反内卷下如何看美团和阿里巴巴的投资价值 20250722 摘要 阿里巴巴在纯电商领域的核心优势在于品牌货架逻辑和 88VIP 会员体系， 但面临抖音和拼多多的挑战，需调整策略以应对竞争压力，关注实际支 付增长和用户体验。 抖音作为内容驱动的电商平台，增长迅速，通过短视频结合品牌广告实 现快速扩张，并涉足到店业务，但其核心仍依赖内容流量驱动。 拼多多专注于商品供应链，以农产品和白牌产品为主，通过百亿补贴策 略提升商品价值与价格贴近度，类似于 Costco 的模式，强调商品价值 属性。 美团在本地生活服务中表现突出，核心竞争力在于即时零售配送，通过 维护外卖用户心智实现稳定增长，并积极拓展物流供应链，如折扣零售 和小象超市。 阿里加大本地生活补贴力度，但低价订单的 ROI 仍需观察，而美团通过 防守补贴和 ESG 措施调整策略，注重与商家关系及供应链能力。 当前市场竞争格局导致短期利润下调，但企业应回归商业本质，提高商 品、供应链及商业效率，关注海外业务成长潜力，以提升长期竞争力。 美团在外卖领域市占率高，前景乐观，应关注海外业务成长，以国内组 织能力为基础，通过提高企业 ROE 实现长期发展，在估值较低情况下具 ...

如何看外卖大战及下半年格局演变 20250722 摘要 监管约谈规范外卖平台促销行为，特别是针对"0 元购"造成的资源浪 费，导致补贴力度减弱，但大额优惠券依然存在，旨在构建商家、骑手、 平台多赢生态。 外卖市场单量因商家和消费者拆单出现泡沫式增长，总单量达到 2.5 亿 单左右，美团冲击 1.5 亿单，阿里达到 8,000 万单，但并非实际需求增 加。 阿里加码外卖旨在构建 C 端流量入口，不强求行业领导地位，美团仍被 视为稳态格局下的龙头，需警惕抖音等竞争对手带来的冲击。 拼多多或于 8 月进入即时零售市场，以应对电商业务受到的影响，预计 下半年 GMV 目标为 500-600 亿人民币，对应 1,600-1,700 万订单量。 字节跳动在电商领域优势显著，拥有成熟的商家和用户生态系统，抖音 电商增速迅猛，对阿里、京东等传统电商构成压力，2025 上半年 1 至 2 月增速约为 25%，3 至 5 月增速提升至 35%到 40%。 字节跳动在本地生活服务方面推出"探饭"agent，并开始招募品质商 户入驻随心团业务，通过直播和返佣提高用户体验，但算力瓶颈限制了 大规模推广。 美团面临阿里、京东、拼多多和抖 ...

美国宣布退出联合国教科文组织。 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 突发！杜邦直线拉升！市场监管总局：暂停对其反垄断调查程序 丨 创业板，增量资金来了！ 丨 两大主线，利好！满屏涨停 丨 事关中美经贸磋商、中欧领导人会晤……外交部回应→ 丨 "20cm"10 连板！A股新纪录！ 丨 科创板开市这六年：深耕"硬科技"培育沃土 浇灌7万亿创新生态 丨 深夜，大 涨！纳指，史上首次！ 丨 科创板，真6！上市公司、券商高管齐齐"点赞" 丨 京东，大动作！密集投 资机器人企业 丨 大爆发！A股，年内新纪录！ 丨 美银行高管被限制离华！外交部回应 责编：万健祎 校对： 祝甜婷 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 美国国务院发言人塔米·布鲁斯22日发表声明，宣布美国退出联合国教科文组织。 2018年，美国曾退出联合国教科文组织。2023年，美国又重返该组织。 综合自： ...

图片来自：AI生成 公元2025年7月，以一场魔幻的"奶茶0元购"补贴大战拉开序幕，街头巷尾秒变"薅羊毛战场"，这场 荒诞又真实的消费盛宴，以现象级热度席卷年轻人的社交圈。 而就在全城都为超值补贴"买单"时，香港法庭上，一场涉及150亿人民币的娃哈哈继承权争夺战悄然 引爆。卷宗中意外浮现的三个陌生姓名，彻底打破宗馥莉的"独生女"人设，引发舆论哗然。与此同 时，山姆会员店深陷中产信任危机，"退卡潮"在社交平台蔓延，会员制遭受 无数 质疑。商业世界的 暗流汹涌，暴露于全民视野之下。 如果说2025是商战 元 年 ，那还有哪些不容错过的高光瞬间？ 将视线拉远，这场全民"吃瓜"的 热潮 ，却没有因时间而 降温 ： 万科、格力、娃哈哈的权力变动； 白酒、乳业、电商、车企的激烈竞争； 新势力车企的价格拉锯，奶茶门店外挤爆的人潮...... 无数 值得关注 的现场，正在你我身边上演。 你心中印象最深的商战名场面是什么？又有哪些" 事件 "让你意犹未尽？ 优质内容将有机会 转载至虎嗅视频号 ● 外卖大战 ● 娃哈哈继承风波 ● 车企价格战 ● 会员制"退卡潮" ● 新消费品牌崛起 ● 其他你 发现的商战名场面 最终入选内容将 ...

