2026年一开年，市场就传来重磅消息：1月9日，国务院反垄断反不正当竞争委员会办公室宣布，依据 《中华人民共和国反垄断法》，对外卖平台服务行业市场竞争状况开展调查、评估。 是问题，也是期待。这些从身边蹦出来的问号，和它们所承载的美好愿望，或许正是观察新一年消费市 场最好的起点。咱们就顺着这些线索，展望一个与你我钱包和幸福感息息相关的2026年。 同日，市场监管总局发布了2025年综合整治"内卷式"竞争十大制度建设成果；财政部、国家税务总局宣 布自2026年4月1日起，取消光伏等产品增值税出口退税。 外卖大战还会接着打吗？ 紧接着，1月14日，市场监管总局宣布，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌 滥用市场支配地位实施垄断行为立案调查。 1月27日，市场监管总局又发布2025年综合整治"内卷式"竞争十大重大案件，包括深圳罗马仕科技有限 公司违反强制性产品认证规定及虚假宣传案，山西老葛商贸有限公司虚假宣传、价格欺诈系列案等。 消息密集登场，消费者心中难免有几个问号：新的一年里，曾经让我们"薅"得那么开心的外卖大战，会 熄火吗？"卷"得飞起的各行各业，能喘口气了吗？经历了预制菜风波，平时点个外卖、 ...

近日，泛嘉与淘宝闪购达成合作，以"生态开放，共建共赢"为核心理念，实现企业服务生态与即时零售 能力的精准对接。此次合作不仅为泛嘉"工作贝"新增优质即时消费场景，双方更同步释放专属权益，既 助力泛嘉优化升级平台服务体验，也为淘宝闪购在即时零售赛道的客群拓展提供有效支撑，形成资源互 补、双向赋能的协同效果。 此次合作深度融合双方核心优势，实现泛嘉企业服务生态与淘宝闪购即时零售能力的双向赋能。淘宝闪 购为泛嘉平台用户提供大额专属红包，泛嘉同步开放会员专属权益。泛嘉平台用户在餐饮外卖、商超日 百、美妆母婴、生鲜熟食等全品类即时消费中使用工作贝支付可享受"会员折扣+专属红包" 多重叠加福 利。此举措不仅丰富了泛嘉平台企业员工的即时消费场景，更显著提升了会员权益含金量，同时以生态 协同的方式升级了平台综合服务能力，让企业员工消费更便捷、性价比更高，也进一步夯实了泛嘉在上 市企业数智化服务领域的差异化优势。 对淘宝闪购而言，泛嘉汇聚的上市企业员工，是兼具高消费力、高频需求与高品质诉求的核心客群—— 这类群体工作节奏快，即时消费需求旺盛，且对配送时效、服务品质敏感度高，与淘宝闪购定位高度契 合。泛嘉带来的客群导入，不仅能为淘 ...

1月21日，国家税务总局上海市税务局正式发布处罚通报，对拼多多处以10万元罚款。 这笔罚款数额，对于年营收超千亿元的拼多多而言，无疑是九牛一毛，甚至不及部分中小企业的月度营收，看似无关痛痒。但就是这张"象征性"的罚单， 却在即时零售行业引发轩然大波，甚至会让美团、淘宝闪购、京东秒送三大即时零售平台的相关负责人彻夜难眠。因为它背后释放的监管信号，远比罚款 金额本身更具震慑力，更是对所有互联网平台涉税合规的一次郑重警示。 在很多对拼多多颇有微词的网友看来，这10万元罚款"来得太晚"，但大多数人其实并未读懂处罚的核心原因：有人猜测是因为平台上的假货乱象，有人联 想至争议不断的"砍一刀"营销模式，还有人推测是平台自身偷税漏税。事实上，这些猜测都与真相相去甚远。 根据上海市税务局的官方通报，拼多多被罚的核心原因，是"未按照《互联网平台企业涉税信息报送规定》要求，报送2025年第三季度平台内经营者和从 业人员涉税信息"，且在税务机关责令限期改正后，仍未在规定期限内完成整改，最终被依法处以10万元顶格罚款。看似简单的"未报税"表述，背后是国 家对平台经济税收监管的重大变革，更是直接关系到即时零售行业生死存亡的关键节点。 P ...

