Core Viewpoint - Local industry associations are calling for major food delivery platforms to stop "involutionary" competition and irrational subsidies, urging a shift towards high-quality development in the restaurant industry [2][3]. Group 1: Industry Concerns - Multiple local restaurant associations, including those from Hubei, Shaanxi, and Yunnan, have voiced concerns over the detrimental effects of excessive competition among food delivery platforms [3]. - The introduction of aggressive subsidy campaigns, such as a "100 billion subsidy" by one platform, has intensified competition, leading to a widespread "subsidy war" among platforms [3]. - Current promotional strategies, including "18 off 18" and "free order cards," have resulted in severe industry involution, undermining the healthy development of the sector [3]. Group 2: Economic Impact - The intense competition has created a "lose-lose" situation for platforms, merchants, and consumers, with significant profit erosion for merchants; for instance, some milk tea products have profits dropping below 1 yuan, and certain dishes are sold at a loss of 4 yuan [3][4]. - Consumers are experiencing issues such as delivery delays, which negatively impact overall consumer experience and threaten the long-term interests of the industry [3]. Group 3: Recommendations - Associations are urging platforms to immediately halt irrational subsidies and prohibit promotions below cost, as well as to stop forcing merchants to participate in subsidy tasks [4]. - Recommendations include optimizing algorithms to prevent order mismanagement and enhancing food safety management, delivery efficiency, and digital service levels [4]. - Merchants are encouraged to participate rationally in promotional activities and resist engaging in price wars to avoid being drawn into the subsidy competition [4].

Core Viewpoint - The article highlights the growing recognition and support for new employment groups such as delivery riders and ride-hailing drivers, emphasizing the need for improved services and working conditions in the rapidly evolving platform economy [8][12][19]. Group 1: Services and Facilities for Workers - The establishment of "Orange Rest Stations" by Didi aims to address the challenges faced by ride-hailing drivers, providing essential amenities such as rest areas, charging stations, and refreshments [10][12]. - The "Driver's Home" service by Huolala allows truck drivers to easily locate rest areas equipped with necessary facilities, enhancing their working conditions [11][12]. - The "Rider's Home" initiative by Meituan offers delivery riders a dedicated space for rest and support, including free refreshments and professional advice on insurance and benefits [14][15]. Group 2: Employment Statistics and Trends - The number of new employment form workers in China has reached 84 million, accounting for 21% of the total workforce, indicating the significance of this group in the economy [8][12]. - The article notes that there are approximately 38 million truck drivers and over 10 million ride-hailing drivers in the country, highlighting the scale of the workforce that requires better support [12]. Group 3: Professional Development and Support - Companies are increasingly focusing on the professional development of delivery personnel, with many employees receiving training and support to advance their careers [19][20]. - The implementation of a structured skill recognition system in the express delivery industry aims to enhance the professional status and career progression of delivery workers [19][20]. - The article mentions that over 23,800 new employees have obtained vocational skill certificates in the past two years, reflecting the industry's commitment to improving service quality and employee skills [20].

这个周末，没有像最近两周一样，听到外卖平台发布战报的消息，取而代之的是地方餐饮行业协会加班 发文，继续呼吁外卖平台停止"内卷式"竞争。 洛阳市餐饮与饭店行业协会、山东省烹饪协会等7月19日相继发布倡议书，呼吁淘宝闪购（饿了么）、 京东、美团三家外卖平台停止"内卷式"竞争，立即停止非理性补贴，取消低于成本价补贴活动，禁止强 制摊派补贴，转向高质量发展，明确补贴上限与账期保障等。 此前，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守法律法规，严 格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手和平台企业 等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。 记者在山东省烹饪协会的官微查询到了关于呼吁外卖平台停止"内卷式"竞争的倡议书。 山东省烹饪协会呼吁，立即停止非理性补贴，取消低于成本价补贴活动，建立覆盖原材料与运营成本的 合理定价机制。 据媒体报道，经初步统计，过去一周内，已有湖北省、陕西省、云南省以及北京、青岛、大连、大同、 重庆、深圳等超10个省市的餐饮行业协会陆续发布相关倡议书，呼吁外卖平台停止"内卷式"竞争。 近期，外卖平台之间的补贴大战愈 ...

