《报告》在分析即时零售对实体经济赋能作用时指出，即时零售以需定产，重构供应链价值链，数字化 改造传统商业，也让就业边界持续拓展，有效助推实体经济转型。对于大型连锁商超而言，即时零售不 仅是渠道拓展，更促进了组织的全面变革，实现数字化再造。而传统小店与中小创业者，则通过创新本 地化供给，转型升级为邻里关系型的即时零售供给站，在新时代零售格局中找到了自己的定位。 《报告》研判，下阶段，即时零售将呈现多场景覆盖与全域下沉、AI驱动履约、"商品+服务"、网状融 合与绿色低碳的发展格局。随着技术不断进步和消费者需求日益多元化，即时零售的生态体系将更加丰 富和完善。 11月25日，商务部国际贸易经济合作研究院(下称"商务部研究院")牵头发布《即时零售行业发展报告 (2025)》(下称《报告》)认为，2026年我国即时零售规模将突破1万亿元，到2030年将达到2万亿元。这 也意味着，在"十五五"期间，我国即时零售市场规模有望跨越两个万亿台阶，年均增速将达到12.6%。 即时零售是通过线上即时下单，线下即时履约，依托本地零售供给，满足本地即时需求的零售业态。 《报告》认为，我国即时零售产业正迈向万亿级规模的关键节点。这体现在 ...

Core Insights - This year's "Double Eleven" event saw significant growth in sales data, with a notable explosion in instant retail [1][3] - The comprehensive e-commerce platform sales reached 1.619 trillion yuan, a year-on-year increase of 12.3%, while instant retail sales reached 67 billion yuan, marking a substantial year-on-year growth of 138.4% [3] Group 1: Instant Retail Dynamics - The competition among platforms has shifted from food delivery to deep engagement in instant retail, with major players like Taobao Flash Sale, JD Instant Delivery, and Meituan Flash Sale expanding their services [5] - On the first day of Taobao Flash Sale, orders for coffee and convenience store items surged by 800% and 670% respectively, indicating a strong demand for instant retail [5] - By 2030, China's instant retail market is expected to exceed 3 trillion yuan, with a penetration rate rising from 6% to 15.7%, reflecting a compound annual growth rate of approximately 25% [5] Group 2: Third-Party Delivery Services - Third-party delivery platforms like SF Express are benefiting significantly from the rise of instant retail, with substantial order growth during the "Double Eleven" period [6][9] - SF Express's instant delivery service saw a year-on-year increase of over 160% in beverage orders and over 110% in fast food orders during the event [6] - The integration of third-party delivery services with various platforms allows for efficient fulfillment of cross-platform orders, reducing dependency on single platforms [9] Group 3: Market Trends and Future Outlook - The trend of "remote and near integration" in e-commerce is reshaping the fulfillment landscape, requiring enhanced supply chain capabilities [11] - SF Express's logistics services are well-positioned to meet the demands of the expanding market, particularly in lower-tier cities where internet user growth is accelerating [14] - The increasing demand for high-quality third-party logistics services in lower-tier markets is evident, with SF Express reporting a doubling of average daily orders in these areas [14] Group 4: Investment Perspective - The value of third-party delivery players like SF Express is supported by the growth potential in the instant retail sector and their competitive advantages [16] - The penetration rate of instant retail is still on the rise, with high-value categories and lower-tier markets showing significant growth potential [16] - SF Express's ability to provide comprehensive logistics services positions it well for long-term benefits from the expansion of the instant retail market [16]

Group 1 - The core viewpoint of the report is to analyze the current sales status and future prospects of the instant retail service industry in China from 2025 to 2031 [1] - The report provides a comprehensive overview of the instant retail service market, including product definitions, statistical scope, and categorization by product types and applications [3][4] - It highlights the growth trends of different product types in the instant retail service sector from 2019 to 2031, indicating significant market expansion [3][4] Group 2 - The report forecasts the global and Chinese market sizes for instant retail services from 2019 to 2031, emphasizing China's increasing share in the global market [4][10] - It analyzes the competitive landscape of the industry, detailing revenue analysis and market share of major global players from 2019 to 2025 [4][5] - The report includes a SWOT analysis of Chinese companies in the instant retail service sector, providing insights into their strengths, weaknesses, opportunities, and threats [5][10] Group 3 - The report discusses the development opportunities and driving factors for the instant retail service industry, including consumer behavior changes and technological advancements [6][10] - It examines the supply chain dynamics within the instant retail service industry, detailing the procurement, production, and sales models [6][10] - The report also profiles major companies in the instant retail service market, including Meituan, Alibaba, and JD, providing insights into their business models and market positions [8][9]

