近日，快手电商生鲜食品行业"有食力·敢当鲜"年度荣誉盛典举行。活动现场，平台面向过去一年在生 鲜食品行业持续深耕的商家与主播颁发多项年度荣誉，集中展示行业经营成果与增长方法，并围绕年货 节这一关键节点，进一步明确新一年生鲜食品在直播电商中的增长方向。 生鲜食品是直播电商里最贴近民生、最考验供给与服务能力的赛道之一。对商家而言，稳定供给与履约 体验决定长期口碑；对主播而言，持续内容输出与信任经营决定复购与留存。本次盛典既是对优秀经营 者的肯定，也为行业提供了一套更清晰、更可复制的经营逻辑。 从流量到"留量"：短视频引流、涨粉与直播转化形成闭环 快手电商生鲜食品行业负责人陈子涛在现场分享中指出，短视频不仅是内容表达，更是直播电商的"前 置引流工具"。持续稳定的短视频发布，可以帮助直播间获得更多自然流量，也能推动账号涨粉，实现 公域与私域的联动，形成"内容引流—直播转化—粉丝沉淀—复购回流"的经营闭环。 本次"有食力·敢当鲜"年度荣誉盛典面向商家与主播颁发多项奖项。伊利、三只松鼠、今麦郎获得快手 电商生鲜食品行业颁发的2025年度全域经营标杆奖及2025年度十大品牌奖。其中，凭借其在全域营销闭 环上的卓越实践，伊利 ...

安全隐患突出、不具备改造条件的菜市场 ♦不建菜市场 社区周边生鲜超市、菜店、商超生鲜区等能够满足居民需求 本报讯（记者 马晓冬）菜市场是保障市民"菜篮子"供给的重要载体。日前，市商务局发布《关于"十五 五"期间推进我市菜市场全面提质升级工作的指导意见》（以下简称《指导意见》），提出在未来5年， 对我市连续运营10年以上的老旧菜市场结合市场现状和需求开展一轮改造提升，并新建一批精品菜市 场，逐步优化我市菜市场软硬件设施配置，提升管理运营服务水平。 （来源：天津日报） 转自：天津日报 ♦网点布局 每2.5万人设置一个菜市场 ♦改造提升 连续运营10年以上的老旧菜市场 ♦关停并转 网点设置过密、同质化竞争严重导致经营困难的菜市场 在空间布局方面，我市将按照每2.5万人设置一个菜市场的标准进行网点布局。对于社区周边生鲜超 市、菜店、商超生鲜区等同功能业态较为成熟，能够满足周边居民生鲜消费需求的，可视情况不建菜市 场。 目前，全市菜市场数量达367个，营业面积约103万平方米，基本实现了中心城区和主要城市建成区菜市 场服务全覆盖，但部分菜市场存在设施陈旧、环境脏乱、业态单一、管理粗放、经营困难等问题。根据 《指导意见》 ...

余胜海/文 2026年，"十五五"规划大幕拉开，经济高质量转型迈入深水区。一边是超长期特别国债持续加码释放的政策活水，一边是AI技术重构产业生态的浪潮，消费 市场也早已从"追风口、逐热点"转向"重品质、看内核"。多重变量交织下，中小企业的日子过得并不轻松：融资难像块压在胸口的石头，合规要求升级让人 提心吊胆，巨头挤压下订单难拿，劳动力短缺更是常年困扰。有数据为证，2025年中小企业存活率仅62%，也就是说每10家企业里，就有近4家熬不过一 年。其实面对复杂形势，中小企业不用盲目跟风扩张，更该沉下心打磨核心能力，从政策借势、产品扎根、数字提效、融资抗险四个维度精准发力，就能在 风浪中站稳脚跟，实现可持续发展。 一、借势而为：精准承接政策红利，降低经营成本 2026年国家超长期特别国债规模持续扩容，截至2025年底已发行1.3万亿元，较2024年多增3000亿元，这股国家级资金"活水"正精准流向实体经济。但很多 中小企业老板都有同感：政策红利从来不会"自动落袋"，盲目申报只会白费功夫、空耗精力。青岛雪达集团技术质量部长张洪宾就曾吃过信息滞后的 亏，"以前快到申报截止日期才看到政策，只能手忙脚乱补材料，甚至有政策过 ...

