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《大行報告》高盛料阿里、京東及拼多多在「雙11」期間GMV各按年升1%、3%及20%
高盛發表研究報告指,內地「雙十一」期間包裹數量增長23至24%,預期中國互聯網行業的總體GMV將達到中高個位數增長。該行指,由於雙十一橫跨的日數愈來愈長,令GMV的高峰更加平坦,與整個季度相比,雙十一的增長趨勢更加溫和。另外,阿里巴巴(09988.HK)及京東(09618.HK)的GMV增長勝於預期。 該行提到,直播仍然是快速增長的管道,但料將處於更嚴格的監管環境。價格競爭力仍然是焦點所在。該行認為,多元化的行銷管道及淘寶、天貓和微信之間加強合作,預算將更傾向於具有交易能力的平台。另外,各個公司在電子商務中正採用生成式人工智慧。雙十一期間,該行預期阿里巴巴、京東、拼多多(PDD.US)的GMV增長分別為1%、3%、20%,又認為阿里巴巴和京東與產業之間的增長差距持續基本保持不變,顯示今年第四季的增長勢頭與最近幾個季度相似。 高盛指,仍然最看好電子商務這個子行業,包括阿里巴巴、拼多多及快手(01024.HK)。該行表示,雖然宏觀經濟疲軟,但廣告技術升級可能會推動電子商務廣告。
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