本文自南都·湾财社 采写 | 南都N视频记者 徐冰倩 编辑 | 柴华 又到春节配送费涨价时。2月10日，叮咚买菜、小象超市、山姆、盒马等即时零售生鲜买菜平台宣布在春节期间将加收运费。大部分平台在春节期间加收3 元服务费，盒马在春节期间任意金额订单均收取6元基础运费。最早实行加收服务费的为山姆，于2月11日开始，其余平台基本在2月14日前后开始实行。 亲爱的用户: 感谢您过去一年的信任与陪伴! 春节期间, 川象超市不打烊! 不间断为您将好货送到家。 24点 (2026年2月15日0点王2026年2月21日24点), 将与往年一致,每单额外收取3元春节服务费。 感谢您对春节期间坚守岗位的服务人员的理解和 支持!祝您马年大吉,阖家欢乐! 拟频 NIC B本版 盒马在2月14日0点至2月21日24点对全部用户（含X会员）通过盒马APP、盒马鲜生微信小程序、盒马支付宝小程序、淘宝小程序、盒马作为商家入驻的 其他平台下单购买"盒马鲜生/盒马mini"商品的线上配送订单，任意金额订单均按照6元/单收取基础运费。如果订单商品超重，按日常标准加收超重运费。 不过，盒马云享会、商家直发、盒马全球购等会按照日常的运费标准执行。 目 ...

Core Viewpoint - JD Qixian is committed to enhancing consumer experience during the Spring Festival by extending store hours, increasing operational capacity, and offering a diverse range of festive products to meet the purchasing needs from "Little New Year" to "New Year's Eve" and throughout the holiday period [1][9]. Group 1: Store Operations - JD Qixian will extend store hours from February 13 to February 15, operating from 7 AM to 11 PM [3]. - On New Year's Eve (February 16), online channels will open at 6 AM, while physical stores will open at 6:30 AM to accommodate last-minute purchases for the New Year's Eve dinner [3]. - From February 17 (New Year's Day), physical stores will operate from 9 AM to 10 PM, and online delivery will be available from 7 AM to midnight [3]. Group 2: Festive Products - The company offers a variety of festive dishes, including live East Star grouper priced at 129 yuan each, live king crabs at 999 yuan each (weighing 1.5-2 kg), and live Boston lobsters at 189 yuan each [3][5]. - JD Qixian has introduced convenient ready-to-eat options such as braised pork ribs starting at 25.9 yuan per serving and various regional specialties, allowing consumers to enjoy traditional flavors easily [5][7]. - The company also provides quick-cooking dishes like stir-fried beef and spicy chicken, catering to younger consumers looking for easy meal solutions [7]. Group 3: Seasonal Decorations - JD Qixian has launched a range of New Year floral arrangements, including red silver willow priced at 15.9 yuan for 30 branches and Australian plum blossoms at 19.9 yuan per bundle, enhancing the festive atmosphere [9]. - The company emphasizes the importance of festive decorations as part of the New Year preparations, offering products that serve both as home decor and gifts [9].

Core Viewpoint - Major online platforms are announcing that they will continue operations during the Spring Festival, with adjustments to delivery fees to accommodate the increased demand and ensure service continuity [1][10]. Delivery Fee Adjustments - Sam's Club will charge an additional 3 yuan per order for delivery from February 11 to February 24, 2026, to support delivery personnel during the Spring Festival [2]. - Hema will implement a flat delivery fee of 6 yuan per order for all users from February 14 to February 21, 2026, regardless of order amount, with additional charges for overweight items [4][6]. - Dingdong Maicai will also charge an extra 3 yuan service fee per order during the same period, consistent with previous years [8]. Rider Incentives - Taobao Shanguo will incentivize riders to stay on duty during the Spring Festival through various rewards and subsidies from February 4 to March 3 [11]. - Meituan will not increase delivery fees during the Spring Festival but will invest nearly 2 billion yuan in rider subsidies, focusing on cash incentives and welfare guarantees [11]. - JD.com announced an investment of over 1.3 billion yuan for employee welfare during the nine-day Spring Festival period [12]. Courier Services - Several courier companies, including SF Express, JD Logistics, and Deppon Express, have announced measures to ensure service continuity during the Spring Festival, with some implementing resource adjustment fees due to increased demand [14]. - SF Express will charge a resource adjustment fee of 0.1 to 1.5 yuan per kilogram for certain shipments from January 19 to February 15, 2026, and additional fees during the Spring Festival [14]. - Deppon Express will also implement a dynamic adjustment service fee for certain customers and products during the peak period from January 19 to February 14, 2026, and during the Spring Festival [16].

