近日，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场竞争状况开展调查、评估。 1月9日晚，美团、淘宝闪购、京东外卖纷纷发文表态。 美团方面表示，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场竞争状况开展调查、评估。美 团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁行业回归理性，坚决反对"内卷 式"竞争。美团将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争，促进外卖平台服务行 业创新和健康发展。 淘宝闪购表示，淘宝闪购深知公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持续创新与健康发展的基石。淘宝 闪购始终坚持公平、公正、公开的原则，在商户管理、价格行为、配送员权益保障、消费者权益保护等方面，严格遵守《反垄 断法》、《反不正当竞争法》等相关法律法规，遵循《外卖平台服务管理基本要求》开展业务。 淘宝闪购欢迎并将积极配合此次行业市场竞争状况调查、评估工作，严格落实合规主体责任，持续与商户、生态合作伙伴等各 方携手，提供更多元化、更高质量的服务，共同维护好公平有序的市场环 ...

近日，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场竞争状况开展调查、 评估。 1月9日晚，美团、淘宝闪购、京东外卖纷纷发文表态。 美团方面表示，1月9日下午，国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市 场竞争状况开展调查、评估。美团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁 行业回归理性，坚决反对"内卷式"竞争。美团将以此次调查为契机，和行业内各平台一起，共 同落实市场主体责任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 淘宝闪购表示，淘宝闪购深知公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持 续创新与健康发展的基石。淘宝闪购始终坚持公平、公正、公开的原则，在商户管理、价格行 为、配送员权益保障、消费者权益保护等方面，严格遵守《反垄断法》、《反不正当竞争法》 等相关法律法规，遵循《外卖平台服务管理基本要求》开展业务。 京东外卖表示，1月9日，国务院反垄断反不正当竞争委员会办公室宣布，对外卖平台服务行 业市场竞争状况开展调查、评估。京东外卖坚决支持并欢迎这一决定，高度赞同反内卷、维 护市场 ...

市场监管总局1月9日消息，国务院反垄断反不正当竞争委员会办公室有关负责同志表示，近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量等问 题突出，挤压实体经济，加剧行业"内卷式"竞争，社会各方面反映强烈。为推动外卖平台依法合规经营、公平有序竞争，形成优质优价、良性竞争的市场 秩序，国务院反垄断反不正当竞争委员会办公室依据《中华人民共和国反垄断法》规定，决定对外卖平台服务行业市场竞争状况开展调查、评估。 本次调查评估是国务院反垄断反不正当竞争委员会办公室表达竞争关注、评估垄断风险、规范市场秩序的重要举措，将通过现场核实、当面访谈、问卷调 查等方式，深入了解外卖平台竞争行为，广泛听取平台内经营者、新就业群体、消费者等各方意见，全面调查市场竞争状况，组织开展分析论证，传导监 管压力，提出处置措施。外卖平台要积极配合市场调查、评估工作，严格落实反垄断合规主体责任，有效防范化解垄断风险，公平参与市场竞争，促进外 卖平台服务行业创新和健康发展。 9日晚，三大外卖平台均发文表示拥护支持此次调查。 美团表示，坚决拥护，将全力做好配合工作。美团多次呼吁行业回归理性，坚决反对"内卷式"竞争。美团将以此次调查为契机，和行业内各平台 ...

国务院双反委员会办公室宣布启动外卖平台服务行业市场竞争状况调查、评估。 1月9日，据市场监督管理总局消息，近日，国务院反垄断反不正当竞争委员会办公室依据《中华人民共和国反垄断法》，对外卖平台服务行业市场竞争状况 开展调查、评估。对此，美团、淘宝闪购、京东外卖发文表态。 美团：坚决拥护国家开展外卖市场竞争调查评估 美团官微发文称，1月9日下午，国务院双反委员会办公室宣布启动外卖平台服务行业市场竞争状况调查、评估。美团坚决拥护，将全力做好配合工作。 近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁行业回归理性，坚决反对"内卷式"竞争。美团将以此次调查为 契机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 淘宝闪购：坚决维护行业公平有序竞争 淘宝闪购官微发文，称深知公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持续创新与健康发展的基石。淘宝闪购始终坚持公平、公正、公开 的原则，在商户管理、价格行为、配送员权益保障、消费者权益保护等方面，严格遵守《反垄断法》、《反不正当竞争法》等相关法律法规，遵循《外卖平 台服务管理基本要 ...

