大摩认为，"高德扫街榜"是阿里重新发力到店业务的明确信号，预计未来将有更多相关服务和产品上线，有望在本地生活服务市场获得更大份额。阿里 此举直接对标美团大众点评，短期内将使美团盈利承压，预计后者到店业务的长期盈利能力将从2.5%降至2%。 周三，阿里巴巴旗下高德地图宣布推出全球首个基于用户行为产生的榜单"高德扫街榜"，被视为阿里发力本地生活服务市场的最新举措。 据追风交易台消息，摩根士丹利分析师Gary Yu、Joanne Lau等在最新研报中指出， "高德扫街榜"的模式和美团大众点评高度相似，此举是阿里重新 发力到店业务的明确信号，将重塑本地生活服务领域的竞争格局。 摩根士丹利指出， 阿里近来在本地生活领域表现出极强的扩张势头和超出预期的执行力。 从外卖配送起步，阿里已将业务扩展至非食品零售即时配 送，现在进一步涉足本地服务。 分析师认为，阿里在本地服务领域的扩张可能导致按需服务竞争延伸至店内服务，将对美团的利润率造成进一步压力。 大摩表示， 在中国电商巨头中首选阿里巴巴， 鉴于竞争升级，下调对美团到店业务的长期盈利能力预测，预计其核心本地商业分部的经营亏损可能因 此扩大。 高德地图发动攻势，重燃到店业务战 ...

商务部将从三方面推进品质电商工作 中新社北京9月11日电 (记者 陈康亮)中国商务部电子商务和信息化司负责人王鹏飞11日在中国国务院新 闻办公室举行的发布会上表示，近年来，中国电商蓬勃发展，网络零售市场规模稳居全球首位，已具备 推动品质电商升级的体量空间基础。下一步，商务部将从三方面推进品质电商工作。 一是提标准。围绕商品质量、服务保障、消费者权益保护等关键环节，研究构建品质电商标准体系，明 确商品溯源、售后响应等具体指标，引导行业标准化、规范化发展。 二是强引领。协同相关部门，研究进一步培育品质电商的工作方案。还将依托全国电商培训体系，开展 品质管理、标准应用、诚信合规等专题培训，提升平台和商家的品质运营能力。 三是优环境。持续指导平台优化规则体系，建立品质商家激励机制，畅通消费者维权通道。还将通过各 级电子商务行业组织，通过发布联合声明、倡议等方式，共同营造电商良好生态。 王鹏飞表示，今年，中国商务部在牵头做好电商扩消费的同时，提出大力培育品质电商，旨在从供需两 侧发力，促进消费提质扩量。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬 ...

新京报贝壳财经讯（记者罗亦丹）9月10日，抖音电商安全与信任中心表示，平台注意到 Labubu 相关商品在少数直播间和店铺中出现 假货、虚假宣传、恶意炒作、售后争议等问题，并对此进行了专项治理。加上9月8日针对"水果提货卡"引流诈骗行为的专项治理，以 及9月7日对话费充值欺诈行为的专项治理，抖音四天内已经对违规行为开展了三次专项治理。 具体来看，平台发现部分商家存在售卖假货冒充正品等行为。例如"鹏业""LAbubu*潮玩店"等在直播间反复宣称"正品Labubu""正版 POP""全新未开封""假一赔三"，通过强调正品保障来误导消费者，但实际发货商品均为仿品或高仿品，明显与宣传不符。这类行为涉 嫌假冒侵权，平台已对涉事商家予以清退、冻结货款，相关商品清除出抖音商城精选联盟。截至目前，累计清退违规商家超200个、违 规达人超600名，相关商品均已被清除出抖音商城精选联盟。 另一违规行为是"水果提货卡"，部分商家以低价水果为噱头，实则发放伪造提货卡，诱导消费者扫码下载第三方软件或先充值后提 货，造成用户财产损失。截至目前，平台已处置违规店铺1229家、达人373名。引流欺诈作为网络欺诈中的顽疾，在行业内存在已久， ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5]. Core Insights - Alibaba's significant business adjustments present new opportunities for AI e-commerce, particularly through the launch of the "Gao De Street Ranking" and the "Smoke Fire Good Store Support Plan," which aims to drive foot traffic to offline businesses [1][10]. - The penetration of AI in the e-commerce sector is still in its early stages, with less than 10% of the U.S. retail trade utilizing AI as of September 2024, indicating substantial growth potential [2][27]. - Shanghai has introduced 12 new policies to foster an "AI + Digital Advertising" ecosystem, providing unprecedented financial support for AI-driven advertising initiatives [3][40]. Summary by Sections Alibaba's Business Adjustments - Alibaba is focusing on AI and cloud strategies, with a planned investment of 380 billion yuan over three years for cloud and AI infrastructure [9]. - The company's revenue from AI-related products has seen triple-digit year-on-year growth for eight consecutive quarters [9]. - The launch of the "Gao De Street Ranking" aims to consolidate consumer data across various platforms, enhancing competition with other local service platforms [13][14]. AI in E-commerce - Current AI applications in e-commerce include personalized product recommendations, AI-driven chatbots, dynamic pricing, visual and voice search, demand forecasting, fraud detection, content generation, and sentiment analysis [2][20][27]. - The report highlights that the e-commerce ecosystem provides a vast scale for AI deployment across various operational aspects, including customer relationship management, inventory, pricing, and marketing [35]. Shanghai's New Policies - The new policies include financial support for AI advertising initiatives, with subsidies for AI model development, data acquisition, and computing power rental [40][41]. - The measures aim to enhance AI's integration into the advertising industry, promoting innovation and talent development [41][42]. Companies to Watch - The report suggests monitoring companies such as Alibaba, Yiwan Yichuang, Guangyun Technology, Qingmu Technology, Focus Technology, Shiji Information, Baozun E-commerce, Weimeng Group, and Youzan for potential investment opportunities [4][43].

