燃数科技受邀出席摩根士丹利中国投资峰会

即时配送（On-demand Delivery）

● 美团和京东在即时配送领域的市场份额出现下滑，阿里巴巴则实现增长。

●Meituan and JD lost share in on-demand delivery segment, while BABA gained.

● 在外卖大战期间，冷藏预制食品出现了明显的放缓，可见近期的外卖单量提升并非全部来自增量需求。

●Amid the food delivery battle, Chilled Prepared Food segment saw a notable slowdown，indicating that the recent increase in food delivery orders was not entirely driven by incremental demand.

国补政策（Trade-in Policy）

● 补贴带动了家电和3C，但节奏有所不同：家电复苏较早且增长动能稳定，而3C的增长周期相对较短。

●Subsidies lifted both home appliances and 3C, though with different rhythms; appliances recovered earlier with stable growth momentum, while 3C growth was short-lived.

● 在家电板块中，尽管参与补贴的SKU仅占供应的一小部分，但在京东和天猫的GMV增长中却贡献了显著的份额。

●In home appliances segment, subsidized SKUs contributed a significant and rising share of GMV growth on JD/Tmall, despite accounting for only a small portion of supply.

奢侈品（Luxury）

● 奢侈品市场7月呈现季节性疲软，各品牌表现分化，行业整体复苏步伐仍较缓慢。其中LVMH在7月表现出明显加速，主要由路易威登品牌带动，而其复苏主要得益于更高的客单价（ATV）。

● July's seasonal softness revealed divergent performance among top-tier luxury brands, while sector-wide recovery remained subdued; LVMH demonstrated material acceleration in July, led by Louis Vuitton brand, where recovery was primarily driven by higher ATV.

潮玩（Trendy Collectibles）

● 潮玩品牌线上销售表现不一；泡泡玛特在7月国内外市场均保持强劲增长势头。泡泡玛特小程序的日活跃用户数（DAU）同比大幅增长，并与公司披露的线上扭蛋抽盒收入高度相关。

●Trendy Collectible names diverged in online performance; Pop Mart mini program DAU grew strongly Y/Y, which closely correlated with Online pop draw revenue reported by the company.

● “Monsters”系列在台湾、东南亚和巴西拥有坚实的基础，而“Crybaby”则在这三个地区引领增长。

●The Monsters series has a solid foundation in Taiwan, Southeast Asia and Brazil, while Crybaby is leading growth across all three regions.