编者按:过去一个月,美团和京东股价表现弱于基准指数,主要原因是投资者担忧京东激进进入中国外卖市场,以及美团可能采取的应对措施。摩根大通认为,京东的入局不会显著改变当前市场结构(美团 / 饿了么分别占据 75%/25% 的市场份额)。预计京东在 2025/26 年将获得约 5% 的市场份额,2025 年底订单量 / 市场份额将提升至 10%,2026 年订单量 / 市场份额将回落。摩根大通指出,尽管...
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