Core Viewpoint - The release of the new national standard for food delivery services has prompted major platforms like Meituan, Taobao Flash, and JD Delivery to collectively announce their commitment to implement the standard, aiming to enhance service quality and ensure fair competition in the industry [1][6]. Group 1: Industry Response - Major platforms have stated their active participation in the development of the new standard, emphasizing their commitment to fair competition, food safety, service quality, and stakeholder rights [1][6]. - The platforms will integrate the standard into their operational management and service processes, aiming to improve the management of merchants and delivery personnel, enhance consumer experience, and protect the rights of all parties involved [1][6]. Group 2: Regulatory Context - The new standard, titled "Basic Requirements for Delivery Platform Service Management," was issued by the State Administration for Market Regulation to address irrational competition and insufficient protection of delivery personnel's rights in the food delivery industry [2][7]. - The standard focuses on four key areas: merchant management, pricing and promotional behavior, labor management, and dispute resolution, aiming to enhance accountability and transparency within the industry [3][8]. Group 3: Expected Outcomes - The implementation of the standard is expected to improve service quality, enhance consumer rights protection, and shift platforms' focus from merely pursuing traffic to prioritizing service quality and user experience, contributing to sustainable industry development [4][9]. - The standard serves as a significant regulatory measure that provides a scientific basis for market supervision, promotes industry self-discipline, and fosters a fair competitive environment, which is crucial for the high-quality development of the platform economy [10].

Core Insights - JD.com achieved record sales during the 11.11 shopping festival, with a 40% increase in the number of users placing orders and nearly a 60% increase in order volume compared to the previous year [1] - The sales of new mobile products surged over four times year-on-year, with significant growth in AI-related products and home appliances [1][2] - Innovative business models, including JD's entry into food delivery and travel services, saw substantial growth in order volumes and user engagement [2][3] Group 1: Sales Performance - JD.com’s 11.11 sales reached new heights, with mobile product sales increasing over 400% year-on-year [1] - AI tablet sales grew by 200%, while large-screen AI smartphones saw a 150% increase [1] - Home appliance sales increased by 150%, and the order volume for delivery and installation services rose by over 90% [1] Group 2: Category Growth - Nearly 500 categories in apparel, beauty, and sports saw sales growth exceeding 100% [1] - Over 30,000 brands in JD Supermarket experienced sales growth of over 100% [1] - The introduction of the "28-day fresh milk delivery" service led to a 110% increase in related milk product sales [1] Group 3: Innovative Business Models - JD's food delivery service partnered with over 2 million quality restaurants, resulting in a 13-fold increase in daily orders for top 300 restaurant brands [2] - JD Travel saw hotel orders increase nearly 8 times and flight orders grow by 6.3 times [2] - The number of JD's 3C digital stores exceeded 4,200, with sales growth over 100% [2] Group 4: Live Streaming and User Engagement - Live streaming orders during the 11.11 period increased by over 150%, with total user viewing time tripling [3] - The number of merchants participating in JD's live streaming was three times that of the previous year, and user viewing time for merchant live streams increased by 2.5 times [3]

