【钛媒体综合】日前，中国人民银行货币政策委员会2025年第三季度例会内容公布，释放出一系列关键 政策信号。 在分析国内经济形势时，三季度例会表示，中国经济运行稳中有进，社会信心持续提振，高质量发展取 得新成效，但仍面临国内需求不足、物价低位运行等困难和挑战。和二季度例会对比，此次经济运行的 定调由"呈现向好态势"调整为"稳中有进"，面临问题方面删去了"风险隐患较多"的表述，整体评价仍较 为积极。 在研究下阶段货币政策思路时，三季度例会建议，加强货币政策调控，提高前瞻性、针对性、有效性， 根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，抓好各项货币政策措施 执行，充分释放政策效应。这一定调和二季度例会基本一致，但新增"抓好各项货币政策措施执行，充 分释放政策效应"的表述，意味着未来一段时间货币政策的重点仍是在落实已出台的政策。 三季度例会还颇为关注结构性货币政策工具的使用，在二季度例会"扎实做好金融'五篇大文章'，加力 支持科技创新、提振消费，做好'两重''两新'等重点领域的融资支持"的基础上，新提了加大对小微企 业、稳定外贸等金融支持力度。 三季度例会对如何平衡支持实体经济与保持银行体系 ...

Core Viewpoint - The new regulatory draft aims to address the pain points of restaurant owners regarding the opaque fee structures and unfair practices of food delivery platforms, promoting transparency and fairness in the industry [1][3][49]. Group 1: Fee Transparency - The draft mandates that platforms must clearly disclose all fee structures, eliminating hidden costs and ensuring that restaurant owners can understand their financials [4][5][10]. - Platforms are restricted to charging only three types of fees: technology service fees, delivery service fees, and promotional service fees, preventing arbitrary charges [7][9]. - Detailed billing requirements are established, ensuring that all charges are itemized and transparent, allowing restaurant owners to track their expenses accurately [11][13]. Group 2: Promotion Autonomy - The draft stipulates that platforms must bear the costs of their promotional activities, relieving restaurant owners from the burden of subsidizing these costs [20][23]. - Restaurant owners are granted the autonomy to decide on their promotional strategies without being coerced into participating in platform-led promotions [26][28]. - The draft prohibits platforms from using misleading promotional tactics, ensuring that promotional information is presented fairly and transparently [30][31]. Group 3: Stricter Entry Requirements - The draft introduces stringent entry requirements for food delivery platforms, including the necessity for restaurants to provide real business licenses and undergo video verification to prevent "ghost kitchens" from operating [33][39]. - Platforms are required to conduct regular checks on restaurant compliance, ensuring that only legitimate businesses are allowed to operate [41][43]. - The draft emphasizes the responsibility of platforms in managing food safety and compliance, ensuring that they cannot shift liability onto restaurant owners [36][38]. Group 4: Operational Improvements - The introduction of a "peak order warning" system aims to help restaurants manage high order volumes effectively, reducing conflicts with customers and delivery personnel [45]. - A mechanism for restaurants to appeal against platform penalties is established, promoting fairness in the operational ecosystem [46]. - The draft also addresses the rights of delivery personnel, ensuring fair compensation and working conditions, contributing to a more sustainable delivery workforce [47][48]. Group 5: Industry Transformation - The food delivery industry is at a pivotal moment, with new regulations fostering a more transparent, fair, and competitive environment for compliant restaurant operators [49][50]. - The new rules are expected to create a protective barrier for honest businesses, emphasizing the importance of trust and efficiency in the evolving market landscape [51].

每经记者｜赵雯琪 每经编辑｜张益铭 继卡塔尔、科威特后，美团在中东市场40天内再开新城。 当地时间9月27日上午11点（北京时间9月27日15点），美团旗下国际外卖品牌Keeta正式在阿联酋迪拜启动运营。《每日经济新闻》记者了解到，Keeta在阿 联酋首都阿布扎比的上线筹备工作也已在进行中。 值得一提的是，阿联酋也成为美团国际化业务在中东海湾地区的第四个战略落点，今年年初，美团管理层在电话会上提出"三年内覆盖海湾六国（沙特、阿 联酋、卡塔尔、科威特、阿曼、巴林）"的目标。 在国内竞争激烈的背景下，此次将Keeta业务扩展至迪拜，也是美团进一步加速国际化战略的表现。经过沙特市场近一年的耐心拓展和本地化经验积累，美 团国际化业务在中东外卖市场已进入加速落地阶段。 知名经济学者、工信部信息通信经济专家委员会委员盘和林在接受《每日经济新闻》记者采访时表示，在国内，外卖行业竞争越来越激烈，美团要增量，那 么必然需要出海，在海外打开局面，另辟战场。不过他也提到，不同于中国市场可以采用一致的策略，全球各个区域存在文化差异和规则差异，所以，未来 探索运营模式对美团来说依然会面临一定的挑战。 记者将Keeta App定位在迪拜 ...

