在刚刚过去的周末，比天气更热的或许是阿里和美团间的"外卖补贴"大战。 新华财经获悉，淘宝闪购7月5日的日订单数超8000万，其中非餐饮订单超1300万，美团则在7月5日深夜宣布其即时零售日订单量突破1.2亿单大关，其中， 餐饮订单超过1亿单。 以外卖为流量入口，美团、阿里系（淘宝闪购和饿了么）、京东三大巨头盯上的是"最后一公里"之争。相比外卖市场的存量竞争，如何重塑即时零售在消费 者心中的认知，成了2025年下半年各大平台竞争的关键。 阿里、美团打响 "史诗级"外卖大战 7月2日，淘宝闪购宣布启动规模高达500亿元的补贴计划，强势加入美团和京东的外卖角逐，形成"三国杀"。次日，阿里巴巴计划发行本金总额约120亿港 元、2032年到期的零票息可交换债券，市场认为阿里此举某种程度也是为了"外卖大战"提供弹药。 7月5日，淘宝、美团两大平台放出了大量且大额的外卖红包券。淘宝闪购放出包括"满25减21""满25减20""满16减16"等多张无门槛的外卖券；美团火速回 敬"0元自取"奶茶券。 多位消费者在社交平台上晒出"零元购"订单，大量用户涌入平台下单，致使美团在5日傍晚一度宕机。"美团崩了"的话题冲上微博热搜榜第一 ...

【淘宝闪购与饿了么日订单超8000万，港股茶饮股与平台公司股价分化】今日，淘宝闪购、饿了么联合 披露，日订单数超8000万，其中非餐饮订单超1300万，日活用户超2亿。受此消息影响，港股茶饮股集 体上扬，截至发稿，茶百道涨超12%，古茗涨超9%，奈雪的茶、沪上阿姨跟涨。而平台公司股价下 挫，美团、阿里巴巴均下跌，拉长周期看，两公司已连跌7个月，分别累计跌超10%和9%。 淘宝闪购于 5月2日正式上线，5月底日订单超4000万，6月底超6000万。上线两月，其日订单突破8000万。淘宝闪购 称，接下来12个月将直补消费者及商家500亿，带动内需，为商家增生意，做大市场。 近期，各平台卷 入"外卖大战"。7月2日，淘宝闪购启动500亿补贴计划。7月5日，阿里、美团上线大量大额优惠券狙 击，大量用户涌入下单，致美团一度宕机。 截至7月5日22时54分，美团即时零售日订单破1.2亿单，其 中餐饮订单超1亿单，创历史纪录。此前有分析指出，4月以来多平台补贴带动现制茶饮订单激增，头部 品牌订单量上升，加盟商盈利改善，茶饮价格企稳，客单价和杯单价有望提升。 华鑫证券认为，外卖 利好与旺季催化下，茶饮行业充分受益。开源证券推 ...

2025 年 07 月 06 日 批发和零售贸易行业研究 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 分析师：许孟婕（执业 S1130522080003） xumengjie＠gjzq.com.cn 联系人：王译 wangyi9@gjzq.com.cn 上周(2025/06/30-2025/07/04)上证指数、深证成指、沪深 300、恒生指数、恒生科技指数分别+1.40%、+1.25%、 +1.54%，-1.52%、-2.34%，商贸零售(申万) -0.16%，板块对比来看，商贸零售板块上周涨幅在 9 个申万大消费 一级行业板块中位列第 8。 永辉将首次举办"717 好吃节"，即时零售竞争再度升级 核心观点 线下：7 月 1 日，永辉超市正式预告其 2025 年度重磅品牌活动——"717 好吃节"即将开启。本次活动将于 7 月 9 日正式拉开帷幕，并持续至 7 月 20 日。永辉超市 CMO 佘咸平强调："717 好吃节是永辉从'货架逻辑'向'生 活方式逻辑'跃迁的关键一步。全面学习与对标 ...

