Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Insights - Yonghui Supermarket announced a detailed private brand plan, aiming to increase the number of private brand products from 60 to 500 and penetration rate from 5% to 40% by 2029 [11][12] - The offline retail sector is seeing steady progress in store renovations, with 143 out of 523 stores (27.34%) already renovated as of July 25 [11] - Online retail competition remains intense, with expectations of subsidy wars continuing until the end of summer, potentially leading to a recovery in order sizes post-subsidy [11][18] Summary by Sections 1. Core Insights and Company Dynamics - Yonghui's private brand plan includes developing 2 products with over 1 billion in sales by 2026 and 15 such products by 2029 [11] - The online retail sector is expected to see a shift in competition dynamics, with Meituan likely regaining market share after the subsidy wars [11][18] 2. Industry Data Tracking - In the second week of July, the overall GMV for Tmall and JD.com decreased by 14.24% year-on-year [20] - The top five categories in terms of growth were toys, consumer electronics, home appliances, maternal and infant products, and pet supplies [20] 3. Market Review - From July 21 to July 25, the Shanghai Composite Index rose by 1.67%, while the retail sector (Shenwan) increased by 2.65%, ranking third among nine major consumption sectors [3][30] - Notable stock performers included Dalian Friendship and Lion Head Shares, with significant gains [3][29] 4. Investment Recommendations - Yonghui Supermarket is recommended for its transformation towards a selective retail model, which is expected to have long-term growth potential in the post-consumption era [32] - Meituan is viewed positively for its established barriers in user perception, rider management, and merchant relationships, despite competitive pressures from JD.com [34]

Core Viewpoint - Ele.me has launched the AI Smart Helmet X3, which enhances AI capabilities, efficiency, and safety for delivery riders, aiming to improve their work experience and delivery safety [1][2]. Group 1: AI Capabilities - The AI Smart Helmet X3 features a groundbreaking upgrade with the industry's first AI assistant for riders named "Xiao E," allowing riders to perform various tasks through voice commands [2]. - The AI assistant can proactively trigger actions in specific scenarios, such as order announcements, rider location confirmations, and reminders for potential delays [3]. Group 2: User Adoption and Feedback - Since the nationwide rollout of the AI assistant in June, it has covered millions of riders and has recorded over 1.6 billion proactive service instances [4]. - The "Rider Day" initiative, launched on the 17th of each month, includes pilot testing of the Smart Helmet X3 at various rider stations, gathering feedback for continuous improvement [5]. Group 3: Safety Features - The Smart Helmet X3 includes advanced safety features such as collision detection and posture detection, enhancing rider safety during their deliveries [7][8]. - It is equipped with a 50-meter visible automatic sensing tail light, noise-canceling headphones, and can operate in temperatures ranging from -20°C to 60°C [8]. Group 4: Navigation and Efficiency - The software upgrade introduces indoor navigation maps, which help riders efficiently locate merchants in complex shopping areas, improving delivery speed [9][10]. - The indoor navigation feature is currently available in 30 shopping centers, with plans to expand to over 300 centers nationwide in the next six months [9][10]. Group 5: Rider Benefits and Promotions - The "Smart Equipment Care" program offers various benefits, allowing riders to purchase the Smart Helmet and smart headphones at discounted prices, with some riders eligible for free equipment [10]. - New riders can receive a free helmet and headphone set upon completing initial tasks, promoting the adoption of smart equipment [10].