最近和几位品牌商朋友交流，聊到了一个很有意思的话题，即时零售这么火，大家的业绩到底怎么样？ 从销量维度看的话，无一例外，都是双位数，甚至是三位数的增长。 但内部仔细一核算，就发现整体投入的资源非常大，投入产出完全不成正比， 资源倾斜了，费用砸下去了，政策给到了极致，销量确实也冲起来了，但一算利润账，很难看。 而且很多品牌商在即时零售的运作上，是把它当成了一个电商平台，沿用了天猫、抖音的打法，烧钱、补贴、买流量、冲排名。 这就导致，生意变成了一种用促销价格换销量的恶性循环。只要补贴停了、满减活动一撤，销量立马开始下跌。 增长没有沉淀下来，消费者也没有留存下来，线下的价盘却烂掉了。 这么多问题，为什么还要做呢？ 归根结底，今天的市场太卷了，增长太难了，但是品牌的销量任务每年都在递增。 恰好，即时零售现在是个快效药，今天多投点钱，就能看到订单增长。对于品牌而言，这种立竿见影的效果会让人短期上瘾。 再一个，经常有品牌商提到，"你不做，竞品做了，就抢了我的销量。"尤其是水饮、休食、日化等高频品类，竞品上了你没上，短期就能看到压力。 但是这样的增长，也就做汇报的时候，有一个好看的数字，形式大于意义。 如果继续只看规模、不 ...

Core Viewpoint - The trend of socialized employment is expanding, driven by macroeconomic pressures, labor shortages, and the need for flexible workforce solutions across various industries, particularly in manufacturing and retail sectors [1][2][6]. Group 1: Concept and Environment - Socialized employment refers to various forms of employment outside standard labor relations, including outsourcing, labor dispatch, hourly pay, platform-based flexible employment, and shared employment [1][3]. - The macroeconomic environment is characterized by economic fluctuations and a declining working-age population, leading to labor shortages and rising costs for companies [1][6][16]. - The retail sector utilizes a mix of outsourcing, hourly pay, and platform-based flexible employment to adapt to market demand fluctuations, with high employee turnover being a core issue [1][29]. Group 2: Trends and Policy - The scale of socialized employment continues to grow, with supportive policies expected to improve further [2][9]. - Socialized employment is becoming a standard practice for companies, with human resource service providers upgrading to more specialized and digital services [2][9]. - Government policies are encouraging the development of socialized employment models to enhance competitiveness [9]. Group 3: Macro Environment - The digital economy is rapidly growing, projected to reach 63.2 trillion yuan by 2024, accounting for 46.8% of GDP, driving the demand for new employment forms [6]. - The integration of digital technology is reshaping employment relationships, fostering various platform-based flexible employment models [12][40]. Group 4: Industry Penetration - As of 2024, over 240 million people are engaged in flexible employment in China, with socialized employment deeply penetrating various industries [19]. - Business outsourcing has a penetration rate exceeding 50%, while labor dispatch accounts for 20-30%, and platform-based employment is below 20% [19]. Group 5: Micro Environment - External competition and internal management demands are driving companies to adopt socialized employment strategies to remain agile and control labor costs [23]. - Socialized employment effectively balances the need for cost efficiency and individual development, allowing companies to dynamically adjust labor costs based on business fluctuations [26]. Group 6: Sector-Specific Characteristics - In the retail sector, socialized employment is characterized by high employee turnover, with a turnover rate exceeding 30% for frontline positions [37]. - Manufacturing companies are increasingly using socialized employment to manage labor costs and risks, particularly during peak demand periods [44][49]. - Different types of retail enterprises have varying socialized employment needs, with fast-moving consumer goods companies focusing on promotional roles and instant retail emphasizing delivery personnel [35].

