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惠譽:中央非針對「社區團購」 料電商平台將增中小型零售商合作
阿思達克 12-14 17:00
評級機構惠譽的代表在網上記者會上指,今年內地線上銷售勢頭繼續領先線下零售,今年首十月線上零售佔比達27%,認為內地消費者的購買力將隨著經濟增長而提升。該行指出阿里(09988.HK)、京東(09618.HK)及拼多多(PDD.US)今年上半年商品交易額市佔率達95%,而競爭亦越來越激烈,認為五大主要營運商都有獨特的商業模式及策略,當中阿里及拼多多主要盈利則是來自服務,其他企業的盈利則較多是來自商品銷售,而騰訊(00700.HK)則透過投資電商企業間接與阿里競爭。該行相信由線下轉向電商的趨勢是將不可逆轉,因為線上消費令生活更便利,相信用家在疫情後亦不會轉回原先的購物模式。

至於官媒近日批評科網巨頭等在「社區團購」的發展,該行認為「社區團購」其實有助提升零售效率並重塑內地農業及零售等,而近日各大平台亦積極擴張並推出回贈,加上「社區團購」本身會去除「中間人」的角色,故擔心會造成失業問題,相信亦是遭官媒批評的原因。該行相信中央並非針對平台,而是希望加強線上線下的合作,相信阿里、美團(03690.HK)及京東等亦不會退出「社區團購」的市場,因為相關業務具策略重要性,而電商平台亦需要擴張及協同,但未來估計將會低調地運行並增加與中小型零售商合作等。

該行又相信未來內地的互聯網及電商行業競爭將繼續增加,不過阿里、騰訊及百度(BIDU.US)等巨頭會繼續努力維持市場領導地位,認為即使監管收緊他們亦會與監管機構緊密合作並維持良好關係,倘監管收緊至公司未能控制在岸業務等才有機會影響到評級。

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