Investment Rating - The report maintains a "Buy" rating on Alibaba, Meituan, and PDD, while highlighting JD as a potential multiple repair/re-rating story [14][15][18]. Core Insights - The competition intensity among eCommerce players, particularly Alibaba, JD, and Meituan, in food delivery and instant shopping has escalated, with an estimated aggregate investment of Rmb25 billion (approximately US$3 billion) in the June quarter alone [9]. - The report estimates a total addressable market (TAM) of Rmb2.4 trillion for food delivery and Rmb1.5 trillion for instant shopping by 2030, driven by increased platform subsidies and user acquisitions [4][40]. - The ultimate goal for these companies is to become the "everyday app" for transactions, facilitating cross-selling across various goods and services [12][56]. Summary by Sections Market Overview - The food delivery competitive landscape is rapidly evolving, with Meituan achieving 90 million daily orders and Alibaba's Taobao Instant Commerce reaching 60 million peak daily orders [34]. - The report anticipates a re-acceleration of on-demand eCommerce penetration in China, projecting a TAM of Rmb1.5 trillion by 2030 [35][42]. Financial Projections - The report outlines three scenarios for food delivery and instant shopping, with a base case projecting a 5.5:3.5:1 market share between Meituan, Alibaba, and JD [10][27]. - Estimated losses for Alibaba and JD in food delivery are projected at Rmb-41 billion and Rmb-26 billion, respectively, over the next 12 months [9]. Company-Specific Insights - JD is expected to disproportionately benefit if it stabilizes its food delivery scale, while PDD is positioned to have a more resilient profit setup due to its lack of direct involvement in the food delivery competition [10][18]. - Meituan's strategic pivot towards centralized kitchens aims to enhance food safety and reduce delivery costs, which could improve long-term unit economics [11][54]. User Engagement and Traffic - The report notes a significant increase in daily active users (DAU) for both JD and Taobao, with a combined increase of 50 million DAU to approximately 410 million [12][56]. - The consolidation of offerings into a single app is seen as a strategy to monetize increased engagement from high-frequency food delivery [57].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a focus on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5] Market Focus - The news team at Proactive delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3]

Industry Overview - The gig economy has gained significant traction since the pandemic, redefining work by offering flexibility in hours, workload, and workspace [1][2] - The global gig economy market is projected to reach $2.15 trillion by 2033, with a compound annual growth rate of 16.2% from 2025 [4] Key Players - Lyft operates in the ride-hailing segment, providing a flexible platform for drivers to earn income through ridesharing, shared rides, and rentals [6][8] - DoorDash holds over 65% market share in the U.S. food delivery market, utilizing independent contractors for deliveries, which allows for reduced operational costs [9][10] - Uber connects passengers with drivers through its app, allowing drivers to work as independent contractors with flexible schedules [12][13] Business Models - Lyft's model allows drivers to choose their working hours and earn income on their terms, emphasizing the potential of gig-based transportation solutions [8][14] - DoorDash's business model leverages a flexible workforce to scale operations quickly, responding to fluctuating demand [11][12] - Uber's gig-based approach enables drivers to earn based on completed rides rather than a fixed salary, providing autonomy and flexibility [13][14] Investment Opportunities - Companies like Lyft, DoorDash, and Uber present compelling investment opportunities within the expanding gig economy [5][12]

据报道，美国本土外卖巨头DoorDash的全球战略采购主管乔希·皮克尔斯及其年过70岁的父母，在上 周末的一次游船事故中丧生。 全球数据和商业智能平台Statista数据显示，DoorDash是美国本土外卖行业的领导者，截至2024年3 月，其在美国外卖市场上占据了三分之二的份额。 来源：红星新闻 责编：王璐璐 校对：姚远 当局6月24日宣布，在上周六的"太浩湖游船事故"中，有8人遇难，其中包括37岁的皮克尔斯及其父 母。 百万用户都在看 凌晨！中国资产，大爆发！外资，突传重磅！ 利好来了！上海，重磅发布！ 全线爆发，美国突传大消息！ 刚刚！全线拉升！ 重大变数！半导体，突发！ 中央明确公职人员违规吃喝认定标准 违法和不良信息举报电话：0755-83514034 据目击者称，上周六下午，位于加州和内华达州边界上的太浩湖天气骤变，在短短45分钟之内，就从 大晴天变成了暴风雨天气。据报道，当时湖面上刮起狂风，甚至掀起了8英尺（约合2.4米）的浪。最 终，这家人乘坐的长约27英尺（约合8.2米）的游船被掀翻。 邮箱：bwb@stcn.com ...

