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人民网评“外卖大战”
Ren Min Wang· 2025-08-20 09:49
应承认,平台企业投入资金和流量,通过新的竞争方式和组织形式,改变了传统的餐饮消费格局,加速 了消费者线上订餐习惯的养成,并为行业带来了可观的增量市场。这种市场拓展行为本身具有其商业合 理性。 也必须看到,随着补贴持续,在资金、议价能力和数字化运营上处于弱势的中小商家,被置于一种不对 等的竞争环境中。他们面临一个两难选择:要么参与补贴以获取平台曝光度,但这会侵蚀利润;要么不 参与,则可能在大量的平台信息中被边缘化。这种流量分配机制,使得商家付出了利润成本,却难以形 成稳定的用户忠诚度和品牌资产。同时,应对激增的低利润订单也加大了其经营压力。当商家的营收过 度依赖单一平台时,其经营自主性也会受到相应限制。 餐饮行业有其特殊性,并不是一个可以完全标准化的产品市场。当行业的利润空间被持续压缩,竞争优 势会进一步向具备规模效应和供应链优势的大型连锁品牌倾斜。而那些以独特口味、服务个性化的"特 色小店",可能会因为无法在持续的价格战中维持盈利而退出市场。 人民网三评"外卖大战"之一:谁在"卷","卷"了谁? 这一过程可能导致的直接后果,是市场多样性的降低。消费者的选择看似增多了,但可能更多地局限于 少数几个大型品牌提供的 ...
杭州硕丰自有资金投资有限公司:外卖大战降温,专家吁多管齐下破内卷
Sou Hu Cai Jing· 2025-08-10 17:46
Group 1 - The competition among food delivery platforms in China has intensified, leading to a "subsidy war" characterized by extremely low prices, such as 0 RMB milk tea and 1 RMB hamburgers, but recent regulatory actions have started to cool this competition [1][3] - Delivery riders and merchants are experiencing increased pressure; while order volumes and incomes have surged temporarily, the intense workload is causing physical strain, and the exit of subsidies may lead to challenges for new riders [3] - A medium-tier fast food company's management reported a 12%-15% decline in dine-in customer traffic due to delivery subsidies, with delivery orders increasing from 15% to 22% of total sales, resulting in losses of approximately 8 RMB per order [3] Group 2 - The phenomenon of "involution" in platform economics is twofold: platforms compete for user traffic through substantial subsidies, while merchants are compelled to offer discounts to gain visibility on these platforms [4] - Experts emphasize the need for regulatory measures to prevent "involution" in competition, suggesting that the government should utilize existing laws to regulate predatory pricing and promote fair competition [4] - Recommendations for companies include avoiding short-sighted subsidy wars and instead focusing on differentiated development through improved service quality and technological innovation to gain competitive advantages [4]
对话暨南大学仲春:平台内卷打“价格战”无赢家,破局需共治
Nan Fang Du Shi Bao· 2025-08-04 15:29
8月的第一天,多家外卖平台纷纷发文:抵制恶性竞争,规范促销行为,承诺不强制或变相强制商家参 与补贴活动。继两周前的监管约谈后,这场一度狂热的"外卖补贴大战"再迎来新的转折点。 如何看待平台的补贴大战?明知"价格战"难以持续,企业仍不惜亏本补贴的原因何在?广东省法学会反 垄断与反不正当竞争研究会秘书长、暨南大学法学院/知识产权学院副研究员仲春长期关注竞争法、网 络法。她认为,"价格战"本质上是一种短期内争夺市场份额和用户资源的激进竞争方式。之所以在平台 经济领域反复上演,究其根本在于背后存在结构性动因与博弈逻辑。 通过补贴引流,是新平台开拓市场、实现用户冷启动的快速路径。而在位平台为防御市场份额流失,也 会出手应对。受"跟随式竞争"心理驱动,一些不愿错失"红利窗口期"的中腰部平台和商家同样会被裹挟 入局,进而加剧了整个行业的竞争激烈程度。 广东省法学会反垄断与反不正当竞争研究会秘书长、暨南大学法学院/知识产权学院副研究员仲春(受 访者供图) 仲春告诉南都·反垄断前沿,尽管这种竞争不可持续,但由于平台经济中的"流量逻辑"与"竞争路径依 赖","价格战"往往演变为一种制度性惯性,最终形成"内卷式" 竞争的常态化表现 ...
