拼多多海外战事2026:Temu月活逼近5亿,大摩重申“首选”评级!

韭菜读研报
Jan 11

2026年开年第一周,跨境电商战场传来重磅信号。摩根士丹利(Morgan Stanley)于1月5日发布最新研报,维持拼多多(PDD Holdings)“超配”(Overweight)评级,并将其列为行业“首选”(Top Pick),目标价定为148美元。Temu到底做对了什么?在刚刚过去的2025年,这只出海巨兽发生了怎样的基因突变?我们拆解了这份研报的核心数据。01用户规模:逼近5亿大关的“...

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