Core Insights - The article discusses a new book category "Xingzhi" established by Yicai since 2023, focusing on works that explore complex realities and deep histories through on-site observations and human experiences [1] Group 1: Book Summaries - "Run Takeaway" by Wang Wan provides a detailed account of the author's experiences as a female delivery rider in a predominantly male industry, highlighting the challenges and gender identity issues faced [2] - "Feeding AI" presents the real experiences of workers in the AI industry, based on over ten years of research involving more than 200 workers, revealing the precarious conditions and the loss of bargaining power among laborers [2][15] - "The Affluent Generation" is the first non-fiction work focusing on the identity politics and thought processes of young urban Chinese born between 1995 and 2005, contrasting their experiences with those of their parents [3][9] - "Moral Disengagement" by Albert Bandura analyzes the psychological mechanisms behind moral disengagement in various sectors, providing insights into how individuals justify unethical behavior [5][18] - "The Shadow of the Sun" by Ryszard Kapuściński documents the author's extensive observations in Africa over 40 years, presenting a nuanced view of the continent's struggles and cultural complexities [6][13] Group 2: Societal Reflections - The selected books reflect the current societal realities, including the impact of new technologies, industries, and generational identity crises, emphasizing shared human experiences across different contexts [1][4] - The narratives in "Run Takeaway" and "Feeding AI" highlight the inequalities present in labor markets and the broader implications of technological advancements on workers' rights and identities [3][15] - "The Affluent Generation" illustrates the generational divide in values and experiences, shaped by the socio-economic changes in China over the past 40 years, and the resulting identity conflicts [4][9]

Group 1 - The core viewpoint of the article highlights a significant rise in the stock prices of food delivery platforms in the Hong Kong market, with Meituan increasing over 7%, Alibaba nearly 5%, and JD.com rising by 2% [1] - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has decided to investigate and assess the competitive status of the food delivery platform service industry to promote lawful and compliant operations and fair competition [1] - Meituan has expressed its strong support and commitment to cooperate with the investigation, while Taobao Shanguo and JD.com have also indicated their willingness to actively participate and comply with the assessment [1]

Core Viewpoint - The Hong Kong stock market saw a significant rise in shares of food delivery platforms, with Meituan up over 7%, Alibaba nearly 5%, and JD.com up 2% following the announcement of an investigation into the competitive landscape of the food delivery service industry by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee [1] Group 1: Market Reaction - Shares of food delivery platforms in Hong Kong experienced a collective surge, indicating positive investor sentiment towards the sector [1] - Meituan's stock increased by more than 7%, reflecting strong market confidence [1] - Alibaba's shares rose nearly 5%, while JD.com saw a 2% increase, showcasing a broad-based rally in the sector [1] Group 2: Regulatory Developments - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has initiated an investigation to assess the competitive conditions within the food delivery service industry [1] - The investigation aims to promote lawful and compliant operations among food delivery platforms, fostering fair competition and a healthy market order [1] - Companies such as Meituan, Taobao Flash, and JD.com have expressed their support for the investigation and commitment to cooperate fully with the regulatory body [1]

Core Viewpoint - The regulatory authorities in China are taking action against the chaotic competition in the food delivery industry, initiating an investigation into the market competition status of food delivery platforms [1][3]. Group 1: Regulatory Actions - The State Administration for Market Regulation announced that the Office of the State Council Anti-Monopoly and Anti-Unfair Competition Committee will investigate and assess the competitive conditions in the food delivery platform service industry [1][3]. - The investigation aims to address issues such as excessive subsidies, price wars, and traffic control that have been detrimental to the real economy and have intensified "involution" competition within the industry [3]. Group 2: Industry Response - Major food delivery platforms, including Meituan, Taobao Shanguo, and JD, have expressed their support for the investigation and committed to cooperating fully with the regulatory authorities [4]. - Meituan stated that it will use this investigation as an opportunity to work with other platforms to fulfill market responsibilities and promote healthy development in the food delivery service industry [4]. Group 3: Historical Context - This is not the first time regulatory authorities have intervened in the food delivery industry; previous actions included discussions with major platforms in response to the intense competition and subsidy wars that escalated in 2025 [5][6]. - In 2025, significant subsidy investments were made by platforms, including a joint investment of 50 billion yuan by Taobao and Ele.me, and 10 billion yuan by JD [5]. Group 4: Financial Impact - The ongoing price wars have negatively impacted the profitability of major players; for instance, JD's operating profit margin fell to -0.2% in Q2 2025, down from 3.6% in the same period of 2024 [6]. - Meituan reported a net profit of 1.49 billion yuan in Q2, a staggering 89% decrease year-on-year, attributed to industry competition [6].

