观点聚焦投资建议1Q25 交易平台收入及利润端表现分化。1Q25 主要电商平台受国补、货币化率变化和海外业务扰动影响收入利润均分化,美团收入及利润均超我们预期。我们认为短期电商在即时零售投入和海外关税的影响下利润压力较大,中长期看好电商平台受AI驱动的变现率提升,以及美团在即时配送领域较强的竞争壁垒。理由受国补和政策拉动,我们预测2025 年电商GMV大盘同增12%。2H24 开始多家平台从“绝对...
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