25年三季度全球本地生活市场表现为出行板块存量优化、格局相对稳定,外卖板块边界扩张、部分区域竞争激烈的特征。在增长层面地域间出现显著分化,拉美/中东/印度等新兴市场增长潜力较好,中美本土则表现稳健,而随着行业龙头均通过出海寻找增量,地域边界模糊后竞争或有加剧。利润侧,行业整体利润率爬坡路径清晰,市场VisibleAlpha一致预期(下文简称市场预期)出行业务分部25-28年利润率年均扩张在0.1-...
Source Link25年三季度全球本地生活市场表现为出行板块存量优化、格局相对稳定,外卖板块边界扩张、部分区域竞争激烈的特征。在增长层面地域间出现显著分化,拉美/中东/印度等新兴市场增长潜力较好,中美本土则表现稳健,而随着行业龙头均通过出海寻找增量,地域边界模糊后竞争或有加剧。利润侧,行业整体利润率爬坡路径清晰,市场VisibleAlpha一致预期(下文简称市场预期)出行业务分部25-28年利润率年均扩张在0.1-...
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