来源 | 凤凰网《风暴眼》 这个周末，外卖平台的商战打得如火如荼。 打开手机，满屏都是补贴优惠广告。 凤凰网《风暴眼 》注意到，各类优惠活动的力度不断加码，竞争愈发激烈 。 满 28 元减 18.8 元、满 20 元减 10 元的福利还在刷屏，有平台甚至 直接甩出" 0 元兑换券"的王炸。 在这波 "撒钱式"福利轰炸下，网友们乐开了花，个个化身 "羊毛特种兵"，生怕错过这波时代红利。 01 减肥年年有，商战可不常有 排了一上午队，终于抱回八杯饮品。 但这只是常规操作 。 有人揣着 0 元兑换券横扫商圈，从绝味鸭脖到喜茶、奈雪，再到蜜雪冰城、瑞幸，连喜姐炸串都没放过 …… 也有把日子过成 " 外卖连续剧 " 的狠人 ， 一天点九个外卖，早餐、中餐、下午茶、晚餐、宵夜安排得明明白白，甚至连第二天的都提前预订妥了。 有人索性开启囤货模式，奶茶等各种饮品塞满冰箱。 属实把羊毛薅出了仪式感。 40 度的高温天，连空气都在发烫，却拦不住大家排队的热情。 中午快 12 点了，队伍根本看不到尽头。 甚至有暑假工到晚上 12 点，还有一堆订单没做完。 人群中更是藏着穿 " 吉利服 " 的硬核选手。 门店的员工更是忙到灵魂出窍。 ...

这几天，天气热，外卖大战更"热"。 继上周"疯狂星期六"后，7月12日，外卖平台再起"战火"：美团"0元喝奶茶"、淘宝闪购"满18减18"、京 东每晚10万份，一口价16.18元的小龙虾......消费者直呼"红黄蓝打架，喝也喝不完，吃也吃不下。" 光奶茶就要取19杯 顾客化身兼职外卖小哥 "这波优惠力度真是超出预期。"济南市民白先生向记者细数了自己的 "战果清单"：0元购自取的商品有 19杯奶茶、6份绝味鸭脖、6份塔斯汀鸡米花 + 鸡块、4份塔斯汀香辣鸡腿堡、3份鸡肉三明治和3份山楂 酸奶昔，以上均通过美团平台获取，分文未花；外卖送上门的订单则覆盖三大平台：2.6元的华莱士汉 堡套餐、3.36元的朝鲜面、2个蜜雪冰城圣代1.4元以及4元两份的正新鸡排。"哪家券划算就点哪家，三 家下单挺平均"。白先生说道。 据了解，7月11日晚，各大外卖平台的 "周六攻势" 提前打响：美团外卖发布微博预告 "周六，快乐继 续"；淘宝闪购官宣继续发放 "超级星期六 188元大券包"；京东外卖则以《一口价16.18！每晚10万份！ 京东外卖请全国用户吃品质小龙虾》一文，明确认准京东 App "秒送" 频道可抢购 10 万份16. ...

"这两天你叫外卖了吗？" 早在7月7日，淘宝闪购、饿了么就联合宣布，7月5日淘宝闪购日订单数已超8000万单，非餐饮订单超1300万单，日活跃用户超过2亿。此外，京东外卖正 式上线4个月，已有近200个餐饮品牌在京东外卖上销量突破百万。 最近几个周末，各大平台不断放出大额减免券，许多商家从早上开始便订单爆满，不少网友晒图称喝到了"0元奶茶"。记者尝试在其中一家平台下单，商 家表示没有骑手可以及时送货，只好商家自己送货，需时会比较久。"最近每到周末，订单量就比平日接近翻倍，根本忙不过来。"这位商家表示。 有骑手表示，为了让骑手尽快接单配送，平台在周末的补贴都很高。"最近深圳的天气一会儿暴雨一会儿暴晒，但我也舍不得休息，周六一天我就跑了80 多单。" 而这场消费者、骑手狂欢的背后，是几大平台之间的博弈。今年2月，京东官宣上线外卖业务，以"零佣金+品质外卖"策略高调进军，引发行业轰动。随 后，阿里将旗下淘宝"小时达"业务升级为"淘宝闪购"，联合饿了么正式加入即时零售大战。 也有消费者表示，本周末的补贴力度比上周已经有明显的降温。而且，一些平台的优惠券使用范围集中在指定品牌，多数到店自取门店位置偏远，还有许 多商家设 ...