Core Insights - The article emphasizes the importance of exploring lesser-known tech stocks for investment opportunities, highlighting companies with significant growth potential outside of the major players like Apple and Microsoft [2][3] Group 1: Company Highlights - **DoorDash**: The company has expanded its advertising services with AI-powered tools to help businesses enhance their presence on the platform. It also acquired the adtech platform Symbiosys to improve advertising across multiple digital channels [5][6][7] - **Sea Limited**: This Singapore-based company operates in digital entertainment, e-commerce, and financial services, reporting a revenue of $4.8 billion in Q1, up 29.6% year-over-year, and profits of $2.2 billion, up 43.9% [9][10] - **Airbnb**: The platform has facilitated over 2 billion stays since its inception in 2007, and despite recent growth slowdowns, it continues to show solid performance, with notable investment from Ark Invest [11][12] - **Coinbase Global**: The platform manages $328 billion in assets and has a quarterly trading volume of $393 billion, positioning itself as a key player in the cryptocurrency market [13][14] - **Snowflake**: The cloud-based data platform reported $1 billion in revenue in Q1, up 26% year-over-year, and estimates its market opportunity will grow from $170 billion in 2024 to $355 billion by 2029 [15][16] - **Robinhood Markets**: The platform manages $255 billion in assets, up 89% from the previous year, and serves 25.9 million customers, reflecting a 7% increase [17][18] - **Marvell Technology**: The company reported a record revenue of $1.89 billion in Q1, driven by increased demand for AI infrastructure [19][20] - **Cloudflare**: The cybersecurity company operates a massive network with servers in 330 cities and 125 countries, capable of reaching 95% of the global population within 50 milliseconds [21][22] - **Block**: Formerly known as Square, the company has evolved to focus on blockchain and Bitcoin, offering various financial services including Bitcoin mining and wallets [23][24]

Core Insights - The mobile internet traffic in China showed a slight year-on-year growth of 2.6% in Q1 2025, indicating a stabilization in market demand and a shift towards intensified competition in a saturated market [1] - User engagement metrics are declining, with the average daily effective usage time per device dropping to 268.0 minutes, a decrease of 3.9% year-on-year, and the number of daily usage instances falling by 5.1% to 63.4 times [1] Industry Changes - E-commerce sector saw peak traffic of 1.216 billion in Q1, driven by upgraded gifting features in platforms like Taobao, JD.com, and WeChat, leveraging the Spring Festival for marketing [2] - The food delivery market is characterized by fierce competition among major players, with JD.com entering the market in February and achieving over 10 million daily orders, while Meituan and Taobao's collaboration with Ele.me also reached similar order volumes [2] - Social networking app Xiaohongshu capitalized on the influx of over 170 million "TikTok refugees," topping download charts in multiple countries and enhancing its app with English translation features [2] - The AI sector experienced a year-on-year growth of 46.5% in Q1, with DeepSeek leading the industry and surpassing 100 million monthly active devices, focusing on practical applications in intelligent chat and image processing [2] App Changes - In March 2025, the top three apps with over 100 million monthly active users (MAU) showing the highest compound growth were Personal Income Tax, WiFi Master Key, and Xianyu [3] - Among apps with over 50 million MAU, the top three in compound growth were Huawei Health, Doubao, and Anjuke [3] - Preferences among Generation Z users favored Boss Zhipin, Honor of Kings, and Peacekeeper Elite, while the maternal and infant demographic preferred Meitu Xiuxiu, Xiaohongshu, and Xianyu [3]

