tiger 江政達
03-25
阿里45.2%占比略超45%美团占比，给阿里补贴停止一个体面的退场。
市监总局刊文“外卖大战该结束了”，美团、阿里直线拉升，这一年烧光800亿
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tg-height=\"432\"></p><p>事实上，今年2月，市场监管总局已约谈<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>、抖音、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、京东、<a href=\"https://laohu8.com/S/03690\">美团</a>、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。三大平台也已于2025年第四季度不约而同地释出战略收缩信号。</p><h2 id=\"id_3240409753\">800亿账单：三家各有盘算，承压能力分化</h2><p>据红餐产业研究院2025年9月底发布的《中国餐饮品牌力白皮书2025》，按日订单量口径，2025年三季度美团外卖市场份额为46.9%，阿里系（饿了么+淘宝闪购）占比42.8%，京东外卖约10%。<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>11月调研数据显示，上述三家份额分别为50%、42%和8%。两组数据虽略有出入，但均指向同一结论：外卖市场已由美团一家独大演变为三足鼎立格局。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2d3202739d8bc473013fe87e1f6be386\" tg-width=\"940\" tg-height=\"820\"></p><p><strong>三大平台2025年二、三季度累计投入超800亿元。</strong>其中美团的代价最为直接。数据显示，2025年三季度，美团核心本地商业（含外卖和闪购）经营亏损141亿元，销售及营销开支飙升至343亿元。不过，美团CEO王兴在财报电话会上明确表示\"坚决反对低质低价的内卷式竞争\"，强调相关投入旨在\"捍卫核心市场地位\"而非参与全面价格竞争，并明确表示正主动放弃\"羊毛党\"争夺，聚焦高净值、高粘性用户。<a href=\"https://laohu8.com/S/600030\">中信证券</a>评价称，美团的亏损是\"主动选择的结果\"，\"用短期利润换取时间窗口，在守住高价值阵地的同时，加速向即时零售和全球化第二曲线迁移\"。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/30115b03618ab8a8af6470b8de759d3e\" tg-width=\"704\" tg-height=\"784\"></p><p>阿里的投入规模最大，但压力相对分散。2026财年第二财季（截至2025年9月30日）财报显示，阿里即时零售业务收入为229.06亿元，同比增长60%，销售费用同比增加340亿元。由于即时零售的流量溢出效应带动佣金和广告收入同步增长，这部分支出在阿里整体营收2478亿元的体量中得到一定摊薄。约3500个天猫品牌将线下门店接入即时零售，生态协同效应成为阿里坚持高投入的核心逻辑。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/f1ab66b9-dc33-4c33-82c4-612b0749b858.png\"></social-image></p><p>京东的处境则相对被动，新业务亏损157亿元，而外卖渗透率的持续低迷令规模效应难以显现，收缩战线成为现实选择。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/442d6620-8574-470d-9b8b-d6dd86845ab8.png\"></social-image></p><h2 id=\"id_191348713\">战略转向：从烧钱抢量到生态竞争</h2><p>事实上，今年2月，市场监管总局已约谈阿里巴巴、抖音、<a href=\"https://laohu8.com/S/09888\">百度</a>、腾讯、京东、美团、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。提醒相关平台企业要杜绝各种形式的“内卷式”竞争，共同维护公平竞争市场环境，促进平台经济创新和健康发展。</p><p>在监管表态发出之前，三大平台已于2025年第四季度陆续调整方向。美团全面强化即时零售布局，10月押注\"品牌官方闪电仓\"，关停美团优选等低效业务。王兴在财报会上所说的\"不参与价格战\"，被市场解读为外卖定位的根本转变——从餐饮配送入口升级为\"万物即时达\"基础设施。