Core Viewpoint - During the Spring Festival, major instant retail platforms for fresh produce, including Dingdong Maicai, Xiaoxiang Supermarket, Sam's Club, and Hema, announced an increase in delivery fees to support delivery personnel working during the holiday period [1][9]. Group 1: Delivery Fee Increases - Sam's Club will charge an additional 3 yuan for delivery from February 11 to February 24, 2026, on top of existing delivery fees [9]. - Dingdong Maicai will impose an extra 3 yuan service fee per order from February 15 to February 21 [10]. - Xiaoxiang Supermarket will also charge an additional 3 yuan per order for deliveries made between February 14 and February 21 [10]. Group 2: Specific Fee Structures - Hema will charge a base delivery fee of 6 yuan for all orders during the period from February 14 to February 21, regardless of the order amount [10]. - Hema's fee structure applies to various platforms, including its app and mini-programs, while certain services like Hema Global Purchase will follow regular fee standards [10]. - The earliest implementation of the increased delivery fee was by Sam's Club on February 11, with Hema having the highest additional fee of 6 yuan per order [10]. Group 3: Industry Context - The increase in delivery fees during the Spring Festival is a common practice among fresh produce platforms due to typically tight delivery capacity during the holiday [10]. - Many consumers have expressed understanding of the fee increases, noting that holiday work often comes with higher wages [10].

近日，叮咚买菜在北京华熙live五棵松举办"叮咚出马好货连连"线下年货市集活动，现场不光展出了叮 咚买菜百余种春节特色商品，还设计了打卡拍照、射箭、火锅和饺子试吃等互动环节。叮咚买菜华北商 品开发总监宋继理介绍，在年夜饭场景，叮咚买菜今年重点打造"家味年味"系列年菜，在北京地区共上 线70多款商品。春节前，叮咚买菜还率先上架了60余款春菜，包括香椿头、马兰头、羊肚菌等，让大家 在年夜饭上就能吃到"第一口春鲜"。 2月9日，来自荷兰的Tessa苹果在盒马首发上市。盒马方面负责人表示，这是在去年5月正式获得准入资 格后，首批进入中国市场的荷兰苹果。"由于今年春节较晚，车厘子已进入尾季，接档的除了荷兰的苹 果外，还有智利的樱桃李、西班牙脆柿、澳洲皇后李等进口水果新品，此外今年盒马旗下西式美食自有 品牌Bello Vitahouse还推出了减糖版的比利时进口巧克力礼盒等新品，丰富消费者的年货选择。" 新京报讯(记者王萍)春节前一周，年货消费进入爆发期。2月9日，新京报记者从叮咚买菜等生鲜平台了 解到，新品、春菜等热门品类已经上线，预计未来一周内，年菜、水产海鲜、水饺、肉禽蛋以及对联等 春节装饰性品类的销量将迎来更大的 ...

Group 1 - The Hubei Social Security Science and Technology Equity Investment Fund has been established with an initial scale of 20 billion yuan, focusing on industries such as optoelectronic information, automotive manufacturing, and life health in Hubei [2] - The Jiading Future Industry Fund, with a total scale of 800 million yuan, aims to support early-stage investments in disruptive technologies across five core sectors [2] - The Guangdong Hengjian Investment Holding Company has launched the Nanyue Green Beauty Ecological Investment Fund, the first provincial-level government investment fund focused on ecological construction, with an initial scale of 2 billion yuan [3] Group 2 - The Yanming Lake Fund, established to support the commercialization of technology from Yanshan University, has a registered capital of 10.2 million yuan and focuses on hard technology fields [4] - Waymo has completed a new funding round of 16 billion dollars, achieving a post-money valuation of 126 billion dollars, with significant backing from major investment firms [4][5] - SpaceX announced a stock-based acquisition of AI company xAI, resulting in a combined valuation of 1.25 trillion dollars, with SpaceX valued at 1 trillion dollars and xAI at 250 billion dollars [5][6] Group 3 - Meituan is set to acquire 100% of Dingdong Maicai's China business for approximately 717 million dollars, enhancing its instant retail capabilities [7] - AI startup ElevenLabs has raised 500 million dollars in funding, achieving a valuation of 11 billion dollars, with a significant increase from its previous funding round [7]