Group 1 - Morgan Stanley reiterated an "Overweight" rating on Amazon (AMZN.US) with a target price of $300, emphasizing the company's expansion in the fresh grocery market [1] - The fresh grocery market, valued at approximately $600 billion, is seen as a catalyst for Amazon's continued growth, building on a 10.9% revenue increase to $670 billion over the past 12 months [1] - Each 1% market share gained in the fresh grocery sector could potentially increase Amazon's total U.S. merchandise sales by about 120 basis points [1] Group 2 - Amazon has established a logistics network necessary for the expansion of its fresh food business, which is positioned favorably due to higher profit margins and a minimum $25 basket requirement [1] - Analysts indicate that Amazon's fresh grocery business is expected to become profitable, contributing to growth in the company's EBIT [1] - Cantor Fitzgerald and Barclays also maintained "Overweight" ratings on Amazon, highlighting its collaboration with JetBlue for in-flight Wi-Fi via the Kuiper satellite network and the growth of AWS's AI workloads [2]

周三，阿里巴巴旗下高德地图宣布推出全球首个基于用户行为产生的榜单"高德扫街榜"，被视为阿里发 力本地生活服务市场的最新举措。 据追风交易台消息，摩根士丹利分析师Gary Yu、Joanne Lau等在最新研报中指出，"高德扫街榜"的模式 和美团大众点评高度相似，此举是阿里重新发力到店业务的明确信号，将重塑本地生活服务领域的竞争 格局。 分析师认为，阿里在本地服务领域的扩张可能导致按需服务竞争延伸至店内服务，将对美团的利润率造 成进一步压力。 大摩表示，在中国电商巨头中首选阿里巴巴，鉴于竞争升级，下调对美团到店业务的长期盈利能力预 测，预计其核心本地商业分部的经营亏损可能因此扩大。 此举标志着阿里巴巴在本地生活领域的布局更加完整，从外卖、即时零售（快送电商）延伸至利润空间 更广阔的到店业务。报告称，推出"高德扫街榜"只是第一步，预计未来将有更多相关服务和产品上线。 与此同时，高德还启动了"烟火好店支持计划"，通过发放超10亿元补贴等措施，鼓励用户到店消费，希 望每天能为线下餐饮及其他服务业多带去1000万客流。 报告指出，配合同步推出的10亿元激励计划，阿里的意图在于快速激活高德平台上的消费潜力，形成新 的增长 ...

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) was held in Beijing from September 10 to September 14, showcasing JD's local life services including JD Takeout, Seven Fresh Kitchen, and JD Travel [1] - Seven Fresh Kitchen, as a "cooperative quality catering production platform," won the "Service Consumption Demonstration Case Enterprise" award, highlighting its innovative supply chain and the pioneering "dish partner" model [1] - JD's takeout business, launched in March 2025, has expanded to cover 350 cities with daily orders exceeding 25 million and over 150,000 quality restaurant partnerships [1] Group 2 - Seven Fresh Kitchen officially launched in July 2025, focusing on "freshly cooked and transparent kitchen" with a dual model of "takeout + self-pickup" to address challenges in the traditional catering industry [2] - The "dish partner" model allows chefs to earn a guaranteed minimum of 1 million yuan per dish, promoting sustainable industry development [2] - Seven Fresh Food MALL, JD's first physical infrastructure brand in the catering sector, opened its first store in Harbin, featuring live kitchen broadcasts and a unique "cross-store selection" takeout service [2] Group 3 - JD Travel leverages JD's robust supply chain and digital technology to offer services across transportation, hotel accommodation, and vacation packages, covering nearly 40,000 domestic hotels and over 1 million international hotels [3] - JD Home Services, launched in 2021, has expanded its offerings to include specialized services like maternity care and organization, aiming to enhance user experience [3] - The home service business currently operates in over 70 cities, with plans to expand to over 100 cities by the end of 2025 [3]

