编辑 岳彩周 校对 穆祥桐 新京报贝壳财经讯（记者陈维城）近年来，养老服务需求日益呈现多元且迫切的趋势。1月5日，北京市 民政局与美团签署战略合作协议，双方将探索"平台+"养老服务线上化新渠道，打造养老服务消费新场 景。通过互联互通，美团、大众点评平台将陆续引入备案的养老服务机构，完善养老服务的线上新基 建。据悉，美团将上线北京区域上百家在民政部门备案的养老服务机构。 "目前，具有首都特色的超大城市养老服务体系已初具雏形，推动养老服务从'保基本'向'优服务'跨越， 迫切需要引入新力量、探索新模式、激发新动能。希望与美团的合作能为我们推动养老服务体系提质增 效提供全新思路和有力支撑。让老年人更好共享数字化发展成果，安享幸福晚年。"北京市民政局局长 在会上致辞。 目前，美团养老行业服务已覆盖全国超300座城市，超过3万家服务机构入驻。美团数据显示，照护类需 求增长尤其旺盛，意向用户同比增幅78%，交易规模同比增长超200%。近一年来，"老人助浴"搜索量 同比增长120%，团购订单量同比增长超85%。 ...

Core Insights - Didi is expanding into the home services sector, offering cleaning services across 41 cities in China, reflecting a shift from high-tech ambitions to practical, everyday services [1][4][14] - The home services market in China is highly fragmented, with a market size of 1.16 trillion yuan in 2023, expected to exceed 1.3 trillion yuan by 2026, indicating significant potential for platform consolidation [5][11] - Didi's entry into home services is driven by a need for defensive strategies and user retention, focusing on high-frequency services to complement its existing offerings [6][10] Market Dynamics - The home services industry is characterized by low profit margins, with traditional companies averaging a net profit margin of only 5%, contrasting sharply with the high margins typically seen in tech [10][11] - Didi's approach involves a "light asset" model, partnering with third-party service providers rather than directly employing service personnel, which presents challenges in service quality control [8][9][14] - The industry suffers from high employee turnover and a lack of quality service providers, complicating Didi's efforts to ensure reliable service delivery [8][10] Competitive Landscape - Didi's competitors, such as Meituan and JD, are also entering the home services market, employing different strategies that emphasize service control and quality assurance [14][15] - The home services market is described as a "lemon market," where information asymmetry is prevalent, making it crucial for Didi to establish a transparent and trustworthy evaluation system to gain consumer trust [14][15] Strategic Implications - Didi's move into home services is seen as a necessary step to diversify its business model and enhance cash flow through prepayment models common in the industry [13][14] - The company aims to leverage user data from home services to create more detailed consumer profiles, potentially increasing its competitive edge [13][14] - The success of Didi's home services will depend on its ability to understand and address the unique challenges of the industry, including the emotional and subjective nature of service quality [7][15]

小红书本地生活之路不顺，小红卡业务上线不到三个月便宣告落幕。 近日，小红书旗下本地生活会员业务"小红卡"团队发布公告，宣布自2026年1月1日起，"小红卡"将暂停试运营，所有"小红卡"将自动失效，无法继续使 用。如果用户购买了小红卡，可办理全额退款。 据了解，今年9月15日，小红书第三届马路生活节正式官宣启动，首次突破单城举办模式，落地上海、杭州、广州三大城市，自9月26日起持续至10月12 日。"马路生活节"是小红书旗下知名线下活动IP，平台规划精选Citywalk线路，覆盖美食探索、微醺体验、拍照打卡等主题，以"发现宝藏小店"为核心， 引导参与者深入街头巷尾探索城市生活细节。 借助这一活动，小红书本地生活产品"小红卡"正式上线发售及试运营，该产品定位为"精选吃喝玩乐一卡通"，年费设定为168元，持卡用户可以在上海、 杭州、广州三座试点城市的数千家精选门店享受通用折扣、专属活动参与权等权益。 据记者观察，9月以来，上海多家"网红"餐饮店面门口放置着小红书马路生活节的宣传立牌，并用送限定盲盒的方式吸引用户使用小红卡买单。而为了吸 引商家入驻，小红书也诚意满满地拿出了一系列扶持方案，包括亿级流量曝光机会、头部博 ...

