《大行》里昂：阿里(09988.HK)京东(09618.HK)618 GMV增幅较去年快

阿斯达克财经

11小时前

里昂研究报告指，据数据公司统计，今年618各大电商平台总GMV按年升15%至8,556亿元人民币。受惠于推广期更长、品牌参与度更高及以旧换新补贴，内地各大电商平台均录得双位数GMV增幅，当中阿里巴巴(09988.HK) (BABA.US) 及京东(09618.HK) (JD.US) 的GMV增长较去年快，拼多多(PDD.US) 的GMV增速与去年相若，而抖音增速则有所下跌。今年推广的焦点由低价产品转移至更多品牌产品，而且平台折扣亦按年减少。另外，AI工具的应用亦令商家的投资回报率更高且退货率更低。
该行预期阿里巴巴的客户管理收入(CMR)和京东的零售收入将于次季保持稳健增长，但外卖和O2O投资可能会对利润造成压力，尤其是对京东。现予阿里巴巴(BABA.US) 目标价165美元、京东(JD.US) 目标价45美元、快手(01024.HK) 港股目标价67港元、腾讯(00700.KH)目标价645港元，均予“跑赢大市”评级。(ss/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-19 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)

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