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大行評級 | 中金:料內地電商平臺從本季起利潤率可提升 關注阿裏短期估值修復機會
格隆匯5月18日丨中金髮報告表示,預計內地電子商務增速在今年4月探底,建議密切關注“618”(電商購物節)的動態。該行認爲4月較弱的數據已經在市場預期之中,預計整體電商的物流履約將在5月起逐步恢復,電商平臺收入在今年第二季增速探底後,或在下半年低基數的作用下觸底反彈,建議重點關注此次“618”購物節的商家參與程度以及6月起的物流恢復情況。該行推薦關注市場情緒企穩後此前估值過度調整的拼多多資金面迴流的機會,以及京東在前期較大股價調整後,基於供應鏈能力及其偏向必選消費品類的構成持續跑贏市場增速的基本面表現,同時建議關注短期阿裏巴巴估值修復的機會。
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