Weekend Major Events - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan, aiming to construct five cascade power stations primarily for power transmission and local consumption in Tibet [1] - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd., which will be managed by the State Council [2] Regulatory Actions - The State Administration for Market Regulation conducted administrative talks with major food delivery platforms, urging them to comply with relevant laws and promote rational competition to foster a healthy ecosystem in the food service industry [3] Industry Development Plans - The Ministry of Industry and Information Technology is set to release a work plan to stabilize growth in ten key industries, including steel, non-ferrous metals, and petrochemicals, focusing on structural adjustments and eliminating outdated production capacity [4] - The Ministry of Industry and Information Technology is promoting innovation in future industries such as humanoid robots, the metaverse, and brain-computer interfaces, aiming to cultivate new industries and develop new growth drivers [6] - A meeting was held to discuss the regulation of the new energy vehicle industry, emphasizing price monitoring and shortening supplier payment terms to ensure product safety and quality [7] Market Analysis and Predictions - CITIC Securities suggests that the "going abroad" strategy may be a new direction for A-shares, with strong performance expected from companies expanding internationally, particularly as trade war expectations stabilize [9] - CITIC Construction Investment anticipates a continuation of structural market trends, with new sectors being crucial for investment success, while traditional sectors may underperform [10] - Guotai Junan highlights that the market is transitioning to seek new scenarios as the mid-year earnings season concludes, with domestic ROE recovery becoming clearer [12] - Shenwan Hongyuan notes that A-shares maintain strength due to stable capital market policies and a connection between short-term economic highlights and mid-term supply-demand improvements [13] - Dongfang Caifu emphasizes that the market is likely to experience a slow bull trend, with "anti-involution" policies providing support for overcapacity industries [14] - Xinda Strategy indicates that the recent performance of cyclical stocks may signal the mid-term upward trend of the bull market [15] - Everbright Strategy predicts that the market may reach new highs in the second half of the year, driven by fundamental and liquidity factors [16] - China Galaxy suggests that the A-share market is likely to maintain a volatile upward trend, with a focus on policy areas following the upcoming Central Political Bureau meeting [18] - Huaxi Securities believes a new round of upward momentum is underway, with a focus on high-growth sectors and stable dividend assets for long-term investment [19]

"淘宝闪购给我推送外卖红包，但就是没有之前优惠力度大了。还以为免费雪糕都没有了，打开美团发现部分会员还能领 到。京东外卖还能领百亿补贴优惠。"7月20日，消费者小张习惯性地"打开"三家外卖App，看看当天是否有红包或优惠券 领取。7月18日，饿了么、美团、京东三家外卖平台被市场监管总局约谈，持续近两周外卖补贴"大战"画上了句号。连日 来，记者亲测发现，被约谈后，此前低门槛的红包优惠券、免费配送券、大量的"0元茶饮券"等消失，但是一些红包、优惠 券、到店团购优惠等还能领取和使用。 记者观察发现，本轮"声势浩大"的外卖大战，从最初激发消费者的夏季外卖"狂欢"，但过程中出现"变味"，最终平台被相 关部门约谈，为外卖行业竞争敲响了警钟，非理性"内卷"不利于行业的发展，就连外卖平台高管也承认，依靠高额补贴出 来的订单量存在大量泡沫。 记者亲测： 京东潮流代言人 张艺兴 平台红包补贴依然发放骑手配送时间恢复正常 7月19日至20日，记者亲测发现，被约谈后，平台此前"疯狂式"的补贴有一定收敛。20日，记者打开淘宝闪购发现有三张待 使用的优惠，包括了"满35元减16元""满20元减10元""满15元减10元"，但每天依然保留 ...

Core Viewpoint - The article summarizes significant recent events and the latest assessments from securities analysts regarding the A-share market's future direction, highlighting a positive outlook driven by various factors including structural changes and policy support [1][12]. Group 1: Major Events - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption needs [2]. - The State-owned Assets Supervision and Administration Commission announced the establishment of China Yajiang Group Co., Ltd., which will be managed by the State Council [3]. - The State Administration for Market Regulation conducted talks with major food delivery platforms to ensure rational competition and compliance with relevant laws [4]. - The Ministry of Industry and Information Technology is set to release a work plan to stabilize growth in ten key industries, including steel and petrochemicals [5]. - A special action to combat the smuggling of strategic minerals has been initiated by the National Export Control Work Coordination Mechanism [6]. Group 2: Securities Analysts' Insights - CITIC Securities suggests that "going overseas" is a way to counteract domestic competition, with expectations for a sector rally post mid-year reporting season, particularly in technology and materials [13]. - CITIC Jiantou emphasizes the continuation of structural market differentiation, with new sectors being crucial for investment success [14]. - Guotai Junan highlights that the market is transitioning to seek new scenarios, with domestic ROE recovery becoming clearer [16]. - Shenwan Hongyuan notes that A-shares maintain strength due to stable capital market policies and a connection between short-term highlights and mid-term supply-demand improvements [17]. - Dongfang Caifu indicates that the market is likely to maintain a slow upward trend, with a focus on sectors benefiting from domestic consumption and technological advancements [18]. - Xinda Strategy points out that the recent performance of cyclical stocks may signal the onset of a mid-term bull market [19]. - Everbright Strategy anticipates that the market may reach new highs, driven by fundamental and liquidity factors [21]. - China Galaxy suggests that the A-share market is likely to maintain a stable upward trend, with a focus on policy signals from upcoming meetings [23]. - Huaxi Securities believes a new upward trend is underway, emphasizing high-growth sectors and stable dividend assets as key investment areas [24].