"这两天你叫外卖了吗？" "免费奶茶真香" 这个周末，各大平台的外卖"补贴大战"继续。而在社交媒体上，"杭州一奶茶店忙到现场点单有啥给啥""百米 远的单子外卖员能赚十几块"等外卖"补贴大战"相关话题热搜不断。 早在7月7日，淘宝闪购、饿了么就联合宣布，7月5日淘宝闪购日订单数已超8000万单，非餐饮订单超1300万 单，日活跃用户超过2亿。此外，京东外卖正式上线4个月，已有近200个餐饮品牌在京东外卖上销量突破百 万。 最近几个周末，各大平台不断放出大额减免券，许多商家从早上开始便订单爆满，不少网友晒图称喝到了"0元 奶茶"。记者尝试在其中一家平台下单，商家表示没有骑手可以及时送货，只好商家自己送货，需时会比较 久。"最近每到周末，订单量就比平日接近翻倍，根本忙不过来。"这位商家表示。 有骑手表示，为了让骑手尽快接单配送，平台在周末的补贴都很高。"最近深圳的天气一会儿暴雨一会儿暴 晒，但我也舍不得休息，周六一天我就跑了80多单。" 记者从美团获悉，截至7月12日23点36分，美团即时零售订单量再创新高，达到1.5亿单。其中，神抢手订单量 超5000万单，拼好饭订单量超3500万单。 ...... 在订单量增长 ...

转自：新华财经 新华财经北京7月13日电（可达）"外卖大战"本周末再掀高潮，"免费奶茶"一度登上微博热搜第一。周六美团率先发动进攻号角，优惠活动在社交平台"刷 屏"，单日数据再掀新高，而淘宝闪送和饿了么或将在周日发起反击，反观今年作为鲶鱼搅动外卖市场的京东近期却颇为低调。 12日即本周六当天，记者在美团外卖收到了8张饮料免费券，显示可以兑换包括沪上阿姨、蜜雪冰城、瑞幸咖啡、茶百道、喜茶、乐乐茶、鲜芋仙、益禾堂 等多家主流品牌旗下饮品，其中沪上阿姨的赠饮最多。此外，当日午后还收到了美团外卖发放的食品免费券，可以兑换塔斯汀汉堡、华莱士、乡村基等多个 品牌。 在沪上阿姨隔壁，蜜雪冰城的店员也还在出餐，其向记者透露，12日全天该店出单超800单，上周同期是400单，而平常周末在100多单。记者还了解到，当 日该商超内的茶百道出单超600单，塔斯汀汉堡出单超1000单，均远超以往周末。 此时已过24点，记者在商超门口与前来取餐的一位美团骑手在电梯间简单交流，其手里提着两家品牌的5杯饮料，据该骑手透露，活动期间尽管（部分）商 品免费，但平台给到骑手的配送费并未因此减少，收入有了明显增加，但也有"幸福的烦恼"，就是商家爆单 ...