核[心Ta观bl点e_：Summary] 一、宏观经济组： 分析师：刘笑瑜 点评报告 2025 年 9 月 11 日 晨会纪要 第一创业证券研究所 6 证券研究报告 事件： 证书编号： S1080525070001 9 月 9 日早 9 点半国家统计局公布 8 月中国物价数据。 电话：0755-23838239 评论： 中国 8 月 CPI 同比为-0.4%，预期为-0.2%，前值（7 月）为 0.0%；核心 CPI 同比 为 0.9%，创 24 年 2 月以来的新高，前值为 0.8%。8 月 CPI 环比为 0.0%，前值为 0.4%；核心 CPI 环比为 0.0%，前值为 0.4%。可见，核心 CPI 与 CPI 之间差距由 0.8 扩大到 1.3 个百分点，主要还是由于基数的原因。 8 月食品环比为 0.5%，前值为-0.2%，去年同期是 3.4%。其中，鲜菜环比上涨 8.5%， 蛋类上涨 1.5%；而鲜果价格环比下跌 2.8%，水产品下跌 0.9%，猪肉下跌 0.5%。 8 月非食品环比为-0.1%，前值为 0.5%，去年同期是-0.3%。其中，医疗保健环比 上涨 0.3%，其中医疗服务上涨 0.5% ...

Core Viewpoint - The "Renewing a Beautiful Life" initiative launched by the Sichuan Provincial Federation of Trade Unions, Postal Savings Bank of China Sichuan Branch, and JD Electric aims to stimulate consumer spending through a combination of government subsidies and exclusive discounts for union members, creating a synergistic effect that enhances the overall benefits for consumers [5][9][11]. Group 1: Event Overview - The initiative runs from September 6, 2025, to October 31, 2025, across multiple locations in Sichuan Province, providing a new consumer experience [5][10]. - Union members can receive coupons such as "500 off for purchases over 10,000 yuan" or "300 off for purchases over 6,000 yuan," applicable to various categories including home appliances and 3C products [6][9]. Group 2: Financial Support and Impact - The Postal Savings Bank of China Sichuan Branch has allocated special funds to support this initiative, aiming to activate the consumer market and enhance both economic and social value [9][11]. - As of the report date, over 115,500 union cardholders are expected to participate in the trade-in program, contributing to an estimated consumption boost of over 351 million yuan [10]. Group 3: Broader Implications - The initiative aligns with the Sichuan Provincial Federation of Trade Unions' efforts to support economic growth and high-quality development through policies like the trade-in program, which serves as a timely measure for economic stabilization [11][12]. - The Postal Savings Bank of China Sichuan Branch emphasizes its commitment to integrating financial services with consumer promotion and green initiatives, exploring innovative paths for financial support in enhancing living standards and stimulating market vitality [11][12].

9月10日，湖州市市场监督管理局联合阿里巴巴（中国）网络技术有限公司，举办"湖创优品·链动全 球"湖州市推进"平台+产业"双向赋能暨产业带跃升计划发布会，旨在为推动数字经济与实体经济深度融 合、实现产业能级跃升。 本次发布会全面介绍了双向赋能行动的具体举措与发展目标，未来湖州将通过打通"产销链路"、打 造"展示窗口"、擦亮"消费品牌"、组建"服务矩阵"、筑牢"防护屏障"五大举措，为产业升级与平台发展 搭建桥梁纽带，实现双向奔赴。 活动现场，湖州市市场监管局与阿里巴巴（中国）网络技术有限公司签署了《平台经济高质量发展合作 协议》。 湖州市市场监管局网监分局局长沈思音告诉智通财经，双方将围绕共建信用体系、共推创新发展、共护 消费权益、共治违法行为、共促知产保护、共优发展环境六大核心领域，建立深度合作机制。 比如，在共建主体信用体系方面，阿里旗下1688平台依托自身大数据优势可以提供智能研判体系，为湖 州市局提供监管执法所需的相关经营主体信息及历史数据，每年向湖州市局提供入驻商家及商家经营数 据对比分析和发展形势分析报告，助力企业精准分类监管。 共推创新发展举措方面，湖州市局之后将联合1688举办宣讲会、对接会，帮 ...