1月4日，美团发布2026年元旦消费报告。元旦期间，机票出行票量同比增长73%，火车票出行票量同比 增长77%。洗浴行业订单量同比增长57%，KTV订单量同比增长74%。"必吃榜"榜单流量整体同比增幅 142%，其中，异地流量同比增幅接近100%。（第一财经记者 陆涵之） ...

Core Insights - The service consumption sector is experiencing a significant surge as the New Year approaches, driven by festive atmosphere and winter weather conditions [1][2][5] Group 1: Trends in Leisure Consumption - The demand for leisure experiences among young consumers is evolving, with a notable increase in searches for services like hairdressing and beauty treatments, which saw a doubling in search volume [1] - KTV bookings have increased significantly, with a year-on-year growth of over 44% in transaction volume as new entertainment formats like AI-assisted singing gain popularity [1][7] - The bathing industry is projected to see substantial growth by 2025, with a 6-fold increase in searches for 24-hour bathing centers noted in the week leading up to New Year [2] Group 2: Regional Highlights - Major cities such as Shanghai, Beijing, and Shenzhen are leading in leisure transaction volumes, with a notable increase in the popularity of bathing centers during the winter season [1][2] - Harbin has emerged as a standout city, with a transaction volume growth rate exceeding 211%, the highest in the country, driven by winter tourism and local attractions [2][3] Group 3: Consumer Behavior and Preferences - Young consumers, particularly those aged 20-35, are increasingly investing in beauty services, with a nearly 100% year-on-year increase in income for beauty professionals during the holiday season [5] - The KTV industry has transformed into a comprehensive entertainment space, appealing to younger audiences, especially those born after 2000, who have shown a transaction growth rate of over 57% [7] Group 4: Company Initiatives - To capitalize on the holiday consumption trend, the company has launched various promotional activities aimed at enhancing consumer engagement and boosting city-wide consumption [10]

Macro Economy - The macroeconomic report indicates that the Shanghai Composite Index rose by 1.64% this week, with the asset allocation order being stocks > commodities > bonds > currency [1][2][4]. Asset Performance Review - The Shanghai Composite Index increased by 1.64%, while the Shanghai Composite Index futures rose by 1.49%. In contrast, coking coal futures fell by 4.40%, and iron ore main contracts increased by 0.64%. The annualized yield of Yu'ebao decreased by 2 basis points to 1.00%, and the ten-year government bond yield rose by 2 basis points to 1.84% [2][12][37]. Asset Allocation Recommendations - The report highlights that raw material prices continue to be a significant drag on the profitability of industrial enterprises. The Producer Price Index (PPI) for production materials showed a notable year-on-year decline from January to October. The report suggests that policies may be implemented to address the issue of "price weakness" from both supply and demand sides, with expectations for incremental policies by the end of this year and early next year [3][5][21]. Key Economic Data - From January to October, China's total foreign direct investment reached USD 144.34 billion, a year-on-year increase of 6.2%. The new contract amount for foreign engineering contracting business was USD 210.7 billion, up 18.6% year-on-year [6][21]. Industry Insights - The report notes that the real estate investment continues to drag down fixed asset investment performance, with a cumulative year-on-year decline of 14.7% from January to October, impacting the current fixed asset investment growth rate by 3.0 percentage points [3][21]. Commodity Market Overview - The commodity futures index rose by 5.25% this week, with significant increases in non-metallic building materials (4.64%) and precious metals (3.80%). However, some commodities like coking coal saw a decline of 2.52% [49][51]. Stock Market Performance - The A-share market saw a general increase, with the ChiNext Index leading at a rise of 4.54%. The telecommunications and electronic components sectors performed well, while the oil and coal sectors experienced declines [37][38]. Bond Market Insights - The ten-year government bond yield rose to 1.84%, with a slight increase of 2 basis points. The report indicates that the "stock-bond seesaw" effect may impact the bond market in the short term [42][44]. Consumer Market Trends - The report highlights that the automobile consumption data shows a mixed performance, with wholesale and retail sales growth rates of 2% and -7% respectively. The report anticipates that automobile consumption will remain a key focus for future consumption promotion efforts [34][37].