修正一周之后，新一轮的"外卖补贴大战"在本周末重燃战火，社交媒体上充斥着低价甚至免单的咖啡奶 茶订单。这场由阿里巴巴旗下淘宝闪购升级的战火，正迫使行业巨头美团、京东悉数卷入。 据追风交易台，摩根大通在其最新发布的研报中，对这场愈演愈烈的竞争进行了深度剖析。对于投资者 而言，核心影响可以归结为以下几点： 补贴战火重燃，巨头弹药库对决 战火由阿里巴巴点燃。根据摩根大通的报告，阿里巴巴旗下的淘宝闪购于7月2日宣布，从7月开始的12 个月内，将投入500亿人民币用于外卖和即时零售补贴。此举迅速引发市场连锁反应，美团于7月5日宣 布多项补贴计划作为回应。京东此前也已宣布将在一年内投入超过100亿人民币。 这场投入巨大的战役迅速反映在订单量上。截至7月初，美团的日订单量创下1.2亿单的新高，而阿里巴 巴（淘宝闪购及饿了么）的日订单量在短短两个月内也达到了8000万单。 摩根大通认为，竞争的主动权已经转移。阿里巴巴不仅拥有 renewed competitive focus（重新聚焦于竞 争），更关键的是其雄厚的财务资源。报告指出，阿里巴巴在2025财年拥有接近1000亿人民币的自由现 金流（FCF），以及在2025年3月 ...

Core Viewpoint - The article discusses the intense competition between Alibaba's Taobao and Meituan in the food delivery and instant retail sectors, highlighting a significant battle on July 5, where Taobao launched a major offensive against Meituan, aiming to increase its market share in both food delivery and retail orders [6][8][24]. Group 1: Taobao's Strategy and Actions - On July 5, Taobao's flash purchase service aimed to achieve 70 million orders, competing directly with Meituan's usual daily order volume of around 90 million [7][19]. - Taobao's flash purchase received a substantial investment of 50 billion yuan, enabling it to aggressively pursue market share in the food delivery sector [7][8]. - The ambition of Taobao's flash purchase is to elevate retail order volumes alongside food delivery, integrating near-field e-commerce with traditional e-commerce [8][22]. Group 2: Meituan's Response - Meituan's leadership quickly mobilized its team in response to Taobao's aggressive strategy, with a focus on maintaining its market share and countering Taobao's subsidies [18][19]. - Meituan's strategy included significant subsidies to both consumers and delivery personnel, aiming to retain customer loyalty and order volume amidst the competitive pressure [20][21]. - The competition led to a record-breaking day for both platforms, with Meituan reporting over 1.2 billion orders and Taobao exceeding 80 million orders on the same day [26][28]. Group 3: Market Dynamics and Implications - The competition between Taobao and Meituan reflects a broader trend in the instant retail market, where both companies are striving to capture consumer demand through aggressive marketing and operational strategies [22][31]. - The article notes that the combined order volume of 200 million on that day indicates a significant shift in consumer behavior and market dynamics, with both companies willing to incur substantial losses to gain market share [28][29]. - The ongoing battle is expected to reshape the landscape of instant retail, with both companies aiming to establish themselves as leaders in this rapidly evolving sector [24][34].

前段时间，高盛隔空给外卖大战算了一笔账： 预计未来一年里，阿里外卖、京东将分别亏损410亿与260 亿人民币，美团EBIT（息税前利润）减少250亿。 近千亿钞票撒进焚化炉，只为让全国人民多喝两杯奶茶。 连月的混战在上个周末再迎高峰，"满18减18"、"一天三顿不超过10块钱"的夸张补贴，与外卖平台不断 刷新的大字报两相呼应，勾勒出外卖市场的烈火烹油。 不过铁打的美团，流水的对手，曾经凶悍的京东休养生息，阿里接棒发起冲锋，豪掷五百亿补贴宣言， 逼得美团紧急上强度。截至周一，阿里淘宝闪购与美团即时零售的日订单分别突破8000万单与1.2亿单。 外卖的双寡头格局由来已久，京东高调进场以前，美团和饿了么合计占据超过九成市场份额，纵有抖音 强攻本地生活、小红书试水到店酒旅，外卖都是各大平台默契绕行的无人区。 久攻本地生活不下的阿里也曾选择躺平，新零售业务出清，饿了么埋头减亏。但人到中年最怕被卷，过 去三个月，阿里本地生活阵容巨变，新近整合的淘宝闪购走到台前，已成活化石的饿了么退居幕后，连 同飞猪一起被打包送往隔壁电商事业群。 吴泳铭的内部信如此概括这一系列变化： "集中目标，统一作战。" 轻描淡写的八个字背后，是一场 ...

