research@firstshanghai.com 总第 4880 期 2025 年 10 月 10 日 星期五 研究观点 【行业评论】 互联网行业周报 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 第一上海证券有限公司 www.mystockhk.com 新力量 New Force 第一上海研究部 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 852-25321957 第一上海 新力量 New Force 【行业评论】 李京霖 Jinglin.li@firstshanghai.com.hk 罗凡环 852-25321962 simon.luo@firstshanghai.com.hk 行业 TMT 【阿里巴巴】高德扫街榜 23 天用户破 4 亿，激活线下消费新生态 国庆中秋长假消费热潮中，高德地图再传捷报：9 月 10 日上线的创新产品"高德 扫街榜"，仅用 23 天便实现累计用户超 4 亿，成为国内互联网行业用户增速最快 的产品之一。这一数据不仅刷新行业纪录，更带动 10 月 1 日烟 ...

香港生产力促进局(生产力局)30日举行"低空经济科技馆"开幕典礼，馆内集中展示近20项来自香港本地 及内地的低空经济尖端技术成果，直观呈现两地在该领域的技术实力。 香港特区政府财政司副司长黄伟纶在典礼上表示，特区政府推动低空经济发展，需要合作伙伴共同参 与，与各界携手并进。特区政府今年3月公布首批38个"监管沙盒"试点项目，其中17个项目已展开测 试，预计到10月底将共有28个项目落实测试，反映各界反应热烈，也显示特区政府推动低空经济的速度 很快，未来会保持这个动力。 香港生产力促进局主席陈祖恒表示，低空经济科技馆不仅是展示创新科技的空间，更是推动制度创新的 试验场。期望通过该平台汇聚政、产、学、研的力量，共同探索高密度城市下的空域管理模式与应用场 景，打造具有香港特色的"低空经济典范"，进一步巩固香港作为国际创新科技枢纽的地位。 "低空经济科技馆"内，展示了多项来自香港本地及内地的尖端技术成果。参展企业中，美团旗下Keeta Drone带来了"监管沙盒"支持下的落地成果——近日已获准突破单一架次派送限制，在日常营运中可同 步派出多架无人机执行任务。 Keeta Drone方面表示，此次服务升级既为市民提供更 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 9月29日消息，全球最大AI开源社区Hugging Face公布了新一期模型榜单，阿里通义7款模型入选全球前 十开源模型榜单，几乎实现屠榜，其中刚刚开源的全模态大模型Qwen3-Omni登顶。Qwen3-Omni是阿里 最新开源的全模态大模型，音视频能力狂揽32项开源最佳性能SOTA，可处理文本、图片、语音和视频 四种不同类型的数据，像人类一样会"听、说、写"。截至目前，阿里通义共开源300多个模型，涵盖全 模态、全尺寸，全球下载量突破6亿次，衍生模型超17万个，位居全球第一。 余承东增任华为产品投资评审委员会主任，仍担任终端BG董事长 华为公司9月29日任命余承东为公司产品投资评审委员会（IRB）主任，任命文件由任正非签发。据 悉，投资评审委员会的核心职能是对公司重大战略方向的资源投入、项目立项、预算审批等关键决策进 行评估与把控，确保资源向核心战略目标高效倾斜。同时，余承东仍然担任华为常务董事、终端BG董 事长，掌管华为终端、鸿蒙智行等业务。 【巨头风向标 ...

Group 1 - The profit of industrial enterprises in China improved significantly from a year-on-year decline of 1.7% in the first seven months to a growth of 0.9% in the first eight months of 2025 [2] - The manufacturing sector saw a profit increase of 7.4%, accelerating by 2.6 percentage points compared to the previous month [2] - In August, the profit of industrial enterprises experienced a notable growth of 20.4%, reversing a decline of 1.5% in July [2] Group 2 - During the National Day and Mid-Autumn Festival holiday, small passenger cars will be allowed free passage on national toll roads from October 1 to October 8, 2025 [3] - The free passage applies to vehicles exiting toll roads during the specified time frame, with specific guidelines for ordinary and expressways [3] Group 3 - The scale of the metaverse-related industry in Shanghai has surpassed 300 billion yuan, with over 30 XR terminal manufacturing companies [4] - The Shanghai Future Industry Fund has successfully expanded its scale from 10 billion yuan to 15 billion yuan, focusing on disruptive innovation and early-stage technology investments [4] Group 4 - Li Kaifu emphasized that DeepSeek's core contribution to China's AI development is the promotion of an open-source ecosystem, which is crucial for keeping pace with the U.S. [5] - Tencent has released and open-sourced its new generation multimodal image model, HunyuanImage 3.0, which is the largest and best-performing open-source model in its category [5] Group 5 - Meituan has launched nighttime delivery services using drones in Shenzhen, marking the first integration of drone technology into nighttime instant retail delivery in China [7] - Since its regular operation began in 2021, Meituan's drones have completed over 600,000 delivery tasks, significantly reducing average delivery times [7] Group 6 - The sales revenue of the Xuancheng Pang Donglai Trading Group has exceeded 17 billion yuan in the first nine months of 2025, surpassing its total sales for the entire year of 2024 [8] - The supermarket segment leads in sales, with a notable contribution from the Pang Donglai Times Square store [8] Group 7 - BMW is recalling over 330,000 vehicles due to potential short circuit hazards in starter motors and related components, affecting more than 130,000 cars in Germany alone [11] - The recall involves multiple models produced between September 2015 and September 2021, indicating a potentially broader international impact [11] Group 8 - Eli Lilly's new drug Inluriyo has been approved by the FDA for treating advanced or metastatic breast cancer in specific patient populations [11] - The drug is an oral estrogen receptor antagonist, targeting patients with ER+ and HER2- breast cancer who have progressed after at least one line of endocrine therapy [11]