Core Viewpoint - Alibaba is strategically integrating its instant retail and travel businesses, Ele.me and Fliggy, into its China e-commerce division to transform from a single e-commerce platform to a comprehensive consumer platform, aiming to alleviate traffic anxiety and enhance user engagement [2][4][11]. Group 1: Strategic Integration - The merger of Ele.me and Fliggy into the e-commerce division is a significant strategic upgrade, indicating a shift towards a unified consumer ecosystem that combines e-commerce, instant retail, and travel services [2][4]. - Ele.me and Fliggy will continue to operate independently but will align their business strategies with the e-commerce division to enhance collaboration and efficiency [4][6]. - The integration aims to leverage high-frequency transactions from instant retail to boost low-frequency e-commerce user engagement, thereby creating a more competitive consumption ecosystem [5][9]. Group 2: Market Potential and Growth - The instant retail market in China reached a scale of 650 billion yuan in 2023, with a year-on-year growth of 28.89%, and is projected to exceed 2 trillion yuan by 2030, highlighting its potential as a new growth area for Alibaba [8]. - The collaboration between Taobao's flash purchase service and Ele.me has shown significant results, with daily orders increasing from 10 million to over 60 million in less than two months, indicating a successful synergy [6][7]. - The need for Alibaba to find new growth points is critical as e-commerce growth slows, making instant retail a prime focus for future investments [8][9]. Group 3: Competitive Landscape - The competitive landscape is intensifying, with major players like JD.com and Meituan actively participating in the instant retail and travel markets, prompting Alibaba to adapt its strategies [7][10]. - The integration of Ele.me and Fliggy is seen as a response to the challenges posed by competitors, as both businesses were previously considered non-core to Alibaba's main operations [7][11]. - The future of Alibaba's business model may hinge on successfully merging online and offline services to create a "super app" centered around consumer needs, which is essential for maintaining competitiveness in the evolving market [11].

01、把业务重新合到一起 阿里再次调整组织架构。 6月23日，阿里巴巴集团CEO吴泳铭发布全员邮件，全文200来字，言简意赅，传递出两层信息。其一， 将进一步整合业务，饿了么、飞猪即日起合并入阿里中国电商事业群，两项业务的负责人——饿了么董 事长兼CEO吴泽明、飞猪CEO庄卓然，继续担任当前职务，但向蒋凡汇报。后者2024年11月起任阿里电 商事业群CEO。 其二，如此整合的原因，是阿里"从电商平台走向大消费平台的战略升级"。未来，公司还将更多从用户 角度出发，优化整合业务模式和组织形态。 此前，在"1+6+N"的业务框架下，饿了么归属的本地生活集团，是"6"大业务板块之一，飞猪则被归 入"N"。从目前来看，此番整合，不同业务间的壁垒将进一步打破，试图走向多方共赢。 "整合之后，便于饿了么的即时配送能力与淘宝闪购业务深度融合，实现'远场电商+近场零售'的全场景 覆盖。与此同时，飞猪的旅游产品能通过淘天庞大的用户流量拓展销售渠道，电商平台也能借助旅游场 景开发'旅游+购物'的交叉营销模式。"海豚智库创始人、电商分析师李成东对《财经天下》表示。 在李成东看来，阿里当下的整合，沿用的是类似于美团的超级App逻辑，" ...

商报讯(记者吕文鹃)阿里巴巴又有一项新变动。 6月23日，阿里巴巴集团CEO吴泳铭发布全员邮件，宣布即日起，饿了么、飞猪合并入阿里中国电商事 业群。范禹(花名)继续担任饿了么董事长兼CEO，向蒋凡汇报。南天(花名)继续担任飞猪CEO，向蒋凡 汇报。饿了么飞猪继续保持公司化管理模式，业务决策执行上与中国电商事业群集中目标、统一作战。 这一新变动标志着阿里电商平台开始向大消费平台转变。 阿里官宣重大业务调整涉及旗下旅行、即时零售板块 对于此次调整，吴泳铭在全员邮件中说，"这是我们从电商平台走向大消费平台的战略升级。未来，我 们将更多从用户角度出发优化整合业务模式和组织形态，为用户创造更丰富优质的生活消费体验。" 去年11月21日，阿里宣布成立阿里电商事业群，任命蒋凡担任CEO。该电商事业群全面整合淘宝天猫集 团、国际数字商业集团以及1688、闲鱼等电商业务，形成覆盖国内外全产业链的业务集群。继几大业务 并入电商事业群后，饿了么与飞猪的回归也被视为阿里向大消费平台转变的标志。 阿里将旗下旅游平台并入了被委以重任的阿里电商事业群，也让许多人联想到了上周刚刚官宣入局酒旅 的京东。上周三，在618大促即将收官的当日，京东 ...

China has the world's best and cheapest food delivery apps and now it's only getting cheaper. JD. com, the online retail giant, launched his takeout business in March to challenge rivals Alibaba and Mtoan, which have together dominated the $80 billion plus market for about a decade.Even JD's billionaire founder, Richard Louu, spent a day personally handing out food to surprise customers near its headquarters in Beijing. PR stunt aside, the company is giving away 1.4% 4 billion in coupons to users, forcing M ...