Core Viewpoint - The article emphasizes the urgent need to address the "involution" in the food delivery industry, as highlighted by the central government's focus on expanding domestic demand, promoting innovation, and combating involution in the economy [5][6]. Group 1: Market Saturation and Competition - The food delivery market in China is nearing saturation, with online food delivery users reaching 592 million by the end of 2024, accounting for 53.4% of the total internet users [8][10]. - The competition in the food delivery sector has shifted to a zero-sum game, where growth is no longer driven by increased demand but rather by existing market share [8][11]. Group 2: Impact on Stakeholders - The ongoing price wars have not benefited any stakeholders in the food delivery ecosystem. Merchants have seen a rise in order volume but a decline in actual revenue, with a reported average decrease of 4% in daily revenue despite a 7% increase in total orders since July 2025 [12][15]. - Delivery riders are also facing increased workloads without corresponding income growth, leading to a significant drop in average monthly earnings [13][15]. Group 3: Regulatory Response - The government has initiated investigations into the chaotic competition in the food delivery market, indicating a serious approach to curbing involution and ensuring fair competition [6][20]. - Previous attempts to regulate the market through discussions with major platforms like Meituan and JD have had limited success, necessitating a more robust regulatory framework [16][18]. Group 4: Long-term Implications - The article argues that the current trajectory of excessive marketing expenditures over long-term capital investments could undermine the long-term value of Chinese internet companies [21][27]. - The call for a shift from price wars to differentiated services and technological innovation is seen as essential for sustainable growth in the industry [27][25]. Group 5: Conclusion - The initiation of market investigations is viewed as a critical step towards meaningful reform in the food delivery sector, signaling the end of unsustainable competition driven by short-term gains [22][27]. - The article concludes that the future of the food delivery industry will depend on platforms' ability to adapt their strategies towards building a healthier ecosystem and enhancing core competitiveness [27][28].

Group 1 - The State Administration for Market Regulation is conducting an investigation and assessment of the competitive status of the food delivery platform market in accordance with the Anti-Monopoly Law of the People's Republic of China [1] - The National Healthcare Security Administration, in conjunction with the Ministry of Finance, announced the nationwide implementation of cross-provincial pooling of personal accounts for basic medical insurance, allowing near relatives to use these accounts for medical treatment and medication [2] - The Ministry of Finance and the State Taxation Administration announced the cancellation of the value-added tax export rebate for photovoltaic products starting from April 1, 2026 [2] Group 2 - The China Securities Regulatory Commission has increased the whistleblower reward, with a maximum reward of 1 million yuan, significantly raising the reward standard from 1% to 3% of the penalty amount for securities and futures violations [6] - The CSRC has initiated an investigation into Tianpu Rubber Technology Co., Ltd. for significant omissions in its announcement regarding abnormal stock price fluctuations [9]

