Core Insights - Kuaishou has launched an independent "takeaway" entry on its platform, marking a new phase in its strategic layout in the local lifestyle sector [1] - The company adopts a "Meituan supply chain + Kuaishou traffic" light asset cooperation model to differentiate itself in the increasingly competitive takeaway market [1] - Kuaishou's strategy combines "new tier cities + AI," leveraging its AI capabilities for automatic video generation of takeaway products and intelligent optimization of delivery routes, thereby building unique competitive barriers [1] Industry Trends - The increasing entry of various platforms into the takeaway market necessitates differentiated competition strategies to break through industry saturation [1] - Continuous breakthroughs in AI technology are injecting new momentum into the instant retail sector, with recent positive developments such as the release of GPT-5 further boosting interest in the AI sector [1] - Internet giants are expected to continue attracting funding due to the industry dividends brought by AI technology, with the Hang Seng Internet ETF (513330) likely to benefit from this trend [1]

Core Viewpoint - Kuaishou has launched an independent "takeaway" entry in its local life service sector, marking a significant breakthrough in its local life strategy [1][6]. Group 1: Kuaishou's Takeaway Strategy - Kuaishou's second-quarter data shows that the number of paying users for local takeaway products increased by over three times quarter-on-quarter, indicating significant growth in performance scale [4]. - The independent takeaway entry is part of Kuaishou's ongoing exploration of the takeaway path since launching its group buying and home delivery service in June 2024 [6]. - Kuaishou's takeaway model utilizes a "Meituan supply chain + Kuaishou traffic" light-asset approach, where users generate vouchers that must be redeemed on the Meituan app or mini-program [6]. Group 2: Market Competition - The takeaway market is experiencing intense competition, with JD.com entering the market in February 2023, offering "100 billion subsidies" and achieving over 25 million daily orders during the "618" shopping festival [8]. - Alibaba's Ele.me integrated takeaway services into the Taobao app, launching a subsidy plan worth 50 billion yuan in July [8]. - Regulatory bodies have urged platforms to avoid "below-cost pricing," leading to commitments from Meituan, Ele.me, and JD.com to standardize promotional behaviors and resist malicious competition [8]. Group 3: Differentiated Competition Trends - In response to regulatory guidance, competition is shifting from price wars to ecosystem building, with differentiated competition becoming a new trend [10]. - JD.com launched the "Qixian Kitchen" initiative, investing 1 billion yuan to recruit partners for 1,000 signature dishes, aiming to replicate 10,000 kitchens nationwide over three years [10]. - Meituan is strengthening its "moat" by supporting small and medium-sized merchants and planning to build 1,200 "Raccoon Canteen" locations nationwide over the next three years [11].