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《大行》瑞銀:美團(03690.HK)3月即時零售市佔上升 料行業正進入常態化階段
瑞銀發表內地即時零售(快電商)月度追蹤報告,利用QuestMobile的應用流量統計,來識別行業增長趨勢、競爭動態,以及騎手與商戶的活躍度與重疊情況,截至4月12日的最新數據,透過的渠道調查顯示,美團-W(03690.HK)、阿里-W(09988.HK)旗下淘寶與京東-SW(09618.HK)三大平台的日均外賣訂單量在3月共達到1.22億單,相比今年1至2月...
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《大行》瑞銀:美團(03690.HK)3月即時零售市佔上升 料行業正進入常態化階段
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瑞銀發表內地即時零售(快電商)月度追蹤報告,利用QuestMobile的應用流量統計,來識別行業增長趨勢、競爭動態,以及騎手與商戶的活躍度與重疊情況,截至4月12日的最新數據,透過的渠道調查顯示,美團-W(03690.HK)  +1.300 (+1.527%)    Short selling $475.81M; Ratio 22.420%   、阿里-W(09988.HK)  -0.700 (-0.511%)    Short selling $1.02B; Ratio 16.606%   旗下淘寶與京東-SW(09618.HK)  +0.600 (+0.490%)    Short selling $151.42M; Ratio 25.584%   三大平台的日均外賣訂單量在3月共達到1.22億單,相比今年1至2月的1.16億單(去年12月的1.22億單)。近月增長主要反映了春節後商戶活動的恢復,而行業補貼可能在更高的補貼門檻下持續減弱。

該行指,4月17日內地市場監管總局因食品安全違規對電商及外賣平台處以合計罰款36億人民幣,隨著市場監管總局自6月1日起生效的新規,以及重申反對外賣補貼戰的監管立場,該行認為行業將繼續朝著更可持續的發展方向推進,強調執行力與運營效率。

競爭方面:美團份額提升;單位經濟差距因客單價回升而擴大。該行以騎手時間佔比作為平台訂單量份額的代理指標。3月,美團份額較首兩月提升2個百分點,為自2025年4月競爭加劇以來最顯著的增幅。這一增長來自淘寶(-1.1個百分點)與京東(-0.9個百分點)的份額下降。

瑞銀估算美團、淘寶及京東的日均外賣訂單量分別約6,200萬、5,200萬及800萬,對應市場份額53%、41%及6%(2月:52%、41%及7%)。由於美團超過30元人民幣的訂單佔比超過60%,該行認為其在交易總額(GTV)上的份額增長可能更大。

該行在行業股票偏好:阿里(BABA.US)      >京東>美團。整體而言,該行相信該行業正在進入常態化階段,並持續改善盈利能力。隨著平台專注於品質、業務可持續性以及交叉銷售機會,美團可能在同業中脫穎而出。(wl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-21 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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