外卖行业即将迎来重磅变革！ 9月24日，市场监管总局正式发布《外卖平台服务管理基本要求（征求意见稿）》，这意味着外卖平台服务管理将 首次拥有国家标准。 幽灵外卖 配送员权益保障成为亮点。新规聚焦社会保障、劳动报酬、工作时间等关键问题，要求平台规范用工关系，保障 合理收入与劳动时间。这意味着外卖小哥将获得更完善的职业保障和业务培训，结束"困在算法里"的困境。 值得注意的是，这份标准由新成立的全国平台经济治理标准化技术委员会归口管理，主要外卖平台均参与了标准 研制全过程。 中国人民大学食品安全治理协同创新中心研究员孙娟娟指出，该标准整合了食品安全、公平竞争、劳工权益等多 维度要求，能实现不同利益相关者的共生共赢。 业内专家表示，"新国标"的最大创新在于从规范主体行为入手，填补了现有标准在多元主体关系协调层面的空 白。 这不仅为平台企业提供了可操作的管理指引，更有助于提升消费者信任度与行业整体形象。随着征求意见的推 进，外卖行业有望尽快形成公平、有序、可持续的发展新格局。 这份涵盖平台收费、商户管理、配送员权益等关键环节的"新国标"，旨在终结愈演愈烈的"外卖大战"，推动行业 走向规范发展。 新规直指行业痛点。针对备 ...

Economic Indicators - In September, the US manufacturing PMI fell to 52, while the services PMI dropped to 53.9, indicating a slight slowdown in economic expansion [2] - The composite PMI also decreased to 53.6, marking the lowest level since June 2025, with new orders and employment indices declining [2] - Despite the slowdown, consumer spending remains resilient, and the Federal Reserve's interest rate cuts may help prevent a recession [3] Regulatory Developments - The State Administration for Market Regulation in China has released a draft for public consultation on the basic requirements for food delivery platforms, focusing on service management and fee transparency [4] - The draft aims to regulate platform fees and promotional behaviors to prevent unfair competition and ensure food safety [4][5] Energy Consumption - In August, China's total electricity consumption reached 10,154 billion kWh, a year-on-year increase of 5.0%, with the manufacturing sector showing the highest growth at 5.5% [6] - The electricity demand growth reflects a robust economic recovery, although supply challenges remain due to mismatches in demand and supply timing [7] Computing Industry Initiatives - Hubei Province plans to develop a computing industry cluster, aiming for a total computing power of 25 EFLOPS by 2027, with a focus on integrating computing with optical communication and chip industries [8] - The measures encourage the development of a diverse computing infrastructure and aim to avoid homogeneous competition among cities [9] Labor Market Concerns - A survey indicates that 24% of young employees in the US and Europe are very concerned about potential job loss due to AI, compared to only 10% of older workers [10] - The rise of AI technology presents both challenges and opportunities for young workers, who may leverage AI to enhance their skills and productivity [11] Agricultural Sector Trends - The price of live pigs has dropped significantly, with a 10.4% decrease from early September and a 24.4% decline from the peak in February, reflecting an oversupply in the market [12] - Despite short-term measures to control production, the long-term outlook for the pig farming industry suggests a need for reduced production capacity to balance supply and demand [13] Stock Market Performance - On September 24, the stock market saw a broad increase, with the Shanghai Composite Index rising by 0.83% and the ChiNext Index reaching a three-year high [14] - The semiconductor sector continued to perform strongly, driven by developments in AI and chip demand, while consumer sectors like tourism showed weakness [15]

