Core Insights - The competition in the local life service sector has intensified, with Alibaba entering the market through Gaode and launching the "Smoke Fire Good Store Support Plan" with over 1 billion yuan in subsidies to encourage in-store consumption [1] - Douyin has also announced a similar initiative called the "Smoke Fire Small Store Support Plan," targeting merchants with an average consumption of under 100 yuan, providing traffic incentives and resources [1] - Analysts predict that the focus of competition will shift from food delivery to non-food instant retail and in-store services in the fourth quarter of 2025 [1] Company Strategies - Alibaba's investment in in-store services is driven by the higher profitability of this business and the need for an independent platform to support local life services, as Taobao cannot cover all scenarios [3] - Meituan has historically maintained its leading position through cash flow control and a strong ground team, but faces challenges from new entrants like Douyin and Alibaba [4] - Douyin's local life services achieved over 300 billion yuan in transaction volume in 2023, but faces challenges in user retention and service fulfillment [4][5] Market Dynamics - The local life service market is evolving into a duopoly between Meituan and Douyin, with Alibaba's re-entry pushing the industry into a new competitive phase [4] - The overall e-commerce market is experiencing slower growth, with traditional platforms like Alibaba and JD.com facing competition from content-driven e-commerce platforms like Douyin and Kuaishou [7][8] - The competition is not just about acquiring new users but also about cultivating user habits and increasing the time spent on respective apps, which can lead to higher-margin e-commerce transactions [1][8] Financial Performance - Meituan's stock has dropped 49.1% from its March high of 189.6 HKD to 96.55 HKD, while Alibaba's stock has risen 98.6% from a low of 76.073 HKD to 151.1 HKD, marking a four-year high [2] - Meituan reported revenue of 918.4 billion yuan and an adjusted net profit of 14.9 billion yuan in Q2 2025, while Douyin's e-commerce GMV is projected to reach 4.2 trillion yuan in 2025 [7]

公益在线北京讯 （记录者 陶凯龙）近年来，随着电商行业的快速发展，部分不良商家利用消费者信息不对称，通过"虚高定 价、低质售卖"等方式牟取不当利益。这类"不合理高价售卖低价值商品"的现象，不仅扰乱了正常的市场秩序，也损害了消费者 体验，成为行业治理中的痛点。 为切实维护平台公平健康的经营环境，保障广大消费者合法权益，抖音电商近期针对相关违规行为开展专项监测与治理，坚决 打击此类扰乱市场秩序的行为。 其典型违规表现为：价格与价值严重背离：商家定价远超市场合理水平；虚假宣传与广告引流：制造虚假卖点、夸大商品宣 传，并借助广告引流，诱导消费者为不合理高价买单。 上述行为严重侵害消费者权益，破坏市场公平秩序。自2025年9月专项治理启动以来，平台已累计下架封禁相关违规商品2.3万 个，处置商家41家。 以下典型违规案例，抖音平台提醒消费者谨慎辨别： 典型违规案例一：虚高定价售卖"云南蜜桔子" 商家"好***超市"上架"云南蜜橘子"商品，将单价虚高设为199.9元/箱，并通过夸大品质、产地的短视频配合广告投放引流，诱 导消费者购买。如，在短视频中夸大宣称橘子品质"九分甜一分酸""云南高山种植"等。经平台调研，市场同类商 ...

今晚八点iPhone 17开始正式预售了，针对此，刘老实想接着昨天的话题继续聊聊。 9 月 10 日，美团闪购与淘宝闪购几乎同时发布消息，为iPhone 17的预售擂响战鼓。 淘宝闪购 美团闪购 一方喊出 "重新定义首发"，另一方则宣称 "全系列首发"，两家平台不约而同地将 "首发" 一词推至聚光灯下，俨然把它当作必争的战略高地。消费者尚未 摸到真机，平台之间的火药味却已扑面而来。 所谓 "首发"，原指新产品第一次正式上市销售，是传统电商多年来屡试不爽的营销利器。而在即时零售崛起的 2025 年，这个词正被赋予全新的战术内 涵。它不再只是时间上的争先，更成为平台供应链能力、区域覆盖密度和用户心智抢占的集中体现。无论是 iPhone 这类顶尖消费电子产品，还是美妆、 潮牌、限量球鞋等高频高值商品，"首发" 的主战场正从传统电商货架式页面，迅速迁移至以 "半小时达" 为标志的即时零售平台。 iPhone 17 在美团闪购和淘宝闪购两个闪购平台的"首发" ，绝非一场简单的营销巧合，而是双方在优质供给争夺上的第一次公开亮剑。这不仅仅是平台之 间的较劲，更预示着品牌方销售策略的根本转变：它们不再将即时零售视为清库存或促 ...

