taobao Flash Sale, JD Instant Delivery, and Meituan Flash Sale expanding their services [5] - On the first day of Taobao Flash Sale, orders for coffee and convenience store items surged by 800% and 670% respectively, indicating a strong demand for instant retail [5] - By 2030, China's instant retail market is expected to exceed 3 trillion yuan, with a penetration rate rising from 6% to 15.7%, reflecting a compound annual growth rate of approximately 25% [5] Group 2: Third-Party Delivery Services - Third-party delivery platforms like SF Express are benefiting significantly from the rise of instant retail, with substantial order growth during the "Double Eleven" period [6][9] - SF Express's instant delivery service saw a year-on-year increase of over 160% in beverage orders and over 110% in fast food orders during the event [6] - The integration of third-party delivery services with various platforms allows for efficient fulfillment of cross-platform orders, reducing dependency on single platforms [9] Group 3: Market Trends and Future Outlook - The trend of "remote and near integration" in e-commerce is reshaping the fulfillment landscape, requiring enhanced supply chain capabilities [11] - SF Express's logistics services are well-positioned to meet the demands of the expanding market, particularly in lower-tier cities where internet user growth is accelerating [14] - The increasing demand for high-quality third-party logistics services in lower-tier markets is evident, with SF Express reporting a doubling of average daily orders in these areas [14] Group 4: Investment Perspective - The value of third-party delivery players like SF Express is supported by the growth potential in the instant retail sector and their competitive advantages [16] - The penetration rate of instant retail is still on the rise, with high-value categories and lower-tier markets showing significant growth potential [16] - SF Express's ability to provide comprehensive logistics services positions it well for long-term benefits from the expansion of the instant retail market [16]