金吾财讯 | 交银国际表示，近日，阿里饿了么、飞猪并入阿里电商事业群。美团升级美团闪购品牌。阿里从电商平台向生活消费平台迈进，聚合即时零售、电商及旅游需求，提升淘宝用户粘性，从而提升全平台全品类转化率，并已初见成效。美团优选退出部分亏损区域，聚焦闪购即时零售、小象超市前置仓，美团亦形成即时零售、电商及本地生活全链条消费平台。我们认为美团外卖虽面临较激烈竞争，但考虑到美团在商户运营，及运力储备仍领先，我们预计外卖行业GMV口径市占率预计仍将维持美团：饿了么约6：3。该机构指：阿里、美团通过整合资源，聚焦重要业务赛道，实现高效扩张。阿里聚焦电商及云业务，按行业平均8倍市盈率及5倍云业务市销率，阿里云现价对应估值有强支撑。我们观察美团外卖补贴策略调整与商家运营亦有较大关系，美团现价对应2025年市盈率为17倍，建议关注补贴策略调整带来的利润扭转机会。
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