傍晚，北京国贸的写字楼像被同时拔掉电源的机箱，白领乌泱涌出，却没人再像往年那样冲进便利店扫 货。他们低头划手机，三分钟后继续赶路。与此同时，一杯生椰拿铁、一份三文鱼寿司正被骑手小心放 入保温箱，沿着电梯、行人、红绿灯的缝隙追上自己。写字楼大堂的灯光亮起第二档时，电话响起，外 卖与晚高峰的疲惫同时抵达。 这是2025年最普通的黄昏，却藏着今年消费领域最大的变化。 今年的消费市场像一部多线并行的狂想曲，有人在这里寻找情绪解药，有人在这里重构商业规则，有人 在这里定义全球潮流。而这些故事背后，是一个正在裂变与新生的消费市场。 即时零售 把30分钟时空折叠。 2025年被业界冠以"即时零售爆发元年"的称号，这一年里，即时零售从餐饮外卖的狭窄赛道狂奔而出， 冲向万物皆可到家。 年初，京东高调入场，于2月在主平台上线外卖服务，以全年免佣招募品质餐饮商家，并率先提出为全 职骑手全额缴纳五险一金。该举措不仅让行业为之震动，更倒逼美团、饿了么相继跟进骑手保障措施， 长期被诟病的骑手权益问题被拉到公众视野。 阿里方面迅速跟进，将淘天旗下"小时达"升级为"淘宝闪购"，与京东、美团形成三足鼎立的竞争格局。 竞争很快进入了白热化阶段， ...

中美元首条山会晤 《每日经济新闻》评出2025年度十大财经新闻，包括中美元首釜山会晤、"十五五"规划建议公布、民营经济促进法施行等。这些事件不仅总结了2025年重 大财经动态，还为2026年前瞻铺垫。2025年全球聚焦中国"预期提升"，源于发展战略转向、经济结构优化与全球影响力构建，中国需将预期转化为可持续 的现代化现实。 每经记者｜张怀水 高涵 郑雨航 每经编辑｜黄博文 2025年,世界经济在动荡中前行。挑战与机遇、破 坏与重塑、增长与风险、形成全年世界经济冷暖交织的图 景。 对中国而言,2025年既是"十四五"规划收官之年, 也是"十五五"规划谋篇布局之年。从顶层设计的定调到市 场信心的跃升，从法治基石的夯实到海南自贸港封关启 航，这十大新闻,正是解码这一年经济脉动与未来走向的 关键钥匙。 复经记者 | 张怀水 高 涵 郑雨航 "十五五"规划建议公布 3 护航 民营经济促进法施行 4 4 FREE 上证指数站上4000点 5 HH海 《哪吒2》爆红全球 阿里、美团等即时零售大战 (新信 37 2 海南自贸港全岛封关 8 : 電影院 AI竞赛催生供应链和能源 风暴 24 美元降息,人民币升值 关键词①：稳定 ...

2025年7月的外卖补贴战高峰期间，餐饮行业经历了前所未有的爆单与利润下滑并存的矛盾局面。 "那天爆单到外卖机都坏了，没法打印单据，我们只能用手机看然后把订单抄下来再做。"回顾7月初的 外卖大战，餐饮人余丽（化名）仍心有余悸。 2025年7月5日，自4月开始的外卖补贴战进入最高峰，对于不少餐饮人而言也是今年最难忘的一天。 美团、淘宝闪购和京东三家平台持续近半年的超百亿补贴战，让外卖行业成为今年最受关注的行业之 一。当硝烟褪去，生态链中的商家、骑手以及平台需要直面大战留下的影响，并及时进行调整。 爆单了，但没利润 今年的外卖大战，最明显的特点是爆单。期间，商家和骑手都处于满负荷状态。 "又累又赚不到钱。"余丽在广州经营一家小吃店，主营糖水和炸串，7月的周末余丽和店员都格外累。 大战期间，她和店员的身心受到双重挑战。最忙的一天，余丽和店员串了至少4000串炸串，做了500份 糖水，第二天的凌晨3点才下班。 令她哭笑不得的是，忙碌一个月后计算利润时，发现7月的利润不如往常。余丽对第一财经记者表示，7 月店里的营业额超20万元，与2024年7月（当时开业不久）5万元的营业额相比增长了许多。但所有的成 本开支也在翻倍： ...

