GLONGHUI, September 4 | China Merchants Securities released a research report stating that instant retail mainly provides convenient and timely user value. Growth has slowed in the current consumer environment, but it has maintained relatively rapid growth compared to other industries. Combined with varying degrees of base influence over the same period last year, the growth rate of players in 2023Q2 was somewhat differentiated; flash sales benefited from their own instant arrival mentality and continued penetration of takeout users; JD Home was affected by weak consumption in the supermarket category, which slowed down compared to Q1; Dingdong was more affected by the base and its own Guancheng, etc., and its revenue declined this quarter. Based on the current consumption environment, we have adjusted the point when the industry will reach a trillion dollar scale until 2027; however, the industry will still not change its growth pattern. It is expected that after the macro changes, all players are expected to grow at an accelerated pace. I recommend Meituan and Dada, and follow Dingdong Grocery Shopping.