Core Insights - The company has identified a rapid growth in the demand for "instant consumption" in the market and is actively expanding its instant retail business [2] Group 1: Business Strategy - The company is leveraging its chain stores as a core component to connect with major instant retail platforms such as Meituan Waimai, JD Seconds, Taobao Flash Purchase, and Douyin Hourly Delivery [2] - A highly efficient service system has been established, allowing for "online ordering - store delivery - fastest delivery in 15 minutes" [2] - The multi-channel layout aims to enhance service efficiency [2]

运动服饰行业，正在发生"品牌集体布局即时零售"的趋势性变化。 "双11"相关品类"爆单"，对于运动服饰行业头部品牌加速、加深布局即时零售，具有风向标意义。 记者梳理发现，在配送服务上，斯凯奇与美团闪购合作将配送半径扩展至25公里，满足更大范围消费者 的需求；在营业时间上，斯凯奇在美团闪购上线了非营业时间的预订单功能，帮助消费者消除"急需却 无货"的烦恼；在售后上，斯凯奇入驻门店均为品牌直营，提供官方认证的售后服务。 对运动服饰品牌集体深度布局即时零售的行业趋势，平台方也持续从完善服务保障、创新模式等角度发 力，为品牌营造更好的即时零售经营土壤。近期，针对服饰品类的退换货高需求，美团闪购联合迪卡 侬、海澜之家、热风等头部品牌，提供退货免运费服务，这项服务将扩展至更多品牌和商品。同时，李 宁等头部品牌已联合美团闪购，开始探索闪电仓等即时零售特色业态。 近日，运动品牌斯凯奇官宣合作美团闪购，启动其即时零售布局：首批全国40余城、逾200家门店已上 线美团闪购，提供"品牌门店选购，30分钟送达"服务。2026年，斯凯奇将完成千店入驻美团闪购的全渠 道战略升级，打造舒适科技+极速送达的运动即时零售服务新生态。 刚刚过去 ...

Core Insights - The "Double Eleven" shopping festival in China generated over 6.3 billion express delivery orders daily, highlighting the rapid growth of e-commerce in the country [1] - Instant retail, characterized by a 30-minute delivery model, is emerging as a significant trend, with its market size projected to exceed 1.5 trillion yuan by 2025, up from 300 billion yuan five years ago [1] - The online retail sales in China reached 11.283 trillion yuan in the first three quarters of 2025, indicating that for every additional 10 yuan spent, 3 yuan comes from online purchases [1] E-commerce Infrastructure - China has established a robust digital infrastructure with 460,000 5G base stations and over 1.1 billion 5G users, solidifying its position as a global leader in e-commerce [1] - The presence of over 150,000 village-level e-commerce service stations has significantly accelerated the delivery process [1] - More than 3,500 overseas warehouses are operational, covering over 100 countries and regions, allowing international consumers to benefit from China's e-commerce speed [1]

央视网消息：进入11月，我国快递业迎来业务旺季，日均快递业务量已突破6亿件。不知道您注意到没有，现在网购，很多时候下了单 还没来得及查快递进度，买的商品就到家了。这就是近年来，随着互联网技术的发展和消费者需求的多样化兴起的一种新业态——即时 零售。 国家邮政局数据显示，我国即时物流的年订单量已突破480亿单。依托无人机突破地面交通时空限制，算法持续优化每一条配送路径 等，重点城市"当日达""次日达"服务广泛覆盖，"小时达"成为常态，"万物到家"已经真正融入日常。 记者探访：闪电仓的"分钟级"响应 那这个"家门口的小仓库"究竟是什么样？"当日达""小时达"的短链路又是怎么实现的？记者也实地探访了一番。 记者来到北京市朝阳区某平台闪电仓时，3名分拣员正围着货架忙碌。负责人于金雪的工作台上不断响起订单提示音，他手机屏幕上的 倒计时同步启动——从接单到打包，他必须在3分钟内完成分拣。 这个闪电仓虽然面积不到400平方米，但是编号从A到F的货架上，却容纳了近百个品牌的数千种商品。上货、补货、查库存……于金雪 和他的同事们分管不同的货架区域，他们每天都要在16米长的货架通道里来来回回走上几百遍。因此，仓库里每个商品到底放 ...