Economic Development Goals - The economic growth target for 2026 is set around 5%, a decrease from the previous year's target of "above 5%" [2] - Tibet has the highest growth target at approximately 7%, while Jiangxi is the only province to raise its target to 5%-5.5% [2] - The adjustment in targets reflects a pragmatic approach to enhance economic quality amid challenges such as local debt and real estate market adjustments [2] Pre-prepared Food Standards - The National Health Commission has released a draft national standard for pre-prepared foods, aiming to clarify definitions and management scope [4] - The standard emphasizes strict management of food additives and pollutants, aiming to rebuild consumer trust in the pre-prepared food industry [4] - The introduction of these standards is expected to promote high-quality development in the pre-prepared food sector [4] AI Applications and Market Dynamics - WeChat has restricted the use of AI application commands in its platform, reflecting competitive tensions in the tech industry [6] - The rapid influx of users to AI applications has led to server issues, indicating a need for better infrastructure to support high demand [6] - Concerns remain regarding the integration of AI applications in financial transactions, highlighting user hesitance [7] Meituan's Acquisition of Dingdong Maicai - Meituan announced a plan to acquire Dingdong Maicai for approximately 50 billion RMB, enhancing its supply chain capabilities [8] - Dingdong Maicai's business model focuses on rapid delivery through a network of small warehouses, which aligns with Meituan's operational strategy [8] - The acquisition is seen as a strategic move to strengthen market position amid increasing competition in the instant retail sector [9] Amazon's Capital Expenditure Plans - Amazon plans to increase its capital expenditure to $200 billion by 2026, reflecting aggressive investment in cloud services and AI technology [10][11] - The company's fourth-quarter sales reached $213.4 billion, with a 14% year-over-year growth, indicating strong performance [10] - Concerns arise regarding the sustainability of such high capital expenditures amid rising financing costs for tech companies [11] NIO's Quarterly Profitability - NIO announced its first quarterly profit, projecting adjusted operating profit between 700 million to 1.2 billion RMB for Q4 2025 [12][13] - The company achieved a 96.1% year-over-year increase in vehicle deliveries in January, indicating strong demand for its high-end electric models [13] - Despite achieving profitability, challenges remain due to reliance on specific models and rising costs in the supply chain [13] Bitcoin Market Volatility - Bitcoin experienced a 12% drop, reaching a 16-month low of around $63,000, with a total market cap decline from $2.48 trillion to $1.27 trillion [14][15] - The significant price drop has triggered concerns about market sentiment and potential further sell-offs if key psychological levels are breached [14] - Bitcoin's volatility is seen as a reflection of broader market risk appetite and liquidity conditions [15] Stock Market Performance - The stock market showed fluctuations with the Shanghai Composite Index closing down 0.25%, amid a trading volume of 2.15 trillion RMB [16] - Various sectors experienced mixed performance, with the chemical sector gaining while consumer stocks faced declines [16] - The market is currently in a phase of adjustment, with potential shifts in focus from growth to value stocks anticipated post-holiday [16]

盈利预测：（本表归母净利润为经调整后净利润口径） | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 276,744 | 337,592 | 365,324 | 414,899 | 467,340 | | 增长率 （ % ） | 25.82% | 21.99% | 8.21% | 13.57% | 12.64% | | EBITDA（百万元） | 23,877 | 49,119 | -11,932 | 21,977 | 39,156 | | 归母净利润（百万元） | 23,253 | 43,772 | -22,518 | 7,219 | 23,982 | | EPS（元/股） | 3.72 | 7.15 | -3.73 | 1.21 | 4.04 | | 市盈率（x） | 22.41 | 11.68 | - | 68.71 | 20.68 | 数据来源：公司财务报表，广发证券发展研究中心（1 港币=0.8898 人民币） [Table_Pa ...

