交银国际研究 每日晨报 2025 年 7 月 8 日 我们认为，即使补贴战持续至年底，美团仍有机会看到运营利润持平可 能性，商户、骑手端运营和调度仍是维持市占核心，美团外卖仍有领先 优势，并有较大概率维持市占，短期利润下调不影响长期观点，股价下 行空间有限，维持目标价 165 港元，维持买入。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 23,888 | 0.01 | 15.82 | | 国指 | 8,609 | -0.01 | 18.09 | | 上 A | 3,640 | 0.03 | 3.62 | | 上 B | 260 | 0.15 | -2.82 | | 深 A | 2,170 | -0.06 | 5.99 | | 深 B | 1,233 | -0.25 | 1.64 | | 道指 | 44,406 | -0.94 | 4.38 | | 标普 500 | 6,230 | -0.79 | 5.92 | | 纳指 | 20,413 | -0.92 | 5.71 | | 英国富时100 | 8,8 ...

在扬州，淮扬菜餐厅"平山宴"店外，"苏超"热梗海报不时引得食客驻足。门店还推出名为"我是扬州炒 饭为苏超加油"的88元限定优惠套餐，包含扬州炒饭、淮扬大煮干丝。 中国青年报客户端讯（中青报·中青网记者 蒋肖斌）"苏超"出圈，江苏各城市场上比足球，场下比美 食。随着新一轮赛事来临，江苏13城的美食比拼，进入"白热化"新阶段。 苏超比赛"升级"美食比拼。网络截图 "我是扬州炒饭为苏超加油""苏超南哥品质大龙虾""苏超联赛酱排骨VS大麻糕"……6月以来，网络上涌 现不少应援"苏超"的主题餐饮套餐。美团数据显示，端午假期后，江苏省堂食消费依然火热，线上订单 量稳居全国第二，其中，南京稳居全省第一，连云港、徐州、淮安堂食线上订单量同比增长均在40%以 上。 球赛也全面带火江苏各地特色菜销量和热度。此前，南京1:0胜无锡后，美团上的"盐水鸭"搜索量次日 暴增74%，团购订单涨58%。6月14日起，江苏省城市足球联赛第四轮比赛将开启，最近一周，盐水鸭 菜品团购订单已同比翻番，扬州炒饭团购订单激增7倍以上。 在江阴，无锡对战常州的比赛将于6月15日开踢，距离比赛场地步行5分钟的"鼎厨·食壹厨房（嘉年华 店）"，将无锡酱排骨、 ...

Core Insights - The 2025 "Must-Eat List" by Dianping has been announced, featuring a total of 3,146 restaurants across 144 cities and regions, with significant increases in both domestic and international entries [1][2][3] - The list emphasizes local flavors and street food, with over 50% of the restaurants being non-chain establishments and nearly 40% being local eateries that have been in business for over 10 years [1][2] - The trend of "food tourism" is growing, with more than 60% of the cities on the 2024 list seeing over 50% of users coming from outside the area [1][3] Group 1 - The 2025 "Must-Eat List" includes 144 cities, with 116 domestic and 28 international locations, marking an increase of 10 domestic and 15 international cities compared to last year [1] - The list features over 1,700 new restaurants, highlighting keywords such as "local characteristics" and "freshly prepared," with nearly 80% of the restaurants having an average price below 100 yuan [1][2] - The inclusion of nearly 40 new street food vendors reflects a growing demand for diverse dining options, catering to food lovers seeking authentic local experiences [2] Group 2 - New cities like Jieyang, Quzhou, Linyi, and Baotou have emerged as popular destinations for food tourism, with over 40% of users coming from outside these areas [2] - The list showcases a rich variety of local food culture, with over 700 snack vendors included, breaking historical records for the number of small food establishments [2] - The 2025 list has expanded to include 15 new international cities, indicating a growing interest in global culinary experiences among users [3] Group 3 - Dianping's "Must-Eat List" is based on extensive user reviews, ensuring a fair and unbiased selection process that reflects genuine consumer preferences [3] - Since its inception in 2017, the list has become a trusted reference for diners and a catalyst for the growth of local food businesses, with a reported 50% increase in online traffic for new merchants after being listed [3]