</p><p>阿里则将淘宝闪购与饿了么深度整合，形成线上下单与线下30分钟达的混合消费网络，并借助盒马、大润发、天猫超市等线下零售资产拓展全品类供给；京东聚焦七鲜小厨、京东买药秒送等高客单、高信任度的细分场景，依托自建物流与医药供应链构建壁垒，主动放弃规模竞争，转而深耕\"品质即时服务\"。</p><p>随着官媒的明确发声，这场历时近一年的外卖大战或已进入实质性收官阶段。对三家平台而言，竞争的下半场将在更高维度的生态整合与履约效率上见分晓，而非依赖资本消耗。</p><blockquote><p><social-image src=\"https://wpimg-wscn.awtmt.com/95e84139-b137-46c5-b646-81d4e33a9b9e.png\"></social-image></p><p>外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。当作为“压舱石”的餐饮消费因价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐。</p><p>最近几天，你还领到过外卖平台的免单券吗？在近日举行的新闻发布会上，市场监管总局披露了外卖平台反垄断调查的最新进展，表示监管部门已进驻相关平台开展现场调查，下一步将通过问卷、核查等方式进一步传导监管压力，研究处置措施。这向市场传递了监管的态度：疯狂的外卖大战，必须熄火了！</p><p>外卖大战看似惠民，实则内卷。</p><p>对消费者而言，外卖大战确实“香”，谁不喜欢1分的奶茶、3元的咖啡？然而，免费的往往是最贵的。当我们把视线从手机里的免单券，拉到整个经济大盘时，就会发现，这场大战的代价，最终是我们这些普通人在承担，而且远超预期。</p><p>最直接的冲击体现在宏观经济数据上。2025年二季度末至三季度，反映我国居民消费价格的CPI持续下跌，消费市场寒意阵阵。但奇怪的是，如果刨去食品和能源，核心CPI反而一直在回升。这说明，消费本该回暖，却被什么硬“拽”下来了。</p><p>“拽”住它的，就是餐饮。</p><p>在我国CPI统计篮子里，食品烟酒及在外餐饮的权重接近30%，在所有类目中最高。这意味着，餐饮价格一涨，CPI就可能跟着起跳；餐饮价格一跌，CPI就可能跟着深蹲。</p><p>了解了这个背景再去看数据，就会发现：2025年二季度末至三季度，我国餐饮收入增速出现了放缓，其下跌的时间点和走势，与整体CPI的下滑曲线高度重叠；同期，权重同样较高的居住和交通通信并没有出现类似的下滑。</p><p>而这个时间，恰恰是外卖大战白热化、平台补贴最疯狂的时期。财报显示，外卖大战期间，阿里、京东、美团累计补贴高达800亿元至1000亿元。中国饭店协会指出，平台间大额补贴行为导致的价格下行成为2025年6月以来制约餐饮行业增速的重要因素。据美团观察，这场大战直接将餐饮堂食客单价打回了10年前。</p><p>表面上看，外卖大战是平台让利，但从宏观视角看，这是对餐饮行业价格体系的猛烈冲击。餐饮企业为了在补贴战中生存，不得不牺牲品质、压缩利润，整个行业陷入了赔本赚吆喝的恶性循环，最终拖累了消费回暖的大趋势——这恰恰与中央提振消费的工作部署背道而驰，给宏观调控增添了本不应有的阻力。</p><p>外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。消费是拉动经济增长的主引擎，当作为“压舱石”的餐饮消费因为恶性价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。当企业利润薄如纸片甚至开门就亏钱，就业岗位从何而来？薪资增长又从何谈起？</p><p>正因如此，监管及时叫停外卖大战，其实是在维护经济正常运行，避免恶性竞争打乱经济回暖节奏，让企业及劳动者有正常的生活和收入。</p><p><strong>健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐，而不是依靠资本堆砌的烧钱游戏，更不是利用垄断地位控流量、逼站队的零和博弈。让外卖价格回归合理区间，让餐饮行业摆脱不补贴就死，一补贴就乱的困境，让市场竞争从拼砸钱转向拼服务，这才是真正的惠企利民。</strong></p><p><strong>价格战，走不远；内卷竞争，没有赢家。外卖大战，该结束了。</strong></p><p>本文来源：市场监管总局转载自经济日报</p></blockquote>","collect":0,"html":"<!DOCTYPE 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n市监总局刊文“外卖大战该结束了”，美团、阿里直线拉升，这一年烧光800亿\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-25 14:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>一篇官媒评论文章，引发港股科技板块集体大幅拉升，市场将其解读为监管层对外卖补贴大战的明确喊停信号。