智通财经9月12日讯（编辑 冯轶）据Wind数据显示，本周南向资金累计净流入约608.22亿港元，环比上周骤增84%，并创先近5个月来单周流入新高。 而与此相对的是，南向资金本周累计成交7737.64亿港元，约占同期恒指成交额的49%，占比近几周连续走低。结合本周恒指再度走强，或表明其他资金对 行情的推动作用正持续增加。 | | | | | | | 近七天 近1个月 | 近3个月 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 南向 | | | | | | 排名 | 股票代码 | 股票简称 | 净买入 | 排名 | 股票代码 | 股票简称 | | 净买入 | | 1 | 9988.HK | 阿里巴巴-W | 246.96 | 1 | 1024.HK | 快手-W | | -17.38 | | 2 | 9660.HK | 地平线机器人 .. | 32.12 | 2 | 9992.HK | 泡泡玛特 | | -13.46 | | 3 | 1801.HK | 信达生物 | 11.15 | 3 | 1810.HK | ...

杰夫·贝索斯（Jeff Bezos）1982年高中年鉴照片，摄于麦当劳打工期间。如今他回望那段岁月时表示："按时到岗，做事可靠，即便是最小的任务也要引以 为傲，只要你用心观察，每件事中都有值得学习的道理。"图片来源：COURTESY JEFF BEZOS 当一个五加仑（约19升）的番茄酱分装桶洒得到处都是时，清理工作也落在了他头上。他回忆道，"我当时是店里级别最低的员工。"这段经历和他后来在 威尼斯花两千万美元办婚礼，或飞上太空的生活天差地别，但仍教给了他一些宝贵经验。"没有哪个工作是跌份的，"61岁的贝索斯补充道，人们应该"早 不管是麦当劳（McDonald's），还是Wendy's，早年在快餐店打工的经历给予人的远不止一份薪水。 1980年夏天，16岁的瘦高个儿少年杰夫·贝索斯走进迈阿密一家麦当劳，填写求职申请表，获得了人生第一份工作。"我父亲年轻时也在麦当劳工作过，这 有点像是一种成人礼，"贝索斯说。作为后厨成员，他每天要打300个鸡蛋、翻烤肉饼，还要打扫卫生间。 点养成努力的习惯，不要等到坐上'重要'岗位时，才开始努力工作。" 在"金拱门"下的岁月，也让贝索斯对系统运作产生了浓厚的兴趣，他领悟到精简运 ...

Group 1: Brand Going Global - The transformation of brand export from OEM to independent brands is highlighted, with a focus on building a global brand value system [2] - Anta Sports has successfully transitioned from "Made in China" to "Created in China," achieving a revenue of 62.36 billion yuan in 2023, with over 40% contributed by the FILA brand [2] - Perfect Diary's localized marketing strategy in Southeast Asia, including tailored product lines and collaborations with local KOLs, has led to significant market presence [2] Group 2: Digital Marketing Localization - The importance of localized digital marketing strategies is emphasized, with different preferred platforms in various regions, such as Amazon in North America and Shopee in Southeast Asia [3] - Companies face challenges like IP address restrictions in cross-border digital marketing, and services like IPFLY provide stable overseas IP resources to enhance marketing effectiveness [3] Group 3: Cultural Going Global - Cultural export is crucial for emotional connections with global consumers, exemplified by Pop Mart's success in creating universally appealing IP characters, achieving overseas revenue of 1.066 billion yuan in 2023, a 134.9% increase [5] - The integration of traditional Chinese culture with modern trends, as seen in Li Ning's "Wudao" series at Paris Fashion Week, showcases a confident cultural expression [5] Group 4: Storytelling in Content Marketing - High-quality consumer brands need to use storytelling to convey brand values, with Xiaomi's success in India attributed to its relatable brand narrative [6] - Huaxizi's marketing strategy, showcasing traditional Chinese craftsmanship through engaging video content, has garnered over 20 million views [6] Group 5: Service Going Global - The establishment of a global service system is a significant challenge, with Haier's localized operations in various markets serving as a model [7] - SHEIN's success is linked to its robust supply chain and customer service, including local warehouses for quick delivery and multilingual support [7] Group 6: Digital Service Innovation - The need for digital technology to enhance service efficiency and quality in cross-border e-commerce is highlighted, with intelligent order management systems being essential for handling diverse international requirements [9] - IPFLY's dynamic residential proxy services facilitate market research and service optimization across over 190 countries [9] Group 7: Three-Dimensional Integration - The interdependence of brand, culture, and service in global strategies is illustrated by Miniso's model of "Japanese design, Chinese manufacturing, global sales," with over 5,400 stores worldwide by the end of 2023 [10] - Maintaining strategic consistency while adapting to local market characteristics is crucial for success in global markets [10] Group 8: Conclusion - The journey of high-quality consumer brands going global is a systematic process, with brand, culture, and service working together to enhance global competitiveness [12] - The future looks promising for Chinese high-quality consumer brands as they leverage digital technology and evolving global markets to create comprehensive export strategies [12]

人民财讯9月12日电，金陵饭店（601007）9月12日在互动平台表示，目前，公司已与京东在电商、物 流、供应链等方面有着深入的交流与协作。未来，将持续探索更多领域合作、合作模式的可能。 ...