Group 1 - The report highlights a significant increase in instant retail orders, with Meituan's daily orders surpassing 120 million, driven by seasonal demand and substantial subsidies from platforms like Taobao [1][8][9] - Taobao Flash Sale has initiated a 50 billion yuan subsidy plan to stimulate consumer and merchant engagement, resulting in a remarkable increase in order volumes for participating brands [2][9] - The report notes that the baby and personal care product sectors have seen a strong response in a recent recruitment drive, with over 13,000 companies signing up, indicating robust interest from major industry players [3][11] Group 2 - The report provides insights into the performance of the Hong Kong stock market, with the Hang Seng Index declining by 1.52% and the Hang Seng Technology Index down by 2.34% during the week [15][18] - It mentions the performance of Chinese concept stocks in the US market, with the Nasdaq China Golden Dragon Index showing a slight increase of 0.17% [23][24] - The report discusses the ongoing trends in the restaurant and tourism sectors, highlighting the expansion of various brands and the impact of new financing initiatives on the hospitality industry [34][41]

（图片来自豆包AI 提示词女孩喝饮料） 7月5日晚间，阿里、美团上演了外卖大战！ 两大平台放出了大量且大额的外卖红包券，其中包括"满25减21""满25减20""满16减16"等多张无门槛的外卖券，甚至部分外卖还能"零元购"。 随着优惠券的发放，不断有用户涌入阿里、美团两大平台下单，导致美团一度出现宕机。美团内网公布的信息显示，截至7月5日22时54分，美团即时零售当日订 单已经突破了1.2亿单，其中餐饮订单已超过1亿单。 这场大战，可能源于阿里宣布下场加入外卖补贴引发： 7月，阿里主动打出第一炮，淘宝闪购补贴500亿重金冲击美团； 本文内容由见闻研究团队原创，投资者可以添加微信号"jwzhujiao7"领取7天会员体验资格，并加入会员投研交流群，和研究团队一起发掘全球市场机会。 发生了什么？阿里闪击 3日，阿里巴巴突发公告，宣布一笔120亿港元的零息可交换债券用于公司一般用途。投资者认为，这是一次阿里变相"减持"阿里健康股份的商业策略，融资 之后资金的用途仅剩下两个： AI基础设施和热火朝天的外卖大战。 打惯了各种攻防战的 美团，一方面跟进补贴维持战况和用户心智，另一方面主动进行战略收缩 ，把精力和资源投入 ...

2025.07. 06 本文字数：3250，阅读时长大约5分钟 作者 | 第一财经 陆涵之 陈杨园 巨头相争 美团的加码或受竞争者的刺激。 7月2日，淘宝闪购宣布上线两月日订单突破6000万，并以巨大流量反哺线下，同时官宣将在12个月 内直补消费者及商家共500亿。对手加码后，美团在7月5日的冲击属于是对竞争对手的"接招"。 淘宝闪购在加速冲刺更高的日单量。4月30日正式上线以来，淘宝闪购六天实现了日订单超过1000 万单，6月23日，日订单又突破6000万单。 一位接近阿里的人士告诉第一财经记者，周末"冲锋"是淘宝闪购的惯用打法之一，日订单量的新高 峰常在周末达成。数据显示，7月2日补贴上线首日，淘宝闪购餐饮连锁品牌和中小商家生意分别环 比增长170%和140%，拉动咖啡、饮品、甜品、小吃、西式快餐等多品类美食订单量环比增长超过 150%，刺激下午茶、夜间等多场景订单增长超过170%。 知情人士对第一财经记者表示，7月5日，淘宝闪购的餐饮订单和零售订单的确突破了新高峰，已向 6000万单后的下一个台阶迈进。 有消息称，美团"闪击"阿里的决定是7月5日临时作出的。当日上午，美团外卖业务相关执行团队突 然接到通 ...

