智通财经记者 | 张倩楠 智通财经编辑 | 刘海川 日前，市场监管总局批准发布了推荐性国家标准《外卖平台服务管理基本要求》。2025年12月4日，市 场监管总局召开专题新闻发布会，总局网监司副司长王丹丹介绍，该标准旨在切实解决外卖行业存在 的"幽灵外卖"、非理性竞争，以及配送员权益保障不足等重点问题。 "今年以来，市场监管总局针对外卖行业非理性竞争问题，多次约谈相关外卖平台，明确要求平台企业 严格遵守法律法规，落实主体责任，维护市场公平竞争秩序。" 王丹丹表示，在此背景下，市场监管总 局充分发挥标准化在明确市场规则、规范行业发展方面的引领作用，按照"急用先行"的原则，指导全国 平台经济治理标准化技术委员会研究制定《外卖平台服务管理基本要求》国家标准，同步推动外卖平台 深化整改。 压实平台主体责任，剑指"幽灵外卖" 王丹丹介绍，国家在食品安全方面已经制定了一系列的监管要求，平台应当严格遵守。在此基础上，标 准提出压实平台主体责任，进一步推动解决"幽灵外卖"等问题，维护消费者的合法权益。 一是加强商户的入驻管理。平台应设置专门的团队和人员，通过人工或者技术手段对商户提供的信息进 行审核，除要求商户提供相应证照信息 ...

针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足等问题，近 日，市场监管总局发布实施推荐性国家标准《外卖平台服务管理基本要求》（以下简称《基本 要求》）。 《基本要求》立足行业实际，坚持"需求牵引、问题导向"，提出"四个聚焦、四个强化"，推动 引导外卖平台同步深化整改。 聚焦平台内争议处理，强化协商机制建设。督促平台建立完善消费者权益保护体系，完善消费 者、商户、配送员等多元主体投诉、申诉及处置机制建设，确保平台管理程序透明，畅通投诉 举报与异议反馈渠道，主动接受社会监督。 聚焦平台内商户管理，强化主体责任落实。通过规范商户入驻审核、日常运营管理等环节，引 导外卖平台切实履行对商户的服务与管理责任。支持鼓励商户积极响应"互联网+明厨亮灶"有 关要求，严守食品安全底线，守护消费者"舌尖上的安全"。 《基本要求》遵循科学性、规范性、实用性、前瞻性原则，在充分调研外卖平台服务管理实践 经验的基础上，对现有法律法规和监管要求进行细化和补充，广泛采纳商户、配送员、消费者 等多元主体意见建议，切实帮助外卖平台优化管理方式、提升服务质量、实现多方共赢，进一 步推动外卖行业在良性竞争中创新发展。 聚 ...

在促销规则方面，新标准要求平台坚持公平、透明原则，不得对交易条件相同的商户实施歧视性待遇。 平台必须保障商户自主选择权，提供"不参与平台促销"的选项，且不得将商户购买流量推广、使用指定 工具或参与其他活动作为设置促销门槛的前提条件。 针对部分平台强制或诱导商户促销的问题，《基本要求》明确禁止平台通过流量倾斜、优先配送承诺、 默认勾选促销功能、第三方施压等手段，变相强迫商户开展价格促销。同时，平台不得利用技术手段或 管理权限限制商户自主撤销已发起的促销活动，不得干预商户对促销价格的设定与调整。 新京报讯(记者陈琳)针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足 等问题，近日，市场监管总局正式发布推荐性国家标准《外卖平台服务管理基本要求》，对外卖行业长 期存在的促销乱象、成本转嫁、商户自主权受限等问题作出明确规范，旨在推动行业公平竞争与健康有 序发展。 《基本要求》强调，外卖平台开展价格促销活动时，相关成本应由平台自身承担，不得以任何形式转嫁 给商户或配送员。平台不得通过分摊工具捆绑收费、临时上调服务费等方式变相转移促销成本，切实减 轻商户与骑手负担。 此外，新规还对促销宣传行为作出规 ...

12月4日，针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足等问题，近日，市场监管总局发布实施推荐性国 家标准《外卖平台服务管理基本要求》（以下简称《基本要求》）。 聚焦平台收费与促销行为，强化竞争秩序规范。明确平台收费规则及促销活动管理要求，督促引导外卖平台简化收费项目、规范促 销行为，推动各类收费信息透明化、促销规则合理化，营造公平有序的市场竞争环境。 聚焦平台用工管理，强化配送员权益保障。围绕劳动强度、职业关怀和社会保障等方面，提出合理确定劳动时间、完善职业培训体 系、探索多元保障方式等内容，助力健全配送员权益保障机制。 聚焦平台内争议处理，强化协商机制建设。督促平台建立完善消费者权益保护体系，完善消费者、商户、配送员等多元主体投诉、 申诉及处置机制建设，确保平台管理程序透明，畅通投诉举报与异议反馈渠道，主动接受社会监督。 《基本要求》遵循科学性、规范性、实用性、前瞻性原则，在充分调研外卖平台服务管理实践经验的基础上，对现有法律法规和监管要求进行 细化和补充，广泛采纳商户、配送员、消费者等多元主体意见建议，切实帮助外卖平台优化管理方式、提升服务质量、实现多方共赢，进一步 推动外 ...