Group 1: Digital Consumption Development - The Ministry of Commerce and eight other departments issued guidelines to promote digital consumption, focusing on supply-demand collaboration with 14 specific tasks [2] - Key areas include enriching digital consumption supply, nurturing digital consumption enterprises, optimizing support systems, and creating a favorable environment for digital consumption [2] Group 2: AI Infrastructure and Demand - The demand for GPU computing cards is over 7 million to support generative AI and Agentic AI technologies, with a projected 100-fold increase in AI computing power demand over the next five years [2] - Alibaba's CEO announced a plan to invest 380 billion yuan in AI infrastructure, positioning large models as the next generation operating system [2][3] Group 3: Robotics and AI Collaboration - Yushutech's CEO predicts humanoid robots will understand human commands and perform actions by the end of next year [3] - Alibaba announced a collaboration with NVIDIA on Physical AI, covering various aspects including data synthesis and model training [3] Group 4: Financial Moves and Investments - Oracle plans to raise approximately $15 billion through bond issuance [4] - OpenAI and Oracle, along with SoftBank, announced the establishment of five new data centers in the U.S., with a total investment of over $40 billion [4] Group 5: Policy and Industry Growth - The Ministry of Commerce and other departments support the establishment of international data centers and cloud computing centers in free trade zones and pilot areas [5] - The construction of a modern industrial system in the building materials sector is emphasized, with a target of over 300 billion yuan in revenue from green building materials by 2026 [7] Group 6: Transportation and Logistics - A plan to promote the deep integration of container rail-water transport aims for an annual growth rate of about 15% by 2027 [8] Group 7: Market Trends and Fundraising - In September, 24 new funds were established with a total initial fundraising of 15.852 billion yuan, highlighting strong market interest in investment opportunities [14]

▲资料图：骑手正在送外卖。图/IC photo 外卖"新国标"来了。 据新华社报道，由市场监管总局组织起草的《外卖平台服务管理基本要求（征求意见稿）》，9月24日 向社会公开征求意见。征求意见稿聚焦平台收费、促销行为等重点问题，帮助外卖平台企业规范服务管 理、提升服务质量，减轻商户经营负担，引导平台企业公开有序竞争。 一个健康的市场生态，应实现平台、商户、骑手和消费者等多方利益的平衡与共赢。当平台从"烧钱补 贴"转向合理竞争，商家无需在低价与品质之间做出妥协，消费者不必担心"幽灵外卖"，骑手能够在安 全与收入之间找到平衡点，这个与民生息息相关的行业，方能真正迈向可持续发展之路。这也是"新国 标"制定的意义所在。 尤其针对部分商家反映的"卖得越多、亏得越多"怪现象，"新国标"重点规范了平台和商户价格促销行 为。比如，征求意见稿要求，平台开展价格促销活动，相应成本应由平台自身承担，不应通过推广工具 捆绑、临时上调服务收费等方式，将促销活动成本变相转嫁给商户或配送员。平台价格促销活动应坚持 合理限度原则，促销优惠后不应使得商品实际成交价格为零或为负，扰乱正常的市场价格秩序。 无疑，这些促销规则的明确，将为无序竞争划 ...

本报记者 郭冀川 韩昱 9月24日，国家市场监督管理总局（以下简称"市场监管总局"）起草的《外卖平台服务管理基本要求（征求意见稿）》 （以下简称《基本要求》），正式面向社会公开征求意见。这一举措的出台，恰与此前外卖行业激烈的市场竞争形成鲜明呼 应。 今年盛夏，电商头部企业掀起的"外卖三国杀"席卷市场，各类补贴活动层出不穷，从大额满减到低价秒杀，消费者一度沉 浸在"几块钱吃一顿饭"的消费狂欢中。这场硝烟弥漫的商业大战，不仅是互联网行业流量见顶后，巨头们在存量市场展开的激 烈厮杀，更标志着发展多年的外卖赛道，正迎来一场关乎商业模式与行业生态的深刻"翻新"。 然而，随着竞争的持续升温，激烈的商业鏖战也让行业逐渐清醒，过度内卷毫无价值，无序的低价竞争最终只会导致企业 利润承压、服务质量下滑的局面。如今，这一共识正在行业内逐步形成。 中国消费经济学会副理事长、北京工商大学商业经济研究所所长洪涛在接受《证券日报》记者采访时表示，在外卖行业， 单一的低价竞争已经进入死胡同。 可以说，上半年是外卖大战竞争最为激烈的时刻，从企业营收情况来看，以新茶饮集团为代表的头部阵营企业业绩提升十 分明显。多家新茶饮上市公司公布的2025年 ...

