9月16日，首场"京东品酒会"在北京国际饭店举办，京东集团创始人、董事局主席刘强东现 身活动现场，除了亲自下厨炒菜，还分享了京东酒旅、外卖业务的最新思考。 据他透露， 不想把酒店再拉到价格战，让酒店从业者把价格进一步降低，卷得服务品质下降，利润空间 受到挤压，整个生态受到破坏。京东在酒店行业依然会创新，接下来还将公布一个全新的酒 店发展计划。 受过去两年酒店市场供给过快增加，叠加各种宏观因素、商务出行以及消费者支付意愿的负面影响，今 年以来，国内主要酒店企业的经营指标（日均房价、入住率、平均可出租客房收入）同比持续下降，随 着各品牌开店步伐加快，酒店供给端的同质化问题也日益显著，行业竞争压力大。 6月18日，京东发布《致全体酒店经营者的一封公开信》，正式宣布进军酒旅市场。信中提到，鉴于旅 游市场日益繁荣，同步催生出了更多元的需求，京东希望通过新通路的方式为酒店行业提供供应链服 务，优化供应链成本。刘强东在6月的一次内部分享会上首谈入局酒旅时曾提及，"酒店背后也是供应 链，前端消费者是住酒店、点餐。酒店背后有庞大的供应链，而且很杂乱，成本很高。" 刘强东谈到京东入局餐饮的缘起，是自己特别喜欢做菜，对餐饮也一直很 ...

刘强东的罕见露面，不仅引爆了社媒，也带动了合作酒店和酒品牌的销量上涨。根据京东官方数据，活动发布后24小时内百万用户涌入站内活动会 场，北京地区酒店搜索量环比增长600%。 首旅酒店集团董事，北京国际饭店党委书记、总经理陆斌披露了一组数字——仅仅30分钟就售出100间房，京东旅行为酒店带来显著销量增长，对 酒店开拓线上线下业务融合，引流消费打开了新通路。 在品酒会现场，刘强东首次系统阐述了京东三大新业务的战略布局，不仅清晰勾勒出未来的进攻方向，更首次亮出了他深耕市场、破局竞争的关键 底牌与宏大野心。 继请外卖小哥吃火锅喝酒之后，刘强东再度以酒会友，亲自为业务站台。 除刘强东外，此次酒会还有多位重量级人物的出席，其中就包括茅台集团党委副书记、总经理王莉，以及被尊为"茅台教父"的原董事长季克良亲临现场。 在昨晚的品酒会现场，刘强东表示，京东发展酒旅业务， "不会把酒店行业拉入价格战，让三家平台卷，不会让酒店从业者被迫进一步降低价格， 从而导致服务品质下降，利润空间受到挤压，整个生态受到破坏。 "并透露， "京东即将发布全新酒店发展计划，外卖也有全新的商业模式创新。 " 刘强东还坦言，他约过王兴， "但王兴说和（滴 ...

这是京东时隔近20年重启"用户见面会"，现场邀请用户免费体验茅台酒专业品鉴、五星级酒店专享定制晚宴。 9月16日，京东集团创始人、董事局主席刘强东现身"京东品酒会"直播间，重启"用户见面会"，现场烹制宿迁名菜"黄狗猪头肉"。他说自己第一次直播很 紧张，称"像贾国龙先生第一次炒菜一样紧张，像罗永浩第一次说脱口秀一样紧张。" 谈到"反内卷"。刘强东表示，现在国家强调"反内卷"，加大整治"内卷式"竞争力度是非常对的。 "内卷有两种形式，一种是向低端'卷'，这是国家大力反对的，一种是向上'卷'，'卷'质量好、'卷'价格公道、'卷'东西安全。"刘强东说，"所以我也特别期 待，通过我们在外卖、酒旅上的创新，真正解决从业者、消费者还有平台三方利益分配的问题"。 提到做菜方面，刘强东表示只要回家，基本上天天都会给家人做饭。 另据极目新闻，记者现场看到，刘强东很快地进入状态，他首先从四大菜系讲起，他特别强调，今天要做的四大名菜，与四大菜系并不是一个概念。他所 讲的名菜是"家乡味"的代表，这些菜之所以有名，从来不是因为食材有多珍贵，而是因为它们承载着独一无二的记忆，承载的是家乡的味道，成长的时 光。 "黄狗猪头肉是宿迁的名菜，但 ...