THE FINAL PROPERTY a a am a 4 5 7 0 4 as a dia a 000000 0 00 08 00 1 B = 1 = = 0 0 = ensus .. ta Can In Be G co a 1 es a ma an a cas DODDET OURSELY KE 天猫代运营 一、店铺基础搭建：品牌定位的视觉化呈现 店铺运营的第一步是建立与品牌调性高度一致的视觉体系。某新锐护肤品牌通过大数据分析发现，其目标客群（25-35岁女性）对"实验室科技感+自然成 分"的组合呈现接受度最高。据此设计黑白金主色调的极简风格，配合显微镜下的植物细胞动效，使首页跳出率降低至28%，远低于行业平均45%的水平。 商品主图采用"成分特写+使用场景"的AB版测试，转化率提升19%。详情页则创新性植入产品研发纪录片片段，平均停留时长达到3分42秒，较改造前提升 2.3倍。 二、流量获取矩阵：公私域联动的精准爆破 在当今电商竞争激烈的环境下，天猫作为中国最大的B2C平台之一，已成为品牌商家争夺流量的主战场。然而，许多商家在入驻天猫后，面临店铺运营策划 的难题——如何从零起步搭建店铺？如何精准获取流量 ...

Core Viewpoint - The rise of the Jiangsu Urban Football League, known as "Su Chao," has transformed from a local event to a nationwide sensation, driven by cultural consumption trends and community engagement [2][6][44]. Group 1: Cultural Consumption Trends - The first half of the year saw "Su Chao," "Ningbo Super," and "LABUBU" emerge as top cultural consumption trends, highlighting the importance of spectacle, topic engagement, and emerging consumer sentiments [2]. - "Su Chao" has captivated audiences, with its appeal rooted in the excitement of local rivalries and community pride, reflecting a deeper cultural connection beyond just sports [6][9]. Group 2: Key Events and Milestones - The inaugural Jiangsu Football Development Key Cities Competition took place on November 17, 2024, marking the beginning of "Su Chao" [19]. - The league officially launched on May 10, 2025, with the first match attracting 18,000 spectators, indicating strong local interest [19][20]. - By the third round of matches, attendance surged, with a record 60,396 spectators at a match on July 5, 2025, showcasing the league's growing popularity [40]. Group 3: Marketing and Sponsorship - The league's marketing strategy included a low ticket price, making matches accessible and appealing to a broader audience, which contributed to its initial success [20]. - Major sponsorship deals were secured, with companies like JD.com and Yili becoming official sponsors, further enhancing the league's visibility and commercial viability [31]. Group 4: Community Engagement and Cultural Impact - The league has become a platform for local cultural expression, with events incorporating regional traditions and community participation, thus fostering a sense of belonging among fans [26][42]. - The narrative surrounding "Su Chao" emphasizes not just competition but also the celebration of local identity and community spirit, resonating with a wide audience [44][45].

大公司： 星巴克中国回应广东部分门店新推"星子自习室" 36氪获悉，7月22日，针对广东部分星巴克门店新推"星子自习室"一事，星巴克中国发文回应称，希望 门店空间在炎炎夏日给消费者提供一个"自习"的去处；未来在更多门店也准备尝试更多的"兴趣向"空间 和活动。 中国首个农业开源鸿蒙国产替代标杆项目正式启动 36氪获悉，7月21日，由中国农业科技企业麦麦科技集团携手深圳开鸿数字产业发展有限公司、中信农 业科技股份有限公司与荆门市政府共同发起的"中国首个农业开源鸿蒙国产替代大场景暨国产农业人工 智能产业链建设项目"在湖北荆门举办了合作签约仪式。项目聚焦农业全场景的开源鸿蒙国产替代化建 设，以"国产替代+人工智能"为核心，构建从种业芯片、操作系统到农业全产业链应用的全栈自主可控 体系。 北京链家选拔1411位装修专家，开启"购房+装修"一站式服务 为助力消费者实现从"有得住"到"住得好"的美好居住需求，北京链家7月22日宣布推出1411位装修专 家，覆盖全市所有门店。此举旨在通过培养既懂房产又懂装修的复合型居住顾问，实现从二手房交易到 装修的有效衔接，帮助客户在购房过程中综合决策，提前进行装修避坑，打造"从买到住"的 ...