Investment Rating - The investment rating for JD Group is maintained at "Outperform the Market" [1][4][10] Core Views - JD Group is expected to report a strong revenue performance for Q3 2025, with an estimated revenue of CNY 293.9 billion, representing a year-on-year increase of 13%. This growth is primarily driven by government subsidies boosting retail revenue growth [3][5] - The Non-GAAP net profit margin is projected to decline by 4 percentage points year-on-year to 1.4% for Q3 2025, influenced by ongoing losses in the new food delivery business, although there are signs of improvement in user experience (UE) [3][6] - The company is adjusting its revenue forecasts for 2025-2027 to CNY 1,334.8 billion, CNY 1,419.7 billion, and CNY 1,488.2 billion respectively, with a slight increase in net profit forecasts for the same period [4][10] Revenue Performance - Q3 2025 revenue is expected to be CNY 293.9 billion, up 13% year-on-year, with JD Retail revenue growth anticipated at 11%. The growth in the electronics category is expected to be in the high single digits, while daily necessities are projected to grow in double digits [3][5] - The food delivery business is expected to see a significant revenue increase of 230% in Q3 2025, benefiting from seasonal demand [3][5] Operational Insights - The estimated GMV growth for JD in Q3 2025 is around 15%, with market share continuing to recover, largely driven by the "old-for-new" subsidy program in the electronics category [3][5] - Active purchasing users and purchase frequency in e-commerce are showing strong growth, with 40% of new food delivery users converting to main site users by July [3][5] Profitability Analysis - The Non-GAAP net profit margin is expected to be 1.4% for Q3 2025, down 3.6 percentage points year-on-year. However, JD Retail's operating profit margin is projected to improve by 0.3 percentage points due to enhanced supply chain efficiency and increased commission and advertising revenue [6][10] - The losses from the new food delivery business are impacting overall profitability, but improvements in delivery efficiency and targeted subsidies are helping to reduce these losses [6]

Key Points - The implementation of new personal pension withdrawal scenarios starting September 1 aims to enhance the accessibility of pension funds for individuals facing specific financial burdens [2] - The Ministry of Finance reported a 20.7% year-on-year increase in stamp duty revenue from January to July, with securities transaction stamp duty rising by 62.5% [2] - The Shanghai Municipal Government has released a plan to accelerate the development of "AI + manufacturing," focusing on deploying industrial robots in high-risk work environments to improve efficiency and safety [4] - The National Development Bank issued loans totaling 385 billion yuan to advanced manufacturing and strategic emerging industries, marking a 51.3% increase year-on-year [4] - The Guangdong Provincial Government has introduced policies to support the high-quality development of commercial aerospace, including satellite constellation construction and providing a "green channel" for project approvals [4] - The Hainan Free Trade Port has optimized its personal income tax incentive policies for high-demand talent, aiming to support the development of the aerospace industry [5] - JD.com has surpassed 150,000 full-time delivery riders, with the company covering all social insurance costs, averaging about 2,000 yuan per rider per month [6] - The stock price of Oriental Selection experienced a significant drop of 20.89% following rumors regarding its CEO, despite company officials denying the claims [6]

Group 1 - The core viewpoint of the article highlights that the recent subsidy wars in the food delivery industry, characterized by "0 yuan purchase" and "18-18" promotions, are seen as severe internal competition and malicious competition, which the company, JD, has chosen not to participate in [1] - JD has focused on three main aspects since March of this year: reducing industry commissions, providing social insurance and housing fund for delivery workers, and promoting quality food delivery to ensure consumer safety [1]

Core Viewpoint - The competition in the Chinese food delivery market is intensifying, with major players like Ele.me, JD.com, and Meituan ramping up their efforts through substantial subsidies and support for delivery personnel [1][3][4]. Group 1: Competitive Landscape - Ele.me has launched a subsidy program exceeding 10 billion yuan to attract users [1]. - JD.com has initiated a series of measures including zero commission for new merchants, social insurance for full-time delivery riders, and a 10 billion yuan subsidy program [3]. - Meituan plans to invest 100 billion yuan over the next three years to subsidize consumers and support merchants [4]. Group 2: Market Potential - The online food delivery user base in China is projected to reach 545 million by 2024, accounting for about 50% of internet users [6]. - The market size of China's online food delivery industry is expected to grow to 1.6357 trillion yuan in 2024, with a year-on-year increase of 7.2% [6]. - By 2027, the market size is anticipated to expand further to 1.9567 trillion yuan, indicating significant growth potential in the sector [6]. Group 3: Industry Dynamics - The competition among major players is expected to enhance the overall market vitality and stimulate growth in the restaurant sector [6]. - While short-term subsidies can drive order volume, long-term success will depend on factors such as delivery efficiency, merchant supply, and user retention [7]. - The competitive landscape is likely to stabilize over time, leading to a healthier market ecosystem and the potential for long-term value realization for platforms [7].