Core Viewpoint - Meituan-W (03690) announced the grant of a total of 11.8286 million restricted stock units as part of its post-IPO share incentive plan, aimed at rewarding employees and service providers [1] Group 1 - The company will grant a total of 11.8148 million shares to several employee participants [1] - Additionally, 13,800 shares will be granted to certain service providers, contingent upon acceptance and the terms of the post-IPO share incentive plan [1]

Core Viewpoint - The article highlights the strong performance of Meituan-W (3690.HK) during the Double Eleven sales event, with the stock price rising nearly 7% to surpass the 100 HKD mark, while also noting the company's efforts to expand into overseas markets [1] Group 1: Stock Performance - Meituan-W's stock price increased by nearly 7% during the Double Eleven sales event [1] - The stock price surpassed the 100 HKD threshold [1] Group 2: Market Expansion - Meituan is actively exploring opportunities in overseas markets [1] - The company is reportedly increasing its recruitment efforts, particularly for high-paying positions [1] Group 3: Recruitment Efforts - Keeta, a subsidiary or related entity, is intensifying its hiring, offering high salaries for various roles [1] - Positions include data analysts with monthly salaries up to 90,000 HKD and senior algorithm experts with annual salaries of 1.2 million HKD [1]

Core Viewpoint - The article emphasizes the importance of consumer rights protection in China and outlines various channels available for consumers to file complaints regarding product quality, service issues, and misleading advertisements [1]. Group 1: National Complaint Platforms - The primary and most authoritative complaint channel is the "12315" platform, managed by the State Administration for Market Regulation, which handles general consumer disputes such as false advertising and product quality issues [2]. - Consumers can initiate complaints through three methods: calling 12315, visiting the "National 12315 Platform" website, or using the corresponding app and WeChat mini-program [2]. - The platform's advantages include its authority and broad coverage, with complaints being assigned to local market supervision bureaus for verification and mediation [2]. Group 2: Industry Regulatory Departments - Different industries have corresponding regulatory bodies, such as the China Banking and Insurance Regulatory Commission for financial issues and the Ministry of Industry and Information Technology for telecommunications [3]. - These industry-specific platforms offer stronger expertise and a better understanding of industry standards, making it easier to obtain clear responses for specialized issues [3]. - However, the need for consumers to identify the correct regulatory body can complicate the complaint process [3]. Group 3: E-commerce and Company Platforms - E-commerce platforms like Taobao and JD.com have internal complaint channels that allow for quick responses and short processing times [4]. - The self-handling by companies often prioritizes maintaining platform order, which can lead to dissatisfaction among consumers if they feel treated unfairly [4]. - In cases of inadequate responses, consumers may need to resort to more public channels to express their grievances [4]. Group 4: Third-party Complaint Platforms and Media Channels - Independent third-party complaint platforms, such as the "Black Cat Complaint" website operated by Sina, have emerged to provide transparent public channels for consumers [5]. - These platforms allow for public display of complaints, enabling companies to respond directly, which can expedite resolution and enhance accountability [5]. - Traditional media also play a significant role in amplifying consumer issues, particularly for companies that repeatedly fail to address complaints [5]. Group 5: Recommendations for Choosing Channels - Consumers are advised to retain all relevant evidence, such as invoices and communication records, to support their claims [6]. - It is important to clearly articulate the issue and desired resolution while remaining objective [6]. - Depending on the nature of the complaint, consumers should select the appropriate channel, starting with internal complaints and escalating as necessary [7].

Core Viewpoint - Meituan has responded to consumer concerns regarding delayed refunds, clarifying that the issues stem from incomplete information updates rather than actual refund failures [2][12]. Refund Issues Summary - The refund problems identified by Meituan include incomplete updates on refund statuses, leading to confusion about whether funds have been returned and where they have gone [3][4]. - Three main reasons for refund display issues were outlined: 1. Refunds may have been processed, but the order page did not reflect this due to delayed updates, causing user misunderstandings [4]. 2. Refunds may show as "0" due to system errors, with users advised to check their original payment channels for records [6]. 3. Refunds may appear successful, but users cannot find them in their original payment channels due to issues with those channels, leading to funds being returned to the user's Meituan wallet instead [8][10]. Technical Updates and User Feedback - Meituan acknowledged that the "refund not received" issue is primarily due to technical updates not being fully implemented, which has affected the timely display of refund statuses [12]. - Users have reported that many historical orders from 2014 to 2016 show unsuccessful refund statuses, raising questions about the company's explanations [12].