Group 1 - Meituan's international food delivery brand Keeta officially launched operations in Dubai, UAE on September 27 [1] - This marks the third Middle Eastern market expansion for Keeta within 40 days, following launches in Qatar in August and Kuwait in September [1] - The UAE becomes the fourth strategic location for Meituan's international business in the Gulf region [1]

此外，迪拜也是美团无人机 Keeta Drone 配送的首个海外站点。自2024年底，美团无人机获得迪拜民航 局颁发的BVLOS无人机配送商业运营资质证书后，Keeta Drone已在迪拜启动多条航线的常态化运营， 为用户提供美食、饮品、甜品和药品等多种商品的飞行配送服务。 Keeta上线阿联酋后，将与Keeta Drone合力构建"地面+低空"的双履约网络，实现多场景、多业态的协同 发展。这也是美团"零售+科技"战略在国际化发展上的实践。 Keeta于2024年9月正式进入中东的沙特阿拉伯，运营已满一周年，通过持续为当地用户提供便捷可靠的 配送服务、丰富多元的商品选择以及经济实惠的价格，并助力商户、骑手等合作伙伴的长期发展， Keeta逐渐成为当地最受欢迎的外卖平台之一。 经过沙特市场近一年的耐心拓展和本地化经验积累，美团国际化业务在中东外卖市场已进入加速落地阶 段。今年8月19日，Keeta上线卡塔尔；9月15日，Keeta上线科威特；如今又进入阿联酋。 当地时间9月27日上午11点，美团旗下国际外卖品牌Keeta正式在阿联酋迪拜启动运营，这是Keeta继8月 上线卡塔尔、9月上线科威特后，40天内开拓的 ...

Employment and Social Security Achievements - The "14th Five-Year Plan" has achieved significant results in employment and social security, with urban new employment reaching 59.21 million by the end of August, exceeding the target of 55 million [1][4] - The unemployment rate for urban youth aged 16-24 was reported at 18.9% in August, reflecting a 0.1 percentage point increase year-on-year and a 1.1 percentage point increase from the previous month [2] New Employment Forms and Rights Protection - The rise of new employment forms, such as delivery workers and ride-hailing drivers, has led to a growing need for occupational injury protection, with pilot programs initiated in seven provinces since 2022 [5][7] - Over 20 million new employment form workers have participated in occupational injury insurance in pilot areas, with the program expanding to 17 provinces [7] Skills Training and Employment Services - The government is implementing a "1131" service model for graduates, providing multiple support services to enhance employment opportunities [2] - A large-scale vocational skills training initiative aims to train 30 million people over three years, addressing the skills mismatch in the labor market [3] Social Security Fund Growth - The total scale of social insurance funds during the "14th Five-Year Plan" reached 69.27 trillion yuan, with a cumulative surplus of 9.81 trillion yuan [10] - The basic pension insurance fund's investment scale has doubled to 2.6 trillion yuan, achieving an average annual return of 5.15% since its investment operations began [11] National Social Security Fund Development - The National Social Security Fund has grown to 3.22 trillion yuan, with an average annual return of 7.55% since its establishment [13] - The government is committed to enhancing the sustainability of the pension insurance system through the transfer of state-owned capital to the social security fund [13]

Core Viewpoint - Meituan's international delivery brand Keeta is expanding its operations by launching in Dubai, following its recent entry into the Kuwaiti market, indicating a strategic focus on the Middle East and potential new overseas markets [1] Group 1 - Keeta will officially launch in Dubai at 11 AM local time, which corresponds to approximately 3 PM Beijing time [1] - Meituan's drone delivery service, Keeta Drone, received the first commercial operating license in Dubai last December and has established four delivery routes primarily for food, medicine, and health products [1] - The company aims to deepen its presence in the Middle East while actively exploring additional overseas markets [1]