哪个行业反内卷最受益?
2025-07-29 02:10
Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **internet platform industry**, particularly **food delivery services** such as Meituan, JD.com, and Alibaba, as well as the **rare earth industry** and the **financial sector**. Core Points and Arguments 1. **Internet Platforms and Price Undercutting** Internet platforms engage in price undercutting through subsidies to gain market share, which raises concerns about monopolistic practices and impacts on upstream suppliers. Regulatory bodies need to intervene to address these issues [1][2][4] 2. **Government Regulation and Pricing Mechanisms** The government is revising pricing laws to clarify improper pricing behaviors and establish standards for price undercutting. This includes shifting from direct price regulation to a cost-plus pricing model to protect public goods and prevent irrational subsidies [1][4][3] 3. **Rare Earth Industry Dynamics** The rare earth sector benefits from China's supply advantages, with a significant increase in prices (approximately 30% year-on-year). The government is cracking down on illegal rare earth mining and controlling legal supply, which enhances the market share of companies like Northern Rare Earth and China Rare Earth [1][6] 4. **Impact of Subsidies on Food Delivery Services** While subsidies increase traffic for food delivery platforms, they also pressure merchants and reduce profits. Regulatory bodies have urged platforms to improve quality assurance for riders, merchants, and food products [1][7] 5. **JD.com's Competitive Strategy** JD.com is expected to emerge from the competitive turmoil in the food delivery market by implementing a standardized cooking model through its Seven Fresh Kitchen initiative, which aims to enhance food quality and safety while reducing costs [1][9] 6. **Healthcare Procurement Strategy Changes** The National Healthcare Security Administration has adjusted its procurement strategy to focus on quality rather than low prices, addressing issues like drug efficacy and stability. This includes providing price protection for innovative drugs to encourage development [1][10] 7. **Challenges in the Financial Sector** The financial industry faces intense competition, with banks and insurance companies employing aggressive strategies to capture market share. Industry associations are working on standards to mitigate these competitive pressures [1][11] 8. **Environmental Regulations in the Construction Industry** New environmental guidelines are being implemented for non-metallic mineral manufacturing, aiming to phase out illegal operations and address overcapacity. However, local government protectionism poses challenges to these efforts [1][12] 9. **International Trade Negotiations** Recent progress in US-China tariff negotiations may lead to relaxed export controls on rare earths and semiconductors, which could impact market dynamics in various sectors, including technology and finance [1][13] Other Important but Possibly Overlooked Content - The discussion highlights the need for a shift in local government strategies to avoid redundant construction and overcapacity issues, emphasizing the importance of adjusting the objectives of local governments to prevent short-term solutions to long-term problems [1][5] - The ongoing competition among food delivery platforms is expected to lead to a transformation in consumer benefits as companies adapt to new market conditions [1][9]
新闻1+1丨多行业“反内卷”,持续推进中!