Group 1: Core Insights - The Liaoning Provincial Market Supervision Administration plans to release 101 local standards by Q4 2025, focusing on industries such as cultural tourism and elderly care, including significant standards like the "Non-material Cultural Heritage Workshop Construction Specifications" [1] - By the end of 2025, a total of 221 local standards will have been published, bringing the cumulative total to 1,642 local standards in Liaoning Province [1] Group 2: Environmental Protection - Three local standards related to environmental protection will be released, including the "Technical Specifications for Environmental Risk Assessment of Hazardous Waste Disposal," which aims to enhance the management of hazardous waste and ensure ecological safety [1] Group 3: Transportation - Four local standards will be introduced in transportation, including the "Electronic Certificate Operation Service Specifications for Road Transport," which will standardize the application of electronic certificates in the road transport sector [1] Group 4: Urban Renewal - Eleven local standards will be published for urban renewal, including the "Technical Regulations for Green Building Construction Drawing Design Evaluation," which aligns with national carbon reduction goals and aims to reduce environmental impact and construction energy consumption [1] Group 5: Trade and Commerce - Two local standards will be released in trade and commerce, including the "Instant Retail Management Specifications," which will enhance the service capabilities of instant retail platforms and promote industry standardization [2] Group 6: Cultural Tourism - Five local standards will be established in the cultural tourism sector, including the "Non-material Cultural Heritage Workshop Construction Specifications," which outlines basic construction and management requirements for protecting and inheriting intangible cultural heritage [2] Group 7: Elderly Care - Three local standards will be introduced in elderly care, including the "Special Dietary Service Specifications for Elderly Care Institutions," which will guide institutions in providing specialized dietary services to the elderly [2]

这一挑战的根源在于用户需求的本质升级，其诉求已超越"快速买到某件明确商品"的简单维度，进阶为 蕴含复杂意图的场景化解决方案。面对"安排健康减脂晚餐"或"筹备家庭生日派对"这类任务，传统平台 基于海量SKU与骑手网络的"货架+管道"模式，显得力不从心。它提供了零件与速递，却将"组装解决方 案"的复杂劳动留给了用户。 因此，行业的普遍乏力感，缘于能力模型与新兴需求之间的结构性错配。平台若停留于"交易场"的定 位，便只能在既有范式内优化效率，无法开启新的价值空间。 新范式的三个核心维度 近日，阿里巴巴旗下AI助手"千问"全面接入即时零售平台"淘宝闪购"。这一整合或将成为即时零售赛道 竞争逻辑转向的一个关键信号——从依赖流量分发与价格补贴的模式，向依托生态协同与智能代理的价 值创造模式探索演进。 行业现状与共性挑战 当下的即时零售格局，正处在一个深刻转折的关口。旧有增长模式的天花板已然显现：以巨额补贴拉动 规模的边际效应急剧递减，用户对单纯优惠日渐钝感。同时，物流时效的竞争也已固化，"30分钟送 达"成为基础标配，难再构成壁垒。行业的共性挑战，正从"更快、更便宜地交付商品"，转向"更精准、 更智慧地满足需求"。 即时 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a strong performance in the Indian consumer goods sector, particularly for Eternal's Blinkit, which exceeded market expectations [4][5]. Core Insights - Blinkit's contribution per order reached 30 INR, surpassing the market consensus of 26 INR, with total order value increasing by 121% year-on-year [4][5]. - The monthly active users reached 23.6 million, driven by a stable pricing strategy and category expansion [4]. - The instant retail segment achieved breakeven earlier than the market consensus expectation for FY2027, despite an increasingly competitive environment [5]. Summary by Sections Instant Retail Performance - The instant retail segment is driven by high-quality customers who prioritize convenience over price sensitivity, providing significant advantages for advertisers [5]. - The total order value in this segment grew by 121% year-on-year, adjusted for GST and seasonal factors, the growth rate is 130% [5]. Food Delivery Growth - The food delivery business saw an acceleration in order value growth, attributed to slight improvements in demand and investments in user activation [6]. Strategic Investments - District and Hyperpure are strengthening Zomato's competitive edge, with District's losses exceeding guidance due to investments in live IP and District Pass [7]. - Hyperpure's underestimated moat enhances restaurant efficiency and trust, deepening partnerships with Zomato [7]. Catalysts for Growth - The food delivery segment continues to enhance order frequency and user growth through the Zomato Gold loyalty program [8]. - The instant retail business is expanding its user base through geographic expansion and the development of a front warehouse network [8]. Company Overview - Eternal, founded in July 2008, initially focused on the Indian market and has expanded to 22 countries with over 120 million active users [11]. - The company holds a 50% market share in India's online food delivery sector, covering over 700 cities [11]. Revenue Breakdown - Revenue by product: 39.9% from Indian food delivery, 30.6% from fresh supply chain, 25.7% from quick commerce, and 3.6% from entertainment ticketing [12].

