Core Viewpoint - The article discusses the "Implementation Plan for Boosting Consumption in Guangzhou," which aims to activate the consumption market through 33 specific actions across various sectors, including employment, consumer support, and service quality enhancement [1]. Group 1: Income and Employment - Expanding channels for property income by organizing state-owned enterprises to report and remit state-owned asset revenues, and enhancing the market value management of state-owned listed companies [2]. - Implementing a minimum wage guarantee system with a standard of 2500 yuan/month and improving the wage growth mechanism for workers [2]. Group 2: Family and Event Support - Implementing national childcare subsidy policies to increase support for eligible families [3]. - Focusing on the successful organization of major events such as the 15th National Games and the Guangzhou Marathon, while promoting sports and tourism consumption [3]. Group 3: Tax and Retail Enhancements - Enhancing customs facilitation services, expanding the scope of tax refund stores, and promoting immediate tax refund services for departing travelers [3]. - Utilizing funds for replacing old consumer goods and increasing subsidies for categories like home appliances and automobiles [3]. Group 4: Housing and Real Estate Policies - Optimizing housing provident fund policies to support homebuyers and adjusting real estate policies by removing purchase and sale restrictions, as well as lowering down payment ratios and interest rates [4][5]. - The current mortgage down payment ratio for first and second homes is 15%, with interest rates around 3% for commercial loans and 2.6% for provident fund loans, indicating a relatively low borrowing cost [5]. Group 5: Financial Support and Consumer Loans - Encouraging banks to implement self-regulatory interest rate pricing and to increase personal consumption loan offerings while ensuring risk control [5]. - Supporting the development of financial products tailored for new consumption models in e-commerce, health, education, and digital services [5]. Group 6: Consumer Environment and Market Activation - Emphasizing the importance of increasing residents' income through higher minimum wages and job creation, particularly for youth, to stimulate consumer spending [6]. - Advocating for improved consumer conditions and supply, alongside policies that enhance consumer purchasing power, such as trade-in programs and subsidies for new purchases [6].

Core Insights - The article highlights the pervasive issue of "ghost takeout" in the food delivery industry, revealing the exploitation of merchants by platforms and the resulting compromise on food safety and quality [1][2][3] Group 1: Ghost Takeout Phenomenon - "Ghost takeout" refers to restaurants that operate under false pretenses, sharing addresses and licenses, leading to poor hygiene and untraceable food sources [2][3] - A specific case in Beijing showed over 40 takeout shops sharing the same address, misleading consumers with seemingly legitimate information while operating in unsanitary conditions [2] - The existence of these ghost restaurants poses significant health risks to consumers and disrupts the market for legitimate businesses, creating an environment where low-quality operators thrive [3] Group 2: Platform Responsibilities - Food delivery platforms are criticized for lax entry audits and oversight, allowing unqualified merchants to operate, which contributes to the rise of ghost takeout [4][5] - Regulations established in 2017 require platforms to verify the legitimacy of food service providers, but many platforms fail to enforce these rules effectively [4] - Platforms often prioritize rapid growth and market share over consumer safety, leading to a proliferation of ghost restaurants [5] Group 3: Impact on Food Quality - The prevalence of ghost takeout has led to a decline in overall food quality, with many operators using low-quality or expired ingredients to cut costs [6][7] - Poor hygiene practices in ghost kitchens, such as inadequate sanitation and untrained staff, further compromise food safety [6] - The use of substandard packaging materials by ghost restaurants can also pose health risks, as they may release harmful substances when heated [7] Group 4: Market Dynamics and Consumer Trust - The rise of ghost takeout undermines consumer trust in the food delivery industry, as repeated food safety issues can lead to a decline in market size and growth potential [6][7] - The article suggests that the ongoing price wars in the instant retail sector exacerbate these issues, as businesses are forced to cut corners to remain competitive [9][10] Group 5: Recommendations for Improvement - A multi-faceted approach is necessary to restore order in the food delivery and instant retail sectors, including stricter government regulations and platform accountability [11][12] - Platforms should enhance their merchant verification processes and utilize technology for real-time monitoring of food safety practices [12][13] - Consumers are encouraged to be vigilant about the quality and safety of the food they order, which can drive businesses to improve their standards [14]

