Core Insights - The core viewpoint of the news is that Dazhong Dianping has shown significant growth in user engagement and evaluation contributions, indicating a robust development in its local life information infrastructure and user experience enhancements. Group 1: User Engagement and Growth - In the past year, Dazhong Dianping added nearly 450 million real evaluations, representing a year-on-year growth of 35% [1] - The total user base sharing evaluations and check-in records grew by nearly 40%, with check-in users increasing by 45% and evaluation authors rising by approximately 30% [1] - By the end of 2025, evaluations have helped over 1 billion people make consumption choices [1] Group 2: Category-Specific Growth - The top three categories with the fastest evaluation growth are food, leisure and entertainment, and beauty services [2] - Among food businesses, the "smoky small shop" category saw an 80% increase in evaluation volume, with over 60% more users leaving evaluations for these shops [2][3] - Since September 2025, evaluations for non-commercial interest points have surged, with a monthly growth rate of 120%, indicating a trend among younger users to explore and share local attractions [2] Group 3: Investment in Infrastructure - Dazhong Dianping has invested hundreds of billions in local life information infrastructure since its inception [3] - The company plans to invest at least 3 billion over the next five years to enhance information verification capabilities globally, leveraging Meituan's self-developed B-end model for information calibration [3] - As a result of ongoing investments in information infrastructure, Dazhong Dianping's user growth rate reached 28% year-on-year as of September 2025, making it the leading local life app [3]

Core Insights - Dazhong Dianping released its "2025 Evaluation Ecosystem Data," indicating a significant growth in user engagement and content generation on the platform, with a total of nearly 450 million new authentic reviews in the past year, representing a 35% year-on-year increase [1] - The platform has seen a nearly 40% growth in the total user base sharing reviews and check-in records, with check-in users increasing by 45% and review authors by nearly 30% [1] User Engagement Growth - The top three categories with the fastest review growth are food, leisure and entertainment, and beauty services, with food merchants, particularly "smoky little shops," experiencing an 80% increase in review volume [3] - The number of users leaving reviews for "smoky little shops" has increased by over 60% year-on-year [3] - Since September 2025, the monthly growth rate of reviews for non-commercial interest points has reached 120%, indicating a trend among younger users to explore local attractions such as parks and fishing spots [3] Investment in Infrastructure - The increase in review and check-in user numbers is attributed to the company's ongoing investment in "local life information infrastructure" and the introduction of more convenient review-writing features and diverse user incentive systems [5] - Dazhong Dianping has invested hundreds of billions since its inception in local life information infrastructure and plans to invest at least 3 billion over the next five years to enhance information verification capabilities globally [6] - The company aims to build an information calibration mechanism in conjunction with Meituan's self-developed B-end model [6] Market Position - According to QuestMobile's report, Dazhong Dianping's user growth rate reached 28% year-on-year as of September 2025, making it the leading local life app in the market [6]

最近，外卖行业展开了"抢骑手"大战。 在北京部分站点，美团针对来自饿了么、京东且月单量大于720单的活跃骑手，提供2888元的一次性转 会奖励。 紧随其后，淘宝闪购针对12月15—21日在京东、美团、顺丰等平台单量超140单、加入淘宝闪购优选并 连续接单四周的骑手，提供3000元补贴，推荐人额外获1000元奖励。 京东虽然没有跟着一起"抢人"，却在防止骑手跳槽方面下足了功夫。 短期来看，争夺骑手是应对年底订单高峰与运力波动的必要之举。 12月，最新一批京东全职骑手入住位于北京通州区的首个"京东小哥之家"，京东宣布未来5年将投入220 亿元，提供1.5万套"小哥之家"。 从长远看，这可能仍然是外卖巨头砸钱抢市场的延伸，今年的"转会"补贴力度明显比往年要大。 今年的外卖大战，三巨头不惜代价，累计投入资金超过了1000亿。如今到了年底，仍在相互较劲。外卖 的价值究竟有多大？ 千亿补贴，没有砸出新故事 天量资金投入外卖战场，巨头们得到了什么呢？ 利润没有增加。 阿里和京东三季度归属于普通股股东净利润分别同比下降52%和55%，美团则录得上市以来最大亏损， 三季度调整后净亏损达160亿元。 营销费用也没有减少。 如果非 ...