2025.12. 09 本文字数：939，阅读时长大约1.5分钟 来源 | 中国基金报、 小红书公告等 2O25 XIAOHONGSHU 2026 短暂告别 只为更好的相遇 ( XIAOHONGKA ) 致小红卡伙伴们 亲爱的小红卡伙伴们： 12月8日，小红卡团队在小红书上发布公告称， "小红卡"将于2026年1月1日起暂停试运营 。据悉， 小红卡于2025年9月第三届马路生活节期间上线 试运营，以"精选吃喝玩乐一卡通"为定位， 是小红书的本地生活会员卡 。 "小红卡"年费为168元，初期在上海、杭州、广州三地推出，用户持卡可享受"精选门店推荐""全店通用折扣""专属活动"等权益，例如，持有该卡可 在全国范围内的精选门店买单时享受九折优惠。 近年来，小红书多次试水本地生活业务。小红书交易产品负责人、本地产品负责人莱昂曾表示，小红书以"Inspire Lives 分享和发现世界的精彩"为使 命，因此做本地生活是必然选择。"小红卡"业务不会过度追求GMV，而是将重点放在用户认可度上，包括买卡率、到店消费率、付费意愿等。 在最新公告中，小红卡团队表示，由于准备不够充分，没能满足用户对本地生活丰富性与便捷性的需求，计 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - In Q3 2025, the company reported revenue of 95.5 billion yuan, a year-on-year increase of 2%. However, it faced a Non-IFRS net loss of 16 billion yuan, marking a shift from profit to loss compared to the previous year [2]. - The local core business revenue was 67.4 billion yuan, down 2.8% year-on-year, with an operating loss of 14.1 billion yuan, indicating a significant decline in profitability [3]. - New business revenue reached 28 billion yuan, reflecting a robust growth of 15.9% year-on-year, although it still incurred an operating loss of 1.3 billion yuan [4]. Financial Performance Summary - The company’s projected revenues for 2025, 2026, and 2027 are 364.1 billion yuan, 419.9 billion yuan, and 486.7 billion yuan, respectively. The Non-IFRS net profits are expected to be -18.1 billion yuan in 2025, 16.6 billion yuan in 2026, and 48.2 billion yuan in 2027 [5][10]. - The operating income growth rate is projected to be 7.88% in 2025, followed by 15.31% in 2026 and 15.91% in 2027 [10]. - The report indicates a significant improvement in operating efficiency and user engagement in the new business segments, particularly in grocery retail and international expansion [4].

Core Viewpoint - Meituan's stock price is currently experiencing volatility around the 100 yuan mark, indicating a fierce battle between bulls and bears in the market [1][3]. Technical Analysis - The stock price is within a critical range, with short-term moving averages MA10 at 101.79 yuan, MA30 at 101.06 yuan, and MA60 at 103.14 yuan, suggesting potential resistance to upward movement [1]. - The RSI indicator is at 48, indicating a neutral position without overbought or oversold signals, while other oscillators like ADX and MACD suggest a buy signal, reflecting accumulating momentum [1]. - Short-term support levels are at 96.8 yuan and 93.5 yuan, with potential further downside if these levels are breached; resistance levels are at 103.2 yuan and 106.5 yuan, which could open up rebound opportunities if surpassed [3]. Market Sentiment - The market shows a slight optimism with a 55% probability of upward movement, but investors are advised to assess the overall market conditions carefully [3]. - Recent performance of derivatives indicates strong gains in put options and bear certificates when Meituan's stock declines, showcasing the leverage effect of these instruments when trend predictions are accurate [3]. Derivative Products - Recommended call options include Societe Generale's call option 20106 with a leverage of 6.9 times and a strike price of 108.98 yuan, suitable for investors expecting a rebound while controlling costs [6]. - For bearish views, UBS's put option 18354 offers a leverage of 4.4 times with a strike price of 99.94 yuan, providing effective downside risk hedging [6]. - In the bull and bear certificate segment, JPMorgan's bull certificate 56319 has a recovery price set at 93 yuan with a high leverage of 9.8 times, appealing to investors optimistic about Meituan maintaining support [8].

Core Insights - The first overseas launch of the "Must-Eat List" by Dianping took place in Dubai, featuring 348 restaurants from 28 countries and regions, with Dubai having 10 restaurants on the list [1][2] - The list has seen a 50% increase in the number of restaurants compared to last year, with a significant focus on local eateries and long-established restaurants [1][6] - The initiative aims to enhance the digital infrastructure for accurate merchant information and AI-driven decision-making to meet the growing demand for global culinary experiences [1][8] Summary by Sections Event Overview - The "Must-Eat List" was launched in Dubai, marking the first time the city has been featured, with 10 restaurants recognized [1][2] - The list reflects a diverse culinary culture, including Middle Eastern, Chinese, African, and American cuisines [2][5] Market Trends - There has been a dramatic increase in discussions and searches related to Dubai's cuisine, with comment volume up by 506.95% and search volume by 80% [2] - The list has become a significant driver for attracting Chinese tourists, enhancing their culinary exploration in Dubai [5][7] Digital Infrastructure and AI Utilization - Dianping is investing in global "information infrastructure" to ensure timely and accurate merchant information, which is crucial for the expansion of the "Must-Eat List" [1][8] - The platform utilizes AI to analyze user reviews, ensuring the selection of widely recognized restaurants [8][9] Future Plans - The "Must-Eat List" will continue to expand, with plans to cover more cities and regions, enhancing the global culinary culture exchange [8][9] - The collaboration with Meituan and the focus on digital transformation aims to improve the travel experience for Chinese tourists in Dubai [5][9]

