CITIC Securities' analysis reveals that Alibaba and JD.com are ramping up their investments in the food delivery and instant retail sectors. Their strategic move is aimed at enhancing users' perception of 'speed' and constructing one-stop consumption platforms. Since the second quarter of 2025, the cumulative investment by these platforms has been on an upward trajectory, with projections indicating a surge to nearly 70 billion yuan by the third quarter. From the standpoint of competitive trends, the investment focus of various platforms is likely to pivot from food delivery to instant retail over the forthcoming six-month period. Nevertheless, a closer look at the micro-level indicates that high subsidies can skew user behavior and do not represent a viable long-term strategy. Instead, systemic factors such as delivery efficiency, merchant availability, and user repurchase rates hold greater significance. In the long run, the industry is anticipated to expand to a scale of 2.4 trillion yuan, albeit with limited direct profitability. Platforms may, therefore, place a higher premium on ecological value rather than solely pursuing financial gains.