这场由<a href=\"https://laohu8.com/S/JD\">京东</a>去年2月高调入局点燃的价格战，历经近一年、三大平台累计投入逾800亿元之后，正面临来自监管层面的干预。</p><p>25日上午，市场监管总局转载《经济日报》刊发的评论文章《外卖大战该结束了》。文章称，健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐，而不是依靠资本堆砌的烧钱游戏，更不是利用垄断地位控流量、逼站队的零和博弈。让外卖价格回归合理区间，让餐饮行业摆脱不补贴就死，一补贴就乱的困境，让市场竞争从拼砸钱转向拼服务，这才是真正的惠企<a href=\"https://laohu8.com/S/00229\">利民</a>。<strong>价格战，走不远；内卷竞争，没有赢家。外卖大战，该结束了。</strong></p><p>该发声即刻推动港股科技板块拉升。<strong><a href=\"https://laohu8.com/S/MPNGY\">美团</a>当日涨幅一度超过10%，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>与京东涨幅均超5%，</strong>恒生科技指数午后直线走高2%，恒生指数整体涨近1%。投资者普遍将这一监管信号解读为高强度补贴战有望阶段性收敛的前兆，各平台利润修复预期随之升温。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/5fcc922f20aac68df957d21975c9d754\" tg-width=\"804\" tg-height=\"432\"></p><p>事实上，今年2月，市场监管总局已约谈<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>、抖音、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、京东、<a href=\"https://laohu8.com/S/03690\">美团</a>、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。三大平台也已于2025年第四季度不约而同地释出战略收缩信号。</p><h2 id=\"id_3240409753\">800亿账单：三家各有盘算，承压能力分化</h2><p>据红餐产业研究院2025年9月底发布的《中国餐饮品牌力白皮书2025》，按日订单量口径，2025年三季度美团外卖市场份额为46.9%，阿里系（饿了么+淘宝闪购）占比42.8%，京东外卖约10%。<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>11月调研数据显示，上述三家份额分别为50%、42%和8%。两组数据虽略有出入，但均指向同一结论：外卖市场已由美团一家独大演变为三足鼎立格局。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2d3202739d8bc473013fe87e1f6be386\" tg-width=\"940\" tg-height=\"820\"></p><p><strong>三大平台2025年二、三季度累计投入超800亿元。</strong>其中美团的代价最为直接。数据显示，2025年三季度，美团核心本地商业（含外卖和闪购）经营亏损141亿元，销售及营销开支飙升至343亿元。不过，美团CEO王兴在财报电话会上明确表示\"坚决反对低质低价的内卷式竞争\"，强调相关投入旨在\"捍卫核心市场地位\"而非参与全面价格竞争，并明确表示正主动放弃\"羊毛党\"争夺，聚焦高净值、高粘性用户。<a href=\"https://laohu8.com/S/600030\">中信证券</a>评价称，美团的亏损是\"主动选择的结果\"，\"用短期利润换取时间窗口，在守住高价值阵地的同时，加速向即时零售和全球化第二曲线迁移\"。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/30115b03618ab8a8af6470b8de759d3e\" tg-width=\"704\" tg-height=\"784\"></p><p>阿里的投入规模最大，但压力相对分散。2026财年第二财季（截至2025年9月30日）财报显示，阿里即时零售业务收入为229.06亿元，同比增长60%，销售费用同比增加340亿元。由于即时零售的流量溢出效应带动佣金和广告收入同步增长，这部分支出在阿里整体营收2478亿元的体量中得到一定摊薄。约3500个天猫品牌将线下门店接入即时零售，生态协同效应成为阿里坚持高投入的核心逻辑。