Core Viewpoint - The article discusses the transformative impact of new delivery models in the restaurant industry, highlighting how companies like Meituan and JD.com are reshaping consumer habits and the market landscape [1][18]. Group 1: New Restaurant Models - Meituan's "Raccoon Canteen" operates as a "no-dine-in delivery store," utilizing big data to identify optimal locations for opening stores, thus reducing rental costs [3][4]. - JD.com's "Seven Fresh Kitchen" directly engages in food preparation, sharing operational responsibilities and profits with partners, and aims to establish 10,000 locations in three years [6][7]. Group 2: Impact on the Restaurant Industry - The restaurant industry employs over 30 million people, including 20 million in restaurants and 10 million delivery workers, indicating a significant workforce affected by these changes [9]. - The shift towards delivery as a primary dining option is driven by changing consumer habits among younger generations, leading to a decline in dine-in experiences [10][11]. Group 3: Economic and Social Implications - Major platforms are expected to capture a larger share of restaurant profits, benefiting leading restaurant brands while potentially pushing smaller establishments out of the market [11]. - The reliance on delivery services will likely increase, leading to a decrease in home cooking among urban residents and a further decline in dine-in restaurant visits [12]. - Rental prices for restaurant spaces are projected to decrease as new models favor lower-cost properties, impacting traditional commercial real estate investments [13]. - The new delivery models may exacerbate urban-rural divides, with larger cities becoming more attractive due to enhanced convenience and lower costs, while smaller cities may struggle with population decline [14]. Group 4: Recommendations for Stakeholders - Stakeholders in the restaurant industry should adapt to the evolving landscape by enhancing food quality and considering exit strategies if positioned in the lower tiers of the market [16]. - Real estate investors in smaller cities should assess their assets in light of urban migration trends and consider divesting before potential declines in property value [16]. - Investors looking to capitalize on urban growth should focus on rental opportunities in core city areas, as demand for housing is expected to rise [16].

Summary of Conference Call Records Industry or Company Involved - Focus on various industries including **internet**, **photovoltaics**, **defense and military**, **non-ferrous metals**, **machinery equipment**, and **social services**. Core Points and Arguments 1. **High-Quality Development Initiatives**: China is promoting high-quality development across industries through market and legal means, particularly focusing on the internet and photovoltaic sectors to avoid excessive administrative intervention. Policies are being gradually implemented, significantly impacting companies near the breakeven point [1][3][4]. 2. **Internet Industry Competition**: Major players like Meituan, Taobao, and JD.com are actively supporting small businesses and expanding their services. Meituan announced a plan to support 100,000 small stores by the end of 2025, while Taobao's food orders doubled in July. However, the competition remains fierce with ongoing subsidy wars [1][3]. 3. **Photovoltaic Industry Adjustments**: The photovoltaic sector is responding to the government's call to control capacity expansion and phase out outdated production. Recent initiatives have led to improvements in silicon material prices, indicating a shift towards high-quality foreign trade development [1][3][4]. 4. **Global Tariff Negotiations**: The first round of U.S. tariffs has ended, with the U.S. signing preliminary trade agreements with several countries. However, the quality of these agreements is crucial, and ongoing negotiations indicate continued uncertainty in global tariff issues [1][5][6]. 5. **Market Performance**: Domestic indices showed recovery, with the Shanghai Composite Index rising approximately 2%. The average daily trading volume decreased by 6.2% week-on-week, but trading was active towards the end of the week [2][9][11]. 6. **Sector Performance**: Among 31 Shenwan industries, defense, non-ferrous metals, and machinery equipment saw gains exceeding 5%. Conversely, sectors like social services, retail, computing, and pharmaceuticals experienced pullbacks [2][10]. Other Important but Possibly Overlooked Content 1. **Impact of High Tariffs**: The U.S. maintains high tariffs on many countries, which is expected to suppress import demand and help reduce the trade deficit significantly by 2025 [8]. 2. **Market Sentiment**: The overall market sentiment has improved, with the valuation of the Wan De Quan A index reaching 20.7 times, indicating a recovery in market confidence, although future policy changes and external factors remain a concern [11].