Group 1 - The "Two Heavy and Two New" policy is a crucial mechanism for expanding domestic demand and promoting high-quality development, focusing on major national strategies and key areas of safety capability construction [1][3] - The Central Committee of the Taiwan Democratic Self-Government League is conducting research to better leverage the effectiveness of the "Two Heavy and Two New" policy, aiming to build a modern industrial system and expand domestic demand comprehensively [1][10] Group 2 - The research team visited significant projects such as the Nanning International Railway Port, which has seen a 488.2% year-on-year increase in cargo shipments in the first quarter of 2025, highlighting the importance of cross-border logistics [3] - The Pinglu Canal project, which is expected to be completed by the end of 2026, will enhance shipping capabilities for the southwestern region of China [3] - The Shanghai Lingang New Area's China Commercial Aircraft Corporation assembly center showcases advanced manufacturing processes for domestic large aircraft [3] Group 3 - The "Two New" policy aims to optimize supply, enhance consumption, and boost confidence, benefiting both micro and macroeconomic levels [6][7] - Companies like Nanning South Aluminum Processing Co. are leveraging local advantages to enhance their production capabilities and expand their market reach in the new energy vehicle sector [6] - Meituan's Shanghai headquarters reported over 18 million daily orders in non-food instant retail, indicating a significant shift towards digital retail and consumer demand [6] Group 4 - The research team recommends stronger and more precise measures to stimulate consumption, utilizing fiscal, credit, and pricing policies to enhance consumer willingness and innovate consumption scenarios [7] - The integration of the Taiwan business community into the new development pattern is encouraged, particularly in sectors like artificial intelligence and electronic information manufacturing [9][10]

Core Insights - The Chinese instant retail market is undergoing a significant transformation in consumer demographics, with individuals aged 30 and above now constituting 55% of the market, a 5% increase from 2023 [2] - Middle-class consumers and refined mothers are the core consumer groups, contributing 22% and 21% to market share respectively, as they shift instant retail from an emergency procurement channel to a daily supply hub [2] - The urban Gen Z is reshaping market competition with unique consumption behaviors, viewing instant platforms as experimental spaces for lifestyle [3] Consumer Behavior Changes - In 2024, the logic behind choosing instant retail has fundamentally changed, with product variety now surpassing delivery speed as the primary decision factor, chosen by 68% of consumers [6] - The demand for a seamless experience across the entire purchasing process has become a new necessity, with 86% of consumers expecting smooth integration of search, payment, and after-sales services [6] - The combination purchasing rate of snacks and beverages has reached an industry peak, indicating a shift towards cross-category buying [6] Market Trends - The snack category has established itself as the core competitive category in instant retail, with 38% of purchases driven by impulse and 35% by the desire to try new products [6] - The household cleaning category is shifting from impulsive to planned consumption, with 78% of consumers indicating a need for bulk purchases [8] - The 3C digital products category shows a dual demand for emergency needs and exploration, with 42% of purchases driven by device failures [9] Consumer Scenarios - Different consumer scenarios reveal varying demands for instant retail platforms, with home replenishment and convenience purchases being predominant in residential settings [11] - Travel-related orders have surged, with hotel ordering rates increasing by 30% [11] - Social scenarios highlight the emotional connection value, with 38% of users ordering for gatherings and 25% for gifts [11] Search and Comparison Behavior - The search logic is undergoing systematic restructuring, with 61% of users starting their shopping journey with category keywords and 55% directly searching brand names [12] - There is a notable increase in scenario-based searches, reflecting consumers' reliance on instant retail platforms for comprehensive solutions [12] - Price comparison behavior shows significant differentiation, with 70% of users still comparing across platforms, but a decline in willingness to compare among higher-income urban consumers [13] Brand Strategies - Brands are increasingly focusing on high interaction marketing strategies, with new product launches and exclusive brand days being preferred by 35% of marketers [14] - A layered membership system is being established to enhance user retention, with basic members enjoying free delivery and paid members receiving exclusive tasting rights [14] - Brands are encouraged to deeply understand consumer life scenarios and create product combinations that address real-life pain points [17] Future Growth Strategies - Instant retail platforms must enhance their operational capabilities to meet the diverse demands of consumers and adapt to evolving consumption behaviors [18] - A dual-account system could be implemented to cater to both family-oriented and individual exploratory needs, enhancing user engagement [18] - The competition in instant retail is shifting from mere delivery speed to a deeper alignment with consumers' lifestyles, emphasizing the need for tailored solutions [18]