"为满足无人机夜间配送的安全需要，首先要解决无人机'看得见'的问题。我们近期重点升级了自研无 人机的导航定位能力。在夜晚，无人机可借助城市夜晚建筑灯光和路灯进行有效导航定位。即便光照亮 度弱于夜间应急照明的场景，无人机也能通过传感器的局部定位，在自主飞行过程中完成避障等动作， 并实现厘米级的精准降落。"美团无人机相关负责人表示。 凤凰网科技讯 9月28日，凤凰网科技获悉，美团无人机宣布在深圳多条航线上线夜间配送服务。众所周 知，夜间配送一直是即时零售行业的痛点场景：期间配送人员数量较白天会有明显减少，但需求数量没 有减少。据了解，美团无人机夜间配送服务将先在深圳的公园场景试点，首批覆盖范围包括人才公园、 海风运动公园等市民夜间游玩热点区域，每日20时结束运营。 ...

Group 1 - Meituan's bike-sharing service has deployed over 2.63 million shared bikes equipped with Beidou high-precision positioning technology across more than 30 cities in China, making it the first company in the industry to exceed a million units of Beidou application scale [1] - The integration of Beidou technology allows for "sub-meter" high-precision positioning, enhancing user experience in locating and returning bikes while providing critical data support for refined operations [1] - Meituan has established the first urban-level shared mobility Beidou data center in China, transforming dispersed bike positioning data into insights for urban slow traffic patterns, marking a shift from single tool applications to platform capabilities [1] Group 2 - The application of Beidou technology in consumer sectors is rapidly expanding, evolving from a distant "sky system" to an integral part of daily services [2] - Meituan's "Beidou+" application ecosystem extends from two-wheeled vehicles to a three-dimensional space, showcasing an "air-ground integration" intelligent delivery network that utilizes Beidou for autonomous drone navigation and decision-making [2] - The integration of "Beidou+" is empowering various industries and is seen as a significant driver for high-quality economic and social development, with shared mobility being a key area for Beidou applications [2]

Core Insights - The 2025 E-commerce Conference in Beijing highlighted the integration of digital intelligence and quality innovation in the e-commerce sector, emphasizing its role as a digital link between production and consumption [1] - China's online retail sales reached 86,835 billion yuan from January to July this year, marking a 9.2% year-on-year increase, with physical goods accounting for 70,790 billion yuan and a growth of 6.3% [1] Group 1: Trends in E-commerce - The trend towards quality, intelligence, and service-oriented consumption in China's online retail market is becoming increasingly evident, reflecting the resilience of the consumer market [1] - The concept of "quality e-commerce" is gaining consensus in the industry, focusing on emotional connections with consumers and enhancing shopping experiences [2] - The shift from "product e-commerce" to "service e-commerce" is being driven by digital technologies, which are reshaping the e-commerce landscape [3] Group 2: Role of Technology - Artificial intelligence is identified as a core engine driving the expansion and quality enhancement of digital service consumption, impacting various sectors including culture, tourism, and education [2] - AI is enhancing the efficiency and innovation of product services, optimizing business models, and accelerating the digitalization of service consumption [2] - The use of automated delivery vehicles and drones by companies like Meituan is transforming urban service delivery and improving residents' quality of life [3] Group 3: Globalization and Cross-border E-commerce - Chinese sellers are increasingly globalizing, with cross-border e-commerce becoming a key strategy for international expansion, showing over 20% growth in product sales on global platforms [4] - The number of Chinese sellers achieving over $1 million in annual sales has increased by 55% in the past two years, indicating a strong competitive presence in the global market [4] - AI technology is facilitating the transition of Chinese brands from product export to brand establishment in overseas markets [4]