Core Viewpoint - Meituan has established a special customer service team to address recent user concerns regarding refund issues, ensuring that users can trace their orders and receive timely updates on refund statuses [1][9]. Refund Issues Summary - The refund issues reported by users can be categorized into two main types: 1. Delays in displaying refund progress information, which have been addressed by optimizing the information display for orders after 2017, allowing users to check their refund status independently [1][3]. 2. A small number of cases where users' payment channels (bank cards or third-party payment tools) encountered issues, leading to refunds being credited to the user's Meituan balance instead [3][7]. User Experience Enhancements - Meituan has clarified that if users see "refund successful" notifications, the funds have indeed been returned to their accounts, and any discrepancies in displayed refund amounts are due to system update errors [5][9]. - Users experiencing issues with refunds being displayed as "under review" or "processing" have been informed that these are due to delays in order information updates, which have now been resolved [3][9]. Communication and Support - Meituan is actively communicating with affected users through SMS and other channels to assist them in receiving their refunds, emphasizing that all refund data is traceable [9]. - The company is committed to improving its product features and functionality to enhance user experience and ensure a safer and more reliable consumption process [9].

Core Viewpoint - Recent issues regarding delayed refunds on Meituan have led to widespread user complaints, with some refunds dating back to 2015 still unresolved [1][5]. Group 1: User Complaints - Many users discovered that their refunds were stuck in "refund in progress" status, with some cases dating back several years [1]. - A user reported that a refund for a ticket purchased in 2015 was not reflected in their bank statement, despite other refunds being processed [1]. - Users have expressed frustration over the lack of specific solutions provided by Meituan's customer service [1]. Group 2: Company Response - Meituan's customer service announced the establishment of a special team to address refund issues and improve the tracking of orders [5]. - The company has stated that if users receive a "refund successful" notification, the funds have been returned to their accounts, denying claims of "no refund without inquiry" or "order deletion" [5]. - Meituan has identified two main categories of refund issues: outdated information display for orders before 2017 and problems with users' payment channels leading to refunds being credited to Meituan wallets instead [5][6]. Group 3: Technical Improvements - The technical team has optimized the information display for refunds, allowing users to check the status of refunds for orders placed after 2017 [5]. - For historical orders prior to 2017, users can still inquire through customer service for refund status [5]. - The company has addressed issues where refunds appeared as "under review" or "processing" due to delays in updating order information, which has now been resolved [6].

Core Viewpoint - Meituan has responded to consumer complaints regarding delayed refunds, clarifying that the issues stem from incomplete information updates in their system rather than actual failures in processing refunds [1][5]. Group 1: Refund Issues - The main refund issues identified by Meituan include incomplete updates on refund information, leading to confusion about whether refunds have been processed and where the funds have gone [2]. - Refunds may show as "failed" without clear reasons, which Meituan attributes to three main causes: delayed updates on the order page, incorrect display of refund amounts, and issues with the original payment channels [3][4]. Group 2: System Updates and User Experience - Meituan stated that the problems with refund visibility are due to technical updates not being fully implemented, which has led to historical orders from 2014-2016 showing incorrect refund statuses [5]. - Users have reported that refunds for some orders were successfully processed but were not displayed correctly due to system updates, resulting in confusion about the actual status of their refunds [9][12]. Group 3: Customer Support and Solutions - Meituan has implemented measures to assist users in tracking their refunds, including allowing users to query the status of refunds for orders placed after 2017 [3][4]. - In cases where refunds cannot be processed back to the original payment method due to issues with the user's account, Meituan offers alternatives for users to receive their refunds [4][13].