据媒体报道，饿了么启动品牌更名，从独立外卖平台转型为即时零售履约基础设施，与淘宝流量协同发 力"30分钟送万物"目标，上海等地区骑手同步更换新工装，完成服务体系的视觉与战略升级。从品牌整 合到服务升级，外卖行业正以多元举措抢占即时零售赛道，开启"效率与体验并重"的高质量发展新阶 段。 企查查数据显示，2024年我国累计注册112.7万家外卖相关企业，同比增加4.8%，截至目前，今年已注 册102.87万家相关企业；企业存量方面，近十年，我国外卖相关企业存量逐年稳步增加，截至11月4 日，我国现存356.4万家外卖相关企业，区域分布上，华东最多，占比37.3%，其次是华中地区，占比 15.9%。 企查查数据显示，我国现有的外卖相关企业主要集中华东、华中地区，合计占比53.2%，其中华东占比 37.3%；东北地区外卖相关企业相对较少，占比5.6%。 江南 企查查数据显示，2015年至2019年，我国外卖相关企业每年注册量从2.2万家逐年稳步增加至8.8万家， 2020年，外卖市场需求显现，全年外卖相关企业注册量激增至74.8万家，次年进一步突破100万家； 2024年注册量再创新高，全年注册量同比增加4.8%至1 ...

Market Overview - Chinese market saw a rebound on Thursday afternoon, with major indices turning positive after a sluggish start[3] - European markets closed higher, driven by optimistic corporate earnings reports[3] - US markets rose, led by technology stocks, as the White House announced a meeting between US and Chinese leaders next week, easing market tensions[3] Commodities and Forex - International oil prices surged over 5% following US sanctions on two major Russian oil companies, with NY crude oil rising 5.62% to $61.79 per barrel[27] - International gold prices rebounded by 2%, reaching $4,125.5 per ounce[27] - The US dollar index remained stable at 98.94, with a year-to-date decline of 8.8%[26] Fixed Income - US Treasury yields increased by approximately 5 basis points across the board, driven by rising oil prices and inflation concerns ahead of the upcoming CPI data release[30] - The 10-year US Treasury yield rose to 4.00%, while the 30-year yield reached 4.58%[30] Stock Performance - Major US indices showed positive performance: Nasdaq up 0.9% to 22,941.8, S&P 500 up 0.6% to 6,738.4, and Dow Jones up 0.3% to 46,734.6[8] - In the Hong Kong market, the Hang Seng Index rose 0.72% to 25,967, with significant gains in large tech stocks[11] Economic Outlook - The 20th Central Committee of the Communist Party of China emphasized the need for an average GDP growth rate of over 4.5% annually over the next decade to achieve the goal of reaching the GDP per capita of a moderately developed country by 2035[6] - The upcoming "15th Five-Year Plan" is expected to provide more specific growth targets, with a focus on high-quality development and technological self-reliance[6]

Group 1 - The core viewpoint of the article is that the food and beverage industry in China is undergoing significant channel transformation, influenced by the differences in the development paths of retail channels in China and the United States [1][19]. - The U.S. retail sector has experienced a complete evolution through stages of incubation, rapid expansion, differentiation, and internet impact, leading to a strong brand positioning and private label barrier, with private label sales accounting for 18% in 2020 [1][19]. - In contrast, China's retail sector has a shorter development history, skipping the differentiation phase and directly entering the internet impact phase, currently facing homogenization and online diversion pressures, with private label sales only at 4.3% in 2020 [1][19]. Group 2 - The Chinese retail channel has entered a phase of stock competition, with traditional hypermarkets seeing a decline in traffic, while new formats like membership stores, hard discount stores, regional boutique supermarkets, and instant retail are emerging [2][3]. - Sam's Club has distinguished itself with a strategy focused on "operation as king, customer first, and extreme efficiency," targeting the middle-class demographic with a narrow SKU strategy and a private label share exceeding 30% [2][3]. - Aldi, with its hard discount model, has a private label share of over 90%, leveraging localized supply chains and ready-to-eat meal offerings to create differentiation [2][3]. Group 3 - The core logic of channel transformation is shifting from "product-centric" to "customer-centric," with competition focusing on brand recognition and user relationship building [3][11]. - Channels that can develop private labels, select products accurately, and maintain efficient supply chains will gain a competitive edge [3][11]. - This transformation presents structural opportunities for upstream suppliers, particularly in customized categories like baked goods and ready-to-eat meals, benefiting companies with strong R&D capabilities [3][11]. Group 4 - The report indicates that the food and beverage channel in China is experiencing deep changes in efficiency improvement and brand recognition construction, with innovative companies likely to benefit from industry transformation [3][11]. - The report highlights the importance of customized product development and service capabilities for upstream suppliers, particularly in categories like ready-to-eat meals, which are central to this channel transformation [11][12]. - Companies with strong R&D capabilities are expected to respond accurately to channel demands, with brands like New Dairy, West Wheat, and Youyou Foods likely to accelerate growth through channel traffic [3][11].