Employment and Social Security Achievements - The "14th Five-Year Plan" has achieved significant results in employment and social security, with urban new employment reaching 59.21 million by the end of August, exceeding the target of 55 million [1][6] - The unemployment rate for urban youth aged 16-24 was 18.9% in August, reflecting a slight increase from the previous year and the previous month [3] Employment Policies and Initiatives - The government is focusing on the employment of college graduates, with over 10 million graduates entering the job market annually since 2022 [3] - A "1131" service model has been implemented to provide comprehensive support for unemployed graduates, including policy guidance and job recommendations [3] Skills Training and Labor Market Dynamics - There is a mismatch in labor supply and demand, particularly in emerging sectors like the low-altitude economy, where a significant talent gap exists [5] - A large-scale vocational skills training initiative aims to train 30 million people over three years, targeting various groups including enterprise employees and migrant workers [5] Social Security System Enhancements - The social security system has been further improved, with the number of basic pension insurance participants reaching 1.072 billion, an increase of over 73 million since the end of the 13th Five-Year Plan [11] - The investment scale of the basic pension insurance fund has doubled to 2.6 trillion, achieving an average annual return of 5.15% [12] New Employment Forms and Protection - New employment forms, such as delivery workers and ride-hailing drivers, are expanding, prompting the need for innovative occupational injury protection measures [8] - Pilot programs for occupational injury protection have been successfully implemented in seven provinces, with plans to expand to 17 provinces [8][9]

Employment and Social Security Achievements - The "14th Five-Year Plan" has achieved significant results in employment and social security, with urban new employment reaching 59.21 million by the end of August, exceeding the target of 55 million [1][3] - The unemployment rate for urban youth aged 16-24 was reported at 18.9% in August, reflecting a slight increase from the previous year [1][3] New Employment Forms and Rights Protection - The rise of new employment forms, such as delivery workers and ride-hailing drivers, has led to increased focus on their rights, particularly regarding occupational injury protection [4][5] - Pilot programs for occupational injury protection have been initiated in seven provinces, expanding to 17 provinces, covering various industries [5] Skills Training Initiatives - A large-scale vocational skills training initiative aims to train 30 million people over three years, addressing the skills mismatch in the labor market [2][3] - Specific training programs are being implemented for different groups, including enterprise employees, migrant workers, and recent graduates [3] Pension System Enhancements - The social security system has been strengthened, with the number of basic pension insurance participants reaching 1.072 billion, an increase of over 73 million since the end of the "13th Five-Year Plan" [6] - The second pillar of pension insurance, enterprise annuities, has grown to 7.56 trillion yuan, with significant investment returns reported [7] Social Security Fund Management - The total scale of the three social insurance funds reached 69.27 trillion yuan during the "14th Five-Year Plan," with a cumulative surplus of 9.81 trillion yuan [7] - The national social security fund has grown to 3.22 trillion yuan, with a consistent annual investment return of 7.55% since its establishment [8]

Core Viewpoint - The takeaway from the article is that the recent intense competition in the food delivery industry, characterized by significant financial investments from major players, has not resulted in a clear winner, and the market is now entering a phase of regulatory oversight and strategic realignment [1][25]. Group 1: Industry Dynamics - The food delivery market has seen over 300 billion yuan invested by major players like JD, Meituan, and Alibaba in a subsidy war, yet no clear winner has emerged from this competition [2][5]. - The competition has led to a shift in market share, with Meituan's market share dropping from over 70% to 65%, while Alibaba's Ele.me has increased its share from approximately 11%-13% to 28% [5][19]. - The intense competition has also resulted in a significant increase in order volumes, with daily orders in the instant retail market rising from 100 million at the beginning of the year to nearly 300 million by August [8][19]. Group 2: Financial Impacts - Despite the increase in order volumes, the financial toll has been severe, with Meituan's net profit plummeting by 89%, JD's by 50.8%, and Alibaba's by 18% [5][21]. - The article highlights that the subsidy strategy has created a dependency on discounts, leading to a situation where many small and medium-sized businesses are struggling to maintain profitability [24][25]. Group 3: Strategic Responses - In response to the competitive landscape, JD has focused on maintaining its logistics advantages and has introduced its own food delivery service, while Meituan is adjusting its commission structure to support merchants [10][22]. - Alibaba is leveraging its existing platforms to integrate food delivery services, aiming to enhance user engagement and drive cross-marketing opportunities [13][22]. - The regulatory environment is shifting, with new guidelines being proposed to ensure fair competition and protect the interests of riders and merchants [1][24]. Group 4: Future Outlook - The article suggests that the future of the food delivery market will depend on how well companies can adapt to a post-subsidy environment, focusing on efficiency and ecosystem development rather than aggressive discounting [25][26]. - The potential for growth in the instant retail market is significant, with projections indicating a compound annual growth rate of 10% from 2024 to 2029, reaching a market size of 3.8 trillion yuan [19].