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/f1ab66b9-dc33-4c33-82c4-612b0749b858.png\"></social-image></p><p>京东的处境则相对被动，新业务亏损157亿元，而外卖渗透率的持续低迷令规模效应难以显现，收缩战线成为现实选择。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/442d6620-8574-470d-9b8b-d6dd86845ab8.png\"></social-image></p><h2 id=\"id_191348713\">战略转向：从烧钱抢量到生态竞争</h2><p>事实上，今年2月，市场监管总局已约谈阿里巴巴、抖音、<a href=\"https://laohu8.com/S/09888\">百度</a>、腾讯、京东、美团、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。提醒相关平台企业要杜绝各种形式的“内卷式”竞争，共同维护公平竞争市场环境，促进平台经济创新和健康发展。</p><p>在监管表态发出之前，三大平台已于2025年第四季度陆续调整方向。美团全面强化即时零售布局，10月押注\"品牌官方闪电仓\"，关停美团优选等低效业务。王兴在财报会上所说的\"不参与价格战\"，被市场解读为外卖定位的根本转变——从餐饮配送入口升级为\"万物即时达\"基础设施。</p><p>阿里则将淘宝闪购与饿了么深度整合，形成线上下单与线下30分钟达的混合消费网络，并借助盒马、大润发、天猫超市等线下零售资产拓展全品类供给；京东聚焦七鲜小厨、京东买药秒送等高客单、高信任度的细分场景，依托自建物流与医药供应链构建壁垒，主动放弃规模竞争，转而深耕\"品质即时服务\"。</p><p>随着官媒的明确发声，这场历时近一年的外卖大战或已进入实质性收官阶段。对三家平台而言，竞争的下半场将在更高维度的生态整合与履约效率上见分晓，而非依赖资本消耗。</p><blockquote><p><social-image src=\"https://wpimg-wscn.awtmt.com/95e84139-b137-46c5-b646-81d4e33a9b9e.png\"></social-image></p><p>外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。当作为“压舱石”的餐饮消费因价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐。</p><p>最近几天，你还领到过外卖平台的免单券吗？在近日举行的新闻发布会上，市场监管总局披露了外卖平台反垄断调查的最新进展，表示监管部门已进驻相关平台开展现场调查，下一步将通过问卷、核查等方式进一步传导监管压力，研究处置措施。这向市场传递了监管的态度：疯狂的外卖大战，必须熄火了！</p><p>外卖大战看似惠民，实则内卷。</p><p>对消费者而言，外卖大战确实“香”，谁不喜欢1分的奶茶、3元的咖啡？然而，免费的往往是最贵的。当我们把视线从手机里的免单券，拉到整个经济大盘时，就会发现，这场大战的代价，最终是我们这些普通人在承担，而且远超预期。</p><p>最直接的冲击体现在宏观经济数据上。2025年二季度末至三季度，反映我国居民消费价格的CPI持续下跌，消费市场寒意阵阵。但奇怪的是，如果刨去食品和能源，核心CPI反而一直在回升。这说明，消费本该回暖，却被什么硬“拽”下来了。</p><p>“拽”住它的，就是餐饮。</p><p>在我国CPI统计篮子里，食品烟酒及在外餐饮的权重接近30%，在所有类目中最高。这意味着，餐饮价格一涨，CPI就可能跟着起跳；餐饮价格一跌，CPI就可能跟着深蹲。</p><p>了解了这个背景再去看数据，就会发现：2025年二季度末至三季度，我国餐饮收入增速出现了放缓，其下跌的时间点和走势，与整体CPI的下滑曲线高度重叠；同期，权重同样较高的居住和交通通信并没有出现类似的下滑。</p><p>而这个时间，恰恰是外卖大战白热化、平台补贴最疯狂的时期。财报显示，外卖大战期间，阿里、京东、美团累计补贴高达800亿元至1000亿元。中国饭店协会指出，平台间大额补贴行为导致的价格下行成为2025年6月以来制约餐饮行业增速的重要因素。据美团观察，这场大战直接将餐饮堂食客单价打回了10年前。</p><p>表面上看，外卖大战是平台让利，但从宏观视角看，这是对餐饮行业价格体系的猛烈冲击。餐饮企业为了在补贴战中生存，不得不牺牲品质、压缩利润，整个行业陷入了赔本赚吆喝的恶性循环，最终拖累了消费回暖的大趋势——这恰恰与中央提振消费的工作部署背道而驰，给宏观调控增添了本不应有的阻力。</p><p>外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。