《大行报告》花旗：内地平台经济反垄断指南 料对阿里(09988.HK)及拼多多影响较大
就内地市场监管总局昨日发布《关於平台经济领域的反垄断指南(徵求意见稿)》，意见稿指平台经济领域垄断协议主要是指平台经营者、平台内经营者排除、限制竞争的协议、决定或者其他协同行为。花旗发表报告表示，综合了若干该行认为可能导致反垄断行动的关键情况，第一是市场参与者使用其平台收集敏感的运营信息，例如价格及销量，以限制产品价格和数量从以分散市场及抑制新技术。
该行指，第二是市场运营商/其他参与者利用技术、算法或平台规则，直接或间接限制价格或限制竞争；第三是达成独家协议的市场运营商/其他参与者；第四是不公平的销售或采购价格；第五是不公平交易条件；第六是对其他市场参与者面临不公平待遇；第七是该准则禁止市场参与者使用其行政权力、或部门来限制或排除竞争。
【阿里拼多多 料受累较大】
花旗认为，内地互联网股昨日捱沽，相信并非完全是担心所涉及平台经济领域触及属反垄断，也可能是新冠疫苗的进展，令市场情绪由行业从技术取向，转向价值取向。不过，从上述平台经济领域的反垄断指南建议的准则来看，该行认为，如果其中一些准则能够通过和实施，料可能通过以下方式影响行业发展，首先是在产品/内容推荐方面使用个性化定位工作的货币化进程可能将放慢，此会拖累所有电商平台，特别是阿里巴巴(009988.HK)和拼多多(PDD.US)，考虑到京东(09618.HK)的自营电商(1P)零售模式，料所受影响较少。
第二是强制排他性影响方面，料对美团(03698.HK)而言可能是暂时的负面影响，但监於未来佣金收取率环境更加透明，该行认为基於运营效率和有效执行力，美团仍可以保留其运送市场份额。
【若撒排他性 或利好京东】
另一方面，若然取消「强制排他性」，此或对京东和拼多多有利，因为两家公司以前都曾表示相关的忧虑，即由於竞争压力，一些品牌和商家被迫离开平台。如果要强制执行，该行预计京东Mall将会有更多品牌旗舰店开设；关於「捆绑销售」方面，该行认为这可能与加强OTA(Online Travel Agency)有关，即不要在没有明确通知消费者的情况下进行交叉销售/自动捆绑带有机票和旅馆或旅馆的产品以及乘车接送，因为在线旅游行业已在几年前对自动选择功能进行了调整，该行认为在此问题上对OTA的额外影响有限。
花旗指，中资科技股自年初至今已录强劲的回报，对昨日沽压并不感惊讶，料短期投资者可能会认为上述威胁持续，并对行业前景更负面，但该行仍认为进一步抛售，将对受威胁相对较少的腾讯(00700.HK)、美团及京东构成买入机会。(wl/u)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