Yang Shi Wang· 2025-07-21 22:12
汽车、光伏、水泥、钢铁,不同行业,同在"反内卷"!从7月1日中央财经委员会第六次会议,到近期国务院常务会议和相关行业主管部门座谈会,对"内 卷"的治理,正在如何深入推进? 对"内卷式"竞争的加码整治 已经迫在眉睫 清华大学国家金融研究院院长 田轩:内卷并不是新的现象,在十几年前其实很多传统的产业,像钢铁、水泥行业就出现过"内卷式"竞争。现在不仅是传统 产业,一些新兴产业,像光伏、新能源汽车,也出现了"内卷式"竞争。这次一系列政策的加码,确实是由于"内卷式"竞争带来的危害进入到非常严重的迫切 境地。危害主要有几个: ● 这种"内卷式"竞争会削弱行业的竞争实力,因为企业竞相降价压缩了利润空间。对于价格敏感型的消费者可能短期会受益,但是从中长期来说是不利的, 因为企业利润空间下降了以后,没有更多的资金积累技术、研发创新,提高产品质量、服务水平等。 ● 破坏行业的生态系统。因为有一些企业凭借其行业优势地位,沿着上下游进行价格的压制,把成本转嫁给上下游的企业,所以内卷会沿着整个上下游产业 链蔓延,其实对行业的生态系统是非常大的破坏。 ● 破坏国内大循环,导致企业的利润下降,员工收入下降,国家税收下降,投资回报下降。所以 ...
每日投资策略-20250721
Guodu Securities Hongkong· 2025-07-21 02:03
Group 1: Market Overview - The Hang Seng Index closed up by 326 points, marking a weekly increase of 686 points or 2.8%, continuing its upward trend for the second consecutive week [3] - The trading volume for the day was approximately 238.69 billion [3] - Notable stock performances included China Life Insurance rising by 5.1% and ZTO Express increasing by 6.5%, while Xinyi Solar fell by 3.4% [3] Group 2: Regulatory Developments - The Securities and Futures Commission has reappointed three executive directors for a term of three years, effective from August 1, August 28, and November 1 [6] - The total number of registered local companies in Hong Kong has surpassed 1.49 million, a historical high, with 84,293 new companies registered in the first half of the year [7] Group 3: Economic Support Measures - The National Financial Regulatory Administration emphasized the need to support economic recovery and high-quality urban development through enhanced financial supply [8] - The administration aims to strengthen consumer protection and prevent illegal financial activities while promoting effective investment financing [8] Group 4: Company-Specific News - Xinyi Glass anticipates a profit decline of 55% to 65% for the first half of the year, primarily due to decreased revenue and gross profit from its float glass business [10] - XPeng Motors' founder stated that China may surpass the U.S. in L2 and L3 autonomous driving technology due to faster market acceptance and regulatory support [11] - Huajian Medical has initiated the process for a stablecoin license in the U.S. as part of its strategy to develop a tokenization platform for real-world assets [12] - United Pharmaceutical announced a share placement at a discount of approximately 7.9%, aiming to raise about 2.2 billion for capital expenditures and R&D [13]
期指:或偏强震荡
Guo Tai Jun An Qi Huo· 2025-07-21 01:50
Report Industry Investment Rating - The report predicts that stock index futures will show a moderately strong oscillatory trend [3] Core Viewpoints - On July 18, all current-month contracts of the four major stock index futures rose. IF increased by 0.55%, IH by 0.65%, IC by 0.14%, and IM by 0.15% [1] - On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 8,649 contracts, IH by 13,531 contracts, while IC decreased by 4,511 contracts and IM by 10,644 contracts. In terms of positions, the total positions of IF decreased by 9,992 contracts, IH by 1,084 contracts, IC by 8,166 contracts, and IM by 18,902 contracts [2] Summary by Relevant Catalogs Stock Index Futures Data - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 were 4,050.6, 4,054, 4,041.8, and 4,005.8 respectively, with increases of 0.55%, 0.89%, 0.91%, and 0.90%. The trading volumes were 16,595, 27,038, 59,958, and 10,689 contracts respectively, with changes of -10,517, +6,124, +10,086, and +2,956 contracts. The positions were 0, 44,062, 157,186, and 51,932 contracts respectively, with changes of -23,303, +7,462, +3,905, and +1,944 contracts [1] - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 were 2,758.8, 2,768.2, 2,767, and 2,769.2 respectively, with increases of 0.65%, 1.08%, 1.05%, and 1.05%. The trading volumes were 10,204, 15,113, 35,272, and 5,000 contracts respectively, with changes of -1,328, +4,439, +8,696, and +1,724 contracts. The positions were 0, 19,280, 61,598, and 12,583 contracts respectively, with changes of -12,236, +6,015, +4,237, and +900 contracts [1] - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 were 6,086.2, 6,054, 6,000.8, and 5,872.4 respectively, with increases of 0.14%, 0.48%, 0.48%, and 0.47%. The trading volumes were 15,641, 27,118, 41,183, and 10,563 contracts respectively, with changes of -11,485, +1,873, +2,879, and +2,222 contracts. The positions were 0, 52,897, 104,430, and 58,268 contracts respectively, with changes of -19,812, +7,450, +2,135, and +2,061 contracts [1] - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 were 6,534.6, 6,490, 6,413.6, and 6,227.4 respectively, with increases of 0.15%, 0.50%, 0.47%, and 0.49%. The trading volumes were 21,453, 36,736, 104,691, and 22,446 contracts respectively, with