Core Insights - The service consumption sector is experiencing a significant surge as the New Year approaches, driven by festive atmosphere and winter weather conditions [1][2][5] Group 1: Trends in Leisure Consumption - The demand for leisure experiences among young consumers is evolving, with a notable increase in searches for services like hairdressing and beauty treatments, which saw a doubling in search volume [1] - KTV bookings have increased significantly, with a year-on-year growth of over 44% in transaction volume as new entertainment formats like AI-assisted singing gain popularity [1][7] - The bathing industry is projected to see substantial growth by 2025, with a 6-fold increase in searches for 24-hour bathing centers noted in the week leading up to New Year [2] Group 2: Regional Highlights - Major cities such as Shanghai, Beijing, and Shenzhen are leading in leisure transaction volumes, with a notable increase in the popularity of bathing centers during the winter season [1][2] - Harbin has emerged as a standout city, with a transaction volume growth rate exceeding 211%, the highest in the country, driven by winter tourism and local attractions [2][3] Group 3: Consumer Behavior and Preferences - Young consumers, particularly those aged 20-35, are increasingly investing in beauty services, with a nearly 100% year-on-year increase in income for beauty professionals during the holiday season [5] - The KTV industry has transformed into a comprehensive entertainment space, appealing to younger audiences, especially those born after 2000, who have shown a transaction growth rate of over 57% [7] Group 4: Company Initiatives - To capitalize on the holiday consumption trend, the company has launched various promotional activities aimed at enhancing consumer engagement and boosting city-wide consumption [10]

为什么人人都想杀进本地生活？ 本地生活服务，简单说就是帮你解决吃喝玩乐、酒店旅游这些身边的事儿。这个市场到底有多大？有研 究机构预计，到2025年，其整体规模能达到35.3万亿元，而且线上化的比例还在不断提升。对于任何一 家互联网平台来说，这都是一块无法忽视的肥肉。 这块业务的诱惑力在于，它不仅仅流量大，而且利润还挺丰厚。我们看看先行者美团就知道：它的到 店、酒店及旅游业务，曾经贡献了超过40%的净利润率。这生意本质上是帮助线下商家进行线上营销， 从中收取佣金或广告费。平台连接起海量用户和众多商家，用户越多，对商家的吸引力越大；商家越 多，用户的选择也越丰富。这种"双边网络效应"一旦形成，护城河就很深。 正因为如此，所有手握流量的平台都觉得"我也可以"。抖音凭借其巨大的日活用户和生动的短视频内 容，硬是在几年内将生活服务的年交易额做到了近万亿规模，直追美团。小红书的日均搜索请求量非常 惊人，大量用户已经习惯在这里搜索本地攻略和真实评价。从"种草"到"拔草"，似乎只差一个交易按 钮。 所以，小红书内部人士也承认，做本地生活是一件"不得不做、肯定会做"的事。逻辑听起来很通顺，但 真做起来，完全是另一回事了。 大家 ...