Core Viewpoint - The recent discussions between the market regulatory authority and major food delivery platforms like Meituan, Ele.me, and JD have not led to a significant reduction in aggressive promotional strategies, particularly concerning "0 yuan purchase" and "0.1 second kill" offers, indicating ongoing fierce competition in the food delivery sector [2][12]. Group 1: Regulatory Response and Market Behavior - The market regulatory authority has urged platforms to engage in rational competition and standardize promotions, aiming to create a healthier ecosystem for consumers, merchants, delivery personnel, and platform companies [13][19]. - Despite the regulatory talks, the competitive landscape remains intense, with platforms like Meituan and Taobao still offering "0 yuan purchase" and substantial low-price subsidies, albeit in a more discreet manner compared to previous weeks [12][19]. - JD has adopted a more restrained approach, with less aggressive promotional tactics compared to its competitors [11][12]. Group 2: Impact on Merchants and Delivery Personnel - Merchants are increasingly vocal against the detrimental effects of the subsidy wars, highlighting a cycle where non-participation leads to a lack of visibility, while participation results in financial losses [15][18]. - The delivery personnel, while experiencing increased earnings during the subsidy period, face heightened labor intensity and safety risks, creating a precarious situation for their long-term sustainability [18][19]. Group 3: Changes in Retail Dynamics - The ongoing food delivery competition is reshaping the broader retail landscape, with platforms transitioning from traditional roles to becoming comprehensive service providers, integrating various services beyond food delivery [20][21]. - User consumption habits are evolving towards immediate gratification, with a shift from planned shopping to on-demand purchasing, compelling traditional e-commerce to adapt [22][23]. - The competition is pushing supply chains to the forefront, necessitating rapid fulfillment capabilities and localized inventory management to meet consumer demands effectively [23][24]. Group 4: Future Outlook - The food delivery battle is expected to gradually cool down, transitioning from price wars to value-based competition, similar to past market dynamics seen in ride-hailing and bike-sharing sectors [19][24]. - The long-term competitive advantages will hinge on data utilization, fulfillment efficiency, and ecosystem collaboration, as platforms strive to convert high-frequency orders into profitable low-frequency services [24][25].

Core Viewpoint - The ongoing competition in the food delivery market should not devolve into a price war but should focus on healthy competition that benefits consumers, merchants, platforms, delivery personnel, and society as a whole [1][2] Regulatory Concerns - The State Administration for Market Regulation has emphasized the need for platforms to adhere to their responsibilities, standardize promotional behaviors, and engage in rational competition to foster a win-win ecosystem [2] - Recent issues during the subsidy war, such as waste from "0 yuan purchases" and delivery delays, highlight the need for a more thoughtful examination of the competition's nature [2][3] Need for Competition - Competition is essential for market vitality, and subsidies can be a legitimate means to attract users, but the method of implementation is crucial [3] - The waste caused by simplistic subsidy methods and the delivery capacity crisis indicate that a rough subsidy war is unsustainable and may harm multiple stakeholders [3] Innovative Competitive Strategies - Taobao Shanguo has introduced a differentiated approach through a "platform direct subsidy" model, investing 500 billion yuan without pressuring merchants to lower prices, focusing instead on store, product, and delivery subsidies [4] - This strategy has led to significant growth, with over 3,074 merchants and more than 260,000 stores seeing order volume increase by over 100% since its launch, particularly benefiting small and medium-sized businesses [4] Market Expansion and Positive Cycles - The subsidy war has resulted in rapid market expansion, with daily order volumes increasing from over 1 billion to 2 billion, and Taobao Shanguo contributing 60% of the new orders [7] - The competition has activated a segment of non-frequent delivery users, demonstrating the positive impact of competition on market scale [7] Differentiated Competitive Landscape - The competitive landscape is diversifying, with Taobao Shanguo leveraging its e-commerce user base and delivery capabilities, while JD.com and Meituan are seeking their own differentiation strategies [7][8] - This shift from homogeneous price wars to diverse value competition marks a significant evolution in the industry [8] Conclusion - The evolution of the competition from "who subsidizes more" to "who can create incremental value" is crucial for achieving a multi-win scenario for consumers, merchants, delivery personnel, platforms, and the broader economy [8]