巴菲特的老搭档，伯克希尔的副主席芒格，曾在2023年初坦承自己使用杠杆投资了中国最大电商平台的误判："阿里巴巴是我犯过最大的错误之一，我被 它在中国市 场上的地位所吸引，但它始终是个零售商，这在互联网上是个竞争激烈的生意，对每个人来说都不是小菜一碟。" 作为一个古老的行业，零售似乎早已讲不出令资本市场眼前一亮的故事。但从2025年3月初发起的第二次外卖大战至今，以阿里、京东、美团为代表的新 零售商们，正在通过把远场货架电商与近场即时零售结合的形式，走出一条新路，而像老牌零售巨头沃尔玛旗下的山姆超市所代表的硬折扣模式，很可能 是新零售的最后一块拼图。 属于美团自己的"动物园"生态，在继小象超市、歪马送酒之后，即将迎来第三个成员——快乐猴。多方消息称，快乐猴超市的定位就是硬折扣模式，对标 阿里旗下的盒马NB（Neighbour Business（社邻商业））。虽然美团官方没有正式回应网传的信息，但北京西单商圈已经悬挂出快乐猴的巨幅广告，短暂 上线的微信小程序显示运营主体为杭州象鲜科技有限公司，正是小象超市集团的成员。 当美团、京东、饿了么的外卖订单当日总量突破数亿级规模后，如何将"闪电战"的过客转化为"留量资产" ...

Core Viewpoint - The article discusses the intense competition in the food delivery market in China, particularly focusing on the aggressive subsidy strategies employed by major players like Meituan, Alibaba, and JD.com, and the implications of these strategies on market dynamics and consumer behavior [2][3][6]. Group 1: Market Dynamics - The food delivery market in China is experiencing a significant increase in order volume, with a record of 200 million orders on July 5, driven by substantial subsidies from major companies [2][3]. - Meituan, Alibaba, and JD.com are collectively burning through approximately 20 billion RMB monthly in subsidies, indicating a fierce battle for market share as user growth stagnates [2][3]. - The competition has led to a situation where consumers benefit from heavy discounts, but the long-term sustainability of such a model is questionable [2][3]. Group 2: Company Strategies - Alibaba's delayed entry into the food delivery battle is attributed to internal restructuring and the need to align its resources effectively before launching a competitive response [3][4][5]. - The timeline of Alibaba's strategic moves includes significant organizational changes and the announcement of a 50 billion RMB subsidy plan, indicating a coordinated effort to regain market presence [5][6]. - Meituan's response to the competition has been characterized by a focus on maintaining operational efficiency and leveraging its existing infrastructure to counter the aggressive tactics of its rivals [10][11]. Group 3: Competitive Landscape - The article highlights the differences in strategic approaches between Meituan and its competitors, noting that Meituan is more cautious and strategic in its responses compared to the aggressive tactics of JD.com and Alibaba [10][11]. - The competitive landscape is further complicated by the entry of new players and the potential for existing platforms like Pinduoduo and Douyin to join the fray, indicating a rapidly evolving market [15][16]. - The profitability of the food delivery business remains a concern, as companies struggle to balance subsidies with sustainable business models, leading to volatility in stock prices across the sector [11][12].

Group 1 - The "Housing Rental Regulations" will be implemented starting September 15, 2025, aiming to standardize rental activities and enhance tenant protections [1] - The 2025 Fortune China 500 list reveals that the total revenue of the listed companies reached $14.2 trillion in 2024, a decrease of approximately 2.7% compared to the previous year, while net profit increased by about 7% to $756.4 billion [1] - The domestic film market shows a strong performance with domestic films accounting for 91.2% of the total box office in the first half of the year, indicating a shift towards quality over quantity in the industry [2] Group 2 - The World Health Organization plans to release new guidelines for GLP-1 therapy for adult obesity treatment in September 2025, marking a significant policy shift in addressing obesity [3] - UBS forecasts that the Federal Reserve will begin a total rate cut of 100 basis points starting in September, with the dollar expected to stabilize after recent declines [5] - JD.com is set to acquire Hong Kong's Jia Bao, with the actual transaction amount being less than 4 billion HKD, and further details expected to be announced in August [6] Group 3 - The Asian Infrastructure Investment Bank successfully issued 2-year panda bonds worth 2 billion yuan, with nearly 60% held by foreign investors, achieving a record oversubscription of 3.2 times [6] - Tesla has opened its first Supercharger Diner in Los Angeles, aiming to provide an engaging experience for all visitors, regardless of whether they own a Tesla [8] - Starbucks has introduced "Star Self-Study Rooms" in some locations in Guangdong, aiming to provide a study-friendly environment for consumers [9]