即时零售系列更新 20250611 摘要 美团闪购在 2025 年 6 月至 9 月核心旺季集中补贴，旨在稳定市场份额， 抓住核心用户，补贴策略包括国补加码、全网同价以及传统红包，但红 包金额较小，控制在 4 元以下。 美团即时零售自营业务占比极小（<5%），未来 3-5 年内不会成为核心 方向。自营主要集中在外卖和闪电仓，采用加盟为主的模式，酒水品类 因供应链可控、毛利高且天花板高，成为自营重点。 即时零售成功的关键在于线下供给和运力是否充足，构成核心护城河。 价格并非主要竞争点，满足即时性需求是核心，但长期来看，价格因素 的重要性将提升。 美团闪购通过 KA 客户（30%-40%占比）和小商家结合，实现供给多样 化。小型夫妻店提供广泛覆盖，闪电仓提升供给效率，通过大数据分析 需求差异，实现精准匹配和批量覆盖。 闪电仓数量持续增长，目前约 1 万家，95%为加盟店。平台提供选址、 选品和营销建议，但闪电仓因纯线上运营，盈亏平衡线较高，约 300 单。 Q&A 今年（2025 年）美团闪购在二季度开始发力补贴的具体原因是什么？主要补 贴在哪些地方？ 美团闪购在今年（2025 年）二季度开始发力补贴有两个主要背 ...

行业研究丨深度报告丨啤酒 [Table_Title] "每食每刻"系列之（十三）：即时零售，啤酒 消费的"硬折扣" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 依托于互联网发展，具有"快"、"近"、"多"特征的即时零售业务近年来得到高速发展，酒小 二、歪马送酒等酒水垂直类即时零售平台渐渐走入消费者生活，2025 年酒小二/歪马送酒门店 预计已突破 2000/1400 家。本文主要探讨酒水即时零售平台运营模式、单店模型及其为啤酒行 业带来的变化。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title "每食每刻"系列之（十三）：即时零售，啤酒 2] 消费的"硬折扣" [Table_Summary2] 中国酒水消费线上化率不断提升 中国饮酒文化源远流长， ...

Investment Rating - The report does not explicitly state an investment rating for the instant retail industry Core Insights - Instant retail is defined as a consumption model based on an instant delivery system, emphasizing "online ordering, delivery within 30 minutes," allowing consumers to quickly obtain needed products [7][8] - The market size of China's instant retail reached 650 billion yuan in 2023, with a year-on-year growth of 28.89%, outpacing the growth of online retail by 17.89 percentage points [17][19] - By 2030, the instant retail market in China is expected to exceed 2 trillion yuan [19] Summary by Sections 1. Instant Retail Overview - Instant retail activates "scene consumption," meeting immediate needs, contrasting with traditional retail's reliance on "demand forecasting" [7][8] - The development of instant retail can be traced back to the emergence of food delivery platforms a decade ago, evolving into a high-speed growth phase post-2015 with platforms like Meituan and JD Daojia [11][13] 2. Background of Instant Retail's Rise - Consumer demand has shifted towards faster delivery, with over 50% of post-95 consumers wanting same-day or even within-hours delivery [24][27] - The Z generation's market share surged from 30% in 2020 to 59%, driving a shift towards "emotional value consumption" [30] - Technological advancements, including the integration of the internet and big data, support the growth of instant retail [32] 3. Reshaping of Consumption Scenarios - Instant retail has expanded from food delivery to encompass a wide range of products, including fresh produce, pharmaceuticals, and electronics [43][44] - New consumption scenarios have emerged, such as "hot pot delivery" and "instant meal kits," significantly reducing food waste [45] - Instant retail platforms have partnered with pharmacies to provide 24-hour medicine delivery services across over 300 cities [47] 4. Business Models of Instant Retail - Platform-based instant retail companies leverage various methods to acquire traffic, such as Meituan's integration with its food delivery service [60] - The front warehouse model is employed to ensure rapid response to consumer orders, particularly in densely populated areas [63] - The warehouse-store integration model enhances quality consumption by combining online and offline sales [71] 5. Competitive Landscape of Instant Retail - The market is characterized by a "one strong, many strong" structure, with Meituan leading with a 35% market share and over 10 million daily orders [79] - Major platforms have built strong supply chain systems and efficient delivery networks, enhancing their competitive edge [81][82] 6. Challenges Facing Instant Retail - Cost control is a significant challenge, with high warehousing and delivery costs impacting profitability [95] - Supply chain stability is crucial, as demand fluctuations can lead to supply interruptions [97] 7. Future Trends in Instant Retail - Instant retail platforms are expected to deepen service scenarios, such as offering laundry pickup and delivery services [109] - The integration of AI and IoT technologies will enhance operational efficiency and product quality assurance [118][119] 8. Development Recommendations - Companies should invest in AI and IoT technologies to optimize delivery routes and ensure product quality [131][132] - Strengthening partnerships with local producers and wholesalers can create a more agile supply chain [133]