Core Insights - The article discusses the transformation of the food delivery industry as it moves away from subsidy wars and "zero-yuan purchases," with JD.com launching "Seven Fresh Kitchen" and Meituan promoting "Raccoon Canteen" as new business models [1][22] - Both companies aim to reshape the food delivery landscape by focusing on supply-side innovations rather than price competition, with JD.com planning to establish 10,000 Seven Fresh Kitchens and Meituan targeting 1,200 Raccoon Canteens over the next three years [1][22] Group 1: Business Models - Seven Fresh Kitchen operates as a self-service kitchen model, emphasizing fresh cooking and affordable prices, with an average order exceeding 1,000 per day in its first week of operation [5][12] - Raccoon Canteen functions as a food delivery hub, renting out kitchen space to various food brands, allowing customers to order from multiple vendors in one transaction [6][12] - Both models aim to enhance food safety and quality, with Seven Fresh Kitchen focusing on supply chain management and Raccoon Canteen emphasizing infrastructure support for food vendors [13][24] Group 2: Market Dynamics - The food delivery market has seen intense competition, with major players like JD.com, Meituan, and Alibaba engaging in aggressive subsidy strategies, leading to unsustainable practices and significant financial losses [18][20] - The article highlights the negative impact of these subsidy wars on smaller restaurants, which struggle to compete with larger brands benefiting from the platforms' algorithms [19][29] - Regulatory scrutiny has increased, prompting platforms to shift from price wars to value-driven competition, which is reflected in the emergence of Seven Fresh Kitchen and Raccoon Canteen [21][22] Group 3: Industry Perspectives - Some restaurant owners view the new models positively, believing they will improve food safety perceptions and attract more customers to the food delivery sector [25][26] - Conversely, others express concerns that these new models may crowd out smaller businesses, although the platforms assert they will not harm existing partners [28][29] - The overarching goal of both Seven Fresh Kitchen and Raccoon Canteen is to combat "ghost kitchens" and enhance the overall safety and quality of food delivery services [29]

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD, have collectively announced an end to the "zero yuan purchase" and other forms of vicious competition, signaling a shift towards healthy competition focused on brand value [1][2]. Group 1: Market Reaction - Following the announcement, the stock prices of Meituan, Alibaba, and JD rose, with increases exceeding 3%, indicating market confidence in the cessation of price wars and a return to brand value competition [2]. - The intervention by the State Administration for Market Regulation on July 18, which called for an end to vicious price wars, has played a significant role in this shift [2]. Group 2: Industry Dynamics - The ongoing price wars have been characterized as a "no-win game," leading to a cycle of "subsidy-burning-monopoly-backlash" that has harmed the industry, including reduced merchant profits, compromised rider rights, and degraded consumer experience [3]. - The rise in daily food delivery orders from 100 million to 220 million has primarily benefited large chain brands, while small merchants have been pushed out due to their inability to compete with subsidies [3]. Group 3: Shift in Competition Strategy - The collective pivot of these platforms marks a new phase in the Chinese internet sector, transitioning from "capital-driven" competition to "rule co-construction" [4]. - The focus on brand value signifies a correction in business logic, reconstruction of industry ecology, and a redefinition of corporate competitiveness [4]. Group 4: Innovations and Improvements - The new competition landscape emphasizes quality over quantity, with initiatives like Meituan's "Raccoon Canteen" and JD's "Seven Fresh Kitchen" focusing on quality control and transparency in food preparation [4]. - Technological advancements are being prioritized, such as Meituan's smart helmets for riders and JD's logistics collaboration to enhance delivery efficiency [4]. Group 5: Ecosystem Reconstruction - The platforms are moving towards a win-win ecosystem, with commitments to not force merchants into subsidies and to protect their pricing autonomy, aligning with regulatory expectations for fair competition [5]. - This strategic shift reflects a broader awakening to long-termism in the industry, moving from "traffic thinking" to "brand thinking," where the focus is on creating value for consumers and empowering merchants [5][6].

