《大行》匯豐研究:618行業GMV按年增長優於去年同期 行業首選阿里(09988.HK)
匯豐環球研究發表報告指,數據顯示,今年618的行業GMV按年增長15%,表現優於去年同期,但相較於去年雙十一期間 27%的增長率,今年618的增長速度則有所放緩。包裹量增長亦從去年的24%放緩至今年的16%。然而,GMV與包裹增長之間的差距收窄,這可能是由於相關品類貿易表現優勢帶動均價上揚;及阿里巴巴(09988.HK)和抖音轉向直接折扣,導致返贈率下降。
數據顯示,阿里巴巴仍以49%的市佔率保持領先地位。另外,抖音和京東的GMV佔有率分別按年升1.8及0.3個百分點,而拼多多(PDD.US)及阿里巴巴則分別下跌1.2和0.8個百分點。
匯豐研究維持對阿里巴巴、京東及拼多多的「買入」評級。該行列阿里巴巴為行業首選股,維持目標價172元,看好其來自CMR和雲端業務的穩健收入前景。
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