Core Viewpoint - Meituan has acquired 100% equity of the fresh food instant retail platform Dingdong Maicai for approximately $717 million, marking a strategic move to enhance its defenses against competitors like JD and Alibaba in the instant retail sector [1][4]. Group 1: Acquisition Details - The acquisition is aimed at leveraging Dingdong Maicai's mature fresh supply chain and over 1,000 front warehouses to strengthen Meituan's market position [1][4]. - Dingdong Maicai had over 7 million monthly purchasing users as of September 2025, indicating a strong customer base [4]. - The transaction does not include Dingdong Maicai's overseas operations, and the company will continue to operate under its existing model during the transition period [4]. Group 2: Strategic Implications - This acquisition represents a strategic reinforcement for Meituan in the instant retail space, transitioning from a single-category focus to a comprehensive retail model [5]. - The competition in the instant retail market has shifted from "scale expansion" to "stock game," with front warehouses becoming a critical battleground for major players [5]. - The acquisition allows Meituan to fill regional gaps in its layout and integrate Dingdong Maicai's supply chain capabilities with its existing network [5][7]. Group 3: Market Context - The retail landscape is increasingly dominated by major players, with smaller companies either being acquired or exiting the market, leading to a concentration of market share among giants like Meituan, JD, and Alibaba [8]. - The competition is evolving from delivery speed and pricing to ecosystem collaboration and user experience [8][9]. - Meituan's strategy focuses on full-domain defense, enhancing its offline presence while streamlining its online operations to counteract competitive pressures [9][10]. Group 4: Financial Performance and Challenges - Dingdong Maicai faced significant challenges, including a net loss of approximately 3.18 billion yuan in 2020, leading to a strategic shift towards efficiency and profitability [6]. - The company has since achieved its highest operating cash flow of 929 million yuan since its listing in 2024, indicating a recovery in its financial health [6]. - Despite recent profitability, Dingdong Maicai's net profit decreased by 34.96% year-on-year in Q1 2025, attributed to increased costs from new warehouse openings and seasonal consumption fluctuations [7]. Group 5: Future Trends - The market is expected to further concentrate around leading enterprises, with supply chain capabilities, delivery networks, and digital operations becoming key competitive factors [11]. - The industry is likely to expand from fresh food to a broader range of daily necessities, with diverse service scenarios and deeper integration of technology and data to drive efficiency [11].

2月5日，美团在港交所发布公告，宣布以约7.17亿美元（约49.8亿元人民币）的初始对价，完成对叮咚 买菜中国业务100%股权的收购。 而美团的小象超市一直以前置仓模式为主，直到2025年12月，小象超市在北京开设了首家线下店。 从竞争力看，自有品牌和价格依然是重点。庄帅表示，前置仓的差异化竞争一直存在，各家都在强化自 有品牌和单品优势，例如盒马的自有品牌和日日鲜系列，京东七鲜的自有品牌和24小时系列、美团小象 的象大厨系列等。价格方面，七鲜时常打出"击穿价"宣传产品，而阿里和美团已经开出多家线下折扣 店。 也因此，虽然叮咚买菜连续多季度盈利，压力仍然不小。上一轮生鲜零售大战中，每日优鲜出现爆雷， 叮咚在存活且胜出后，虽然实现多季度盈利，但仍属于微利状态，资本市场并不看好，公司市值长期处 于5至7亿美元低位。 对此，网经社电子商务研究中心数字生活分析师陈礼腾认为是多重因素下的抉择：前置仓模式履约成本 高、生鲜损耗难降，增长陷入瓶颈。同时生鲜即时零售赛道已成美团、盒马等巨头的竞争场，垂直平台 很难抗衡，生存空间持续被挤压。叠加资本市场估值低迷、早期投资者有退出需求，出售能实现股东与 团队价值，而且与美团的高度协 ...