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD.com, have collectively announced an end to "zero-yuan purchase" and other forms of vicious competition, signaling a shift towards healthy competition focused on brand value [1][3][5]. Group 1: Market Reaction - Following the announcement, the stock prices of Meituan, Alibaba, and JD.com rose significantly, with increases exceeding 3% [2]. - The capital market's positive response indicates a strong endorsement of the shift away from price wars towards brand value competition [3][5]. Group 2: Impact of Price Wars - The price wars have been detrimental to the industry, leading to a "three losses" scenario where no party benefits [3][4]. - The vicious cycle of subsidies and price cuts has harmed merchants' profits, riders' rights, and consumer experiences, resulting in a distorted ecosystem [4]. - The surge in daily food delivery orders from 100 million to 220 million has primarily benefited large chain brands, while small merchants have been pushed out [4]. Group 3: Transition to Brand Value Competition - The collective shift by the three platforms marks a new phase in the Chinese internet sector, moving from "capital-driven" to "rule co-construction" [5][6]. - Emphasizing brand value signifies a correction in business logic, reconstruction of industry ecology, and re-establishment of corporate competitiveness [5]. - The new competition will prioritize quality over scale, with initiatives like Meituan's "Raccoon Canteen" and JD.com's "Seven Fresh Kitchen" focusing on quality control and customer experience [5]. Group 4: Technological and Ecological Advancements - The evolution towards efficiency involves leveraging technology, such as Meituan's smart helmets and JD.com's logistics collaboration, to enhance delivery speed and service quality [5][6]. - The platforms are also restructuring their ecosystems to promote mutual benefits, including providing social security for riders and ensuring merchants' pricing autonomy [6]. - This strategic upgrade reflects a shift from "traffic thinking" to "brand thinking," focusing on long-term value creation and social contributions [6][7].

Core Insights - JD.com has launched an innovative dining platform called "JD Seven Fresh Kitchen," leveraging its supply chain to create a transparent kitchen model where customers can observe the cooking process and tools used [1] - The JD Mall store in Beijing's Double Qings has adopted a "home scene" layout, integrating technology with consumer experiences through scenario-based retail [1] - The company has broken its own business boundaries by introducing new brands such as MUJI, Huawei Store, and PAGEONE, injecting differentiated consumer vitality into offline retail in Beijing [1]

Group 1 - The event "京彩不设限·经济热力站" focused on new consumption enterprises and aimed to enhance consumer confidence and market vitality in Beijing [1] - The event involved a collective interview with 14 media representatives, highlighting the importance of cultural empowerment, digital transformation, and the cultivation of new business formats [1] - The three featured companies demonstrated innovative practices in new retail, traditional textile industry rejuvenation, and immersive cultural tourism experiences [2][3] Group 2 - JD's "七鲜小厨" utilizes a transparent kitchen model to enhance customer experience and showcases a digital integration of supply chain and retail [2] - Beijing Tongniu Group, a 71-year-old traditional enterprise, is leveraging technology and cross-industry collaboration to modernize its textile business and promote cultural heritage [2] - Bubble Mart's city theme park is expanding its IP commercialization through various formats, including theme parks and animation development, contributing to the global spread of Chinese pop culture [3]