消费是拉动经济增长的主引擎，当作为“压舱石”的餐饮消费因为恶性价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。当企业利润薄如纸片甚至开门就亏钱，就业岗位从何而来？薪资增长又从何谈起？</p><p>正因如此，监管及时叫停外卖大战，其实是在维护经济正常运行，避免恶性竞争打乱经济回暖节奏，让企业及劳动者有正常的生活和收入。</p><p><strong>健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐，而不是依靠资本堆砌的烧钱游戏，更不是利用垄断地位控流量、逼站队的零和博弈。让外卖价格回归合理区间，让餐饮行业摆脱不补贴就死，一补贴就乱的困境，让市场竞争从拼砸钱转向拼服务，这才是真正的惠企利民。</strong></p><p><strong>价格战，走不远；内卷竞争，没有赢家。外卖大战，该结束了。</strong></p><p>本文来源：市场监管总局转载自经济日报</p></blockquote>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2399975544.HKD":"ALLIANZ 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A-SGD","BK4534":"瑞士信贷持仓"},"source_url":"https://wallstreetcn.com/articles/3768336","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622479540","content_text":"一篇官媒评论文章，引发港股科技板块集体大幅拉升，市场将其解读为监管层对外卖补贴大战的明确喊停信号。这场由京东去年2月高调入局点燃的价格战，历经近一年、三大平台累计投入逾800亿元之后，正面临来自监管层面的干预。25日上午，市场监管总局转载《经济日报》刊发的评论文章《外卖大战该结束了》。文章称，健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐，而不是依靠资本堆砌的烧钱游戏，更不是利用垄断地位控流量、逼站队的零和博弈。让外卖价格回归合理区间，让餐饮行业摆脱不补贴就死，一补贴就乱的困境，让市场竞争从拼砸钱转向拼服务，这才是真正的惠企利民。价格战，走不远；内卷竞争，没有赢家。外卖大战，该结束了。该发声即刻推动港股科技板块拉升。美团当日涨幅一度超过10%，阿里巴巴与京东涨幅均超5%，恒生科技指数午后直线走高2%，恒生指数整体涨近1%。投资者普遍将这一监管信号解读为高强度补贴战有望阶段性收敛的前兆，各平台利润修复预期随之升温。事实上，今年2月，市场监管总局已约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。三大平台也已于2025年第四季度不约而同地释出战略收缩信号。800亿账单：三家各有盘算，承压能力分化据红餐产业研究院2025年9月底发布的《中国餐饮品牌力白皮书2025》，按日订单量口径，2025年三季度美团外卖市场份额为46.9%，阿里系（饿了么+淘宝闪购）占比42.8%，京东外卖约10%。摩根大通11月调研数据显示，上述三家份额分别为50%、42%和8%。两组数据虽略有出入，但均指向同一结论：外卖市场已由美团一家独大演变为三足鼎立格局。三大平台2025年二、三季度累计投入超800亿元。其中美团的代价最为直接。数据显示，2025年三季度，美团核心本地商业（含外卖和闪购）经营亏损141亿元，销售及营销开支飙升至343亿元。不过，美团CEO王兴在财报电话会上明确表示\"坚决反对低质低价的内卷式竞争\"，强调相关投入旨在\"捍卫核心市场地位\"而非参与全面价格竞争，并明确表示正主动放弃\"羊毛党\"争夺，聚焦高净值、高粘性用户。中信证券评价称，美团的亏损是\"主动选择的结果\"，\"用短期利润换取时间窗口，在守住高价值阵地的同时，加速向即时零售和全球化第二曲线迁移\"。阿里的投入规模最大，但压力相对分散。2026财年第二财季（截至2025年9月30日）财报显示，阿里即时零售业务收入为229.06亿元，同比增长60%，销售费用同比增加340亿元。由于即时零售的流量溢出效应带动佣金和广告收入同步增长，这部分支出在阿里整体营收2478亿元的体量中得到一定摊薄。约3500个天猫品牌将线下门店接入即时零售，生态协同效应成为阿里坚持高投入的核心逻辑。京东的处境则相对被动，新业务亏损157亿元，而外卖渗透率的持续低迷令规模效应难以显现，收缩战线成为现实选择。战略转向：从烧钱抢量到生态竞争事实上，今年2月，市场监管总局已约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业，要求有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规范平台促销推广行为。提醒相关平台企业要杜绝各种形式的“内卷式”竞争，共同维护公平竞争市场环境，促进平台经济创新和健康发展。