申万宏源发布研报称，7月市场监管总局约谈三大平台，强调规范促销与理性竞争，平台补贴策略随之 趋于理性，美团、淘宝和京东分别通过"拼好饭"、"爆品团"和"七鲜小厨"等差异化项目推动结构性效率 提升，压缩泡沫型单量，走向长期可持续增长。广发证券则表示，展望Q3和Q4，预计电商板块持续受 到外卖竞争压力的影响，业绩或继续承压。长期来看，一旦双方补贴力度降低，预计美团和阿里会出现 利润的拐点。 消息面上，近日，美团旗下国际外卖品牌keeta在科威特正式启动运营。至此成为科威特成为keeta继沙 特阿拉伯、卡塔尔之后，在中东海湾地区的第三个落点。据悉，基于过去一年在沙特的成功落地和进 展，keeta进一步加快了中东市场的拓展步伐。今年8月，keeta上线卡塔尔，时隔不到一个月，又正式进 入科威特，美团正加速构建"多国联动"的国际化发展模式。 （原标题：港股异动 | 美团-W(03690)再涨超4% keeta加速拓展中东市场 机构称外卖平台补贴策略已趋 于理性） 智通财经APP获悉，美团-W(03690)再涨超4%，本周累涨逾12%。截至发稿，涨3.33%，报108.7港元， 成交额54.32亿港元。 ...

美团-W(03690)再涨超4%，本周累涨逾12%。截至发稿，涨3.33%，报108.7港元，成交额54.32亿港元。 申万宏源发布研报称，7月市场监管总局约谈三大平台，强调规范促销与理性竞争，平台补贴策略随之 趋于理性，美团、淘宝和京东分别通过"拼好饭"、"爆品团"和"七鲜小厨"等差异化项目推动结构性效率 提升，压缩泡沫型单量，走向长期可持续增长。广发证券则表示，展望Q3和Q4，预计电商板块持续受 到外卖竞争压力的影响，业绩或继续承压。长期来看，一旦双方补贴力度降低，预计美团和阿里会出现 利润的拐点。 消息面上，近日，美团旗下国际外卖品牌keeta在科威特正式启动运营。至此成为科威特成为keeta继沙 特阿拉伯、卡塔尔之后，在中东海湾地区的第三个落点。据悉，基于过去一年在沙特的成功落地和进 展，keeta进一步加快了中东市场的拓展步伐。今年8月，keeta上线卡塔尔，时隔不到一个月，又正式进 入科威特，美团正加速构建"多国联动"的国际化发展模式。 ...

Investment Rating - The report maintains a positive outlook on the industry, indicating a transition towards rational competition among major platforms [6][9]. Core Insights - The market regulatory authority's recent discussions with major platforms signal a shift from aggressive subsidy strategies to more sustainable competition, particularly in the food delivery sector [9][12]. - Major platforms like Meituan, Alibaba, and JD are adapting their strategies in response to regulatory pressures, focusing on enhancing operational efficiency and product quality rather than merely increasing order volumes [12][15][17]. - The report highlights the emergence of differentiated competition strategies among platforms, with each leveraging its core strengths to align with long-term strategic goals [6][9]. Summary by Sections Market Overview - From July 21 to July 25, 2025, the social service index rose by 2.30%, outperforming the CSI 300 by 0.61 percentage points, ranking 17th among Shenwan's primary industries. The commercial retail index increased by 2.65%, surpassing the CSI 300 by 0.96 percentage points, ranking 14th [20][21]. Company Strategies - Meituan has shifted its focus from sheer order volume to structural efficiency improvements, launching initiatives like the "Wan Jia Brand Plan" to enhance service quality and stabilize supply [12][14]. - Alibaba has responded to regulatory demands by promoting compliance and launching the "Explosion Group" model to attract price-sensitive consumers while maintaining subsidy levels [15][16]. - JD has positioned itself in the quality segment by launching the "Seven Fresh Kitchen" project, emphasizing user experience and supply chain capabilities, with plans to open 10,000 locations within three years [17][18]. Investment Recommendations - The report suggests focusing on e-commerce sectors that emphasize core business strengths and AI investments, including Alibaba, JD, Meituan, and Pinduoduo. It also highlights opportunities in premium jewelry brands and comprehensive trade service providers that are advancing digital transformation [6][9].