Group 1 - Three food delivery platforms, Ele.me, Meituan, and JD, were interviewed by the market regulatory authority, emphasizing the need to build a win-win ecosystem for consumers, merchants, delivery riders, and platform companies [2][11] - Since July 5, the discount intensity and order volume on platforms have decreased, with Meituan reporting over 150 million daily orders on July 12, but the promotional efforts have weakened significantly by July 19 [3][12] Group 2 - The bidding prices for the six districts in Yiwu's global trade center have reached new highs, with over 19,000 merchants registered for the second round of bidding for baby products, skincare, and medical beauty products [4][20] - The winning bid prices for toy and skincare products ranged from 134,000 to 138,000 CNY per square meter, indicating a strong demand and competitive bidding environment [4][20] Group 3 - The Hong Kong stock market showed positive performance, with the Hang Seng Index rising by 2.84% and the Hang Seng Technology Index increasing by 5.53% during the week [22][27] - The inflow of southbound funds decreased by 4.496 billion CNY compared to the previous week, indicating a shift in market sentiment [26] Group 4 - The restaurant industry is facing challenges, with companies like Quanjude predicting a significant decline in net profit for the first half of 2025, attributed to weak market demand despite government policies to boost consumption [40] - The hot pot industry is experiencing increased competition, with brands like Xiaobai and Haidilao exploring innovative mechanisms to adapt to market changes [42] Group 5 - The hotel industry is witnessing a significant presence of Chinese companies in the global market, with 21 Chinese hotel groups making it to the top 50 list, reflecting the growing strength of Chinese hotel brands [53] - Jinjiang Hotels reported a projected decline in net profit for the first half of 2025, primarily due to the absence of non-recurring gains seen in the previous year [51][52] Group 6 - The talent market in mainland China is showing cautious optimism, with 60% of respondents expressing a positive outlook, particularly in the electronics and materials sectors [55] - The report highlights the impact of AI on workplace dynamics, with 76% of respondents noting efficiency improvements due to AI integration [55] Group 7 - The IPO of companies like United Power is indicative of the rising trend of family-run businesses in China, with significant growth in revenue and net profit projected [58] - The resumption of exports for domestic GPUs marks a critical moment for the industry, with local manufacturers achieving substantial market validation [59][60]

不过，我们看问题不能止步于外卖，可以看到， 堪称全球 "卷王"的中国，现在开始弥漫着反 内卷的气息。 比如外卖行业，如果放在几年前，某家企业宣布烧钱进军外卖，做大营收，资本市场往往是给 予认可，股价上涨，而现在市场明显厌倦了，卷者和被卷者股价都是下跌。 像光伏行业也是，前几年，这里上光伏项目，那里上，市场很开心，而今天再看到哪里上产 能，吓都吓死了。市场苦"卷"已久矣。 而企业的利润持续下滑，甚至巨额亏损，叠加 PPI 的不断负增长，也终于引起政府高层的重 视，从鼓励卷，到开始有点反内卷的意思。 有许多人想起了 2015 年开始的供给侧改革。背景确实有些相似，都是产能过剩，行业亏损或 者利润大幅下降， PPI 为负。那么以供给侧改革为参考，反内卷走到哪一步了？ 通缩环境下，投资人最怕听到的莫过于 "卷"，比如前几个月京东宣布进军外卖，两家股东都 是在骂娘，后面阿里也加入，三家公司的股价一起手拉手下跌，压得恒生科技指数抬不起头， 被称为外卖指数，直看着美股的纳斯达克一路新高。 年初的时候，大家说今年的市场要盯着巨头花钱方向，大家都以为方向会是 AI ，会是机器 人，会是这样的星辰大海，哪知道巨头们却是眼前的苟且 ...