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in domestic theme park bookings for the summer of 2025, with a year-on-year growth of 70% in orders, particularly for major global players like Universal Studios Beijing and Shanghai Disneyland [2][3] - The report also notes that local IP parks, such as the Pop Mart City Park, have gained popularity, with a 600% increase in bookings in June, placing it among the top 10 summer theme parks [2][3] - The report discusses the strong performance of the AI creative tool Figma, which is preparing for an IPO with a projected valuation of $20 billion, showcasing a 48% revenue growth in 2024 [4][26] Summary by Sections 1. Travel and Leisure - The summer theme park bookings have surged, with a 70% increase in orders compared to the previous year, and surrounding hotel bookings have also risen by approximately 40% [2][3] - The opening of the Shanghai Lego Park has further boosted regional hotel bookings by 350% [13][14] 2. Trendy Toys - The Sanrio 2025 Character Awards have seen record global voting numbers, indicating sustained popularity and engagement with the brand [17][20] - The report emphasizes the importance of anniversary celebrations for IP operations, with significant events planned for characters like Melody and Kuromi [25][27] 3. AI and Creative Tools - Figma, a leading AI creative tool, is set to go public, with a revenue of $749 million projected for 2024, reflecting a 48% year-on-year increase [4][26] - The company has a strong customer base, serving 95% of the Fortune 500 companies, and has shown a net dollar retention rate of 125% [26][30] 4. Coffee and Tea - Luckin Coffee has expanded into the U.S. market with two new stores in New York, utilizing a digital-first approach to minimize costs [36][41] - The average monthly store efficiency for Luckin Coffee reached 247,000 yuan, marking a 13.4% year-on-year increase [41][44] 5. Instant Retail - The competition between Alibaba and Meituan in the food delivery sector has intensified, with significant subsidies being offered to consumers [45][47] - On July 5, Meituan reported over 120 million orders in a single day, indicating a surge in demand [47][53] 6. Beauty and Personal Care - The report highlights the dominance of the domestic brand Han Shu in the Douyin platform, achieving over 700 million yuan in sales in June [53][54] - The beauty category on Douyin saw a GMV exceeding 20 billion yuan in June, with Han Shu leading the market [53][54]

Core Viewpoint - The article discusses the intense competition in the food delivery and instant retail market, particularly focusing on Meituan's strategies and challenges amid aggressive subsidies from competitors like Taobao and JD.com [4][5][6]. Group 1: Market Dynamics - Since mid-June, Meituan's daily payment orders have remained above 90 million, but its market share in terms of order volume has dropped from over 70% to below 60% due to faster growth from competitors [4][6]. - Taobao Shanguo has launched a 500 billion subsidy, marking the largest subsidy war in the history of food delivery, while JD.com has also committed significant resources to compete [5][8]. - The total daily order peak in the competitive landscape has exceeded 180 million, with tea and coffee orders making up a significant portion of the growth [10][11]. Group 2: Financial Implications - Meituan is expected to increase its subsidies by at least 10 billion yuan compared to last year, with potential additional spending of 15 to 20 billion yuan if competition intensifies in the second half of the year [4][8]. - Meituan's core local business, which includes food delivery, is projected to generate an operating profit of 524 billion yuan in 2024, with food delivery contributing approximately 325 billion yuan, accounting for over 60% of the profit [10][11]. - The total subsidy expenditure for Meituan in food delivery could reach 40 to 50 billion yuan this year, reflecting the competitive pressures in the market [10][11]. Group 3: Competitive Landscape - Meituan's main competitors, JD.com and Alibaba, are not reliant on food delivery for profitability, which differentiates them from Meituan, where local services are a primary profit source [10][13]. - The competition has evolved into a battle for online retail growth, with Taobao Shanguo emerging as Meituan's primary rival [12][14]. - Meituan is closely monitoring potential threats from Douyin and Pinduoduo, which are also exploring opportunities in instant retail and food delivery [14][15]. Group 4: Strategic Responses - Meituan's leadership has indicated a commitment to win the competition at all costs, reflecting a strategic pivot towards aggressive market engagement [16][17]. - The company is adapting its subsidy strategies dynamically based on competitor actions, indicating a responsive approach to market changes [8][10]. - Meituan's management is focused on maintaining order volumes despite competitive pressures, with internal assessments suggesting that the battle may last one to two years [10][11].