Core Viewpoint - Alibaba is expected to increase investments in instant retail and food delivery services in the coming quarters, which will significantly impact short-term profitability, but these factors are already reflected in the stock price. The strong growth momentum in cloud computing and leading position in AI provide long-term value support [1][7]. Group 1: Investment Strategy and Market Position - HSBC maintains a "Buy" rating for Alibaba but lowers the target price from $176 to $150, indicating a potential upside of 38.9% from the current stock price of $107.99 [1]. - Since April 2024, competition in food delivery and instant retail has intensified, with Meituan launching a three-year support plan worth 100 billion RMB and JD.com initiating a one-year subsidy project worth 10 billion RMB [1][2]. - Alibaba's food delivery strategy was launched later, with a one-year subsidy plan worth 500 billion RMB starting on July 2 [2]. Group 2: Market Share and Growth - Alibaba's market share in food delivery and instant retail has rapidly increased from over 20% in 2024 to 36% by July 5, 2025, while Meituan holds 55% and JD.com 9% [2]. - This growth is attributed to the integration of Ele.me and Fliggy into Taobao and Tmall, leadership consolidation, aggressive subsidy strategies, and traffic support [2]. Group 3: Financial Projections - HSBC has raised revenue forecasts for Alibaba for FY26-28 by 3-8%, reflecting accelerated growth in instant retail and food delivery orders, but has lowered profit expectations by 7-22% [9]. - For FY26, Alibaba is expected to incur losses of 2.7 RMB per order in food delivery and 3.7 RMB per order in instant shopping, with an overall loss of 55 billion RMB in local life services [9][10]. - The peak of investment is anticipated in the September quarter, with normalization expected in the second half of FY26 [9]. Group 4: Cloud Computing and AI Outlook - HSBC remains optimistic about Alibaba's cloud computing prospects, forecasting over 20% year-on-year growth in cloud revenue for FY26, driven by strong AI demand [10][16]. - Although there may be quarterly fluctuations in cloud business gross margins, they are expected to maintain a high single-digit level [10]. - In the generative AI infrastructure as a service (GenAI IaaS) market, Alibaba ranks first with a market share of 23.5% in the second half of 2024, benefiting from its leading scale, strong product capabilities, and large enterprise customer base [16].

Group 1: Core Insights - The recent surge in consumer spending on food delivery is driven by aggressive subsidies from various platforms, leading to a significant increase in order frequency among consumers [1][3] - The competition in the instant retail market has intensified, with major players like Alibaba, Meituan, and JD.com investing billions in subsidies, resulting in record-high daily order volumes [3][4] - The traditional e-commerce sector is shifting from price wars to efficiency-driven competition, focusing on operational improvements and user experience [5][6] Group 2: Market Dynamics - Instant retail is projected to grow from 650 billion yuan in 2023 to 2 trillion yuan by 2030, expanding beyond food delivery to include daily necessities and other high-frequency categories [4] - Major brands have reported substantial sales growth after participating in promotional activities on platforms like JD.com and Taobao, indicating a robust market response [4] - The efficiency revolution in traditional e-commerce is characterized by a shift in focus from gross merchandise volume (GMV) to enhancing operational efficiency and customer satisfaction [5][6] Group 3: Ecosystem Collaboration - Companies are increasingly integrating resources to create cross-business and cross-scenario collaborative networks, which are essential for sustaining competitive advantage [7][8] - Meituan has successfully leveraged its high-frequency delivery service to drive customer engagement in other high-margin sectors like hotel and travel [8] - Regulatory bodies are enhancing oversight in the e-commerce sector to ensure fair competition and protect consumer rights, which is expected to foster a healthier market environment [9]