Group 1 - The core viewpoint of the articles highlights the vibrant consumer market in Shanxi province during the New Year period, showcasing a strong demand and supply dynamic in various retail sectors [2][3] - Supermarkets are experiencing a surge in both online and offline sales, with shoppers actively purchasing a variety of goods, including festive gift boxes and fresh food items [2] - Farmers' markets are bustling with activity, featuring a wide range of fresh produce, including local vegetables and seasonal fruits, indicating a robust supply chain meeting consumer demand [2] Group 2 - Shopping malls are attracting large crowds as consumers engage in festive activities, such as dining and shopping for new clothes in preparation for the upcoming Lunar New Year [2] - Various brand stores within shopping centers are launching special promotions for the New Year, enhancing the festive shopping experience and driving consumer engagement [2][3] - The overall market reflects a strong alignment between diverse supply offerings and the heightened consumer demand during the holiday season, indicating a thriving economic environment [3]

Core Viewpoint - Dongfang Zhenxuan (01797) has entered the offline community supermarket sector, marking a significant expansion in its business model, with a notable increase in stock price by 4.51% to HKD 20.4 [1] Group 1: Business Expansion - The company plans to recruit store managers for its flagship store in Beijing's Zhongguancun, offering monthly salaries between HKD 15,000 to HKD 30,000 [1] - The new store will cover approximately 400 square meters and will focus on fresh produce, snacks, daily necessities, and ready-to-eat food and beverages, catering to the community's daily meal needs [1] Group 2: Digital and Supply Chain Advantages - The adoption of digital tools has improved demand forecasting and inventory management, enhancing supply chain standardization and reducing operational difficulties [1] - Dongfang Zhenxuan leverages its experience in live-streaming e-commerce, digital infrastructure, and direct sourcing to gain a competitive edge in the community market [1] Group 3: Product Development and Performance - The company has increased its investment in self-operated products and supply chain development, with self-operated products accounting for approximately 43.8% of the total GMV in FY2025, amounting to HKD 8.7 billion [1] - Dongfang Zhenxuan has launched a total of 732 self-operated products, expanding its product range from fresh food and snacks to a more diversified portfolio [1]

东方甄选(01797)涨超4%，截至发稿，涨4.51%，报20.4港元，成交2.05亿港元。 据公开资料显示，东方甄选在自营产品方面取得了一定优势。过去一年，公司将更多资源投入到自营产 品的研发和供应链建设上，自营产品占总GMV比例逐年增加。2025财年，东方甄选自营产品及直播电 商业务总GMV为87亿元，其中自营产品占总GMV约43.8%。首席财务官尹强透露，东方甄选已累计推 出732款自营产品，产品类别从最初的生鲜食品及零食扩展到更多元化的产品系列。 消息面上，近日，东方甄选宣布，将以月薪1.5万至3万元招聘北京中关村旗舰店店长，标志着其正式进 军线下社区超市领域。该门店面积约400平方米，主营生鲜、零食、日用百货、现制3R食品及饮品，定 位为社区居民"一日三餐"的便捷消费场景。据了解，数字化工具的普及使需求预测和库存管理更加精 准，供应链标准化程度提高降低了运营难度。东方甄选凭借直播电商积累的爆品运营能力、数字化基础 及源头直采体系，具备切入社区市场的独特优势。其此前尝试的前置仓模式，已为线上线下（300959） 融合奠定基础。 ...

Investment Rating - The report indicates a stable growth outlook for the retail industry in China, with a focus on online retail and the transformation of offline channels [3][20]. Core Insights - The retail industry in China is experiencing a dual engine of growth driven by consumption upgrades and cost-performance demands, with online retail showing a steady increase while offline retail is facing differentiation [3][20]. - The total retail sales of consumer goods reached 24.55 trillion yuan in the first half of 2025, marking a 5% year-on-year increase, with online retail accounting for approximately 30% of total retail sales [3][20]. - The report highlights a shift in consumer behavior, with the Z generation increasing spending on smart home appliances and emotional consumption products, while the silver economy is driving growth in health products and services for the elderly [4][20]. Summary by Sections Online Retail - The online retail market in China continued to grow steadily, with physical online retail sales increasing by 6% year-on-year, although the penetration rate slightly declined [5][20]. - Traditional e-commerce platforms like Alibaba, JD, and Pinduoduo dominate the market with a combined market share of 65%, while new platforms like Douyin and Kuaishou are experiencing explosive growth through content-driven sales [5][6][20]. - Instant retail and community group buying are identified as key growth drivers, with instant retail sales increasing by 25% year-on-year [6][20]. Chain Supermarkets - The chain supermarket sector is undergoing a critical transformation, with 47.5% of surveyed enterprises reporting sales growth, while 45% face profit decline [9][20]. - The industry is experiencing a "store closure wave," with a closure-to-opening ratio of 0.67, indicating a contraction in overall scale [10][20]. - Leading companies like Walmart and Hema are adapting their strategies to focus on membership models and fresh produce, while local supermarkets are optimizing layouts and improving product quality [11][20]. Shopping Centers - The shopping center market is witnessing a recovery, with foot traffic in first to fifth-tier cities increasing by 8.7% year-on-year [12][20]. - Experience-driven upgrades are becoming essential, with a significant portion of shopping centers incorporating dining, entertainment, and family-oriented experiences [12][20]. - The integration of online and offline experiences is creating new growth opportunities, with projects like JD Mall and Suning integrating digital experiences with physical retail [14][20]. Industry Challenges and Future Trends - The retail industry faces challenges such as consumer fatigue and rising cost pressures, with rental and labor costs increasing by 4-5% [15][16][20]. - Future trends indicate that online retail will continue to grow, with a focus on instant retail and technological empowerment, while chain supermarkets will accelerate their transformation towards community-oriented and online integration [18][20]. - Shopping centers will deepen experience upgrades and innovate their operations, with a focus on sustainability and digital transformation [19][20].

