Group 1 - The fierce competition in the food delivery market has ended, with major players like Meituan, Taobao, and JD.com expressing a commitment to resist malicious competition and focus on cooperation [1] - JD.com has made significant investments in three robotics companies, totaling over 1.6 billion yuan, to enhance its logistics capabilities and integrate AI technology into its supply chain [1][7] - Meituan has also been actively investing in the field of embodied intelligence, with recent investments in multiple projects, indicating a strategic shift towards this technology [1][22] Group 2 - The investment trend among major companies suggests a shift from internal innovation to collaborative innovation through external investments, particularly in the field of embodied intelligence [3][4] - The competition among giants in the robotics sector is characterized by a lack of exclusive competitive barriers, as they are targeting similar investment opportunities [4][5] - JD.com has a robust financial position with 209.5 billion yuan in cash and equivalents, allowing it to invest heavily in technology without the need for significant capital expenditures [7][8] Group 3 - The logistics network of JD.com includes over 3,600 self-operated warehouses with a total management area of 32 million square meters, enhancing its operational efficiency [8][9] - The automation upgrades in JD.com's warehouses are driven by the need for efficiency, with technologies like AI scheduling and sorting robots being integrated into their operations [9][10] - The investment in robotics companies allows JD.com to cover the entire technology chain from AI to hardware, creating a closed-loop system for logistics solutions [12][13] Group 4 - The competition in the food delivery market has led to a decline in valuations for major players, with JD.com, Meituan, and Alibaba experiencing stock price drops amid a saturated market [38][40] - The growth of the food delivery market is slowing, with user penetration expected to reach 22.6% by 2025, necessitating new growth stories for these companies [39][40] - The development of embodied intelligence technology could potentially transform the industry, shifting the focus from subsidy wars to technological advancements [41][42]

Core Insights - The intense competition among major food delivery platforms, including Meituan, Taobao, and JD, has led to a consensus to resist malicious competition and focus on collaborative growth [1] - Despite the end of the food delivery war, competition in AI development continues, with significant investments in embodied intelligence [1][2] - JD has made substantial investments in three embodied intelligence robotics companies, totaling over 1.6 billion yuan, to enhance its logistics capabilities [1][6] Investment Strategies - JD's investment strategy focuses on logistics and industrial applications, targeting mature technologies that can be quickly integrated into its operations [14] - Meituan has adopted an aggressive investment approach, investing over 1 billion yuan in eight embodied intelligence companies since 2024, aiming to embed automation in local life services [15] - Alibaba is concentrating on developing its AI capabilities through investments in robotics, focusing on enhancing its cloud computing and AI platforms [16] Market Dynamics - The food delivery market is reaching saturation, with user growth slowing and increasing operational losses, prompting companies to seek new growth avenues [18] - The valuation of the three major food delivery companies has dropped significantly, with JD at a static PE of 8 times, Meituan at 18 times, and Alibaba at 16 times, reflecting market skepticism towards their current business models [18] - The shift towards embodied intelligence technology could redefine industry dynamics, moving the focus from subsidy wars to technological advancements [18]