Core Insights - The "Titanium Praise" list is a monthly selection of outstanding works from the Titanium Media APP, based on article popularity, content quality, and editorial recommendations [1][8] Group 1: Top Works - **Top 1**: "China's Garbage, Not Enough to Burn" by Huashang Taolue discusses the transformation of China's waste management from a passive to an active role in waste incineration [2] - **Top 2**: "Why Yu Chengdong Says L3 Definition is Unreasonable" by Naodong Qiche emphasizes the need for detailed and evolving standards in the context of the autonomous driving revolution [3][10] - **Top 3**: "Liu Qiangdong is 'Copying' a Ctrip" by Morgan Research Institute analyzes the challenges JD.com faces in replicating Ctrip's success in the travel sector [3][12] - **Top 4**: "DJI and Yingshi, Reviving a Sunset Industry" by Yuanmeihui highlights the global success of companies in the imaging sector and their impact on ordinary consumers [3][14] - **Top 5**: "From Financial Reports, Where is the New Blue Ocean for Big Companies Going Abroad?" by Growth Factory identifies Brazil as a key market for Chinese companies like Meituan and Didi [3][16] - **Top 6**: "Mining Gold in Latin America, Earning 50,000 a Month is Just the Passing Line" by Biaowei Biaoli discusses the opportunities in Latin America for multinational companies and entrepreneurs [3][18] - **Top 7**: "Those Who Regret Buying New Energy Vehicles, What Are They Experiencing?" by New Energy Industry Observation explores the paradox of increasing sales and rising consumer regret in the electric vehicle market [3][18] - **Top 8**: "American Retailers, Eating Trump's 'Boomerang'" by BrandsFactory examines the challenges faced by small retailers in the U.S. due to supply chain issues exacerbated by tariffs [3][19] - **Top 9**: "618 Survey: Small Merchants Under the Carnival Tide" by Value Planet discusses the impact of price wars on small businesses during promotional events [3][20] - **Top 10**: "Wang Jianlin Still Has to Sell Wanda" by Mirror Studio reflects on the challenges facing Wanda Group and its founder in the current market environment [3][21]

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 （ID：tourismzonenews） ，作者：theodore熙少，题图来自：AI生成 一 最后，他们一家人提着行李箱，坐上了飞往云南大理的航班。 周日下午，北京36度。 我窝在空调房里刷朋友圈，心里暗暗庆幸没有出门。 刷着刷着，就看到一条朋友圈定位，原本跟我说这周末要去南京看展的朋友小婉，定位却显示在长白 山。 我发消息："你怎么去吉林了？" 她回了五个字："去活命啊，兄弟。" 小婉还不是个例。 我另一个北京某互联网大厂做产品经理的朋友林林，之前一直在纠结是带孩子去新疆吐鲁番摘葡萄， 还是去敦煌看壁画。 原因也很简单，新疆、甘肃动辄接近40度，而大理常年二十来度，"舒服到不想走"，带孩子去农场 撒欢也挺好。 当然，不是所有人都运气好到能随时更改目的地。 这周末，人在青岛的阿勇就悔不当初，他原本以为山东的海边多少凉快点，结果在沙滩上暴晒一天， 晚上回酒店直接开始敷芦荟胶。 "早知道这么热，何必拐弯抹角，不如直接去三亚。"他是这么和我抱怨的。 而在旅界所搭建的文旅行业交流社群里，这几天更 ...

证券研究报告 点评报告 2025 年 7 月 8 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、先进制造组： 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 比亚迪的旅行车平价开售。比亚迪海豹 06DM-i 旅行版。新车一共 3 个配置，官方指 导售价区间是 10.98-12.98 万元。填补 10 万级新能源旅行车市场空白，主打"实用 经济+混动技术+智能化"组合。技术配置上，搭载了第五代 DM 混动系统，全系标配 天神之眼 C，配置了 12.8 以及 15.6 英寸悬浮屏+DiLink 100 系统，支持全场语音控 制。 晨会纪要 二、消费组： 截至 2025 年 6 月 1 日，京东外卖日均订单量突破 2500 万单，占据全国外卖市场超 31%的份额，在品质外 卖细分领域市场占有率约为 45%。另外，京东近期加速切入"酒店+机票"业务，以 3 倍薪资从飞猪、携 程等平台挖掘专业人才，并在招聘小程序上发布大量酒旅行业招聘信息。6 月 18 日，京东面向全体酒店 经营者发布公开信，酒店商 ...