Core Insights - Meituan reported Q2 2025 revenue of 91.8 billion yuan, a year-on-year increase of 11.7%, indicating stable growth [1] - The Meituan app's monthly active users surpassed 500 million, with annual transaction frequency reaching a historical high [1] - CEO Wang Xing emphasized the commitment to technological innovation and ecosystem development to create more value for partners and promote sustainable industry growth [1] Local Core Business - The core local business segment achieved revenue of 65.3 billion yuan, a year-on-year growth of 7.7% [1] - Meituan maintained its market leadership in the instant delivery sector, with peak daily order volume exceeding 150 million in July [1] - Average delivery time for all orders was 34 minutes, enhancing user engagement [1] New Business Developments - New business revenue reached 26.5 billion yuan, growing by 22.8% year-on-year [2] - Meituan partnered with over 800 leading restaurant brands to open more than 5,500 satellite stores, aiming for over 10,000 by year-end [2] - The "flash purchase" service saw strong growth, expanding consumer categories beyond groceries to include electronics and beauty products [2] Ecosystem Health Initiatives - Meituan implemented measures to enhance service quality and user experience, focusing on a sustainable industry ecosystem [3] - As of July 1, the company began full coverage of "work injury insurance" for riders in 17 provinces, with plans for nationwide coverage by year-end [3] - A special fund of 1.6 billion yuan was established for rider support during summer, alongside expanded health care benefits [3] Merchant Support and Safety - Meituan's initiatives to combat "involution" included cash subsidies and innovative business models, benefiting over 300,000 restaurant merchants [4] - The "Internet + Bright Kitchen" initiative has seen 117,000 merchants adopt live streaming for transparency, with a target of over 200,000 by 2025 [4] - R&D investment reached 6.3 billion yuan, a 17.2% increase, with drone delivery services operational in multiple cities [4]

Core Insights - Meituan reported Q2 2025 revenue of 91.8 billion RMB, a year-on-year increase of 11.7%, reinforcing its market leadership [1] - The company aims to enhance consumer experience and operational efficiency through technological innovation and ecosystem development [1] - The core local business segment generated revenue of 65.3 billion RMB, up 7.7% year-on-year, while new business revenue reached 26.5 billion RMB, growing 22.8% [3] Group 1: Business Performance - Meituan's monthly active users surpassed 500 million, with record-high annual transaction frequency [1] - The peak daily order volume for Meituan's instant retail exceeded 150 million in July [1] - The company has opened over 5,500 brand satellite stores in collaboration with over 800 leading restaurant brands, aiming for over 10,000 by year-end [2] Group 2: New Business Developments - The new business segment's loss narrowed to 1.9 billion RMB, with strong growth in order volume and GTV for Keeta, particularly in Hong Kong and the Middle East [3] - Meituan's flash purchase service saw significant growth, expanding its product categories beyond groceries to include electronics and beauty products [2] Group 3: Social Responsibility and Ecosystem Development - Meituan has implemented measures to enhance rider welfare, including full coverage of work injury insurance and a summer subsidy of 1.6 billion RMB for riders [4] - The company is promoting a healthy ecosystem for merchants through cash subsidies and innovative business models, with over 300,000 restaurant merchants benefiting from its support [4] - Meituan is advancing food safety infrastructure through the "Internet + Bright Kitchen" initiative, with plans to have over 200,000 merchants participating by 2025 [5] Group 4: Technological Investment - Meituan invested 6.3 billion RMB in R&D, a year-on-year increase of 17.2%, focusing on technological advancements to support retail industry growth [5] - The company has established 64 drone delivery routes across major cities, completing over 600,000 orders [5]

Group 1 - The article highlights the positive momentum of private enterprises in China, focusing on their innovation and development in new sectors such as new energy, new materials, and robotics [1][2][4] - Ailinchen New Energy Technology (Anhui) Co., Ltd. has achieved an order amount of 60 million yuan and expects an annual output value to exceed 100 million yuan, showcasing the growth potential in the new energy sector [1] - The private sector's contribution to high-tech enterprises is significant, with over 92% of national high-tech enterprises being private [1] Group 2 - The development of autonomous water treatment systems by Runxin Machinery Manufacturing Co., Ltd. has captured nearly 80% of the domestic industrial valve market and has expanded exports to over 150 countries [2] - Shanxi Jianbang Group has invested over 4 billion yuan in circular economy and energy-saving projects, enhancing its market competitiveness [3] - The PMI for equipment manufacturing and high-tech manufacturing in July was 50.3% and 50.6%, respectively, indicating sustained growth in these sectors [3] Group 3 - Local policies in regions like Gansu and Hainan are providing financial support for technology innovation, which is crucial for the development of private enterprises [4] - The establishment of a 10 billion yuan humanoid robot industry investment fund in Hubei reflects the government's commitment to fostering innovation in artificial intelligence and robotics [5] - Morgan Stanley predicts that China's domestic AI market could reach a value of 140 billion USD by 2030, indicating significant growth potential in this sector [5]