大行評級|交銀國際:5月內地電商大促開售前置帶動大盤數據向好
交銀國際發表研究報吿,予內地互聯網行業領先評級,5月實體電商按年增13%,對比第一季及4月的12%及9.6%。報吿指,5月行業數據向好或與大促節奏變化有關,預計5-6月合計來看大盤增速維穩。電商平台價格力競爭仍激烈,拼多多、抖音將持續獲取市場份額,阿里巴巴、京東集團呈現恢復增長趨勢,京東將跑贏社零大盤,阿里增速轉正。關注拼多多主站貨幣化率的潛在上調空間,快手電商GMV增速是否維持、股東回饋,阿里新變現手段對貨幣化率的拉動作用,以及京東未來是否有望維持市佔並實現利潤健康增長。
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