Core Insights - The first overseas launch of the 2025 "Must-Eat List" by Dianping took place in Dubai, featuring 348 restaurants from 28 regions including Hong Kong, Macau, Tokyo, Osaka, and Singapore as the top five locations [2] - Dubai is the first city in the Middle East to host the "Must-Eat List" event, with 10 restaurants making the list [2] - The "Must-Eat List" has enhanced its B-end self-developed model to analyze user reviews, uncovering new dining trends and consumer preferences globally [2] Summary by Categories Restaurant Listings - The 2025 list includes 348 restaurants, with a 50% increase in the number of restaurants compared to the previous year [2] - The list highlights local eateries and street food, with nearly 60% of the featured restaurants being over 10 years old, indicating a significant rise in the "discovery" aspect [2] Future Plans - Dianping plans to increase investment in "information infrastructure" globally to ensure more accurate and timely merchant information [2] - The aim is to enhance AI decision-making precision, laying the groundwork for expanding the "Must-Eat List" internationally to meet the growing demand for global culinary experiences [2]

Core Points - The Hohhot Sports Bureau will issue sports consumption vouchers totaling 2 million yuan starting from November 7, 2023 [1] - The vouchers can be used at over 300 popular merchants and venues, covering various sports such as badminton, basketball, table tennis, bowling, and skiing [1] - The vouchers offer multiple discount tiers: 10 yuan off for 30 yuan spent, 20 yuan off for 70 yuan, 30 yuan off for 100 yuan, and 30 yuan off for 150 yuan [1] - The distribution of the vouchers is limited to users located in Hohhot for sports venue vouchers, while ticket vouchers are available to users nationwide [1] - The campaign will run until December 11, 2023, with weekly rounds of issuance starting from November 7 [1] - Each user can claim one voucher per tier during each round, and the vouchers are available on a first-come, first-served basis [1] Distribution Process - Users can access the voucher page by searching for "2025 Hohhot Sports Consumption Vouchers" on the Meituan app [2] - Successfully claimed vouchers will be stored in the user's account under "My - Red Packet Coupons - My Coupons" [2] - Vouchers can be used in conjunction with other discounts on the platform or at merchants [2] - For ticket vouchers, a special feature requires users to display a verification code only after arriving at the merchant's location [2]

Core Insights - The report highlights the significant impact of the "Su Chao" event on consumer behavior in Jiangsu, with a total of 370 billion views and over 4.3 billion likes on related content from May 10 to October 20 [1][3] - There was a notable increase in group buying orders and sales during the event, with Jiangsu's group buying orders rising by 24% year-on-year and sales increasing by 68% [1][4] Group Buying and Sales Growth - Jiangsu's restaurant group buying sales surged by 55% during the event, with specific dishes like radish fried rice seeing a 41-fold increase in orders [4][6] - The top five cities in terms of consumer spending were Nanjing, Suzhou, Wuxi, Xuzhou, and Changzhou, with Nanjing leading in offline spending despite not reaching the finals [3][4] Night Economy and Popular Venues - Nighttime group buying orders increased by 25% year-on-year, with sales up by 66% during the event [5][6] - The top five night markets included Xuzhou, Suqian, Yangzhou, Changzhou, and Nanjing, while the top five shopping districts were Nanjing's Xinjiekou, Suzhou's Yuanhe and Shantang Street, and Nanjing's Fuzimiao [5][6] Tourism and Leisure Spending - The event stimulated tourism-related group buying orders, which rose by 32% compared to the previous period, with hotel bookings increasing by 51% and sales by 62% [6][8] - The leisure and entertainment sector also saw a boost, with orders for sports and leisure apparel increasing by 103% and sales skyrocketing by 310% [7][8] Marketing and Engagement Initiatives - The platform initiated the "Follow Su Chao to Travel Jiangsu" campaign, which generated over 13.5 billion yuan in consumer spending, marking a 49% increase year-on-year [8]