该行表示，阿里巴巴在4月30日推出淘宝闪购并展开大力投入后，进一步推出高德"扫街榜"，展开到店 业务布局。该行认为到店业务与到家业务具备一定协同效应，例如到店和外卖的商家资源可以复用。此 外，到店消费场景较外卖业务复杂度较低，减少了履约配送环节，利润空间更大。此外，高德地图于8 月进行版本升级，除加入"空间智能"的AI功能外(准确分析和运用用户行为数据)，同时将APP底部导航 栏重新划分为首页(地图)、探索(周边景点、美食、酒店等推荐)、对话(AI问答)、打车等，整体更加贴 近生活，为高德地图推出"到店团购"业务打下良好基础。根据QuestMobile数据，高德地图2025年7月的 平均DAU已经达到1.86亿，是大众点评同期的6倍，具备较强的流量优势。目前，高德已经集地图、打 车、点评、团购、酒旅为一体，有望对标谷歌地图，打造国内的地图"超级应用"。 阿里巴巴旗下高德地图推出全球首个基于用户行为产生的榜单"高德扫街榜"，全力支持线下餐饮及服务 消费。"高德扫街榜"，主要分为美食、酒店、景区三类，尤其以线下餐饮商家的榜单为主，此外还包括 一些特色美食榜单，比如"本地人爱去""多次前往""烟火小店"等，将覆盖全 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (09988.HK) [4] Core Views - Alibaba is enhancing its "big consumption platform" strategy with the launch of Gaode's "Street Ranking," which supports offline dining and service consumption [1][2] - The integration of Gaode's services with Alibaba's existing platforms, such as Taobao, is expected to create synergies between in-store and delivery services, potentially increasing profit margins [2][3] - The report anticipates significant revenue growth for Alibaba, projecting revenues of CNY 1.06 trillion, CNY 1.18 trillion, and CNY 1.30 trillion for FY2026, FY2027, and FY2028 respectively [3] Financial Summary - Revenue (CNY million): - FY2024A: 941,168 - FY2025A: 996,347 - FY2026E: 1,058,220 - FY2027E: 1,183,302 - FY2028E: 1,304,354 - Year-over-year growth rates for revenue are projected at 8.34%, 5.86%, 6.21%, 11.82%, and 10.23% for FY2024A to FY2028E [1][3] - Net profit attributable to shareholders (CNY million): - FY2024A: 79,741 - FY2025A: 129,470 - FY2026E: 107,108 - FY2027E: 137,785 - FY2028E: 167,027 - Year-over-year growth rates for net profit are projected at 9.97%, 62.36%, -17.68%, 28.64%, and 21.22% for FY2024A to FY2028E [1][3] - The report highlights a significant increase in the return on equity (ROE), expected to rise from 8.11% in FY2024A to 12.47% in FY2028E [1][3] Market Position - Gaode's average daily active users (DAU) reached 186 million by July 2025, significantly outperforming competitors [2] - The report suggests that Gaode is on track to become a "super app" in the domestic market, integrating various services such as maps, ride-hailing, reviews, and group buying [2]

新华财经上海9月12日电（记者杨溢仁）中金唯品会奥特莱斯封闭式基础设施证券投资基金（简称"中金 唯品会奥莱REIT"，基金代码：508082）9月12日在上交所上市。 可以看到，中金唯品会奥莱REIT的发起人——唯品会，是中国领先的品牌折扣电商，也是中国大型综 合电商中专注于运营"品牌特卖"折扣产品的企业。截至2025年一季度末，唯品会是国内已开业奥特莱斯 数量及自持奥特莱斯物业数量最多的奥特莱斯企业；按GMV（商品交易总额）规模统计，唯品会在中 国奥特莱斯企业中位于第一梯队。 "作为首批参与公募REITs申报的基金管理公司之一，目前我们在管的公募REITs产品已达11只，首次发 售及扩募发售规模约364.8亿元。"中金基金的相关负责人表示，"展望后续，我们将坚持服务实体经济 与国家战略，服务资本市场改革发展，在公募REITs领域持续发力，参与公募REITs创新实践，探索不 同基础设施资产类型，积极践行公募基金行业文化理念，更好满足居民财富管理需求，助力行业高质量 发展。" 在中国证监会的统筹指导下，REITs市场稳健发展，截至2025年9月12日，全市场上市的公募REITs已增 加至74只，其中，于上交所落 ...