市场监管总局组织起草的《外卖平台服务管理基本要求（征求意见稿）》，今天（9月24日）起正式面 向社会公开征求意见。征求意见稿聚焦平台收费、促销行为等重点问题，帮助外卖平台企业规范服务管 理、提升服务质量，减轻商户经营负担，引导平台企业公平有序竞争。 中国法学会消费者权益保护法研究会副秘书长、北京食品药品法治研究会副会长陈音江在接受新京报记 者采访时表示，征求意见稿针对当前各界广泛关注的外卖"补贴大战"、商家"卖越多亏越多""幽灵外 卖"等外卖领域乱象，都提出了相关明确规定，对规范平台企业的收费行为和促销行为，包括对促进行 业公平竞争都具有重要意义。 焦点一：叫停"内卷式"竞争，促销成本不得转嫁 今年以来，外卖平台围绕抢夺用户流量、夯实配送能力开展"补贴大战"，很多商户被迫卷入其中，甚至 出现转嫁补贴成本，挤压商户合理利润空间等现象。 陈音江表示，征求意见稿直指平台依靠"价格战""补贴大战"的低水平竞争模式。征求意见稿中明确提 出，平台开展价格促销活动，相应成本应由平台自身承担，不应要求商户或配送员进行分摊，或通过推 广工具捆绑、临时上调服务收费等方式，将促销活动成本变相转嫁给商户或配送员。 平台开展价格促销活 ...

市场监管总局发布《外卖平台服务管理基本要求(征求意见稿)》，征求意见稿明确限定外卖平台向商户的收费项目，不得随意新设收费项目。新规从公示 方式、公示内容、结算明细、推广效果等方面对平台收费作出细化规定，防止不透明收费现象。 监管部门推出外卖平台新规，美团和京东股价应声上涨。 9月24日，市场监管总局发布《外卖平台服务管理基本要求(征求意见稿)》，旨在规范平台收费、促销行为等关键问题，引导平台企业公开有序竞争。 新规要求平台按照合理匹配原则，科学设定技术服务费、配送服务费和推广服务费。平台需建立技术服务费下调机制，逐步降低基础佣金，特别是对中 小微商户要制定费用减免等扶持措施。 遏制"裹挟式"竞争乱象 据央视新闻援引专家分析，今年以来，外卖平台围绕抢夺用户流量、夯实配送能力开展"补贴大战"，很多商户被迫卷入其中，出现转嫁补贴成本、挤压 商户合理利润空间等现象。 征求意见稿重点规范平台和商户价格促销行为，明确要求平台价格促销成本不应变相或直接要求商户进行分摊。新规明确禁止平台强制或变相强制商户 开展价格促销，或干预商户促销力度。 专家介绍，新规限定平台向商户的收费项目，禁止平台强制商户分摊促销成本，并要求建立技术 ...

Core Viewpoint - The new regulations introduced by the market regulatory authority aim to standardize the service management of food delivery platforms, addressing issues such as platform fees and promotional practices, thereby promoting fair competition among platform companies [1][4]. Group 1: Regulatory Changes - The new draft regulations limit the fees that delivery platforms can charge merchants, prohibiting platforms from forcing merchants to share promotional costs and requiring the establishment of a mechanism to reduce technical service fees [1][5]. - The regulations emphasize transparency in platform fees, detailing requirements for publicizing fee structures and preventing opaque charging practices [5]. - The introduction of these regulations marks a formal response to the chaotic competition in the food delivery industry, which has intensified since the summer of this year [4][6]. Group 2: Impact on Merchants - The regulations aim to alleviate the financial burden on merchants, who have been pressured into aggressive promotional strategies due to competition among platforms [6]. - The draft explicitly prohibits platforms from mandating or indirectly coercing merchants into participating in price promotions, which could further protect merchants' profit margins [6]. Group 3: Consumer and Food Safety - The regulations address issues such as "ghost kitchens," requiring merchants to provide valid business licenses and undergo thorough verification processes to ensure food safety [7]. - A new mechanism for order management will be implemented to prevent "order overload" situations, enhancing consumer experience and safety [7]. Group 4: Delivery Personnel Rights - The draft regulations focus on the rights of delivery personnel, mandating fair compensation and reasonable working hours to prevent overwork and health risks [8]. - Platforms are required to implement fatigue alerts for delivery personnel who have been working for over four hours continuously, ensuring their well-being [8].