Core Viewpoint - The intense competition in the instant retail sector, characterized by significant financial losses among major players like Meituan, Alibaba, and JD, has led to a unique opportunity for third-party delivery service providers like SF Express to achieve substantial profit growth amidst the turmoil [1][11]. Group 1: Financial Performance of Major Players - Meituan's Q3 revenue reached 954.88 billion, but its core local business segment suffered a drastic operating profit decline, resulting in a loss of 141 billion [6]. - Alibaba's Q3 instant retail revenue was 229 billion, a 60% year-on-year increase, but its net profit fell by 53% [9]. - JD's new businesses, including food delivery, saw a 214% year-on-year revenue growth, yet incurred a loss of 157.36 billion in Q3 [9]. - The combined sales and marketing expenses for Meituan, Alibaba, and JD increased by 614 billion in Q3 alone [9]. Group 2: Market Dynamics and Strategic Insights - The ongoing "burning money" competition is viewed as a necessary strategic investment by platforms to secure market share, with projections indicating the instant retail market could exceed 3 trillion by 2030 [10]. - Zhang Yi from iiMedia Consulting suggests that if instant retail can enhance efficiency and innovation, it aligns with broader economic growth objectives, although disordered competition may need regulation [2][10]. - Meituan's CEO Wang Xing emphasized the need for resource investment to maintain competitive advantages despite his opposition to price wars [9]. Group 3: SF Express's Performance and Market Position - SF Express's revenue for the first half of 2025 reached 102.36 billion, a 48.8% increase, with net profit growing by 120.4% [11][12]. - The company's unique position as a neutral platform allows it to benefit from the competition among major players, leading to a significant increase in order volumes [13]. - Analysts believe that SF Express's model, focusing on last-mile delivery, positions it well to capitalize on the ongoing demand despite potential future reductions in subsidies from major platforms [13][16]. Group 4: Regulatory Environment and Future Outlook - The introduction of new regulatory standards aims to curb chaotic competition in the food delivery market, promoting rational competition among platforms [16]. - Experts predict that competition intensity in instant retail will decrease and return to a more rational state in the coming year, although some covert competitive behaviors may persist [16].

2014年某天凌晨2：48，饿了么创始人张旭豪第一次发出了严肃的"内部邮件"，提及"从去年底到今年初，我们忽然发现饿了么的竞争对手一下多了起 来……饿了么只能做一件事，就是抓住转瞬即逝的机会，KO 所有对手，登上王者之位！" 十一年后，"王者之位"已经是遥不可及的"空中楼阁"，这个行业出现了近千亿元规模的资本消耗战，市场竞争格局从美团的"一家独大"演变为美团、阿里 （淘宝闪购/饿了么）、京东的"三足鼎立"，而代价是利润短期承压。 焦点与代价 中信证券在研报中预测，从竞争走向看，半年维度预估各平台的投入重心或逐渐从外卖向即时零售倾斜。 外卖大战的本质是即时零售入口之争。 商务部研究院电子商务研究所所长杜国臣在《即时零售行业发展报告（2025）》中指出，我国即时零售正处于迈向万亿级规模的关键节点。据课题组测 算，2026年我国即时零售规模将突破1万亿元，预计到2030年，将达到2万亿元，"十五五"期间年均增速将达12.6%。 这块潜力巨大的市场，是2025年我国外卖市场的竞争格局发生根本性重塑的主要原因之一。 上一次外卖大战过后，相当长的一段时间内竞争格局稳固：美团一家独大，饿了么紧跟其后，勉强称得上是"两极争霸 ...

RatingsDirect® 信用答疑： 林祝祥，CFA 香港 + 852 2533 3544 sandy.lim @spglobal.com 中国即时配送之战的终局 2025 年 10 月 9 日 中国即时配送领域的激烈竞争还远未结束。标普全球评级认为，随着市场份额的变动，各平台将面临 更大的利润率压力。 自 2020 年以来，即时市场的年均复合增长率为 20%以上，如今约占中国零售业的 6%。该板块的目 标客户群体为希望一小时内收到配送商品的消费者，主要是食物和"即时零售"。 中国三大平台运营商面临着较高的风险，它们一直保持大规模支出，用于抢占或捍卫食物配送和即时 零售的市场份额。 我们认为，阿里巴巴集团控股有限公司（阿里巴巴）努力提升其作为最大一站式购物平台的市场地 位，以扩大消费者群体和交易量。美团旨在捍卫食物外卖业务，目前专注于即时需求商品配送。我们 认为京东集团（京东）希望突显其服务优势，以吸引广大消费者和商家。 投资者希望能够掌握该快速变化领域的信息。自发布上一份报告（参见《零售业短评：中国即时配送 行业——变革还是内卷？》，2025 年 9 月 1 日）后，我们希望在此能够抛砖引玉。 主分析师 ...

记者了解到，《即时零售服务规范》国家标准已成功立项，由南京市商务局、马鞍山市商务局、小 红岛超市等单位参与制定。标准规定了即时零售服务商的基本要求、服务流程与服务内容，适用于为消 费者提供在线销售服务、配送服务的即时零售服务商与服务平台，核心内容覆盖平台管理、商家服务、 仓储分拣、骑手配送、售后客服等关键环节，明确了各方的责任、操作流程与服务质量标准，旨在保障 消费者权益，提升行业整体服务效率与可靠性。 南京市商务局、马鞍山市商务局以及中国标准化研究院共同研制《首店经济运营规范》团体标准， 聚焦首店落地的全生命周期服务，核心目标是建立一套透明、高效、可预期的服务规范，降低首店入驻 的交易成本，提升首店的成功率和影响力。 在该标准指导下，南京—马鞍山商圈有望实现"精准引进"与"错位发展"，宁马两地可建立首店引进 联席评审机制，并在南京都市圈推广。例如，品牌可以将中国首店或旗舰店落在南京新街口商圈，同时 将面向华东地区的线上订单处理中心和定制化体验中心设在马鞍山，并在马鞍山设置区域首店。这不仅 放大了首店的品牌效应，更通过业态互补，实现消费增量的共享，避免区域内商业体的内耗，形成"1 （首店）+1（配套产业链）＞ ...

