Group 1: Subsidy War Among Giants - The three major platforms, Meituan, Alibaba, and JD, collectively spent nearly 800 billion yuan on food delivery subsidies in the second and third quarters of 2025, with a single quarter's expenditure reaching 444 billion yuan, a 48% increase quarter-on-quarter [3] - The subsidy war has led to a significant decline in profits for all three companies, with Meituan's CEO indicating that the food delivery business will continue to face substantial losses in the fourth quarter [4] - Alibaba's 500 billion yuan subsidy plan has been extended over three years, indicating a long-term strategy despite a reduction in fourth-quarter spending [4] Group 2: Company-Specific Strategies and Financial Impact - Alibaba views food delivery as a traffic entry point rather than a profit tool, using subsidies to convert food delivery users into consumers of higher-margin businesses, resulting in a peak daily order of 1.2 billion after four months of its flash purchase service [5] - Meituan's marketing expenses surged from 180 billion yuan to 343 billion yuan, leading to a record quarterly loss of 160 billion yuan, with its profit margin plummeting from 25.1% to 5.7% [6][7] - JD has adopted a more restrained approach, focusing on supply chain optimization and improving unit economics, resulting in a decrease in market share but an increase in user engagement [8] Group 3: Impact on Merchants and Riders - Merchants are suffering from a "false prosperity," with total order volume increasing by 7% but actual revenue declining by 4% during the subsidy war [9] - Delivery riders face increased work intensity and risks, with income pressures expected to rise once subsidies decrease, leading to potential income drops due to oversupply in the labor market [9] Group 4: Industry Implications and Regulatory Response - The prolonged subsidy war has led to market saturation and inefficiencies, with a 10% decline in soft drink production indicating a distortion in the supply chain [10] - Regulatory bodies have intervened, urging platforms to cease low-price competition and focus on service optimization, highlighting the need for a shift from a scale-driven approach to sustainable business models [10]

一条深夜发出又迅速删除的朋友圈，像一枚精准的针刺破了公募基金行业光鲜的泡沫。 招商基金量化投资部基金经理蔡振，这位从业超过11年的"主动量化"标杆人物，罕见地在社交媒体上袒 露心声："自己的需求与公司错配了"。他直言不讳地表示"不想不停地发新产品"，计划"明年减少管理 产品数量"，"聚焦在自己认同的产品上"。这番表态迅速在业内引发震动，因为它戳中了一个公开的秘 密——在规模至上的行业逻辑下，基金经理正不堪重负，而投资者的利益可能正在被稀释。 7只。 | 序号 | 基金名称 | 基金类型 | 近三月 | 近六月 | 近1年 | 近2年 | 任职回报 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 招商上证科创板综合价格 指数增强发起式C | 指数型-股票 | = | - | = | = | | | 2 | 招商上证科创板综合价格 指数增强发起式A | 指数型-股票 | = | - | = | - | - | | 3 | 招商沪深300增强策略ETF 发起式联接A | 指数型-股票 | = | = | = | l | 3. 63% | | 4 | ...