Citi released a research report stating that during the first phase of Singles' Day, the overall gross merchandise volume (GMV) of major e-commerce platforms grew by more than 4% year on year, and by about 10% year on year if instant retail is included, in line with industry expectations.

Platform performance was mixed, with Douyin growing the fastest and Tmall outperforming Taobao.

The bank maintained its "Buy" ratings on Alibaba-W (09988), JD-SW (09618), and PDD Holdings Inc (PDD.US).

Citi pointed out that Douyin, benefiting from faster growth in shelf e-commerce and tactical influencer support, became the fastest-growing platform; Tmall, supported by contributions from 88VIP members and growth in brand advertising spending, performed better than Taobao.

JD continued to protect the competitive advantages of its self-operated 3C and home appliance businesses while balancing profits; PDD prioritized the supply quality of industrial belts rather than subsidies.

The bank believes that although artificial intelligence applications have improved merchant marketing and cost efficiency, consumer scenarios are still at an early stage and are not enough to reverse macroeconomic headwinds.

Overall, e-commerce platforms are prioritizing sustainable, disciplined commercialization and monetization rather than price wars.