1、"反内卷"政策规范外卖平台，互联网板块迎来政策暖风 本篇评级为★★★，主要围绕以下内容展开： 1、"反内卷"政策规范外卖平台，互联网板块迎来政策暖风 2、中美关系转暖还有消息在路上，市场预期大幅增加 如有疑问请以音频内容为准，添加小虎哥微信：miaotou515 ，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 今天，国内市场在历经了两三天的小幅回撤之后，再次扭头向上、再接再厉，呈现出红通通的一片。在 这背后，有几条新的消息跟大家刷新一下。 第一条来自政策层面：海外媒体彭博社报道称，中国市场监管部门目前正在外卖领域开展竞争规范。此 前众所周知，外卖几大平台大打价格战、搞"内卷式"竞争，进行超常规补贴，战火如火如荼，导致许多 商家无利可图。未来，这一方向很可能受到总量和总额的限制。 据该外媒消息，监管总局正在起草一份规范，后续将以正式文件形式发布。正如我们此前聊到的，这场 外卖大战起始于6月底、7月初；战火蔓延后，各大平台实际并未获得太多好处，即便短暂提升了市场份 额，资本市场却纷纷"用脚投票"，股价大幅下挫。 当时我们点评：从政策视角看，此举属"顶风作案"，未 ...

Core Insights - The Chinese food delivery market is experiencing a slowdown, prompting platforms like Meituan and Didi to explore international markets for growth opportunities [1][2] - The expansion into overseas markets is not a simple replication of domestic models, as it involves navigating regional consumption differences, cultural adaptations, regulatory compliance risks, and restructuring profit models [1][2] Overseas Expansion - Major players in the food delivery sector, including Meituan, JD, and Alibaba, are increasingly focusing on international markets due to saturation in the domestic market [2][3] - Meituan has signed an investment agreement to introduce its delivery service Keeta to Brazil, planning to invest $1 billion over five years [2][6] - Didi's 99Food has announced a 2 billion Brazilian real (approximately 2.6 billion yuan) investment to enhance its delivery services in Brazil [3][6] Market Potential - The Middle East, Southeast Asia, and Latin America are identified as key regions for expansion due to their growing consumer demand and favorable economic conditions [4][5] - The Middle East shows potential due to rising income levels and a young population, while Southeast Asia benefits from high internet penetration and mobile payment adoption [4][5] - Latin America is experiencing rapid urbanization, increasing the acceptance and reliance on food delivery services [4][5] Regional Demand Differences - Different regions exhibit distinct consumer preferences: Middle Eastern consumers prioritize service quality and privacy, Southeast Asian consumers focus on affordability and delivery speed, while Latin American consumers seek diverse food options [4][5] - Platforms must tailor their strategies accordingly, such as introducing high-quality restaurants in the Middle East and offering competitive pricing in Southeast Asia [4][5] Development Strategies - Successful overseas expansion requires a comprehensive understanding of local market dynamics, including regulatory environments and cultural nuances [6][7] - Companies are advised to establish local compliance systems and engage with government entities to navigate regulatory challenges effectively [7][11] - The application of technology, such as AI and data analytics, is crucial for optimizing operations and enhancing user experience in international markets [8][9] Future Trends - The next few years are expected to see a "multi-model parallel" development approach, with larger companies rapidly expanding across multiple regions while smaller platforms focus on deep localization in specific areas [8][11] - The speed of technological implementation may outpace domestic markets, particularly in areas like drone delivery and AI algorithms, due to fewer regulatory restrictions in some regions [9][11] - Companies that successfully adapt to local markets and innovate their operational models will emerge as global players rather than mere replicators of the Chinese model [11]