2025.11. 03 而美团也在反击，在阿里推出高德扫街榜的同一天，美团宣布大众点评宣布"重启"品质外卖服务， 通过B端自研大模型，以"AI+真实高分"为用户提供决策。 "从平台间的竞争态势看，美团推出大模型既是防守，也是进攻。"艾媒咨询CEO兼首席分析师张毅 表示，美团推进大模型，一方面是为了构建本地生活业务的护城河，美团相关业务正在被抖音、京 东、阿里等平台合攻，构建AI入口是为了守住流量和交互的起点。 "另一方面，美团也在通过AI进攻，通过AI将"人找服务"转变为"智能服务匹配人"，让业务变得更加 顺畅，同时AI对C端和B端的赋能也能盘活整个生态的效率。"张毅说。 工信部信息通信经济专家委员会委员盘和林则对记者表示，美团发展大模型，主要是想从外卖抽佣转 向中小企业服务，尤其是美团下游有大量服务业商家的情况下，大模型可以在很多业务场景落地，商 家使用大模型的门槛也不高，例如美团商家可以用AI大模型修饰菜品图片。 "从速度看，其他互联网公司相比布局速度落后，但考虑到实际业务布局，速度落后带来的影响不 大。"盘和林认为，美团作为商家平台，触达商家用户的能力很强，AI关键不在于技术，而在于使 用，如何将外卖客 ...

Investment Rating - The report assigns a "Leading" investment rating to the industry, indicating an attractive performance expectation relative to the benchmark index over the next 12 months [4]. Core Insights - In August 2025, the adjusted year-on-year growth rate of physical e-commerce online retail sales was 7.1%, compared to 8.3% in July and 6.3% in the second quarter. Categories such as home appliances saw a double-digit growth of 14%, while communication equipment growth slowed to single digits at 7% due to a high base last year. Furniture demand continued to recover with a growth of 19% [4][6]. - The postal bureau projected a 12% year-on-year growth in express delivery volume for August, indicating stable growth in logistics [11]. - E-commerce platforms are experiencing improved GMV and monetization efficiency, with benefits from national subsidies leading to sustained profit releases. Alibaba is expected to maintain double-digit growth in CMR for the September quarter, while JD's new business investments may cause short-term profit margin fluctuations [4]. - Local lifestyle services are expanding into in-store business, with AI technology applications helping platforms better understand consumer needs. Companies like Alibaba, Meituan, and Douyin are enhancing their service offerings through AI-driven initiatives [4]. Summary by Sections E-commerce Performance - The adjusted year-on-year growth rate for physical goods online retail sales in August 2025 was 7.1%, with food, clothing, and household goods growing at 15.0%, 2.4%, and 5.7% respectively [6][4]. - The report anticipates a 6% year-on-year growth in the overall e-commerce market GMV for 2025 [13]. Company-Specific Insights - Alibaba's e-commerce market share is stabilizing, with flash purchase investments significantly boosting user activity. The cloud business continues to lead the industry, driven by AI [4]. - JD's investment in new businesses like food delivery is expected to drive retail user traffic and purchase frequency, maintaining a ~10% year-on-year growth in retail revenue and profit for Q3 [4]. - Pinduoduo is expected to see marginal improvements from support plans and national subsidies in the second half of 2025 [4]. - Kuaishou is projected to achieve a 15% year-on-year growth in e-commerce GMV for Q3, driven by increased frequency across multiple scenarios [4]. Investment Implications - Current price-to-earnings ratios for 2025 are as follows: Alibaba at 19.2x, JD at 11.6x, Pinduoduo at 12.2x, and Kuaishou at 14.5x, indicating potential investment opportunities [4].

21世纪经济报道记者贺泓源、实习生李晴 外卖大战似乎正在进入下个节点。 2025年9月9日，市场监管总局召开例行发布会，针对近期外卖平台补贴争议，市场监管总局新闻发言人 王秋苹介绍，市场监管总局已经及时约谈主要外卖平台，相关平台快速响应，集体发声，承诺严守法律 法规，杜绝不正当竞争，抵制恶性补贴，推动行业规范有序发展。 下一步，市场监管总局将密切关注外卖行业竞争情况，要求提升服务质量，严守食品安全底线，保障消 费体验；督促平台合理控制补贴，避免冲击正常价格体系；推动平台加大对商家的扶持力度，提高骑手 权益保障，构建消费者、商家、骑手、平台多方共赢的良性生态。 客观上，外卖补贴已影响互联网巨头经营。 在二季度，受外卖补贴影响，美团、阿里巴巴、京东三家平台在净利润方面均有大幅下滑。其中，美团 净利润暴跌近90%，京东下滑近50%，阿里降幅也达到18%。 财报显示，外卖三巨头二季度在外卖大战中营销开支至少300亿元。 同天，美团宣布大众点评正式"重启"品质外卖服务。 种种变化都预示着，外卖大战到了新阶段。 有正在迅速扩张的新兴咖啡品牌创始人就告诉21世纪经济报道记者，外卖补贴的峰值是在今年7月初， 现在补贴金额明显 ...