Core Viewpoint - Alibaba is launching a massive subsidy plan of 50 billion yuan for Taobao Flash Sale, aiming to strengthen its position in the instant retail and food delivery market, with a goal to surpass Meituan in order volume within 2-3 months [3][5][19]. Group 1: Subsidy Plan Details - The 50 billion yuan subsidy plan is one of the largest in the history of the food delivery sector, targeting both consumers and merchants [5][6]. - For consumers, the plan includes large red envelopes, free meal cards, and official subsidized products across high-frequency categories like electronics, beauty, and fresh produce [5][6]. - For merchants, Taobao Flash Sale will offer store subsidies, product subsidies, delivery subsidies, and commission reductions to lower operational costs and ensure profit margins [5][6]. Group 2: Growth and Market Impact - Taobao Flash Sale has seen explosive growth, with daily orders increasing from 40 million on May 26 to 60 million by June 23, representing a year-on-year increase of 179% [6][7]. - The overall order volume in the instant retail market has risen from 100 million to 160 million daily, marking a 60% increase [6]. - The platform's success has created new growth opportunities across various categories, including beverages, apparel, and home goods, with some brands experiencing order increases of over 200% [6][7]. Group 3: Strategic Moves - The subsidy plan is part of Alibaba's broader strategy to transition from a comprehensive e-commerce platform to a "big consumption platform" [9][14]. - Recent organizational changes, including the integration of Ele.me and Fliggy into Alibaba's e-commerce division, aim to create a seamless shopping experience across different consumption scenarios [11][12]. - Alibaba's ultimate goal is to enhance user engagement and frequency of purchases by building a closed-loop ecosystem of "product retail + lifestyle services" [15]. Group 4: Merchant Benefits - The subsidy plan is expected to provide a new business opportunity for merchants, encouraging a shift from price competition to quality and brand development [17][18]. - The plan will lower the entry barriers for small and medium-sized brands into the instant retail market, allowing them to expand their service radius and increase sales [18]. - If Taobao Flash Sale successfully matches Meituan's order volume, merchants could see significant growth in revenue and profits [19].

Core Insights - The Chinese food delivery industry experienced a historic surge in orders, with Meituan surpassing 120 million orders in a single day, driven by a subsidy war between Meituan and Alibaba [1][2] - The competition is characterized by significant promotional activities, including large discount coupons, which have stimulated consumer demand and led to temporary service disruptions on Meituan's platform [1][2] - Goldman Sachs predicts that the ongoing price war will reshape the industry landscape, with substantial investments expected to continue until at least September 2025, ultimately benefiting the market in the long term [3] Company Developments - Meituan reported over 100 million food delivery orders on July 5, accounting for more than 80% of total orders, indicating a strong market presence [1] - Alibaba's Taobao Shanguo launched a 500 billion yuan subsidy plan aimed at boosting consumer and merchant engagement, resulting in significant order volume increases for restaurants and small businesses [2] - JD.com has also seen growth in its food delivery service, with daily orders exceeding 25 million since its launch, covering 350 cities and over 1.5 million restaurants [2] Market Trends - The competition among Meituan, Alibaba, and JD.com is expected to evolve, with potential scenarios ranging from Meituan maintaining its leadership to a duopoly or fragmented market [2][3] - The current price war aims to capture user traffic through frequent delivery services, which may enhance profitability in e-commerce and travel sectors in the medium term [3] - Goldman Sachs estimates that the food delivery market could reach 2.4 trillion yuan and the instant retail market could reach 1.5 trillion yuan by 2030, driven by improved supply chains and new business models [3]