文｜本原财经 中国互联网月活用户达到破七亿的APP有六个：微信、淘宝、支付宝、抖音、拼多多，和「高德地图」。 QuestMobile数据显示，9月，高德App月活用户高达9.5亿。 相比于其它通讯、电商、支付、娱乐等综合类APP，高德显得格格不入，因为今年之前，大部分人还只是把它当做一个地图软件。 如今这家地图公司的肚子里，究竟盛下了多少业务？ 导航、打车、代驾、秒送是基操，在高德你能租车、买车、干顺风车，还能贷款、租房、买房。能订酒店、订机票、订门票出游，顺便用"扫街榜"找到烟 火小店订座，还能在无聊时跟AI小高老师打电话聊聊心事。车标、皮肤能买联名款，能抽盒，明星周边也是琳琅满目。 近期，高德又宣布与小鹏汽车达成全球生态合作，发力Robotaxi等前沿领域，还把5000家雪王门店陆续接到团购里面。 2010年高德迎来第一个高光时刻，成功登陆纳斯达克，是「中国首家上市的地图企业」。 2013年百度地图宣布免费后，高德迅速跟进，放弃每年数亿元的授权收入，转型为免费工具应用。 2014年马云花11亿美元收购高德，填补了阿里自身在LBS领域的短板。高德从纳斯达克退市，开始「加速向移动互联网转型」。 俞永福接管高德 ...

格隆汇12月26日｜新年临近，跨年的氛围越来越浓，通过味蕾开启一场"环球旅行"成为许多年轻人的新 年仪式感。美团数据显示，跨年夜当天，各地主打异国风味的餐厅预订量同比增长98%，其中，上海、 北京、广州、深圳、杭州是跨年国际美食消费TOP5热门城市，增量上，大连、天津、济南成为新晋黑 马，餐厅预订量激增2倍以上。平台也联合餐饮商家做足准备。12月28日，美团将上线"异国佳肴半 价"活动，面向西餐、东南亚菜、韩国烤肉、中东风味等热门菜系投入超5000万张堂食券，助力消费者 以更优的价格体验到多元优质的美食。 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since taking charge of Huabao Growth Strategy in May 2020, Tang Hui has achieved excellent returns, outperforming 97% of similar funds, with relatively good drawdown control [4][14][40]. - Tang Hui has an investment system centered on "industry trends + stock odds", a portfolio management concept of "beta (60%-70%) + alpha (30%-40%)", and an operation style of dynamic adjustment and disciplined execution [3][18][41]. 3. Summary by Relevant Catalogs 3.1 Fund Manager Information 3.1.1 Fund Manager Introduction - Tang Hui was a senior strategy analyst at Haitong Securities Research Institute and joined Huabao Fund in June 2015. She currently manages 3 products and is the fund manager of Huabao Growth Strategy since May 2020, Huabao Baokang Flexible since January 2021, and Huabao Baokang Consumer Goods since December 2021 [4][9][37]. 3.1.2 Management Product Introduction 3.1.2.1 Representative Product - Tang Hui manages three public - offering funds. Huabao Growth Strategy is used as the representative product for analysis. As of September 30, 2025, its scale is 146 million yuan [10]. 3.1.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month establishment period, Huabao Growth Strategy significantly outperformed the benchmark, with a cumulative positive excess return of 83.04%. It outperformed 97% of similar funds, and its drawdown control is in the upper - middle level. It had a weak performance in 2023 but was excellent in other years, especially in 2025 [11][14][40]. 3.2 Fund Manager Investment Ability Analysis 3.2.1 Investment Framework - Guided by Industry Trends and Focused on Odds Space - Tang Hui's investment system combines understanding of industry trends and control of stock odds. She selects high - growth and long - logic tracks from a top - down perspective, captures inflection points of industry prosperity "second - order derivatives", and then conducts bottom - up stock selection based on odds [18][19][20]. - For industry trend judgment, she has a macro view of the whole market. For example, she focuses on the AI industry, believing that its technological evolution is ongoing and capital expenditure is not in a bubble [19]. - She constructs a dynamic screening system that combines top - down and bottom - up approaches, and uses odds as the core criterion for secondary screening. This includes comparing industry prosperity, evaluating stock odds, and building differentiated portfolios based on product contracts [20]. - Her investment scope is wide, with a growth preference, and she is relatively cautious about sectors like semiconductors [21]. 3.2.2 Shareholding Characteristics - Carrying Prosperity and Mining Alpha under Portfolio Thinking - Tang Hui's shareholding is based on the concept of "beta + alpha". The beta position (60% - 70%) is concentrated in no more than three prosperous industries, such as the AI computing power industry chain from 2023 to 2025. The alpha position (30% - 40%) is used to invest in stocks with independent growth logic [22][23]. - In stock selection, she makes a three - dimensional layout in the industrial chain, considering both position and odds. Her holding period is flexible, depending on industry prosperity and market value targets [26]. 3.2.3 Operation Characteristics - Dynamic Adjustment and Disciplined Execution under Agile Tracking - Tang Hui rarely conducts position timing and usually keeps the stock position at a relatively high level. Her excess returns mainly come from industry allocation and stock selection [18][31][41]. - The fund has a relatively high turnover rate, which reflects her tracking of prosperity and dynamic evaluation of stock odds. She adjusts positions according to industry data, company reports, and odds changes [33]. 3.3 Summary - Tang Hui's resume and management of funds are the same as mentioned above. Huabao Growth Strategy has excellent performance, and her investment ability has the characteristics of an investment system centered on industry trends and stock odds, portfolio management, and dynamic adjustment [37][40][41]. 3.4 Appendix - Information about Huabao Growth Strategy, such as its fund name, abbreviation, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, and custody fee rate, is provided [44].