自从两年多以前吴泳铭接任阿里集团 CEO，阿里巴巴这艘巨轮就开始调转方向，他确立了集团未来将只围绕电商和阿里云（AI）两个重点方向投入资 源。在阿里内部全员信中，吴泳铭强调：核心业务要长期投入，不赚钱的业务要尽快变现。 2025年2月，吴泳铭宣布未来三年投入超3800亿元建设云和AI硬件基础设施，总额超过去十年总和。 9月，云栖大会上，阿里一口气发布Qwen3系列七大模型，包括万亿参数的Qwen3-Max、全模态Qwen3-Omni、编程专用Qwen3-Coder等，通义大模型全 球下载量突破6亿次，衍生模型超17万个，稳居全球开源第一。 11月17日，阿里巴巴AI的APP千问公测，公测一周，千问app的下载量就突破了1000万，成为史上增长最快的AI应用，超越ChatGPT、Sora、DeepSeek 首周表现。 11月25日，发布2026财年第二财季（2025年7月-9月）的业绩报告，营收2477.95 亿元，同比增长 5%，高于一致预期 2452.0 亿；调整后净利润103.5 亿，同比减少71.76%，低于一致预期 168.0 亿。 分板块中国电商集团、国际数字商业集团、云智能集团和其他业务收入分别为 ...

Core Viewpoint - The takeaway from the recent market results indicates that the price war in the food delivery industry has not created sustainable value and is unsustainable in the long run [2][4] Group 1: Market Competition - Meituan's CEO Wang Xing emphasized that while the price war is meaningless, competition itself is essential for the industry [2] - Meituan's response to the low-level price competition involved increasing restaurant subsidies, resulting in an operating loss of 14.1 billion RMB and an adjusted net loss of 16 billion RMB in Q3 [4][6] - Despite the losses, Meituan's performance was better than expected, indicating a relatively favorable "battle damage ratio" compared to industry peers [4] Group 2: Long-term Value Creation - Wang Xing stated that Meituan will focus on doing the right things to serve consumers, merchants, and delivery personnel, with confidence in creating genuine long-term value [7][8] - The long-term value strategy is not solely reliant on food delivery but aims to build a diversified growth ecosystem centered around instant retail [8][9] Group 3: Ecosystem Development - Meituan aims to serve consumers, merchants, and delivery personnel, which forms the core of its platform ecosystem [10][12] - The company has implemented a multi-layered welfare system for delivery personnel, including health insurance and housing support, to ensure their rights and benefits [10][12] - For small and medium-sized merchants, Meituan focuses on reducing costs and increasing efficiency through optimized subsidy rules and AI tools [14] Group 4: Operational Precision - The food delivery industry is characterized by thin margins, requiring precise operations to avoid losses [16][18] - Meituan's operational strategy includes user-segmented subsidies and efficiency improvements for merchants, which have helped maintain operational efficiency despite price competition [18][19] - The company believes that the current irrational competition is temporary and that platforms with deep industry knowledge and operational efficiency will lead the market [19]

外卖大战没有绝对赢家 | | | 截至9月30日止三個月 | | | 截至9月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | | 2024 | 2025 | | | | 人民幣 | 人民幣 | 美元 | 人民幣 | 人民幣 | 美元 | | | | (以百萬計) | | | (以百萬計) | | | 經營活動產生的現金流量淨額 | 31.438 | 10.099 | 1.419 | 65.074 | 30.771 | 4.322 | | 投資活動產生(所用)的現金流量淨 | | | | | | | | 額 | 964 | (69,652) | (9.784) | (34.865) | (51.324) | (7,209) | | 融資活動(所用)產生的現金流量淨 | | | | | | | | 額 | (66,782) | 10.902 | 1.531 | (86,364) | 8.171 | 1.148 | | 匯率參動對現金及現金等價物、受限 | | | | | | | | 制現金及應收託管資金的影響 | ...

