阿里巴巴-W:双十一闪购协同效应强化 看好闪购协同增收潜力

东方证券
Nov 11, 2025

核心观点:双十一淘天延续周期延长玩法简化趋势,闪购主站协同效应增强,来自闪购带动的主站订单突破一亿,我们测算贡献2%+/1%+的订单量/GMV,随着协同效应增强有望通过进一步打通从流量侧到收入侧的增长正循环,叠加闪购的补贴优化带来的减亏有望通过协同效应增强闪购投入持续性。我们对应上调了主站GMV、CMR 增速,给予目标价206.11 港元,维持买入评级。周期拉长玩法简化,强化主站闪购协同。本次双十...

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