Core Viewpoint - Dingdong Maicai focuses on long-term efficiency and capability battles rather than short-term price and scale wars, as stated by the CEO during the earnings call [10]. Financial Performance - In Q3, Dingdong Maicai achieved a revenue of 6.66 billion yuan and a GMV of 7.27 billion yuan, marking the highest quarterly figures in history while maintaining positive year-on-year growth for seven consecutive quarters [4]. - The company reported a net profit of 100 million yuan under Non-GAAP standards, with a net profit margin of 1.5%, and a net profit of 80 million yuan under GAAP standards, with a net profit margin of 1.2% [6]. Strategic Initiatives - The company's "4G" strategy and adjustments to the "good product" system have led to increased user order conversion rates and engagement, which are essential for steady growth [7]. - By September, the proportion of SKUs meeting the "good product" standard rose to 37.2%, contributing 44.7% of the overall GMV, reflecting significant improvement since the beginning of the year [9]. Market Expansion - Dingdong Maicai continues to deepen its presence in the Jiangsu, Zhejiang, and Shanghai markets, having opened 40 new front warehouses this year, with 17 added in the latest quarter [10]. - The company is well-positioned to meet the growing market demand for high-quality, cost-effective fresh food, especially as consumer purchasing power in smaller cities in East China is being released [11]. Operational Efficiency - The company leverages digitalization and IT technology to enhance management efficiency, reduce procurement costs, and lower loss rates through a standardized quality control system, thereby improving overall supply chain profitability [11]. - Dingdong Maicai maintains a strong cash position with 3.94 billion yuan in cash and cash equivalents, short-term restricted funds, short-term investments, and long-term financial products, ensuring financial stability for future growth [11].

Core Viewpoint - The recent updates to the Sam's Club app have sparked controversy among users due to issues such as overly beautified images, hidden ingredient lists, and a complicated interface, leading to a surge in negative feedback and calls for improvement [1][4][11]. Group 1: User Feedback and Reactions - Many Sam's Club members have reported that the updated app features images that appear excessively beautified, particularly for fresh produce and meat products, which has led to complaints about the authenticity of the displayed items [4][11]. - Users have expressed their dissatisfaction in the app's comment sections, with comments like "return card" and "poor reviews" becoming prevalent, indicating a strong negative sentiment towards the recent changes [4][5]. - Some users have noted that the app now displays images of cooked food instead of raw meat products, further contributing to the confusion and dissatisfaction among customers [9][11]. Group 2: Company Response and Adjustments - In response to the feedback, Sam's Club issued a statement indicating that the app changes began testing in late August and that they are committed to ongoing improvements based on member suggestions [2][14]. - The company has acknowledged the issues raised by users and has started to revert some of the changes, including restoring original images for certain products while still incorporating new images in a less prominent manner [17][18]. - Sam's Club has confirmed that the app's recent updates were aimed at enhancing user experience, but they are now actively working to address the concerns raised by their members [15][21]. Group 3: Business Performance Context - Despite the recent app issues, Sam's Club has shown strong growth, with double-digit increases in transaction volume and plans to open approximately five new stores by the end of the year [21]. - The company has also reported a significant increase in membership numbers, with stable growth in renewal rates and active engagement among members [21]. - The e-commerce segment has become a crucial part of the business, with online sales accounting for over 50% of total sales, reflecting a shift in consumer purchasing behavior [21].

Core Viewpoint - Recent controversies surrounding Sam's Club's product information display have raised concerns among consumers regarding the accuracy and transparency of product descriptions and images [3][10][17]. Group 1: Product Information Issues - Some products on Sam's Club's platform have inconsistent information, with descriptions stating "domestic" while images show "imported" labels [2][7]. - A significant number of consumers have expressed confusion over the masking of key supplier information and the overall clarity of product details [7][3]. Group 2: Image Quality and Authenticity - Users have reported that the images of fresh produce and meat on the Sam's Club app appear overly processed and lack the realistic representation that was previously available [11][12]. - There is a demand from consumers for original packaging images rather than enhanced visuals, as they prefer to recognize products easily [12][11]. Group 3: Consumer Reactions - The app's recent updates have led to a surge in negative feedback, with comments about canceling memberships and leaving poor reviews becoming prevalent on social media and the app's comment sections [14][17]. - In response to the backlash, Sam's Club has acknowledged the issues and committed to improving the representation of products on their platform [17].