Core Insights - Fudi, a local membership-based retail brand, has formed an exclusive strategic partnership with JD Instant Delivery, integrating all its stores into the JD platform to enhance instant retail services and membership systems [1][3] Group 1: Partnership Details - The collaboration focuses on deep cooperation in instant retail services and membership systems, aiming to create a "Chinese model" for local membership supermarkets [1] - JD Instant Delivery will leverage its high-quality instant delivery and digital capabilities to meet consumer demands for high-quality products delivered within 30 minutes [1][3] Group 2: Operational Enhancements - Over 4,000 membership products from Fudi will be available for "fastest 30-minute delivery" through JD's digital platform, ensuring precise order fulfillment via real-time inventory synchronization [3] - JD Instant Delivery will provide customized services for Fudi, including tailored logistics and delivery standards to enhance the customer experience [3] Group 3: Membership Integration - The partnership will facilitate the integration of Fudi's membership with JD PLUS, allowing for mutual benefits such as points exchange, exclusive discounts, and joint marketing efforts [3][4] - This marks the first deep cross-industry integration of JD PLUS with a membership retail brand, potentially serving as a replicable model for other retailers [3] Group 4: Supply Chain Innovation - Both companies will explore collaborative innovations in the supply chain, promoting the dual circulation and sharing of quality product resources to better meet diverse consumer needs [4] Group 5: Promotional Activities - Starting November 26, users can access exclusive promotions on JD Instant Delivery, including limited-time offers and membership benefits [5][9]

Core Insights - Fudi, a local membership-based retail brand in China, has entered into an exclusive strategic partnership with JD Instant Delivery, integrating all of its stores into the JD Instant Delivery platform [1] - The collaboration focuses on enhancing instant retail services and member systems, aiming to create a "Chinese model" for local membership supermarkets [1] Group 1: Instant Retail Services - JD Instant Delivery will leverage its digital capabilities to integrate Fudi's supply chain resources, enabling over 4,000 member products to be delivered in as fast as 30 minutes [3] - A dynamic inventory coordination mechanism will be implemented to ensure accurate fulfillment of online orders by synchronizing store inventory in real-time [3] - JD Instant Delivery will provide customized delivery services for Fudi, tailoring aspects such as capacity allocation, delivery personnel attire, and service standards to enhance the customer experience [3] Group 2: Membership System Integration - The partnership will facilitate the integration of Fudi's membership with JD PLUS membership, allowing for mutual point exchange, exclusive discounts, and joint marketing efforts [3] - This marks the first deep cross-industry integration of JD PLUS membership with a membership retail brand, potentially serving as a replicable model for other retailers [3] Group 3: Warehouse and Supply Chain Innovation - Both companies will explore collaborative innovations in the supply chain, promoting the two-way flow and sharing of quality product resources to expand the coverage of high-quality goods [4] - JD Instant Delivery has accumulated experience in establishing front warehouses for membership supermarkets, which will assist Fudi in rapidly building its front warehouse network and accelerating national market expansion [3] Group 4: Promotional Offers - As Fudi launches on JD Instant Delivery, several promotional offers will be introduced, including a limited-time exclusive deal of 9.9 yuan for selected products starting November 26 [6] - New Fudi members on the JD Instant Delivery platform will receive a special coupon package worth 188 yuan, enhancing the experience of high-quality products with rapid delivery [6]

Core Insights - The report predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030, with an average annual growth rate of 12.6% during the 14th Five-Year Plan period [1][2] Group 1: Market Growth and Trends - Instant retail is characterized by online ordering and offline fulfillment, relying on local retail supply to meet immediate local demand [1] - The industry is transitioning from price-driven competition to user experience-driven competition, entering a phase that emphasizes both efficiency and quality [1] - "Assurance" has emerged as a higher-level certainty and is now a core standard for user experience in instant retail [1] Group 2: Service Standards and Business Sustainability - Major instant retail platforms are enhancing service experiences, delivery fulfillment, and after-sales guarantees, establishing "fast and assured" as the new service benchmark [1] - A high-standard service system centered around "assurance" is crucial for the long-term sustainable operation of instant retail businesses, covering delivery timeliness, product quality, after-sales service, and customer communication [1] Group 3: Economic Impact and Future Development - Instant retail is reshaping the supply chain value chain and digitally transforming traditional commerce, effectively promoting the transformation of the real economy [2] - For large chain supermarkets, instant retail not only expands channels but also drives comprehensive organizational change and digital reconstruction [2] - Traditional small stores and entrepreneurs are innovating localized supply to transition into neighborhood-based instant retail supply stations, finding their place in the new retail landscape [2] - The future of instant retail is expected to feature multi-scenario coverage, AI-driven fulfillment, a combination of goods and services, networked integration, and a focus on green and low-carbon development [2]