Group 1: Food Delivery Market Investigation - The State Administration for Market Regulation has initiated an investigation into the competitive status of the food delivery platform service industry based on the Anti-Monopoly Law of the People's Republic of China [4] - Taobao Flash Sale stated that it adheres to principles of fairness and compliance with laws and regulations in its operations, including merchant management and consumer rights protection [4] - Meituan expressed its support for the investigation and emphasized the need for rational competition in the industry, aiming to promote innovation and healthy development within the food delivery platform service sector [4] Group 2: Apple CEO Succession - Apple is reportedly accelerating the selection process for a successor to CEO Tim Cook, with John Ternus, the current Senior Vice President of Hardware Engineering, emerging as the leading candidate [7] - Cook, aged 65, has indicated to management that he feels fatigued and may step down as CEO this year, potentially transitioning to the role of Chairman of the Board [8] Group 3: MiniMax IPO - MiniMax, a large model company, went public on the Hong Kong Stock Exchange, opening with a more than 50% increase and reaching a market capitalization exceeding 77 billion HKD [13] - The company priced its shares at a maximum of 165 HKD, with initial trading showing a significant rise, indicating strong investor interest [13]

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee Office has initiated an investigation and assessment of the market competition status in the food delivery platform service industry, prompting responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [1][3][5]. Group 1: Company Responses - Meituan expressed strong support for the investigation and emphasized the need for rational competition, opposing irrational practices such as price wars and excessive subsidies [1]. - Taobao Flash Sale highlighted its commitment to fair competition as a core principle of market economy and stated its adherence to relevant laws and regulations while welcoming the investigation [3]. - JD Delivery also expressed support for the investigation, advocating for the maintenance of fair competition and the protection of consumer and operator rights [5]. Group 2: Industry Challenges - The food delivery market has been facing significant issues related to irrational competition, including price wars, excessive subsidies, and traffic control, which have been described as "involutionary" competition [1]. - Companies are calling for a return to rational competition and are committed to fulfilling their market responsibilities to foster innovation and healthy development within the industry [1][6].

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has initiated an investigation into the market competition status of the food delivery platform service industry to address issues of irrational competition and promote fair market practices [2][3]. Group 1: Background and Considerations - The food delivery platform service industry is a significant part of China's platform economy, contributing to consumption, employment, and innovation [2]. - Recent issues such as price wars, subsidies, and traffic control have intensified competition, negatively impacting the real economy and leading to strong societal feedback [2]. - The investigation aims to ensure compliance with the Anti-Monopoly Law and foster a healthy competitive environment [2][3]. Group 2: Investigation Details - The investigation will involve on-site verification, interviews, and surveys to gather insights from various stakeholders, including platform operators, new employment groups, and consumers [3]. - The goal is to assess monopoly risks, regulate market order, and propose measures for improvement [3]. Group 3: Industry Responses - Meituan expressed strong support for the investigation and emphasized the need for rational competition, opposing "involution" in the industry [4]. - Taobao Shanguo highlighted the importance of fair competition as a core principle of market economy and committed to complying with relevant laws and regulations [6]. - JD Delivery also supported the investigation, advocating for the protection of consumer and operator rights and promoting high-quality development in the food delivery sector [8].

Core Viewpoint - The article discusses the recent investigation and assessment initiated by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee into the competitive landscape of the food delivery platform service industry, highlighting the responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [3]. Group 1: Meituan's Response - Meituan expressed strong support for the government's investigation, emphasizing the need to address irrational competition characterized by price wars, subsidies, and traffic control [4]. - The company aims to use this investigation as an opportunity to promote responsible market behavior and foster innovation and healthy development within the food delivery service industry [4]. Group 2: Taobao Flash Sale's Position - Taobao Flash Sale acknowledged that fair competition is a core principle of market economy and essential for the sustainable innovation and healthy development of the food delivery service industry [7][8]. - The platform committed to adhering to relevant laws and regulations, including the Anti-Monopoly Law and the Anti-Unfair Competition Law, while actively cooperating with the investigation [7][8]. Group 3: JD Delivery's Stance - JD Delivery welcomed the investigation, aligning with the government's efforts to combat internal competition and maintain fair market order [10]. - The company emphasized its commitment to resisting harmful competition and promoting high-quality development through innovative supply chain models [10].