Group 1 - The core viewpoint of the articles highlights the transformation of the 618 shopping festival, where instant retail has become a strategic necessity for major platforms like Meituan, JD.com, and Taobao, indicating a shift from bulk purchasing to immediate satisfaction among consumers [1][2] - Instant retail is evolving into a new competitive dimension, extending beyond food delivery to include supermarkets, electronics, and beauty products, with predictions that the market size will exceed 2 trillion yuan by 2025, with non-food categories accounting for over 60% [2][3] - The role of third-party delivery services, exemplified by SF Same City, is becoming crucial as they provide comprehensive support for brands and platforms, enhancing delivery efficiency and meeting the growing demand for instant retail [1][4] Group 2 - SF Same City has established itself as a preferred partner for leading brands, with over 7,500 new key account collaborations planned for 2024, providing one-stop delivery solutions across various platforms [3][4] - The company’s neutral positioning allows it to serve as a flexible delivery partner for both platforms with and without their own logistics, supporting diverse scenarios such as live streaming and private domain e-commerce [4][5] - SF Same City is leveraging big data and AI scheduling to create tailored delivery solutions, enhancing operational efficiency and responsiveness during peak periods, with a significant increase in the deployment of unmanned delivery vehicles [5][6]

近日，即时零售市场迎来了一场激烈的竞争。京东"自营秒送"业务上线，美团针锋相对推出即时零售品 牌"美团闪购"。紧接着，淘宝将"小时达"升级为"淘宝闪购"，依托饿了么的运力网络，全面加速布局即 时零售市场。 所谓"即时零售"，是为了满足消费者"即买即得"的需求，基于即时配送体系的消费模式，强调"线上下 单，30分钟送达"。这种需求在年轻群体中持续增长，比如咨询机构埃森哲发布的《聚焦中国95后消费 群体》指出，超过50%的"95后"希望在购物当天即可收到商品，"速度"成为影响年轻一代消费决策的重 要因素。 对于平台而言，线上消费市场流量红利趋于饱和，他们必须寻找新的增量。因此，借助各自的外卖配送 体系，拓展外卖或快递的边界，除了餐饮和生鲜之外，将药品、日用品、服饰、数码产品等品类也纳 入"即点即送"的范围。因此，各家平台开始争夺这一增量业务，但从消费市场而言，可能更多的是存量 替代。 数字经济带来更高的效率以及更多的新商业模式，推动商业创新与革命，这场革命的核心是效率，即能 够以更低的成本更快的速度将商品送到客户手中，并且给消费者无数种选择权。这种改变极大促进了消 费并提高了消费体验和商业红利，降低了消费者生活成 ...

Core Insights - Instant retail is experiencing rapid growth, significantly outpacing traditional retail and online sales, with a projected growth rate of over three times that of overall retail sales in China for 2024 [1][4] - The shift towards instant retail reflects changing consumer behaviors, particularly among younger demographics who prioritize immediate gratification over bulk purchasing [7][9] - The competitive landscape is evolving, with platforms like Meituan and Ele.me integrating fragmented supply chains to enhance service offerings and reduce costs [6][10] Group 1: Market Dynamics - Instant retail has shown strong growth, with a notable increase in online retail sales by 7.2% year-on-year, while instant retail is projected to grow at a rate exceeding 21% [1][4] - The market is witnessing a shift from traditional e-commerce to instant retail, which is affecting the sales of established players like JD.com and Alibaba [10][11] - The integration of local supply chains and the use of data analytics are enabling instant retail platforms to optimize inventory and reduce operational costs [6][14] Group 2: Consumer Behavior - Younger consumers, particularly those aged 35 and below, are driving the demand for instant retail, with over 70% of instant retail users falling into this age group [9][10] - The trend indicates a decline in bulk purchasing behavior, with consumers increasingly favoring immediate consumption and convenience [7][9] - Instant retail is becoming a preferred choice for various product categories, including food, beverages, and personal care items, reflecting a broader shift in consumer preferences [14][15] Group 3: Competitive Landscape - The competitive environment is intensifying, with major players investing heavily in subsidies to capture market share, leading to potential disruptions in pricing and service quality [13][15] - Brands are increasingly recognizing the importance of participating in instant retail to avoid missing out on market opportunities, as it represents a redistribution of existing consumer traffic [11][14] - The operational strategies of instant retail players are evolving, focusing on expanding product categories and developing private labels to enhance competitiveness [4][6]