7月5日，为期四天的2025葡萄酒旅游大会在山东烟台蓬莱圆满落幕。作为中国葡萄酒产业发祥地、亚洲 唯一的"国际葡萄·葡萄酒城"、全球葡萄酒旅游目的地、中国白兰地之都，烟台以葡萄酒为媒，汇集五 大洲20余个国家和地区的300余名中外葡萄酒界代表、国际组织负责人、顶尖专家学者及行业领袖齐聚 一堂，构建起集政策对话、产业协同、文化交融于一体的国际平台，在思想碰撞中凝聚共识，在成果落 地中擘画未来。 齐鲁晚报·齐鲁壹点 闫丽君 闭幕式上，多项具有里程碑意义的成果集中发布，为全球葡萄酒旅游合作按下"加速键"。 《全球葡萄酒旅游烟台宣言》正式发布。这份凝聚全球共识的文件，以"多元融合、资源共享、创新合 作、绿色发展、品质赋能"为核心，明确将"推动负责任的葡萄酒旅游"作为全球共同倡议。宣言提出， 要尊重各产区文化个性，构建全球葡萄酒旅游合作网络，开发跨区域沉浸式精品路线，将可持续发展理 念融入酒庄建设与游客引导全过程，完善服务标准体系，让高品质体验成为全球葡萄酒旅游的共同名 片。 GWTO主席何塞·安东尼奥表示，烟台以深厚的产业积淀和前瞻的发展理念，为全球葡萄酒旅游合作树 立了典范。《烟台宣言》的发布与GWTO学院全球网络 ...

证券研究报告 可选消费 人货场重构消费生态，聚焦新消费机遇 华泰研究 2025 年 7 月 03 日│中国内地 中期策略 人、货、场多维度变革，正驱动消费行业生态重构 我们认为消费行业正经历从规模扩张向质量升级的深刻变革。在政策红利推 动、技术迭代与消费者偏好及习惯变化等多重因素作用下，行业当下呈现总 体高质量增长、内部多级分化等发展态势：1）人：以 Z 世代、银发族及女 性群体为代表的新消费主力群体正推动消费需求向个性化、品质化方向迭 代；2）货：国货品牌及体验型消费景气度延续，感官体验成为链接消费者 与产品的核心触点；3）场：内容电商正重塑渠道格局，营销加速向去中心 化转型，精准化、场景化渠道快速崛起。我们认为大市值消费龙头有望凭借 品牌、IP 及渠道优势实现强者恒强，而聚焦细分需求的"小池子里的大鱼"， 则有望凭借差异化产品和精准营销在细分领域建立壁垒，实现错位成长。 内需"压舱石"地位巩固，促消费政策密集出台有望提振下半年消费 2025 年政府工作报告中提振内需重要性再度前置，需求端工作重心从短期 刺激需求转向系统性提升消费意愿，以稳固居民收入预期为核心基础，通过 加大就业创业支持力度等举措，从根本上 ...

除了争夺大消费入口，酒旅行业的内部变动也提供了机会。 京东官宣入局酒旅不到一周，阿里也将飞猪并入电商事业群，本就处在供需结构调整周期的酒旅市场，正在加速迎接新玩法。新玩法继而又可能带来行业 格局新变化。 酒旅行业格局常年稳定，携程稳居第一，能力综合、供给强大，尤其手握高毛利的高星酒店，去年市占比56%。美团基于高频带低频逻辑，在下沉市场满 足本地人住本地的需求上也有稳定心智。同程、途牛、飞猪等分享剩下的份额。外部力量很难真正进入，比如抖音。 但在人口结构、房地产政策、产业周期的共同变动下，酒旅行业内部正处在供需都在结构性调整的周期：供给端，整体供给过剩、尤其高星空房率提升； 需求端，年轻人群和银发人群增加，并连带着对酒店消费产生住宿之外的吃喝玩乐、社交聚会等需求。 行业内部变动，为外部力量进入提供了入口。 与此同时，京东、淘宝等电商平台正将能力从商品消费拓展到服务消费，展开一轮大消费入口争夺战，作为服务消费领域关键力量、且发展成熟、毛利高 的酒旅，由此成为外卖之后的第二个竞争焦点。 内外部变量共同作用下，互联网平台做酒旅的玩法可能会加速改变。随着行业本身从供给驱动走向消费需求驱动，会更需要平台对精准、细分的人 ...

以下文章来源于深氪新消费 ，作者Gawaine 深氪新消费 . 深氪新消费成立于2016年，聚焦新经济，关注新消费、新零售等领域的商业进化。 作者： Gawaine 来源： 深氪新消费 外卖战场火拼的喧嚣还未完全消散，京东又在酒旅行业拉开了一条新的战线。 此前京东就因 3倍薪资从携程挖人、无捆绑卖机票等新闻，传出要进军酒旅行业，而今终于风声 落定。 6月18日， 京东以"最高三年0佣金"的政策正式官宣进军酒旅行业，正式吹响挑战携程垄断的号 角 。 这不单单是京东从电商向本地生活服务的链条延伸，而是一场对酒旅行业传统霸权的颠覆。 01 京东扩张版图 整顿畸形生态 外卖大战还没结束，京东就开始进军酒旅，外界曾有不少声音疑惑，京东此举否有些操之过急。 但对于京东来说，这其实更像一种 "带着些必然"的使命。 刘强东 曾经表态，说 "外卖 的 利润率不超 过 5%" ，这并不是东哥卖惨，而是外卖的利润真的 就这么低，每家都是。 ---------------------------------- 同类 数据显示， 美团的 外卖业务利润率长期低于 3% ，美团干外卖也不挣钱， 其 主要靠到店 业务赚钱。 而携程 所在的酒 ...