Group 1 - Alibaba's stock price surged to a nearly four-year high of 147.9 HKD in Hong Kong and reached 151 USD in the US market, driven by the launch of Gaode's "Street Ranking" initiative [1] - The "Street Ranking" focuses on three categories: food, hotels, and scenic spots, with a primary emphasis on offline dining establishments [1] - Gaode initiated a "Good Store Support Plan," offering over 1 billion CNY in subsidies to encourage consumer foot traffic to offline dining and service industries, aiming for an additional 10 million customers daily [1] Group 2 - Since the beginning of the second half of this year, Alibaba's stock price has increased by over 30% in both US and Hong Kong markets, with an annual increase nearing 80% [1] - Major investment banks, including JPMorgan and Citigroup, have raised their target prices for Alibaba, with JPMorgan increasing its target from 140 USD to 170 USD and Citigroup from 148 USD to 187 USD [1] - Jefferies is even more optimistic, predicting a potential upper price range of 198 USD for Alibaba's stock [2] Group 3 - On the same day, Alibaba's stock closed at 142.8 HKD, with a slight increase of 0.63% [3] - Meituan announced the relaunch of its quality takeaway service through its self-developed AI model, which will filter out non-authentic reviews to provide reliable decision-making for users [3] - The initial phase of Meituan's service will include over one million high-rated dining establishments, leveraging real customer reviews to enhance takeaway options [3]

本地生活战场的终局，可能不再是"APP工厂"的无限"内卷"，而是"超级AI助理"的智慧对决。 特约评论员 陈白 互联网平台围绕本地生活的竞争，开始从外卖延伸到了到店。 在阿里巴巴 9 月 10 日公司周年庆这一天，高德宣布推出 "高德扫街榜"，主要分为美食、酒店、景区三 类，尤其以线下餐饮商家的榜单为主。据媒体报道，在AI地图能力的基础上，高德扫街榜的排名主要 纳入四个因子：导航到店的人数、复购率、专程前往、人群宽度。 就在同一天，美团宣布大众点评将正式"重启"品质外卖服务，将通过B端自研大模型，结合海量真实评 价数据分析用户需求，进一步剔除非真实点评数据，以"AI+真实高分"为用户提供可靠决策。 过去二十年，在本地生活这块最贴近民生的商业领域，经历了无数轮激烈的竞争缠斗。 传统的解决方案是UGC（用户生成内容），即大众点评开创的"评价+星级"模式，这个模式在早期极大 地解决了信息差，后来逐渐成为普遍认可的品质标准。但随着商家的激增，UGC内容也开始出现了一 些争议，平台也在持续发力进行打击以保障大众用户口碑。 这个时候，AI为平台带来了更多元的解题思路。AI更核心的作用在于"理解"和"提炼"。海量的真实评价 ...

Core Viewpoint - Alibaba is intensifying its competition with Meituan in the local lifestyle service sector, launching the "Gaode Street Ranking" to enhance its presence in the "to-store" business, while Meituan is reviving its quality takeaway service [2][8]. Group 1: Alibaba's Strategy - Alibaba's "Gaode Street Ranking" is based on real user behavior, focusing on repeat customers and is not commercialized, aiming to differentiate itself from Meituan's high market share [2][4]. - The "Gaode Street Ranking" project was initiated in June and now covers over 300 cities and 1.6 million offline service providers, including over 870,000 restaurants and 230,000 hotels [3]. - The ranking system utilizes AI to filter out false information and is integrated with the Sesame Credit system to enhance trust [4]. Group 2: Meituan's Response - Meituan announced the revival of its quality takeaway service on the same day as Alibaba's announcement, leveraging its extensive user review data to improve service reliability [8]. - Meituan's second-quarter financial report showed a revenue of 91.84 billion yuan, a year-on-year increase of 11.7%, but a significant drop in net profit by 89% [9]. - Despite the challenges, Meituan's app reached over 500 million monthly active users, with a 40% year-on-year increase in order volume for its to-store business [9]. Group 3: Market Dynamics - The competition between Alibaba and Meituan is heating up, with both companies accelerating the construction of their local lifestyle service ecosystems and extending their subsidy wars from takeaway to in-store services [2][7]. - The market is observing the impact of these new strategies, with both companies announcing substantial subsidies to attract customers, including over 1 billion yuan from Gaode and 25 million takeaway vouchers from Meituan [7][8]. - Analysts suggest that while Gaode's new ranking may disrupt Dazhong Dianping (Meituan's review platform), it will take time to build user trust and recognition [7].