李刚向智通财经表示，从数据层面看，扫街榜产品对整个高德的用户规模，以及用户的打开率都做出了"巨大贡献"。 "原来大家打开高德，可能就是为了导航或者查个地点，但今天有越来越多的用户，是愿意为了看榜单、看评分而主动打开高德。"李刚说。这个用户行为的 变化，对高德而言颇具意义，它不仅直接拉长了用户的停留时间，提升平台粘性，也推动了高德 "从导航工具向生活服务入口"的转型。 智通财经记者 | 程璐 智通财经编辑 | 文姝琪 "高德扫街榜上线后23天用户量突破4亿，随后迅速突破6亿，本地生活订单量同比增长150%。"12月24日，高德扫街榜产品经理李刚在接受智通财经采访时 如是说。 此时，距离其高调上线已过去了一个季度，9月10日，在外卖大战偃旗息鼓之时，阿里旗下高德地图推出"扫街榜"，本地生活赛道的竞争逐渐升温。到今 天，这个封闭开发了3个月、号称阿里S级项目的产品达到预期了吗？ 高德多次明确对外表达扫街榜"永不商业化"，它不向商家收上榜费，本身也侧重推荐而非直接交易。但这不代表它不带生意。高德认为，榜单可以带来流量 和信任，而用户流量又可以通过高德内置的口碑、团购、打车等业务自然转化成消费和GMV，完成"最后一公里 ...

"现在是全年最后一波集中消费高峰，用户决策链路短、转化意愿强。"高德本地生活相关负责人表示，"我们希望通过平台能力，把流量和补贴真正转化 为商家的订单和增长。" 此外，为进一步降低商家营销成本，平台将拿出亿级流量扶持，通过开屏、端内PUSH、搜推场域主动推荐等方式，实现流量精准曝光。同时，为提升用 户到店意愿，12月23日-1月1日，高德打车还提供最高价值111元的跨年出发券包。 今年以来，高德持续加码本地生活服务生态，9月上线高德扫街榜，不到一月吸引超4亿用户使用，成为用户规模增速最快的产品之一。 随着元旦假期临近，跨年消费热潮全面升温，为助力本地生活商家备战这一重要消费节点，阿里巴巴旗下高德正式推出年末大促。平台将投入亿级流量扶 持和千万级消费补贴，通过全域曝光、精准推荐、大额优惠券发放以及跨场景联动，全面激发用户"吃喝玩乐"消费需求，助力商家获得更多生意机会。 据悉，该平台大促活动将一直持续到1月4日，活动期间，平台将联动紫光园、达美乐、茶百道、环球影城、哈尔滨冰雪大世界、瑞慈体检、美年体检等合 作商家发放千万级扫街券，覆盖餐饮、酒店民宿、景区门票、洗车养护、家装零售、出行打车等全品类本地生活服务，每天 ...