在监管表态发出之前，三大平台已于2025年第四季度陆续调整方向。美团全面强化即时零售布局，10月押注\"品牌官方闪电仓\"，关停美团优选等低效业务。王兴在财报会上所说的\"不参与价格战\"，被市场解读为外卖定位的根本转变——从餐饮配送入口升级为\"万物即时达\"基础设施。阿里则将淘宝闪购与饿了么深度整合，形成线上下单与线下30分钟达的混合消费网络，并借助盒马、大润发、天猫超市等线下零售资产拓展全品类供给；京东聚焦七鲜小厨、京东买药秒送等高客单、高信任度的细分场景，依托自建物流与医药供应链构建壁垒，主动放弃规模竞争，转而深耕\"品质即时服务\"。随着官媒的明确发声，这场历时近一年的外卖大战或已进入实质性收官阶段。对三家平台而言，竞争的下半场将在更高维度的生态整合与履约效率上见分晓，而非依赖资本消耗。外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。当作为“压舱石”的餐饮消费因价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐。最近几天，你还领到过外卖平台的免单券吗？在近日举行的新闻发布会上，市场监管总局披露了外卖平台反垄断调查的最新进展，表示监管部门已进驻相关平台开展现场调查，下一步将通过问卷、核查等方式进一步传导监管压力，研究处置措施。这向市场传递了监管的态度：疯狂的外卖大战，必须熄火了！外卖大战看似惠民，实则内卷。对消费者而言，外卖大战确实“香”，谁不喜欢1分的奶茶、3元的咖啡？然而，免费的往往是最贵的。当我们把视线从手机里的免单券，拉到整个经济大盘时，就会发现，这场大战的代价，最终是我们这些普通人在承担，而且远超预期。最直接的冲击体现在宏观经济数据上。2025年二季度末至三季度，反映我国居民消费价格的CPI持续下跌，消费市场寒意阵阵。但奇怪的是，如果刨去食品和能源，核心CPI反而一直在回升。这说明，消费本该回暖，却被什么硬“拽”下来了。“拽”住它的，就是餐饮。在我国CPI统计篮子里，食品烟酒及在外餐饮的权重接近30%，在所有类目中最高。这意味着，餐饮价格一涨，CPI就可能跟着起跳；餐饮价格一跌，CPI就可能跟着深蹲。了解了这个背景再去看数据，就会发现：2025年二季度末至三季度，我国餐饮收入增速出现了放缓，其下跌的时间点和走势，与整体CPI的下滑曲线高度重叠；同期，权重同样较高的居住和交通通信并没有出现类似的下滑。而这个时间，恰恰是外卖大战白热化、平台补贴最疯狂的时期。财报显示，外卖大战期间，阿里、京东、美团累计补贴高达800亿元至1000亿元。中国饭店协会指出，平台间大额补贴行为导致的价格下行成为2025年6月以来制约餐饮行业增速的重要因素。据美团观察，这场大战直接将餐饮堂食客单价打回了10年前。表面上看，外卖大战是平台让利，但从宏观视角看，这是对餐饮行业价格体系的猛烈冲击。餐饮企业为了在补贴战中生存，不得不牺牲品质、压缩利润，整个行业陷入了赔本赚吆喝的恶性循环，最终拖累了消费回暖的大趋势——这恰恰与中央提振消费的工作部署背道而驰，给宏观调控增添了本不应有的阻力。外卖大战影响的不仅仅是餐饮业老板的账本，更是普通人的生计。消费是拉动经济增长的主引擎，当作为“压舱石”的餐饮消费因为恶性价格战而失速，经济大盘感受到的寒意，最终会传导到每个微观个体。当企业利润薄如纸片甚至开门就亏钱，就业岗位从何而来？薪资增长又从何谈起？正因如此，监管及时叫停外卖大战，其实是在维护经济正常运行，避免恶性竞争打乱经济回暖节奏，让企业及劳动者有正常的生活和收入。健康的竞争，应该是技术创新、效率提升、服务优化的良性角逐，而不是依靠资本堆砌的烧钱游戏，更不是利用垄断地位控流量、逼站队的零和博弈。让外卖价格回归合理区间，让餐饮行业摆脱不补贴就死，一补贴就乱的困境，让市场竞争从拼砸钱转向拼服务，这才是真正的惠企利民。价格战，走不远；内卷竞争，没有赢家。外卖大战，该结束了。本文来源：市场监管总局转载自经济日报","news_type":1,"symbols_score_info":{"JD":1.91,"03690":1.96,"KBAB":0.6,"09988":1.94,"BABA":1.94,"BABO":0.6,"BBYY":0.6,"MPNGY":1.96,"BABU":0.6,"BABW":0.6,"HMTD.SI":0.6,"BABX":0.6,"09618":1.91}},"isVote":1,"tweetType":1,"viewCount":996,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["BABA","03690","MPNGY","09988"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/546443009041704"}
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