changes of -14,388, +8,419, -4,685, and +10 contracts. The positions were 0, 60,327, 175,267, and 76,869 contracts respectively, with changes of -28,897, +14,880, -2,201, and +551 contracts [1] Trading and Position Analysis - Total trading volume rebounded, indicating increased trading enthusiasm. IF and IH increased, while IC and IM decreased. Total positions of all decreased [2] Trend Intensity - IF and IH trend intensity is 1; IC and IM trend intensity is 1. The range of trend intensity is an integer in the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [6] Important Drivers - Four ministries including the Ministry of Industry and Information Technology deployed work to further standardize the competition order in the new energy vehicle industry, requiring in-depth product price monitoring, product consistency supervision, and shortening the payment period for suppliers. They also strengthened industry self - discipline and抵制 online chaos [6] - The State Administration for Market Regulation约谈ed Ele.me, Meituan, and JD.com, requiring them to standardize promotional activities and promote the healthy development of the catering service industry [6] - A symposium on the situation and policies for private entrepreneurs was held in Beijing, emphasizing that private entrepreneurs should enhance their development confidence and stay in line with the Party Central Committee [6] - The China Iron and Steel Industry Association held a meeting of planning department heads, suggesting strict control of new capacity, establishment of a new capacity governance mechanism, and implementation of crude steel production control [7] Market Performance - The three major stock indexes fluctuated upwards. The Shanghai Composite Index rose 0.5%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 0.34%. A - share trading volume was 1.59 trillion yuan, up from 1.56 trillion yuan the previous day. Concepts such as rare earth permanent magnets, lithium mines, innovative drugs, solid - state batteries, and power stocks performed strongly [7]
外卖大战下的餐饮哀歌
虎嗅APP· 2025-07-19 02:34
Core Viewpoint - The current critical issue in the restaurant industry is the phenomenon of "increased revenue without increased profit," primarily driven by the recent food delivery wars initiated by internet platforms [1][15][19]. Group 1: Impact on Restaurant Operations - A mid-sized fast-food chain founder reported that they have imposed strict controls on the proportion of delivery orders, setting a red line at 28% to maintain profitability, as dining-in customers typically order more, enhancing average ticket size and gross margin [1][2]. - The founder noted that after participating in a delivery platform's self-pickup project, their average daily order volume peaked at over 200, with delivery and self-pickup orders exceeding 40%, leading to a profit decline of over 12% due to reduced dining-in and lower pricing [1][2]. - A senior executive from a leading tea beverage company also confirmed experiencing the "increased revenue without increased profit" phenomenon during the delivery wars [2]. Group 2: Cost Pressures - Increased costs are attributed to three main areas: delivery costs, promotional costs, and the need for additional materials and labor due to surging order volumes [2][21]. - Many small businesses, particularly family-run establishments, are heavily reliant on dine-in customers and lack the capability to adapt to the delivery model, facing significant declines in foot traffic as consumers shift to online ordering [3][8]. Group 3: Competitive Landscape - The internal review at Meituan indicated that strategies like "self-pickup" and "zero-cost purchase" were effective in achieving high order volumes, but also placed pressure on smaller restaurants that were automatically enrolled in these promotional activities without their consent [4][5]. - The market dynamics have shifted, with platforms like Ele.me gaining significant traction, especially in first-tier cities, leading to increased order volumes for brands but also raising concerns about long-term profitability [20][21]. Group 4: Long-term Industry Implications - The ongoing delivery wars are expected to accelerate the elimination of weaker players in the market, particularly small and medium-sized businesses that lack the resources to compete effectively [18][22]. - The industry is witnessing a shift in consumer behavior towards online ordering, which could lead to a fundamental change in the restaurant landscape if the delivery wars persist [18][19]. - Predictions suggest that if the delivery wars continue, the beverage sector may see a higher elimination rate among smaller brands due to inadequate inventory management and rising labor costs [22][23].