Group 1: JD Discount Supermarket - JD Discount Supermarket opened its first store in Anhui, located in Hefei, with long queues on the opening day [1] - The store follows JD's "large store, multiple SKUs" model, utilizing a self-built warehouse of 14,000 square meters for efficient delivery within a 25-kilometer radius [1] - The product selection focuses on high-cost performance nationwide goods while incorporating local Anhui specialties [1] Group 2: Dingdong Maicai - Dingdong Maicai launched a seafood processing service nationwide, offering various processing options for popular fish types [3] - In Jiangsu, over 70% of users opted for processing services when purchasing black fish, with sliced processing accounting for 60% of those choices [3] Group 3: Meituan and Starbucks - Meituan Longzhu's founder revealed that they exited the first round of bidding for Starbucks China due to failed verification [5] - The founder predicts a slowdown in the tea beverage market growth after reaching a scale of 400 billion yuan, while the coffee market is expected to grow to 600 billion yuan [5] Group 4: Walmart - Walmart announced a $350 million investment to build a second milk processing plant in Valdosta, Georgia, to strengthen its supply chain [12] - The new facility will create over 400 jobs and supply milk to more than 650 Walmart and Sam's Club locations in the southeastern U.S. [12] Group 5: Alibaba Foundation - Alibaba Foundation released a report on its progress in assisting people with disabilities, highlighting the increasing role of AI in creating accessible environments [13] - The foundation's initiatives have helped over 18,000 disabled individuals earn income through various projects [13] Group 6: Cainiao - Cainiao's unmanned vehicle delivery network has expanded to over 30 cities in China, enhancing supply chain efficiency [14] - The solution allows for real-time replenishment and dynamic route planning, upgrading the traditional delivery model [14] Group 7: KFC Expansion - KFC plans to double the number of its restaurants in Europe over the next five years, marking a significant expansion [15] Group 8: Lin Qingxuan - Lin Qingxuan submitted a new application for listing on the Hong Kong Stock Exchange, planning to issue up to 16.06 million shares [17] Group 9: Tianjin Snack Growth - Tianjin's Le Ba potato chips saw a tenfold increase in sales on Pinduoduo, leveraging innovative flavors and nostalgic appeal [18] Group 10: New Store Openings - Sushi Lang will open two new stores in Shanghai, marking its first locations in the city [20] - Beijing added over 960 new stores in the first 11 months of 2025, highlighting the growth of the first-store economy [22]

进入12月，上海的外卖骑手李明（化名）明显感觉单量变"凉"了。午高峰时期，曾经被来自不同平台的 骑手挤得水泄不通的奶茶店门口，如今恢复了正常秩序。他的收入从夏季巅峰时月入1.5万元左右，回 落到了眼下的月入1.2万元左右，"补贴少了，每天要比最火的时候少跑近20单"。 根据媒体报道，今年第二季度，美团、京东、阿里巴巴外卖大战的开支至少超过300亿元，《每日经济 新闻》记者结合其最新发布的财报测算，三大平台在第二、第三季度为争夺外卖市场投入的资金总规模 约750亿元。 这一冷一热的切身体验，精准勾勒出了2025年下半年那场席卷中国本地生活市场的百亿元级补贴大战从 狂热顶点迅速退潮的轨迹。 从财报可以看出，第三季度，3家公司的"烧钱"规模呈现爆发式增长。美团销售及营销开支同比激增 90.9%，达到343亿元。美团在财报中解释称，这主要是由于业务发展以及为应对外卖行业的激烈竞争 而不断调整的业务策略导致推广、广告及用户激励的开支增加。由此推断，同比新增的约163亿元大多 用于应对竞争的推广与用户激励。 几乎同一时间，一家连锁茶饮品牌的创始人李察（化名）看着刚刚出炉的11月账本，松了一口气。他再 也不用面对那些让自己 ...

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the negative consumer sentiment and its impact on retail sales growth, as well as the performance of various sectors including commercial aerospace and energy [3][16]. Consumer Sentiment and Retail Sales - As of September 2025, consumer capability and willingness to spend have contributed 4.98% and -0.48% respectively to retail sales growth, indicating that subsidy policies have not effectively improved consumer sentiment [3]. - The contribution of subsidized goods to retail sales has increased significantly, with subsidized goods accounting for 57.0% of retail sales in the first ten months of 2025, compared to 48.9% in 2024 [3]. Market Performance - On December 3, 2025, the A-share market saw a collective decline, with the Shanghai Composite Index down 0.51%, Shenzhen Component down 0.78%, and ChiNext down 1.12% [16]. - The total trading volume across the three markets reached 168.37 billion yuan, an increase of 76.3 billion yuan from the previous day, with over 3,800 stocks declining [16]. Sector Analysis - The coal sector showed strength, with companies like Dayou Energy and Antai Group hitting the daily limit due to increased seasonal demand amid cold weather [16]. - The commercial aerospace sector experienced mixed performance following the ZQ-3 rocket's successful launch but failed first-stage recovery, leading to volatility in related stocks [10][16]. Investment Recommendations - The article suggests focusing on the commercial aerospace sector, particularly companies involved in rocket propulsion, satellite internet applications, and satellite manufacturing, as the industry is expected to accelerate due to favorable policies and technological advancements [11].