Core Viewpoint - Alibaba Group is strategically upgrading from an e-commerce platform to a "big consumption platform" by merging Ele.me and Fliggy into its China e-commerce business group, aiming to enhance resource integration and address challenges in traffic and supply chain optimization [1][3][4]. Group 1: Strategic Changes - The merger of Ele.me and Fliggy into Alibaba's China e-commerce business group reflects a shift towards a more integrated operational model, with both companies maintaining their corporate management structures while aligning with the group's unified goals [1][3]. - This strategic adjustment is part of Alibaba's broader initiative to consolidate resources within its e-commerce sector, which includes the establishment of the e-commerce business group in November 2024, led by Jiang Fan [3][4]. - The decision to merge these businesses indicates a reevaluation of the independent value of local lifestyle services within Alibaba, suggesting that competition has rendered such independence less viable [3][4]. Group 2: Market Dynamics - The competitive landscape of the e-commerce market is intensifying, with players like JD.com entering the food delivery and travel sectors, prompting Alibaba to expand its e-commerce offerings [1][7]. - As e-commerce growth slows, platforms are facing rising user acquisition costs, leading to a focus on innovative business models to escape the "involution" of the market [7][10]. - The integration of Ele.me and Fliggy is expected to enhance Alibaba's capabilities in instant delivery and tourism, allowing for a comprehensive coverage of both "far-field" e-commerce and "near-field" retail [4][10]. Group 3: Future Outlook - Alibaba is moving towards a "super app" model, where the integration of various services will create a more cohesive user experience, rather than maintaining multiple independent platforms [5][10]. - The company is prioritizing investment in instant retail to attract new users, with the recent launch of Taobao Flash Purchase achieving over 40 million daily orders shortly after its introduction [8][9]. - The ongoing adjustments within Alibaba's strategy indicate a commitment to enhancing user experience and operational efficiency, with a focus on digitalization and supply chain improvements in emerging markets like instant retail and tourism [10].

Core Viewpoint - JD.com is evolving beyond its traditional e-commerce model, expanding into various sectors such as food delivery, travel, and local services, while emphasizing a supply chain-driven business model [1][6][14]. Group 1: Business Transformation - JD.com is no longer perceived solely as an e-commerce platform, as it now offers services like food delivery, travel bookings, and local essentials through a single app [1][2]. - The company's founder, Liu Qiangdong, highlighted that all of JD's business operations are centered around supply chain management, suggesting a potential for diversification into various industries [6][8]. - The introduction of new services, such as travel and food delivery, raises questions about JD's ability to maintain quality and efficiency in these new sectors [1][3][14]. Group 2: Consumer Experience - Long-time users, like the consumer named "Sasha," express mixed feelings about JD's new offerings, particularly in food delivery, where they experienced delays and poor service [2][3]. - There is a concern that JD's expansion into sectors like travel may exceed consumer expectations, given the complexities and challenges of the industry [5][16]. - Consumers are skeptical about JD's ability to replicate its supply chain success in service-oriented sectors, as the focus shifts from product delivery to service quality [24][23]. Group 3: Supply Chain Focus - JD.com aims to leverage its supply chain capabilities to enhance efficiency across various sectors, including food delivery and travel, by integrating logistics and technology [9][11]. - The company believes that its supply chain model can be adapted to different industries, potentially allowing it to compete effectively in new markets [13][17]. - However, challenges remain, particularly in service-oriented sectors where human management and customer experience are critical [22][23]. Group 4: Market Position and Competition - JD.com is positioning itself as a disruptor in the market, with the potential to challenge established players in the food delivery and travel sectors [1][17]. - The company’s strategy includes enhancing user engagement through bundled services and improving member value, which could lead to increased customer loyalty [17][21]. - Despite the ambitious plans, industry experts caution that JD may face significant hurdles in penetrating the travel market due to existing competition and market dynamics [19][20].

从极具创意营销爆点开始，发展为联动品牌和消费者的一场持 续多日的消费狂欢节 ， " 618 " 不仅是京东集团多业务协同 的年度 " 阅兵台 " ， 还演变成为外界观察这一巨头战略定力 与创新变化的最佳窗口。 作者：钱方 封图：图片资料室 当 2025 年京东 " 618 " 的战绩定格在整体订单量超 22 亿单 ， 下单用户数同比增超 100% ，—— 多元业态同频共振带动百万线下门店订单强劲增长 。 行业又一次感受到京东二十年磨一剑的供应 链能力 ， 在数字零售新战局下的爆发。 " 618 " 关键日的前夜 ， 京东集团创始人、京东集团董事局主席刘强东道出了自己创业至今 ， 支 撑京东一路走来的关键 ： 体验、成本、效率。用自营模式构建起用户的信任高墙 ， 用 " 三毛五 理论 " 的长期主义对抗利润诱惑 ， 用自建物流重新定义电商配送效率...... 刘强东早早洞察了零售的本质 ， " 跟供应链无关的事情 ， 我从来不干。 " 可以看到 ， 京东集团 每隔三年创新一个商业模式 ， 开出一家新公司 ， 从京东物流到京东金融、京东工业、京东健 康、京东产发等 ， " 所有业务 100% 是围绕着供应链展开的 ...