市场监管总局开展行政约谈 要求外卖平台企业理性竞争
news flash· 2025-07-18 12:17
Group 1 - The market regulatory authority has interviewed three major platform companies: Ele.me, Meituan, and JD.com, emphasizing the need for strict compliance with relevant laws such as the E-commerce Law, Anti-Unfair Competition Law, and Food Safety Law [1] - The regulatory body has urged these platforms to implement their responsibilities rigorously and to further standardize promotional activities [1] - The goal is to foster a win-win ecosystem for consumers, merchants, delivery riders, and platform companies, promoting the healthy and sustainable development of the food service industry [1]
富达国际:中小型科企往往吸引大型竞争对手收购
Zhi Tong Cai Jing· 2025-07-10 07:15
Group 1 - Technology companies must continuously adapt to rapid technological changes to enhance their capabilities and market share, creating new profit growth opportunities [1] - The technology sector continues to dominate the mergers and acquisitions (M&A) market, particularly in the small and medium-sized enterprise (SME) segment, which attracts larger competitors for acquisition [1][2] - Over the past decade, SMEs in the technology sector have significantly increased, with many leading companies playing crucial roles in the technology value chain and possessing strong intellectual property (IP) and talent [1] Group 2 - Notable M&A activities in the technology sector include Microsoft's acquisition of LinkedIn in 2016, Nvidia's acquisition of Mellanox Technologies in 2019, and Microsoft's acquisition of Activision Blizzard in 2023 [2] - Cisco's acquisition of cybersecurity leader Splunk in 2023/2024 aims to enhance its relatively outdated cybersecurity product capabilities [2] - Despite increased geopolitical and regulatory uncertainties by 2025, M&A activities in the tech sector remain unaffected, with various acquisition proposals emerging in industries such as food delivery, semiconductors, and software [2] Group 3 - In the food delivery sector, intense market competition drives industry leaders to pursue strategic acquisitions to enter new markets and expand their scale and market share [3] - Major acquisitions this year include Prosus acquiring JustEat Takeaway and DoorDash acquiring Deliveroo, allowing them to significantly enter markets where they previously had limited influence [3] - In the semiconductor industry, companies are seeking strategic IP acquisitions, exemplified by Qualcomm's announcement to acquire UK-based Alphawave, a leader in high-speed connectivity technology [3] Group 4 - Software companies remain attractive acquisition targets, as seen with Salesforce's acquisition of Informatica, which specializes in cloud-based data integration and management [4] - This acquisition will enhance Salesforce's cloud data system capabilities, ultimately improving its artificial intelligence (AI) system [4] - The expectation is that M&A will continue to be a norm in the tech industry, with a focus on identifying long-term winners among SMEs that not only have strong fundamentals but also present attractive acquisition opportunities [4]