顺丰同城 20260121 摘要 阿里在高客单价餐饮市场加大补贴，旨在缩小与美团在 30 元以上市场 份额的差距，目前美团在该市场占据约 70%的份额。此举或将影响餐饮 外卖市场的竞争格局。 阿里通过加盟模式加速即时零售布局，盒马计划在 2025 年底前落地 300 家前置仓，淘宝便利店预计 2026 年覆盖 200 多个城市，开设 2000 家门店，提升履约能力和市场渗透率。 国务院对外卖行业反垄断调查旨在防止过度竞争，预计不会显著改变平 台补贴策略，阿里的市场份额第一战略目标预计保持不变，补贴退坡主 要受季节性因素影响。 淘宝闪购日均单量接近 6,000 万件，即时零售单量约 1,000 万件，占比 相对较低，表明即时零售市场具有较大的增长潜力，优化策略和增加投 入是关键。 即时零售市场规模预计未来将翻倍至 2 万亿元以上，受益于消费者对高 频次、即时性需求的增长，以及仓储和人力成本优势，3C 数码和个护产 品及下沉市场是潜在增长点。 国务院对外卖行业反垄断调查可能会对平台补贴产生一定影响，但整体来看不 会大幅改变其战略方向。首先，从战略层面看，阿里的目标是确保市场份额第 一，这一战略定力不会轻易改变。其 ...

Core Insights - Alibaba has set a clear goal to achieve "absolute first" in the instant retail sector by 2026, transitioning from a competitive stance to a decisive declaration of intent [1][2] - The company aims to leverage its financial strength and ecosystem advantages to dominate the market, with a focus on efficiency optimization and high-margin product categories [5][7] Market Overview - The instant retail market in China is projected to reach 971.4 billion RMB in 2025 and exceed 1 trillion RMB in 2026, with an annual growth rate of 12.6% [3] - Instant retail has become a critical battleground for major retail players due to its high-frequency consumer engagement potential [2][3] Performance Metrics - Instant retail revenue reached 14.784 billion RMB in Q2 2025, marking a 12% year-on-year growth, contributing significantly to Alibaba's overall performance [2] - As of August 2025, Taobao Flash Purchase reported 300 million monthly active buyers and a peak daily order volume of 120 million [4] Competitive Landscape - Alibaba faces intense competition from established players like Meituan, JD.com, and Douyin, each leveraging unique strengths in logistics, product offerings, and consumer engagement strategies [15][16][17] - Meituan has built a robust delivery network, while JD.com focuses on high-value categories with a self-operated model, and Douyin utilizes content-driven strategies to stimulate impulse buying [16][17] Strategic Initiatives - Alibaba's strategy includes the introduction of "flash warehouses" and partnerships with offline brands, aiming to onboard one million brand stores over the next three years, potentially generating an additional 1 trillion RMB in transactions [9][18] - The company is transitioning from a focus on scale to enhancing operational efficiency, with a significant emphasis on AI technology to improve merchant and service provider operations [7][10] Financial Considerations - As of Q3 2025, Alibaba held 573.89 billion RMB in cash and liquid investments, providing a substantial financial cushion compared to competitors [5] - The company's adjusted EBITA fell by 78% year-on-year to 9.073 billion RMB in Q3 2025, primarily due to investments in instant retail and user experience [8] Challenges and Opportunities - Despite improvements in unit economics, challenges remain in balancing service quality and profitability, particularly in high-value order segments [12][14] - The company must address supply chain complexities and enhance delivery capabilities in lower-tier markets to maintain competitive advantages [13]