从配送端看，达达依托京东生态，在其即时零售中相对占据先发优势；顺丰同城则凭全场景配送能力， 与各品类头部客户及平台深度合作，资料显示，其KA市占率稳居市场前列，可全生态承接外卖平台及 微信、抖音、阿里等平台订单；主打"一对一急送"的闪送亦可承接部分平台外溢订单。据悉，在刚刚过 去的"520"当天，顺丰同城鲜花单量环比前日增长超9倍，饮品、快餐单量同比分别增长143%、98%， 进一步凸显其在大促场景下的订单消化能力，第三方即配龙头地位持续巩固。 目前，资本市场对顺丰同城的长期价值亦给出积极评价，华泰证券等多家投行给予买入评级，目标价 13.8港元，较现价存15%的上行空间。 5月26日，美团发布2025年第一季度财报。在财报后电话会上，美团CEO王兴谈到如何看待京东外卖百 亿补贴时表示："我们将不惜一切代价赢得竞争""从长远来看，本地生活业务拥有可持续的增长潜力"外 卖与即时零售赛道竞争进一步白热化，各方一起做大市场，作为重要基础设施的即时配送平台，特别是 不捆绑商流平台的第三方即配或将持续受益。5月27日，国内规模最大的第三方即配平台顺丰同城股价 大涨8.7%，自5月8日以来累计上涨51.13%，市场反应强 ...

Group 1 - The core viewpoint of the articles highlights the ongoing price war in the instant delivery sector, which is squeezing profit margins across the industry, prompting players to actively respond [2] - SF Express's stock has risen over 30% since May 8, with a peak increase of over 41%, positioning it as a leader in the instant delivery sector amid a reassessment of the value of third-party delivery platforms [2] - The competition in the instant retail market reveals that platforms' own delivery capabilities cannot meet the diverse and time-sensitive delivery demands, creating opportunities for third-party platforms like SF Express [2] Group 2 - The market's revaluation of third-party instant delivery services is reflected in SF Express's recent stock performance, driven by significant trends in local life market traffic polarization and high fulfillment demands across multiple scenarios [3] - According to Questmobile data, the average daily usage of SF Express's rider app increased by 40% year-on-year in April, indicating a positive outlook for demand in the instant delivery industry [3] - Analysts have raised revenue forecasts for SF Express for 2025 and 2026, maintaining a "outperforming the industry" rating with a target price of HKD 13.50, suggesting a 26% upside potential from the current price [3]

Core Viewpoint - The market is witnessing a shift in perception towards third-party instant delivery platforms, with SF Express (顺丰同城) emerging as a key beneficiary amidst the competitive landscape of food delivery giants like JD, Meituan, and Alibaba [1][2] Group 1: Market Dynamics - The ongoing battle for the instant retail market, initially focused on food delivery, has revealed two main issues: the inability of self-owned logistics from platforms to meet diverse delivery demands and the need for merchants to avoid being tied to a single delivery platform [2] - SF Express, as a neutral third-party delivery platform, is positioned to capitalize on these challenges by providing services across multiple platforms, thus enhancing operational efficiency for merchants [2] Group 2: Competitive Landscape - The market for neutral logistics has been disrupted in 2024, with Dada Group being privatized by JD and Flash Delivery facing significant losses, highlighting the scarcity of leading third-party players [3] - In contrast, SF Express has demonstrated strong and sustained profitability, with a 27% year-on-year revenue increase to 15.7 billion yuan and a doubling of net profit, solidifying its position as the only consistently profitable player in the sector [3] Group 3: Future Outlook - The stock performance of SF Express reflects a market re-evaluation of the value of third-party instant delivery services, driven by the increasing demand for multi-scenario fulfillment and the company's strong brand presence [3] - Analysts predict continued growth for SF Express, with expectations of increased revenue in 2025 and 2026, supported by a 40% year-on-year increase in daily usage of its rider platform [4]